Cityam 2012-06-21

But absence of QE3
causes disappointed
markets to drop
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GREEK conservative party head
Antonis Samaras was yesterday
sworn in as Prime Minister at the
helm of a three-party coalition
dedicated to keeping the debt-
stricken country in the euro but
demanding softer terms on its
international bailout conditions.
The agreement between New
Democracy, the socialist party
Pasok and the smaller
Democratic Left comes three
days after the second round
of national elections in as
many months narrowly failed
to deliver Samaras party
enough votes to form a
government on its
own.
While all three parties
broadly support the 130bn
bailout plan with the
European Union and IMF,
they have pledged to change
its harsher conditions.
The new government plans
to ask its fellow Eurozone
members for an extra two
years to implement fresh
cutbacks worth a total of
14.5bn, with Pasok leader
Evangelos Venizelos warning this
would be a big battle.
The reception of Greeces fellow
Eurozone members to its request
will be tested today at a meeting of
Eurozone finance ministers in
Luxembourg, where Greeces
much-delayed reform programme
will be the priority.
With the help of God we will do
whatever passes from our hands to
get out of this crisis, Harvard-
educated Samaras Greeces
fourth Prime Minister in just eight
months said in his first
statement in office.
The cabinet has not yet been
named, but Samaras said the
finance minister would be Vassilis
Rapanos, currently National Bank
of Greece chairman.
Some traders had hoped for more quantitative easing, but had to make do with Ben Bernankes latest Twist
A WORSE than expected outlook for
the US economy has prompted the
Federal Reserve to extend its stimulus
programme known as Operation Twist
to the end of the year, although it
stopped short of expanding the overall
size of bond purchases.
Markets initially sank last night as
the Fed revealed that it was not
launching further quantitative easing
(QE3) despite stubborn unemployment
and risks to Americas recovery from
the debt crisis in Europe.
There were a lot of guys out there
with the finger on the sell button
unless they saw balance-sheet expan-
sion (QE3), said LPL Financials John
Canally, explaining markets sudden
drop upon the Fed statements release.
Yet investors quickly re-evaluated the
situation on closer reading of the state-
ment, and in light of the Feds decision
to extend Operation Twist.
The Twist, that was due to end this
month, will now see the Fed splash
$267bn on long-dated securities with
maturities ranging from six years to 30
years. To balance out the purchases, it
will sell the same amount of Treasury
securities with maturities of around
three years or less.
This continuation of the maturity
extension programme should put
downward pressure on longer-term
interest rates and help to make broad-
er financial conditions more accom-
modative, the Feds statement said.
The yield on 30-year Treasury bonds
fell off a cliff as the announcement
was made, dropping from 2.77 per
cent to as low as 2.68 per cent.
And chairman Ben Bernanke
appeared to leave the door open to
more QE in his subsequent confer-
ence, if conditions do not improve.
Addi ti onal
asset purchases
would be among the
things wed consider
[if required], Bernanke
told reporters. Our tools
can still provide support
BY KATIE HOPE
FTSE 100 5,622.29 +35.98 DOW M12,824.39 -12.94 NASDAQ 2,930.45 +0.69 /$ 1.57 unc / 1.24 unc /$ 1.27 unc
EUROZONE CRISIS: Page 6, 7

LONDON2012
days to go
36
www.cityam.com FREE ISSUE 1,657 THURSDAY 21 JUNE 2012
BY JULIAN HARRIS
Certified Distribution
30/04/12 till 27/05/12 is 132,076
BUSINESS WITH PERSONALITY
to the economy.
Stocks in New York recovered as
investors absorbed Bernankes state-
ment, and German chancellor Angela
Merkel made comments perceived by
some to be supportive of rescue meas-
ures in the Eurozone although in
later trading shares lost ground again
and closed down.
The Dow Jones plummeted by nearly
half a per cent on the Feds statement;
the index later climbed back, and sub-
sequently closed down just 0.1 per
cent, or 12.94 points, at 12,824.39.
And trading on currencies was also
volatile; the dollar originally jumped
on news that more QE did not appear
to be in the pipeline, but the euro sub-
sequently clawed its way back to hit a
session high last night above $1.274.
The initial read of the Fed statement
was somewhat less dovish than many
expected because they didnt really
hint at any additional QE measures,
said Omer Esiner of Commonwealth
Foreign Exchange in Washington.
But on second look, maybe the
market is thinking they are flag-
ging some deflationary
risksas well as having left the
door wide open to another
round of QE if conditions get
worse.
The Fed said it expected unem-
ployment to come down only
slowly an even worse verdict
than their last forecast of gradual-
ly lower joblessness.
Unemployment could be as high as
8.4 per cent this year, the Fed said, up
from its April forecast of 8.2 per cent.
FED TWISTS AGAIN
THE FORUM: Page 22

Antonis Samaras wants
to renegotiate Greeces
bailout conditions
Greece clinches coalition deal to battle bailout terms
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
Commerzbank appeals bonus rule
nCommerzbank yesterday lodged
papers with the UK Court of Appeal in a
bid to annul a judges ruling that it must
fork out 52m in bonuses to a group of
London-based investment bankers.
Pointing to Dresdner Kleinworts 6.5bn
loss, Commerzbank significantly
slashed the bonuses of 104 bankers
who joined from Dresdner after the
2009 acquisition and who were verbally
promised hefty bonuses from a 400m
pot. A judge ruled in May that the
bonuses are due, but Commerzbank
said it strongly disagrees, adding: As
a matter of law, no binding contractual
commitment was made. The German
bank claims it was reasonable and
responsible to cut the bonuses in light
of the staggering loss.
JP Morgan sells most of whale
nJPMorgan Chase & Co has sold as
much as 70 per cent of the
controversial position that caused
huge trading losses for the bank, CNBC
reported yesterday. The television
network said the bank had sold 65 per
cent to 70 per cent of the so-called
London Whale position, a hedging
strategy gone so wrong that in early
May JPMorgan conceded it had already
lost $2bn. JPMorgan said this week
that it will detail the size of the loss
and the status of the position on 13
July when it reports earnings for the
second quarter. Chief executive Jamie
Dimon has declined since announcing
the loss on 10 May to provide specific
updates on the position for fear of
giving other traders an advantage. He
has said the bank has made progress in
containing the loss.
Investors gain new power
over bosses pay packets
BUSINESS and investor groups yes-
terday welcomed plans to give
shareholders binding votes on direc-
tors pay, which are intended to give
firms owners a greater say in assess-
ing business performance.
Business secretary Vince Cable
announced the plan, which is set to
be in place by 2014, arguing there
is compelling evidence of a discon-
nect between pay and performance
in large UK listed companies.
The proposals will see sharehold-
ers given a legally binding vote over
directors pay packets every three
years, as well as in every year in
which the pay policy is changed.
They will vote on the whole pack-
age, including salary, incentives,
bonuses, and severance arrange-
ments, and the metrics against
which performance will be gauged.
This substantial package of meas-
ures strikes a balance, by giving
shareholders increased transparen-
cy on pay and providing ways to
hold Boards to account, without
getting them bogged down in day-
to-day micro-management, said
John Cridland from the
Confederation of British Industry.
Small shareholders group
ShareSoc also backed the plans, as it
believes Pay in some companies
has become morally indefensible
Banks to get cheap money to lift UK
lending
The governments new funding for
lending programme, designed to boost
credit for British business, will cut banks
costs to as little as 1.2 per cent, according
to people briefed on the scheme. The
supply of such cheap money to the banks
is supposed to encourage them to lend to
companies and stimulate the sluggish
economy.
Cern seeking big bang for its bucks
The Cern particle physics research
laboratory is set to become a major hedge
fund investor, as it seeks bigger returns
for its $4bn pension scheme. Geneva-
based Cern will allocate over $500m to
hedge fund managers in the coming
months.
Burger King steps up war with rival
Burger King has said that it is ready to
take a more aggressive approach to the
companys long-running burger battle
with rival McDonalds. We believe were
in early innings and the value of our brand
is very much greater than the value of our
business, Daniel Schwartz, Burger Kings
chief financial officer, told the FT.
Oligarchs move to cut off BPs escape
BP may be forced to sell a stake in its
Russian joint venture to partners at a
knockdown price. It is understood that the
AAR group of oligarchs has threatened to
prevent the British company from selling
its stake in their TNK-BP joint venture to oil
majors such as Shell and Exxon Mobil.
Pension row as doctors set to strike
Taxpayers are subsidising 80 per cent of
doctors gold-plated pensions, the
government claimed yesterday, on the
eve of the first doctors strike in 40 years.
BC and Blackstone team up for Iglo
A joint bid for Iglo Group from BC Partners
and Blackstone valued at less than 2.6bn
(2bn) is likely to face rejection from
owners Permira. The two firms will today
bid below Permiras 2.8bn asking price
and could be declined at least initially.
No end in sight for spending cuts
Britain could be facing a decade of
spending cuts, the countrys most senior
civil servant said last night. Sir Jeremy
Heywood, the cabinet secretary, said that
work to balance the public finances was
only a quarter of the way to completion.
Samsung wins case against Apple
Apple must pay damages to Samsung
Electronics for breaching one of its
patents, a Dutch court ruled. The amount
of damages Apple must pay hasn't been
determined, but he products themselves
can continue to be sold in stores.
Coca Cola takes a swig of shake
Coca-Cola is moving into dairy products
in the US through a distribution pact for a
high-protein workout-recovery shake for
athletes and fitness buffs Core Power.
WHAT THE OTHER PAPERS SAY THIS MORNING
Vince Cable hopes increased shareholder power will end rewards for failure
2
NEWS
BY TIM WALLACE
To contact the newsdesk email news@cityam.com
H
YPOCRISY barely starts to
describe it. Left-wing
comedians you know, the
kind that love to attack the City,
ridicule aspirational values, question
the motives of those in business and
who wear their champagne socialism
on their sleeve are not supposed to
be extreme tax avoiders. So the news
that Jimmy Carr, one such stand-up
comic I cant stand his humour, but
millions love it is using a dubious
(albeit entirely legal) scheme to
eliminate most of his income tax
liabilities has shocked many.
If you want others to pay more tax,
then you should be consistent and pay
as much as you possibly can yourself
you should even consider paying
more than you have to by making a
donation to HMRC or to government-
owned institutions, such as NHS
trusts. Those who believe taxes are
EDITORS
LETTER
ALLISTER HEATH
We need a flat tax with no loopholes to reduce avoidance
THURSDAY 21 JUNE 2012
moral in of themselves a commit-
ment to the common good should
practice what they preach. Yet if the
allegations of massive, albeit legal,
avoidance involving Carr are right
he hasnt denied them a man who
specialises in ridiculing others, often
in the cruellest of ways, may now end
up as the butt of others jokes.
That said, the overall argument is
far more complex than is usually
understood. Here is my take. People
should have the right and compa-
nies the duty to their shareholders
to legally minimise their tax bills. I
disagree with the left-wing view on
taxes: they are a necessary evil, not a
moral good. Taxes should be as low as
possible for reasons of individual lib-
erty and economic efficiency. People
spend their money better than gov-
ernment employees do; lower taxes
and public spending would generate
more economic growth and thus
more resources to be spent on things
such as healthcare and education.
Far more money should, over time,
be spent on healthcare but for that
to be viable and efficient we need to
introduce a mixed economy in
health. Tax money will no longer be
able to fund everything. There are les-
sons to be learnt in how to reform
health, education and pensions and
introduce more private money while
helping the poor from the
ISAs, duty free shopping, pension tax
relief are clearly unintended loop-
holes in an extremely complex sys-
tem. They need to be abolished.
All tax rates are too high, on the
poor and on the rich. The tax system
is trying to raise too much, because it
is so inefficient and counter-produc-
tive, and because spending is too
high. There is only one long-run solu-
tion to reduce avoidance: we need a
much simpler, lower and more trans-
parent tax system. We need a flat tax
with a wide base, where all income
from labour or capital is taxed at
the same, low rate, with no loopholes.
Until we adopt such a system of the
sort outlined by the 2020 Tax
Commission, which I chaired injus-
tices and inequities will remain rife.
Netherlands, Australia, Germany,
Sweden, Singapore, even France and
many other progressive countries.
But that doesnt make the kind of
scheme apparently used by Carr right.
My issue is three-fold: some extreme
tax avoidance schemes that are cur-
rently legal should be banned; the
present tax system is excessively penal
on anybody who doesnt use such
schemes; and the only way to sustain-
ably and fairly reduce avoidance is to
scrap the current, deeply defective tax
code and adopt a new, much simpler
and flat tax system.
It is unjust that some people can pay
virtually no tax while others with
identical circumstances but no access
to expensive advisers have to pay lots.
Such extreme schemes which are
not to be confused with ways of pay-
ing less tax that are deliberately pro-
moted by the authorities, such as
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and this has been undermining
sound business management.
It is also contrary to the interests of
the owners, said chairman Roger
Lawson.
However, accountants body ICAEW
claimed the move could be harmful.
Demanding legally binding votes
as a matter of routine could damage
relations between shareholders and
the remuneration committee, said Jo
Iwasaki.
But there is a role for legally bind-
ing votes on an ad hoc basis, for exam-
ple if a board were continuously
ignoring the wishes of shareholders.
And law firm Linklaters worries the
plan could discourage top perform-
ers from joining boards because of
the additional scrutiny involved.
Labours shadow business secretary
Chuka Umunna argued workers rep-
resentatives should be added to remu-
neration boards to put further
downward pressure on pay.
However, Cable pointed out that the
plan calls for firms to report on
whether they have taken steps to
engage with employees.
n Shareholders in publicly listed UK firms
will get a binding vote on directors pay
policy every three years.
n They will vote on the whole package,
covering salaries, bonuses and exactly
what determines the level of pay.
n That includes severance packages, in an
effort to end rewards for failure when
unsuccessful bosses leave the firm.
n The exact level of any directors
severance package will be published
swiftly, probably within 30 days.
n If the policy changes it will
automatically trigger a new binding vote.
n Each year directors pay will be
published as a single figure, including
details of performance against metrics for
long-term incentives, pension
entitlements and shareholdings.
n An advisory vote on these awards will
still be held every year, as it is now. If a
majority votes against, it will trigger a
binding vote the next year.
n If a significant minority votes against,
firms may have to publish a statement
explaining the Financial Reporting
Council (FRC) will consult on this.
n The FRC will also determine the point at
which a vote against becomes
significant. Vince Cable suggested 25
per cent as a possible starting point.
n The policy will be enforced awards
outside the pre-agreed levels could see
directors personally liable under company
law for making unauthorised payments.
n It is not yet known what will happen to
directors already on long-term contracts,
though the government does not intend
the new rules to lead to any retrospective
changes to any individuals pay.
VOTES ON TOP PAY
FORUM DEBATE: Page 23
n n
The new jobs website for London professionals
CITYAMCAREERS.com
THE CROWN ESTATE, which owns
Regent Street and other London
landmarks, today reported record
profits and its highest ever property
valuation as its super prime
properties continued to outperform.
Net profit, which is paid to the
Treasury, was 240.2m in the year to
31 March up four per cent on the
previous year.
The Estate, which owns some of
the most sought after addresses in
the country including buildings on
St Jamess Street and Pall Mall, said
the value of its property portfolio
reached 8bn for the first time,
rising by 11 per cent.
Alison Nimmo, a former Olympic
Delivery Authority director, who
took over as chief executive in
January, said: It has been another
tremendous year for The Crown
Estate. Our super prime portfolio
and active asset management have
been the cornerstones of this strong
financial performance and resilience
during recent market volatility.
The value of Marine Estate, which
includes most of the UKs coastline,
rose by 23.4 per cent boosted by the
massive expansion of its offshore
wind farms, which now generate 1.5
per cent of the countrys electricity.
Its 300m Quadrant 3 scheme on
Regent street is now 70 per cent let,
helping to lift the value of its Urban
estate by 4.4 per cent to 5.5bn.
Crown Estate
reports record
annual profits
BY KASMIRA JEFFORD
THE BANK of England injected 5bn
of emergency liquidity into banks yes-
terday in an attempt to mitigate the
costs of unexpected shocks from the
Eurozone.
Sir Mervyn King announced last
week that the Extended Collateral
Term Repo (ECTR) Facility would be
activated to counter market-wide
stress of an exceptional nature.
All successful bidders will pay inter-
est daily at the Bank rate of 0.5 per
cent plus a minimum of 25 basis
points.
Loans starting at 5m were allo-
cated among firms according to
willingness to pay, with those
bidding the highest spreads above
the bank rate receiving
funds first.
The Bank accepted
the widest variety of
collateral in return,
including illiquid
assets unaccept-
able in existing
Indexed Long-
Term Repo (ILTR)
Banks snap up
5bn of cheap
loans in auction
BY BEN SOUTHWOOD
operations, such as student and con-
sumer loans, mortgage-backed securi-
ties and securitised credit card debt.
The scheme was last week made sig-
nificantly more generous than first
planned, by increasing the term of the
loans from 30 days to six months and
decreasing the minimum bid from a
125 basis point spread over the Bank
rate.
The change was announced in chan-
cellor George Osbornes Mansion
House speech.
RBS economist and former central
bank official Richard Barwell said
the key goal of the ECTR was
proving that the facility can be
used and called todays auction
mission accomplished.
However he warned that if ECTR
becomes more than an emer-
gency safety net, banks
that are addicted to offi-
cial support will shift
their balance sheets in
dangerous directions.
Chancellor George
Osborne called for bank
aid to raise lending
A BRITISH trader and his wife who
helped fund a lavish lifestyle from
illegal share dealing were jailed
yesterday in a landmark case
pursued by prosecutors on both
sides of the Atlantic.
James Sanders, who owned and
was a director of now-defunct
brokerage Blue Index, his wife
Miranda, and James Swallow, a Blue
Index co-director, last month
pleaded guilty to a combined 18
counts of insider dealing between
October 2006 and February 2008.
James Sanders, dubbed by Judge
Peregrine Simon as the driving
Blue Index trader and wife get
jail terms for insider dealing
BY HARRY BANKS force behind the criminality, was
jailed for a record four years.
Miranda Sanders who was tipped
off about imminent takeovers by
her sister in the US was jailed for
10 months, as was Swallow.
The couple saw their sentences
cut by 25 per cent after pleading
guilty, although James initially
argued his trades were legitimate.
This was a case of systematic
abuse by approved people of their
privileged position in the market
we are determined to stamp out
such abuse, said Tracey
McDermott, acting head of
enforcement at the Financial
Services Authority.
3
NEWS
cityam.com
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what the interest rate would be if interest was paid and compounded once each year. Gross means the rate of interest payable before income tax is deducted. Withdrawals may take the balance into the lower tier. Interest
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Miranda and James Sanders had their sentences cut after pleading guilty
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ends Sunday
SIR MERVYN King voted to switch the
printing presses back on at the Bank
of England this month, but was out-
voted by his colleagues on the
Monetary Policy Committee by the
narrowest of margins, the
MPCs minutes revealed
yesterday.
Despite falling inflation
and growing worries over
the impact of the
Eurozone crisis, the
MPC voted by a
margin of five to
four to hold rates
and QE.
Inflation fell
back to 2.8 per
cent in the year
to May, its low-
est level since
November 2009,
and is forecast to
fall below the two
per cent target next
year, giving the
BY BEN SOUTHWOOD
AND TIM WALLACE
Bank room to consider delivering fur-
ther stimulus.
On top of that, the minutes warned
the risks from financial distress with-
in the Eurozone had intensified,
potentially warranting action from
the Bank.
The committee even considered cut-
ting the base rate below the current
record low of 0.5 per cent to lower
banks funding costs, but decided
against doing so as it could harm
money markets.
The real interest rates faced by depos-
itors are already negative; further
downward movements
would push even nominal
interest rates close to zero,
destroying incentives to
save with UK banks.
Overall, the MPC con-
cluded there is merit in
waiting to see how mat-
ters evolved before
extending QE further.
Joblessness plunges as private
sector job creation accelerates
UNEMPLOYMENT tumbled in the
three months to April, official figures
showed yesterday, while the squeeze
on incomes eased to a 30-month low.
Employment rose 166,000 to
29.281m, while unemployment fell
51,000 to 2.615m, or 8.2 per cent
down from 8.4 per cent in the
previous three months, the Office
for National Statistics (ONS) said.
Figures for the first quarter of the
year showed a 39,000 drop in public
sector employment, far outstripped
by a 205,000 rise in private jobs.
BY TIM WALLACE
Male unemployment fell 49,000 in
the three months to April, to 8.7 per
cent, while female joblessness fell by
1,000 to 7.7 per cent.
Those new jobs were split between
part-time, which accounted for
83,000, and full-time, which made
up 82,000. Similarly 83,000 are
employees, while 84,000 are self-
employed.
However, the figures also showed a
2,000 rise in the number of people
claiming jobseekers allowance over
the three month period, and a rise of
8,100 from April to May.
Meanwhile, average regular pay
rose 1.8 per cent to 441 per week,
the largest rise of 2012 so far, and
average bonuses rose 0.9 per cent
rebounding strongly after three
consecutive months of drops.
The acceleration in pay growth
coincides with a slowdown in
inflation consumer prices rose 2.8
per cent in the 12 months to May.
Although pay growth continues
to run behind inflation, the squeeze
has clearly eased, said Markit
economist Chris Williamson. Pay is
now falling one per cent in real
terms, against a peak rate of decline
of 3.4 per cent last September.
Mervyn King wants the Bank
to purchase more assets
THE SLUGGISH economy is
showing no signs of improving
and may even be slowing further,
the Bank of Englands agents
report warned yesterday.
Consumer services sold just 0.6
per cent more in the three
months to May than in the same
period last year, and growth in the
sector slowed further in the
month to June.
Turnover of business services
was just 0.8 per cent up on the
Bank: Only manufacturers defy
economic gloom sweeping UK
BY BEN SOUTHWOOD
year, and investment intentions
for services saw the same
increase.
Profitability in services has
shown no growth whatsoever, and
employment intentions have
shrunk 0.3 per cent.
On the other hand, firms with
strong balance sheets were still
able to find sources of credit.
One positive nugget was the rise
in goods exports of 2.1 per cent,
led by demand from emerging
markets, itself driving expansion
in the manufacturing industry.
VOICE OF THE CITY: Page 6

5
NEWS
cityam.com
Employment
143,000 to 15.715m
Unemployment
49,000 to 1.49m
Employment
23,000 to 13.566m
Unemployment
1,000 to 1.124m
TOTAL HOURS WORKED 1.6m to 928.2m a week
Full-time Employment Part-time Employment
82,000 to 21.316m 83,000 to 7.965m
EMPLOYMENT
166,000 to
29.281m
UNEMPLOYMENT
51,000 to
2.615m
Claimant count
up 8,100 in May
to 1.599m
Average weekly
earnings up 1.4%
Private sector
earnings
up 1.3%
Public sector
earnings
up 1.4%
EMPLOYEES
up 83,000
SELF-
EMPLOYMENT
up 84,000
*PUBLIC
SECTOR
EMPLOYMENT
down 39,000
*PRIVATE
SECTOR
EMPLOYMENT
up 205,000
*Q1 2012
King votes for
50bn of QE to
fight downturn
A POSSIBLE European financial
transaction tax would be limited in
scope and could only apply to
buyers of stocks, similar to a
British stamp duty, a Dutch paper
reported yesterday, citing
unnamed diplomats.
European finance ministers will
tomorrow officially scrap a
financial transaction tax, which
would have applied to all financial
transactions and to both buyers
and sellers, Dutch daily Het
Financieele Dagblad reported.
Only weak variants of a
transaction tax, including a stamp
duty on stocks, were still under
consideration, the paper said.
A stamp duty in Europe would
apply to buyers of stocks, and be
presented as a first step to taxation
of other financial transactions, the
paper said.
Britains government remains
opposed to a European-wide
financial transaction tax and has
long maintained that it would
block any move by the European
Union to introduce such a levy.
Dutch claim a
Europe Tobin
Tax is unlikely
BY CITY A.M. REPORTER
GERMAN Chancellor Angela Merkel
yesterday shot down reports that
Eurozone leaders at the G20 are
planning for rescue funds to snap up
the debt of distressed member states
such as Italy and Spain.
Yet later in the day the idea
appeared to gain support from a sen-
ior official at the European Central
Bank (ECB) who said that the exist-
ing bailout fund, the European
Financial Stability Facility (EFSF),
should already be buying bonds.
Certainly its a mystery why the
EFSF was allowed almost a year ago
to undertake secondary market
interventions and governments have
not yet chosen to use that possibili-
ty, Benoit Coeure told the Financial
Times.
Yet Coeure rejected the idea that
the ECB should again gear up its
Securities Markets Programme (SMP)
to purchase debt. We do not consid-
er that the SMP would be the best
instrument to use at the current
juncture, he said.
Merkel dismisses debt
buying rescue scheme
BY JULIAN HARRIS The ECB has not bought any
debt for three months.
Merkel yesterday denied that
leaders were discussing the use of
the EFSF and the planned
European Stability Mechanism
(ESM) for buying debt to bring
down borrowing
costs for troubled
governments.
I have not heard
anything about
this, she said in a
news confer-
ence. It is
true that
both the
EFSF and
the ESM
Disorderly Grexit may
hurt insurers ratings
EUROPES insurance sector should be
able to withstand a Greek exit from
the euro, according to a new report
from rating agency Fitch, provided
that the exit is orderly.
Most major European insurers
have negligible direct exposure to
the sovereign debt of Greece
typically less than one per cent of
shareholders equity, Chris
Waterman, head of EMEA Insurance
at Fitch said.
But he warned that a so-called
disorderly exit could have a more
unpredictable effect.
A disorderly Greek exit could have
a materially negative impact on the
ratings of European insurers with
contagion hitting credit quality and
asset values, leading to a squeeze on
insurers capital, he said.
Insurance firms in under-pressure
Spain and Italy could be worst hit if
Greece was forced to leave the single
currency, due to the large positions
they hold in their own countries
sovereign debt.
David Prowse, a senior director in
Fitchs insurance team, suggested
BY HARRY BANKS
that in the event of a disorderly exit
regulators could help by relaxing
rules for assessing regulatory capital
if widespread falls in the market
values of financial assets threatened
insurers solvency positions.
Meanwhile, life insurers were
given hope yesterday that they could
get more time to adapt to Europes
tough new Solvency II capital rules
under a proposal from a senior
lawmaker. Life insurers would be
allowed to phase in the capital
requirements for their existing
policies over seven years under a
plan drawn up by Burkhard Balz, the
German lawmaker tasked with
steering Solvency II through the
European Parliament, several sources
said yesterday.
There is an idea on the table to
provide for a transition of existing
life insurance contracts to the new
Solvency II regime, said a
spokeswoman for Michel Barnier,
European commissioner in charge of
the single market.
Nothing has been decided yet -
the final decision will be taken by
the co-legislators.
I think the government has to
do something considering where
we are. There has to be stimulated growth in
the economy as nance is limited at the
moment, especially in manufacturing. Its
about time it pulled its nger out.
These views are those of the individuals above andnot necessarily those of their company
JAMES BRISTOW
JUNIPA NETWORKS
DO YOU THINK THE BANK OF ENGLAND SHOULD PRINT MORE

