Cityam 2011-06-15

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www.cityam.com Issue 1,403 Wednesday 15 June 2011 FREE
BUSINESS WITH PERSONALITY
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02/05/11 till 29/05/11 is 103,467
+++++++++ VICTORY FOR CITY A.M. CAMPAIGN +++++++++
CULTURE secretary Jeremy Hunt will
not save the Broadgate estate from
demolition, City A.M. can reveal,
marking a victory for our campaign
a g a i n s t
bureaucrats
that wanted
to protect the
site.
Hunt is
expected to
a n n o u n c e
today that he
is rejecting
advice from
conservation
body English
Heritage, which
recommended
that the 1980s
complex be
awarded with
Grade II* listed
status.
The move will allow investment
bank UBS to press ahead with plans
to build a new 340m headquarters
on the site of two buildings that are
earmarked for demolition.
A source close to the process said
Hunt disagreed with English
Heritages opinion that Broadgate
represented outstanding quality in
terms of its architec-
ture or historical
interest.
The source added
the culture secretary
had listened to our
campaign. His deci-
sion was based on
the buildings archi-
tectural merits and
historical factors
alone.
The campaign
attracted the sup-
port of several
influential Tories
such as Mayor of
London Boris
Johnson, who
described English Heritages
call for the site to be listed as ludi-
crous.
Lord Wolfson, the Conservative
peer and chief executive of retailer
Next, also threw his weight behind
our calls for the culture secretary to
dismiss the conservation groups
advice, warning that unthinking
bureaucracy is fossilising the UK.
Mark Field, the MP for the Cities of
London and Westminster, whose con-
stituency is home to the Broadgate
estate, also backed our calls to allow
it to be redeveloped.
The City of London Corporation
had given planning permission for
the new 700,000 sq ft UBS building,
which is being built by British Land
and designed by Ken Shuttleworth,
one of the architects behind the
Gherkin.
English Heritage threat-
ened to scupper the
redevelopment, after
it said the existing
buildings should be
listed because they
were a triumph of
urbanism.
ALLISTER
HEATH: P2
Left: How we
launched our
campaign
BUREAUCRATS LOSE
BROADGATE BATTLE
GEORGE Osborne will tonight endorse
plans for British banks to ring-fence
their retail operations from their
investment banking arms.
The chancellor will use his annual
Mansion House speech to the City to
back the so-called subsidiarisation
plan, which was contained in the
Independent Commission on
Bankings (ICB) interim report.
Under the model, the Treasury will
force banks to hive off their high
street lending operation into a sepa-
rately-capitalised subsidiary with its
own staff and IT system. The retail sub-
sidiary will have to have a core tier 1
capital ratio of 10 per cent to ensure it
withstands financial shocks.
In the event of another financial cri-
sis, the theory is the government
would be able to bail out the retail
bank and its depositors while letting
the investment banking arm fail.
The chancellor has previously wel-
comed the findings of the ICB, which
is chaired by Sir John Vickers, but this
is the first time he will formally
endorse one of its recommendations.
Although Osborne will back sub-
sidiarisation in theory, it is still
unclear exactly what form it will take.
A source close to the chancellor said
the thickness and height of walls
between the two subsidiaries still
needs to be designed.
A Treasury source said: This is a far
reaching shake up to make high street
banks safer and protect taxpayers
Osborne is also expected to empha-
sise the importance of competition in
high street banking, although it is
unclear whether he will back Vickers
call for Lloyds to sell substantially
more than the 632 branches it is being
forced to divest under EU law.
The ICB will release its final report
on 12 September.
Osborne to endorse ring-fencing of high street banks
BY DAVID CROW
POLITICS
BY DAVID CROW
EXCLUSIVE
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IS THE UK REALLY OPEN FOR BUSINESS, MR CAMERON? IF SO...
CITY A.M. today launches a campaign
against proposals to give listed build-
ing status to the Square Miles
Broadgate estate, and calls on the
government to prove the UK is open
for business by rejecting the plans.
If the government decides to list
the 1980s site then plans to redevelop
it into a new headquarters for invest-
ment bank UBS will have to be torn
up. This would send a message that
London is no longer a serious destina-
tion for global firms
On Friday, English Heritage recom-
mended that the Peter Foggo-
designed Broadgate estate should be
protected by listed status.
The label is normally used to pre-
serve historic and architectural treas-
ures. It is only ever given to buildings
less than 30 years old if they are of
outstanding quality.
Current tenant UBS hopes to move
into a purpose-built European head-
quarters on the site of two of the
estates buildings, first opened in
1985, with the developers aiming to
spend 340m on the project.
Despite winning planning permis-
sion in April, the sites development
has now been jeopardised after
English Heritage recommended giv-
ing all 13 buildings on the estate
Grade II listed status. The architectur-
al watchdog claims that the proper-
ties are exemplars of their time and
place.
City A.M. is campaigning for the
new development to go ahead, allow-
ing a global bank to remain in the
Square Mile and sending a signal to
financial firms around the world
that the City welcomes fresh devel-
opment.
The final decision rests with cul-
ture secretary Jeremy Hunt, and this
newspaper urges the minister to give
priority to the wishes of the sites
owners, as well as the needs of the
City as a financial hub.
In his Budget in March, chancellor
George Osborne said the current
planning system has held back
investment and created distortions
in the way that businesses compete,
deterring development and growth.
For the government to overhaul
planning laws in favour of develop-
ment while allowing a 340m proj-
ect to stall would be hypocritical.
Hunt is expected to announce a
final decision by the end of July.
Writing in City A.M. today, the City
of Londons top executive warns that
existing planning laws could prevent
London from attracting the worlds
top companies.
Stuart Fraser (pictured) argues
that imposing the same planning
and preservation laws on the coun-
trys financial centre as the rest of
the country does not take account
of the Citys unique pri-
mary purpose as a busi-
ness district, and that
the bureaucratic tangle
could push firms away
from London.
If we truly want to
support economic
growth the government
must not hinder the
Citys ability to provide
suitable office space for the
worlds leading firms and
any future legislative pro-
posals must reflect this, he
warns.
ALLISTER HEATH: P2
MORE: P17
BY MARION DAKERS PROPERTY
BROADGATE
DON'T LIST
Culture secretary Jeremy Hunt (left) will dis-
miss calls for Broadgate (above) to be listed
News
2 CITYA.M. 15 JUNE 2011
Teachers vote
for walk outs
TEACHERS have become the latest
group of public sector workers to vote
for strike action, threatening to bring
Britain to a halt over the summer.
Members of the National Union of
Teachers (NUT) and the Association of
Teachers and Lecturers (ATL) are threat-
ening to stage walkouts on 30 June.
NUT general secretary Christine
Blower said: The governments unnec-
essary attack on public sector pensions
has convinced NUT members that
there is no alternative but to support
strike action.
Tube drivers in London are due to
take industrial action next week, in a
wave of strikes that could bring the
capital to a halt during the popular
Wimbledon tennis season.
The CBI hit out at union leaders over
the industrial action, attacking the vot-
ing process that secured the walkout
decision and calling for a change in the
law.
This strike is an attempt to cause
maximum disruption for Londoners
on a minimal turnout, said Katja Hall,
CBI chief policy director.
It cant be right that just 29 per
cent of the balloted workforce voted in
favour of this strike.
We are calling for the law to be
changed so strikes can only go ahead
with the backing of a significant pro-
portion of the workforce, she added.
BY RICHARD PARTINGTON
POLITICS
RBS TAKES CONTROL OF 42 MARRIOTT

HOTELS
Royal Bank of Scotland has taken con-
trol of a 1bn property portfolio of
Marriott hotels after failing to secure
a debt-for-equity restructuring of one
of its largest individual real estate
loans made during the property
boom. RBS on Tuesday night appoint-
ed Ernst & Young as receivers to the
portfolio of 42 hotels across the UK.
BANK CHIEFS PAY RISES BY 36PC
Bank chiefs average pay in the US
and Europe leapt 36 per cent last year
to $9.7m, according to data compiled
for the Financial Times. Two of the
industrys biggest names Jamie
Dimon, the JPMorgan Chase chief
executive, and Goldman Sachs Lloyd
Blankfein were paid more than 15
times their 2009 earnings. Mr Dimon
received nearly $21m in 2010, topping
the FTs survey of the salary and
bonus packages awarded to 15 top
bankers. Mr Blankfein earned $14.1m,
including a $5.4m cash bonus up
from $863,000 in 2009.
IMF WARNS RUSSIA OF REFORM OR
RECESSION
Russia has dashed hopes that the
2008-2009 economic crisis would spur
needed economic reforms aimed at
modernising the economy, a mission
from the International Monetary
Fund has concluded.
US DERIVATIVES REFORMS TO BE
DELAYED UNTIL END OF 2011
Derivatives rules are set to be delayed
by six months in an effort to quell
legal uncertainty around financial
reform that some worry could roil
markets. Gary Gensler, chairman of
the Commodity Futures Trading
Commission, said officials would
miss a July 16 deadline to finalise
rules stemming from the sweeping
Dodd-Frank financial reforms passed
last year.
NETWORK RAIL FAILED TO ADDRESS
SAFETY RISKS SAYS REGULATOR
Network Rail must take urgent action
to improve its safety procedures, the
rail regulator said yesterday after the
private maintenance company missed
eight out of ten of its performance tar-
gets. It failed a string of targets for
punctuality and serious delays in
England, Scotland and Wales, with
long-distance services on the East and
West Coast Main Lines suffering the
worst of the disruption.
TO GO OR NOT TO GO . . . UNION SAYS
THAT IS THE QUESTION
The owner of a call centre and a lead-
ing union are locked in a legal battle
over how long staff take to go to the
lavatory. The CWU has called for a day
of action to protest at the Birchwood
Industrial Park in Warrington today
and has pledged to dress up in
Victorian clothes to make its point.
UK ECONOMY REMAINS STEADY AS
GLOBAL GROWTH WOBBLES
The UKs economic recovery is expect-
ed to remain on track over the coming
months in the face of a deteriorating
outlook for France, Italy and the euro
area as a whole. Britains relative
resilience emerged in the closely-
watched leading indicators index
compiled by the Organisation for
Economic Co-operation and
Development (OECD).
SURGEON INTERRUPTS CAMERONS
HOSPITAL VISIT
A senior surgeon interrupted a hospi-
tal visit by David Cameron and Nick
Clegg to complain that the TV crews
filming them were not observing
strict hygiene rules. David Nunn left
the Prime Minister and Deputy Prime
Minister stunned with his angry out-
burst during the walkabout at Guys
hospital in London Bridge.
UNIBAIL MAY BE SHOPPING FOR
SPANISH MALLS
Unibail-Rodamco SA, a leading
European property company, could be
on the prowl for property in Spain,
according to analysts. An acquisition
of shopping centers in Spain that fit
Unibail's business would appear well-
timed and strategically sound, says
John Lutzius, managing director of
the European offices of Green Street
Advisors, a boutique research firm.
CHINA TIGHTENS, COMMODITIES SHRUG
Fresh monetary tightening by China's
central bank was largely shrugged off
by commodities, a sign investors are
getting more comfortable with infla-
tion-tackling measures from the
world's top commodities consumer.
The Peoples Bank of China said it will
lift the amount of capital banks must
keep on reserve by half a percentage
point.
WHAT THE OTHER PAPERS SAY THIS MORNING
Broadgate victory is great first step
IT is merely a small, symbolic victory
in a much bigger battle against red
tape but it is great news that Jeremy
Hunt will today announce that he
wont be listing Broadgate Estate, as
we reveal on our front page. English
Heritages indefensible bid to protect
this unexceptional complex around
Liverpool Street station, built in the
mid-1980s, has rightly been slapped
down by the culture secretary. A
much-needed plan to redevelop the
estate and to build a new home for
UBS, the bank, will now go ahead.
City A.M. is delighted to have played
a major role in demonstrating the
absurdly anti-growth and anti-compet-
itive implications of listing such a
development and to marshal the
growing opposition to the decision.
Among those who signed up to our
campaign to dismiss English
Heritages over-reach were Boris
Johnson, Lord Wolfson (the CEO of
Next) and a raft of others.
What was so infuriating about the
attempt to halt the redevelopment
was that it took no account of the
need for growth, jobs and regenera-
tion. Londons finance hub has
thrived by reinventing itself, as exem-
plified by the transformation of the
Square Mile and the emergence of
Canary Wharf; if a 26-year old office
block cant be knocked down any-
more, then what next? Would every-
thing be deemed worthy of
preservation, regardless of cost? Down
that road lies stasis, stagnation and
the transformation of a dynamic econ-
omy into a fossilised, irrelevant snap-
shot of a bygone age. It must become
easier to change and adapt to modern
needs in a world where talent and cap-
ital are so footloose not harder.
Big firms feel that London is a far
less attractive place to do business as a
result of the 52p tax rate (including
national insurance), a raft of other tax
hikes and numerous new labour mar-
ket rules. So it is refreshing that they
will at last be sent a strong signal that
the coalition is trying to reopen the
UK for business.
Given the good news on Broadgate,
let us hope that George Osborne uses
his Mansion House speech tonight to
introduce other reforms. He will
announce that he backs the ring-fenc-
ing of the retail part of large universal
banks, a move which will reduce
uncertainty for City firms. But he will
face a crowd that is growing increas-
ingly worried that the government is
losing its reformist credentials in
many areas. Tax is a real issue, with
serious anger about the raid on North
Sea oil and gas firms. It is also increas-
ingly obvious that the UK has one of
the highest direct tax burdens of any
major economy, as confirmed again
by accountants UHY. The research
works out the take home pay for work-
ers, taking into account personal taxes
and social security contributions, and
reveals the UK charges the 7th highest
taxes. The calculations are based on a
single, unmarried taxpayer with no
kids; the UK would score even worse
for families, as these enjoy tax breaks
in other countries. Only Mexico,
Estonia, Italy, France, India and
Germany take more than the UK from
an employee earning $25,000 a year.
For a person earning $200,000, only
France, Israel, Germany, Ireland, the
Netherlands and Italy take more in
tax. None of this is going to change in
a hurry, unfortunately, but Osborne
needs to try and compensate for it by
unveiling more pro-growth, supply-
side policies. Broadgate is an excellent
move now we need more from
where that came from.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
US banking giant JP Morgans mort-
gage chief David Lowman has left the
bank after it overcharged active US
military personnel on their home
loans.
His departure comes just four
months after another executive was
drafted in to manage the lenders
mortgage unit over him.
Lowman, who joined JP Morgan
from Citigroup in 2006, had been
placed under chief administrative
officer Frank Bisignano.
Dave Lowman and I have decided
he will leave the firm, Bisignano said
in an internal memo.
He added that Lowman would take
some much needed time off.
JP Morgan said in February it had
returned 10 homes to families pro-
tected by a law that entitles the
households of military personnel to
cheaper mortgages, after they had
been found to have been taken
improperly in foreclosure actions.
BANKING
JP Morgan loses Lowman

JP Morgan mortgage chief David Lowman has left the bank
NEWS | IN BRIEF
Price of gold to soar to $5,000
Standard Chartered bank has tipped the
price of gold to soar as high as $5,000
(3,051) per ounce by 2020. The bullish
view of the gold market indicates the
perceived security of the commodity
among investors, who have rushed to the
precious metal since the financial crisis.
The bank says limited gold production,
the gold purchasing programmes of cen-
tral banks and the increasing demand for
the commodity in India and China will
combine to push up its price. Spot gold
prices closed at $1,520 an ounce yester-
day.
BIS advising on Southern Cross
Mandarins from the department of
health have been advised by the govern-
ments corporate finance unit - the busi-
ness departments Shareholder Executive
branch - ahead of a crunch meeting
today with embattled care home opera-
tor Southern Cross. The struggling firm
will meet with the government, as well
as landlords and HM Revenue & Customs,
to discuss its future today. The
Shareholder Executive is best known for
having advised on plans to save car
maker MG Rover.
EDITORS LETTER
ALLISTER HEATH
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th
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24 Monument Street, London, EC3R 8AJ
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Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Night Editor Katie Hope
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
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CBI policy director
Katja Hall has called
for a change in the law
to prevent low ballot
turnout strikes
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News
BRITAINS financial watchdog has
warned wealth management firms
over the way they invest client
money, prompting an angry
response from the industry.
The Financial Services Authority
(FSA) said it had found significant,
widespread failings in the industry
that put the interests of customers at
risk.
The regulator warned 260 wealth
managers in a letter yesterday to
improve the way they advise retail
investors.
But the trade body that represents
wealth managers hit out at the
watchdogs intervention, saying it
was not aware of
any detrimental
impact on cus-
tomers.
There has not, as
far as we are aware,
been any consumer
detriment directly asso-
ciated with the issue and
our firms, a
spokesperson for
the Association
of Private
C l i e n t
I nvestment
Ma n a g e r s
said.
We do
take the
matter very
seriously and are
keen to continue working
with the FSA, the
spokesperson for the 184-
member-strong body added.
The FSA had conducted
a survey of 16 wealth
managers and
found that
a l mo s t
80 per
cent of
clients
h a d
b e e n
sold at
least one potential-
ly unsuitable prod-
uct.
Of those firms, it
said 14 had acted in
a way that posed a
high or medium-
high risk of detri-
ment to their
customers. It added
that it was involved in
ongoing regulatory
action with the com-
panies.
The review ranged
from small independ-
ent firms to the UK
wealth management
units of global banks.
The warning focused
on the ability of wealth
managers to keep up-to-
date records on clients
wishes, needed to make
investment judgments.
The regulator said 67 per cent of
the files it reviewed were not consis-
tent with the firms risk models, the
clients documented attitude to risk
and the clients investment objec-
tives. You should be aware that we
consider suitability - and the ability to
demonstrate it - a key area of risk in
this sector and wealth management
businesses can expect to see continu-
ing and increasing supervisory focus
on these issues, said FSA business
conduct head Margaret Cole (left).
FSA IMPOSES FINES: PAGE 14
Greece yields set another
record as ECB stands firm
YIELDS on Greek debt again set new
records yesterday as the major players
in the Eurozone reiterated their oppos-
ing stances on the terms of a new res-
cue for the struggling sovereign.
ECB board member Mario Draghi,
who is also its incoming president,
voiced his support for the Banks posi-
tion that non-governmental investors
in Greeces debt should not be asked to
take losses as part of a new bailout, a
stance that both Germany and
Holland firmly oppose.
The ECB is not in favour of restruc-
turing or haircuts, we should exclude
all concepts that are not purely volun-
tary or that have any element of com-
pulsion, he told the European
Parliament during a hearing on his
proposed appointment as the ECBs
new president.
The ECB is estimated to have 444bn
(392bn) in direct exposure to periph-
eral sovereign debt.
Draghi added that on the sovereign
crisis: There are no shortcuts avail-
able. The response to the debt crisis
lies first and foremost in national
policies.
Yields on Athens ten-year bonds
reached new highs of 17.4 per cent
while two-year rates shot to 26.4 per
cent.
REGULATION
MAPLE, the rival bidder for the

London Stock Exchanges agreed
merger target TMX Group, has said it
has been given regulator approval for
the structure of the company under
its control.
The Maple consortium of 13
Canadian financial firms said it had
been given exemptive relief from
securities regulators in the country.
Maple said the development does
not constitute approval for its
C$3.7bn (2.4bn) deal for any regula-
tory purpose.
LSE rival given
approval for its
TMX structure
CAPITAL MARKETS
THE US could lose its prized AAA

credit rating if Washington fails to
swiftly resolve the row over the gov-
ernments debt ceiling, Federal
Reserve chairman Ben Bernanke said
last night.
Even a short suspension of pay-
ments on principal or interest on the
Treasurys debt obligations could
cause severe disruptions in financial
markets and the payments system,
Bernanke said.
Inaction could also create funda-
mental doubts about the creditwor-
thiness of the US, and damage the
special role of the dollar and
Treasury securities in global markets
in the long term, Bernanke added.
The government will begin
defaulting on its debts, rising over
$14.3 trillion (8.7 trillion), if
Congress does not increase its limit
by 2 August, the Treasury
Department has warned.
We could actually have a reprise
of a financial crisis, if we play this
too close to the line, President
Barack Obama concurred yesterday.
Bernanke: US
faces credit risk
from debt row
US ECONOMY
EUROZONE

Direct line:
Local fax:
Email:

14 June 2011 Our Ref:

Your Ref:

Dear CEO

This letter requires your immediate attention. It asks you to respond to the
FSA by 9 August 2011.
Wealth management review
We have recently reviewed the suitability of client portfolios in a sample of firms in the
wealth management industry. We have identified significant, widespread failings, which we
are concerned may also be prevalent in firms outside our sample. In this letter we explain the
issues we have identified and ask you to consider whether your firm meets and can
demonstrate that it meets our suitability requirements.

Results from our review

x 14 out of 16 firms were judged to pose a high or medium-high risk of detriment to
their customers, based on the number of client files which had a high risk of
unsuitability or where the suitability could not be determined.
x Overall, 79% of files reviewed had a high risk of unsuitability or the suitability could
not be determined.
x 67% of the files reviewed were not consistent with one or more of the following: the
firms house models; the clients documented attitude to risk; and the clients
investment objectives.

14 June 2011 Our Ref:

Your Ref:

Wealth firms
attacked by
watchdog
In association with
PoliticsHome.com
Apply to join today at
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THIS week were asking members of
our readers panel, recruited in associa-
tion with PoliticsHome, to have their
say on whether David Cameron is right
to protect the international aid budget
from spending cuts.
Well also be asking whether the gov-
ernment is right to contribute 814m
to pay for vaccines for children in
developing countries during a period of
austerity at home.
To answer these questions, and others
like them, apply to join the panel at
www.cityam.com/panel
PoliticsHome.com PoliticsHome.com
GLENCOREs maiden results as a listed
firm disappointed markets, just three
weeks after its $60bn (36.6bn) float,
with its trading arm delivering profits
some 20 per cent below forecasts.
The traders shares tumbled 4.47 per
cent, sent down further by chief execu-
tive Ivan Glasenbergs statement that
there has been no firm discussion of
a merger with Xstrata, rumours of
which had sent the share price up by
3.3 per cent the previous day.
But analysts were overall adopting a
wait and see attitude, with several
saying that they would need to see sev-
eral quarters of post-IPO results before
they could become sufficiently famil-
iar with Glencores business model.
The company, known for its secrecy
in the past, revealed that during the
first quarter of 2011 it made $1.01bn, or
61 per cent of its earnings before inter-
est and taxes (EBIT), in its industrial
division, which consists of Glencores
global network of mining assets.
But it was the marketing division
that missed expectations, bringing in
an EBIT of $675m in the quarter.
That was still 37 per cent up on last
years earnings but the metals and
mining division saw profits fall by a
fifth, with the company saying that the
particularly strong first quarter of
2010 was unflattering to the numbers.
Earnings from trading in its energy
division soared by 240 per cent, howev-
er, due to fluctuating oil prices.
We y from Gatwick and Stansted. Price correct as at 24 May 2011 for travel between 6 June and 4 August 2011.
Variable charges for hold baggage apply and some payment methods attract a handling fee. See website for details.
London to
Copenhagen
from
single
inc. taxes
33
.99
ENRC shares fell sharply yesterday
morning after Glencores chief exec-
utive dismissed reports that it was
preparing a bid for troubled metals
producer.
Ivan Glasenberg took the opportu-
nity to quash the rumours after
releasing the Swiss commodities
firms first set of quarterly profits
since its flotation last month.
We can confirm that although
we talk to a lot of people in the sec-
tor, we are not actively considering a
bid for ENRC, he said.
ENRCs share price was also hit
after its general council Randal
Barker resigned, which comes after
two of its non-executive directors,
Ken Olisa and chairman Sir Richard
Sykes, were ousted from the board
last week.
ENRCs London-listed shares fell
1.9 per cent to 761.50p.
Glasenberg plays down talk of
plan to make a move on ENRC
BY KASMIRA JEFFORD
MINING
News
ANALYSIS l Main products from Glencores
biggest mining assets during first quarter of 2011
TIME LINE | HISTORY OF GLENCORE
1974: Glencore is established after a man-
agement buyout of Marc Rich & Co, its pred-
ecessor, to trade metals, minerals and oil.
1987: Glencores first acquisition of a com-
modities asset, with the purchase of an
American smelter and a mine in Peru.
1990; Acquisition of a stake in Xstrata.
1993/1994: Management buyout and
renaming as Glencore International
1997: Purchase of Prodeco coal develop-
ment project in Colombia.
2000: Acquisition of a majority stake in
Kazzinc.
2002: Sale of the Australian and South
African coal assets to Xstrata as well as its
listing in London.
2007: Merger of some Glencore assets with
Rusal, in which Glencore has majority stake.
2011: Glencore floats simultaneously in
London and Hong Kong, raising $11bn at a
valuation of some $60bn.
June 2011: Glencores maiden results.
London IPO
ANALYSIS l Eurasian Natural Resources Corp.
p
14Mar 1 Apr 21 Apr 17May 7Jun
1000
900
950
800
850
700
750
761.50
14 Jun
ANALYSIS l Glencore International
p
17May 7Jun
535
525
530
515
520
500
510
505
500.00
14 Jun
Glencore sees
shares tumble
on first results
BY JULIET SAMUEL
COMMODITIES
CST
$475m spent on cooper mine
KATANGA
49,800 tonnes copper
XSTRATA is reviewing the status of
its relationship with Glencore, City
A.M. understands, after Glencores
maiden results prompted a three per
cent drop in the miners share price
due to a negative read-across by
analysts.
Glencore, which owns 34 per cent
of Xstrata, published its first quarter-
ly results since listing yesterday,
including a net income figure of
$554m from associates.
Nomura analyst Paul Cliff put out
a note later in the day that said: We
estimate that Xstrata normally
accounts for around 97 per cent of
Glencores net income from associ-
ates, which suggests an Xstrata first-
quarter net income of around
$1.6bn. That is substantially below
consensus forecasts of $4.1bn, he
added.
It is understood that Xstrata has up
to now given Glencore a more
detailed breakdown of its ongoing
financials than it releases to the mar-
kets, which only receive a quarterly
production update. The numbers on
which Glencore based its results fig-
ures were disclosed to the trader
before its float, City A.M. understands.
Now that Glencore is listed and
must publish financial results each
quarter, in part due to its bond
investors, Xstrata is reviewing its level
of disclosure to the company.
The two companies have had a
close relationship ever since
Glencore, then called Marc Rich & Co,
acquired a major holding in Xstrata
in 1990. In 2002, Glencore spun off a
collection of coal assets that now
belong to Xstrata. And they share sev-
eral board members.
Markets have repeatedly speculat-
ed about a merger between the two,
with some suggesting Glencores
float, raising $10bn, has provided it
with ample capital for a takeover.
HONG Kong-based CST Mining
Group said yesterday that it has
made an initial agreement to sell
its Peruvian copper project to
Glencore for $475 (289m).
The Swiss mining giant has
signed a memorandum of under-
standing agreeing to buy CST
Resources, a subsidiary of CST
Mining registered in the Cayman
Islands, which indirectly owns the
Mina Justa project in southern
Peru.
The project would give Glencore
access to a resource base of more
than 3 million tonnes of contained
copper.
The memorandum follows the
recent acquisition of Zambian cop-
per producer Sable for $28m.
Glencores quarterly results
released yesterday showed strong
improvement in the groups metals
and mining assets.
Total zinc production was up 55
per cent to 127,000 metric tonnes,
including a 10 per cent increase in
production at Kazzinc, the Kazakh
zinc producer, where the group has
used $3.2bn of the IPO proceeds to
increase its stake from 50.7 per cent
to 93 per cent.
According to a statement on the
Hong Kong stock exchange, CST
Mining and Glencore are expected
to formalize a sale by July and com-
plete the disposal by October.
Shares in CST Mining rose to
HK$0.25 yesterday afternoon fol-
lowing the announcement before
closing at HK$0.22, up 12.8 per cent
on the day before.
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The Swiss commodities giant splashes out
289m on CST Minings Peruvian project
BY JULIET SAMUEL
COMMODITIES
BY KASMIRA JEFFORD
MINING
News
RESULTS: REACTION
RESULTS
Revenues rose 39 per cent compared to
the first quarter of 2010, to $44.2bn.
Adjusted earnings before interest and
taxes rose to $1.8bn, up 45 per cent on
the equivalent quarter last year. Most
profits came from Glencores mining
assets, though its float prospectus
showed that the vast majority of revenues
stem from its trading division.
MANAGEMENT
Chief executive Ivan Glasenberg com-
mented: Our first-quarter results show
that Glencore continues to deliver share-
holder value whilst emphasising
the unique benefits of having large scale
marketing and industrial asset activities.
ANALYSTS RESPONSE
Analysts were overall disappointed by the
results. Nomuras Paul Cliff said: We had
expected more of a blow-out first quarter
for the marketing business... While this is
clearly not the case, it does, however, sug-
gest that the quality and stability of
earnings in the marketing business is per-
haps better than we expected. But oth-
ers said the stock is still teething. They
were below expectations but the range
was quite wide, Killiks Jonathan
Jackson said. Given the float was so
recent, we wouldnt have wanted to see
any big surprises. Numis Andy Davidson
said many analysts were waiting for sev-
eral quarters of results before forming a
definitive judgment: The business model
is not well-understood. Its thought of as a
mining stock but they have a fantastic
amount of intellectual property and deep
knowledge of the commodities market.
The tentative approach from analysts
could explain why one senior bank told
City A.M. that Glencores aftermarket per-
formance lacked the oomph many had
anticipated.
Hong Kong IPO
Glencore chief executive Ivan
Glasenberg (right) has over-
seen the firms first results
as a listed company
KAZZINC
74,300 oz zinc
26,800 oz lead
94,000 oz gold
1,953,000 oz silver
MOPANI
18,400 tonnes copper
Xstrata to review relationship
with trader after results mishap
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BANK of Israel governor Stanley
Fischers hopes of taking the vacant
top job at the IMF have been dashed
after it refused to change rules pre-
venting anyone over 65 from running.
The move reinforces French
finance minister Christine Lagardes
claim to the International Monetary
Fund position, with only Mexican
central bank chief Agustin
Carstens in her way.
Fischer (pictured), 67,
yesterday expressed his
disappointment, saying: I
think the age restriction,
which was set in the past,
is not relevant today.
I was hoping the IMF
board of directors
would change its
regulations, not
only for the
sake of my can-
didacy, but
also for the
sake of future candidates for the posi-
tion of managing director.
Sources say the IMF could easily
have changed the rules if there was
enough support for Fischer.
Lagarde is backed by Europe, which
holds one-third of the votes, and a
handful of other countries including
Indonesia, whose finance minister
Agus Martowardojo said he personal-
ly supports her candidacy. If she wins,
Lagarde would become the first
woman to head the IMF.
Carstens has the support of a
dozen Latin American countries in
a race which, despite being one of
the most hotly contested in IMF
history, is widely expected to
result in Europe maintaining its
65-year grip on the job.
The Eurozone debt crisis makes
a European far more likely
to be handed the role,
despite an earlier
agreement the next
candidate would be
appointed solely on
merit.
IMF in ageism
row as Israels
man loses out
BY STEVE DINNEEN
WORLD ECONOMY
News
Rupert Murdoch, 80, takes a very active
role at the top of the media empire he has
built. The octogenarian is still regarded as
one of the most influential men in politics.
At 74-years old, Winterflood Securities
founder now its life president Brian
Winterflood is still an ever-present figure
in the City.
Simon Murray, the 71-year-old chairman of
Glencore, has been busy since joining the
firm before its float. He has also visited the
South Pole and been chased by a leopard.
CITY VIEWS: SHOULD THERE BE AN AGE LIMIT ON COMPANY EXECS?
Interviews by Phoebe Torrance
I think it should be down to capability rather
than age. They have to review the candidate
within all aspects including capability and experi-
ence, every individual is different. It is not
right to have an age limit because it might
not be applicable to some people.
MATT CLAY | LLOYDS OF LONDON
Each should be a case-by-case basis,
there shouldn't be a set rule beyond a
certain age. Age isn't a contributing
factor unless they are senile or not
able to do the job due to age related
diseases.
RICHARD HUGHES | LLOYDS OF LONDON
There shouldn't be an age limit, especially not 65, they should choose the best person that suits the job.
Perhaps if that means a forty year old has the same qualifications and as a seventy year old, maybe they should
go for the forty year old because he can continue in the job for longer.
VIKTOR KALIN | DEUTSCHE
THREE WISE MEN: THE ELDER STATESMEN OF BUSINESS
rent owner Rupert Murdoch.
Could a renewed approach for the
tabloid be on the cards now Desmond
has an up-to-date assessment of exact-
ly how much his publishing business-
es are worth?
At least it would put a whole new
spin on The Animals hit House of the
Rising Sun if and when Desmond
does take to the stage with Burdon
FINAL HAWK-SONG
BUT IF Burdon is busy, perhaps
Desmond could give Andrew
Sentance a call, now the rock music
fan has more time to devote to his
band Revelation after marking his
exit from the Monetary Policy
Committee with a leaving party on
Monday night.
It would be a meeting of minds, as
Sentance chose The Animals tune
Dont Let Me Be Misunderstood, first
recorded by Nina Simone, as one of
his eight Desert Island Discs to
remember his MPC career in his
speech at the Bank of England drinks.
Also on the playlist were Good Times,
Bad Times by Led Zeppelin and the
Joe Cocker version of The Beatles
With A Little Help From My Friends.
Bank of England governor Mervyn
King continued the musical theme at
the send-off, revealing how Sentance
presented the rewritten lyrics to Help
by The Beatles in his final MPC rates
meeting in May. Wont you please,
please help the MPC, wrote the inter-
est rates uber-hawk, in a twist on the
Beatles lyrics that raised a smile
from his colleagues past and present
including Paul Tucker, Sir John Gieve
and David Miles.
WIDE AWAKE CLUB
A TOP-LEVEL diary clash has caused
consternation in the City, with Bank
of America Merrill Lynch forced to
move its roundtable discussion next
Wednesday forward by half an
hour to 8.30am. This is because
we are aware of another event
taking place this morning at
10am, conflicting many of you,
the bank wrote to its guests. This
other event is only round the corner
so you will be able to spend a full
hour at BofAML.
So what is this mysterious other
event? None other than JP Morgans
mid-year discussion on trends in
banking and capital markets led by
JPM executives Hernan Cristerna,
Larry Slaughter, Viswas Raghavan and
Laurence Hollingworth which sent
out its save the date invitation well in
advance on 23 May.
RUNNERS AND RIDERS
IF YOU cant make it to Ascot this
week, the next best place to be seen
is the Runner Bar at Greens
Restaurant and Oyster Bar on
Cornhill, whose shareholders
include Lord Vestey (below), the for-
mer chairman of Cheltenham, and
Aintree chairman Lord Daresbury.
Amateur jockey Thomas Greenall
is running the show this week,
where he will be on hand to dis-
pense Royal Ascot cocktails and rac-
ing tips in that order.
BLOOD BROTHERS
CHARLIE Metcalfe, president of Nikko
Asset Management, has secured the
support of both ends of the political
spectrum for the fundraising cycle
ride he organised after he lost his wife
Lily to leukaemia six years ago.
On the right: Boris Johnson, who
will cycle alongside Metcalfes son
Louis and his three friends on a
Boris Bike at the start of the London
to Lisbon ride on 5 July, enlisted
because he is the godfather of rider
Archie Gilmour.
On the left: former Blair spin-doctor
Alastair Campbell, who will find him-
self pedalling in the midst of the four
teenage Etonians thanks to his role as
chairman of fundraising for the rides
designated charity Leukaemia &
Lymphoma Research.
See www.
b e a t b l o o d-
c a n c e r s .
o r g / g e t -
involved/lon-
don-lisbon to
get involved.
HOUSE OF THE RISING MEDIA BARON:
DESMOND PLOTS THE ANIMALS GIG
THE CAPITALIST had an entertaining
conversation with Richard Desmond
this week, in which the media baron
revealed the next rock frontman he
would like to enlist to perform with
his charity band The Crusaders is
Eric Burdon of The Animals.
Desmond was speaking at a pre-
view of his CNBC interview with
Channel Five presenter Tania Bryer,
which airs tonight at 10pm, where he
gave his most emphatic affirmation
yet that he has no plans to sell his
newspaper and magazine interests.
No, no and no, came the reply
straight from the horses mouth,
when asked if there was any sub-
stance behind the speculation that he
is looking to sell Express Newspapers
and Northern & Shell, indicating that
the appointment of Goldman Sachs
and BarCap is simply a fishing expedi-
tion to put a price on his press assets.
I am a buyer, not a seller, added
the tycoon mysteriously, hinting that
the City should look out for what he
acquires next, not what he disposes of.
Desmonds comments made The
Capitalist think back to last June,
when the media maverick made
headlines by announcing he would
do a better job of running Britains
biggest red-top than The Suns cur-
Animal farm: The Crusaders drummer Richard Desmond with Eric Burdon (inset)
Exit music: the MPCs Andrew Sentance
The Capitalist
EDITED BY
HARRIET DENNYS
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thecapitalist@cityam.com
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on Twitter: @citycapitalist
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TESCO stoked fears over the financial
pressures on British consumers yes-
terday by posting sales growth in all
international regions except the UK.
The UKs biggest supermarket
blamed high petrol prices for eating
into household incomes and causing
an 0.1 per cent fall in UK sales exclud-
ing petrol and VAT in the past three
months.
It added that a cautious consumer
environment and weak demand,
particularly in general merchandise
had also hit sales of home goods.
Analysts had expected an 0.5 per
cent increase. However, the decline
was smaller than the previous quar-
ter, when sales fell 0.7 per cent.
High fuel costs continue to mean
that customers have to direct some of
their spending to petrol at the
expense of their normal shopping
and this remains a drag on both
industry and our own like-for-like
growth, it said in a statement.
Total group sales rose 1.6 per cent
on a like-for-basis excluding petrol
sales but including VAT. Its US divi-
sion, where it is rolling out Fresh &
Easy stores, grew 11.1 per cent while
Asian sales rose 3.2 per cent and
Europes grew two per cent.
Tescos trading update does little
to reassure that underperformance in
the UK is set to improve in the near
future, said Evolution Securities ana-
lyst Dave McCarthy. Seymour Pierce
analyst Kate Calvert cut three per
cent from Tescos 2012 pre-tax profit
forecast to 3.94bn on the news.
Tesco blames
fuel price for
UK sales dip
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BY ALISON LOCK
RETAIL
News
Investors ignore growth abroad to focus on UK woes
MAYBE Tesco should move its pri-
mary listing to Hong Kong. Then
investors might pay more attention to
Asia, where sales grew by 11.4 per cent
at constant exchange rates in the first
quarter. The region accounted for
around 17 per cent of sales and trad-
ing profit last year, a figure that will
only grow. Or shareholders could
focus on Europe, which contributed
16 per cent of sales and 15 per cent of
trading profits in 2010-11. In the first
quarter, the supermarket giant grew
sales in the region by 9.5 per cent.
Sure, the UK still accounts for two
thirds of revenues and three quarters
of trading profit, but Tesco is still seen
as more British than it actually is (a
redesign of the red, white and blue
logo might be a good idea too).
Virtually all its growth will come
from abroad in the future it truly is
an international beast.
Alas, the most closely watched
number is UK like-for-like sales exclud-
ing VAT and petrol, which fell 0.1 per
cent in the first quarter against expec-
tations for modest growth of about
0.5 per cent. That performance was
partly explained by a five per cent
decline in sales of non-food items,
with electricals performing particu-
larly badly. Luckily for Tesco, it can re-
profile its non-food space to sell more
cheap clothes (which are performing
well) and fewer flatscreen TVs. The
likes of Comet, Best Buy and Currys
have no such option.
We have long argued that Tesco
deserves a richer valuation, on a par
with the truly global retailers like
Wal-Mart and Metro. Currently it
trades on a price-to-earnings multiple
of 10 times 2012 earnings forecasts, a
four per cent discount to Wm
Morrison and a 10 per cent discount
to the higher-yielding J Sainsbury. For
that reason, investors should look
past the UK weakness and buy into
the growth story abroad.
BOTTOMLINE
Analysis by David Crow
ANALYSIS l Tesco
p
Apr May Jun
420
400
380
360
407.30
14 Jun
Tesco chief executive Philip Clarke said demand was subdued
BREWER Shepherd Neame said yester-
day that its sales have been boosted by
the recent good weather, as it issued
an upbeat trading statement and said
its pub estate had risen in value.
For the 48 weeks to 28 May,
Shepherd Neames own beer volume
grew by 3.6 per cent, while like-for-like
sales in managed houses grew by 7.7
per cent. Average income per tenanted
pub grew by 0.6 per cent.
The group, which sells Spitfire ales,
said its pubs are worth 68m more
than when they were last valued.
Sales of Spitfire were up 4.5 per
cent.
ECO-FRIENDLY cars manufactured by
Nissan could be leaking detailed
information about a drivers loca-
tion, speed and destination on the
internet.
The Nissan Leaf could be transmit-
ting the private data through its
inbuilt RSS reader, a US security
blogger has found.
The leak is said to come from the
vehicles on-board Carwings data
sharing service was found to trans-
mit data without permission.
Nissan said last night that it was
aware of the story but had no fur-
ther information available.
Nissan eco car
privacy fears
Brewer sales up
on good weather
CONSUMER
AUTOMOTIVE
CARPHONE Warehouse (CPW) yester-

day dodged making a decision on its
Best Buy Europe joint venture despite
the unit acting as a millstone on its
books.
Losses at its big box stores, in
which CPW is involved in a 50/50 part-
nership with US firm Best Buy, over-
shot forecasts to hit 62.2m.
Investors had hoped a strategy
would be laid out at a meeting yester-
day but chief executive Roger Taylor
said: We did hope to have it finished
but its now looking like anything up
to another two or three months before
weve finished all the evaluation.
He said the firm is still searching for
the correct formula for selling electri-
cals in the UK.
The firms other divisions fared bet-
ter, with Carphone Warehouse Europe
seeing its profits rise 18 per cent to
134.6m, buoyed by soaring demand
for smartphones.
Its Best Buy Mobile US venture also
saw booming demand, raking in prof-
its of 97.9m. Its Virgin Mobile France
business, in which it owns a 47.5 per
cent stake, also made profits of
20.6m, up from a loss of 22.2m the
year before. CPW will pay an inaugural
dividend of 5p and said it is well posi-
tioned to maintain its momentum
despite the tough economic environ-
ment.
In the US, Best Buy beat quarterly
profit and sales estimates as strong
demand for mobile phones, calling
plans and tablets offset weakness in its
TV business.
Delays for JV
at Carphone
Warehouse
BY STEVE DINNEEN
RETAIL
Royal Mail has reported an 80 per

cent slide in profits to 39m driven by
the decline of its mail business.
Total revenues for the group fell to
9.2bn mainly due to a four per cent
dive in its letters and parcels opera-
tion, falling 120m last year or 2m a
week -- its largest loss in seven years.
The groups chief executive Moya
Greene said that the next two years
would be challenging as the group
makes further job cuts and mail cen-
tre closures to try and reduce costs.
With the decline in our volumes,
we are going to be a smaller company
in the future than we are today,
Greene said.
Cash payments of 771m were
made towards its pension fund
deficit, which has halved from 8bn
to 4.5bn.
Operating profit was 39m in 2010,
down from 180m in 2009.
Profits collapse at Royal
Mail as post volume falls
BY KASMIRA JEFFORD
PUBLIC SECTOR
News
ANALYSIS l Carphone Warehouse
p
Apr May Jun
410
400
390
380
370
370
388.25
14 Jun
ANALYST VIEWS: WHAT DID YOU MAKE OF
CARPHONES RESULTS? Interviews by Steve Dinneen
NICK BUBB | ARDEN PARTNERS

This was meant to be D-Day for the heavily loss-making Best Buy UK
but, slightly pathetically, CPW has said that it has not made up its mind what to do
with it yet. Maybe that just means they are waiting for Kesa to reveal their hand on
Comet first. Fortunately the US joint venture is still going gang-busters.
KEITH BOWMAN | HARGREAVES LANSDOWN

High end earnings and the introduction of a dividend have been coun-
terbalanced by a lack of strategy update for the UK electricals business. This
appears to have dragged on the share price today. Nonetheless, hopes for the US
mobile operations remain high.
MANOJ LADWA | ETX CAPITAL

Carphone Warehouse seems to have hit a hump in the road as it
struggles to meet targets on its joint venture with Best Buy. Given the tough
trading environment in the UK, the mobile phone retailer seems to have lost
its momentum.
TED BAKER PROVIDES RETAIL THERAPY AS SALES SURGE