MONEY? Interviews by William Orrs, Lisa Moravec and Ed Hume-Kendall CITYVIEWS
Football fan Angela Merkel will
watch Germany play Greece
THE conservative-led government
that took power in Greece is
promising to negotiate softer terms
on its harsh international bailout
and steer the country through its
biggest crisis for four decades.
Prime Minister Antonis Samaras,
a Harvard-educated economist, will
head an alliance of his New
Democracy party and Socialist
Pasok rivals the same discredited
establishment parties which have
BY HARRY BANKS dominated politics since 1974.
New Democracy and Pasok have
little history of cooperation, having
alternated in office from the fall of
military rule in 1974 until last year,
when the economic crisis forced
them to share power in a short-
lived national unity government.
The coalition will be the first in
Greece in decades with an
unrestricted mandate last years
government and a coalition that
took power in 1989 both had
limited powers.
6
EUROZONE CRISIS
cityam.com
HOW THE NEW GREEK PARLIAMENT LOOKS
Right wing
KKE (Communist)
Syriza
Democratic Left
Pasok
New Democracy Golden Dawn
18 seats**
20 seats
129 seats*
33 seats
17 seats
71 seats
12 seats 28 seats
52 seats
108 seats*
33 seats
21 seats
19
seats
41
seats
Independent
* Includes 50 extra seats for coming rst ** Ultra-nationalist party
300 Seats
Ma ay result
June result
Left wing
Greeces rival politicians face
challenges as coalition is formed
I think the Bank of England is
running out of other options,
although I dont think it will change any-
thing in the long run. Slashing interest
rates further will not have much of an
impact either.
JAN SELL
MSS CAPITAL
I dont think it is a particularly

effective method, it simply props
up the banks. I think keeping the interest rates
low is probably a more effective method of
boosting the economy. Quantitative easing is
only good for the markets in the short term.
ZAHEER ZAFAR
MIZUHO
include the possibility of buying

bonds in the secondary market,
but this is not in discussion at the
moment, Merkel added.
I know of no concrete plans. The
possibility exists of buying bonds
with the EFSF and ESM, always
with conditionality, but it is a
purely theoretical issue regarding
the treaty, she said, praising
Spain, Portugal and Italy for their
efforts to reform their economies.
On Tuesday night European offi-
cials had briefed that measures to
reduce borrowing costs were
being agreed by Eurozone chiefs
at the G20 meeting in Mexico,
with Italy pushing the idea of
bailout funds buying up debt.
Merkel, who appears to be
rebuffing the plan, also
revealed yesterday that she
will attend Fridays Euro 2012
quarter final against Greece,
despite political tensions
between the countries.
EUROPEANS in heavily indebted
countries have given up hope of
an economic recovery, according
to a study published today, while
Germans and Americans are far
more confident about their
countries prospects in the coming
months.
Just three per cent of recession-
hit Spaniards and Italians
describe the current state of their
economies as good, the Ipsos
Mori poll shows.
French respondents are almost
as gloomy, with only nine per cent
expressing satisfaction with the
countrys situation, just behind
Britain at 10 per cent, which
entered a double-dip recession in
the first quarter of this year.
That dour assessment contrasts
starkly with perceptions of the
economic situation in Germany
and Denmark, where 69 per cent
said the current situation is
good, and Sweden where 64 per
cent agreed.
Looking ahead, only 12 per cent
of Europeans expect their
economies to improve in the next
six months, down substantially
from 20 per cent in April 2010.
Meanwhile respondents in the
US and Germany are far more
optimistic, with 25 per cent and
22 per cent forecasting improved
growth.
Confidence at
rock bottom in
troubled states
BY TIM WALLACE
G
E
T
T
Y
SPANISH yields dipped below the cru-
cial seven per cent level yesterday as
the debt-stricken country insisted that
it had no need for a full-blown bailout.
Spains 10-year government bond
yield, a gauge of the compensation
investors demand to lend to the
government, fell 27 basis points to
6.93 per cent. The dip came ahead of
todays bond sale which seeks to
raise up to 2bn in an auction of two-
three- and five-year bonds.
Spain again insisted yesterday that
its 100bn banking bailout was not
the forerunner of a broader
sovereign bailout. Spain has not
been rescued because it does not
need to be rescued. Spain has the
support of its European partners and
European institutions, budget
minister Cristobal Montoro said.
Meanwhile, the equivalent Italian
yield fell 15 basis points to 5.77 per
cent, despite negative data showing
a drop in industrial orders in April
compared to the level a month
earlier. According to seasonally-
adjusted figures, orders were down
Bond relief for
Spain and Italy
as mood jumps
BY KATIE HOPE
1.9 per cent in April compared to
March, due to a four per cent slump
in foreign orders, while the domestic
market dipped by 0.3 per cent, the
National Institute of Statistics (ISTAT)
said.
The figures came as Italian Prime
Minister Silvio Berlusconi suggested a
return to the lira could not be ruled
out. Leaving the euro is not a
blasphemy, he wrote on his
Facebook page. What would happen
if Italy, Spain or Greece went back to
their old currencies? I dont know,
maybe there would be a loss of
wealth but I dont understand why,
he was quoted as saying.
SPANISH GOVERNMENT GENERIC BONDS
May Jun 2012 Feb Mar Apr
5
6
7
8 %
6.74400
20Jun
US PRESIDENT Barack Obama
yesterday urged European
leaders to break the fever of
the escalating debt crisis, as he
admitted that the ongoing
turmoil could hinder his own re-
election prospects later this year.
None of them are going to be
a silver bullet that solves this
thing entirely ... in the next week
or two weeks or two months, but
each step points to the fact that
Europe is moving towards
further integration rather than
break-up, Obama told reporters
at the end of the two-day G20
Obama urges the Eurozone to
break the fever of debt crisis
BY CITY A.M. REPORTER summit in Mexico.
He said the sense of urgency
among Eurozone leaders was
clear at the summit, which
backed Europes goals of
stabilising the currency blocs
financial fortunes.
The President, who is fighting
to convince American voters of
his economic nous ahead of
Novembers election, conceded
after the summit that Europes
trajectory could affect his
popularity at home.
But he emphasised that for the
US economy, if were doing the
right thing, then the politics will
follow.
President Obama is mindful that Europes financial health could affect the US election
7
EUROZONE CRISIS
cityam.com
RUPERT Murdochs News Corp made
a $2bn takeover offer for Australias
Consolidated Media Holdings yester-
day, boosting top shareholder and bil-
lionaire James Packers warchest as he
abandons media in favour of casinos.
Packer, who has built stakes in casi-
nos in Australia, London, Macau and
Las Vegas, indicated he would accept
the offer in the absence of a higher
bid for the pay TV stakeholder, in
which he holds 50.1 per cent.
For News Corp, which also
announced sweeping cost and job
cuts in Australia, a successful bid
would double its stake in Australia's
dominant pay TV business Foxtel to
50 per cent, and give it 100 per cent of
content provider Fox Sports.
Shares in Consolidated Media
jumped 10 per cent to A$3.39, just
below the A$3.50 a share offer, which
was pitched at a 14 per cent premium
to the last close.
News Corp bids
$2bn for Aussie
pay TV business
BY HARRY BANKS
The bid by News Corps local unit to
increase its pay TV interests came as it
also announced a restructuring and
unspecified job losses at its Australian
business, which controls about 70 per
cent of the countrys newspapers.
News Corp said changes could take up
to two years, but insisted there was a
future in print as readers move online.
Print is not dead, said Kim
Williams, chief executive of News
Corps Australian operations and the
former head of Foxtel.
Australian rules may dent Murdochs home advantage
A
FTER the calamitous failure of
its BSkyB bid, Rupert
Murdochs News Corporation
has decided to advance its pay
TV ambitions in his birth country,
bidding A$1.97bn (1.27bn) for
Australias Consolidated Media
Holdings. If the deal is accepted and
gains the necessary regulatory
approval, it will double the media
giants stake in Foxtel, the island
continents biggest pay TV firm, and
give News Corp full ownership of Fox
Sports Australia.
Murdoch may be hoping to use
this asset to start to regain the global
initiative in pay TV, just as his
Australian newspapers paved the
way for later UK and US print
acquisitions. Still, that will be harder
to pull off this time around. Full
ownership of BSkyB would have
positioned the octogenarian
businessman to consolidate his
other European satellite broadcast
assets Sky Italia, which News Corp
owns outright, and Sky Deutschland,
in which it has a 49.9 per cent share.
After todays deal, the entertainment
companys worldwide television
holdings, including stakes in Indias
Tata Sky and New Zealands Sky
Network TV, still seem dispersed.
There are a few local difficulties as
well. Australia gives legal preference
to free-to-air television for the rights
to big sports events. Thats tricky for
Murdoch, who wrote in a 2011 letter
to stockholders that sporting events
deliver the mass audience that
advertisers crave... and will remain a
critical driver of our growth.
This problem has led some to
suggest Murdochs next move might
be to acquire a free-to-air Australian
asset. Ten Network Holdings
perhaps, of which his eldest son
Lachlan is a director and non-
executive chairman. However, that
strategy may bring its own risks.
Another 25 per cent of Consolidated
Media is owned by the largest
shareholder in rival Seven West
Media,which may fear a competitor
with free-to-air ambitions taking
such a powerful position. Seven
Group Holdings could still resist the
News Corp bid.
Whats more, the immediate
market conditions in Australian
media are tough. The bid was
accompanied by the news of News
Corp cutting two thirds of its east
coast print divisions, and the rival
Fairfax Media announcing almost
2,000 layoffs. Pay TV is not exempt.
Foxtels chief executive announced
in February that Australia remains
a tough environment in which to
win new customers.
But Murdoch has always declared
that the News Corp ethos is to see
opportunity where others see only
challenge. Foxtel has just completed
a merger with Austar, the regions
biggest rural subscription TV
provider. And if his bid for
Consolidated Media goes through,
Murdoch will end a rival Australian
media empire, this one built up by
his old sparring partner, Kerry
Packer. Half of Consolidated Media is
owned by Packers son James, now
keen to sell his last controlling
interest in a media company in order
to invest in casinos. Whatever the
challenges, for Murdoch media is
still the better bet.
Marc Sidwell is City A.M.s managing
editor.
BOTTOM
LINE
MARC SIDWELL
PRIME minister David Cameron
yesterday brutally spoke out
against people who avoid paying
tax, calling them morally wrong.
The comments came after it was
unearthed that a string of
celebrities and high earners were
understood to be involved in
severe tax avoidance
schemes.
Responding to
allegations made by The
Times that comedian
Jimmy Carr cuts his tax bill
by millions of pounds,
Cameron said it was very
dodgy.
Think of all those
people who work
Cameron brands tax avoiders
as dodgy and morally wrong
BY LAUREN DAVIDSON
hard, they pay their taxes, and out
of that post tax income they save
up to go to see Jimmy Carr
[perform]. He is taking that money
and stuffing it into somewhere he
doesnt have to pay taxes. That is
not fair, and that is not right, the
Prime Minister said in a series of
TV interviews yesterday.
Carr was outed as being part of
K2, a legal Jersey-based scheme
whereby the majority of an
individuals income is received as
an offshore loan, rather than a
salary, which renders it
untaxable.
Cameron said he had not yet
had time to read or
respond to claims that
Gary Barlow, who was
recently awarded an
OBE, is also involved
in tax avoidance.
8
NEWS
cityam.com
Consolidated Media Holdings Ltd
20Jun 14Jun 15Jun 18Jun 19Jun
3.0
3.1
3.2
3.3
3.4
3.5 A$ 3.38
20Jun
Carr said I pay what I have
to and not a penny more
G
E
T
T
Y
SHARES in Aer Lingus soared 15.4 per
cent yesterday after Ryanairs latest
takeover bid, though the budget carri-
er said after the markets closed that
the offer undervalues the firm.
Aer Lingus, which has been subject
to three takeover offers from Ryanair
since listing in 2006, urged its share-
holders to take no action for now after
the 1.30 per share approach late on
Tuesday.
The former Irish flagship carrier
said there is significant uncertainty
over the likelihood of the bid succeed-
ing, given previous and ongoing com-
petition probes.
Ryanairs existing 29.82 per cent
stake in Aer Lingus is under investiga-
tion by the UK Competition
Commission, and the firms previous
takeover attempts were stymied by
European competition bodies.
And the Irish government, which
owns a 25 per cent stake in Aer
Lingus, also said yesterday it has con-
cerns about the bid, which values the
Aer Lingus says
no to Ryanairs
takeover bid
BY MARION DAKERS
firm at 694m (560.3m).
Taoiseach Enda Kenny said his gov-
ernment would not be forced into a
fire-sale of its holding, telling the Dail:
The government would be concerned
obviously in terms of competition, in
terms of consumer facilities, in terms
of price and access to the country.
Ryanair has said it would like
Irelands support, but could run Aer
Lingus even if the state wont sell out.
In our view, the chances of this
renewed bid being approved have
improved, but not necessarily decisive-
ly so, said Espirito Santo analysts.
DAVID Cameron used his trip to Mexico to unveil 25 trade deals linked to the central
American nation. The Prime Minister, who met with Mexican President Felipe Caldern
yesterday, said firms including healthcare group Bupa, InterContinental Hotels and
engineer JJ Churchill have pledged to expand business in Mexico, while tortilla maker
Gruma Maseca is spending 42m on expanding its factory in Coventry.
BRITISH AND MEXICAN FIRMS CELEBRATE DEALS
Aer Lingus Group PLC
0.95
1.00
1.05
1.10
1.15
1.20 1.10
20Jun
OTKRITIE Securities swung to a
55.9m loss last year from a
2.5m pre-tax profit in 2010 after
it was hit by a major fraud scandal.
In accounts filed with Companies
House, Otkritie putting a number
on the scam for the first time said
an exceptional [65.9m] was
incurred in relation to a fraudulent
transaction in warrants.
Otkritie is currently taking legal
action against former staff who
were allegedly at the centre of a
complex fraud plot.
Otkritie sees
red over fraud
BY LAUREN DAVIDSON
BORIS Johnson has pledged to make
an 8.3m pot available to fund an
Olympics bonus for bus drivers and
avert strike action tomorrow.
The Mayor yesterday told the
London Assembly that money from
the Olympic Delivery Authority
could be used to compensate the
citys bus drivers for working
during the Games, in line with
other transport staff. The Unite
union, which has said up to 21,000
staff could strike, will meet with
bus firms today to discuss the offer.
Boris pledges
bus bonus cash
BY MARION DAKERS
9
NEWS
cityam.com
Biggest deal in years for WPP
as it buys digital agency stake
SIR MARTIN Sorrells ad company
WPP yesterday agreed to buy a
majority stake in AKQA, one of the
worlds most prestigious digital
marketing agencies.
In an deal that gives AKQA an
enterprise value of $540m (343m),
WPP bought General Atlantic out
of its 80 per cent stake and took an
undisclosed amount of the 20 per
cent owned by management.
The private equity firm made a
profit on its investment, for which
BY LAUREN DAVIDSON
it reportedly paid around $250 to
$300m in 2007.
AKQA founder and chief
executive Ajaz Ahmed and
chairman Tom Bedecarre will
continue to run WPPs new
subsidiary, which will operate as a
stand-alone brand within the ad
giants empire.
Bedecarre will also head up WPP
Ventures, a new Silicon Valley-based
company charged with the mission
of exploring new digital investment
opportunities for the global group.
Founded in 2001, AKQA which
has racked up 19 Agency of the Year
titles employs 1160 people across
the US, Europe and Asia.
Counting Google, Nike and
Unilever among its clients, AKQA
rolled in $189m last year and is set
to generate revenues of $230m in
2012.
WPP boss Sir Martin Sorrell said
he was thrilled to announce the
deal. We have admired [AKQAs]
creativity and technological skills
for a long time, he added.
AKQA rejected a $600m bid from
ad giant Dentsu two years ago.
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1048
BANK of Ireland announced
yesterday that former Lloyds
Banking Group executive Archie
Kane is to be its next governor.
Kane retired from Lloyds last year
after holding the position of group
executive director for insurance and
Scotland.
Bank of Ireland has made a lot of
progress in raising capital whilst
remaining in private ownership, he
said. I am looking forward to
working to address the challenges
and opportunities which face the
Bank.
The 60-year-old
replaces Pat Molloy,
who oversaw the
recapitalisation of
the troubled bank
during the credit
crunch and the sale of
a 35 per cent stake to
US investors led by
the billionaire
Wilbur Ross.
Former Lloyds
director to head
Bank of Ireland
BY JAMES WATERSON
G
E
T
T
Y
ASSET MANAGER Liontrust yesterday
announced that it has attracted new
investors and significantly boosted
its assets as it edges towards prof-
itability.
The firm managed to grow its rev-
enues by 54 per cent in the year to 31
March, reducing its losses from
4.6m to just 237,000, assisted by a
substantial 3.4m in performance
fees.
Chief executive John Ions praised
his firms results: We enjoyed net
inflows in all four quarters in the
year, totalling 152m. This has
extended our sequence of net posi-
tive sales to seven successive quar-
ters.
Liontrusts success is a testament
to a number of factors; primarily our
continued excellent fund perform-
ance. 89 per cent of Liontrusts unit
trust funds outperformed their
respective sectors in the 12 months
to 31 March 2012.
Acquisitions have helped Liontrust
increase its assets under manage-
ment from 1.3bn in March 2011 to
2.1bn at the close of business on 18
Sage targets growth in
Brazil with 125m deal
BY JAMES WATERSON
June a 60 per cent increase.
Most notably it received a 581m
boost when it bought the fund man-
agement unit of Walker Crips for
12.3m in March.
Sarah Ing, an analyst with Singer
Capital Markets, said: Liontrust has
made significant progress and has
broadened into Asia and emerging
markets equities, expanded sales
capability in the UK and internation-
ally. We also expect that during the
course of this year, free cash flow will
turn positive which offers the
prospect of a return to dividend pay-
ments in due course.
Shares in the firm closed up 1.6 per
cent at 97p.
SAGE was advised on the acqui-
sition of Folhamatic by Citigroup
Global Markets. Heading up its
team was Charles Lytle, who was
poached from ABN Amros
Hoare Govett business in 2005.
Lytles departure caused a spat
between the banks, with the
Dutch bank claiming Citigroup
had attempted to steal an entire
division worth of staff. It fol-
lowed the exit of Hoare Govetts
chief executive, Nigel Mills, and
four of his team Andrew
Chapman, Tom Reid, Andrew
Thompson and Chris Zeal just a
week earlier.
ADVISERS
CHARLES
LYTLE
CITIGROUP
GLOBAL
MARKETS
Liontrust Asset Management PLC
95.75
96.00
96.25
96.50
96.75
97.00 p 97.00
20Jun
We see the Folhamatic deal as a sensible strategic move and it seems more
will follow. The valuation is rich, but reects exposure to businesses with critical
mass and recurring revenues in emerging markets. This deal is reminiscent of
the old Sage tried and tested M&A model which worked well until Emdeon.
ANALYST VIEWS
This deal is interesting in some ways it is a return to the good old days of
Sages acquisitive growth. In others, it is quite different paying a reasonably full price
for a business already operating at very strong Ebitda margins ... Sage is buy-
ing a smaller lookalike, which should generate revenue growth.
As a cash deal it is unsurprisingly earnings-enhancing, although not as

earnings enhancing as buying back shares would be. Overall, Sage is paying up
for growth. Recent weakness in the shares means we move up to Add on
an unchanged 300p target price.
IS THE FOLHAMATIC DEAL A

GOOD MOVE FOR SAGE?
Interviews by Elizabeth Fournier
JULIAN YATES INVESTEC
GARETH EVANS CANACCORD GENUITY
WILL WALLIS NUMIS