DESIGNER gear maker
Ted Baker defied the
retail sector gloom yes-
terday to post a 15.2
per cent revenue rise
in the past five
months. Sales were up
9.4 per cent compared
with the same period
in 2010 while whole-
sale sales jumped 42.1
per cent as demand in
the US rose. New stores
in the Middle East and
Asia were popular and
the company plans
new shops in New
Zealand, China, the US
and more in the UK
later this year.
SHARES in car hire firm Avis Europe
leaped 58 per cent yesterday as
investors rushed to benefit from its
takeover by US counterpart Avis
Budget.
Avis Budget said it would pay
636m in cash for Avis Europe to
reunite the two firms after 25 years
and create a group with revenues of
$7bn (4.3bn).
The 315p per share offer was at a
60 per cent premium to Avis
Europes share price at Mondays
close but its shares gained 114.2p in
trading yesterday to end at 310.8p.
The deal will give Avis a presence
in 150 countries and operations in
high growth markets including
India and China. It should also bring
cost synergies worth $30m or more
per year.
The car rental market is more
and more consolidated worldwide, it
is quite a capital intensive market,
said Avis Europe chief executive
Pascal Bazin.
It is natural at one point in time
to reunite two companies which are
running the same brand in different
territories.
The two companies have been sep-
arate since 1986, but Avis Budget has
owned a stake in Avis Europe since
1989 and floated it in London in
1997. Avis Europes largest sharehold-
er, Belgian group DIeteren with a 60
per cent stake, has backed the deal.
Avis Budget will fund the deal by
raising equity of up to $250m, its
own resources and a debt facility.
Shares in Avis
spike on news
of takeover
TURNOVER at City law firm Norton
Rose increased by nine per cent last
year, with the groups new Australian
addition providing a boost to its latest
results.
Combined group turnover for the
year to 30 April was $814m (496m), an
increase of $144m from the previous
years figure of $670m.
Norton Rose merged with
Australian firm Deacons in January
2010, so the latest results are the first
to include Australia as part of the
group for the full year.
Chief executive Peter Martyr empha-
sised the groups global focus, and the
contributions that its latest tie-ups
were making to revenues.
This is the first full year with
Australia as part of the group and we
are already seeing the benefits, said
Martyr.
We further expanded into Canada
and South Africa on 1 June making us
one of the top 10 largest international
legal practices by number of lawyers ...
both are critical destinations along the
trade routes of global business and are
of significant interest to China.
Norton Rose has not yet released its
profits per equity partner, or a geo-
graphical breakdown of how each
jurisdiction contributed to the com-
bined numbers.
New Oz office
lifts turnover
at Norton Rose
Avis Europe boss Pascal Bazin said it was natural to reunite the companies
BY ALISON LOCK
SERVICES
LAW
News
ANALYSIS l Avis Europe
p
Apr May Jun
300
280
260
240
220
200
310.8
14 Jun
AVIS Budget has hired Citi and
Morgan Stanley as joint advisers on
the deal, while Barclays Capital is
advising Avis Europe.
Citis team is headed by Philip
Robert-Tissot, a service sector expert
with experience working on complex
and difficult deals including Krafts
takeover of Cadbury last year, and
Simon Property Groups spat with its
bid target Capital Shopping Centres.
Other notable deals he has advised
on include Spanish infrastructure giant
Ferrovials takeover of airports opera-
tor BAA in 2006.
A Citi managing director, he has
previously headed the banks UK M&A
division and is now its head of UK
banking and broking. He has worked
with Grant Kernaghan to seal the Avis
takeover.
At Morgan Stanley, Adrian Doyle
leads the advisory team. With 12
years experience in the banks M&A
advisory team, Doyle advised budget
airline Ryanair throughout its bid for
Irish airline Aer Lingus, among other
clients.
ADVISERS: CITI AND MORGAN STANLEY
PHILIP ROBERT-
TISSOT
CITI
FERTILISER producer PhosAgro is plan-
ning a Moscow and London initial
public offering (IPO) worth more than
$500m (305m) next month, the latest
in a string of Russian firms to test a
lacklustre market for new listings.
Launching the offering yesterday,
PhosAgro chief executive Maxim
Volkov said the company planned to
float 10-15 per cent of existing shares,
with Russian politician Andrei Guryev
the selling shareholder.
Russian companies seeking to
broaden their investor base and raise
new capital have been a key source of
activity in a tough European market
this year, but with mixed results.
Just four firms, including bank
Nomos and real estate developer
Etalon, have succeeded in listing,
while at least seven have had to pull
their plans to float after investors
baulked at the valuations on offer.
PhosAgro has been given regulatory
approval to list 2.6m shares, or 21.35
per cent of its total share capital, in the
form of global depositary receipts out-
side of Russia.
The main goal of the placement is
to get currency for potential mergers
and acquisitions Volkov said.
PhosAgro, which joins Russias
Global Ports in seeking to float before
the height of summer, did not say how
big the offering would be, but three
sources close to the deal said the goal
was at least $500m.
The company is due to begin road-
shows for the share sale on 29 June,
the sources said, setting a final price
on 15 July.
BY HARRY BANKS
CAPITAL MARKETS
EUROPE will need a much larger secu-

ritisation market if it is to foster
growth, Simon Lewis will say today in
his role as chief executive of the
Association for Financial Markets in
Europe (AFME), a regional industry
body.
Europes funding needs in the com-
ing years will be considerable the
ECB estimates that 1,000bn (883bn)
of debt is due for refinancing over the
next two years so it is crucial that a
stronger and reinforced securitisation
market plays its part, he will say.
Lewis will also highlight that
despite their risky reputation fol-
lowing the financial crisis, many
asset-backed securities (ABS) in
mortgages and credit card loans
have performed well.
AFME: Securitisation market
will be critical to EU recovery
SECURITIES
BANKIA, Spains third-largest bank by

assets, yesterday denied suggestions
that it might delay its initial public
offering in the wake of telecoms giant
Telefonica cancelling the planned flota-
tion of its call centre unit Atento at the
end of last week.
Telefonica blamed the unfavourable
state of the markets for its decision.
Bankia which groups seven region-
al savings banks hopes to raise
between 3bn and 4bn (2.7bn -
3.5bn) by selling shares to retail and
institutional investors, and has indicat-
ed that it wants to list in July.
Obviously if the market goes into
meltdown there might be reason
to think again, said one person
close to the deal. But you can
not stop doing things every time
things get a bit tough.
BY DAVID HELLIER
CAPITAL MARKETS
News
SUCCESSFUL:
Nomos Bank - priced at middle of range to raise $718m on 19 April
Etalon - price at the bottom of its range to raise $575m on
15 April
Rusagro - priced towards lower end of range to raise
$330m on 8 April
HMS Group - president Artem Molchanov (right) cut price
and size of its planned IPO to raise $360m on 8 February
ANALYSIS l No warm welcome for Russian listings in London
Spanish troubles threaten to
upset Bankias share listing
PhosAgro to
try Londons
IPO market
Bankia chair
Rodrigo Rato
was in London
last week to
drum up sup-
port for the
float
CANCELLED OR POSTPONED:
SUEK chairman Alexander Landia (right) postponed IPO on 9 June
Domodedovo International Airport cancelled 31 May
Russian Helicopters postponed 10 May due to low demand
Euroset postponed 15 April due to market
conditions
Nord Gold postponed 11 Feb
ChelPipe postponed 10 Feb due to market condi-
tions, cancelled 16 May
Koks postponed 4 Feb due to market conditions
PLANNED:
PhosAgro chief executive Maxim Volkov (left) plans to raise
at least 305m from a dual London and Moscow listing
Global Ports Investments plans to raise $750m for a valua-
tion of $3bn
THE Financial Services Authority
(FSA) has banned a trader for market
abuse and ordered him to pay more
than 1.3m in damages.
Self-employed trader Barnett
Michael Alexander was fined
700,000 and ordered to pay 322,818
in restitution to firms that experi-
enced a loss as a result of his actions.
An additional 306,312 was also
transferred to the firms.
Alexander, 47, told
City A.M. he was baf-
fled by the
charges, claiming
he was unaware
he was breaking
any rules. He
said: In no way
did I realise
what I was doing
was market
abuse.
He says he
believed he had
developed a
strategy that
exploited an inefficiency in the mar-
ket and called for greater clarity in
the rules. This is a massive charge
from a high-powered division to bring
on a sole trader, he said.
The FSA says Alexander known as
Barney manipulated the prices of
shares on the London Stock Exchange
in a complex scheme that involved
entering multiple small buy and sell
orders, often in the name of third
parties.
He generated 629,130 by trading
CFDs and spread bets at the prices he
created through his share price
manipulation over a period of around
16 months. His fine was reduced from
1m after he cooperated with the
FSA.
Tracey McDermott (pictured), the
FSAs acting director of enforcement
and financial crime, said: The FSA
views market manipulation extreme-
ly seriously. Alexanders behaviour
was deliberate and repeated over a
significant period of time.
He sought to conceal his trading
and made substantial profits at the
expense of the firms which allowed
him to trade with them. The court
action shows the FSAs determination
to use all our powers to prevent mar-
ket abuse and to pursue those who
commit it.
Trader fined
1.3m by FSA
BY STEVE DINNEEN
ENFORCEMENT
The FSA has won its first criminal

conviction for boiler room fraud.
David Roger Griffiths Mason has
been sentenced to two years in prison
and disqualified from being a direc-
tor for six years after pleading guilty
to a string of charges.
In a far-reaching scam lasting six
months, Mason coordinated the sale
of shares in a company he promised
investors was soon to list on the PLUS
market.
Victims were cold called and
offered shares in a firm called
EduVest by unauthorised overseas
firms such as Hunter Rowe Financial,
Bernam and Shore and Attlee Wurth
Consulting Group.
Mason raked in 270,000 through
the boiler room operation, which he
then laundered. Some funds were
directed to the boiler rooms via
accounts in Switzerland and the
Seychelles. He pleaded guilty to 13
counts related to the scam.
A second man, David Sinclair of
Axiom Capital, was fined 68,000 for
unwittingly allowing Mason to use a
bank account under his control to dis-
sipate investor money.
Tracey McDermott, acting director
of enforcement and financial crime
at the FSA, said: This sentence sends
a clear message that the court takes
boiler room offences seriously.
FSA wins first criminal conviction
against a boiler room fraudster
HSBC has agreed to sell part of its
Russian retail banking business to
Citigroup in a deal valued at around
$10.7m (6.5m).
The British bank said in April that it
would quit its Russian retail opera-
tions, becoming the latest in a string
of international lenders to pull the
plug on consumer banking in the
country.
HSBC said it hoped to close the sale
in the third quarter of this year. It
added that it would refer its cus-
tomers, upon their consent, to
Citibank, which intends to offer them
new account facilities.
The London-based bank left the
country in order to concentrate on its
commercial and wholesale banking
business.
Several large international banks
have struggled to crack the domi-
nance of Russias state-backed giants.
HSBCs exit follows that of Barclays,
which also quit Russian consumer
banking earlier this year.
Barclays boss Bob Diamond said at
the time his bank was unable to com-
pete in Russia.
State-owned banks control around
65 per cent of Russias top-100 banks
assets, according to estimates.
Citi gained a foothold in the
Russian market due to its early entry,
having first established a Moscow
presence in 1993.
HSBC sells Russian consumer
banking division to Citigroup
BANKING
News
BY STEVE DINNEEN
ENFORCEMENT
NEWS | IN BRIEF
Capgemini in Prosodie talks
Europes largest computer consultancy
Capgemini is in talks to buy closely-held
outsourcing and payment services
provider Prosodie for an enterprise
value of 382m (337m) to expand its
offerings to large telecoms, financial
and retail clients. The cash deal would
boost earnings per share from the first
year and chief executive Paul Hermelin
said that Capgemini may make other
small acquisitions this summer.
Ericsson to acquire Telcordia
Ericsson, the telecoms technology and
service company, today announced that
it has reached an agreement with
Providence Equity Partners and
Warburg Pincus to buy Telcordia, a
global leader in the development of
mobile, broadband and enterprise com-
munications software and services, for
$1.15bn (700m). Ericssons deal is
expected to close before the end of the
year.
ITV climbs on Liberum note
ITV shares, which are down more than
four per cent this year on advertising
spend and regulatory worries, climbed
2.5 per cent yesterday as Liberum
Capital said the broadcaster's share
price fall is overdone. Even on a double-
dip scenario analysis lasting into the
Olympic year of 2012, the shares would
still offer over 10 per cent upside from
current levels without further self-help,
noted Liberum analyst Ian Whittaker.
He added that ITV's balance sheet gives
it the option to return significant levels
of cash to shareholders, giving double-
digit earnings accretion.
INFLATION is widely expected to
balloon past five per cent in the
coming months, after rising food
costs held the consumer price index
(CPI) to a two-and-a-half year high of
4.5 per cent in May.
Mays steady rate on the CPI rep-
resents just a temporary pause in an
upward trend which could take
inflation to 5.5 per cent or above,
said Jonathan Loynes of Capital
Economics yesterday in a note.
Food inflation could climb to
around 14 per cent by the end of
this year, adding roughly another
one per cent to the overall inflation
rate, Capital Economics expects.
A post-holidays reduction in air-
fares came in weaker than expected,
while food prices jumped 1.3 per
cent between April and May, the
Office for National Statistics
announced yesterday.
With major energy suppliers
announcing price rises in recent
weeks, we expect this to make an
upward contribution to inflation in
coming months although Scottish
Powers price rises do not take effect
until August, added Charles Davis
of the Centre for Economics and
Business Research (CEBR).
The retail price index (RPI) also
held at 5.2 per cent in May,
unchanged from April.
The tax price index (TPI) edged
down very slightly, from 4.9 per cent
in April to 4.8 per cent last month.
A basic rate taxpayer needs a sav-
ings account of 5.63 per cent per
annum just to beat inflation, the
website Moneyfacts revealed.
Just one ISA negates the current
effects of inflation, while higher
rate taxpayers have no inflation-
beating accounts available to them.
As the governments two per
cent CPI target slips further beyond
the Bank of Englands grasp, it is the
nations savers who are left suffer-
ing the consequences of eroding
spending power with little hope of
rescue, said Sylvia Waycot of
Moneyfacts.
Meanwhile, Spanish CPI came in
at 3.5 per cent in May, official data
revealed yesterday.
Inflation figures for the whole
Eurozone region are expected on
Thursday.
Inflation held up by
steeper food prices
BY JULIAN HARRIS
UK ECONOMY
HOUSE prices plummeted by 1.1

per cent from March to April, gov-
ernment figures revealed yester-
day.
Yet a separate survey showed an
increase in approved mortgages for
the month, providing some sign of
rising activity in the market.
The monthly drop in Aprils
prices largely offset the 1.2 per cent
jump recorded in March, according
to the Department for
Communities and Local
Government (DCLG).
The average house price across
the country came in at 204,439 in
April, down 0.3 per cent from the
same time in 2010, the data
showed.
The annual drop was largely
driven by falling prices in Wales
(down 1.4 per cent), Scotland (down
1.2 per cent) and Northern Ireland
(down 15.2 per cent).
In England, prices remained flat
across the previous 12 months.
Not only do economic funda-
mentals remain difficult overall
for the housing market but the
May survey from the Royal
Institution of Chartered Surveyors
indicates that more houses are
coming on to the market, said
Howard Archer of IHS Global
Insight, thereby diluting the possi-
bility that a shortage of properties
could provide significant support
to house prices.
However, the number of house
purchase loans was up eight per
cent in April, compared to March,
totalling 40,900, or 5.9bn in value.
One swallow does not make a
summer, warned David Whittaker
of Mortgages For Business. Activity
will remain subdued this year.
House prices drop sharply in April
despite rise in mortgage approvals
HOUSING
News
NEWS | IN BRIEF
China hikes again to cool inflation
Chinas May industrial output jumped
13.3 per cent from a year earlier, top-
ping forecasts for a 13.2 percent gain,
government data showed yesterday. On
top of a 34-month high of 5.5 per cent in
the consumer price index, the figures
were sufficient to convince the central
bank to tighten monetary policy. The
reserve ratio requirement was pushed
up for the sixth time this year, in a bid to
drain excess liquidity and cool down
inflation.
Morale slips in London businesses
Business confidence in London faded in
the second quarter of the year, accord-
ing to a survey by accountant group
ICAEW released yesterday. Morale
dipped to an index score of 15.2, from
20.6 in the first quarter, but remains
slightly above the UK-wide average of
13.7. Despite the downbeat sentiment,
turnover in London grew by 4.3 per cent
over the 12 months to the second quar-
ter, up from 1.5 per cent in the year to
the first quarter.
US retail sales hit by Japan quake
US retail sales fell in May for the first
time in 11 months as auto sales took a
hit from the damage wrought by
Japan's earthquake. Sales were down
0.2 per cent. Meanwhile, producer
prices rose 0.2 per cent in the month,
less than expected.
SUMMERS feel-good factor saw con-
sumer confidence bounce back last
month, a Nationwide survey
revealed today.
The leading barometer of morale
on the British high street jumped 11
points, from 44 in April to 55 in May.
Despite recording one of the
biggest monthly jumps ever, the
index still sits nine points lower
than the same period last year and
well below the historical average,
warned Nationwide economist
Robert Gardner.
The index was measured between
25 April and 22 May, including the
royal wedding and several other
bank holidays, alongside a period of
clement weather.
These factors are likely to have
boosted sentiment among Brits, the
survey said.
The expectations index, which
measures optimism for the economy
over the next six months, soared 17
points to 76 in the latest survey, from
59 previously.
People were more upbeat about
spending; the sub-index measuring
willingness to splash cash rose 16
points to 79, while the percentage of
consumers who believe now is a
good time to make a major purchase
rose by seven per cent to 27 per cent.
However, the index measuring
current economic conditions was
less positive, increasing by just three
points in May.
There are still strong downward
pressures, not least higher than
hoped for inflation and recent
announcements of large domestic
energy price hikes, Gardner added.
Summer feel-good
factor sees morale
soar on high street
BY JULIAN HARRIS
UK ECONOMY
FRENCH president Nicolas Sarkozy

lashed out at commodity speculators
yesterday, arguing that tighter con-
trols would prevent spiralling global
prices.
Sarkozy, head of the G20 group of
the worlds leading economies, said he
wants to see new rules requiring min-
imum cash deposits with a central
authority for all commodities deriva-
tives deals, not just those on formal
exchanges as is the current practice.
Following the US and Europe, all
G20 countries should commit to this
way forward, said Sarkozy.
However, placing blame with specu-
lators merely masks the errors of
Western central banks, according to
Carl Neill, analyst at Risk Management
Incorporated in Chicago.
Its all the Feds fault, Neill hit
back. Central banks around the world
around the world are continuing to
print money, so of course people are
buying inflation-protected assets.
BY JULIAN HARRIS
WORLD ECONOMY
Sarkozy blames speculation

French president Nicolas Sarkozy called for more regulation Picture: GETTY
APPLE has settled an ongoing patent
row with troubled phone maker
Nokia, with analysts speculating that
Steve Jobs firm could part with up to
two per cent of the price of each
iPhone it sells.
The terms of the settlement will
see Apple pay a one-off sum as well as
contributing ongoing royalty fees.
Details were not disclosed but the
sum is likely to run into hundreds of
millions of dollars, with iPhone sales
forecast for $43bn (26.2bn) this year.
Nokia first sued Apple in 2009,
with the Cupertino-based firm
responding with its own lawsuit.
Apples ongoing payments could be
offset in a deal taking into account
Nokias alleged encroachment on
Apple patents in areas such as touch-
screen scrolling.
Nokia boss Stephen Elop said: This
settlement demonstrates Nokias
industry-leading patent portfolio and
enables us to focus on further licens-
ing opportunities in the mobile com-
munications market.
Apple confirmed it has entered
into a mutual licencing agreement. It
is also involved in ongoing patent law-
suits with Asian phone-makers HTC
and Samsung, accusing the latter of
slavishly copying its designs.
Nokia to take
a thin slice out
of Apples pie
News
ADVERTISING giant WPP is to step
up its acquisition drive this year, set-
ting aside a 200m war chest to
expand into new media in emerging
markets.
Chief executive Martin Sorrell has
tended to focus his expansion on
small and medium sized agencies in
rapidly expanding markets including
Brazil, India and China.
The amount earmarked for acquisi-
tions is around double that spent in
recent years. WPP has seen its share
price fall by around 7.5 per cent this
year.
Sorrell also said in an interview
with Bloomberg Television at the
World Economic Forum in Jakarta he
is optimistic about growth in the
advertising sector this year.
Sources close to the firm recently
ruled out a 500m bid for Aegis mar-
ket research business Synovate.
WPP sets aside 200m
for new acquisition drive
WPP boss Martin Sorrell is confident about the ad market Pic: Micha Theiner/CITY A.M.
BY STEVE DINNEEN
ADVERTISING
JONATHAN Agnew, the former

chairman of Nationwide Building
Society, is set to become the new
chairman of Virgin Money, as soon
as his appointment is approved by
the FSA.
Agnew (pictured) will take over
the leadership of a company that
has been without a figurehead for
the last year since the death of its
chief executive Brian Pitman.
Top of Agnews inbox will
be a 150-page informa-
tion memorandum hot
off the presses from
Lloyds, detailing the
632 branches the
bank is being forced
to sell.
Richard Branson
has declared Virgin
Money to be a serious
bidder for the assets,
which would cat-
apult Virgin
f r o m
being a
minnow
in the
i ndus -
try to being the UKs sixth largest
bank with 4.6 per cent of the mort-
gage market on its books.
Agnews first task will be to over-
see the decision on whether the
asking price looks reasonable,
where Virgin can find some 30bn
to find to cover the branches fund-
ing gap or whether it might in fact
make more sense to bid for
Northern Rock, which the govern-
ment is likely to offload this year.
Agnew, who is 70, is already
chairman of Beazley, the Lloyds of
London insurer, fund manager
Ashmore Global
Opportunities, the Cayenne
Trust and Rightmove.
He is an experienced
hand in the financial
services industry, having
also held roles as a direc-
tor of Commerzbank,
LMS Capital, Bankside
Insurance and Dresdner
Kleinwort.
Virgin Money recruits
an old hand as chair
BY JULIET SAMUEL
BANKING
BY STEVE DINNEEN
TELECOMS
JONATHAN AGNEW
RIGHTMOVE founder Harry Hill will
today list his new conveyancing
project on the Alternative
Investment Market.
In-Deed, which Hill launched
with private funding last month, is
raising 1.58m by placing 3.77m
ordinary shares with institutional
and other investors, the firm will
announce to the stock market today
as its shares commence trading.
After the IPO, Hill and his co-
founder, one-time 3i Group partner
Peter Gordon, will each retain a 10
per cent stake in the busi-
ness. The firm said in its
announcement today
that the float is signifi-
cantly oversubscribed.
Non-executive director
Boris Zhilin has taken a
5.4 per cent stake, while
Anthony Ekins, a proper-
ty veteran who is a
non-executive at Hills
JKM Property
Solutions, has also
taken 3.9 per cent of
the post-float equity.
HSBC, Octopus
Investments, Hargreave Hale and
nominated adviser Numis have all
taken stakes ahead of the float,
helping to give In-Deed an expected
market capitalisation of 8.57m
when in joins AIM.
We are delighted with the
strong interest our listing has gen-
erated, said Hill, who stepped
down as chairman of estate agent
Countrywide in 2009.
This is an important step in driv-
ing our business growth and will
help us to fulfill our ambition to
become market leader in the con-
veyancing sector within 3 years.
Im not very good at being sec-
ond or thirdI believe In-Deed can
dominate the conveyancing market
and set service standards for others
to aspire to, he added.
The firm has been set up to cash
in on the complexities of the UK
property market. In-Deed claims
that one in four homebuyers find
conveyancing confusing, and
hopes to provide online
services to make the
process simpler. In-Deed
aims to become a market
leader in the 1bn con-
veyancing sector through
its website.
UK-BASED healthcare giant
GlaxoSmithKline yesterday
announced a deal to acquire the
remaining 51 per cent of Chinese
drug maker and joint venture part-
ner Shenzhen Neptunus Interlong
Bio-Technique, for 24m.
Once the agreement is approved
by Chinese authorities, Glaxo will
become the sole owner of the joint
venture Shenzhen GSK-Neptunus
Biologicals or GSKNB.
Established in June 2009, GSKNB
focuses on the development and
manufacture of seasonal and pan-
demic influenza vaccines for China,
Hong Kong and Macau.
Glaxo had previously raised its
equity share in GSKNB to 49 per cent
in August last year, from an initial 40
per cent.
Glaxo said its decision to acquire
the outstanding interest in GSKNB
reflects its intention to further
expand its vaccines presence in
China through establishing local vac-
cine manufacturing capability.
GSK has licensed more vaccines
in China than any other global man-
ufacturer and has packaged more
than 100 million vaccines at our
Shanghai facility. Todays announce-
ment represents an expansion of
GSKs long-term commitment to vac-
cine supply, manufacturing and
development in China, said John
Lepore, vice president and general
manager of biologicals and corporate
for GSK China.
Glaxo vaccine drive accelerates as it
buys out its Chinese flu joint venture
CHINA Everbright Bank is planning
to raise about $6bn (3.7bn) in a
Hong Kong initial public offering,
according to a term sheet of the
deal.
The lender plans to issue 10.5bn
shares as part of the deal.
China Everbright Bank is set to
kick off pre-marketing by as soon as
next week, with listing scheduled
for 11 July, according to sources.
Its Hong Kong plans comes just
six months after its Shanghai IPO.
Everbright Securities, China
International Capital, Morgan
Stanley, JP Morgan, UBS, BNP
Paribas, BOC International, HSBC
and Shenyin Wanguo have been
hired to manage the offering.
Separately, China Everbright said
that a fund it runs with Macquarie
Group had secured nearly half a bil-
lion dollars from global investors
for a Greater China infrastructure
fund, bringing the total amount
available for investment to $729m.
China Everbright plans
$6bn Hong Kong listing
CAPITAL MARKETS
In-Deed is set
for AIM float
to build cash
BY MARION DAKERS
PROPERTY
BY HARRY BANKS
PHARMA
News
NEWS | IN BRIEF
Polar Capital triples its profits
Fund manager Polar Capital beat fore-
casts for full-year profit yesterday and
said assets surged over the past two
months as client inflows helped it
through May's choppy markets. Assets
jumped 11 per cent to $4.3bn between
the end of March and the end of May, as
clients invested in its technology, Japan,
insurance and healthcare funds on the
back of strong performance last year,
the firm said. Pre-tax profit for the year
to March almost tripled to 9.2m as
Polar's assets continued to rebound
after the financial crisis, beating ana-
lysts' forecasts of up to 8.7m. The
firms shares gained almost 11 per cent
yesterday.
Oxford buys nano-tech company
Technology group Oxford Instruments
yesterday unveiled its 28.1m purchase
of nano-technology group Omicron as it
ploughs on with expansion plans. The
acquisition will be part-funded by a
share placing run by JP Morgan
Cazenove, which raised 39m yesterday,
the firm added. Oxfords revenues rose
24 per cent to 262.3m in the year to
the end of March, giving a pre-tax profit
of 26.7m. Oxford said its figures were
the strongest in its 51-year history, help-
ing lift its shares 2.5 per cent.
Pursuit Dynamics widens losses
Food and drink tech firm Pursuit
Dynamics suffered a 13 per cent share
price fall yesterday after it admitted
that its operating losses had doubled to
7.16m for the six months to the end of
March. The firm announced several new
contracts alongside the figures, howev-
er, and chief executive Roel Pieper said
he was confident about the year ahead.
The firm said it has a cash balance of
11m after raising 8m in a share plac-
ing in April, and that it expects to sign
extra deals with biofuels plants in its US
business during the rest of the year.
AIR Partner, the British air charter
firm, said yesterday that demand for
emergency evacuations and charter
flights has put its business firmly on
course for growth.
The company, which supplies
planes to governments and industry,
organised 70 flights over a four-week
period for humanitarian aid relief to
New Zealand and Japan following the
earthquakes.
We are now investing to take fur-
ther market share and broaden our
product offering across our 24 inter-
national offices, said Mark Briffa,
chief executive.
The firm said its private jet division
continues to suffer from weak pricing
in the current market, but it has hired
new jet brokers to help find extra
business.
Shares rose five per cent yesterday
and closed at 470p.
Air Partner says charter
business is firmly on track
Mark Briffa, chief executive of Air Partner, says he is investing in new business
BY KASMIRA JEFFORD
AVIATION
The writing was on the wall for Focus DIY

A
T the start of last month the
Focus DIY chain entered
administration. BrandIndex
data gives us a read on the
problems that they have had for a
long period.
When we compare them to their
competitors (B&Q, Homebase and
Wickes) we can see that they were the
least talked about, and when people
did talk about them it was less
favourably. They were seen as poor
quality and relatively poor value and
they had lower satisfaction levels all
in all, not a great recipe for success.
First looking at attention over the
course of 2010 and 2011 between five
and seven per cent of the population
had recently heard anything about
Focus (either good or bad). This com-
pares to Wickes (10-17 per cent),
Homebase (13-22 per cent) and B&Q
(19-33 per cent). The leap for Focus (up
to 19 per cent) came after they
announced their intention to go into
administration a time when the
adage that all publicity is good pub-
licity really doesnt hold true.
With such low attention wed
expect Focus to perform less well on
the standard score for perception
measures if people arent thinking
of you, they cant think good things
of you. On BrandIndex though we can
take this further and look at those
scores proportionally (i.e. only taking
into account those people who say
something about the brand). Even
here Focus performs badly; as men-
tioned earlier this poor performance
is across all measures so best summed
up using the index score (a combined
score from the six different
measures). Focus had been hovering
around the +20 to +30 level before
plummeting on the news of adminis-
tration, whereas its rivals have consis-
tently had scores of +60 to +70. The
writing had long been on the wall for
Focus DIY.
Stephan Shakespeare is chief executive of
YouGov
BRANDINDEX
STEPHAN SHAKESPEARE
ANALYSIS l BrandIndex scores
01 01 2010 01 092011 01 062011
40.0
30.0
20.0
10.0
0.0
B&Q
Focus
Homebase Homebase
Wickes
ANALYSIS l Attention scores
01 01 2010 01 092011 01 062011
35.0
25.0
15.0
5.0
B&Q
Focus
Homebase Homebase
Wickes
News
Arden Partners
The stockbroker has appointed John
Goold, one of the firms original
founders, who returns to Arden from
Oriel Securities as head of equity sales.
Arden has also confirmed the appoint-
ment of Lord Flight as chairman. Lord
Flight has been acting as interim chair-
man since the retirement of Sir David
Rowe-Ham on 31 December 2010.
KPMG
Giles Triffitt has been appointed as a
risk director in KPMGs financial risk
management division. Triffitt joins
from Royal Bank of Scotland, where
he was head of risk services. Prior to
RBS, Giles was director of PwCs UK
Operational Risk team.
Renaissance Asset Managers
The investment management firm has
made two senior distribution hires.
Peter Zurhorst, previously at Janus
Capital Group, will lead RAMs client
business in Germany and Austria and
Ron Gillies, who joins from CoFunds,
will build on existing client relation-
ships and develop new opportunities as
a director in the London office.
Standard Life
The savings and investments provider
has appointed Paul Matthews as chief
executive of its UK business.
Matthews joined Standard Life in
1989, and most recently held the posi-
tion of UK take to market director.
Osborne Clarke
The law firm has appointed regenera-
tion specialist Rajindh Mangat, for-
merly head of urban regeneration at
Norton Rose, as a senior regeneration
estate partner.
EnQuest
The petroleum company has hired
David Heslop as United Kingdom con-
tinental shelf general manager, effec-
tive from 20 June. Heslop has more
than 30 years of international oil and
gas industry experience, including
senior roles at Talisman Energy, Mobil
Oil and Schlumberger.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Retail figures drive
US markets rally
U
S stocks posted their biggest
gains in nearly two months
yesterday as retail sales fig-
ures allayed fears over the
economy that had driven a six-week
slump in the market.
Many analysts said the rally was
likely a one-day wonder. Though still
weak, the retail sales data was not as
bad as most had expected, which
provided an excuse to buy after the
market had neared its most oversold
conditions in a year.
Its the long-term trend which is
still disturbing, said Alan Valdes,
director of floor operations at DME
Securities in New York. If you look
at the S&P 500, theyve lost over $1
trillion (610bn) in value since the
beginning of May - that is telling.
We were so oversold you had to
see a plus day.
Many headwinds remain, includ-
ing concerns over debt problems in
Europe and the United States, along
with the expiration at the end of
this month of the US Federal
Reserves bond-buying program,
which has been a key source of liq-
uidity for markets.
US retail sales declined for the
first time in 11 months in May, but
the fall was less than forecast. For
details, see China data also helped to
ease worries about global growth.
Gains were spread across the
board, with the Morgan Stanley
retail index, up 2.8 per cent, among
the best performers. Energy also out-
performed, with the S&P energy sec-
tor up 2 per cent as oil prices rose.
JC Penney jumped 17.5 per cent to
$35.37 after the department store
chain named Ron Johnson, Apples
senior vice president of retail, as its
new chief executive.
The Dow Jones industrial average
gained 123.14 points, or 1.03 per
cent, to 12,076.11. The Standard &
Poors 500 Index rose 16.04 points,
or 1.26 per cent, to 1,287.87. The
Nasdaq Composite Index advanced
39.03 points, or 1.48 per cent, to
2,678.72.
Expectations for further selling
this summer hovered in the back-
ground even as the market rallied.
Many investors are eyeing a possi-
ble retreat in the S&P 500 to its
March low near the 1,250 level. The
index closed flat on Monday after
falling to near a three-month low
last Friday.
That level could be seen as a near-
term bottom and attract additional
buyers, analysts have said.
The S&P 500 is down about 5.4 per
cent from its high in early May as
recent weak data sparked worries
about the sustainability of an eco-
nomic recovery.
B
ritains top share index rose
yesterday, with oil majors and
banks gaining as above-fore-
cast data from the United
States and signs that the Chinese
economy could avoid a hard landing
boosted appetite for riskier assets.
Britains FTSE 100 ended 29.67
points higher, or 0.5 per cent at
5,803.13 points, after inching up 0.1
per cent on Monday.
Concerns about a slowdown in the
US economy eased after data showed
retail sales fell less-than-expected in
May, though they still showed a first
drop in 11 months.
Chinese data showing the worlds
second-biggest economy may avoid a
hard landing amid efforts to prevent
it from overheating renewed the
market's appetite for risk.
Integrated oils were among the
gainers, up 0.9 per cent, as Brent
crude prices hit their highest in
more than five weeks on the back of
improved risk appetite.
Appetite for buying does seem to
be creeping back in right now, aided
by better-than-expected retail sales
data out of the US, said Ben
Critchley, sales trader at IG Index.
However, sentiment is crucial
right now, and theres no shortage of
potentially negative factors floating
around, he said, referring to a Greek
debt crisis and a US borrowing
predicament.
Traders said concerns also
remained about the state of the
British economy, as figures showed
inflation held at a two-and-a-half-
year high in May.
Banking stocks held up well -
despite Standard & Poors rating
agency downgrading Greece to triple
C on Monday, the lowest level of any
country - with traders saying the
Greek debt crisis was factored into
banking stocks as long as no further
bad news emerged.
Broker comments added to the
action on the FTSE 100, with ITV
adding 4.4 per cent to top the leader-
board after Liberum Capital argued
the broadcasters price could
advance more than 10 per cent from
this point.
Schroders rose 3.9 per cent after
HSBC lifted its rating on the invest-
ment manager to overweight on
valuation grounds.
Weir and IMI rose 1.2 and 2 per
cent respectively as JP Morgan said
business conditions remained
favourable, with current lead indica-
tors implying capital goods compa-
nies were more upbeat than equity
market sentiment.
Tesco erased earlier falls to end
flat after posting a fall in quarterly
underlying profit that missed fore-
casts.
Tesco seems to be seen as tomor-
rows story. The planks to its strate-
gy are in place, particularly in
furthering international diversifica-
tion, said Richard Hunter, head of
UK equities at Hargreaves
Lansdown.
Until the company is seen to be
delivering fully on this potential, the
shares may well continue to struggle
to make significant progress.
On the downside, commodities
trader Glencore fell 4.5 per cent after
its first trading update as a listed
entity.
In its update, Glencore refuted
speculation it might bid for Kazakh
miner ENRC whose shares fell 1.9 per
cent.
Imperial Tobacco shed 2.2 per cent
as Credit Suisse and Natixis cut their
respective target prices after its trad-
ing statement on Monday, when it
warned of problems in Spain.
Oil companies and banks help
to push the FTSE 100 higher
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Vodafone
185
175
165
160.75
14 Jun
VODAFONE
Credit Suisse rates the telecoms group buy/low risk with a target price of
1.95. The broker expects to see Vodafones relationship with Verizon to
soften over the coming months, giving room for dividends and a clearer pic-
ture of a possible merger or other-tie in between the two. The broker was
also pleased with the firms improving market share in Germany and the
UK, though has cut its earnings forecast for the year by three per cent.
ANALYSIS l Meggit
370
360
350
340
330
320
310
357.90
14 Jun
MEGGITT
JP Morgan Cazenove rates the engineer overweight with a target price of
488p. The broker thinks the market continues to underestimate the firms
strengths, with structural changes leaving it well-placed for strong growth
this year. JP Morgan sees an upside of 39 per cent to the current share
price, and views Meggitt as the stock most likely to beat consensus earn-
ings estimates over the next 12 to 18 months.
ANALYSIS l Bwin.party Digital Entertainment
220
180
140
143.60
14 Jun
BWIN.PARTY
UBS has upgraded the gaming firm to buy with a 12-month target price
of 185p. The broker thinks the market is increasingly pricing in a full with-
drawal from Germany for the firm, though UBS sees this as unlikely. Talk of
a retreat in Germany has distracted from upside offered elsewhere for the
company, including market consolidation and new French regulations, UBS
adds.
Lloyds TSB
Lloyds TSB Commercial Finance has appointed
Gary Lapthorn as marketing and external affairs
director. In his new role, Lapthorn will lead the
asset-based finance divisions marketing team to
help businesses access appropriate finance.
Lapthorn, who has been at Lloyds Banking Group
for a number of years, joins from the banks com-
mercial division, where he was head of strategy
for the past three years. Prior to that, Lapthorn
led a variety of commercial marketing teams.
6,100
5,900
5,500
5,700
21 Apr 17May 7Jun 11 Apr 14Mar
ANALYSIS l FTSE 100
5,803.13
14 June
Greek credit is burning
as the euro plays it cool
While the Athenians
stare into the abyss,
the single currency
stays on safe ground,
writes Craig Drake
ing against the dollar and sterling over
recent weeks. But the bond markets and
currency markets are very different beasts.
According to Kathleen Brooks at
Forex.com, there are two main reasons why
the euro has fared so well despite the Greek
crisis. The forex market is short termist by
nature. Markets seem to have decided that
there is enough support for the Greek crisis
for the next two years. Secondly, the euro is
a currency union. Forex traders are seeing
this as a problem in isolation.
ECB MANOEUVRES
In the long term, one of the biggest issues
that could upset what remains of
European fiscal co-operation is the han-
dover of the stewardship of the European
Central Bank later in the year. According to
Andrew Morris, managing director of port-
folio manager Signature: With Trichet
due to step down in October, it would seem
that the ECBs charismatic, or arguably
enigmatic, head is looking to have his final
swansong moment rather than leave
under a cloud. Indeed Trichets departure
at the end of October will leave behind a
very difficult legacy.
In reference to the difficulty of placating
the various factions of the EU empire,
Morris adds: The position will need to be
filled by someone who can negotiate cor-
dially with all European leaders, who
themselves are operating under close pub-
lic scrutiny. This coming at a time when
the EU faces some of its greatest chal-
lenges, which could test the fabric of the
union, may lead to calls growing for it to
fragment or operate on a tiered basis, if
rifts widen.
A
T THE beginning of the week, rat-
ings agency S&P downgraded
Greece to CCC, a hairs breadth
above default. With it looking likely
that bond holders will be asked to con-
tribute to the next bailout for Greece, the
country seems to be well and truly up the
river tributary without ancillary means of
locomotion.
In the rest of the Eurozone, fears of con-
tagion run rife. Alongside Greek 10-year
bonds hitting 17.5 per cent a record in the
Eurozones history Portuguese and Irish
10-year bonds are also at record highs of
11.4 per cent and 11.5 per cent respectively.
According to Richard Driver, currency
analyst of Caxton FX, this Greek situation
is getting out of hand and looking at
Portuguese and Irish bond yields, we are
getting a good insight into the inevitable
contagion that would follow a Greek
default. Driver adds: The EU summit on
24 June cannot come quick enough, the
stakes are too high for a resolution not to
be reached. As high as these bond yields
are, as long as a genuine default is avoided
this month, well see them calm down.
Today, the Greek parliament will be pre-
sented with a fiscal strategy bill that
includes the latest barrage of austerity
measures and privatisation plans that the
country must adhere to as a precondition
of the possibility of any further bailouts.
With Athens facing level of asset strip-
ping reminiscent of the days of King Xerxes
of Persia, one might have expected the euro
to be in a much more poorly state to that in
which it currently finds itself.
While the bond market is punishing the
likes of Greece, Portugal and Ireland, the
euro has remained stable, even appreciat-
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EURO-SWISSIE
OFFERS THE
CLUE TO RISK
BORIS SCHLOSSBERG
DIRECTOR OF CURRENCY RESEARCH, GFT
L
AST week, European Central Bank (ECB) chief
Jean-Claude Trichet uttered the fateful phrase,
strong vigilance, signalling that the central
bank would hike rates by 25 basis points in July,
to 1.50 per cent. However, instead of rallying, the
euro-dollar promptly fell four big figures in the wake
of the announcement. Part of the reason for the sell-
off was attributed to the classic buy the rumour, sell
the news dynamic which is so common to specula-
tive markets. Furthermore, after Trichet lowered the
ECBs inflation projections for 2012, some of the
decline was due to the concern that the move in July
will be a one-off affair rather than the start of a series
of rate hikes.
Ultimately however, it was the change in markets
focus that was the main driver of the euro decline.
As the interest rate differential story began to move
off centre stage, attention turned back to the Greek
sovereign debt problems and the ongoing dispute
between the German finance minister Wolfgang
Schaeuble and Trichet regarding the terms of the
second bailout. Schaeuble said last week that private
investors should be asked to extend the maturities
on their Greek bonds for seven years, a move that
credit rating companies have termed to be a default.
Trichet said any approach that risked a credit
event would be an enormous mistake for the euro
region, because of the possible contagion effects:
many French and German banks would be forced to
write down their positions, greatly reducing their
capital base.
Despite the wrangling between the ECB and
German fiscal officials, a broad consensus is develop-
ing that Greece cannot be allowed to default given
the risks that such an event could trigger within the
European financial system. Therefore, the market
remains relatively complacent at the moment and
euro-dollar has managed to rebound at the start of
the week. Nevertheless, traders are carefully watch-
ing the SFr1.20 level in euro-Swissie as the key
barometer of risk flows this week. If the pair breach-
es that barrier, it would be a sign that the Greek sov-
ereign debt problem may spin out of control.
Fiddling despite the figures
Wealth Management| Foreign Exchange
No supermarket
sweep in sight as
sterling falters
FOREX ANALYST PICKS
FOREX STRATEGIST
ILYA SPIVAK
My pick: Stay long dollar-Canadian dollar
Expertise: Global macro
Average time frame of trades: 1 week to 6 months
FOREX STRATEGIST
JOEL KRUGER
My pick: Long dollar-Swiss franc
Expertise: Technical analysis
Average time frame of trades: 4 weeks
The latest sharp drop to fresh record lows into the SFr0.8300s has
been quite extreme, with the market now violently oversold and in des-
perate need of a major corrective rebound at a minimum. It is not too
often that daily, weekly and monthly charts are oversold at the same
time, and in our opinion, the very bearish price action warns that a
material reversal is imminent. Position: long at SFr0.8350 for an open
objective; stop only on a daily close (10pm UK time) below SFr0.8240.
Last week, I entered long dollar-Canadian dollar after it pulled back to sup-
port at the bottom of a rising channel set from the 2 May low. Overall posi-
tioning has looked bullish since prices confirmed a head and shoulders
bottom with a break of the formations neckline at Ca$0.9667. The pair
shows a strong inverse correlation to the S&P 500 and I expect it to rise on
risk aversion fuelled by the expiry of QE2. I am initially targeting Ca$0.9818,
with a stop-loss activated on a daily close back below Ca$0.9667.
FOREX STRATEGIST
JOHN KICKLIGHTER
My pick: Short euro-dollar, kiwi dollar-dollar and Swiss franc-yen
Expertise: Fundamental analysis with risk management
Average time frame of trades: 1 day to 1 week
We havent seen a wholesale shift in risk trends, rate forecasts or stimu-
lus directives; and therefore we have come up light on trend. Last weeks
sterling-dollar short was good for a short-term drive; but little more. My
short Swiss franc-yen from 95.25 (150-pip first target and stop) is still
in place. Im currently looking for a euro-dollar break below $1.4300 and
then $1.4000 as well as kiwi dollar-dollar closing below $0.8100 for
dollar swings; but there are many risk/dollar opportunities out there.
I
T always helps to get a bit
more depth to your forex
trading knowledge. On 23
June, FXCM will be present-
ing a forex trading seminar in
association with City A.M..
Featuring an introduction by
City A.M. editor Allister Heath,
the main presentation will fea-
ture an insight into intraday
trading strategies with DailyFX
market analyst Alejandro
Zambrano.
Zambranos vision is clear:
Im presenting a euro-dollar
intraday strategy. It covers
when to enter and when to exit
in case of a loss and in case of a
gain.
He adds: Do you know when
to buy and when to sell the
euro-dollar? Do you know how
to maximise profits and min-
imise losses?
If you dont know, then you
will after visiting our seminar!
The seminar will take place at the
Grange Hotel, St Pauls between 8am
and 10 am.
Spaces are limited, so reserve your
seat now at www.fxcm.co.uk/semi-
nar
An FXCM/City
A.M. seminar
to help you get
more from your
currency trades
B
ETTER than expected CPI fig-
ures released yesterday saw a
temporary reversal in the
recent sterling decline. Despite
this, the pound remains in a broadly
weak position against the major cur-
rencies. With investors lacking in
any belief that Mervyn King will raise
interest rates at any point soon, the
pound is struggling to find a taker.
According to James Hughes, senior
market analyst for Alpari, despite
the persistently high level of infla-
tion in the UK, the collective Bank of
England stance remains closer to the
dovish camp that sees the rise in
inflation over the last two years as