Archie Kane left
Lloyds in May 2011
NYSE Euronext yesterday
announced that cross-channel
transport operator Eurotunnel
would become the first listed
stock on its London market.
This means that for the first
time London Stock Exchange (LSE)
has had genuine competition for
listings in the capital.
Eurotunnel currently has a dual
listing with the LSE in London and
NYSE Euronext in Paris but it has
decided to abandon the former.
Our London listing has not had
Eurotunnel becomes first firm
to list on NYSE Euronext London
BY JAMES WATERSON
enough liquidity. A single trading
platform and a single order book
will simplify access to our stock,
said Jacques Gounon, Eurotunnels
chairman and chief executive.
Shares in the firm will begin
trading on NYSE Euronext London
on 19 July. The LSE listing will be
cancelled on the following day.
NYSE Euronext London was origi-
nally announced in July 2010 but
has taken until now for the market
to attract its first issuer. It hopes to
attract international firms who
desire a London listing but want
access to a Europe-wide market.
NYSE Euronext president Dominique Cerutti promises a superior alternative for listings.
11
NEWS
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Liontrust eyes profit
as assets jump 60pc
SAGE Group entered the fast-
growing and relatively undevel-
oped Brazilian software market
yesterday by buying Folhamatic
Group, a provider of account-
ing, tax, payroll and regulatory
software to small businesses.
The company expects to pay
125m for 75 per cent of
Folhamatic.
The rest of the equity will be
retained by Folhamatic founder
and chief executive Mauricio
Frizzarin, who will continue to
run the business, Sage said.
Sage software is used by more
than 6m small and medium
enterprises (SMEs) and it aims
to tap in to the 90 per cent of
BY HARRY BANKS
Brazils SMEs that do not yet use
any business software.
[The deal] provides us with a
market-leading position in the
large and rapidly growing
Brazilian market, chief execu-
tive Guy Berruyer said.
The company added that the
acquisition would immediately
boost earnings per share.
The deal values Folhamatic,
which increased revenues 13
per cent to 42.4m last year, at
13.4 times forecast 2012 earn-
ings, Sage said.
Shares in Sage closed up 5.44
per cent at 267.5p yesterday,
having fallen nine per cent
since it reported last month
that first-half revenue growth
had slowed to two per cent.
Milan Radia, an analyst at
Jefferies, said it made sense for
Sage to increase its presence in
fast-growing regions such as Brazil,
adding that the company was pay-
ing a fair price for an asset with
some unique qualities in the mar-
ket.
Sage Group PLC
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255
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265
270 p
267.50
20Jun
IN BRIEF
SJ Berwin gets revenue boost
nLaw firm SJ Berwin said yesterday
that revenues for its 2011-12 year had
come in at 180.1m, a marginal
increase on last year as it consolidated
gains made in the previous 12 months.
The average profit per partner at the
firm also rose slightly to 635,000,
having increased by 40 per cent in the
2010-11 financial year.
US Healthcare Locums suit ends
nShares in beleaguered nursing and
social services group Healthcare
Locums (HCL) climbed as much as 20
per cent yesterday after the company
said that a US lawsuit against it had
been dropped. HCL was being sued in
the US by an outfit called Permian
Master Fund. The firms shares pared
early gains yesterday to close up 3.7
per cent at 3.5p.
Xchanging hires Espirito Santo
nBusiness outsourcing group
Xchanging said yesterday it had hired
Espirito Santo Investment Bank as its
joint corporate broker, joining Citibank
Global Markets on its advisory team.
May trading picks up for pubs
n Trading for pubs and restaurants
across the UK improved in May,
boosted by warm weather at the end
of the month, a study released
yesterday showed. The Coffer Peach
Business Tracker reported that
comparable sales in May rose 2.6 per
cent on the year, following a fall of
two per cent in April.
12
NEWS
cityam.com
Kesa independent director Alan Parker will take over as chairman in September
DFS upbeat as it launches stores
DFS yesterday hailed an improving
trend in its performance and said it
continued to gain market share
after stepping up its expansion in
the third quarter of the year.
The sofa retailer, which runs 91
stores in the UK, reported a 21 per
cent fall in underlying earnings to
44.5m in the nine months to 28
April.
Despite the slump in profits, DFS
said its 12 store openings this year
in places including Tottenham
Court Road and Old Kent Road in
London, were expected to add to
profitability in the final quarter of
BY KASMIRA JEFFORD
the year.
We will also continue to
benefit from our increased UK
manufacturing capacity and
improved marketing efficiency,
chief executive Ian Filby said.
Despite the difficult trading
environment for the retail
sector, we expect to
deliver a robust result
for the year.
Sales fell eight per
cent in the period to
446.8m compared
with 486m in 2011.
However this was a slight
improvement on the 10 per
cent decline in the first half.
DFS said that costs relating
to the launch of new stores
reduced earnings by 3.1m
during the first nine months.
It also booked a further
500,000 cost after
expanding its UK
manufacturing capacity
and shifting more of its
production to two factories
in south Yorkshire and
Derbyshire. Filby said DFS is
creating 500 new retailing
and manufacturing jobs in
the UK via its expansion.
Ian Filby said the firm is
creating 500 new jobs
SWEDISH fashion retailer H&M
yesterday posted a 23 per cent
jump in second quarter profits,
boosted by strong sales of its Spring
collection, in spite of the tough
retail environment.
The company reported a net
profit rise of 5.2bn krona (474m)
in the three months to 31 May, up
from Skr4.3bn last year, beating
consensus forecasts.
Sales excluding VAT increased by
15 per cent to Skr31.7bn.
Gross margins, which suffered in
Spring sales help H&M post
jump in second quarter profits
BY KASMIRA JEFFORD the first quarter of the year,
remained flat at 61.7 per cent from
the same period last year.
The spring collections have been
well received by our customers as
shown by our increased market
share in a fashion retail market
that continues to be challenging,
Karl-Johan Persson, chief executive
said.
H&M currently has 2,575 shops
worldwide. It said it was on track
to open around 275 new stores this
year, also launching in five new
countries Bulgaria, Mexico,
Latvia, Malaysia and Thailand.
KESA ELECTRICALS, the electronics
retailer that sold its loss-making
Comet chain earlier this year, yester-
day said it is to rename itself Darty as
it swung into the red.
The UK-listed group, which owns
French electricals group Darty, report-
ed a pre-tax loss of 313.9m (253.3m)
in the year to 30 April, compared to a
30.7m profit the previous year.
The loss was due to 274m of excep-
tional charges following the sale of
Comet and 70.5m of costs from store
closures at its troubled Spanish and
Italian businesses.
Chief executive Thierry Falque-
Pierrotin said the markets through-
out Europe had been exceptionally
difficult, prompting the retailer to
halve its full year dividend.
In France last year, the [electricals]
market declined by around four per
cent. We expect it to decline further
this year, mainly due to vision [TV
sales] but maybe not to a four per cent
level, Falque-Pierrotin said.
Kesa laments
EU troubles as
losses widen
BY KASMIRA JEFFORD
Profits at Darty France fell 28 per
cent to 107m, while its Developing
Business, which includes stores in
Italy, Spain and Turkey, slumped 33
per cent to a 41m loss.
The group pledged to improve its cus-
tomer service, online offering and
operational efficiencies to grow sales
this year despite tough economic
headwinds.
Kesa, which will be renamed Darty
on 31 July, also announced that chair-
man David Newlands would be
replaced by senior independent direc-
tor Alan Parker in September.
Kesa Electricals PLC
48
46
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52
54
56 p
52.50
20Jun
PROFILE: ALAN PARKER
ALAN PARKER is certainly used to a
complicated retail conundrum. The City
grandee, who will take over as chairman
of Kesa in September, has had his hands
full of late rescuing baby products chain
Mothercare, where he was parachuted in
as chairman last August to help revive its
flagging UK business. Mothercares
former chief executive Ben Gordon
stepped down, a turnaround plan was
put into place and former Lovefilm boss
Simon Calver was hired to lead the
business, bringing with him strong online
expertise. And now as chairman of Kesa,
the French electronics chain battling
against tough trading conditions in
Europe, Parker will be expected to dish
out the same tough love.
As analysts at Liberum Capital noted,
given that Kesa announced its second
dividend cut yesterday, it is no great
surprise to see the chairman, David
Newlands, stepping down.
Until 2010, Parker served as chief
executive of leisure business Whitbread,
which under his six-and-a-half year
tenure saw its share price more than
double and 2bn returned to investors.
Before joining Whitbread in 1992, he
served as managing director of the hotel
chain Holiday Inn in Brussels and
Frankfurt. Parker, who attended one of
the first catering degree courses offered
at the University of Surrey, is also a non-
executive at a number of firms including
fund manager Justice, which recently
bought Burger King. He is also president
of the British Hospitality Association.
RIO Tinto said yesterday it will spend
$3.7bn (2.4bn) to increase iron ore
output in Australia by a further 25 per
cent to 353m tonnes a year by 2015,
shrugging off forecasts of waning
demand and a global supply glut.
Rio Tinto, the worlds second-largest
miner of iron ore after Brazil's Vale,
currently runs its mines at an annual
rate of 230m tonnes and had already
put in place work to take output to
283m tonnes.
Rio Tintos board approval for the
latest expansion, which will cost
$5.2bn all up, with $1.5bn coming
from joint venture partners in the
mines, comes despite pressures
mounting in the sector to curb capital
spending and return more cash to
shareholders jittery over slowing glob-
al growth.
At a rate of 353m tonnes, Rios
Australian mines would be supplying
nearly a third of the world trade in
iron ore.
We are mindful of short-term
uncertainties, and remain fully com-
mitted to a balanced approach to
investment, while maintaining a sin-
gle A credit rating and a progressive
dividend policy, Rio Tinto chief exec-
Rio Tinto bets
$3.7bn on iron
ore in Australia
BY HARRY BANKS
utive Tom Albanese said in a state-
ment.
Rio Tinto also said it had committed
a further $501m to fund its share of
infrastructure development at its
Simandou iron ore prospect in
Guinea, a joint venture with Chinas
Chinalco.
Iron ore is gold for mining compa-
nies, which have found a ready market
in Asia for all they can mine and get to
a port. The ore sells for around $135 a
tonne but for Rio costs only $30 to pro-
duce, delivering hefty profit margins.
Rio is pushing ahead at the same
time that BHP Billiton and Fortescue
Metals have major expansions under-
way in Western Australias Pilbara
region and a raft of smaller miners are
trying to develop projects.
Procter & Gamble cuts forecasts
as slower growth in Europe hits
SLOWER growth in China, Europe
and the US prompted Procter &
Gamble (P&G) to cut its growth
forecasts yesterday.
The worlds largest household
product maker is expecting lower
growth rates as it has cut costs by
6.35bn.
Its chief executive, Bob
McDonald, said at an investor
conference in Paris yesterday, that
the company would adjust strategy
to focus on big markets and new
products.
McDonald said growth in
developed markets, making up 60
per cent of sales, had dropped off
significantly, while in emerging
markets, it suffered mandated price
cuts in Venezuela and import curbs
in Argentina.
We have seen sequential
deterioration in the rates of market
growth in both the US and Europe,
and there has been a slowdown in
the rate of market growth in
China, he said.
Procter & Gamble has forecasted
growth to be two to three per cent
down from four to five per cent in
April to June, while the core
quarterly earnings target was
trimmed from 79-85 cents to 75-79
cents per share.
McDonald said it would take time
to reverse the negative trends, and
expected little improvement in the
2013 fiscal year which starts 1 July.
He forecast underlying sales growth
of two to four per cent, and said
2013 core earnings would be flat to
up by a mid-single digit percentage.
P&G is currently undergoing a
restructuring plan to cut 5,700 non-
manufacturing jobs and $10bn
worth of costs by the end of 2015/16.
IN BRIEF
Petrofac wins Mexico contract
n Mexico's state oil monopoly Pemex
yesterday awarded four contracts to drill
mature oil fields in the second round of
bidding to open up the country's
nationalised oil industry to more private
investment. The Panuco area in Veracruz
went to a joint bid from Schlumberger
and drilling firm Petrofac. Petrofac said
the contract, which runs for 30 years,
should be signed by August this year and
operations could begin in 2013. The
companies committed $17.5m in
investment at the Panuco fields for the
first two years, Petrofac said.
Costain gets fifth Crossrail mandate
n Engineer Costain, in a Skanska joint
venture, yesterday secured its fifth
Crossrail contract to do 40m worth of
work surrounding the project. The work
will take until August 2018 to complete.
This further contributes to the strength
of our order book, of which 90 per cent is
repeat business, said Costain chief
executive Andrew Wyllie.
Cluff Gold makes Yaore discovery
n Cluff Gold yesterday unveiled
significant drilling results from its
Yaoure project in the Ivory Coast. The
findings further confirmed the areas
potential, according to Cluff. The firm
said that it is now increasing the number
of diamond drill rigs on site from three to
four, in order to test the upside potential
of the site.
Rio Tinto PLC
2,950
2,900
3,000
2,800
2,850
3,050
3,100
3,150 p
3,095.00
20Jun
A GOVERNMENT companies
watchdog yesterday abandoned its
bid to penalise directors of a
Christmas saving scheme which
collapsed in 2006 leaving tens out
of thousands of savers out of
pocket.
The Insolvency Service, part of
business secretary Vince Cables
department for business,
innovation and skills, said it was
discontinuing High Court action
against both former bosses at
Farepak and its parent firm
European Home Retail.
Business secretary Vince Cable
Case against Farepak directors
and parent company collapses
BY KATIE HOPE
said he was deeply disappointed
by the decision.
Without doubt, we need to
reflect on this result, consider
what options are on the table and
seek further legal advice if
needed, he added.
Lawyers representing the
Insolvency Service had asked Mr
Justice Peter Smith to disqualify
former bosses at Farepak and its
parent firm from being company
directors. Former bosses contested
the disqualification applications.
The high court judge began
hearing evidence last month
following the start of the trial in
London.
13
NEWS
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SECURITIES and Exchange
Commission chairman Mary
Schapiro will brief Congress
today on her case for tightening
the regulation of money market
funds, arguing they remain a
threat to the economy.
In testimony prepared for a
Senate Banking Committee
hearing, Schapiro argues that
reforms put in place in 2010 after
a run on some funds in 2008
were not sufficient.
The next run might be even
more difficult to stop, however,
and the harm will not be limited
to a discrete group of investors,
she said in prepared remarks
obtained by Reuters. The tools
that were used to stop the run on
money market funds in 2008 are
either no longer available or
unlikely to be effective in
preventing a similar run today.
To buttress her case, Schapiro
will point to the results of a staff
survey showing that on 300
occasions since the 1970s a
parent company has had to step
in to provide support to one of its
troubled funds.
Despite these risk-limiting
provisions, money market funds
can and do lose value, she
said.
Several Federal Reserve
governors have backed more
fund restrictions, but Schapiro
has so far been unsuccessful in
gaining enough support within
the commission for increased
supervision of the $2.6 trillion
industry.
She has said that further steps
are needed to stop potential
problems at money funds from
spreading throughout the
financial system, as happened in
the 2008 credit crisis when the
Reserve Primary Fund broke the
buck with its net asset value
falling below $1.
UK GYM chain Fitness First has
avoided administration after
creditors yesterday backed plans to
restructure its lease agreements, the
company said, prompting the sale of
around half of its UK gyms and a
600m debt write off.
Creditors overwhelmingly
approved a Company Voluntary
Arrangement (CVA) which lets a
company with debt problems reach a
voluntary agreement with its
business creditors over the
repayment of that debt. The CVA
enables a rent renegotiation on
some of the 79 gyms it is set to keep
as prior rent commitments were
unsustainable. Fitness First will now
seek to sell 67 of its UK gyms. The
sale should happen in the next few
weeks and a number of rival gym
operators have expressed interest.
The companys wider financial
restructuring can also kick in now
the CVA has been approved.
Creditors of
Fitness First
approve rescue
THE SERIOUS Fraud Office suffered
a fresh knock yesterday as four
banks won a court case blocking its
attempts to seize documents linked
to a derivatives probe in Italy.
JP Morgan, Deutsche Bank, UBS
and Depfa Bank won a judicial
review against the SFO and the
home secretary, quashing the
watchdogs request for papers that
are wanted by authorities in Milan.
Lord Justice Gross said the SFO had
an obvious lack of authority to act
on the Italian prosecutors requests,
and quashed its decision on
grounds of unreasonableness.
But the judge said he has a con-
siderable degree of sympathy with
the SFOs actions and those of the
home secretary, who passed on the
Italians requests to the watchdog.
BY MARION DAKERS
The case relates to a criminal and
civil investigation into debt swaps
arranged for the City of Milan
between 2005 and 2007.
Italian prosecutors argue that the
banks did not tell Milan what they
were charging for the swaps. The
banks deny charges of fraud and set-
tled a separate civil case earlier in
the year, agreeing to unwind some
of the transactions.
The SFO wrote to the banks in 2011,
requiring them to produce account-
ing information and correspon-
dence linked to their dealings with
Milan, at the behest of Italian prose-
cutors.
The watchdog recently installed
David Green as its new director as it
tries to move on from its investiga-
tion into property tycoon Vincent
Tchenguiz, which was officially
dropped on Monday.
SEC chair fights for
tighter regulation
ALL FIGURES REFER TO COST PER SQUARE FOOT
PRIME CENTRAL London
residential house prices will grow
by six per cent this year in stark
contrast to the rest of the UK, new
research from CBRE shows.
The property specialist said
average house prices in Londons
top postcodes have grown by 35 per
cent over the last three years and
are now 16 per cent above their
2007 peak.
Mark Collins, CBREs head of
residential said growth is likely to
continue as the lack of
developable land means supply will
almost never satisfy demand.
Prime homes in London typically
attract between 1,500 and 2,500
per square feet while super prime
properties sell for more than 3,000
per sq ft. This can only be matched
by Monaco and Hong-Kong.
Prime London house prices to grow six per cent
Social network LinkedIn plays down lawsuit
brought in the wake of online password leak
14
NEWS
cityam.com
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THE SOCIAL networking site
LinkedIn has talked down a
$5m (3.18m) lawsuit after
Russian hackers leaked
members passwords.
Earlier this month, 6.5m pass-
words for the website were
hacked, and the lawsuit claims
LinkedIn cut corners on security
measures.
The network is the largest pro-
fessional one of its kind and
holds the private information of
over 150m top business figures.
BY ED HUME-KENDALL
Katie Szpyrka, a member of
LinkedIn, has decided to go to
court against the social network.
Filing a $5m lawsuit against the
media giant, she has based her
attack on the grounds of a breach
of contract after Russian hackers
undermined LinkedIns 100 per
cent privacy policy.
LinkedIn has said that there was
no damage caused to members
and that it disabled the at risk
accounts when they learned of the
theft.
It appears that these threats are
driven by lawyers looking to take
advantage of the situation, said
Darain Faraz, a spokesman for
LinkedIn.
LinkedIn Corp
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London
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New York
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SUPER PRIME $3,100
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Hong Kong
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SUPER PRIME $8,600
BY KASMIRA JEFFORD
Four banks win
judicial review
of SFOs order
A team from Deloitte is taking to the
saddle to tackle the CARE Gold bike
ride on Sunday for poverty relief
charity CARE International.
The ride follows the Olympic route,
which measures about 130 miles.
The Deloitte team says it is
motivated by CAREs work, tackling
poverty in 87 countries, We are
keen to support CARE, it provides
extra motivation for us as riders
through the donations people
make, say Deloitte. Places are still
available: carechallenge.org.uk/gold
or call 020 70916111.
Deloitte takes
to the saddle
H
ATS off to Saira Khan, the TV
presenter and business-
woman who has just
completed a tour of 72
primary schools with the BBC.
The former Apprentice star has
been teaching children about
business and showing them how to
think about cash flows, profits and
marketing techniques.
Tomorrow she is visiting Gillespie
Primary School in Arsenal as an invi-
tee of its newly-formed magazine
club.
She will be grilled by pupils who
are fast gaining some skills in their
interviewing techniques, having
already quizzed the former Blue
Peter presenter Andy Akinwolere
about his open water swimming and
members of the Arsenal Ladies foot-
ball team, as well as their own head-
master.
Apprentice star
Saira Khan goes
back to school
Saira is ready for the challenge.
Discussing money, how to make it
and trying to make lots of it are not
topics the British people are comfort-
able talking about.
But money is a subject that domi-
nates all our lives. For me money,
work and business have been avenues
by which I have been able to recog-
nise and realise my own potential,
help others and live a comfortable
life. It is for these very reasons I want
children as young as eight to start
thinking about money, how they
want to make it, what they would like
to do with it. With that i want to
plant a seed in their psyche that with
a strong hard work ethic, self belief
and taking a few risks in their life,
like moving away from their home
town to find a job or go abroad to get
some work experience, they can
achieve whatever they want. TV presenter Saira Khan has been busy enthusing young children about business
Got A Story? Email
thecapitalist@cityam.com
15
cityam.com
cityam.com/the-capitalist
THECAPITALIST
The RBC Race for the Kids, which
raises money for Great Ormond
Street Hospital, will be holding its
annual race this Sunday, 24 June in
Battersea Park.
This is a family-themed event and is
open to the general public. RBC, which
stands for the Royal Bank of Canada,
will be there in force, including co-head
of investment banking Doug Gouzman
and European CEO Harry Samuel.
Last year's Race for the Kids raised over
400,000 towards the development of
the Great Ormond Street Hospital.
There are over 560 RBC runners (up
from 500 last year) taking part in the
race.
taxpayers specifically, he said.
Short-selling bans in Europe
and bond purchase penalties in
Brazil are a foretaste of the
future.
Jenkins also highlighted the
extraordinary damage to the
single market caused by the
Eurozone crisis, as a Greek exit
from the Eurozone stops
international investors putting
cash into the country.
In the absence of cross border
risk, deposits in Dresden could
fund assets in Athens. Trading
books could boom confident that
counterparty risk was free from
concern for capital controls, he
explained.
But the Greek turmoil has
introduced a degree of doubt.
The spectre of cross border
risk is back.
HEDGE funds could face more
regulatory difficulties on the near
future as governments
increasingly step into markets to
control capital flows and promote
stability, top Bank of England
official Robert Jenkins said
yesterday.
The days of instant market
pricing and limitless liquidity may
be fading, the financial policy
committee (FPC) member
warned a group of
traders and investment
managers.
Confronted with
sudden surges in cross
border flows, elected
governments will
attempt to intervene in
the interests of stability
generally and to
protect their
MONETARY easing could be on the
way, Bank of Japan minutes suggest-
ed yesterday, as the country record-
ed its first ever current account
deficit with the EU.
Governor Masaaki Shirakawa
warned in a speech yesterday that
though major turmoil has been
avoided following the outcome of
the Greek electionGreece is
pressed to implement fiscal and
structural reform while the econo-
my slumps sharply.
With close attention on Europes
uncertain future, the committee
refrained from increasing its asset
programme, but some members
stressed that it should stand ready
to take appropriate actions.
The small shortfall, of just over
11bn (just under 90m), stems from
revitalised Japanese consumption
and a strong yen, combined with
sluggish EU demand, and came
BoJ may raise
QE to combat
weak Eurozone
BY BEN SOUTHWOOD
despite increased Japanese exports.
In the minutes of the most recent
BOJ meeting, the conflicting goals of
short-term economic growth and
medium- to long-term fiscal consoli-
dation are given as reasons for
European demand stagnation.
Barclays Research expects Japanese
exports will continue to increase
but also that imports will increase
due not only to demand for energy,
but also to support the post-earth-
quake reconstruction.
Japan trade balance with EU
85 80 66 95 90 75 70 05 00 10
100
200
0
300
400
500
600 bn
Robert Jenkins warns
rules are unpredictable
16
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JOIN THE DEBATE PAGES 22-23
SHARDS LITTLE SISTER IS COMPLETED
THE 17-storey new
building that will
live in the shadow
of The Shard has
been officially
topped out the
term given when
the last beam or
brick of a new
building is laid. The
Place developed
by Sellar Property
Group on behalf of
the London Bridge
Quarter is a
600,000 sq ft
office complex
designed by
architect Renzo
Piano. The Shard
will be inaugurated
on 5 July.
Bank official: Hedge funds face
risks from regulators and Grexit
BY TIM WALLACE
17
LONDONREPORT
Sciens
Tim Wilkinson has been
appointed president of Sciens
Fund of Funds Management
Holdings, part of the Sciens
Capital Management Group. Prior
to joining the firm he was
managing director at Russell
Investments, and spent 15 years
with Citigroup, latterly as global
head of transition management.
Wilkinson started his career at SG Warburg Securities.
Banque Havilland
The family-owned bank has announced the appointment of
Nicholas Parker as chief executive of private banking. He
joins from Citi Private Bank, where he was managing
director. Parker started his banking career at NatWest, and
has held senior roles at Coutts, Merrill Lynch and Barclays.
PwC
Luisa Affuso has been appointed as a director in the
business services firms economics team. She previously
specialised in competition economics at RBB Economics,
the expert advice company, and has held academic
positions at both the University of Cambridge and the
London Business School.
Costain Group
The engineering and construction group has appointed
Mark Rogerson to its board as chief development officer. He
joins from Serco, where he was involved in the service
companys brand development efforts. Rogerson joined
Serco in 2004, where he served successively as managing
director of its defence operations and civil aviation business
and its head of operational efficiency.
VocaLink
Paul Stoddart has been appointed managing director of
strategy and business development at the international
payment specialists. He joins from Barclays Bank, where he
was responsible for mergers and acquisitions and asset
disposals for Barclaycard. Stoddart has also held senior
positions at RBS WorldPay.
London Bullion Market Association (LBMA)
Ruth Crowell has been promoted to the position of deputy
chief executive at the gold and silver market trade
association. She has worked at the LBMA for six years, most
recently as its commercial director. Crowell previously held
positions at White & Case and Norton Rose, and acted as a
monitor at the UN Commission on Human Rights in Geneva.
Lawrence Graham
Brett Israel has been hired as partner and head of
restructuring and insolvency by the private capital law firm.
He joins from Bird & Bird, where he was the UK-based head
of its international corporate restructuring group.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Stocks sink on
disappointing
Federal action
U
S stocks edged lower yesterday
after the Federal Reserve acted
to aid the fragile economy
with stimulus measures that
were in line with market
expectations but went no further.
Stocks rallied in recent days in the
hope that the US central bank would
extend Operation Twist, a bond-
buying program designed to lower
long-term rates and stimulate
growth. But investor hopes of
additional Fed action went
unfulfilled.
Concerns about weakened demand
were highlighted by Dow component
Procter & Gamble, which cut
growth forecasts early yesterday.
Shares of the worlds largest
household product maker fell 2.9 per
cent to $60.39.
Another disappointing outlook
came from Bed Bath & Beyond,
which projected a weaker-than-
expected profit for the current
quarter after markets closed. Its
shares fell 10 per cent to $66.25 in
extended trading.
Trading was volatile after the Fed
announcement about midday.
Declines picked up during Fed
chairman Ben Bernankes afternoon
news conference but then were
mostly erased. The Nasdaq composite
index even ended slightly higher.
The Dow Jones industrial average
was down 12.94 points, or 0.10 per
cent, at 12,824.39. The S&Ps 500
Index was down 2.29 points, or 0.17
per cent, at 1,355.69. The Nasdaq
Composite Index was up 0.69 point,
or 0.02 per cent, at 2,930.45.
The benchmark S&P 500 index had
risen for four days in a row and
accumulated gains of about seven
per cent from a five-month low hit
earlier in June as many investors
anticipated some Fed action to aid
the flagging recovery.
While the Fed is willing to take
action if needed, theyre not giving
enough detail as the market wants.
Theres a disconnect between what
markets want and what the Fed is
willing to commit to, said Alec
Young, global equity strategist at S&P
Equity Research in New York.
Tech stocks were the days biggest
gainers, rising 0.2 per cent. Jabil
Circuit led the sector as expectations
rose that it had retained a key
mobile phone customer, sending
shares 6.8 per cent higher to $20.75.
Wall Street continued to keep a close
watch on Europe for any
development out of the region with
respect to its sovereign debt issues.
Adobe Systems slid 3 per cent to
$31.99 after the maker of Photoshop
and Acrobat software cut its full-year
revenue outlook and warned about
weak demand in Europe.
About the same number of stocks
traded on the New York Stock
Exchange rose as fell on Wednesday
while slightly more stocks fell on the
Nasdaq than rose.
Volume was light, with about
6.57bn shares traded on the New
York Stock Exchange.
S
HARES in Invensys surged by 27 per
cent yesterday on talk of a bid from
US rival Emerson Electric. The
rumours suggested Emerson was
mainly interested in the companys
controls business and not the rail
division, but would be willing to buy the
whole lot to achieve its aims. That was
enough to see Invensys jump 54p to
257p, valuing the company at more than
2bn.
Meanwhile, expectations for more
monetary stimulus sent Britains top
share index to a seven-week high
yesterday, but investors cautioned those
gains may be vulnerable if the Eurozone
debt crisis deepens further.
Investors were beefing up their equity
holdings ahead of the US Federal
Reserves expected decision to extend its
bond-buying programme, dubbed
Operation Twist and aimed at shoring up
the US jobs market.
The US central bank said after the
European market close that it would buy
$267bn in longer-dated securities by the
end of 2012.
We are positioned for Operation Twist
to be mentioned in the Fed statement, so
were not selling before the meeting
results, but we reinvested in equities two
weeks ago so we have a good profit
margin at this point, said Lorne Baring,
managing director of B Capital Wealth
Management.
We still expect a bumpy ride as investors
lack confidence there will be progress at
the sovereign level in Europe. A
worsening situation in Europe could
cause us to take profit once more.
The FTSE 100 index rose 35.98 points, or
0.6 per cent, to 5,622.29. Trading volumes
totalled 96 per cent of the 90-day average.
The index was up around 360 points
from a six-month low hit in late May,
when poor US jobs data started
speculation about further central bank
support.
The Bank of England also signalled
yesterday that it was close to releasing a
wave of new money into the shrinking
British economy because of the
worsening Eurozone debt crisis.
Shore Capital expected such a move by
the Bank would reverse some of the
strength seen in sterling over the past six
months, benefiting exporters from the
UK.
It highlighted global stocks such as
chip designer Arm Holdings, engineer
IMI and technology firm Smiths Group,
which all gained between 2.3 per cent
and 2.6 per cent on the day.
Also on Shores list was software
company Sage Group, which rose 5.5 per
cent as it increased its global exposure by
acquiring a 75 per cent stake in Brazils
Folhamatic Group, leading brokers to
upgrade their expectations for the stock.
Meanwhile shares in insurance group
Aviva jumped 4.7 per cent as it unveiled
job cuts in its regional UK offices.
Whitbread, which impressed the market
with its first-quarter results on Tuesday,
rose a further 4.7 per cent yesterday.
On a thin day for corporate news, ITV
jumped three per cent on speculation of
a buyout and engineering group
Invensys gained a whopping 26.6 per
cent on talk of a bid from US rival
Emerson.
On the down side, Severn Trent saw its
shares slide to the bottom of the FTSE
100 fallers list as it went ex-dividend.
United Utilities followed it lower,
dropping two per cent.
Experian and Land Securities, down 0.4
and up 0.3 per cent respectively, also
traded ex-dividend.
Further afield, the FTSE Eurofirst 300
index of top European shares rose 0.5 per
cent.
Invensys surges 27 per cent as
talks of bid from US resurface
BESTof theBROKERS
Chemring Group PLC
330
320
310
300
290
p
308.00
20 Jun
CHEMRING
JP Morgan rates the defence firm overweight and has trimmed its
target price from 512p to 491p after weaker than expected first half
results. The broker points out that Chemring needs to make 67 per cent
of its earnings in the next half in order to meet targets though its
order book, up 14 per cent to top 1bn, means this could be possible. JP
Morgan maintains that the firm is the lowest-rated UK defence firm, and
is trading at a material discount to its peers.
Greene King PLC
525
520
515
510
505
500
495
490
485
480
p
525.00
20 Jun
GREENE KING
Deutsche Bank rates the pub chain buy and has raised its price target
from 635p to 665p. Greene King has done more than any other publicly-
traded pub firm to improve its business, the broker believes, and is on
track to build on its 2010 strategy change. Given the firms exposure to
the wealthiest regions of the UK, Deutsche forecasts strong retail
growth in the mid-teens this year.
TUI Travel PLC
172.50
170.00
165.00
160.00
162.50
157.50
167.50
p
172.10
20 Jun
TUI TRAVEL
Nomura has started covering the holiday firm with a neutral rating
and a target price of 168p. While TUI has benefited from problems at
rival firm Thomas Cook, the broker is worried that the tour operator
model as a whole is outdated, and is struggling to see real growth
emerging from a cost-cutting strategy. However, Nomura thinks the firm
is faring better than Thomas Cook, which has been given a reduce
rating and a price target of 6p.
FTSE
5,600
5,650
5,450
5,550
5,500
5,622.29
20 Jun
DASHBOARD CITY
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18
MARKETS
cityam.com
LON GD ONCE FIX AM...................................1618.75 -9.75
SILVERLDN FIX AM.........................................28.54 0.02
MAPLE LEAF 1 OZ............................................30.28 0.30
LON PLATINUM AM......................................1481.00 -5.00
LON PALLADIUM AM.....................................628.00 -1.00
ALUMINIUM CASH.......................................1878.00 -3.50
COPPER CASH............................................7505.00 30.00
LEAD CASH .................................................1885.00 -8.00
NICKEL CASH............................................16670.00 50.00
TIN CASH..................................................19495.00 70.00
ZINC CASH...................................................1876.00 -18.00
BRENT SPOT INDEX........................................96.04 -0.50
SOYA............................................................1433.75 49.50
COCOA........................................................2230.00 56.00
COFFEE..........................................................156.60 7.05
KRUG..........................................................1656.80 -24.40
WHEAT..........................................................158.63 0.25
AIR LIQUIDE......................................................88.73 -0.26 92.79 73.38
ALLIANZ ...........................................................76.00 1.00 98.60 56.16
ANHEUS-BUSCHINBEV.....................................55.21 -1.22 57.51 33.85
ARCELORMITTAL ................................................12.46 0.30 24.77 10.47
ASML HOLDING.................................................39.95 -0.25 40.32 21.22
AXA....................................................................10.18 0.10 15.94 7.88
BANCO SANTANDER...........................................4.96 0.13 7.57 4.17
BASF SE............................................................56.87 -0.32 69.80 42.19
BAYER................................................................54.13 -0.66 58.64 35.36
BBVA ..................................................................5.34 0.18 8.06 4.52
BMW.................................................................58.07 0.14 73.95 43.49
BNP PARIBAS ...................................................29.62 0.69 54.98 22.72
CARREFOUR ......................................................14.42 0.15 24.89 13.38
CRH PLC.............................................................14.38 0.13 16.93 10.28
DAIMLER...........................................................35.54 0.15 53.95 29.02
DANONE............................................................47.94 -0.77 54.96 41.92
DEUTSCHE BANK...............................................28.92 0.31 42.08 20.79
DEUTSCHE TELEKOM...........................................8.40 0.14 10.94 7.69
E.ON..................................................................15.83 0.36 20.00 12.50
ENEL ...................................................................2.36 0.06 4.61 2.23
ENI ....................................................................16.42 0.04 18.72 11.83
ESSILOR INTERNAT............................................73.65 -0.88 75.52 46.89
FRANCE TELECOM................................................9.91 0.04 14.73 9.45
GDF SUEZ...........................................................17.30 0.31 25.44 15.62
GENERALI ASS....................................................10.15 0.25 14.95 8.16
IBERDROLA.........................................................3.50 0.02 5.88 3.03
INDITEX.............................................................77.78 -0.22 78.30 52.20
ING GROEP CVA..................................................5.07 0.04 8.72 4.21
INTESA SANPAOLO..............................................1.05 0.02 1.92 0.85
KON.PHILIPS ELECTR..........................................15.25 0.34 18.06 12.01
L'OREAL............................................................89.68 -1.74 94.80 68.83
LVMH...............................................................119.60 -1.90 136.80 94.16
MUNICHRE .....................................................106.65 0.95 118.35 77.80
NOKIA.................................................................1.96 -0.03 5.19 1.79