temporary. He adds, as a result,
future interest rate expectations
have been downgraded significantly,
pushing sterlings yield differential
within the G20 to a record low.
Hughes expects that we will see rap-
idly falling disposable incomes and
sluggish recovery: Already the UK
has the worst growth rate in the G10,
and this is unlikely to change, as
ultra-low monetary policy is further
undermined by acute balance sheet
repair.
Disappointing figures buffeting
the pound have been coming along
one after another. Figures released
last week by the British Retail
Consortium showed poor retail fig-
ures for May, alongside rising prices
of the products on the shelves.
The figures released showed that
retail sales had seen a decline of 2.1
per cent for May compared with
the same month last year a slump
after the 5.2 per cent jump in April.
Stephen Robertson, director general
of the consortium said: After two
previous months distorted by the
later Easter and extra bank holiday,
this is a more realistic reflection of
how tough conditions on the high
street really are.
So where is sterling likely to head
in the coming weeks and months?
According to Richard Driver, curren-
cy analyst for Caxton FX, I see ster-
ling coming off a little this week. We
have the key monthly UK retail sales
figure [from the Office of National
Statistics] released on Thursday,
which is expected to show a 0.5 per
cent contraction after Aprils
bumper figure. Sentiment towards
the UK economy remains very weak
indeed, and todays data has done
nothing to bring Bank of England
rate rise bets forward from 2012.
CITYA.M. 15 JUNE 2011 21
The pound has
been left on the
shelf, with buyers
dissuaded by
monetary policy,
says Craig Drake
Forex shoppers
arent picking up
the pound
Picture:
REUTERS
E
VER since the discovery, explo-
ration and extraction of North Sea
oil in the 1960s, Norway has been
able to profit from the substance
that keeps the wheels of the worlds
economy turning.
Like Canadas Loonie, Norways cur-
rency is highly correlated with oils ups
and downs. As such, the recent rise in
oil on the back of Middle-Eastern unrest
saw the krone at a three year low versus
the dollar of 5.2171kr explains Ian
OSullivan of Spread Co. He adds: Oils
tumble from $115 to $98 also saw the
krone tumble some 8 per cent.
But excepting another global reces-
sion not beyond the realms of possibil-
ity demand for oil is unlikely to abate.
Kathleen Brooks of Forex.com points to
BPs recently released Statistical Review
of World Energy, which apart from con-
firming the rise of China, shows, per-
haps surprisingly, that demand for oil
grew dramatically in developed
economies in 2010. Christopher
Beauchamp of IG Index says the Saudi
decision to lift output may not be
enough to hold prices back, especially
now that $100 per barrel is seen as the
new normal by some Opec members.
THREE CROSSES TO WATCH
Swiss & Global Asset Managements
investment strategy for June 2011 states
that it favours the Norwegian krone.
There are certainly some interesting
crosses to watch. Beauchamp says the
Nokkie weakened against the dollar in
May on the expectation of the ending of
quantitative easing in the US, but has
Oil is king for Norways krone
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Wealth Management | Foreign Exchange
Growing energy demand should pump up the Nokkie
against some key currency crosses, writes Philip Salter
The Nokkie rises on a tide of black gold Picture: GETTY
A
USTRALIAN dollar-dollar has been trad-
ing sideways for about a month, since
pulling back from the $1.1012 high
reached at the start of May. A closer look
reveals a very nice Fibonacci pattern in play,
with $1.0532 the low support line, $1.0716 the
38.2 per cent retracement and $1.077 the 50
per cent retracement. After bouncing once more
off of $1.0532, it looks bound for $1.0716-
$1.0770 once again. Spread Co offers
Australian dollar-dollar at $1.0646-$1.0648.
Last week, New Zealand dollar-dollar hit a
new all-time high of $0.8298, bringing to five
the number of currencies that have reached
record levels versus the dollar this year the
others being the yen in March, the Australian
dollar in April, the Singaporean dollar in May
and the Swiss franc in June.
The Canadian dollar is
likely to be the next
candidate, being
only five cents
from its 2007
low of $0.92.
Although this
move will
require a US
rebound strong
enough to deliver
about 125 basis
points of Bank of
Canada tightening over
the next 12 months. The US
economy is still struggling and private sector
demand is still insufficient to induce a strong
recovery making QE3 a viable possibility for
US authorities. Dollar-Canadian dollar could be
under severe pressure as dollar weakness is
exacerbated by Canadian dollar strength. On
dollar-Canadian dollar, Alpari offers a spread of
$0.9740-$0.9742.
Despite the release of some marginally bet-
ter than expected economic data out of Japan
recently and suggestions by the governor of the
Bank of Japan that positive economic surprises
lie ahead, the yen has been unable to find any
lasting momentum for now. Yields on yen
deposits look set to remain exceptionally low
for some time yet, although with the greenback
clearly facing a myriad of challenges, the pair
remains one to watch. Current IG Index price
on dollar-yen is 80.18-80.19.
Speculation about the timing of the next rise
in interest rates continues to underpin the
pound, especially against the dollar. However,
there is some resistance around the $1.6500
area. CMC Markets offers a spread on sterling-
dollar of $1.64063-$1.64088.
Philip Salter
THE
TIPSTER
AUSSIE IN AN
ARCHETYPAL
FIBONACCI
$100 per
barrel is seen
as the new
normal by
some OPEC
members
gained once more on the expectation of
continued loose policy in US. In May,
Norways central bank raised rates by a
quarter to 2.25 per cent. According to
Beauchamp, provided oil demand stays
strong, a continued weak dollar should
see the Nokkie rise.
OSullivan thinks euro-Norwegian
krone looks interesting at its current
levels. He believes the Eurozone looks
precariously balanced and oil looks
cheap compared to recent levels. As
such, he advises any rally in euro-
Norwegian krone towards 7.90kr-7.950kr
should be sold with a target of 7.75kr-
7.70kr.
Brooks notes that over the last year,
the Nokkie has done badly against the
Swedish krona. This she suggests has
been based on the expectation that
interest rates will rise faster in Sweden
than Norway. However, Brooks suggests
that if we see an escalation in political
instability in the Middle East, rising oil
could see the Norwegian krone
strengthen against the Swedish krona.
LON GD ONCE FIX AM...........1519.00 -5.70
SILVER LDN FIX AM ..................35.03 -0.42
MAPLE LEAF 1 OZ ....................52.50 0.00
LON PLATINUM AM................1804.00 -16.00
LON PALLADIUM AM...............805.00 -3.00
ALUMINIUM CASH .................2559.50 -44.50
COPPER CASH ......................8894.50 -105.50
LEAD CASH...........................2512.00 -65.00
NICKEL CASH......................22245.00 -635.00
TIN CASH.............................24575.00 1375.00
ZINC CASH ............................2226.50 -25.50
BRENT SPOT INDEX................119.25 0.17
SOYA .....................................1382.75 -4.50
COCOA..................................3001.00 4.00
COFFEE...................................267.45 2.50
KRUG.....................................1577.20 -8.10
WHEAT ....................................177.12 -3.25
AIR LIQUIDE........................................94.42 1.43 100.65 79.85
ALLIANZ..............................................93.92 1.65 108.85 78.99
ALSTOM..............................................42.55 0.75 45.32 30.78
ANHEUS-BUSCH INBEV ....................40.13 0.18 46.33 38.70
ARCELORMITTAL...............................22.62 0.37 28.55 20.26
AXA......................................................15.14 0.41 16.16 10.88
BANCO SANTANDER...........................7.86 0.19 10.23 7.00
BASF SE..............................................64.53 1.34 70.22 40.74
BAYER.................................................57.01 1.29 59.44 43.27
BBVA......................................................7.73 0.18 10.71 6.75
BMW....................................................63.40 0.89 65.49 37.80
BNP PARIBAS.....................................52.61 1.20 59.93 43.13
CARREFOUR ......................................29.58 0.52 41.28 29.03
CREDIT AGRICOLE............................10.16 0.15 12.92 8.13
CRH PLC .............................................14.55 0.28 19.92 11.51
DAIMLER.............................................47.15 0.52 59.09 37.03
DANONE..............................................50.41 0.43 51.33 41.00
DEUTSCHE BANK..............................40.22 0.73 51.61 35.93
DEUTSCHE BOERSE .........................53.00 -0.03 62.48 46.33
DEUTSCHE TELEKOM.......................10.57 0.30 11.38 9.30
E.ON.....................................................19.43 0.31 25.54 18.25
ENEL......................................................4.57 0.04 4.86 3.42
ENI .......................................................16.13 0.17 18.66 14.62
FRANCE TELECOM............................14.59 0.13 17.45 14.01
GDF SUEZ ...........................................24.31 0.24 30.05 22.64
GENERALI ASS...................................14.55 0.17 17.05 13.31
IBERDROLA..........................................6.11 0.14 6.50 4.38
ING GROEP CVA...................................8.17 0.26 9.50 5.92
INTESA SANPAOLO.............................1.81 0.04 2.53 1.65
KON.PHILIPS ELECTR.......................17.92 0.15 26.87 17.55
L'OREAL..............................................86.09 1.62 90.00 75.03
LVMH..................................................116.80 1.35 129.05 84.85
MUNICH RE.......................................103.80 1.55 126.00 99.62
NOKIA....................................................4.36 0.07 8.49 4.25
REPSOL YPF.......................................22.48 0.57 24.90 16.30
RWE.....................................................38.86 0.70 58.10 37.44
SAINT-GOBAIN...................................42.17 0.71 47.64 27.81
SANOFI ................................................52.91 0.83 56.50 44.01
SAP......................................................42.79 0.90 46.15 34.13
SCHNEIDER ELECTRIC ...................112.60 2.10 123.65 79.70
SIEMENS .............................................91.25 1.78 99.39 70.02
SOCIETE GENERALE.........................39.79 0.78 52.70 32.50
TELECOM ITALIA..................................0.95 0.01 1.16 0.89
TELEFONICA ......................................16.34 0.19 19.69 14.95
TOTAL..................................................38.33 0.35 44.55 35.66
UNIBAIL-RODAMCO SE...................154.70 1.15 159.30 111.60
UNICREDIT............................................1.52 0.04 2.24 1.46
UNILEVER CVA...................................22.30 0.09 24.11 20.68
VINCI ....................................................42.81 0.76 45.48 33.01
VIVENDI ...............................................18.74 0.24 22.07 16.25
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5803.13 29.67 0.51
FTSE 250 INDEX. . . . . . . . 11861.43 81.97 0.70
FTSE UK ALL SHARE . . . . 3031.97 16.25 0.54
FTSE AIM ALL SH . . . . . . . . 872.53 -0.05 -0.01
DOWJONES INDUS 30 . . 12076.11 123.14 1.03
S&P 500 . . . . . . . . . . . . . . . 1287.87 16.04 1.26
NASDAQ COMPOSITE . . . 2678.72 39.03 1.48
FTSEUROFIRST 300 . . . . . 1100.86 8.92 0.82
NIKKEI 225 AVERAGE. . . . 9547.79 99.58 1.05
DAX 30 PERFORMANCE. . 7204.79 119.65 1.69
CAC 40 . . . . . . . . . . . . . . . . 3864.58 56.97 1.50
SHANGHAI SE INDEX . . . . 2730.04 29.66 1.10
HANG SENG. . . . . . . . . . . 22496.00 -12.08 -0.05
S&P/ASX 20 INDEX . . . . . . 2758.00 18.00 0.66
ASX ALL ORDINARIES . . . 4651.10 16.20 0.35
BOVESPA SAO PAOLO. . 62204.83 181.91 0.29
ISEQ OVERALL INDEX . . . 2921.55 14.88 0.51
STI . . . . . . . . . . . . . . . . . . . . 3057.39 -1.65 -0.05
IGBM. . . . . . . . . . . . . . . . . . 1029.60 18.54 1.83
SWISS MARKET INDEX. . . 6255.68 58.43 0.94
Price Chg %chg
3M........................................................92.59 1.29 97.95 76.62
ABBOTT LABS ...................................51.29 -0.11 54.24 44.59
ALCOA ................................................15.41 0.31 18.47 9.81
ALTRIA GROUP..................................27.37 0.44 28.13 19.53
AMAZON.COM..................................189.96 3.67 206.39 105.80
AMERICAN EXPRESS........................48.15 -0.09 51.97 37.33
AMGEN INC.........................................58.53 0.14 61.53 50.34
APPLE...............................................332.44 5.84 364.90 236.78
AT&T....................................................30.79 0.24 31.94 23.88
BANK OF AMERICA...........................10.80 -0.17 16.10 10.41
BERKSHIRE HATAW B.......................75.11 0.82 87.65 73.25
BOEING CO.........................................74.64 1.70 80.65 59.48
BRISTOL MYERS SQUI ......................27.69 0.09 28.99 24.22
CATERPILLAR....................................97.86 2.42 116.55 58.06
CHEVRON.........................................100.60 1.67 109.94 66.83
CISCO SYSTEMS................................15.08 0.02 26.00 14.92
CITIGROUP.........................................38.78 -0.39 51.50 36.20
COCA-COLA.......................................65.61 0.49 68.77 49.47
COLGATE PALMOLIVE......................86.60 1.26 87.58 73.12
CONOCOPHILLIPS.............................71.87 1.12 81.80 48.06
DU PONT(EI) DE NMR........................50.29 0.79 57.00 33.73
EMC CORP..........................................27.09 0.83 28.73 17.87
EXXON MOBIL....................................80.38 1.15 88.23 55.94
GENERAL ELECTRIC.........................18.60 0.21 21.65 13.75
GOLDMAN SACHS GRP..................137.12 -0.44 175.34 129.50
GOOGLE A........................................508.37 3.64 642.96 433.63
HEWLETT PACKARD.........................34.73 0.08 49.39 34.60
HOME DEPOT.....................................34.75 1.24 39.38 26.62
IBM.....................................................164.12 0.95 173.54 120.61
INTEL CORP .......................................21.82 0.44 23.96 17.60
J.P.MORGAN CHASE.........................41.61 -0.07 48.36 35.16
JOHNSON & JOHNSON.....................67.10 0.51 67.37 56.86
KRAFT FOODS A................................34.26 0.14 35.44 24.30
MC DONALD'S CORP ........................81.47 0.74 83.08 65.31
MERCK AND CO. NEW......................35.64 0.31 37.68 31.06
MICROSOFT........................................24.22 0.18 29.46 22.73
OCCID. PETROLEUM.......................104.78 2.64 117.89 72.13
ORACLE CORP...................................32.08 0.45 36.50 21.24
PEPSICO.............................................69.57 0.51 71.89 60.32
PFIZER ................................................20.58 0.12 21.45 14.00
PHILIP MORRIS INTL .........................68.92 1.39 71.75 43.09
PROCTER AND GAMBLE ..................64.76 -0.01 67.72 56.57
QUALCOMM INC ................................55.58 1.18 59.84 31.63
SCHLUMBERGER ..............................84.50 1.80 95.64 52.91
TRAVELERS CIES..............................58.65 -0.11 64.17 48.17
UNITED TECHNOLOGIE ....................84.02 1.25 90.67 63.62
VERIZON COMMS ..............................35.58 -0.05 38.95 25.80
WAL-MART STORES..........................52.91 0.29 57.90 47.77
WALT DISNEY CO ..............................38.59 0.22 44.34 30.72
WELLS FARGO & CO.........................27.02 0.12 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.545 0.00
LIBOR Euro - overnight ..................1.272 -0.18
LIBOR Euro - 12 months.................2.110 0.00
LIBOR USD - overnight...................0.127 0.00
LIBOR USD - 12 months.................0.720 0.00
Halifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.250 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US long bond yield .........................4.020 0.03
European repo rate.........................1.277 -0.20
Euro Euribor ....................................1.261 0.00
The vix index ...................................18.61 -1.56
The baltic dry index ........................1.412 -0.05
Markit iBoxx...................................220.43 -0.14
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
/$ 1.4485 0.0068
/ 0.8838 0.0034
/ 116.57 0.9310
/ 1.1316 0.0028
/$ 1.6393 0.0018
/ 131.96 0.6312
FTSE 100
5803.13
29.67
FTSE 250
11861.43
81.97
FTSE ALLSHARE
3031.97
16.25
DOW
12076.11
123.14
NASDAQ
2678.72
39.03
S&P 500
1287.87
16.04
Rexam . . . . . . . . . . . .386.4 1.2 400.0 290.4
RPC Group . . . . . . . .342.0 -6.1 361.1 192.3
Smiths Group . . . . .1129.0 4.0 1429.0 1043.0
Brown (N.) Group . . .272.0 0.6 311.2 221.0
Carpetright . . . . . . . . .733.0 2.0 835.5 631.0
Debenhams . . . . . . . . .69.1 1.5 77.4 53.0
Dignity . . . . . . . . . . . .755.0 -1.5 785.0 627.5
Dixons Retail . . . . . . .17.7 0.3 28.5 11.8
DunelmGroup . . . . . .425.5 1.5 550.0 325.3
Halfords Group . . . . .391.8 1.8 550.0 348.2
Home Retail Group . .174.7 8.3 244.5 165.5
Inchcape . . . . . . . . . .389.8 6.9 414.0 237.1
JD Sports Fashion . .913.5 10.0 1005.0 683.0
Kesa Electricals . . . .142.0 3.2 174.0 108.9
Kingfisher . . . . . . . . .274.8 6.2 287.1 198.5
Marks & Spencer G . .368.1 6.8 427.5 327.2
Mothercare . . . . . . . .401.8 3.7 627.5 382.0
Next . . . . . . . . . . . . .2240.0 21.0 2326.0 1868.0
Sports Direct Int . . . .226.4 2.4 234.1 97.1
WH Smith . . . . . . . . . .474.9 3.6 523.0 398.2
Smith & Nephew . . . .655.5 5.0 742.0 537.5
Synergy Health . . . . .910.0 -9.5 948.0 630.5
Barratt Developme . .110.6 2.8 119.0 70.1
Yule Catto & Co . . . . .222.8 -0.7 240.5 112.7
Balfour Beatty . . . . . .310.8 3.1 357.3 229.8
Keller Group . . . . . . .528.0 8.5 698.5 513.0
Kier Group . . . . . . . .1306.0 13.0 1418.0 886.5
Drax Group . . . . . . . .476.9 -3.4 488.3 353.6
Scottish & Southe . .1374.0 -10.0 1410.0 1108.0
Domino Printing S . .653.5 -10.0 705.0 414.0
Halma . . . . . . . . . . . . .391.2 3.9 395.8 256.5
Laird . . . . . . . . . . . . . .136.0 0.6 179.0 98.8
Morgan Crucible C . .306.7 3.7 333.0 179.5
Renishaw . . . . . . . . .1720.0 23.0 1819.0 707.0
Spectris . . . . . . . . . .1549.0 10.0 1575.0 740.5
Aberforth Smaller . . .714.0 5.5 716.0 506.0
Alliance Trust . . . . . .373.4 0.4 385.0 293.5
Bankers Inv Trust . . .422.9 4.4 428.0 337.0
BH Global Ltd. GB .1108.0 8.0 1174.0 1058.0
BH Global Ltd. US . . . .10.9 0.1 11.6 10.4
BH Macro Ltd. EUR . . .17.0 0.1 17.2 15.8
BH Macro Ltd. GBP 1772.0 5.0 1780.0 1630.0
BH Macro Ltd. USD . . .16.9 0.1 17.1 15.8
BlackRock World M .741.0 3.5 815.5 533.0
BlueCrest AllBlue . . .174.9 0.4 176.2 163.5
British Assets Tr . . . .134.0 1.0 140.5 105.0
British Empire Se . . .528.0 3.0 533.0 404.1
Caledonia Investm .1765.0 7.0 1928.0 1539.0
City of London In . . .296.0 1.0 303.2 235.0
Dexion Absolute L . .146.0 -1.0 151.0 131.2
Edinburgh Dragon . .240.0 1.4 262.1 205.3
Edinburgh Inv Tru . . .484.3 2.3 492.2 372.2
Electra Private E . . .1724.0 -11.0 1755.0 1177.0
F&C Inv Trust . . . . . . .311.3 2.3 317.5 251.4
Fidelity China Sp . . . . .99.0 1.8 128.7 96.1
Fidelity European . .1259.0 9.0 1287.0 916.0
Fidelity Special . . . . .567.0 4.0 595.0 503.0
Herald Inv Trust . . . . .526.5 4.5 541.0 352.5
HICL Infrastructu . . . .117.6 0.0 121.3 112.0
Impax Environment .118.9 -0.2 130.5 106.5
JPMorgan American .852.0 1.0 909.0 673.0
JPMorgan Asian In . .228.0 -1.0 250.8 187.1
JPMorgan Emerging .583.5 2.0 639.0 479.5
JPMorgan European .925.5 9.0 983.5 618.0
JPMorgan Indian I . . .419.0 2.0 502.0 394.1
JPMorgan Russian .670.5 2.5 755.0 502.0
Law Debenture Cor . .367.9 2.4 372.4 273.3
Mercantile Inv Tr . . .1090.0 14.0 1137.0 840.0
Merchants Trust . . . .418.5 1.5 431.8 320.0
Monks Inv Trust . . . .350.9 1.4 367.9 275.5
Murray Income Tru . .654.5 4.5 672.0 518.0
Murray Internatio . . .947.5 5.0 966.0 805.5
Perpetual Income . . .270.1 2.0 276.0 212.0
Polar Cap Technol . .347.0 -1.0 391.2 275.6
RIT Capital Partn . . .1311.0 -5.0 1328.0 1095.0
Schroder Asia Pac . .219.0 0.3 233.6 182.8
Scottish Inv Trus . . . .495.6 -4.2 517.0 401.5
Scottish Mortgage . .722.0 -3.5 764.0 533.0
SVG Capital . . . . . . . .262.7 3.3 279.8 137.8
Temple Bar Inv Tr . . .929.0 9.0 947.5 717.0
Templeton Emergin .631.5 4.0 689.5 515.0
TR Property Inv T . . .193.5 1.4 201.0 132.3
TR Property Inv T . . . .89.3 -0.5 91.0 59.5