REPSOL YPF.......................................................12.75 0.17 24.35 11.64
RWE...................................................................31.19 1.02 39.24 21.15
SAINT-GOBAIN..................................................27.84 0.34 45.38 25.77
SANOFI ..............................................................57.37 -0.37 59.56 42.85
SAP...................................................................47.67 -0.02 54.85 32.88
SCHNEIDER ELECTRIC........................................43.63 0.16 58.85 35.00
SIEMENS ...........................................................67.40 0.25 96.19 62.13
SOCIETE GENERALE............................................17.98 0.50 42.64 14.32
TELEFONICA........................................................9.94 0.06 16.61 8.81
TOTAL.................................................................35.21 -0.10 42.97 29.40
UNIBAIL-RODAMCO SE....................................142.80 0.00 162.95 123.30
UNICREDIT..........................................................2.65 0.07 10.13 2.20
UNILEVER CVA ..................................................25.33 -0.20 27.16 20.96
VINCI.................................................................34.72 0.25 44.79 28.46
VIVENDI ............................................................14.03 0.08 18.61 12.02
VOLKSWAGEN VORZ........................................127.60 1.20 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5622.29 35.98 0.64
FTSE 250 INDEX . . . . . . . . . . . . . . . 11022.81 151.88 1.40
FTSE UK ALL SHARE. . . . . . . . . . . . . 2916.72 21.28 0.73
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 682.81 3.65 0.54
DOWJONES INDUS 30 . . . . . . . . . 12824.39 -12.94 -0.10
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1355.69 -2.29 -0.17
NASDAQ COMPOSITE . . . . . . . . . . . 2930.45 0.69 0.02
FTSEUROFIRST 300 . . . . . . . . . . . . . 1014.30 4.75 0.47
NIKKEI 225. . . . . . . . . . . . . . . . . . . . 8752.31 96.44 1.11
DAX 30 PERFORMANCE . . . . . . . . . . 6392.13 28.77 0.45
CAC 40. . . . . . . . . . . . . . . . . . . . . . . 3126.52 8.60 0.28
SHANGHAI SE INDEX . . . . . . . . . . . 2292.88 -7.92 -0.34
HANG SENG . . . . . . . . . . . . . . . . . . 19518.85 102.18 0.53
S&P/ASX 20 INDEX. . . . . . . . . . . . . 2495.30 9.70 0.39
ASX ALL ORDINARIES . . . . . . . . . . . 4176.80 9.40 0.23
BOVESPA SAO PAOLO . . . . . . . . . . 57166.55 -28.94 -0.05
ISEQ OVERALL INDEX . . . . . . . . . . . 3083.58 -4.71 -0.15
STRAITS TIMES. . . . . . . . . . . . . . . . . 2787.46 -9.62 -0.34
IGBM. . . . . . . . . . . . . . . . . . . . . . . . . 687.89 10.57 1.56
SWISS MARKET INDEX . . . . . . . . . . . 6017.91 -16.22 -0.27
Price Chg %chg
3M ....................................................................87.54 -0.28 98.19 68.63
ABBOTT LABS...................................................62.82 -0.05 63.20 46.29
ALCOA ................................................................8.92 0.02 16.60 8.21
ALTRIA GROUP..................................................33.91 -0.01 34.08 23.20
AMAZON.COM.................................................223.02 -1.01 246.71 166.97
AMERICAN EXPRESS .........................................57.44 0.50 61.42 41.30
APPLE.............................................................585.74 -1.67 644.00 310.50
AT&T..................................................................35.41 -0.06 36.00 27.29
BANK OF AMERICA..............................................8.14 0.03 11.25 4.92
BOEING CO........................................................73.01 0.09 77.83 56.01
BRISTOL MYERS SQUI........................................34.74 -0.09 35.44 20.05
CATERPILLAR.....................................................87.17 -1.67 116.95 67.54
CHEVRON........................................................103.63 -0.43 112.28 86.68
CISCO SYSTEMS...................................................17.51 0.33 21.30 13.30
CITIGROUP .......................................................28.86 0.36 43.06 21.40
COCA-COLA.......................................................75.56 -0.18 77.82 63.34
COMCAST CLASS A..............................................31.19 -0.12 31.65 19.19
CONOCOPHILLIPS .............................................54.44 -1.20 80.13 50.62
CVS/CAREMARK...............................................45.99 -0.26 46.42 31.30
DU PONT(EI) DE NMR .......................................51.04 -0.02 57.50 37.10
EXXON MOBIL ...................................................84.97 0.49 87.94 63.47
GENERAL ELECTRIC...........................................20.10 0.10 21.00 14.02
GOOGLE A........................................................577.51 -4.02 670.25 473.02
HEWLETT PACKARD ...........................................21.16 0.35 37.70 19.92
HOME DEPOT....................................................52.83 -0.14 53.28 28.13
IBM .................................................................198.78 -0.15 210.69 157.13
INTEL CORP.......................................................27.64 0.13 29.27 19.16
J.P.MORGAN CHASE..........................................36.45 1.07 46.49 27.85
JOHNSON & JOHNSON......................................67.00 0.28 68.05 55.76
KRAFT FOODS A ...............................................39.02 0.02 39.99 31.88
MC DONALD'S CORP.........................................88.65 -0.95 102.22 81.40
MERCK AND CO. NEW........................................39.21 -0.02 39.50 29.47
MICROSOFT.......................................................30.93 0.23 32.95 23.79
OCCID. PETROLEUM...........................................84.41 0.40 109.08 66.36
ORACLE CORP...................................................28.49 0.53 34.13 24.72
PEPSICO............................................................68.91 -0.40 70.75 58.50
PFIZER..............................................................22.67 -0.04 23.30 16.63
PHILIP MORRIS INTL..........................................88.51 -0.01 91.05 60.45
PROCTER AND GAMBLE....................................60.39 -1.82 67.95 57.56
QUALCOMM INC................................................57.00 -0.02 68.87 45.98
SCHLUMBERGER...............................................65.54 -1.61 95.53 54.79
TRAVELERS CIES ...............................................63.85 0.40 65.27 45.97
UNITED TECHNOLOGIE.......................................75.91 -0.49 91.83 66.87
UNITEDHEALTH GROUP....................................59.60 -0.66 60.75 41.27
US BANCORP DELAWRE ....................................31.72 -0.04 32.98 20.10
VERIZON COMMS..............................................43.30 -0.43 44.14 32.28
VISA CL A........................................................122.59 1.24 125.35 73.11
WAL-MART STORES..........................................68.52 0.71 68.54 48.31
WALT DISNEY CO...............................................47.73 0.22 48.00 28.19
WELLS FARGO & CO...........................................32.81 -0.15 34.59 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 ................................0.261 0.00
LIBOR Euro - 12 months.................................1.193 0.00
LIBOR USD - overnight .................................0.165 0.00
LIBOR USD - 12 months................................1.068 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield......................................2.730 0.00
European repo rate......................................0.162 0.00
Euro Euribor.................................................0.322 0.00
The vix index................................................18.33 -0.05
The baltic dry index ....................................954.0 16.00
Markit iBoxx...............................................249.66 -0.85
Markit iTraxx................................................171.82 -4.81
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .292.1 4.4 333.0 248.1
Chemring Group . . . . .308.0 14.5 648.5 293.4
Cobham . . . . . . . . . . . .234.8 0.1 239.5 165.9
Meggitt . . . . . . . . . . . . .375.9 5.3 413.5 304.9
QinetiQ Group . . . . . . . .155.0 4.0 159.3 101.5
Rolls-Royce Holdi . . . . .856.5 12.5 860.0 557.5
Senior . . . . . . . . . . . . . .198.6 11.2 213.0 135.6
Ultra Electronics . . . . .1639.0 11.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .183.9 2.6 245.0 157.0
Bank of Georgia H . . .1000.0 -8.0 1120.0 929.8
Barclays . . . . . . . . . . . .205.8 5.2 265.6 138.9
HSBC Holdings . . . . . . .565.3 4.8 629.1 463.5
Lloyds Banking Gr . . . . . .31.2 0.3 50.8 21.8
Royal Bank of Sco . . . . .247.6 4.3 396.9 173.4
Standard Chartere . . . .1439.5 22.5 1672.0 1169.5
Barr (A.G.) . . . . . . . . . . .430.0 14.1 449.7 343.7
Britvic . . . . . . . . . . . . . .333.5 12.1 399.5 289.9
Diageo . . . . . . . . . . . . .1607.0 16.5 1614.5 1112.0
SABMiller . . . . . . . . . . .2530.5 11.5 2660.0 1979.0
AZ Electronic Mat . . . . .289.5 -1.3 323.5 206.1
Croda Internation . . . .2230.0 5.0 2316.0 1597.0
Elementis . . . . . . . . . . . .199.1 2.5 211.8 107.5
Johnson Matthey . . . .2288.0 10.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1304.0 25.0 1590.0 1025.0
Yule Catto & Co . . . . . . .191.9 3.6 253.0 148.0
/$ 1.2687 0.0002
/ 0.8080 0.0011
/ 100.82 0.6285
/ 1.2379 0.0015
/$ 1.5706 0.0018
/ 124.81 0.6266
FTSE 100
5622.29
35.98
FTSE 250
11022.81
151.88
FTSE ALL SHARE
2916.72
21.28
DOW
12824.39
12.94
NASDAQ
2930.45
0.69
S&P500
1355.69
2.29
Brown (N.) Group . . . . .248.0 -1.1 291.0 222.4
Carpetright . . . . . . . . . .700.0 -28.5 728.5 375.0
Debenhams . . . . . . . . . .84.7 2.0 85.5 51.2
Dignity . . . . . . . . . . . . . .832.5 13.5 868.0 727.0
Dixons Retail . . . . . . . . .16.0 0.1 19.6 9.4
DunelmGroup . . . . . . .483.8 3.9 533.0 389.0
Halfords Group . . . . . . .248.0 4.0 402.4 235.6
Home Retail Group . . . . .87.0 -4.9 166.9 69.2
Inchcape . . . . . . . . . . . .352.2 9.0 425.4 268.1
JD Sports Fashion . . . . .625.5 -16.5 1030.0 570.0
Kingsher . . . . . . . . . . .285.3 1.3 313.8 217.0
Marks & Spencer G . . . .338.7 3.1 389.5 301.8
Next . . . . . . . . . . . . . . .3193.0 -6.0 3215.0 2153.0
Sports Direct Int . . . . . .310.0 7.0 315.6 190.0
Ted Baker . . . . . . . . . . .903.5 3.5 928.5 633.0
WHSmith . . . . . . . . . . .514.0 8.5 559.0 451.6
NMC Health . . . . . . . . . .200.0 0.3 230.0 193.0
Smith & Nephew . . . . . .618.0 5.0 686.5 521.0
Synergy Health . . . . . .903.0 -14.5 981.0 762.5
Barratt Developme . . . .140.3 3.8 151.5 67.5
Bellway . . . . . . . . . . . . .807.5 10.5 859.5 540.5
Berkeley Group Ho . . .1314.0 32.0 1414.0 1025.0
Bovis Homes Group . . .453.4 23.2 518.5 326.5
Balfour Beatty . . . . . . .289.8 4.0 323.8 214.6
CRH . . . . . . . . . . . . . . . .1161.0 11.0 1547.0 1052.0
Galliford Try . . . . . . . . .595.0 9.0 653.0 383.8
Kier Group . . . . . . . . . .1275.0 -5.0 1489.0 1095.0
Drax Group . . . . . . . . . .562.0 7.0 581.5 453.0
SSE . . . . . . . . . . . . . . . .1401.0 13.0 1423.0 1193.0
Domino Printing S . . . .545.0 -5.0 701.5 434.3
Halma . . . . . . . . . . . . . .419.0 18.6 429.6 306.3
Laird . . . . . . . . . . . . . . . .201.1 13.3 222.0 128.5
Morgan Crucible C . . . .296.6 13.6 360.0 224.0
Oxford Instrument . . .1240.0 20.0 1285.0 714.0
Renishaw . . . . . . . . . .1449.0 27.0 1886.0 800.0
Spectris . . . . . . . . . . . .1556.0 61.0 1902.0 1039.0
Aberforth Smaller . . . .563.0 0.5 714.0 494.0
Alliance Trust . . . . . . . . .351.5 0.8 392.7 310.2
Bankers Inv Trust . . . . .402.0 0.4 433.8 346.5
BH Global Ltd. GB . . . . .1142.0 0.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.5 0.0 12.2 10.8
BH Macro Ltd. EUR . . . . . .19.0 0.1 20.2 16.9
BH Macro Ltd. GBP . . . .1937.0 2.0 2078.0 1745.0
BH Macro Ltd. USD . . . . . .18.8 0.1 20.2 16.8
BlackRock World M . . . .580.5 3.0 782.0 567.5
BlueCrest AllBlue . . . . . .165.5 -0.1 174.3 160.5
British Assets Tr . . . . . . .116.4 -0.1 137.6 109.0
British Empire Se . . . . .409.5 0.5 530.0 386.6
Caledonia Investm. . . .1412.0 17.0 1780.0 1237.0
City of London In . . . . .292.9 -0.1 306.9 257.0
Dexion Absolute L . . . . .134.3 0.0 146.5 130.0
Edinburgh Dragon . . . .231.6 -0.3 253.1 201.4
Edinburgh Inv Tru . . . .485.0 1.3 504.0 422.5
Electra Private E . . . . .1648.0 36.0 1740.0 1287.0
Fidelity China Sp . . . . . . .75.1 -0.7 102.9 70.0
Fidelity European . . . .1060.0 -4.0 1280.0 912.0
Foreign and Colon . . . .295.8 0.1 327.9 261.5
Herald Inv Trust . . . . . .468.8 3.0 545.5 419.0
HICL Infrastructu . . . . . .120.5 0.1 123.6 112.7
John Laing Infras . . . . . .108.3 0.2 110.6 103.8
JPMorgan American . . .869.5 -5.5 965.5 721.5
JPMorgan Asian In . . . .178.0 0.4 243.9 170.1
JPMorgan Emerging . . .525.5 -0.5 610.5 480.1
JPMorgan Indian I . . . . .320.5 -1.2 437.0 303.4
LawDebenture Cor . . . .370.0 1.5 398.7 323.0
Mercantile Invest . . . . .958.0 7.5 1090.0 823.0
Merchants Trust . . . . . .366.0 3.0 427.7 341.5
Monks Inv Trust . . . . . .320.5 0.5 357.4 298.1
Murray Income Tru . . . .645.0 7.0 674.0 568.0
Murray Internatio . . . . .959.0 8.0 1012.0 818.5
NB Global Floatin . . . . . .96.5 0.0 103.0 92.5
Perpetual Income . . . .262.8 -0.7 273.8 236.5
Personal Assets T . . .34420.0-280.0 36000.0 31900.0
Polar Capital Tec . . . . . .363.5 0.0 404.0 299.5
RIT Capital Partn . . . . .1236.0 -5.0 1360.0 1096.0
Scottish Inv Trus . . . . . .455.8 4.4 524.0 417.0
Scottish Mortgage . . . .660.5 8.0 781.0 565.0
SVG Capital . . . . . . . . . .285.5 2.7 295.5 165.1
Temple Bar Inv Tr . . . . .904.0 -1.0 970.0 791.0
Templeton Emergin . . .534.5 -1.0 678.5 497.0
TRProperty Inv T . . . . .149.8 0.7 206.1 136.2
TRProperty Inv T . . . . . .64.5 0.2 94.0 59.8
Utilico Emerging . . . . . .163.5 -3.4 169.5 133.8
Witan Inv Trust . . . . . . .452.0 1.0 533.0 401.5
3i Group . . . . . . . . . . . . .181.0 0.2 292.1 166.9
3i Infrastructure . . . . . . .120.2 -3.4 128.0 115.6
Aberdeen Asset Ma . . .259.6 2.2 283.8 167.8
Ashmore Group . . . . . .350.8 9.1 420.0 306.4
Brewin Dolphin Ho . . . .140.4 0.9 177.0 113.7
Camellia . . . . . . . . . . .9649.5 199.5 10619.5 8800.0
Charles Taylor . . . . . . . .154.0 5.5 160.0 115.6
City of London Gr . . . . . .73.0 0.0 81.5 61.3
City of London In . . . . .323.0 -2.3 440.0 304.3
Close Brothers Gr . . . . . .747.0 14.5 812.0 590.0
F&C Asset Managem. . . .83.9 2.4 84.0 56.1
Hargreaves Lansdo . . . .518.5 22.6 629.5 402.5
Helphire Group . . . . . . . . . .1.1 0.0 4.0 1.0
Henderson Group . . . . .103.2 0.2 163.7 92.9
Highway Capital . . . . . . .14.0 0.0 19.5 12.0
ICAP . . . . . . . . . . . . . . . .376.6 8.2 498.8 311.6
IG Group Holdings . . . .486.2 11.4 502.5 393.6
Intermediate Capi . . . . .270.3 13.3 338.4 197.9
International Per . . . . .260.2 16.9 388.8 148.5
International Pub . . . . . .117.3 0.1 121.6 112.6
Investec . . . . . . . . . . . . .382.9 7.9 522.0 310.4
Jupiter Fund Mana . . . .215.9 2.4 260.2 184.9
Liontrust Asset M . . . . . .97.0 1.5 125.0 57.9
LMS Capital . . . . . . . . . . .65.0 0.5 65.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.0
London Stock Exch . . .1006.0 21.5 1093.0 756.5
Lonrho . . . . . . . . . . . . . . .8.9 -0.1 19.0 8.7
Man Group . . . . . . . . . . . .77.9 4.8 259.6 69.2
Paragon Group Of . . . .168.0 4.0 200.7 134.6
Provident Financi . . . .1196.0 26.0 1204.0 915.0
Rathbone Brothers . . .1200.0 14.0 1351.0 977.0
Real Estate Credi . . . . . . .86.5 0.0 143.0 79.5
Record . . . . . . . . . . . . . . .17.4 0.5 35.5 9.8
RSM Tenon Group . . . . . . .5.1 -0.0 31.5 4.8
S & U . . . . . . . . . . . . . . .845.0 -10.0 855.0 547.5
Schroders . . . . . . . . . .1308.0 28.0 1665.0 1166.0
Tullett Prebon . . . . . . . .299.1 4.4 386.4 262.3
Walker Crips Grou . . . . .40.5 0.0 51.5 38.0
BT Group . . . . . . . . . . . .202.7 -1.0 232.1 161.0
Cable & Wireless . . . . . .29.3 0.3 45.2 27.3
Cable & Wireless . . . . . .37.8 0.0 52.5 14.2
COLT Group SA . . . . . . . .123.3 -2.5 144.5 84.1
KCOM Group . . . . . . . . . .72.4 1.1 84.0 65.6
TalkTalk Telecom . . . . . .177.9 4.2 177.9 118.9
TelecomPlus . . . . . . . . .832.0 -6.0 847.1 550.0
Booker Group . . . . . . . . .90.4 1.9 90.5 66.2
Greggs . . . . . . . . . . . . . .493.3 0.0 558.0 445.0
Morrison (Wm) Sup . . .272.9 -3.4 328.0 267.3
Ocado Group . . . . . . . . . .111.9 7.4 199.9 52.9
Sainsbury (J) . . . . . . . . .293.2 4.7 334.2 263.5
Tesco . . . . . . . . . . . . . . .309.7 1.8 411.5 297.1
Associated Britis . . . . .1234.0 10.0 1242.0 977.0
Cranswick . . . . . . . . . . .800.0 -8.0 841.0 588.5
Dairy Crest Group . . . . .316.0 -14.1 387.1 290.4
Devro . . . . . . . . . . . . . .308.5 -0.2 332.2 232.0
Tate & Lyle . . . . . . . . . .642.5 4.5 720.5 544.5
Unilever . . . . . . . . . . .2062.0 -13.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .580.0 29.0 664.0 413.5
Centrica . . . . . . . . . . . . . .315.1 0.0 330.3 278.8
International Pow . . . . .417.5 0.0 419.4 279.4
National Grid . . . . . . . .656.5 1.5 684.5 569.0
Pennon Group . . . . . . .758.5 13.5 766.5 623.5
Severn Trent . . . . . . . .1634.0 -115.0 1796.0 1375.0
United Utilities . . . . . .656.0 -13.5 680.5 560.0
Cookson Group . . . . . . .643.5 17.0 747.5 395.8
Rexam . . . . . . . . . . . . . .412.0 4.5 438.0 299.8
RPC Group . . . . . . . . . . .387.7 4.5 397.0 300.5
Smith (DS) . . . . . . . . . . .139.9 -0.5 183.7 113.3
Smiths Group . . . . . . .1026.0 26.0 1212.0 869.5
Price Chg High Low
Persimmon . . . . . . . . . .614.0 20.5 706.5 374.0
Reckitt Benckiser . . . .3367.0 -30.0 3660.0 3100.0
Redrow . . . . . . . . . . . . . .116.5 1.5 126.0 90.2
Taylor Wimpey . . . . . . . .48.7 1.4 52.8 28.7
Bodycote . . . . . . . . . . . .353.0 12.8 437.1 225.6
Fenner . . . . . . . . . . . . . .363.9 14.7 483.7 280.0
IMI . . . . . . . . . . . . . . . . .889.0 23.5 1119.0 636.5
Melrose . . . . . . . . . . . . .384.9 8.6 441.6 268.0
Rotork . . . . . . . . . . . . .1928.0 29.0 2260.0 1501.0
Spirax-Sarco Engi . . . .2010.0 30.0 2334.0 1649.0
Weir Group . . . . . . . . .1558.0 55.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .281.5 -2.4 460.5 255.7
Ferrexpo . . . . . . . . . . . .222.5 4.1 495.3 179.4
Talvivaara Mining . . . . .170.5 6.0 465.0 129.0
BBA Aviation . . . . . . . . .199.9 -5.1 222.4 156.0
Stobart Group Ltd . . . . .118.3 0.1 145.0 110.3
Admiral Group . . . . . . .1179.0 24.0 1678.0 787.0
Amlin . . . . . . . . . . . . . .346.0 5.3 417.9 270.6
Beazley . . . . . . . . . . . . . .137.0 -0.5 151.8 109.6
Catlin Group Ltd. . . . . . .424.0 -0.6 449.0 337.0
Hiscox Ltd. . . . . . . . . . . .423.0 -1.3 424.9 340.5
Johnston Press . . . . . . . . .5.1 0.2 7.9 4.1
MecomGroup . . . . . . . . .69.5 0.0 242.0 65.0
Moneysupermarket. . . . .118.1 0.4 135.9 93.4
Pearson . . . . . . . . . . . .1210.0 3.0 1255.0 1038.0
PerformGroup . . . . . . .380.0 7.0 388.2 150.0
Reed Elsevier . . . . . . . .497.3 10.4 578.0 461.3
Rightmove . . . . . . . . . .1551.0 29.0 1600.0 1058.0
STV Group . . . . . . . . . . . .93.5 0.5 129.8 76.3
Tarsus Group . . . . . . . . .149.5 -2.5 165.0 119.5
Trinity Mirror . . . . . . . . . .27.0 -0.3 54.3 25.5
UBM . . . . . . . . . . . . . . . .574.5 6.0 641.5 416.0
UTVMedia . . . . . . . . . . .148.0 0.3 159.5 92.5
Wilmington Group . . . . .85.8 -1.8 120.8 78.5
WPP . . . . . . . . . . . . . . . .777.5 10.5 880.0 578.0
Yell Group . . . . . . . . . . . . .1.4 0.1 11.0 1.2
African Barrick G . . . . .402.0 3.0 616.5 309.8
Anglo American . . . . .2215.0 45.0 3181.0 1955.5
Antofagasta . . . . . . . . .1122.0 26.0 1491.0 900.5
Aquarius Platinum . . . . .59.7 -0.5 322.6 58.3
Avocet Mining . . . . . . . .166.3 1.3 286.8 143.3
BHP Billiton . . . . . . . . .1875.5 12.0 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .339.0 -10.1 1158.0 312.5
Centamin (DI) . . . . . . . . .69.1 0.1 141.5 60.7
Eurasian Natural . . . . . .436.1 1.1 815.0 390.8
Fresnillo . . . . . . . . . . . .1543.0 -6.0 2150.0 1307.0
Jardine Lloyd Tho . . . . .725.0 -1.5 764.5 576.0
Lancashire Holdin . . . . .782.0 3.0 825.0 620.0
RSA Insurance Gro . . . .106.5 1.7 137.9 97.7
Aviva . . . . . . . . . . . . . . .279.1 12.5 446.3 255.3
Legal & General G . . . . .124.3 1.7 135.0 89.8
Old Mutual . . . . . . . . . . .158.6 1.4 188.1 112.1
Phoenix Group Hol . . . .492.0 20.1 614.5 405.3
Prudential . . . . . . . . . . .742.5 11.5 797.5 509.0
Resolution Ltd. . . . . . . .203.9 3.2 302.2 192.4
St James's Place . . . . . .341.6 5.9 376.0 294.0
Standard Life . . . . . . . .228.9 3.1 250.7 172.0
4Imprint Group . . . . . .302.0 8.5 312.5 200.0
Aegis Group . . . . . . . . . .161.8 1.8 187.4 115.7
Bloomsbury Publis . . . .113.9 0.0 133.0 91.3
British Sky Broad . . . . . .681.5 4.5 850.0 618.5
Centaur Media . . . . . . . .32.8 -0.5 53.9 28.5
Chime Communicati . . .154.3 0.3 285.5 143.0
Creston . . . . . . . . . . . . . .54.0 2.0 120.0 47.0
Euromoney Institu . . . .750.0 7.0 828.0 522.5
Future . . . . . . . . . . . . . . .12.8 0.0 18.8 8.3
Haynes Publishing . . . .175.0 0.0 255.0 170.0
Huntsworth . . . . . . . . . . .45.5 0.8 74.0 32.3
Informa . . . . . . . . . . . . .373.5 10.6 451.0 313.9
ITE Group . . . . . . . . . . . .191.7 5.6 240.6 157.7
ITV . . . . . . . . . . . . . . . . . .76.5 2.3 89.9 51.7
GemDiamonds Ltd. . . .200.5 -1.5 310.6 179.8
Glencore Internat . . . . .333.3 3.3 503.0 328.4
Hochschild Mining . . . .485.5 -5.0 549.5 365.9
Kazakhmys . . . . . . . . . .755.5 12.5 1405.0 665.0
Kenmare Resources . . . .44.5 0.4 61.5 31.0
Lonmin . . . . . . . . . . . . .790.0 4.0 1453.0 699.0
NewWorld Resourc . . . .329.1 7.0 928.5 269.0
Petra Diamonds Lt . . . .126.9 1.5 188.2 97.0
Petropavlovsk . . . . . . . .482.5 -2.8 913.0 361.7
Polymetal Interna . . . .940.0 33.5 1175.0 765.0
Randgold Resource . .5995.0 -40.0 7565.0 4596.0
Rio Tinto . . . . . . . . . . .3095.0 44.0 4595.0 2712.5
Vedanta Resources . . . .978.0 12.0 2095.0 883.5
Xstrata . . . . . . . . . . . . . .870.1 5.2 1417.0 764.0
Inmarsat . . . . . . . . . . . .480.2 -8.5 595.5 389.3
Vodafone Group . . . . . . .177.7 -0.8 182.7 155.1
Genesis Emerging . . . .468.0 -1.7 543.5 424.0
Afren . . . . . . . . . . . . . . .109.6 2.3 165.1 73.6
BG Group . . . . . . . . . . .1286.0 2.0 1547.0 1144.0
BP . . . . . . . . . . . . . . . . .425.7 -1.3 504.6 363.2
Cairn Energy . . . . . . . . .268.3 -1.6 473.8 264.5
EnQuest . . . . . . . . . . . . . .116.1 -1.0 132.6 85.7
Essar Energy . . . . . . . . .124.6 4.5 422.1 101.6
Heritage Oil . . . . . . . . . .130.0 0.7 262.1 115.1
Ophir Energy . . . . . . . . .635.5 0.0 650.0 184.5
Premier Oil . . . . . . . . . .354.3 -1.3 472.0 310.0
Royal Dutch Shell . . . .2162.0 7.0 2402.0 1883.5
Royal Dutch Shell . . . .2239.5 14.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .133.0 2.1 230.0 125.0
Salamander Energy . . .183.7 0.7 235.8 148.0
Soco Internationa . . . . .308.2 2.7 371.5 254.9
TullowOil . . . . . . . . . . .1495.0 1.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1022.0 22.5 1171.0 740.5
Hunting . . . . . . . . . . . . .777.0 2.0 968.0 530.0
Kentz Corporation . . . .376.0 10.1 508.0 325.0
Petrofac Ltd. . . . . . . . .1455.0 -57.0 1772.0 1108.0
Wood Group (John) . . .714.5 11.0 798.0 469.9
Burberry Group . . . . .1400.0 19.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .324.0 -4.9 380.0 285.0
AstraZeneca . . . . . . . .2766.5 6.5 3166.5 2543.5
BTG . . . . . . . . . . . . . . . . .401.1 -1.9 405.7 236.8
Dechra Pharmaceut . . .483.0 -15.0 524.8 392.5
Genus . . . . . . . . . . . . . .1180.0 17.0 1457.0 853.5
GlaxoSmithKline . . . . .1464.0 -3.0 1497.0 1205.0
Hikma Pharmaceuti . . .674.0 -9.0 789.0 555.5
Shire Plc . . . . . . . . . . .1944.0 -2.0 2300.0 1784.0
Capital & Countie . . . . .199.2 -0.8 206.0 158.1
Daejan Holdings . . . . .2580.0 -4.0 3300.0 2282.0
F&C Commercial Pr . . . .103.6 -0.4 106.3 92.6
Grainger . . . . . . . . . . . . .89.0 3.8 133.2 77.3
London & Stamford . . . .107.3 -1.4 135.0 101.8
Raven Russia Ltd . . . . . . .57.9 0.0 67.5 47.3
Savills . . . . . . . . . . . . . . .354.1 4.6 402.0 256.2
UK Commercial Pro . . . .70.2 -0.2 82.2 65.1
Big Yellow Group . . . . .299.0 -0.7 326.0 218.0
British Land Co . . . . . . . .511.5 5.5 629.5 444.0
Capital Shopping . . . . .324.0 -1.0 401.7 288.7
Derwent London . . . . .1855.0 11.0 1886.0 1400.0
Great Portland Es . . . . .389.3 0.9 445.0 312.9
Hammerson . . . . . . . . .432.0 4.0 490.9 345.2
Hansteen Holdings . . . . .73.1 0.0 89.5 68.0
Land Securities G . . . . .746.5 2.0 885.0 612.0
SEGRO . . . . . . . . . . . . . .223.2 0.3 319.0 195.0
Shaftesbury . . . . . . . . . .516.0 5.0 537.0 441.2
Anite . . . . . . . . . . . . . . . .119.0 -1.1 129.8 57.8
Aveva Group . . . . . . . .1597.0 16.0 1799.0 1298.0
Computacenter . . . . . .308.2 -4.6 490.0 302.6
Fidessa Group . . . . . . .1531.0 6.0 2109.0 1439.0
Invensys . . . . . . . . . . . .257.0 54.0 333.9 180.9
Logica . . . . . . . . . . . . . .108.4 0.4 135.6 59.0
Micro Focus Inter . . . . .452.0 6.5 476.7 242.9
Sage Group . . . . . . . . . .267.5 14.0 312.4 231.7
SDL . . . . . . . . . . . . . . . .683.0 4.5 756.0 586.0
Telecity Group . . . . . . . .812.5 2.0 818.0 450.5
Aggreko . . . . . . . . . . .2099.0 14.0 2316.0 1522.0
Ashtead Group . . . . . . .250.4 9.8 271.1 99.4
Atkins (WS) . . . . . . . . .696.5 2.0 799.0 490.2
Babcock Internati . . . . .881.0 9.0 881.0 570.5
Berendsen . . . . . . . . . .482.9 1.2 568.0 402.7
Bunzl . . . . . . . . . . . . . .1053.0 8.0 1063.0 676.5
Cape . . . . . . . . . . . . . . .264.0 5.7 591.5 205.0
Capita . . . . . . . . . . . . . .658.5 4.5 767.0 602.0
Carillion . . . . . . . . . . . . .279.6 4.6 387.0 253.5
De La Rue . . . . . . . . . . .1010.0 15.0 1024.0 730.0
Diploma . . . . . . . . . . . .455.5 9.1 460.5 284.0
Electrocomponents . . .209.7 1.9 274.5 182.2
Experian . . . . . . . . . . . .934.0 -4.0 998.0 665.0
Filtrona PLC . . . . . . . . . .471.7 3.9 484.5 296.3
G4S . . . . . . . . . . . . . . . .282.9 2.6 292.1 219.9
Hays . . . . . . . . . . . . . . . . .78.1 1.6 104.6 58.9
Homeserve . . . . . . . . . .160.7 7.0 522.0 137.5
Howden Joinery Gr . . . .126.4 3.3 130.8 93.1
Interserve . . . . . . . . . . .299.8 2.6 341.3 270.1
Intertek Group . . . . . .2608.0 37.0 2697.0 1744.0
Menzies(John) . . . . . . . .571.5 16.5 652.0 445.5
Michael Page Inte . . . . .390.0 13.0 552.5 323.0
Mitie Group . . . . . . . . . .271.3 -3.1 296.7 208.0
PayPoint . . . . . . . . . . . .722.0 -17.5 740.0 465.0
Premier Farnell . . . . . . .175.8 7.9 249.0 144.5
Regus . . . . . . . . . . . . . . .89.6 -2.1 117.5 64.0
Rentokil Initial . . . . . . . . .73.2 1.3 95.9 58.2
RPS Group . . . . . . . . . . .205.0 0.2 253.0 156.6
Serco Group . . . . . . . . .558.0 6.5 565.0 458.0
Shanks Group . . . . . . . . .79.8 2.3 129.8 73.3
SIG . . . . . . . . . . . . . . . . . .97.9 1.7 145.2 77.0
Travis Perkins . . . . . . . .967.0 10.0 1125.0 715.0
Wolseley . . . . . . . . . . .2359.0 37.0 2558.0 1404.0
ARM Holdings . . . . . . . .519.5 11.5 645.0 464.0
CSR . . . . . . . . . . . . . . . . .217.6 3.2 321.6 154.1
Imagination Techn . . . .482.3 25.4 717.0 296.9
Spirent Communica . . . .167.3 6.5 174.0 105.8
British American . . . .3220.0 28.0 3248.5 2592.0
Imperial Tobacco . . . .2455.0 48.0 2591.0 1974.0
Betfair Group . . . . . . . .794.0 23.5 901.0 567.0
Bwin.party Digita . . . . .123.2 -1.5 174.0 100.6
Carnival . . . . . . . . . . . .2278.0 45.0 2465.0 1742.0
Compass Group . . . . . .652.5 6.5 671.0 512.5
Domino's Pizza Gr . . . . .511.0 23.9 526.0 377.0
easyJet . . . . . . . . . . . . .532.0 8.5 534.5 302.5
FirstGroup . . . . . . . . . . .217.9 3.6 370.2 190.0
Go-Ahead Group . . . . .1219.0 4.0 1598.0 1086.0
Greene King . . . . . . . . .525.0 18.0 527.5 410.0
InterContinental . . . . .1573.0 38.0 1579.0 955.0
International Con . . . . .158.3 3.9 258.7 132.0
Ladbrokes . . . . . . . . . . .176.0 0.6 181.4 114.0
Marston's . . . . . . . . . . . .100.4 0.7 106.8 84.6
Millennium& Copt . . . .477.5 9.5 517.0 371.2
Mitchells & Butle . . . . . .249.3 0.3 320.8 215.6
National Express . . . . .208.7 9.7 262.4 180.0
Rank Group . . . . . . . . . .120.7 3.2 153.7 109.5
Restaurant Group . . . . .297.3 3.3 309.7 254.9
Spirit Pub Compan . . . . .50.0 1.5 62.8 35.3
Stagecoach Group . . . .254.0 5.9 287.4 220.0
TUI Travel . . . . . . . . . . . .172.1 5.1 231.8 136.7
Wetherspoon (J.D. . . . .419.7 6.8 449.9 371.3
Whitbread . . . . . . . . .2059.0 92.0 2059.0 1409.0
WilliamHill . . . . . . . . . .276.8 2.1 281.7 183.3
Abcam . . . . . . . . . . . . . .421.0 2.3 460.0 320.0
Advanced Medical . . . . .64.0 -3.5 95.0 63.1
Albemarle & Bond . . . .275.0 3.0 400.1 265.0
Amerisur Resource . . . . .30.0 0.0 34.5 9.5
Andor Technology . . . .380.0 11.8 685.0 355.0
Archipelago Resou . . . . .49.8 0.8 79.0 48.2
ASOS . . . . . . . . . . . . . .1656.0 13.0 2422.0 1142.0
Aurelian Oil & Ga . . . . . . .15.3 -0.3 71.0 14.5
Avanti Communicat . . .300.8 -0.3 436.5 241.3
Blinkx . . . . . . . . . . . . . . .40.3 2.8 158.0 33.5
Borders & Souther . . . . .70.8 -1.8 131.0 43.5
BowLeven . . . . . . . . . . . .62.3 -1.5 342.3 59.3
Brooks Macdonald . . .1160.0 -15.0 1365.0 940.0
Cluf Gold . . . . . . . . . . . .68.0 0.8 112.8 63.3
Cove Energy . . . . . . . . .265.8 -1.8 268.5 61.0
Daisy Group . . . . . . . . . .93.5 -1.5 127.0 86.0
EMIS Group . . . . . . . . . .535.0 -20.0 585.0 397.5
Faroe Petroleum . . . . . .164.5 1.5 177.8 130.0
Gulfsands Petrole . . . . . .86.0 -1.0 234.8 82.0
GWPharmaceutical . . . .83.3 0.8 130.0 78.5
H&T Group . . . . . . . . . . .267.5 8.5 395.0 253.0
Hargreaves Servic . . . . .778.5 -11.5 1264.0 760.0
Healthcare Locums . . . . . .3.5 0.1 4.2 3.5
IDOX . . . . . . . . . . . . . . . . .39.3 0.0 39.3 20.9
ImpellamGroup . . . . . .337.5 0.0 375.0 225.0
Iomart Group . . . . . . . .140.0 0.0 151.0 93.5
James Halstead . . . . . .524.0 -3.5 535.8 410.3
London Mining . . . . . . .209.8 -4.3 405.0 208.0
Lupus Capital . . . . . . . . .134.0 3.0 134.0 86.0
M. P. Evans Group . . . . .480.0 -8.5 525.0 371.0
Majestic Wine . . . . . . . .425.0 14.8 510.0 315.0
May Gurney Integr . . . .242.0 -0.5 302.0 226.0
Monitise . . . . . . . . . . . . . .33.3 1.8 40.0 25.5
Mulberry Group . . . . . .1537.0 -29.0 2472.0 1295.0
Nanoco Group . . . . . . . . .63.8 -0.5 85.8 38.0
Nautical Petroleu . . . . .461.5 -2.5 468.0 223.5
Nichols . . . . . . . . . . . . .708.0 8.0 732.0 505.0
Numis Corporation . . . . .90.5 0.0 119.6 72.0
Pan African Resou . . . . . .15.5 0.0 18.3 10.3
Patagonia Gold . . . . . . . .25.3 -1.0 70.0 22.0
Prezzo . . . . . . . . . . . . . . .68.5 0.3 70.0 53.5
Rockhopper Explor . . . .278.8 -4.3 393.5 141.0
RWS Holdings . . . . . . . .509.9 -0.1 560.0 400.0
Secure Trust Bank . . . .1030.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .16.5 0.8 32.0 6.4
Smart Metering Sy . . . .182.0 0.0 186.5 75.0
Songbird Estates . . . . . .107.0 2.0 157.0 100.0
Valiant Petroleum . . . . .397.5 -3.0 603.0 385.0
Young & Co's Brew . . . .602.5 1.0 712.0 580.0
Invensys . . . . . . . . . . . . . . . . . . .257.0 26.6
Ocado Group . . . . . . . . . . . . . . . .111.9 7.1
Laird . . . . . . . . . . . . . . . . . . . . . . .201.1 7.1
International Pers . . . . . . . . . . .260.2 7.0
Man Group . . . . . . . . . . . . . . . . . .77.9 6.5
Senior . . . . . . . . . . . . . . . . . . . . .198.6 6.0
Imagination Techno . . . . . . . . . .482.3 5.6
Sage Group . . . . . . . . . . . . . . . . .267.5 5.5
Bovis Homes Group . . . . . . . . . .453.4 5.4
Mondi . . . . . . . . . . . . . . . . . . . . .580.0 5.3
Severn Trent . . . . . . . . . . . . . . .1634.0 -6.6
Home Retail Group . . . . . . . . . . . .87.0 -5.3
Dairy Crest Group . . . . . . . . . . . .316.0 -4.3
Carpetright . . . . . . . . . . . . . . . . .700.0 -3.9
Petrofac Ltd. . . . . . . . . . . . . . . .1455.0 -3.8
Dechra Pharmaceuti . . . . . . . . .483.0 -3.0
Bumi . . . . . . . . . . . . . . . . . . . . . .339.0 -2.9
3i Infrastructure . . . . . . . . . . . . .120.2 -2.8
JD Sports Fashion . . . . . . . . . . . .625.5 -2.6
BBA Aviation . . . . . . . . . . . . . . . .199.9 -2.5
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
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 9.000 12 . . . . . . .101.08 0.00 109.2 100.0
Tsy 2.500 13 . . . . . .282.33 -0.03 287.3 282.2
Tsy 8.000 13 . . . . . .109.79 -0.05 116.0 109.5
Tsy 4.500 13 . . . . . . .102.97 -0.03 106.4 102.9
Tsy 5.000 14 . . . . . . .110.37 -0.13 112.9 110.2
Tsy 4.750 15 . . . . . . .113.89 -0.16 115.4 111.5
Tsy 8.000 15 . . . . . . .126.18 -0.16 129.2 125.8
Tsy 2.500 16 . . . . . .344.60 -0.08 348.1 330.2
Tsy 4.000 16 . . . . . . .114.06 -0.17 114.7 108.6
Tsy 1.250 17 . . . . . . . .115.43 -0.05 117.1 110.5
Tsy 8.750 17 . . . . . . .140.13 -0.26 141.9 135.6
Tsy 12.000 17 . . . . . . .117.18 0.00 126.8 116.0
Tsy 5.000 18 . . . . . . .122.56 -0.18 123.6 114.2
Tsy 3.750 19 . . . . . . .116.82 -0.22 118.7 104.4
Tsy 4.500 19 . . . . . . .121.42 -0.16 123.3 110.3
Tsy 4.750 20 . . . . . .124.42 -0.17 126.7 111.3
Tsy 2.500 20 . . . . . .368.01 -0.04 373.0 334.7
Tsy 8.000 21 . . . . . . .153.74 -0.25 156.6 139.3
Tsy 1.875 22 . . . . . . .127.75 -0.09 130.3 114.9
Tsy 4.000 22 . . . . . . .119.93 -0.26 122.4 103.4
Tsy 2.500 24 . . . . . .332.86 -0.03 339.0 292.4
Tsy 5.000 25 . . . . . .132.32 -0.31 135.4 111.5
Tsy 1.250 27 . . . . . . .123.63 0.07 127.0 108.4
Tsy 4.250 27 . . . . . . .124.19 -0.23 127.2 101.7
Tsy 6.000 28 . . . . . .149.23 -0.22 152.7 123.7
Tsy 4.125 30 . . . . . . . .316.11 0.21 322.8 279.7
Tsy 4.750 30 . . . . . . .131.82 -0.01 135.0 107.3
Tsy 4.250 32 . . . . . .123.64 0.10 126.9 100.3
Tsy 4.250 36 . . . . . .122.85 0.27 127.0 99.6
Tsy 4.750 38 . . . . . . .132.26 0.38 137.2 107.9
Tsy 4.500 42 . . . . . . .127.87 0.57 133.6 104.1
% %
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
BEVERAGES
CHEMICALS
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXEDLINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER &MULTIUTILITIES
GENERAL INDUSTRIALS
GENERAL RETAILERS
HEALTH CARE EQUIPMETN & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
NON LIFE INSURANCE
LIFE INSURANCE
MEDIA
MINING
MOBILE TELECOMS
NON EQUITY INVESTM. COMM.
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
REAL ESTATE INVEST. TRUSTS
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. &EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
Its lonely at the top of the legal world, but its still possible to get there
19
cityam.com
HR MANAGER
LONDON
55k-75k pa, plus bonus and benefits
An asset management firm requires an HR man-
ager to take control of its UK region. Applicants
to this new position must have a strong general-
ist skill set and experience of financial services.
http://www.cityamcareers.com/job/16538
PRODUCT LITIGATION LAWYER
LONDON
90k-130k pa
A niche litigation and insurance practice requires
a product liability specialist solicitor to join on a
sixto twelvemonths fixedcontract. Candidates
with an extra language are preferred.
DRILLING ACCOUNTANT
LONDON AND ASIA
108k-288k pa
A large oil and gas explorer requires a drilling
accountant withon-siteexperience. Theright
candidate must be willing to travel overseas for
extended periods of time.
COMPLIANCE OFFICER
LONDON
An innovative investment services firm requires
a compliance officer to join its London office.
Candidates must have strong knowledge of FSA
regulations and excellent communicationskills.
ASSISTANT DIRECTOR OF TAXATION
LONDON
Anassistant director of heritagetaxation is
required at an instantly recognisable household
brand. A proven track record of advising private
clients on capital gains tax is preferred.
JOBSoftheWEEK
Y
OUNG lawyers face an uphill struggle
in their battle to reach partnership.
Rapid, pre-recession growth in legal
services seemed to offer so much to
graduate lawyers. But this growth has
stalled, and now opportunities for internal
promotion are severely restricted. Many will
feel frustrated that previous avenues for
progression have appeared to close off.
Jeremy Black, partner in Deloittes profes-
sional services group, says that these eco-
nomic adjustments have resulted in a
fundamental change in the career path for
graduate lawyers. A previously high
chance of an ultimate promotion to part-
ner has been reduced to a slimmer likeli-
hood. But the news is not all grim. Both the
economic background, and regulatory
changes following the 2007 Legal Services
Act, are creating new opportunities to
thrive, despite all the bad news. Young
lawyers just need to adapt to survive.
UNDERSTAND YOUR FIRM
Black says that the relative ease with which
lawyers could previously reach partnership
were predicated upon firms achieving
Make the hard road to legal
partnership easier to tread
Young lawyers can still advance rapidly despite economic troubles, writes Tom Welsh
exponential growth. Although its not
impossible that such growth could return,
the key stumbling block for a young lawyers
career prospects is a negative, cautious atti-
tude among law firms. Previous recessions
have been regarded as temporary blips by
the legal sector, which has been able to
recover within a few years. However, this
recession has transformed the legal land-
scape, and a return to previous levels of
growth are not expected for a long time.
Understanding this reticence is vital. As in
any hierarchical structure, career prospects
are dependent on adjusting personal priori-
ties and skills to the needs of the wider
organisation. As Black says, law firms will
continue to focus on motivating their
upcoming stars through interesting work
and, possibly, international opportunities.
If you can engineer your own career and
skills growth towards your firms aspira-
tions, you will be more likely to be nurtured
in turn.
Of course, each firm will have its own
ambitions. But Guy Adams, director and
head of private practice Europe at Laurence
Simons, a specialist legal recruiter, high-
lights one area that will prove vital in com-
ing years. Those that have mastered the
business development side of being lawyer,
particularly those who are adept at creat-
ing strong client relationships will do well.
Black adds that there may be opportunities
for those in the sector that are very IT liter-
ate. By developing these particular skills, in
line with both broad market trends and spe-
cific firm ambitions, lawyers could ease
their rise, despite wider difficulties.
NEW LAWS FOR LAWYERS
The Legal Services Act of 2007 sought to lib-
eralise the market for legal services in
England and Wales. As a consequence, vari-
ous legal activities no longer have to be car-
ried out by solicitors or barristers. Law firms
are also now able to accept external invest-
ment.
While to some degree precipitating expan-
sion, this liberalisation is likely to limit
career prospects for some. Black believes it
will inevitably reduce opportunities for
those with low level legal skills and limited
legal training. Low value, large volume
work will be outsourced, and young lawyers
may find it more difficult to gain exposure
to the full range of legal skills at the begin-
ning of their career.
But regulatory changes also create oppor-
tunities. Many lawyers will no longer have to
deal with the more tedious administrative
work. As such, more challenging areas of
practice can be focused on a chance to
showcase excellence and promise. Of key
importance in taking advantage of these
new challenges is finding a specialism and
mining it competitively. Become immersed
in the area in which you want to practice,
says Adams, both internally within the
firm and externally within the wider mar-
ket.
A UNIQUE SELLING POINT
Straitened times may mean that it is more
difficult for young lawyers to reach partner-
ship. But its certainly not impossible. As
Black says, you just need a unique selling
point, a way of standing out from peers in
an increasingly competitive market.
What this selling point should look like is
more difficult to determine. But a strong
ability to build relationships with clients
in other words, to bring in money will
never prove unattractive.
And be adaptable. Be flexible and drive
your career forward by developing skills to
your firms advantage. But equally, if your
development seems to have stalled, dont be
afraid to consider a move to another firm, or
even to an in-house position. Sensible
lawyers will consider all possibilities.
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in total
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P
LENTY of successful
entrepreneurs dont have
MBAs. For many, to be an
entrepreneur is to possess a
constellation of hard-wired
personality traits an appetite for
risk, an eye for an opportunity, the
personality to carry investors on an
exciting bandwagon from start-up to
IPO. Surely these qualities cant be
taught? Many business schools
disagree. An increasingly noticeable
part of their offering, whether as part
of MBA programmes, or as stand-
alone courses, are classes devoted to
training entrepreneurs and
equipping them with the skills to
take an idea and run with it.
A cynic might argue that schools are
playing with the media zeitgeist
that teaching entrepreneurship is
part of an eye-catching strategy to cap-
ture attention while they continue to
plod along with a core offering for
corporate-minded executives. But the
numbers, and the money, tell a differ-
ent story. Cass Business School has
invested 10m in an entrepreneur-
ship fund for promising start-up
ideas. Professors tell of increasing
numbers of students who are leaving
professional careers and, armed only
with a vague idea or desire to start
their own firm, are using MBA pro-
grammes as a springboard.
But is an MBA really the right choice
for a potential entrepreneur?
Programmes can cost in the region of
40,000 for a year wouldnt that
money be better spent renting offices
or investing in market research? For
MBAentrepreneurs start up
BUSINESSEDUCATION
20
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Kingston
University
London