Witan Inv Trust . . . . .506.5 2.0 528.0 409.9
3i Group . . . . . . . . . . .273.9 5.2 340.0 254.1
3i Infrastructure . . . .122.8 -0.1 125.2 108.9
Aberdeen Asset Ma .229.0 4.6 240.0 123.0
Ashmore Group . . . .393.0 11.7 394.5 236.5
Berkeley Technolo . . . .4.3 0.0 9.0 2.2
Brewin Dolphin Ho . .159.6 0.4 185.4 114.0
Camellia . . . . . . . . .10950.0 120.510975.0 7600.0
Charles Taylor Co . . .132.4 2.4 237.0 122.0
City of London Gr . . . .83.5 0.0 93.6 65.8
City of London In . . .426.3 1.3 461.5 273.5
Close Brothers Gr . . .778.0 5.5 888.5 664.0
Collins Stewart H . . . .77.0 -0.3 90.8 67.3
Evolution Group . . . . .65.8 0.3 98.0 65.0
F&C Asset Managem .76.1 -0.8 92.9 47.5
Hargreaves Lansdo .624.5 7.5 646.5 317.4
Helphire Group . . . . . . .3.5 -0.1 44.5 3.2
Henderson Group . . .143.5 3.9 173.1 118.1
Highway Capital . . . . .15.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .468.0 6.8 570.5 380.2
IG Group Holdings . .436.5 2.5 553.0 420.0
Intermediate Capi . . .316.1 2.6 360.3 240.4
International Per . . . .373.3 8.2 386.6 183.3
International Pub . . . .117.0 0.2 118.3 108.6
Investec . . . . . . . . . . .495.1 3.7 538.0 429.2
IP Group . . . . . . . . . . . .50.0 0.1 53.8 27.9
Jupiter Fund Mana . .273.7 1.7 337.3 180.3
LMS Capital . . . . . . . . .63.3 0.3 64.8 40.0
London Finance & . . .21.5 -1.5 23.5 16.5
London Stock Exch .968.5 19.5 990.0 544.0
Man Group . . . . . . . . .240.2 2.7 311.0 206.4
Paragon Group Of . .200.8 1.8 206.1 114.4
Provident Financi . . .983.5 9.0 1033.0 728.5
Rathbone Brothers .1134.0 2.0 1257.0 762.5
Real Estate Credi . . . . .1.4 0.0 2.4 0.9
RSM Tenon Group . . .26.0 0.3 66.3 21.3
S & U . . . . . . . . . . . . .620.0 0.0 708.5 482.5
Schroders . . . . . . . .1586.0 60.0 1922.0 1154.0
Schroders (Non-Vo .1321.0 45.0 1554.0 950.5
Tullett Prebon . . . . . .364.8 4.8 428.6 307.5
Walker Crips Grou . . .49.0 0.5 52.3 46.5
BT Group . . . . . . . . . .200.4 5.1 201.9 126.3
Cable & Wireless . . . .39.4 -0.5 61.4 39.3
Cable & Wireless . . . .50.5 0.5 92.0 46.6
COLT Group SA . . . .147.7 0.3 156.2 109.0
TalkTalk Telecom . . .148.5 -0.5 168.3 114.3
TelecomPlus . . . . . . .617.0 3.5 621.5 327.0
Booker Group . . . . . . .68.8 0.1 70.3 39.5
Greggs . . . . . . . . . . . .515.5 -3.0 542.0 418.7
Morrison (Wm) Sup .295.2 -0.6 308.3 257.7
Ocado Group . . . . . . .219.7 -0.2 285.0 123.5
Sainsbury (J) . . . . . . .326.8 0.2 395.0 317.2
Tesco . . . . . . . . . . . . .407.3 0.1 440.7 377.5
Associated Britis . .1065.0 -3.0 1182.0 940.0
Cranswick . . . . . . . . .762.5 2.5 907.5 735.0
Dairy Crest Group . . .393.2 -0.4 424.9 339.7
Devro . . . . . . . . . . . . .275.4 -4.0 296.9 180.0
Premier Foods . . . . . . .28.0 -0.5 35.1 16.0
Tate & Lyle . . . . . . . . .645.0 -5.0 656.0 409.1
Unilever . . . . . . . . . .1945.0 8.0 2000.0 1688.0
Mondi . . . . . . . . . . . . .609.0 5.0 630.0 367.6
Centrica . . . . . . . . . . .326.0 1.8 346.1 290.8
International Pow . . .314.4 2.4 448.6 295.9
National Grid . . . . . . .594.0 -0.5 632.5 485.0
Northumbrian Wate .378.2 -8.8 388.1 293.1
Pennon Group . . . . . .665.0 -1.0 675.0 545.5
Severn Trent . . . . . .1453.0 -2.0 1517.0 1216.0
United Utilities . . . . .606.0 1.5 632.0 520.0
Cookson Group . . . . .656.0 6.5 724.5 367.4
DS Smith . . . . . . . . . .216.3 1.1 226.0 116.0
Glencore Internat . . .500.0 -23.4 531.1 500.0
BAE Systems . . . . . .315.1 1.6 369.9 294.7
Chemring Group . . . .659.0 4.0 736.5 519.6
Cobham . . . . . . . . . . .214.1 0.5 247.6 192.3
Meggitt . . . . . . . . . . . .357.9 6.0 380.9 261.7
QinetiQ Group . . . . . .120.3 1.3 136.3 96.7
Rolls-Royce Group . .612.0 11.0 665.0 535.0
Senior . . . . . . . . . . . . .158.7 1.3 160.6 111.2
Ultra Electronics . . .1655.0 6.0 1895.0 1522.0
GKN . . . . . . . . . . . . . .211.5 4.6 237.1 109.3
Barclays . . . . . . . . . . .264.6 4.2 344.0 255.4
HSBC Holdings . . . . .616.0 -0.2 730.9 596.2
Lloyds Banking Gr . . .48.6 0.9 77.6 46.9
Royal Bank of Sco . . .41.6 1.0 52.1 37.6
Standard Chartere .1574.0 21.0 1950.0 1525.0
AG Barr . . . . . . . . . .1349.0 -11.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .406.7 -0.4 518.0 364.5
Diageo . . . . . . . . . . .1260.0 -11.0 1301.0 1033.0
SABMiller . . . . . . . . .2187.0 -18.0 2306.0 1827.0
AZ Electronic Mat . . .311.6 3.8 338.1 248.5
Croda Internation . .1916.0 2.0 1962.0 971.0
Elementis . . . . . . . . . .158.0 -0.1 169.8 58.8
Johnson Matthey . .1993.0 1.0 2119.0 1460.0
Victrex . . . . . . . . . . .1495.0 13.0 1525.0 1049.0
Price Chg High Low
Bellway . . . . . . . . . . . .727.5 14.0 753.5 511.0
Berkeley Group Ho .1150.0 15.0 1159.0 757.0
Bovis Homes Group .432.8 5.0 464.7 326.6
Persimmon . . . . . . . .468.3 7.8 502.5 336.5
Reckitt Benckiser . .3429.0 4.0 3648.0 3015.0
Redrow . . . . . . . . . . . .120.3 -0.8 139.0 97.5
Taylor Wimpey . . . . . . .36.6 0.5 43.3 22.3
Bodycote . . . . . . . . . .364.6 -5.4 397.7 185.0
Charter Internati . . . .750.5 12.0 853.5 567.0
Fenner . . . . . . . . . . . .387.9 15.2 391.9 192.2
IMI . . . . . . . . . . . . . . .1031.0 20.0 1112.0 657.5
Melrose . . . . . . . . . . .334.5 6.0 355.5 203.4
Northgate . . . . . . . . . .322.3 0.3 346.7 152.3
Rotork . . . . . . . . . . .1647.0 5.0 1895.0 1254.0
Spirax-Sarco Engi . .1907.0 10.0 2063.0 1346.0
Weir Group . . . . . . .2056.0 25.0 2077.0 1024.0
Ferrexpo . . . . . . . . . . .457.0 -3.3 499.0 235.0
Talvivaara Mining . . .440.5 -1.7 622.0 352.3
BBAAviation . . . . . . .208.7 1.3 240.8 175.0
Stobart Group Ltd . . .138.1 0.9 163.6 124.1
Admiral Group . . . . .1717.0 2.0 1754.0 1375.0
Haynes Publishing . .246.0 0.0 262.5 202.5
Huntsworth . . . . . . . . .73.0 -1.8 87.5 65.0
Informa . . . . . . . . . . . .429.0 5.9 461.1 342.1
ITE Group . . . . . . . . . .238.3 -4.2 258.2 136.2
ITV . . . . . . . . . . . . . . . . .68.2 2.9 93.5 48.3
Johnston Press . . . . . . .4.4 -0.4 20.0 4.3
MecomGroup . . . . . .246.8 1.0 310.0 162.0
Moneysupermarket. .107.9 -0.9 109.9 64.6
Pearson . . . . . . . . . .1175.0 4.0 1178.0 864.0
Reed Elsevier . . . . . .542.0 3.0 590.5 490.2
Rightmove . . . . . . . .1096.0 -3.0 1105.0 596.5
STV Group . . . . . . . . .130.0 -2.0 168.0 66.0
Tarsus Group . . . . . .144.8 0.8 165.0 112.5
Trinity Mirror . . . . . . . .42.5 0.3 124.3 41.5
United Business M . .549.5 0.0 725.0 483.8
UTV Media . . . . . . . . .129.0 1.0 151.0 106.0
Wilmington Group . . .117.5 0.0 183.0 114.0
WPP . . . . . . . . . . . . . .746.0 9.5 846.5 614.5
Yell Group . . . . . . . . . . .6.0 0.1 30.7 5.6
African Barrick G . . .398.9 -7.1 670.0 397.6
Anglo American . . .2902.5 2.0 3437.0 2254.0
Anglo Pacific Gro . . .315.8 1.9 369.3 246.5
Antofagasta . . . . . . .1257.0 42.0 1634.0 761.0
Aquarius Platinum . .324.1 -4.4 419.0 227.1
BHP Billiton . . . . . . .2310.0 30.0 2631.5 1684.5
Amlin . . . . . . . . . . . . .416.5 0.5 433.0 375.3
Beazley . . . . . . . . . . . .126.2 0.2 139.2 109.1
Catlin Group Ltd. . . .419.7 1.0 421.4 325.0
Hiscox Ltd. . . . . . . . . .419.8 1.2 425.3 336.1
Jardine Lloyd Tho . . .687.5 -0.5 709.0 521.5
Lancashire Holdin . . .655.0 2.5 660.0 490.6
RSA Insurance Gro . .136.4 0.6 143.5 117.9
Aviva . . . . . . . . . . . . . .432.2 8.7 477.9 305.8
Legal & General G . . .116.4 2.1 123.8 75.6
Old Mutual . . . . . . . . .127.3 0.6 145.2 102.0
Phoenix Group Hol . .645.0 -6.0 758.0 584.5
Prudential . . . . . . . . .720.5 5.0 777.0 489.2
Resolution Ltd. . . . . .309.7 -3.3 316.1 211.3
St James's Place . . . .341.5 3.1 360.4 204.2
Standard Life . . . . . . .207.0 2.2 244.7 173.0
4Imprint Group . . . . .284.8 -7.8 295.0 195.0
Aegis Group . . . . . . .149.4 -0.6 152.0 103.6
Bloomsbury Publis . .129.0 2.0 138.0 108.5
British Sky Broad . . .835.0 1.5 849.0 600.5
Centaur Media . . . . . . .54.4 0.1 73.0 45.8
Chime Communicati .288.0 4.8 298.5 158.0
Creston . . . . . . . . . . . .118.3 -1.8 121.0 78.5
Daily Mail and Ge . . .444.0 6.6 594.5 433.0
Euromoney Institu . .670.0 0.0 736.0 575.5
Future . . . . . . . . . . . . . .18.8 0.0 30.0 15.8
Centamin Egypt Lt . .118.5 2.4 197.1 113.4
Eurasian Natural . . .761.5 -15.0 1125.0 742.0
Fresnillo . . . . . . . . . .1377.0 -1.0 1682.0 950.0
GemDiamonds Ltd. .272.2 3.4 306.0 186.3
Hochschild Mining . .475.0 2.7 680.0 289.4
Kazakhmys . . . . . . .1282.0 47.0 1671.0 965.0
Kenmare Resources . .49.3 1.5 50.3 11.5
Lonmin . . . . . . . . . . .1463.0 -13.0 1983.0 1355.0
Petropavlovsk . . . . . .720.0 6.0 1365.0 707.0
Randgold Resource 4728.0 -22.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4144.0 38.5 4712.0 2880.5
Vedanta Resources 2015.0 22.0 2583.0 1839.0
Xstrata . . . . . . . . . . .1293.0 -41.0 1550.0 845.8
Inmarsat . . . . . . . . . . .594.0 3.0 821.0 575.0
Vodafone Group . . . .160.8 0.6 181.9 136.5
Genesis Emerging . .522.0 -0.5 568.0 439.1
Afren . . . . . . . . . . . . . .165.4 0.7 171.2 79.2
BG Group . . . . . . . . .1366.0 19.5 1564.5 1002.0
BP . . . . . . . . . . . . . . . .440.5 3.0 509.0 302.9
Cairn Energy . . . . . . .419.9 6.7 493.2 366.0
EnQuest . . . . . . . . . . .129.0 2.0 158.5 96.0
Essar Energy . . . . . .437.6 5.5 589.5 387.1
Exillon Energy . . . . . .420.0 0.6 469.7 166.5
Heritage Oil . . . . . . . .235.4 -1.5 486.0 227.8
JKX Oil & Gas . . . . . .284.8 -2.1 335.1 228.0
Premier Oil . . . . . . . . .479.8 10.2 535.0 292.8
Royal Dutch Shell . .2143.5 18.0 2326.5 1624.0
Royal Dutch Shell . .2155.5 15.5 2336.0 1554.0
Salamander Energy .266.2 -0.5 317.6 210.0
Soco Internationa . . .380.3 0.0 484.2 292.0
Tullow Oil . . . . . . . . .1301.0 17.0 1493.0 991.5
Amec . . . . . . . . . . . . .1114.0 7.0 1251.0 805.5
Hunting . . . . . . . . . . .736.5 8.5 817.0 439.4
John Wood Group . .650.0 9.0 706.0 308.4
Lamprell . . . . . . . . . . .355.4 -27.6 400.9 200.0
Petrofac Ltd. . . . . . .1571.0 41.0 1685.0 1141.0
Burberry Group . . . .1320.0 21.0 1365.0 739.5
PZ Cussons . . . . . . . .374.9 1.5 409.0 309.5
Supergroup . . . . . . . .875.0 -20.0 1820.0 673.5
AstraZeneca . . . . . .3129.5 39.0 3385.0 2801.5
BTG . . . . . . . . . . . . . .267.9 -0.9 282.5 187.9
Genus . . . . . . . . . . . .1020.0 5.0 1046.0 704.5
GlaxoSmithKline . . .1288.0 5.0 1348.5 1095.0
Hikma Pharmaceuti .797.0 -3.0 900.0 674.5
Shire Plc . . . . . . . . . .1863.0 22.0 1961.0 1341.0
Capital & Countie . . .180.3 1.3 181.4 104.1
Daejan Holdings . . .2812.0 27.0 2919.0 2251.0
F&C Commercial Pr .107.9 0.1 108.0 88.0
Grainger . . . . . . . . . . .125.5 -0.1 128.2 86.3
Helical Bar . . . . . . . . .253.3 -1.3 339.5 253.0
London & Stamford .133.2 -0.4 140.0 110.3
Savills . . . . . . . . . . . . .403.5 -3.7 427.1 273.1
St. Modwen Proper . .185.1 -0.4 192.0 135.4
UK Commercial Pro . .85.4 -0.1 85.5 74.3
Unite Group . . . . . . . .224.1 1.0 229.8 170.5
Big Yellow Group . . .320.0 -4.7 353.3 284.4
British Land Co . . . . .589.0 3.5 604.5 429.0
Capital Shopping . . .386.0 -0.6 424.8 301.3
Derwent London . . .1871.0 5.0 1877.0 1208.0
Great Portland Es . . .436.7 2.0 442.2 281.0
Hammerson . . . . . . . .478.4 2.8 486.3 336.3
Hansteen Holdings . . .86.3 0.4 89.3 59.4
Land Securities G . . .837.5 2.5 848.0 545.0
SEGRO . . . . . . . . . . . .321.1 2.4 331.3 250.2
Shaftesbury . . . . . . . .537.5 4.0 540.0 349.3
Autonomy Corporat 1785.0 19.0 1975.0 1271.0
Aveva Group . . . . . .1725.0 53.0 1739.0 1127.0
Computacenter . . . . .452.6 5.8 489.7 260.0
Fidessa Group . . . . .1960.0 44.0 1971.0 1300.0
Invensys . . . . . . . . . . .305.8 4.9 364.3 230.2
Kofax . . . . . . . . . . . . .468.3 -18.7 535.0 231.0
Logica . . . . . . . . . . . .132.0 4.4 147.2 101.7
Micro Focus Inter . . .372.0 -3.5 541.5 276.0
Misys . . . . . . . . . . . . .389.9 3.0 392.5 232.8
Sage Group . . . . . . . .287.9 3.8 302.0 222.7
SDL . . . . . . . . . . . . . . .711.5 0.5 716.0 450.0
Telecity Group . . . . . .541.5 6.0 548.5 377.0
Aggreko . . . . . . . . . .1911.0 37.0 1935.0 1346.0
Ashtead Group . . . . .182.0 -0.4 207.9 77.0
Atkins (WS) . . . . . . . .810.5 3.5 820.0 650.0
Babcock Internati . . .701.0 7.5 704.5 492.8
Berendsen . . . . . . . . .492.0 -5.0 519.5 360.2
Bunzl . . . . . . . . . . . . .765.0 10.0 783.0 658.0
Capita Group . . . . . . .754.0 13.5 810.0 635.5
Carillion . . . . . . . . . . .374.7 3.6 403.2 291.2
De La Rue . . . . . . . . .787.0 -5.0 979.0 549.5
Electrocomponents .286.0 0.6 294.9 205.7
Experian . . . . . . . . . . .800.5 15.5 819.0 578.0
Filtrona PLC . . . . . . . .370.5 1.8 385.5 196.1
G4S . . . . . . . . . . . . . . .283.2 -1.8 291.0 237.7
Hays . . . . . . . . . . . . . .107.8 1.6 133.6 88.4
Homeserve . . . . . . . .524.5 -2.0 535.0 398.6
Howden Joinery Gr . .106.6 -0.1 127.5 56.8
Intertek Group . . . . .1982.0 13.0 2148.0 1432.0
Michael Page Inte . . .531.0 8.5 567.0 349.4
Mitie Group . . . . . . . .236.7 3.5 241.1 188.7
Premier Farnell . . . . .278.5 2.5 308.8 210.2
Regus . . . . . . . . . . . . .108.0 5.6 119.0 66.1
Rentokil Initial . . . . . . .95.9 1.0 121.7 84.3
RPS Group . . . . . . . . .246.0 2.5 251.4 169.8
Serco Group . . . . . . .577.0 4.0 640.0 529.5
Shanks Group . . . . . .128.1 0.2 130.9 96.5
SIG . . . . . . . . . . . . . . .144.2 1.4 153.5 90.7
SThree . . . . . . . . . . . .401.9 1.9 447.6 231.1
Travis Perkins . . . . .1044.0 21.0 1127.0 709.0
Wolseley . . . . . . . . .1941.0 28.0 2261.0 1223.0
ARM Holdings . . . . . .577.5 2.5 651.0 270.5
CSR . . . . . . . . . . . . . .316.1 6.8 447.0 280.9
Imagination Techn . .479.9 -5.1 502.0 270.6
Pace . . . . . . . . . . . . . .108.0 0.0 231.8 93.0
Spirent Communica .150.9 1.8 160.3 107.6
British American . .2663.5 -27.0 2745.5 2091.0
Imperial Tobacco . .2010.0 -46.0 2231.0 1784.0
Avis Europe . . . . . . . .310.7 114.1 311.8 184.0
Betfair Group . . . . . . .855.5 23.5 1550.0 753.0
Bwin.party Digita . . .143.6 -2.5 309.5 127.5
Carnival . . . . . . . . . .2238.0 -16.0 3153.0 2037.0
Compass Group . . . .592.5 0.5 598.5 501.0
Domino's Pizza UK . .381.9 -0.4 586.0 361.1
easyJet . . . . . . . . . . . .355.2 0.3 479.0 322.3
Enterprise Inns . . . . . .75.1 1.2 122.7 73.3
FirstGroup . . . . . . . . .329.0 1.7 412.6 311.3
Go-Ahead Group . . .1492.0 24.0 1504.0 1042.0
Greene King . . . . . . .491.0 5.7 502.5 392.1
InterContinental . . .1190.0 10.0 1435.0 982.0
International Con . . .232.7 7.9 305.0 186.5
JD Wetherspoon . . . .430.0 -5.0 468.3 386.5
Ladbrokes . . . . . . . . .149.0 2.1 152.2 122.7
Marston's . . . . . . . . . .101.0 -0.2 117.1 90.4
Millennium& Copt . .491.4 1.1 600.5 392.0
Mitchells & Butle . . . .326.5 1.4 361.0 274.0
National Express . . .252.9 0.9 270.2 213.4
Punch Taverns . . . . . .73.0 0.5 90.4 58.0
Rank Group . . . . . . . .151.5 -0.6 153.1 94.8
Restaurant Group . . .298.7 2.5 335.0 208.2
Stagecoach Group . .243.0 0.3 249.8 160.7
Thomas Cook Group 136.2 2.1 205.5 132.7
TUI Travel . . . . . . . . . .211.3 0.9 271.9 190.0
Whitbread . . . . . . . .1527.0 16.0 1887.0 1361.0
WilliamHill . . . . . . . . .220.5 1.8 223.5 155.5
Abcam . . . . . . . . . . . .414.5 -5.5 428.5 237.4
Albemarle & Bond . .352.0 8.0 354.0 218.0
Amerisur Resource . .26.8 0.8 29.0 11.5
Archipelago Resou . . .62.1 0.1 66.8 32.3
ASOS . . . . . . . . . . . .2468.0 51.0 2477.0 746.0
Aurelian Oil & Ga . . . .60.3 0.3 92.0 35.8
Avanti Communicat .384.0 -5.0 735.0 376.0
Avocet Mining . . . . . .187.8 1.8 253.5 112.0
Blinkx . . . . . . . . . . . . .132.0 7.3 148.8 33.5
Borders & Souther . . .54.8 -0.8 93.0 53.6
BowLeven . . . . . . . . .322.3 -0.5 398.0 126.3
Caledon Resources .104.8 0.3 107.0 23.3
Cape . . . . . . . . . . . . . .552.0 -2.0 567.0 195.8
Conygar Investmen .115.0 -1.6 120.0 101.3
Cove Energy . . . . . . . .83.3 3.5 112.8 47.5
Daisy Group . . . . . . . .117.0 -1.0 118.3 86.0
Desire Petroleum . . . .18.0 0.0 168.5 11.3
EMIS Group . . . . . . . .532.5 10.0 555.5 303.5
Encore Oil . . . . . . . . . .60.8 -1.3 151.5 28.5
Faroe Petroleum . . . .155.0 7.0 218.3 114.8
Gulfsands Petrole . . .249.0 8.3 401.5 234.8
GWPharmaceutical .119.0 -0.6 141.0 83.0
Hamworthy . . . . . . . .684.5 22.0 686.5 293.0
Hargreaves Servic .1040.0 12.0 1050.0 556.5
Healthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic . .967.0 -12.5 987.2 575.0
ImpellamGroup . . . .365.0 0.0 387.5 83.0
James Halstead . . . . .462.5 -5.0 485.0 306.0
Kalahari Minerals . . .240.0 6.0 301.0 142.0
London Mining . . . . .360.5 -8.8 436.5 194.0
Lupus Capital . . . . . .116.0 -3.0 150.0 72.0
M. P. Evans Group . .440.0 14.8 500.5 329.0
Majestic Wine . . . . . .460.3 10.3 470.3 289.5
May Gurney Integr . .277.0 -1.3 281.0 177.0
Monitise . . . . . . . . . . . .28.5 0.8 29.5 17.8
Mulberry Group . . . .1350.0 50.0 1610.0 200.5
Nanoco Group . . . . . . .86.0 1.3 115.8 68.0
Nautical Petroleu . . .340.0 -0.5 547.0 128.0
Nichols . . . . . . . . . . . .559.5 -3.8 578.0 373.5
Numis Corporation . .103.6 -2.9 146.5 94.0
Patagonia Gold . . . . . .44.3 -1.3 59.3 12.5
Pursuit Dynamics . . .298.5 -45.5 700.0 196.0
Rockhopper Explor .270.5 4.8 510.0 202.5
RWS Holdings . . . . . .472.0 31.5 472.0 239.0
Songbird Estates . . .158.0 -0.8 160.0 135.0
Sterling Energy . . . . . .35.0 0.0 145.3 35.0
Valiant Petroleum . . .588.0 -1.0 761.5 504.0
Vatukoula Gold Mi . . .109.5 2.3 227.0 84.0
Young & Co's Brew . .654.5 -0.3 685.0 510.0
Avis Europe . . . . . . . .310.7 58.0
Regus . . . . . . . . . . . . .108.0 5.5
Home Retail Group . .174.7 5.0
ITV . . . . . . . . . . . . . . . .68.2 4.4
Fenner . . . . . . . . . . . .387.9 4.1
Schroders . . . . . . . .1586.0 3.9
Kazakhmys . . . . . . .1282.0 3.8
Schroders (Non-Vot 1321.0 3.5
International Cons . .232.7 3.5
Antofagasta . . . . . . .1257.0 3.5
Lamprell . . . . . . . . . . .355.4 -7.2
Glencore Internati . . .500.0 -4.5
Kofax . . . . . . . . . . . . .468.3 -3.8
Xstrata . . . . . . . . . . .1293.0 -3.1
Northumbrian Water .378.2 -2.3
Imperial Tobacco G .2010.0 -2.2
Supergroup . . . . . . . .875.0 -2.2
Eurasian Natural R . .761.5 -1.9
Premier Foods . . . . . . .28.0 -1.8
African Barrick Go . .398.9 -1.8
Risers Fallers
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
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ELECTRONIC & ELECTRICAL EQ.
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GAS, WATER & MULTIUTILITIES
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MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .101.33 0.03 103.8 101.3
Tsy 9.000 11 . . . . .100.63 -0.03 108.9 100.6
Tsy 2.500 11 . . . . .307.55 0.00 310.0 307.5
Tsy 5.250 12 . . . .104.45 -0.04 108.5 104.4
Tsy 9.000 12 . . . .109.32 -0.31 116.7 108.6
Tsy 5.000 12 . . . .103.21 -0.05 107.2 103.2
Tsy 4.500 13 . . . .106.26 -0.03 109.2 105.8
Tsy 2.500 13 . . . .287.40 0.07 287.5 274.0
Tsy 8.000 13 . . . . .115.86 -0.03 121.3 115.8
Tsy 5.000 14 . . . . .111.23 -0.04 114.1 109.2
Tsy 7.750 15 . . . .104.28 0.44 110.8 76.0
Tsy 8.000 15 . . . .126.35 -0.09 131.6 123.7
Tsy 4.750 15 . . . . .111.86 -0.09 114.7 108.6
Tsy 2.500 16 . . . .332.89 0.10 333.2 304.4
Tsy 4.000 16 . . . .108.96 -0.13 111.4 104.9
Tsy 1.250 17 . . . . .111.69 0.08 111.8 104.9
Tsy 8.750 17 . . . .136.37 -0.51 142.2 132.9
Tsy 12.000 17 . . .126.71 -0.44 185.9 126.0
Tsy 5.000 18 . . . . .114.50 -0.22 117.6 109.7
Tsy 4.500 19 . . . . .110.65 -0.23 113.8 105.4
Tsy 3.750 19 . . . .104.79 -0.27 107.7 99.4
Tsy 4.750 20 . . . . .111.99 -0.27 115.9 106.6
Tsy 2.500 20 . . . .339.39 0.14 340.1 303.8
Tsy 8.000 21 . . . .140.35 -0.31 147.1 133.8
Tsy 1.875 22 . . . . .117.11 0.14 117.8 108.5
Tsy 4.000 22 . . . .104.19 -0.35 108.4 99.0
Tsy 2.500 24 . . . .297.10 0.15 298.0 262.1
Tsy 5.000 25 . . . . .112.82 -0.34 118.5 107.4
Tsy 1.250 27 . . . . .110.40 0.15 111.2 100.5
Tsy 4.250 27 . . . .103.15 -0.30 108.8 97.9
Tsy 6.000 28 . . . .125.28 -0.29 132.7 119.5
Tsy 4.750 30 . . . .108.70 -0.27 115.0 103.0
Tsy 4.125 30 . . . .282.80 0.28 283.4 248.7
Tsy 4.250 32 . . . .101.72 -0.28 107.8 96.0
Tsy 4.250 36 . . . .101.03 -0.32 107.4 95.0
Tsy 4.750 38 . . . .109.54 -0.32 116.5 102.8
Tsy 4.500 42 . . . .105.82 0.00 112.8 98.9
% %
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APPLE
The iPod manufacturer was incorporated in 1977 under the
name Apple Computer. That name stuck until 2007, when it
became simply Apple to reflect the companys expansion into
consumer electronics. The company has around 50,000 full-
time employees worldwide and has a market cap of $300bn.
MICROSOFT
Microsoft is headquartered in Redmond, Washington.
Established in 1975, its well-known products include
Microsoft Windows and Microsoft Office. More recently, it
has diversified into video games with the Xbox consoles.
ORACLE
Oracle specialises in developing and marketing hardware sys-
tems and software for businesses. Headquartered in
Redwood Shores, California, it employs more than 100,000
people around the world and has a market cap of $158bn.