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and Finance plus our renowned MBA programme.
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some it will not be the right choice.
But, if you do want to start your own
firm, and perhaps lack the confi-
dence, the broad business knowledge,
or even the idea to take that desire
forward, an MBA could prove useful.
THE MECHANICS OF ENTREPRENEURSHIP
According to John Mullins, associate
professor of management practice in
marketing and entrepreneurship at
the London Business School, many
people who want to start a business
realise they have not yet developed all
the skills they need. Its a generalist
game, he says the first few years of
a start-up may require getting
involved with all areas of the new
business. An MBA can provide this
generalist knowledge and experience.
Julie Logan, professor of entrepre-
neurship at Cass Business School,
agrees. An MBA gives you a raft of
useful skills, like learning how to
build a brand from the start and how
to deal with the financial side of a
firm. Even if you start a business in a
team, says Logan, you still have to
set your hand to everything.
Many schools also offer targeted
entrepreneurship or start-up electives
outside their core curriculum. Both
Cass and the London Business School
run focused courses that seek to
develop an understanding of the life-
cycle of a typical start-up. In our sec-
ond year, we have a portfolio of eight
different courses which take students
through the entire life-cycle of a start-
up, Mullins explains. Cass offers an
entrepreneurship summer school
which takes students through the
process of starting a firm. Students
cant get onto the summer course
until they have written an in-depth
analysis of their business idea, Logan
says. If they are successful, we take
the best of the theory and combine it
with what they need in practice.
SOWING THE SEEDS OF AN IDEA
Learning the practical mechanics of
entrepreneurship is useless without
an idea. To some extent an MBA can
provide the tools to enable a student
to discover a market opening by
teaching about systematic market
research, or how to test financial fea-
sibility. But professors wont provide
you with an idea, only the skills to
identify the good from the bad.
Where an MBA might prove useful
in reaching that elusive eureka
moment is in the culture and loca-
tion of the business school in the
conversations students have among
themselves and their professors, and
in the collaborations between schools
and nearby businesses.
Conrad Chua, head of MBA recruit-
ment and admissions at the Judge
Business School, part of the
University of Cambridge, says that
Cambridge MBA students get
involved with local businesses and
organisations at a very early stage of
their MBA. Situated amid the Silicon
Fen, a cluster of high-tech businesses,
many of which have connections with
the university, Chua thinks Judge has
an advantage for potential entrepre-
neurs because of the lessons these
start-ups can offer students.
Collaborative projects give students
a glimpse into the entrepreneurial
space, says Chua. Whether that
glimpse leads to a practical business
plan is another issue. But by meeting
with successful entrepreneurs, learn-
ing how they reached their ideas, and
seeing how academic research at busi-
ness schools or elsewhere in the uni-
versity has translated into practical
ideas, Chua thinks MBA students can
accelerate their idea generation.
FROM SEEDCORN TO HARVEST
But entrepreneurship shouldnt be
simplified into a single model of idea
plus business knowledge equals prof-
it and expansion. Its a messy game, as
risky as it is exciting. According to the
Entrepreneurs Advice Bureau, 90 per
cent of businesses fail within the first
three years, and a UK business goes
bankrupt every 12 minutes.
Business schools have a stake
in their alumnis future suc-
cess. It reflects well on them.
In 2010 Cass Business School
launched a venture capital
fund to provide growth equi-
ty to start-ups run by people
with a link to the school. Of
course, seed capital can
be found elsewhere,
but where business
schools may have an
advantage is in their
ready-made, easy to
access package of
expert support,
experience and
facilities.
Its difficult to
be successful,
and definitely
l onel y, s ays
Mullins. We
dont just say
go off, good
luck. London
Business School has an incubator pro-
gramme, which provides early stage
start-ups linked to the school with
office space, angel investors and men-
tors. These start-ups can bounce
ideas off each other. Theyre in differ-
ent sectors, so theres real cama-
raderie, Mullins says.
Its difficult to measure whether
this commitment by schools to
remain involved in their graduates
careers has an identifiable effect on
success rates. But their readiness to
assist former MBA students with their
business ventures is a convenient
alternative to having to build connec-
tions and raise capital without assis-
tance.
A MOMENT OF REFLECTION
An MBA is not an entrepreneurial
degree in itself. As Chua says, an
MBA will not create an entrepreneur
out of someone who does not have
passion in the first place. MBAs are
broad-based business degrees,
designed to assist any professional
with their career development.
But they can also be a time for
reflection, an opportunity to con-
sider where and how you want to
build your career. This is why
MBAs can be so attractive to a
potential entrepreneur.
If you do have that vague
idea to start your own
firm, and you dont
have a well-thought
through idea, an
MBA will provide
you with the tools
and experiences to
consider your
options.
But if you
decide entrepre-
neurship is too
risky, and you
already have a
settled career,
you can climb
back on the cor-
porate ladder
with all the
advantages of a
business degree.
An MBA can act as
a time for reflection, to
consider how to build
your future career
Theyre not appropriate for everyone, but an MBA could make the
difference between business success and failure, says Tom Welsh
Business schools are often able to offer appropriate
Stelios Haji-Ioannou
is a Cass graduate
with a leg up
21
BUSINESSEDUCATION
Manchester Business School
Full-time MBA Programme
Original Thinking Applied
The highest recommendation of our MBA Programme is that scholarships
continue to be generously funded by our successful alumni. They joined us
for 18 months of rigorous and applied study, and not only did they enjoy an
outstanding and original learning experience, they also enjoyed an average
increase of 116% in their earning potential within 3 years of graduating.
If youd like to become part of this outstanding group, you can nd out
more about our MBA Programme at go.mbs.ac.uk/scholarships.
Apply by the 28th of June for September 2012 entry.
Think about a
continuous return
on investment
S
USAN Cooper is founder
of Accutrainee, a start-up
that aims to reduce costs
and increase flexibility for
law firms by outsourcing their
trainee solicitor needs. The
company employs the trainees
and seconds them out when
required. Cooper is a former
lawyer she spent several
years working at Hogan Lovells
and then in the construction
industry and, of course, her
legal experience helped a lot
in reaching my eureka
moment. But shes also a
graduate of Cass Business
Schools Executive MBA (EMBA)
programme, and she credits
the experience as being hugely
instrumental in developing the
idea.
I always had the underlying
desire to set something up, but
I wasnt sure what that would
be, she says. The economic
crisis in 2008 encouraged her
to commit to an EMBA, a
business degree designed for
professionals with several years
of experience. She believes the
programme gave her the
confidence, knowledge and
thinking space to translate a
vague desire to become an
entrepreneur into a strongly-
researched model and a
successful business.
The EMBA was a turning
point in my thought process on
how to take things forward,
she says. I took everything Id
learnt on the course, and put it
into the scenario of setting up
an actual business. The course
gave her a basic
understanding of the pitfalls in
start-ups, and grounding and
knowledge of various different
business disciplines and how
they work together in an actual
firm. The breadth of the
programme, covering financial
analysis, management, strategy
and professional development,
was not geared towards
entrepreneurs specifically. But
as a consequence of gaining
this broad insight, Cooper felt
capable of dealing with all
aspects of her new firm.
Critically, she could count on
the support of her school
beyond graduation. Seed
capital from its
entrepreneurship fund was
hugely helpful for my
purposes, she says. It wasnt
easy to get this funding the
same as with any other private
equity fund but the support
that came with it, including a
standing board which I have
access to every day, gave her
the ongoing advice to make her
business a success. She found
support and advice from the
rest of her EMBA cohort less
useful, but says it did her no
harm.
Cooper is critical of the view
that business schools can be
counterproductive for
entrepreneurs that they can
sometimes encourage a
restrictive model of business
thinking that discourages
innovation. I struggle to see
how the kind of character that
is blinkered by a course that is
meant to widen your
understanding could be
successful as an entrepreneur,
she says.
In Coopers view, you dont
have to have a business degree
to be successful as an
entrepreneur, but it will
provide you with the tools to
help you along your way.
Tom Welsh
The journey of an idea from a
classroom to the boardroom
office space and support to their entrepreneur graduates
Susan Cooper, founder of Accutrainee
T
HOSE expecting Barack Obama
to provide a rousing campaign
speech in Ohio were left
disappointed. Instead, the
President decided to make
headlines the following day, issuing
an executive order halting the
deportation of illegal immigrants
who meet certain criteria. Its a move
that may well have reinvigorated the
Presidents re-election prospects.
Immigration is one of the most
emotive issues among Latinos, who
are expected to make up
approximately 10 per cent of the
electorate this year and will play a
key role in the outcome of races in
New Mexico, Nevada, Colorado,
Florida and even possibly Arizona.
Obama will be hoping that this
W
ITH Greece on life support
from the European Union
and Spain squirming in
the financial vice grip of its
insolvent banks, talk of an
Italian bailout is nigh. Without a
growing economy to generate wealth,
Italy is having a hard time convincing
current and prospective bondholders
that it can pay its debts. But throwing
money at Italys problems wont make
them go away.
Substantive structural reform is the
only way to restore prosperity, by
spurring competitiveness and entre-
preneurship. High taxation, a com-
pletely inflexible labour market, and
poor governance stand in the way.
Italys tax wedge the difference
between before-tax and after-tax
wages is the fourth highest in the
Eurozone. Italys tax on consumption,
the value-added tax (VAT), is only 2 per
cent below that of Greece and
Portugal, which are at 23 per cent.
Making a bad situation worse, Prime
Minister Mario Montis December 2011
reform package raises VAT to 23 per
cent starting in October.
FLIGHTS STRAIGHT F
FROM 63
ONE
WAY*

*Fare available from London City Airport to Dublin. Price valid as of 19 June. Subject to terms, conditions and availability.
cityam.com/forum
High taxation, an
inflexible labour market,
and poor governance
stand in the way
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.
22
MATTHEW MELCHIORRE
Super Mario must radically reform
Italy to avert an enormous disaster
High taxes discourage employment.
A 2010 study by Primo Dolenc and
Suzana Laporek of Slovenias
University of Primorska found that EU
countries with higher tax wedges had
lower employment growth. Increases
in the tax wedge had a strong negative
correlation with employment growth.
Given Italys mile-high tax rates, its no
surprise that it suffers the second low-
est rate of employment at 56.9 per-
cent within the monetary union.
Greece is dead last at a dismal 55.6 per-
cent.
At the heart of Italys employment
problem is its rigid labour market, in
which firing workers is virtually
impossible. Incompetence cannot con-
stitute grounds for dismissal. In fact,
the law states that worker incompe-
tence is the fault of the employer, not
the employee. Employers may only dis-
miss employees if they can prove con-
crete and wanton negligence on the
part of the employee in a labour court.
Rigid labour laws cover 87 per cent of
the entire Italian workforce, according
to Datagiovanni, a statistical agency
that studies Italys youth.
Entrepreneurs are extremely hesi-
tant to hire new help and expand their
businesses because they dont want to
take the risk of hiring a worker for life.
Italy has the smallest proportion of
employment in medium-sized firms
within the entire EU. It also has the
highest proportion in micro-firms,
those with fewer than 10 employees.
Montis labour reform this spring
was geared more to placating unions
and party leaders, than to making the
labour market more flexible.
Businesses may now fire workers in
times of economic distress, but only
after they dish out up to 24 months of
severance pay and prove their financial
straits to a labour judge. And it made
temporary work contracts the only
hope of employment for many of
Italys work-starved youth more
expensive to enter into.
Italians know drastic changes to their
labour market are necessary. In a
autumn 2011 Eurobarometer survey,
Italians identified labour reform as the
most important policy initiative need-
ed to get out of the economic crisis.
Italian businesses have a relatively
poor security on investment, due in
large part to poor and declining gover-
nance. Over the past decade, Italy has
plummeted in the World Banks
World Governance Indicators in con-
trol of corruption, rule of law, and gov-
ernment effectiveness. In the latest
rankings, Italy stands below Greece in
all three categories.
Italys broken court system is a testa-
ment to this. The average time to adju-
dicate a lawsuit is nearly three and a
half years. Italy ranks last of all OECD
high income countries in contract
enforcement, according to the World
Bank. Thats discouraging to entrepre-
neurs who rely on an effective legal
system to protect their property and
their contracts.
But despite Montis failure to enact
real reform, he seems to be Italys only
hope of averting complete disaster.
With Berlusconi waiting in the wings
and the rise of the populist Five Star
protest movement, the alternatives to
a weak Super Mario are his video
game nemeses, King Bowser and
Walluigi.
Super Mario had to face his rivals to
save the Mushroom Kingdom. Monti
must face down cowardly politicians,
intransigent union leaders, and an
onerous tax regime to save Italy.
Matthew Melchiorre is an adjunct analyst
at the Competitive Enterprise Institute. He
lived, worked, and studied in Italy.
move not only wins him votes, but
pushes the Latino community to
display the fervour and enthusiasm
they displayed four years ago. It
already appears to have paid some
dividends, with a poll showing 73
per cent of Latinos backing Obama,
versus 26 per cent for Mitt Romney.
Half of Latino voters (up from 14 per
cent) are now more fired up to vote
for the President in November. The
President cant win without them.
Ostensibly Obamas move may
also curry favour among the wider
electorate. Polls indicate that
support for the policy is running at
64 per cent to 30 per cent in the
Presidents favour, especially among
independents. But despite what the
Presidents closest advisers say, few
will believe that Obamas move is
anything but naked politicking. The
administration has hardly been too
accomplished at downplaying
politics when selling principle. And
therein lies the risk. After all, it was
only 12 months ago when the
President told supporters that he
didnt possess the authority to take
such action. Many members of
Congress and the constitutions
checks and balances would
certainly argue thats still the case.
In the long term, the Presidents
actions are likely a setback for more
comprehensive solutions to
Americas 11.5m unauthorized
immigrants. Not surprisingly,
executive orders have the tendency
to poison the well with Congress.
And rather from a position of
strength, the President was forced
into taking these drastic measures
after Republican Senator Marco
Rubio, a possible vice presidential
pick for Romney, had proposed a
legislative solution similar to his
executive order. To Democrats that
matters little. Most feel that the
President has halted Romneys
momentum, forcing him to stop
talking about the economy and
instead discuss immigration, an
issue the Republican nominee has
yet to nuance. Its up to Romney
whether he takes the bait.
But having assuaged green, gay
and now Latino supporters (a deal
on student loans is next), Obamas
campaign runs the risk of
appearing parochial, especially if
the President continues to fail in his
efforts to convey a convincing
message on how his second term
would reinvigorate the one issue
that unites every voter: the
economy.
Ewan Watt is a Washington, DC-based
consultant. You can follow him on
@ewancwatt
THE WHITE
HOUSE RACE
EWAN WATT
Obama is banking on Latino votes but the economy is the issue that unites
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Book at cityjet.com
23
Corporate charity
[Re: Government should stop meddling and
leave pay decisions to shareholders, yester-
day]
Elaine Sternberg is right to criticise
government for trying to force companies to
act in the interests of society rather than
shareholders. But arent many firms doing
exactly this of their own account? Its fine
for companies to conduct corporate
philanthropy if shareholders have voted to
do so, or if it is in the constitution of the
company. But many social responsibility
schemes seem more like opportunities for
management to pursue personal charitable
agendas, while the owners pick up the bill.
Executives should think twice before trying
to appear responsible at others expense.
Chris Morgan
Euro fatigue
[Re: Why Germany could eventually lose
patience with the euro, Tuesday]
The euro is a political rather than an
economic project, so economic logic does
not apply. The political classes in Europe will
continue with their current obsession (the
forcible union of incompatible economies)
until theyre forced to stop by devastation.
James Tolan
[Re: Just 42 per cent of Greek people are for
austerity, yesterday]
Few turkeys will vote for Christmas, just as
few Greeks want to continue with EU-
imposed cuts. Sadly, they have no choice, so
all this navel gazing about their hopes and
dreams is of zero consequence.
BenGiff
A
LBERT Einstein famously
quipped that insanity is
doing the same thing over
and over again and
expecting different results.
A lesson, perhaps, that chancellor
George Osborne and Sir Mervyn
King, governor of the Bank of
England, should heed.
The Bank of England and the
Treasury have announced theyre
working together on an 80bn
funding for lending scheme, pro-
viding banks with cheap debt in the
hope of expanding business and
consumer lending. Does this sound
familiar? Have we already forgotten
the bold claims of Project Merlin, or
the 325bn already pumped into the
economy through quantitative eas-
ing (QE)?
Weve become accustomed to big
numbers. To put 80bn into context,
its nearly equal to the Department
of Educations yearly budget and
pretty much what the UK financial
services sector paid in tax in 2011.
Its a deluge of money.
We have clients who are champing
at the bit to hire staff, roll out new
products and export to new mar-
kets. All of them are technology
companies, and for most of them
1m in extra working capital is the
difference between bumping along
and taking off. Unfortunately, their
retarded development is a result of
the absence of venture capital and
the unwillingness of banks to lend
to businesses with intangible assets.
We believe that the bank bailouts,
QE1, QE2 and Project Merlin add up
to billions of reasons to show that
its not a volume of supply problem.
And its evidently not a demand
problem the clamouring of SMEs,
starved of growth capital, confirm
that daily. And its patently not a
problem of political will.
Self evidently, its a distribution
TOP TWEETS
Greece has formed a new government. Once
again, Greek voters have rearranged the
deckchairs on the Titanic.
@spygun
Julian Assange isnt oppressed. Hes ridicu-
lous. By claiming asylum, he makes his apolo-
gists look ridiculous too.
@mfullilove
Cameron can posture all he likes over the
Falklands. But theyll be difficult to defend
now we have no aircraft carriers.
@thefullprice
Even Vince Cable is now using the phrase
shareholders spring. Stop it. Its inaccurate.
@HRBullets
Will Vince Cables proposals to strengthen
shareholder power be good for business?
YES
Its a good outcome. These proposals give shareholders more
leverage and that will encourage companies to take note of their
views. Nobody wants unseemly public rows every year but, equally,
companies need to be clear about the links between pay and
performance. The series of negative votes in this years AGM season
is a sign of pent up frustration on the part of shareholders about a
range of performance and pay issues. We need better dialogue and
there are signs that is starting to happen. The public concern about
pay is understandable. But we mustnt lose sight of the fact that
what really matters is whether companies deliver value to their
shareholders. If incentives are cutting across that, or failure is being
rewarded, then that is sending the wrong message. Shareholders
will continue to keep their eyes on the big picture.
Richard Saunders is chief executive of the Investment Management
Association.
Richard Saunders
NO
Thomas de Freitas
While Vince Cables crackdown is in tune with current mood music,
giving shareholders ultimate power is a false goal. Europe is facing
the economic plight of Japan two lost decades of stumbling
growth. The only way to stimulate prosperity is by incentivising
people to lend, invest, create, and innovate. The masses will vote for
a quick fix: they can see that cutting executive pay might provide
direct redistribution to their own dividends in the short term. But the
prudent approach would be to see executive pay as an investment in
the right person to steward an economically important enterprise.
Then shareholders will benefit from future dividends, employees will
gain more stable employment, and babies and pensioners will eat
like kings. The current economic climate should be an argument to
bolster executive investment, not cut it.
Thomas de Freitas is managing director and director of specialist
markets at Communicate Recruitment Solutions.
RAPIDresponses
and a product problem. The distri-
bution mechanism through retail
banks is hampered by banks out-
dated credit processes, atrophied
localised branch expertise and com-
puterised bureaucracies. This is not
breaking news it was raised as long
ago as 2009 in the Rowlands Report.
The product problem is a conse-
quence of the banks inability to
measure risk for anything without
an obvious track record, underwrit-
ten by tangible assets. This has led to
an obsession with debt the very
instrument that got us into the
mess in the first place. If you lend
1m, the best return you can expect
is a little more than your money
back this makes a lender very cau-
tious. If, on the other hand, you
invest 1m in equity, you have a
chance of much greater returns.
This 80bn has to get to the places
where its needed, and in a form
that doesnt prohibit it being sup-
plied in the first place. And it needs
to move quickly. Last week, the
funding for lending promise was
that 5bn a month would flow. If
that is not to silt up the balance
sheets of the retail banking sector,
radical changes in distribution and
product design must happen
urgently.
However, if the funds dont flow,
the banks Kings and Osbornes
growing responsibility will benefit-
from the cheap money. Perhaps
Einsteins dictum need not apply.
Ken Olisa OBE is chairman and founder
of Restoration Partners.
KEN OLISA
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Email theforum@cityam.com or comment at cityam.com/forum
Banks are unable
to assess risks of
lending to SMEs
Diving below Microsofts Surface
Microsoft has unveiled its iPad rival but what exactly do we know about it? We take a look under the hood
cityam.com
24
LIFE&STYLE
WORDS BY
STEVE DINNEEN
Samsung Galaxy Tab
The number one rival to the all conquering iPad is the
Galaxy Tab. The 8.9 inch version offers something Apple
doesnt it will fit into your pocket. Its a well built
machine but the 400 price tag is steep.
BlackBerry Playbook
Blackberry promised much with the PlayBook, including
true multi-tasking between applications. Unfortunately,
lack of 3G and a whopping price tag meant nobody both-
ered to buy one.
Motorola Xoom 2
The original Xoom was the first Android tablet, so the
Xoom has had plenty of time to gestate. Its light and rel-
atively speedy and the screen is crisp. The problem is, it
lacks a discernable reason to buy it over an iPad.
Asus Eee Pad Transformer Prime
Running the latest version of Android and coming
equipped with a quad-core Nvidia Tegra 3 processor, this
is one of the most adept rivals to the Surface. Android
fans should look no further.
TECHNOLOGY
nTHE SCREEN
First-off, the Surface has a bigger screen
than the iPad, at 10.6 inches, compared to
9.7 inches. The iPad, though wins on
resolution its retina display sets the
standard, squeezing in an incredible
2048x1536 pixel coverage (thats a lot).
The Surface comes with a not too shabby
1080p resolution.
nTHE HARDWARE
The regular Surface is likely to house
quad-core Nvidia Tegra 3, making it
significantly nippier than the iPad
(assuming the operating system lives up
to Apples seamless iOS). The Surface Pro
packs Intels Core i5 chip, making it, in
theory at least, one of the fastest tablets
on the market.
M
ICROSOFT this week unveiled the Surface tablet PC, its
biggest hardware project since that launch of the Xbox in
2001. The device will be released to coincide with the release
of its completely revamped Windows 8 operating system.
These are interesting times indeed for the tech giant. At present,
specific details including, vitally, pricing are thin on the ground.
Heres what we know for sure:
nHOW THICK/HEAVY IS IT?
The regular version is actually thinner than
the latest iPad, at just 9.3mm, compared
to 9.4mm. It is slightly heavier at 676g,
compared to the iPads 662g. The Surface
Pro is an altogether bulkier creature, at
13.5mm thick and 903g. Holding
something that heavy in your hands for a
long time is going to be an arm-ache.
nTHE KICK-STAND
The in-built rear stand is Microsofts
solution for watching movies. While
Apple would never allow something to
spoil its clean lines and curves, its a
rather nifty solution to holding the device
in your arms for hours on end. Its further
evidence that Microsoft sees the tablet as
the heir to the laptop throne.
nWHATS INSIDE?
There are two versions of the Surface
the regular one, running RT (the mobile
version of Windows 8), which features
ARM chips, and the Surface Pro, which
runs the full version of the OS. Most
consumers will probably opt for the
lighter, slimmer RT version, while
businesses may favour the Pro.
nTHE COVER/KEYBOARD
One of the most innovative
developments is the brightly covered
cover-cum-keyboard. Its a great solution
to the inescapable fact that typing long
emails on a tablet isnt very much fun. If
it is as good as it looks, it could bring
tablets closer to replacing laptops for
most casual users.
THE TABLET RIVALS
WHAT IS THE COMPETITION LIKE?
0
%
REPRESENTATIVE
APR
50%
OFF
RIVO COLLECTION
SOFAS
ACTION
CHAISE END SOFA
HALF PRICE
1499
AFTER EVENT PRICE
2998
31.22
A MONTH
NO DEPOSIT
NO INTEREST
EVER
half price
ends Sunday
1
TBR Report "IBM System x
x86 servers: Meeting the demands of todays enterprises by combining value and support," January 2012.
2
Source: Intel
Performance comparison using SPECfp*_rate_base2006 benchmark. Baseline score of 267 on prior generation 2S Intel
Xeon
processor X5690 (3.46GHz, 6-core, 12MB L3, 6.4 GT/s, 130W)