VODAFONE
London-based Vodafone is the only British company to make
the Nasdaq top five. In fact, it is the only company headquar-
tered outside the US to do so. It operates networks in more
than 30 countries and has over 340m customers.
MAJOR NASDAQ LISTINGS
The Nasdaq
a good catch
in the market
for a partner
Wealth Management
T
HE Nasdaq stock exchange, sec-
ond only to the New York Stock
Exchange (NYSE) in size, was
founded in 1971 by the
National Association of Securities
Dealers.
When it began trading on 8
February 1971, Nasdaq (National
Association of Securities Dealers
Automated Quotations) was the
worlds first electronic stock market.
It was also the first stock exchange
in the world to start trading online.
Now, however, exchanges across
the world have caught up in techno-
logical terms and both the Nasdaq
and the NYSE are losing ground as a
result.
In fact, the number of US stock list-
ings has plummeted by 43 per cent
since its peak in 1997, while the
number of listings outside the US
has more than doubled in the same
timeframe.
NYSE BID
Thats why Nasdaqs current owner,
the Nasdaq OMX group, tried recent-
ly to tempt the board of NYSE
Euronext, which runs the rival NYSE
as well as a number of European
exchanges, with a takeover bid
offered jointly with futures
exchange IntercontinentalExchange
(ICE).
The aim was to break up NYSE
Euronexts planned merger with
Germanys Deutsche Boerse by offer-
ing a larger bid.
Nasdaq and ICE offered $11.3bn
(6.89bn) in cash and shares, 19 per
cent more than Deutsche Boerse, in a
deal that would have seen Nasdaq
take the stock markets and ICE take
Liffe, the UK futures market owned
by NYSE Euronext.
ANTITRUST OPPOSITION
But Nasdaq OMX and ICE dropped
their bid on 16 May after the US
Department of Justice told Nasdaq
chief executive Bob Greifeld that it
opposed the merger and would file
an antitrust lawsuit to stop it.
Christine Varney at the
Department of Justice commented:
The acquisition would have
removed incentives for competitive
pricing, high quality of service, and
innovation in the listing, trading
and data services these exchange
operators provide to the investing
public and to new and established
companies that need access to US
stock markets.
BRIEF INTERLUDE
Greifeld has put a brave face on the
disappointing outcome, describing it
as an opportunistic move that con-
stitutes no more than a brief inter-
lude from which the exchange is
already moving on.
Certainly we are disappointed
with the outcome, but we felt we
owed it to our shareholders and our
customers to consider this proposal
and ultimately to pursue it, he said.
In the fifth part of our series that explores
the worlds exchanges, Jessica Bown turns
to the would-be NYSE Euronext bidder
Biotech stocks are in bloom
It is not just dot-coms that are
listing here, says Jessica Bown
T
HE Nasdaq stock exchange has
long been associated with tech-
nology companies, attracting
high-profile listings such as
Apple and Microsoft at the start of
their journeys to global domination.
Accordingly, the stocks on the
exchange are considered to be more
volatile and growth-oriented.
While technology stocks continue to
dominate the top of the Nasdaq 100
index table of the biggest companies
by market capitalisation, there are lots
of interesting opportunities to invest
in other sectors through Nasdaq today.
Since the dot-com bubble burst in
2000 after which the value of the
Nasdaq plummeted by 78 per cent
within two years the exchange has
managed to attract lots of biotech and
pharmaceutical companies, as well as
financial and telecoms firms.
The global biotechnology sector as
tracked by the Nasdaq Biotech Index
(NBI) has surged in the last couple of
months, outperforming the S&P 500
by 10 per cent, as small biotech compa-
nies announce positive clinical data
and approval for new drugs.
And the longer-term biotech invest-
ment case remains firmly intact as
heavily indebted developed economies
face the challenge of providing ever
more healthcare to ageing popula-
tions.
Stocks to keep an eye on in the
biotech sector, according to recent ana-
lyst notes, include BioSante
Pharmaceuticals, an Illinois-based
pharmaceutical company, Canadas
YM BioSciences and Aeterna Zentaris,
and Trinity Biotech, which is head-
quartered in Ireland.
Or you can simply use an exchange-
traded fund (ETF) to track the NBI
instead.
If technology is more your bag, how-
ever, the good news is that there are
reasons why fears of a dot-com boom
and bust scenario may well be
unfounded despite the excitement
surrounding the Nasdaq listings of
Moscow-based Yandex, dubbed the
Russian Google, and professional
social-networking site LinkedIn.
After all, the Nasdaq today stands at
only around a half of the level it
reached at its dot-com peak more than
11 years ago, when it crossed the 5,000
mark.
And, in most cases, todays new list-
ings are already turning a profit
although some analysts fear that the
tech bubble building in the private
markets due to the success of websites
such as Facebook could be pretty big
when it hits the public markets.
Next week: our series concludes with a
look at some of the opportunities present-
ed by the Asian exchanges.
TOP FIVE NASDAQ-LISTED COMPANIES BY MARKET CAPITALISATION
Ticker Company Market Market Cap
Symbol $bn
AAPL Apple NasdaqGS 300.89
MSFT Microsoft NasdaqGS 201.99
ORCL Oracle NasdaqGS 159.81
VOD Vodafone NasdaqGS 138.29
GOOG Google NasdaqGS 126.62
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NASDAQ: FACTS AND FIGURES
Global Exchanges: Nasdaq
Few expect it to stand idly by
while Deutsche Boerse seals its
$9.8bn deal to buy NYSE, creating
the worlds biggest exchange,
though.
FUTURE TARGETS
And there are now rumours circling
that Nasdaq, left on the sidelines,
could look to strike a deal with
either the London Stock Exchange
(LSE) or the Singapore Exchange.
There is history between Nasdaq
and the LSE. Greifeld has spoken in
the past of how a London merger
could pool liquidity between Nasdaq
and the City.
And in 2006 he offered 12.43 a
share for the LSE, which is now val-
ued at just 885p a share, or 2.4bn.
However, Xavier Rolet, chief execu-
tive of the LSE, denied last week that
he was in talks with Nasdaq OMX,
arguing that he was still focused on
a merger with Toronto stock
exchange owner TMX Group, despite
a rival hostile bid for TMX from
Maple Group.
5,000
4,000
3,000
2,000
1,000
0
1995 2000 2005 2010
ANALYSIS l Nasdaq 100 since 1995
TECHNOLOGY STOCKS ARE LOOKING
UP AS ALL EYES TURN TO THE CLOUD
PAUL INKSTER
HEAD OF PRODUCT,
BARCLAYS STOCKBROKERS
N
ASDAQ is the second largest
exchange in the US and the world,
second only to the New York
Stock Exchange (NYSE). The
Nasdaq is known for technology and was
the exchange of choice when technology
start-ups were looking to list in the tech
boom (and subsequent bubble) of the
late 1990s. It has retained its focus on
technology and for investors interested
in that sector, the Nasdaq continues to
offer plenty of choice.
The fate of the technology bubble is
well documented following the col-
lapse of tech shares in the late 1990s
and early 2000s, the Nasdaq Composite
Index fell by almost 40 per
cent in 2000. To quote Jim
Rogers, nearly all bull mar-
kets end in bubbles and the
Nasdaq bull market certain-
ly bore that out.
NEW CONFIDENCE
Since that shakeout however,
investor confidence in
technology has rallied
once again and
there is currently
plenty of activity in
the sector that
could attract
investor attention.
Step up, cloud
computing. Set to
revolutionise com-
puting for individ-
uals and
businesses alike,
outsourced com-
puting makes
almost everything
cheaper, faster and
easier. From an invest-
ment perspective, there are companies
well-positioned to benefit hugely and so
it follows that there are investment
opportunities.
CLOUD PLAYERS
There are plenty of well known play-
ers getting involved. Apple (AAPL)
recently launched iCloud, its venture
into the world of cloud, and NetFlix
(NFLX) already uses the technology
to stream content straight to per-
sonal televisions and computers.
Other big names in cloud tech-
nology include Microsoft (MSFT)
and Amazon (AMZN). In fact,
Amazon is already renting
cloud capacity to users.
The key, as with all innova-
tive developments, is to be
careful not to overpay on
stocks. Cloud is still at a relatively
young stage and it is important to take
caution over where and when you
invest. Look for companies with a glob-
al presence and stay strict with your-
self on valuations. Crucially, as always,
you should do your own research.
LOCATION
4 Times Square, New York, US
OPENING TIMES [LOCAL TIME]
Pre-Market Trading Hours: 7am
Market Hours: 9.30am
After-Market Hours: 4pm
CLOSING TIMES [LOCAL TIME]
Pre-Market Trading Hours: 9.30am
Market Hours: 4pm
After-Market Hours: 8pm
MARKET CLOSURES
January 17, February 21, April 22, May 30, July 4,
September 5, November 24, December 26
CURRENCY
US dollar
NUMBER OF LISTINGS
About 2,850 companies
VOLUME
$13,439bn (end of 2010)
MARKET CAPITALISATION
$4,931bn (end of 2010)
Techs and the city
Picture: REUTERS
be comfortable, classy and sporty all at
once. Not an easy thing to get right.
And, it looks the part too. With more
aggressive styling, thanks to the large air
intakes at the front which help cool the
cars engine and brakes LED daytime
driving lights and a more swollen, power-
ful bonnet. At the back the car has a black
diffuser with four chrome tailpipes, not to
mention those flared arches and wonder-
ful alloys.
The Mercedes-Benz C63 AMG Coup is
as good a car as I have ever driven. Enough
said. Buy, beg, borrow or steal one but
drive it like you stole it
Lifestyle | Motors
WORDS BY
RYAN BORROFF
VOLKSWAGENS NEW LOW EMISSION PASSAT
Volkswagen has introduced a highly economical and clean
BlueMotion Passat capable of a 68.9mpg with CO2 emissions of just
109g/km. The car uses a modified version of Volkswagens 1.6-litre
TDI engine and has Stop/Start technology and low rolling resist-
ance tyres. A lowered suspension plus a revised radiator grille and
underbody further minimise drag.
CAR TALK BY RYAN BORROFF
MERCEDES-BENZ INTRODUCES NEW M-CLASS
Mercedes-Benz has released pictures of its all-new M-Class ahead
of its launch at the Frankfurt motor show in September. A new fru-
gal ML 250 BlueTEC 4MATIC version will have a combined con-
sumption of 47mpg and CO2 emissions of 158g/km while having
permanent all-wheel drive.
RENAULT UNVEILS SPEEDIEST ROAD CAR TO DATE
Renaults fastest road car yet, the Mgane Renaultsport 265 Trophy,
goes on sale this month. With 15hp more than the current Mgane
Renaultsport 250, the 265 is capable of 0-62mph in 6 seconds flat
and a top speed of 158mph. Only 500 will be made, of which 50 are
coming to the UK. The car costs 27,820 and includes free access to
all Renaultsport trackdays in 2012.
I
TS fitting that the driver leading us
around the racetrack Circuito
Monteblanco in Spain, is Susie
Stoddart, a Scottish racing driver
competing in the German DTM touring
car championship. This is because driving
the new Mercedes-Benz C63 AMG Coup
on track is as close as Ill ever get to driv-
ing a touring car.
Not than I can keep up with her of
course.
In Spain, we drive the C63 AMG Coup
on the roads and on the race track. In
both places its performance is excellent.
Driving it is a welcome reminder that
shoehorning the biggest engine you can
into a regular road-going car can be a fan-
tastic success.
Powered by an AMG 6.3-litre V8 engine
capable of 457hp, the car accelerates from
0 to 62mph in 4.4sec and has a (limited)
top speed of 155mph. With an optional
AMG Performance Pack this increases to
174mph along with a power hike to 487hp,
which makes acceleration a fraction
quicker too.
Available as an automatic only, its
Speedshift MCT seven-speed automatic
gearbox is the same clever tech thats in
the SLS AMG supercar. Though it has four
modes Comfort, Sport, Sport+ and
Manual (for use with the paddle shifters
right to shift up and left to change down)
the Sport+ mode does a far better job of
shifting gear than I can.
On the track we switch into Sport+
mode and shift the ESP setting into Sport.
The S+ setting means it hangs on to higher
revs in each gear and has sharper gear
changes particularly when downshifting
while the sport setting for the ESP allows
you a small amount of sliding before the
system kicks in to save you. This allows us
to move the car around a bit without the
stability system kicking in too quickly to
spoil the fun which the C63 AMG Coup
does quite happily when you accelerate
hard coming out of the corners.
The steering has loads of direct feel and
the exhaust makes a brutal rumbling
sound thats quite magnificent.
The car is also hugely enjoyable on nor-
mal roads too. Still massively entertaining
it is easily comfortable and refined
enough to be an everyday driver. Inside,
this sporty C-Class has Recaro seats and is
trimmed in glossy piano black and carbon
fibre, with perforated leather and metal
trim. The steering wheel is flattened at the
top and bottom, race-style, and is in
trimmed in leather and Alcantara. So
somehow the C63 AMG Coup manages to
THE VERDICT:
DESIGN hhhhi
PERFORMANCE hhhhh
PRACTICALITY hhhii
VALUE FOR MONEY hhhhi
THE FACTS:
MERCEDES-BENZ C63 AMG
COUPE
PRICE: 56,665
0-62MPH: 4.4secs
TOP SPEED: 155mph
CO2 G/KM: 280g/km
MPG COMBINED: 23.5 mpg
Main picture, The
Mercedes-Benz c63
AMG Coupe in action.
Pictures: Courtesy
Speed and flair
combine in this rip
roaring ride of a
road sports vehicle
Mercedes-Benz
C63 AMG
Coup
T
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S
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THE APPRENTICE
BBC1, 9PM
Alan Sugar challenges the teams to
create and publish a free magazine
with a strong subject, add editorial
content and persuade advertisers
their title can reach a large audience.
WONDERLAND THE KIDS WHO
PLAY WITH FIRE BBC2, 9PM
Following three children who have a
history of setting fires, and the Fire
Service counsellors who are trying to
help them with their problems.
AGATHA CHRISTIES MARPLE
ITV1, 8PM
The detective teams up with a friend
and a socialite to solve the riddle of a
dying mans last words. Julia McKenzie
stars, with Sean Biggerstaff.
BBC1
SKY SPORTS 1
7pmLive UEFA Under-21s
European Championship 10pm
The Sky Sports Years 11pmTime
of Our Lives 12amUEFA Under-
21s European Championship 2am
FIFA 2.30amBoots n All
3.30amUEFA Under-21s
European Championship
5.30am-6amFIFA
SKY SPORTS 2
7pmLive Twenty20 Cup Cricket
10.30pmState of Origin Rugby
League 11.30pmBoots n All
12.30amTwenty20 Cup Cricket
2.30amNFL 3.30am-5.30am
International Volleyball
SKY SPORTS 3
7pmInside the PGA Tour 7.30pm
European Tour Weekly 8pmState
of Origin Rugby League 9pm
Boots n All 10pmCage Fighter
10.30pmTrans World Sport
11.30pmFIFA 12amUS Open
Golf 1amWatersports World
2amPoker 4amInside the PGA
Tour 4.30amEuropean Tour
Weekly 5am-6amUS Open Golf
BRITISH EUROSPORT
11.30amLive Tennis 7.20pm
Wednesday Selection 7.25pm
Riders Club 7.30pmPGA Tour
Golf 8.30pmWednesday
Selection 8.45pmGolf Club
8.50pmYacht Club 8.55pm
Wednesday Selection 9pmTennis
11pm-12.05amCycling
ESPN
6pmNBA Classics 8pmUEFA
Europa League Season Review
10pmFootball F40 Highlights
11.15pmPremier League World
11.45pmESPN Kicks: Extra 12am
Live Major League Baseball 3am
Baseball Tonight 4am-6am
Skateboarding
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmPsychic Sally:
On the Road 9pmNikita 10pm
Supernatural 11pmCriminal
Minds 12amCSI: Crime Scene
Investigation 1.50amGhost
Whisperer 2.40amSupernatural
3.30amCharmed 4.20am
Nothing to Declare 5.10am-6am
Maury
BBC THREE
7pmTop Gear 8pmGreat Movie
Mistakes 2: The Sequel 9pm
FILMV for Vendetta. 2005.
11.05pmFamily Guy 11.50pm
Young, Rich and Househunting
12.20amTourism & the Truth
1.20amAmerican Dad! 4am
Young, Rich and Househunting
4.30am-5.25amGreat Movie
Mistakes 2: The Sequel
E4
7pmHollyoaks 7.30pmFriends
9pmFILMAVP: Alien vs
Predator 2004. 10.50pmRude
Tube: Total Stunts 11.50pmMy
Name Is Earl 12.50amDavid
Blaine: What Is Magic? 1.40am
Ugly Betty 2.25amDavid Blaine:
What Is Magic? 3.05am
Privileged 3.45amReaper
4.30am-6amSwitched
HISTORY
7pmHeir Hunters 8pmAx Men
10pmOnly in America 11pmOil
Riggers 12amAx Men 2amDeep
Wreck Mysteries 3amHeir
Hunters 4amHow the Earth Was
Made 5am-6amAx Men
DISCOVERY
8pmHow Its Made 9pmBritains
Toughest Cops 10pmI Almost
Got Away with It 11pmDisaster
Eyewitness 12amBear Grylls:
Born Survivor 1amBritains
Toughest Cops 2amI Almost Got
Away with It 3amDeadliest
Catch 3.50amFuture Weapons
4.40amTreasure Quest
5.30am-6amDestroyed in
Seconds: A volcano threatens a
town in Hawaii.
DISCOVERY HOME &
HEALTH
7pmBringing Home Baby 8pm
Little People, Big World 9pm
Untold Stories of the ER 10pm
Hospital Sydney 11pmA&E:
Outback 11.30pmChopper
Rescue 12amUntold Stories of
the ER 1amHospital Sydney 2am
A&E: Outback 2.30amChopper
Rescue 3amLittle People, Big
World 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmEmergency with Angela
Griffin: The actress witnesses a
woman being resuscitated. 9pm
Brit Cops: Zero Tolerance 10pm
Fringe 11pmCop Squad 12am
The Chicago Code 1amBrit Cops:
Zero Tolerance 1.50amStargate
Atlantis 3.20amThe Top Ten
Show3.30amBest of Oops TV
4.20amAirline 5.10am-6am
Dont Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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L
I
T
E
&
C
A
B
L
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmWaterloo Road:
BBC News: Regional News
8.30pmIn with the Flynns
9pmCHOICE The Apprentice
10pmBBC News
10.25pmRegional News
10.35pmThe National Lottery
Wednesday Night Draws
10.45pmNot Going Out 11.15pm
FILMFinal Analysis. 1992; National
Lottery Update 1.15amSign Zone:
See Hear 1.45amSign Zone:
Country Tracks 2.45amSign Zone:
The British at Work 3.45am-6am
BBC News
6pmEggheads: Challengers
take on the champions.
6.30pmBritains Empty Homes
7pmEscape to the Country
7.30pmSpringwatch 2011: Liz
Bonnin investigates the wildlife
of an Essex landfill site.
8.30pmSpringwatch
Unsprung 2011
9pmCHOICE Wonderland
The Kids Who Play with Fire
10pmThe Apprentice:
Youre Fired!
10.30pmNewsnight: Weather
11.20pmPortillo on Salmond
12.20amBBC News
3.45am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmPoms in Paradise
8pmCHOICE Agatha Christies
Marple: Murder mystery, with
Julia McKenzie and an all-star
supporting cast.
10pmITV News at Ten
10.30pmLondon News
10.35pmFishermans Friends
11.35pmBaby Hospital
12.35amThe Zone; ITV News
Headlines
2.35amFILMThe Hindenburg.
1975. 4.40am-5.30amITV
Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmEmbarrassing Bodies:
Live from the Clinic
9pm24 Hours in A&E
10pmDesperate Housewives
11.05pmThe Big Bang Theory
12amMusic on 4: Live from Abbey
Road 12.45amFriendly Fires: Video
Exclusive 12.50amThe Album
Chart Show1.05amMercury Prize
Sessions 1.20amFILMS1m0ne.
2002. 3.20amNew Love 3.45am
Hill Street Blues 4.35amWogans
Perfect Recall 5amCountdown
5.45am-6.10amYo Gabba Gabba!
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmPawn Stars
8pmGiant Animal Moves
9pmNCIS
10pmLaw & Order: Criminal
Intent
11pmLaw & Order: Special
Victims Unit
11.55pmPoker: Aussie Millions
12.55amSuperCasino
4amMeals in Moments 4.10am
Michaelas Wild Challenge 4.55am
Rough Guide to Beaches 5.10am
Wildlife SOS 5.35am-6amHouse
Doctor
1 2 3 4 5
6
7 8 9
10 11
12 13
14
15 16 17
18 19
20 21
22
23 24
5 15 13
23 15
11 11
32
15 14 22
45
15 4 11
28
30 3
7 38
17 10 16
5
23
19
7
36
7
12
39
21
9
32
6
9
33
29
17
43
12
20
8
13
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Milk pudding ingredient (4)
3 Toy gures (5)
6 Live-action lm about
a piglet (4)
7 Fully developed (4)
9 Not good (3)
10 Ugly object (7)
12 Distant but within
sight (poetical) (3)
13 Spirit distilled from
fermented molasses (3)
14 Nationalist (7)
15 ___ de cologne, perfume (3)
16 ___ and outs, details
of a situation (3)
18 Irelands longest river (7)
20 First note in the tonic
sol-fa scale (3)
21 Basic monetary unit
of Uruguay (4)
22 Stead (4)
23 Thin exible threads of metal (5)
24 Gentle, indulgent (4)
DOWN
1 Regretful (5)
2 Conform (4)
3 Commitment
to some
purpose (8)
4 Man who
is morally
unrestrained (9)
5 Biblical city
known for
vice and
corruption (5)
8 Clerk who
does boring,
repetitive
paperwork (3-6)
11 Internal organs,
collectively (8)
15 Give qualities or
abilities to (5)
17 Pigs nose (5)
19 Musical
composition (4)
O
P
A
L
S C
O
M
T