based platform published at www.spec.org as of 6 Sept 2011. Estimated new score of 486 on 2S Intel
Xeon
processor E5-2690 (2.90GHz, 8-core, 20MB L3, 8.0 GT/s, 135W) is based on Intel
internal
measured estimates as of 6 Sept 2011 using two Intel
Xeon
processor E5-2690, Turbo Enabled, EIST Enabled, Hyper-Threading Enabled, 64GB memory (8x8GB DDR3-1600), Red Hat
Enterprise Linux Server

6.1 beta for x86_6, Intel
Compiler 12.1.
3
x3500 M4 supports up to 768GB of memory using 32GB LRDIMMs in its 24 memory slots. Previous generation x3500 M3 supports up to 192GB of memory.
4
Ships with 4 1Gb Ethernet ports standard and supports integrated slot-less 10Gb Ethernet with Virtual Fabric. Previous generation server includes two 1Gb Ethernet slots and requires use of a PCI Express slot
to support 10Gb Ethernet.
5
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I
T MIGHT have been Benedict
Cumberbatch sipping brandy as
he sauntered down the catwalk.
Or a triumphant Richard James
celebrating his debut catwalk show.
Maybe it was the sight of Jon Hamm
posing with a cocktail at the Mr
Porter party as Alexa Chung rocked
the decks behind him. There are
plenty of contenders for the most
memorable moment from last
weekends inaugural mens fashion
week what is beyond doubt is that
London Collections: Men showed
exactly why British menswear is still
at the forefront of the fashion world.
Hackett set the scene early on with
a Gatsby-inspired collection,
showcasing the best of classic chic.
Cream suits with peaked lapels were
26 LIFE&STYLE FASHION
BENEDICT
CUMBERBATCH
The Sherlock star
may have
claimed to be
terrified by the
catwalk but he
stole the show at
the Spencer Hart
event, wearing a
black dressing
gown and smok-
ing a fat Cuban
cigar.
ALEXA CHUNG
The model-come-
presenter was
seemingly every-
where at London
Collections: Men,
turning up at
shows, posing for
snappers and
spinning the
decks for the
gathered celebri-
ties at the Mr
Porter party.
JON HAMM
The Mad Men star is
pure A-list and its tes-
tament to the draw of
London Collections:
Men that he cleared
space in his schedule
to jet to the UK to
make an appearance.
He also proved that it
isnt only his famous
character Don Draper
who has an eye for an
elegant suit.
HOLD ME CLOSER TINIE TEMPAH
Elton John donned a purple suit as he turned up to
show support for the Richard James collection, sit-
ting next to London-based rapper Tinie Tempah for
the exclusive show.
3
1. Spencer Hart placed a focus on
mismatched trouser and jackets >>
2. Oliver Spencer showed off the
trend for short-cropped trousers >>
3. Richard James, on his catwalk
debut, was bang on trend with
some classically-inspired casual
suits >> 4. Pringle puts a fresh spin
on classic knitwear >> 5. Lee Paton,
an up-and-coming designer, mixed
high fashion with wearable style >>
6. Hackett impressed with bold
checks... and some bowler hats
There is hope for Cool Britannia yet
joined on the catwalk by vintage grey
checks and seersucker blazers
reminiscent of the 1920s man about
town. The show was wrapped up
with a troupe of models wearing
bowler caps and carrying black
umbrellas a reminder that going to
work doesnt mean you shouldnt
look sharp. Knitwear was another
mainstay of the Hackett collection,
with brown patterns worn under
paler suits. For the more
adventurous, print trousers
continued their crossover from the
womens catwalks, with paisley
designs making an appearance.
The classic 20s theme ran through
many of the 60 shows, which were
held over three days. Savile Row
stalwart Richard James whose
debut show was attended by the likes
of Elton John and rapper Tinie
Tempah held one of the last shows
of the weekend in the opulent
surroundings of The Gallery on
Conduit Street. The chandeliers,
though, were outshone by the
glittering loafers paired with the
spring/summer 2013 range of linen
suits, coming in dandyish shades of
baby blue and pink. Grey check was
present once again, with shock-blue
velvet jackets also prominent.
For the sartorially forward-
thinking, James showed off a range
of short suits hopefully next year
well get some sun to wear them in.
Ultra-sharp menswear tailor
Spencer Hart stuck to its own brand
of classic with a range of suits
celebrating youth culture and the
enduring appeal of 60s Hollywood.
The range preceded by a group of
modern dancers was notable for
an emphasis on mismatched
trousers and blazers. Oversized
pockets abounded and trousers that
finish at the ankle, paired with
loafers, were mainstays. The show
was rounded off by Cumberbatchs
cameo, with the Sherlock Holmes
star being escorted down the aisle
by a towering model as he necked
his glass of brandy.
There were a host of more casual
brands on display, with Tinie Tempah
showing his support for Christopher
Raeburn, a designer he has a long-
standing admiration for. The
Raeburn show started with a rather
baffling video that seemed to liken
the brands finely crafted toggles and
zips to the plumage of an owl, but
picked up with a tour de force show
of his trademark rugged outdoors
wear.
The weekend stayed in full swing
long after the shows had packed up,
with celebrity-packed after parties
lasting long into the night. Mr
Porters Friday night bash was a
veritable whos who of the fashion
world, with Alexa Chung DJing to the
likes of David Gandy and Mad Men
star Jon Hamm.
British Fashion Council chief
executive Caroline Rush says shes
already working on next years event.
On the strength of this, a year will be
an awfully long time to wait.
The whos who of the fashion world flooded to London Collections. Steve Dinneen reports
CELEBRITY SKIN
WHO MADE WAVES AT THE SHOWS?
1 2 3 4 5
6
TV & GAMES
27
cityam.com
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BBC1
SKY SPORTS 1
6pm Live T20 Cricket 9.30pm
Ashes Memories 10pm Footballs
Greatest 10.30pm Youre on Sky
Sports! 11.30pm Ringside
12.30am Ashes Memories 1am
T20 Cricket 3am Ringside
4am-6am T20 Cricket
SKY SPORTS 2
7pm Live Winning Post 9pm
Ringside 10pm Time of Our Lives
11pm WWE 1am WWE 2am NRL
Fulltime 2.30am Super Leagues
Supermen 3.30am-4am Premier
League World
SKY SPORTS 3
6.30pm Super Leagues
Supermen 7.30pm Golf 8pm Live
PGA Tour Golf 11pm European
Tour Golf 1am Golf
1.30am-4.30am PGA Tour Golf
BRITISH EUROSPORT
7pm UEFA Euro 2012 Show
7.30pm Olympic Dream
7.45pm Jez 8pm MotoGP 9pm
British Superbikes 10pm MotoGP
10.30pm Euro 2012
12.30am-12.45am The Box
ESPN
5.45pm Major League Soccer
7.30pm FIM Super Enduro World
Championship 8.30pm 30 for 30
11.30pm Press Pass 2012 12am
UFC 147 Countdown Show 1am
NBA Action 1.30am NBA
Countdown 2am Live NBA
Basketball 5am-6am 30 for 30
SKY LIVING
7pm Criminal Minds 8pm Four
Weddings 9pm Battle of the
Brides: A Caribbean culture
enthusiast and a biker clash.
10pm The Biggest Loser USA
11pm Bones 12am Criminal Minds
1am Maury 1.50am Americas
Next Top Model 2.40am Medium
3.30am Bones 4.20am Nothing
to Declare 5.10am-6am Jerry
Springer
BBC THREE
7pm Top Gear 8pm Dont Tell the
Bride 9pm Russell Howards Good
News 9.30pm Live at the Electric
10pm EastEnders 10.30pm Dead
Boss 11pm EastEnders 11.30pm
Family Guy 12.15am Russell
Howards Good News 12.45am
Live at the Electric 1.15am Dead
Boss 1.45am Cherry Healey: How
to Get a Life 2.40am Dont Tell
the Bride 3.40am Snog, Marry,
Avoid? 4.10am-5.05am Cherry
Healey: How to Get a Life
E4
7pm Hollyoaks 7.30pm How I Met
Your Mother 8pm The Big Bang
Theory 8.30pm How I Met Your
Mother 9pm 2 Broke Girls
9.30pm Dont Trust the B**** in
Apartment 23 10pm Rules of
Engagement 11pm Alan Carr:
Chatty Man 12.05am The Big
Bang Theory 1.05am Scrubs
1.35am How I Met Your Mother
2am Rules of Engagement
2.20am The War at Home
2.45am Desperate Housewives
3.30am 90210 4.15am-6am
Greek
HISTORY
7pm Storage Wars 7.30pm Pawn
Stars 8pm Ice Road Truckers
9pm Ax Men 10pm Storage Wars
11.30pm Pawn Stars 12am
American Pickers 1am Storage
Wars 2am Ice Road Truckers 4am
Lock n Load 5am Pawn Stars
5.30am-6am American
Restoration
DISCOVERY
7pm Bear Grylls 8pm Gold Rush
9pm Worlds Toughest Drive
10pm Auction Hunters 11pm
Deadliest Catch 12am Worlds
Toughest Drive 1am Auction
Hunters 2am Auction Kings 3am
American Chopper: Senior Versus
Junior 3.50am Ice Pilots 4.40am
Bear Grylls 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pm Dress of Your Dreams 8pm I
Didnt Know I Was Pregnant 9pm
Untold Stories of the ER 10pm
The Real Sleeping Beauty 11pm
Your Kid Ate What? 12am Untold
Stories of the ER 1am The Real
Sleeping Beauty 2am Your Kid
Ate What? 3am Dress of Your
Dreams 4am A Baby Story
5am-6am Birth Stories
SKY1
7pm The Simpsons 8pm
Futurama 8.30pm The Simpsons
9pm An Idiot Abroad 10pm A
League of Their Own: Unseen
11pm Road Wars 12am Brit Cops:
Law & Disorder 1am Road Wars
1.55am Armed and Dangerous:
Ultimate Forces 2.50am So You
Think Youre Safe? 3.45am
Medical Emergency 4.35am Real
Filth Fighters 5.05am-6am Dont
Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
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&
C
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Due to Euro 2012 coverage,
the following schedule is
subject to change.
6pm BBC News 6.30pm BBC
London News 7pm The One Show:
Best of Britain
7.30pm EastEnders: BBC News
8.30pm Call the Midwife
9.30pm CHOICE Would I Lie
to You?
10pm BBC News 10.25pm Regional
News 10.35pm Question Time
11.35pm Match of the Day 12.15am
Holiday Weatherview 12.20am
Countryfile 1.20am Sntiques
Roadshow 2.20am Crime and
Punishment 3.05am Fake Britain
3.50am Great British Railway
Journeys 4.20am-6am BBC News
6pm Eggheads: Quiz show,
hosted by Jeremy Vine.
6.30pm Great British Railway
Journeys
7pm The Hairy Bikers: Mums
Know Best.
8pm Ocean Giants
9pm The Men Who Made Us
Fat: The history of super-sizing,
value meals and king-size
snacks.
10pm CHOICE Mock the Week
10.30pm Newsnight: Weather
11.20pm Hitlers Children
12.20am The Culture Show
12.50am BBC News
4am-6am BBC Learning Zone
Due to Euro 2012 coverage,
the following schedule is
subject to change.
6pm London Tonight
6.25pm ITV News
6.50pm Emmerdale
7.20pm Euro 2012 Live
10pm ITV News at Ten
10.30pm London News
10.35pm Piers Morgans Life
Stories: Bruce Forsyth
11.35pm Caroline Quentin:
A Passage Through India
12.30am Jackpot247; ITV News
2.35am ITV Nightscreen
4.30am-5.30am The Jeremy Kyle
Show
6pm The Simpsons
6.30pm Hollyoaks
7pm Channel 4 News
7.55pm 4thought.tv
8pm Country House Rescue
9pm The House the 50s Built
10pm 24 Hours in A&E
11.05pm The Secret Millionaire
12.05am Random Acts
12.10am Americas Serial
Killer: True Stories
1.25am All in the Best Possible
Taste with Grayson Perry 2.20am
Let Our Dad Die: Channel 4
Dispatches 2.45am Time Team
USA 3.40am Ancient Egyptians
4.35am Deal or No Deal
5.30am-6.15am Countdown
6pm Home and Away
6.30pm 5 News at 6.30
7pm Big Body Squad: 5 News
Update
8pm CHOICE Marco Pierre
Whites Kitchen Wars: 5 News
at 9
9pm The Boy They Call Fish:
Extraordinary People
10pm Big Brother
11pm Big Brothers Bit on the
Side
12am SuperCasino
3.55am Great Artists 4.20am
Michaelas Wild Challenge 4.45am
Michaelas Wild Challenge
5.10am-6am Wildlife SOS
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
digits1-9 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
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.
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.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5
6 7
8 9
10
11 12 13 14
15 16 17 18 19
20
21 22
23
15 10
45
4 24
17 29
19 7
13 27
24 16
39 5
9 11
45
26 29
14
23
9
42
14
4
28
16
21
11
20
30
28
16
17
29
16
10
44
3
7
12
ACROSS
1 Squeeze or press
together (9)
8 Sound (5)
9 Genetic copy (5)
10 Historical period (3)
11 Inexible (5)
13 Separate part of
a whole (5)
15 Foot traveller (5)
18 Attack on all
sides (5)
20 Rapid bustling
commotion (3)
21 Mark ___, US
swimmer who
won seven gold
medals in the 1972
Olympic Games (5)
22 Patty Bouviers
twin sister in TVs
The Simpsons (5)
23 Spiritual leader of the
Christian Church (9)
DOWN
2 Due (5)
3 Rate of travel (5)
4 Provide a brief
summary (5)
5 Strangle (5)
6 Political theory
favouring the abolition
of governments (9)
7 Heavenly (9)
12 Frozen water (3)
14 US musician and
record producer,
former husband of
Tina Turner (3)
16 Shrimp-like planktonic
crustaceans (5)
17 Edge tool used
in shaving (5)
18 Domineering (5)
19 Spicy sauce
to accompany
Mexican food (5)
E
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4
4