4

I N D I G O B R
N E R E A D E R
T A P E A G S
A R E L A S T I C
N O I S Y I A N Y
D V R I D L S
E W E I E V I C T
M A D N E S S S I
G A O E M I T
D O M I N O A I
N L T E N N I S
3 1 2 5 1 5 9
8 2 5 1 9 6 3 4 7
9 7 8 8 7 6 9
1 8 6 2 3 9
7 1 9 7 5 4 6 8
9 8 5 7 3 1 2 6
8 6 4 1 7 2 1 5
3 2 1 9 1 7
3 2 1 4 3 6 1
6 5 3 4 8 2 1 9 7
1 4 2 6 1 8 4
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
HAMBURGER
Lifestyle | TV&Games
O
NLY seven runners line up for the
Prince of Waless Stakes, the feature
on the second day of the Royal
Meeting, but amongst them is the
worlds joint top-rated horse SO YOU
THINK.
The five-year-old son of High Chaparral
was snapped up by Coolmore last season
after a glittering career in Australia that
saw him win five Group One races and fin-
ish a gallant third in the Melbourne Cup.
He has won both of his two starts for his
new stable by a staggering 10 and 4
lengths and Id rather be a backer than a
layer at around 1.5 on Betdaq.
As for the opposition, the chief danger
looks sure to be the French-trained
Planteur who has also won both his starts
this campaign. He was impressive in the
Prix Ganay last time and looked to have a
lot of work to do that day before eventual-
ly reeling in Sarafina late on. If there are
any chinks in the favourites armour, he
will certainly pick up the pieces.
The French have an excellent
chance of landing the Jersey Stakes
(2.30pm) with Havane Smoker who
finished second to Tin Horse in the
Poule DEssai Des Poulaines (French
2000 Guineas). I trust that form
more than Oracles third place
finish in the Irish equivalent
although the biggest danger to
both looks to be William
Haggass FURY.
Our selection won both of
his starts as a two-year-old
over this trip and has
shaped like a mile might
stretch his stamina in both
starts this season. He was by
no means disgraced when
fifth in the 2000 Guineas and
was mugged late on at Sandown last time.
He is held in high regard by his trainer
and as long as the ground doesnt dry out
too much, looks the one to be on.
Seta and Sajjhaa are battling it out for
favouritism in the Windsor Forest Stakes
(3.05pm), but there are grounds to look
past both fillies. Firstly, Seta has yet to
prove herself in Group company and has
disappointed on both occasions she has
been campaigned at this level. Sajjhaa
looks more solid and ran really
respectably behind Midday at York. Shell
appreciate the drop back to a mile, but
may well find one too good again.
That one may well be the David
Simcock-trained IM A DREAMER who
looks to have improved dramatically
between three and four on the evidence of
her win at Newmarket last time. She
waltzed away with the Dahlia Stakes that
day and the runner-up ran well at
Warwick on Monday night behind
Timepiece. She can be backed at 5/1 with
Star Sports and that looks a rock solid
each-way bet.
Punter
28
RACING TRADER BILL ESDAILE, OUR RACING EXPERT, LOOKS AT
THE OPENING THREE RACES ON TODAYS CARD
Supplied by RACING POST
GOING: GOOD (Good to soft in places)
GoingStick: Stands side 9.2, Centre 9.6, Far side 9.0, Round 8.1.
Round course rail positioned 3m out from inside line 9f to home straight;
increasing distances by approx: 1m4f+ by 12yds, 1m2f by 9yds, 1m by 6yds.
DRAW: Too variable to call on straight track, with pace a key factor.
No definite edge on round course, although low best in big fields.
[H] hood [B] blinkers [P] cheekpieces [T] tongue strap [H] 1st-time
3.45 PRINCE OF WALESS STAKES (BRITISH
CHAMPIONS SERIES) (GROUP 1) (1) 1m 2f 227,080
1 4135-00 DEBUSSY (81)(D) 5 9-0 A Ajtebi
[2] M Al Zarooni Godolphin
2 1433-3 JAN VERMEER (20)(D) 4 9-0 J OBrien
[5] A OBrien Ire M Tabor, D Smith & Mrs John Magnier
3 2205-11 PLANTEUR (46)(D) 4 9-0 C Soumillon
[3] E Lellouche FR Ecurie Wildenstein
4 21316-1 REWILDING (81) 4 9-0 L Dettori
[6] M Al Zarooni Godolphin
5 1113-11 SO YOU THINK (24)(D) 5 9-0 R L Moore
[4] A OBrien Ire Smith/Magnier/Tabor/Dato Tan/T Yahaya
6 22280-2 SRI PUTRA (39)(C)(D)(BF) 5 9-0 N Callan
[1] R Varian H R H Sultan Ahmad Shah
7 231-196 TWICE OVER (32)(D) 6 9-0 T Queally
[7] Sir H Cecil K Abdulla
S.P. FCAST: 1-2 So You Think, 7-2 Planteur, 8 Rewilding, Twice Over,
25 Jan Vermeer, 50 Debussy, 66 Sri Putra.
ROYAL ASCOT TODAY live on BBC 2
Pointers...
FURY Royal Ascot 2.30pm
IM A DREAMER Royal Ascot 3.05pm
SO YOU THINK Royal Ascot 3.45pm
IN-RUNNING TRADING HINTS
WHAT ARE YOU WAITING FOR?
LOG-ON TO BETDAQ AND JOIN NOW TO PAY JUST
2.5% COMMISSION UNTIL 30 JUNE. WWW.BETDAQ.COM 0870 178 1221
T
HERE are definite grounds for
believing that So You Think
could easily trade bigger than
the current 1.5 on offer with
Betdaq in-running. Aidan OBriens
colt was pushed along before
asserting at the Curragh last time
and may not travel like a heavy
odds-on shot turning in. That said, I
still expect him to pick up and win.
Sajjhaa looks sure to be ridden
prominently in the Windsor Forest
Stakes (3.05pm) and will surely
trade shorter than her starting price
at the two furlong pole. Even
though Frankie Dettori is a master
from the front, that should be the
time to reach for the lay button as
there will be plenty challenging her
late on.
Shumoos is certain to be sent off a
very warm order in the Queen Mary
Stakes (5pm), but there are plenty
of other unexposed fillies in the field
and Id be worried about taking too
short a price in-running about the
favourite if shes travelling well. She
is already very short and she could
trade odds-on a long way out. That
may well be the time to lay her.
So You Think all set to
justify lofty reputation
T
HIS afternoons Royal Hunt Cup
(4.25pm) is one of the biggest betting
events of the meeting and was won
last year by Frankie Dettori on
Invisible Man at 28/1. There have been a
number of surprise results over the past
decade, but it has usually gone to an unex-
posed hotpot and there seem to be a num-
ber of those lurking in the field this time.
We highlighted Luca Cumanis START
RIGHTat 8/1 last week and he is now as short
as 6/1 with Star Sports. He has to have a big
chance with Kieren Fallon on board after an
excellent run at Epsom last time from an
impossible draw. The run at Meydan in
January was also top quality and again he
was very unlucky with the stall he was given
that day.
Theres no point in going in again, but it is
definitely worth having a few quid on
William Haggas GREEN DESTINY who
romped home at Newmarket last time in the
style of a Group horse. Haggas is an out-
standing trainer of these top quality young
handicappers as he has proven with High
Standing and Penitent over the past few sea-
sons. There is no doubt that Green Destiny
will end the season on a higher mark than
his current 99 and he is worth backing at
around 13/2 with William Hill.
Point North is interesting at the bottom of
the weights for Jeremy Noseda, who won
this with Forgotten Voice two years ago,
while promising young trainer Roger Varian
relies on Eton Forever who won really well at
Doncaster on his seasonal reappearance. He
is interesting, but he does have to carry quite
a lot of weight and he didnt run brilliantly
here last time.
There are plenty of others in with a
chance, as is always the case in this cavalry
charge, notably Start Rights Epsom con-
queror Dance And Dance, Super Say from
Ireland, York runner-up Mont Agel and
Richard Faheys Kay Gee Bee. Invincible Soul
from champion trainer Richard Hannons
yard is another worthy of a mention, while
Walter Swinburns Julienas shouldnt be
ignored. However, Im happy to stick with
Start Right and Green Destiny, as they surely
have more to come this season.
The Queen Mary (5.00pm) was won by the
9/4 favourite Maqaasid 12 months ago and
there is an even hotter jolly this time
around. Brian Meehans Shumoos hacked
up on debut at Haydock last month and the
form has been franked by a number of
those behind. She is easily the most likely
winner, but I wouldnt want to be taking 5/4
about a filly that has only run once in her
life.
Kevin Ryan has his string in fine fettle and
both Dozy and On The Dark Side must be
considered. Id favour the former who won
well at Beverley last time, but Im going to
stick with a couple of speculative each-way
bets on CHARLOTTE ROSINA and EBONY
CLARETS both at a massive 25/1 with
William Hill. The former won the race at
Sandown that Maqaasid won 12 months
ago, while the latter worked brilliantly earli-
er in the week and is peaking at exactly the
right time. Id much rather have a couple of
big-priced runners in a race full of so many
inexperienced fillies.
Timepiece was a comfortable winner of
the closing Sandringham Handicap for Sir
Henry Cecil last year, but the great man isnt
represented this time. Hannons Humdrum
and Sir Michael Stoutes Cape Dollar have to
be considered, but the one that interests me
is WINTERS NIGHT for Clive Cox. She is two
from two at Ascot and showed great courage
to hold off her rivals the last time she visited
the Berkshire course. The daughter of Night
Shift ran a stormer to finish third in
Haydocks Silver Bowl last time and she is
obviously very well suited to Ascot.
Luca Cumani and Kieren Fallon are always
to be feared in this type of event and Dubai
Queen could easily be very well handi-
capped. However, she has yet to run at Ascot
and Im prepared to look elsewhere. Rhythm
Of Light hails from the in-form Tom
Dascombe stable and would definitely have
a chance, but Ill stick with Winters Night to
make it three-in-a-row at Ascot.
You can follow me live from Ascot on
Twitter @BillEsdaile.
Pointers...
GREEN DESTINY Royal Ascot 4.25pm
CHARLOTTE ROSINA Royal Ascot 5.00pm
EBONY CLARETS Royal Ascot 5.00pm
WINTERS NIGHT Royal Ascot 5.35pm
Already Advised
START RIGHT Royal Ascot 4.25pm
RACING TRADER BILL ESDAILE, OUR RACING EXPERT, TAKES A LOOK AT
WEDNESDAYS OTHER RACES AT ROYAL ASCOT
29
Start Right and Green
Destiny hold the key to
Royal Hunt Cup
BRITISH No1 Andy Murrays flashes of
showmanship during this weeks tri-
umph at Queens Club may have uni-
versally delighted fans but there is
one person who didnt enjoy his new-
found flamboyance.
Murrays mum Judy (right, with
Andy), who cheers and grimaces
through every point as much as if
not more than her son, admits she
would rather he reined in his reckless
streak as he prepares to carry the
nations hopes at Wimbledon.
Asked if she approved of his
through-the-legs shot during
Mondays victory over Jo-Wilfried
Tsonga, Judy told City A.M.: Oh good-
ness me, no! The ball came in some-
where he wasnt expecting it, so he
had to improvise. It was good fun but
thats a pretty high-risk shot at the
level hes playing at.
The uncharacteristic flourish has
added to the impression the world
No4 has never been more confident
heading into his home grand slam.
He seems to be more relaxed,
but I couldnt put my finger on
exactly why that is, added Judy,
at the launch of Set4Sport, an
initiative in partnership with
RBS aimed at encouraging par-
ents to play active games with
their children. Hes had
his best ever clay court
season and hes 24 now,
so has played at
Wimbledon for a few
years. Perhaps hes
just growing up and
coping well with
what he knows is
ahead of him.
Fears about an ankle
injury picked up last month at the
French Open have tempered opti-
mism that Murray could triumph at
SW19, although Judy believes he
should be right as rain by the time it
starts on Monday.
Patriotic tennis followers yearn
for the Scot to break his grand
slam duck at Wimbledon and,
while she does her best not to
add to that burden of pressure,
Judy admits
b r e a k -
t h r o u g h
success in
s o u t h
L o n d o n
would
b e
special. Because its your home
grand slam it is probably the one you
would pick any player from one of
the grand slam nations would say
that, she said.
Its his goal to win a slam. Its a
very difficult thing to do. He is play-
ing in an era that is probably the
strongest ever in mens tennis.
Not content with grooming two of
our finest ever tennis players in Andy
and brother Jamie, Judy is now aim-
ing to encourage a whole generation
of athletes through Set4Sport.
Its all about developing agility,
balance, co-ordination and also teach-
ing them to throw and catch, said
tennis coach Judy. Because Im not
seeing as many kids with those skills
as perhaps we did many years ago.
Set4Sport is a new programme from
Judy Murray in association with RBS, show-
casing easy ways for parents to play with
their children. www.Set4Sport.com
UNBEATEN superstar Frankel
stretched his winning run to seven by
claiming the St Jamess Palace Stakes
on the opening day of Royal Ascot but
winning trainer Sir Henry Cecil was
forced to defend jockey Tom Queally
after his charge was nearly pipped at
the post.
Sent off as the overwhelming 30-
100 favourite Frankel made his move
when turning for home and quickly
established a five-length lead. He
looked set for another convincing vic-
tory, but began to tire in the closing
stages and was close to being hauled
in by the fast finishing Zoffany, rid-
den by Ryan Moore.
Frankel held on for a three-quarters
of a length success, but the closing
stages represented the first chink in
the armour of a horse previously
thought of as unbeatable.
Cecil, however, was far from con-
cerned that the winning distance was
nowhere near as comprehensive as in
his previous Group 1 victories and
nor was he perturbed by Queallys
performance aboard flat racings star
attraction.
The plan was to go before the
bend, but the pacemaker went off
very quickly and Tom really asked
him to catch him, he said. Tom said
he was getting really idle which is
good in a way as it means we can ride
a normal race on him.
He strode on in the Royal Lodge
here last year, but now hes getting
wiser and he thought hed done
enough. It was just like in the
Guineas.
Looking further ahead, Cecil will
continue discussions with Frankels
owner Prince Khalid Abdullah.
He explained: I never like three-
year-olds to meet four-year-olds until
later in the season
Hell be entered in the Sussex
Stakes and hell be entered in the
Juddmonte International. The ques-
tion with the Juddmonte is whether
he will stay.
Were Frankel to run at Goodwood
he could potentially be up against
Canford Cliffs, winner of yesterdays
Queen Anne Stakes, in the Sussex
Stakes.
Richard Hannons stable star
received a splendid ride from Richard
Hughes beating the fancied
Goldikova into second place.
Elsewhere, Prohibit provided
Robert Cowell with the biggest suc-
cess of his career by winning the
Kings Stand Stakes, while Aidan
OBriens well backed Power won the
Group Two Coventry Stakes.
Frankel holds
on to keep
unbeaten tag
BY JAMES GOLDMAN
HORSE RACING
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email sport@cityam.com
Results
SPORT | IN BRIEF
Serena secures comeback win
TENNIS: Serena Williams marked her
return after a year out injured with a 1-
6, 6-3, 6-4 win over Tsvetana Pironkova
at the Aegon International in
Eastbourne. The reigning Wimbledon
champion lost the first five games on
her way to conceding the first set but
rallied to cement an encouraging win.
Im a little rusty, but I really enjoy play-
ing here and being back on grass, said
the American. Meanwhile, British No 2
Heather Watson lost 6-3, 6-3 against top
seed Vera Zvonareva.
G-Mac primed for title defence
GOLF: Defending champion Graeme
McDowell was in an upbeat mood after
playing his first practice round of the
week at US Open venue Congressional.
McDowell played alongside fellow
Irishman Shane Lowry and qualifier
John Ellis and said he was buzzing.
My energy levels are good and I really
enjoyed my practice round, said
McDowell, who triumphed at Pebble
Beach last year. The golf course is up to
speed and I can see a way around it.
Shearer in talks over Cardiff job
FOOTBALL: Former England captain
Alan Shearer is the new favourite to be
appointed Cardiff manager after it was
confirmed that his representatives were
holding talks with the Welsh club.
Frankel has now
won all seven of
his career races
Picture: ACTION
IMAGES
Cut out the showboating, son! Judy
Murray not a fan of Andys flamboyance
BY FRANK DALLERES
TENNIS
Sport
30
ROYAL ASCOT 2011 ++ ROYAL ASCOT 2011 ++ ROYAL ASCOT 2011
SRI LANKA captain
Tillakaratne Dilshan will
miss the decisive third
Test against England
with a broken thumb.
The series is deli-
cately poised ahead
of the final match of
the series, which
starts tomorrow at
the Rose Bowl, with
England leading 1-0
thanks to their miracu-
lous win in Cardiff.
Dilshan (right), who won
the man-of-the-match award at Lords
for his first innings 193, will be
absent from his sides attempt to
square the series as a result of the
injury he suffered at the hands of
Chris Tremletts bowling.
He definitely wont be playing,
said team manager Anura
Tennekoon, who also confirmed
Kumar Sangakkara will captain the
side in his absence .
The main reason weve
kept him out of this Test
match is that, had he
played and got anoth-
er blow while field-
ing on that thumb,
he might have been
out for the rest of
the tour.
So as a precaution-
ary measure, we have
kept him out.
Meanwhile, England
seamer James Anderson
claims to be fit and ready to make his
return after missing the Lords Test
with a side injury.
The England selectors must now
decide who makes way for Anderson,
with Steven Finn the most likely can-
didate to step aside.
Sri Lanka captain Dilshan
to miss Rose Bowl decider
BY JAMES GOLDMAN
CRICKET
31
BIRMINGHAM CITY have accused
Aston Villa of tapping up Alex
McLeish as the second-city manageri-
al tug of war intensifies.
Villa announced last night their
intention to interview the 52-year-old
for their vacant post imminently
after McLeish walked out on the
Carling Cup holders last weekend.
But the Birmingham, facing up to
life in the Championship following
relegation from the top flight, have
refused to accept McLeishs resigna-
tion and acting chairman Peter
Pannu has confirmed that lawyers
are being consulted amid his claim
that 5.4m would be owed.
A statement on their official web-
site read: Birmingham City football
club finds Aston Villas announce-
ment to proceed with an interview
with Alex McLeish a contempt of
Premier League and FA rules.
The club feel this will taint foot-
ball and give the game and the foot-
balling authorities a bad name if this
is allowed to materialise. The club
will do what is within its powers to
prevent this and will lodge a formal
complaint to the authorities as there
is now not the slightest doubt
remaining about this tap up
attempt.
Earlier yesterday League Managers
Association chief executive Richard
Bevan claimed that McLeishs posi-
tion at Birmingham had become
untenable.
Bevan said that disputes with the
Blues board over not being consulted
about player transfers and the sack-
ing of his chief scout had forced
McLeish to quit his position.
Alex decided he had to resign as
there had been serious issues for
some time between him and the
board at Birmingham, said Bevan.
A
ND theyre off! Royal Ascot
kicked off yesterday with
Londons biggest and brightest
donning their finery. For some,
it was a style triumph (see right),
meanwhile for others you know
who you are it was less so. City A.M.
rounded up expert tips for avoiding
the worst-dressed list.
MEN
DONT: UPSTAGE YOUR DATE
For men, it should be all about dis-
cretion. Leave those loud suits at
home, says Nicola Copping, Fashion
content editor at Harrods.com
DO: PAY ATTENTION TO DETAIL
Wear proper shoes closed lace clas-
sic Oxfords are good pick coordinat-
ing handkerchiefs and ties and get a
proper wet shave. Look the part, says
Patrick Grant, designer for menswear
label E. Tautz.
DONT: TRY OUT LINEN
For those outside the royal enclosure
it can be tempting to experiment
with lighter fabrics in the hot weath-
er. But, says Grant, linen is to be avoid-
ed. It just looks crumpled. Youre
better off with a lightweight wool as
it stays crisp.
DO: GET A TOP HAT THAT FITS
Too small and it teeters on your
head, too big and it falls to your ears.
Both look bad, says Grant. Get one
fitted.
DONT WEAR NOVELTY ACCESSORIES
Anything with a hint of comedy
should be avoided, says Tautz.
WOMEN
DO: WEAR A HAT
Its part and parcel of the whole
occasion. Dont be scared of them,
says Copping.
DONT: LOOK CHEAP
This is an affair that has its roots in
more genteel times and the desire to
preserve that lives on. Not much skin,
nothing too short, and God no fake
tan and tacky jewelery! says Ed
Burstell, managing director at Liberty.
DO: WEAR WEDGES
Theyre stylish, and practical. After
all, says Clare Rous, owner of fashion
boutique Rous Island: Its impossible
to look elegant when sinking back-
wards into the grass.
DONT: WEAR TOO MUCH MAKE-UP
Its far more modern to keep it sim-
ple and easier to maintain over the
course of a day than a face full of
slap, says Rous. Just lipstick works.
Birmingham set to report
Villa over McLeish raid
@
@
@
MORE NEWS
ONLINE
www.cityam.com
BY FRANK DALLERES
FOOTBALL
How to keep your nose in

front in the style stakes
Lucie Greene tells
you the dos and the
donts of dressing
well for the races
This is how its done! Holly Valance and property mogul Nick Candy showed up for the
event looking dapper: Holly, in a figure hugging cocktail dress; Nick, in a pressed suit
with understated accessories. Bravo! Picture: REX Features
WHEELER DEALER |
LATEST TRANSFER GOSSIP
lWEST HAM have signed Stoke
City defender Abdoulaye Faye on a
free transfer. The Senegal defender
links up with manager Sam Allardyce
for the third time in his career.
lCHELSEA CEO Ron Gourlay says
plans are in place to appoint Carlo
Ancelottis successor as manager by
the end of the month, but that no
new signings are likely to be complet-
ed before then.
lLILLE general manager Frederic
Paquet has confirmed striker
Gervinho wants to move to England
this summer and talks with Arsenal
are planned. Paquet said: He wants
to go and has developed contacts
with Arsenal.
lBLACKPOOL chairman Karl
Oyston has confirmed that prelimi-
nary discussions have taken place
with Liverpool over the sale of
Scotland international Charlie Adam.
lMANCHESTER CITYS Jerome
Boateng says he has agreed a four-
year deal with Bayern Munich.
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Cityam 2011-06-15

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