S I N U S C A D E T
C E L H R W
A C T U A T E A C E
L V S C A
E N S U E S K U L K
T L
S C A R E C R A B S
A R M H T
L E T C L A M B E R
E E E S A U
S C R E E E I G H T
7 5 8 9 8 9 6 7
5 2 6 8 3 9 7 4 1
1 4 6 2 5 8 3
5 3 5 1 4 1 2
9 4 6 7 5 8 2 9
1 2 3 9
4 1 3 2 4 7 6 1
9 6 8 3 1 9 8
5 3 8 6 9 4 7
7 3 2 9 1 5 6 8 4
3 2 1 7 2 3 4 1
4
4
4
4
4
4
4
4
4
The nine-letter word was
COMPRISED
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
WOULD I LIE TO YOU?
BBC1, 9.30PM
With comedian Jack Whitehall,
newsreader Emily Maitlis, actor Jim
Carter and writer, producer and
director Armando Iannucci.
MOCK THE WEEK
BBC2, 10PM
Dara O Briain is joined by guests Carl
Donnelly, Jo Caulfield and Milton
Jones for another round of the
satirical news quiz.
MARCO PIERRE WHITES
KITCHEN WARS CHANNEL5, 8PM
The first semi-final, throws
down the culinary gauntlet to three
couples from Exmouth, Goring-on-
Thames and Liverpool.
TVPICK
Yes, we do. we know uII our
cIIenLs by LIeIr IIrsL numes ruLIer
LIun jusL LIeIr uccounL numbers.
SLur SporLs Isn`L IIke every oLIer
bookmuker us we oIIer LIe mosL
personubIe, prIvuLe, IrIendIy und
proIessIonuI LeIepIone debIL und
credIL beLLIng servIce uvuIIubIe.
We Luke beLs oI uII sIzes Irom smuII
recreuLIonuI pIuyers Lo more
serIous IIgI-sLukIng cIIenLs. n
IucL, we wIII luy uny horse in
uny ruce ut Royul Ascot to lose
go,ooo.
So, II you`re IookIng Ior u reIresIIng
cIunge, you cun open un uccounL by
cuIIIng oSooo g1 1 or by vIsILIng
www.stursportsbet.co.uk.
AILernuLIveIy, II you`re goIng Lo
AscoL, LIen pIeuse come und suy
IeIIo us we ure once uguIn stunding
in the ring.
__________
WINNER
MOST CREATIVE
MARKETING CAMPAIGN
__________
Don't gou
knou
uho 1 nm?
A
IDAN OBrien has
dominated the Gold Cup
(3.45pm) for the last six
seasons, with five wins
and an agonising second, and
FAME AND GLORY is strongly
fancied to repeat his heroics of
twelve months ago.
He comfortably saw off
Opinion Poll that day and
proved that this marathon two-
and-a-half mile trip holds no
fears. In fact, he saw off that very
same rival for a second time over
a slightly shorter trip here in the
Long Distance Cup last October
and I can see no reason why he
wont finish in front of the
Godolphin runner again.
Fame And Glory made a solid
reappearance in a Listed event at
Navan last month where he car-
ried a Group One winners
penalty and showed all his best
battling qualities to beat the
game Unaccompanied by a neck.
That victory, over a now proba-
bly inadequate one mile and six
furlongs, would have blown all
the cobwebs away and its impor-
tant to remember that my selec-
tion has an extraordinary record
in the month of June. In four
starts in the sixth month of the
year over the last three seasons,
only Sea The Stars has beaten
him in the 2009 Investec Derby.
He has the natural blend of
stamina and speed required to
win this unique contest and four
wins at the highest level at a
mile and a half and shorter are
testimony of the latter.
Admittedly, he is not always the
most consistent of performers,
but he has tended to be at his
peak on the days that matter. He
can be backed at evens with
Coral and that seems a fair price
about one so talented with no
stamina doubts.
Frankie Dettori has switched
from Opinion Poll to Colour
Vision at the last minute and the
former Mark Johnston runner
caught the eye with a really
impressive win in the Sagaro
Stakes at Kempton. The four-
year-old showed a blistering turn
of foot to wear down Melbourne
Cup runner-up Red Cadeaux and
is clearly progressing. He fin-
ished third to Fame And Glory
here in October and connections
clearly expect him to get closer
this afternoon.
However, hes not guaranteed
to stay this marathon trip and a
bigger danger may come from
John Oxxs Saddlers Risk who
readily saw off Opinion Poll in
last seasons Yorkshire Cup. Hell
appreciate the better ground and
will strip much fitter for his reap-
pearance. Oxx doesnt bring
horses over to Ascot for the day
out and I expect the four-year-old
to chase Fame And Glory home.
Ive been so used to ploughing
my way through monster fields
this week that I have to admit I
was a little surprised that only
12 two-year-old colts stood their
ground in todays opener. The
Norfolk Stakes (2.30pm) has tra-
ditionally been a happy hunting
ground for punters with seven
of the last nine runnings going
to colts priced at 6/1 or shorter.
Now, my eyes are immediately
drawn to the Mick Channon-
trained CAY VERDE who
stepped up from a pleasing
debut behind Englishman at
Newbury to beat Tuesdays
Windsor Castle Stakes winner
Hototo over this course and dis-
tance by two and a half lengths
on his second start. He then
went on to win a decent Listed
event at the Curragh last time
beating Dylanbaru, who fin-
ished third behind Hototo on
Tuesday, relatively comfortably.
He looks really professional
for one so young and has also
demonstrated an ability to han-
dle all sorts of ground. The draw
wont play a part as there are
only the 12 runners and he looks
the one to beat.
Richard Hannons
Annunciation is sure to put up a
bold show, but he was well and
truly put in his place by Clive
Coxs Reckless Abandon at
Doncaster and it is hard to see
him reversing that form.
Fame And Glory bids for back-to-back victories in the Ascot Gold Cup
28
THEPUNTER
RACING TRADER
BILL ESDAILE PREVIEWS THE ASCOT GOLD CUP AND NORFOLK STAKES
n Pointers
CAY VERDE 2.30pm Royal Ascot
FAME AND GLORY 3.45pm Royal Ascot
IFP8C8J:FKK?LIJ;8PC@M<FE99:)
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( ?Io5-o 8JB8IK8L (2I)(V,C) 7--2 .....................................................................................>9Xb\i
(7) Runs. 2? Wins. 8(F,A,0) Places. 2 225,?70
Trainer. MTregoning 0wner. Mr Nurlan Bizakov
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(2) Runs. II Wins. 2(S,A) Places. 2 54,?o?
Trainer. MMagnusson 0wner. Easlwind Racing Lld And Marlha Trussell
* 8/5-?0 :8L:LJ (?4)(BF) 5--2 ............................................................................................N9l`Zb
(8) Runs. II Wins. I(F) Places. 2 24,242
Trainer. J 0osden 0wner. Normandie Slud Lld
+ I24I-I =8D<8E;>CFIP (?2)(C0) o--2 ............................................................. AGJg\eZ\i
(I) Runs. 22 Wins. I4(F,S,0S,0) Places. 4 2,058,?54
Trainer. A P 0'Brien (!RE) 0wner. Mrs F Ray/0 Smilh/Mrs J Magnier/MTabor
, 02?4-? E<?88D (??)(C) o--2 ........................................................................................G?XeX^Xe
() Runs. I? Wins. ?(F,0) Places. ? 28?,8o5
Trainer. J 0osden 0wner. Mr Ramdan Al Makloum
- 22-2II FG@E@FEGFCC (2I)(C) o--2 ....................................................................... D9XiqXcfeX
(?) Runs. 25 Wins. I0(F,S,0S,0) Places. 8o7,588
Trainer. MAl Zarooni 0wner. 0odolphin
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20II. Fame And 0lory 5 2, J P Spencer II-8 Fav (A P 0'Brien), drawn (?), I5 ran.
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Fame And Glory to prove
he is the next staying star
It was a really hard choice
getting off Opinion Poll in
this afternoons Gold Cup as
he is one of my favourite
horses. He looked as good as
ever at Sandown last time in
the Henry II Stakes having
won in Dubai before that.
However, he loves soft
ground and even though
there is rain forecast, I'm
not sure there is enough
around to make the going
any worse than good.
Colour Vision will love the
conditions and I suppose I
ultimately opted for him as
he is the fresher of the pair
and definitely has more
improvement in him. He
was seriously impressive at
Kempton last time and is
only a four-year-old. He beat
Red Cadeaux that day who
has since gone on to win the
Yorkshire Cup, so the form
stacks up well.
Obviously, the favourite
Fame And Glory will be
incredibly hard to beat if
the same horse that won
last year's race turns up.
I've got a couple of rides
for Jeremy Noseda and one
for Ger Lyons today, but the
big one is the Gold Cup and
lets hope well be
celebrating.
FRANKIES
THOUGHTS
FRANKIE DETTORI
29
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IN THE BRITANNIA STAKES
1/4 THE ODDS
ALL OF TODAYS
ASCOT RACES
T
HIS years Investec Oaks
turned out to be a messy
race and the unluckiest
filly in the field was
undoubtedly John Gosdens THE
FUGUE. William Buicks mount
was almost brought down on the
back straight, but finished with
such a rattle that she would
surely have won had she not met
with that interference.
I normally treat Epsom form
with extreme caution at Royal
Ascot, but there is a three-week
gap this year, compared with the
normal fortnight, and The Fugue
should take all the beating in
this afternoons Ribblesdale
Stakes (3.05pm). She has to turn
around the Oaks form with
Shirocco Star and I fully expect
her to do just that.
Hughie Morrisons filly had
the run of the race at Epsom and
still couldnt get past the front-
running Was. She is obviously
very talented, but on both occa-
sions this season Darryll Holland
has tried to play his cards very
late and she hasnt quite come up
with the goods.
The Fugue has a better draw in
stall four than her Epsom con-
queror and it was hard not to be
impressed with her when easily
winning the Musidora Stakes at
York last month. A return to a
more conventional track will suit
and I expect Buick to have her in
a handy position throughout,
ready to pounce turning into the
home straight.
Vow was one place behind the
selection in the Oaks and she
should also prefer this track,
while the Queens Momentary
beat Shirocco Star at Newbury
and has had a nice break since
then. Dermot Welds Princess
Highway has won both her starts
this season and is respected, but
The Fugue has to be the bet at 2/1
with Coral.
The Britannia Handicap
(4.25pm) is always one of the
most competitive races during
Royal week and three of the last
five winners were priced 20/1 or
longer. Its often a stepping stone
to bigger and better things and
last years winner Sagramor
came out and finished second to
Carlton House in the Group
Three Brigadier Gerard at
Sandown a few weeks ago.
Richard Hannons Cai Shen
produced a brilliant performance
to finishsecond off top weight 12
months ago and I fancy the sta-
ble to go one better this time
with DEMOCRETES, who looks
really well-handicapped off a
mark of 88. The Cadeaux
Generaux colt has been running
primarily over six furlongs, but
his breeding suggests a step up to
a mile is exactly what is required.
I was really impressed with his
run behind Mince at Newmarket
last time where he was staying
on powerfully up the hill and
Richard Hughes takes the
mount. Its hard to know if his
draw in stall 16 is a positive, but
the opening two days have sug-
gested that the middle of the
track is the place to be and he
looks solid each-way value at 16/1
with Coral.
Another horse Ive been fol-
lowing this season is Roger
Charltons TRADER JACKand he
should also be backed from right
next door in stall 15. He won his
maiden on soft ground at Ffos
Las in November, but was clearly
in need of the run on his season-
al reappearance at Sandown
when he finished last of six.
He proved that form all wrong
at Goodwood next time when
finishing second to Grandeur,
who has a big chance in the
Tercentenary Stakes later on this
afternoon. He travelled like the
winner that day, but didnt really
see out the 10 furlong trip, so the
drop back to a mile should suit
perfectly. Charlton won this race
in 2008 with Fifteen Love and
Trader Jack should go close at
14/1 with Star Sports.
I HAVE already talked up the
chances of Trader Jack in the
Britannia, so I just cant ignore
the aforementioned
GRANDEUR in the following
Tercentenary Stakes (5.00pm).
Jeremy Nosedas Verglas
gelding was very impressive at
Goodwood and then didnt
really seem to handle the
camber at Epsom on Derby day.
He still managed to finish
second and was only beaten a
neck by Wrotham Heath, who
reopposes today 6lb worse off.
This is a very tight Group
Three and there are a number
of others with the potential to
improve. Starboard produced a
gutsy performance to win at
Doncaster last time and he still
has an entry in the Coral-
Eclipse. He was firmly put in
his place by Fort Bastion at
Newmarket the time before
last, though, and he needs to
step up again.
Tales Of Grimm and
Stipulate were behind Cogito
at Sandown last month and
could progress from that,
while Crius has potential but
must carry a 4lb penalty. The
German challenger Energizer
is a fascinating entry and is the
top rated runner in the field
following his fourth place in
the German 2,000 Guineas
behind Caspar Netscher.
However, a bigger danger
may be the unexposed
William Haggas runner
Mukhadram who won
well at HQ last time
on only his second
career start.
Another big
field for todays
concluding
race, the King
George V
Stakes
(5.35pm),
means there
is plenty of each-way value to
be had in what looks a
trappy affair.
OPEN WATER hasnt won
since springing a surprise in a
Sandown maiden but Andrew
Baldings charge has a smart
level of form to his name and
looks more than ready for the
step up to a mile-and-a-half. On
his second start he was only
beaten by subsequent Derby
runner-up Main Sequence,
before a credible third in
a Newmarket
handicap on ground
that perhaps
wasnt ideal.
The son of
Orpen then ran a
cracker on Derby
day, again giving
the impression a
step-up in trip and a
return to a less
idiosyncratic course
would see him go
well. His draw isnt
ideal, but at 16/1 with
Star Sports, he looks worth
chancing each-way.
Mark Johnston is always a
handler the bookies fear at the
Royal meeting and his
FENNELL BAY has a decent
chance of giving the Scottish
trainer a fourth win in the race
in the last decade. Typically for
a Johnston horse, Fennel Bay is
a tough sort and with the
excellent Joe Fanning on board
he could just outbattle them
up the home straight.
Although quite exposed, he
still appeals at 12/1 on the back
of a good Sandown win and off
a low weight. His ability to
handle cut in the ground is
also a positive if the rain
arrives.
The Fugue, owned by Andrew Lloyd Webber and trained by John Gosden, can win todays Ribblesdale Stakes to make up for her disappointment at Epsom
n Pointers
THE FUGUE 3.05pm Royal Ascot
DEMOCRETES e/w 4.25pm Royal Ascot
TRADER JACK e/w 4.25pm Royal Ascot
GRANDEUR e/w 5.00pm Royal Ascot
OPEN WATER e/w 5.35pm Royal Ascot
FENNELL BAY e/w 5.35pm Royal Ascot
Progressive Grandeur has the class to step up to next level
Trust The
Fugue to
bounce back
from unlucky
Oaks defeat
Jeremy Noseda has a
decent chance with
Grandeur
ENGLAND midfielder Scott
Parker has warned team-mates
they will have to stop his old foe
Mario Balotelli if they are to
overcome Italy on Sunday and
reach the semi-finals of the
European Championship.
Tottenhams Parker and
Balotelli, of Manchester City,
clashed last season in the
Premier League when the Italian
earned a four-game ban for
stamping on Parkers head.
Balotelli has scored just once
so far in the tournament, a late
strike in a 2-0 win over Republic
of Ireland, as the Italians
finished runner-up to all-
conquering Spain in Group C.
But Parker still fears the
flamboyant 21-year-old, who has
played an important if episodic
role in Citys ascent to the apex
of English football, with 27 goals
in two seasons since joining from
Inter Milan.
Hes been in the Premier
League for a year now [sic] and
weve all seen how brilliant he
can be and what he can bring.
Hes a very good player and
someone we are going to have to
keep our eye on, said Parker.
We now look forward to the
quarter-final against Italy. We get
an extra day, which is key for us,
well go and prepare for that
game like weve prepared for all
the others, and hopefully we
can get the result.
Skipper Steven Gerrard,
meanwhile, has urged
England not to allow
the euphoria of
winning their
group to
undermine
preparations
for the
quarter-final
against Cesare
Prandellis
men.
It was fantastic to top the
group and we need to enjoy it
now but then dust ourselves
down because it will be a very
tough game against the Italians,
said the Liverpool captain.
They are a very tough team
to beat. They are good
defensively, have got a
fantastic keeper in
[Gianluigi] Buffon,
and theyve also got
matchwinners in
the ranks.
They are
similar to us and it
will be a very close
game. Lets not
underestimate them one
little bit.
R
E
U
T
E
R
S
Parker warns England over
Italy danger man Balotelli
CHELSEA favourite Didier Drogba
admits the seeds for his transfer to
Chinese club Shanghai Shenhua
were sown a year ago during the
London clubs pre-season tour
of Asia.
Drogba, 34, yesterday confirmed
his departure after eight successful
seasons with Chelsea and will join
former team-mate Nicolas Anelka at
the club he believes represents the
greatest personal challenge.
I considered all the offers I have
received in the past few weeks, but
feel Shanghai Shenhua is the right
move for me at this time, said
Drogba.
Drogba charmed by Shanghai
move a year before transfer
Im looking forward to a new
challenge and a new culture. When
Chelsea went to China last year, we
had a great time and I met some
amazing fans.
One of Drogbas first appearances,
incidentally, could be against
Manchester United, against whom
the striker made his Chelsea debut
in August 2004. United travel to
China to play Shenhua on 25 July
and defender Rio Ferdinand has
already taken to Twitter to express
his excitement at the prospect of
again competing with his old rival.
Looking forward to playing
Didier Drogba when MUFC [United]
play Shanghai Shenhua in Shanghai
on 25th July, Ferdinand tweeted.
WEST Ham will sign midfielder
Mohamed Diame on a free transfer
from Wigan when his contract
expires on 1 July.
Diame, 25, has agreed a three-year
deal with the Hammers and
becomes their third signing after
goalkeepers Jussi Jaaskelainen and
Stephen Henderson were recruited
to offset the departure of Englands
Robert Green.
His potential is really good and
he is ready to go and compete in the
first team straight away because hes
had three years in the Premier
League already, said West Ham
manager Sam Allardyce.
West Ham seal
Diame signing
BY DECLAN WARRINGTON
30
cityam.com/sport
BY FRANK DALLERES
BY SPORTS DESK STAFF
@cityam_sport
F
O
L
L
O
W

O
U
R

T
E
A
M
@
c
i
t
y
a
m
_
s
p
o
r
t
ENGLAND
REPORT
TREVOR STEVEN
SPORT
H
OW Chelsea won the Champions
League, Ill never know. The same
might be said for England topping
their Euro 2012 group by three points.
The two achievements were based on
similar ingredients, offering hope that Roy
Hodgsons men could progress further, but
there are some glaring concerns at the
tournaments halfway stage.
Englands biggest positive has been their
results. The draw with France set the tone
and bred a condence that helped them
ght back to beat Sweden and Ukraine
wins they scarcely deserved.
Hodgson has achieved a great deal in a
short time. Tactically he has been smart,
choosing a reliable formation and selecting
his team wisely. Using Andy Carroll against
Sweden, for instance, showed he had done
his homework.
Communication-wise he has also suc-
ceeded, with the players seeming to under-
stand their roles well and, crucially, playing
with a little less anxiety and fear than they
did under Fabio Capello.
On the other hand, results are about the
only to thing to write home about because
the level of play has been poor.
Englands inability to retain possession
may be a familiar complaint but it is a
major problem. Misplaced passes and a fail-
ure to work harder when they have the ball
leaves them chasing more than they would
need to and blunts their attacking threat.
You can only play when you have the ball,
after all.
Its naive to think England can become
master technicians overnight so Hodgson
was right to prioritise solidity and hope for
a platform from which to build. There is
much room for improvement, but theyve
done well.
Trevor Steven is a former England footballer who
played in both the 1986 and 1990 World Cups and the
1988 European Championships. He now works as a
media commentator and talent scout.
MARK
POSITIVES
NEGATIVES
VERDICT
B
England and Tottenham midfielder Scott Parker (centre) believes Italy striker Mario Balotelli (below) to be a threat
ITALY forward Alessandro
Diamanti believes his team-
mates talent to be superior to
Englands so they should
therefore be confident of
victory in Sundays European
Championship quarter-final.
Diamanti has a reasonable
knowledge of English football
because of a year spent with
West Ham from 2009 and is
adamant that they have no
reason to be concerned
about Englands ability.
English football as a
business with the stadiums
and fans behaviour is about
30 years ahead of us, he
said. However, on the pitch
Italy are stronger than
England and our football is
of a higher quality. We
respect England, but we
dont fear them.
Weve no fear of inferior
Three Lions, says Diamanti
31
G
E
T
T
Y
IN BRIEF
Ferrari drop big Vettel hint
n FORMULA ONE: Ferrari hinted at a
possible future move for Red Bulls
Sebastian Vettel, with team principal
Stefano Domenicali revealing he
believes the German would work well
alongside current driver Fernando
Alonso. I think they are both
intelligent guys and they could easily
co-exist together, said Domenicali.
But I wouldnt advise him to as hes
still too young. Usually a driver ends
his career at Ferrari, therefore it could
happen one day.
Springboks make three changes
n RUGBY UNION: Flanker Jacques
Potgieter will make his debut for
South Africa in Saturdays final Test
against England in Port Elizabeth.
Potgieter, who replaces Willem
Albertz, is one of three changes to the
side. Full-back Gio Aplon replaces Pat
Lambie and inside centre Wynand
Olivier comes in for Frans Steyn.
Injuries have forced us to make a
number of changes, which provides
an opportunity for players like Gio,
Wynand and Jacques to put up their
hands, said Springboks coach
Heyneke Meyer.
Thomas to miss London
n OLYMPICS: European triple jump
silver medalist Nathan Thomas has
ruled himself out of London 2012 as a
consequence of a back injury suffered
last month. I have been forced to
accept the painful reality that I am
unable to compete at this weekends
Aviva 2012 Trials and accept that I will
be unlikely to compete at the Olympic
Games later this year, he said.
After last nights match, goal-line technology
is no longer an alternative but a necessity
cityam.com
Andy Murrays back has
lately proved problematic
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TRAINER Aidan OBrien declared So
You Think to be back on top form
after the odds-on favourite denied
the Queen a jubilee winner on day
two of Royal Ascot.
The Australian colt, ridden by
OBriens 19-year-old son Joseph, held
off the monarchs Carlton House in
the 150th Prince of Waless Stakes,
with Farrh third.
The trainer, who enjoyed further
success with Ishvana in the Jersey
Stakes, said: We expected a big run
today, we felt like we had him in a
place that he was never in before
with us, which is incredible.
Tom Tates Prince of Johanne
claimed his second major handicap
in the Royal Hunt Cup, while Tom
Dascombes Ceiling Kitty was a 20-1
winner in the Queen Mary Stakes.
So You Think
back to its best
after Ascot win
BY FRANK DALLERES
Trainer Aidan OBrien believes So You Think (left) to once again be at his best after victory in the 150th Prince of Waless Stakes
Henman: Murray has to be fit
if he wants to win Wimbledon
FORMER British No1 Tim Henman
believes Andy Murrays only
barrier to winning at Wimbledon
is purely physical and that he will
have to be in peak condition next
week to succeed.
Murray was yesterday seeded
fourth for the All England Club
grand slam but doubts remain
over his fitness after a back injury
undermined him at the
French Open before his
shock early exit from
Queens last week and
Henman, a Wimbledon
crowd favourite in his
prime, believes the
mens scene is
presently so
strong that the
world No4
cannot
possibly
hope to
succeed
without
truly
being at
his best.
Its not easy if youve been in a
few finals and youve lost them,
Henman, who made the semi-
finals at SW19 on four occasions,
told City A.M. But Murrays
biggest challenge is far more a
physical issue than a mental issue.
The physical issue of having to
beat probably two of [Roger]
Federer, [Rafael] Nadal or [Novak]
Djokovic in
successive
matches that is
going to take an
incredible
performance.
Especially when
youre thinking
in a grand slam,
and its the best
of five sets. Its
probably the
biggest challenge in
tennis now.
He obviously wasnt
100 per cent healthy [at
the French Open] and Id
say his biggest priority now is
to make sure his back is 100 per
cent for Wimbledon.
Henmans own route to grand
slam success was ultimately
blocked by several greats, initially
during the era of Pete Sampras
and Andre Agassi and then that of
Federer, but the Englishman is
adamant that, with Wimbledon
starting on Monday, overcoming
Murrays rivals Djokovic, Nadal
and Federer, respectively the
worlds top three represents an
even greater challenge.
Theres no doubt that this is
probably the toughest era in the
mens game ever, he said at an
HSBC coaching session for
youngsters in Islington. The top
three are going to go down as
three of the greatest players of all
time, and Murrays up against
them. That challenge, if youre 100
per cent fit and healthy, is tough
enough, but if youre not then I
think its virtually impossible.
Fingers crossed hes going to be
healthy going into Wimbledon.
Tim Henman is an ambassador for
HSBC, Official Banking Partner to the
Wimbledon Championships,
www.wimbledon.com/hsbc
EXCLUSIVE
Fifa President Sepp Blatter on Ukraines ghost goal against England
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ends Sunday

Cityam 2012-06-21

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Cityam 2012-06-21

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But absence of QE3

DO YOU THINK THE BANK OF ENGLAND SHOULD PRINT MORE

I dont think it is a particularly

include the possibility of buying

As a cash deal it is unsurprisingly earnings-enhancing, although not as

IS THE FOLHAMATIC DEAL A

GARETH EVANS CANACCORD GENUITY

WILL WALLIS NUMIS

processor X5690 (3.46GHz, 6-core, 12MB L3, 6.4 GT/s, 130W)

Enterprise Linux Server

processor E5-2600 series

E5-2603 1.8GHz processor

E5-2603 1.8GHz processor

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