Football'S Back With A Dramatic Turnaround: United Stun City Rivals

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TRICHETS GAMBLE
www.cityam.com Issue 1,441 Monday 8 August 2011 FREE
RIOTS ENTER
SECOND DAY
POLICE ON HIGH
ALERT AFTER
TOTTENHAMP7
FOOTBALLS BACK WITH A
DRAMATIC TURNAROUND
UNITED STUN CITY RIVALS P26
BUSINESS WITH PERSONALITY
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31/01/11 - 27/02/11 is 107,265
l Jean-Claude Trichet signalled the
ECB will start buying Italian and
Spanish bonds Picture:Reuters
opened down 1.7 per cent, setting
the scene for what is set to be anoth-
er turbulent day of trading, as mar-
kets deal with the twin blow of the
US downgrade and Eurozone debt
crisis.
The New Zealand stock exchange
fell more than three per cent in
early trading to hit an 11-month
low.
Martin Slaney of GFT was cynical
about the effects of Trichets meas-
ures on global markets. The ECB
may well intervene in the Spanish
and Italian bond markets, but I
dont see that encouraging many to
consider catching the proverbial
knife, he said.
Earlier in the evening a source
said that if the ECB council opted
to intervene in Italy, the ECB and
national central banks would start
buying Italian bonds when
European markets open today.
THE European Central Bank (ECB)
last night signalled that it will start
buying Spanish and Italian bonds
in a desperate attempt to stop the
rot spreading to the third- and
fourth-largest Eurozone economies.
The ECB will actively implement
its Securities Markets Programme...
to ensure price stability in the euro
area, ECB President Jean-Claude
Trichet said in a statement late last
night following an emergency con-
ference call of the banks governing
council.
The statement, which called on
the Italian and Spanish govern-
ments to adhere strictly to agreed
fiscal targets, made it clear that
any purchase of their bonds was
contingent on them cutting their
deficits through structural reforms.
Trichet added it was essential
that the new Eurozone bailout
fund, the European Financial
Stability Fund (EFSF), was quickly
implemented. It will take over the
role of bond buyer of last resort
once fully operational.
However, it appears that Trichets
intervention will do little to stem
plummeting equity markets. This
morning, the Nikkei in Japan
BY JULIAN HARRIS AND DAVID CROW
DEBT CRISIS
ECB POISED TO BUY SPANISH AND ITALIAN BONDS

ANALYSIS l Tel Aviv Stock Exchange
10Jul 17Jul 24Juy 31 July 7Aug
1,160
1,120
1,040
1,080
1,000
1,074.27
7 Aug
The Banks bond purchases are
doomed to failure unless backed
by credible moves either to save the
euro or to break it up, said Douglas
McWilliams of the Centre for
Economic and Business Research.
Saving the euro means a fiscal
union, which would give the justifi-
cation to the Germans to pay off
Italian and Spanish debts. Even
then I am not sure that the German
electorate would stand for it but if it
works politically, it is a plausible
policy economically, McWilliams
added.
Trichet last week announced the
ECB had resumed its purchases of
government bonds in the second-
ary market after an 18-week hiatus.
But its decision to restrict such pur-
chases to Irish and Portuguese
bonds led to sharp declines in the
price of bonds from Italy and Spain,
where borrowing costs soared to 14-
year highs.
In the US, stock futures sank
more than 2.5 per cent for all three
major indices yesterday, after
Standard & Poors downgraded the
countrys triple A credit rating once
markets had closed last week.
Gold, seen as a haven from the
spiralling chaos, hit a fresh record
high of $1,692 an ounce.
MORE: P2, P3, P4, P17 Stock markets plunged in Israel yesterday
EDITORS LETTER
ALLISTER HEATH
Markets in crisis
2 CITYA.M. 8 AUGUST 2011
G7 rushes out
statement to
calm markets
THE G7 group of industrialised
nations rushed out a statement before
the open of Asian bourses this morn-
ing, pledging to take coordinated
action where necessary to prevent
serious disruption and ensure
liquidity in markets.
Finance ministers from the US, UK,
Italy, Germany, France, Japan and
Canada also said they would cooper-
ate as appropriate on foreign
exchange in a signal they are willing
to intervene in forex markets if exces-
sive moves adversely impact financial
stability.
Meanwhile, the G7 finance minis-
ters welcomed pledges from Italy and
Spain to strengthen their fiscal disci-
pline, effectively paving the way for
the ECB to purchase their bonds.
An aide to George Osborne, who
took part in the call, said he would call
on the Eurozone states to implement
the new 440bn bailout fund, the
European Financial Stability Facility,
as soon as possible. It is not expected to
be up and running until September,
once member states have approved it.
The issuance of Eurozone bonds,
which would effectively see the better-
off northern states underwrite the
debt of their stricken southern neigh-
bours, also merits serious considera-
tion, Osborne was expected to argue.
Germany is currently vehemently
opposed to such a solution.
In comments released after the con-
ference call, Osborne said: By its
nature a global crisis cannot be solved
by countries acting alone. Eurozone
countries must now act swiftly to
deliver on what they have promised.
Meanwhile, Osborne continued to
make the case for rapid deficit reduc-
tion, pointing out that the UK govern-
ments borrowing costs are at
near-record lows thanks to the govern-
ments austerity measures despite
having the highest deficit in the G7.
He said: Individual countries need
to demonstrate beyond doubt that
they have credible plans to deal with
excessive deficits.
BY DAVID CROW
1 A.M. UPDATE
The end of an era

for Cloud Cuckoo
land economics
IT came as a shock but not as a sur-
prise. Americas downgrade is another
psychologically important moment in
the decline of the West: the US and
much of Europe, once uncontested
superpowers, are now the worlds
weakest economic link. The post-
Bretton Woods era is coming to an
end. Asia and the emerging nations
are on the rise and the worlds
increasingly vocal creditors. As eco-
nomic power shifts, so will
geopolitical and cultural influence.
The US, which for decades enjoyed
massive inflows of cheap financing,
and huge benefits from owning the
worlds reserve currency, needs to
start to live within its means. The same
is true of Europe, which faces two
additional challenges: the Eurozone,
which cannot survive in its present
form and which has become the most
urgent threat to global prosperity; and
(even more than America) bloated wel-
fare states and a generalised failure to
grasp that weak education systems,
high taxes and crippling regulations
are a no-no in a globalised world.
Western governments as well as
Japan have tested to destruction the
belief that governments can ensure
perpetual growth by borrowing ever
more, keeping interest rates low or
printing money. This sort of thing can
sometimes work in the short-term. But
it cannot go one forever. We have now
reached the end of that road: stimu-
lus packages of the fiscal or monetary
variety have become counter-produc-
tive, with every extra pound in eco-
nomic output created coming at a
much greater cost. Ultimately, one
needs real, sustainable growth and
ECONOMIC growth will be lower than
the Bank of England previously
thought, the central banks Inflation
Report is expected to admit this week.
The Bank had forecast growth for
this year of around 1.75 per cent in
Mays report, yet economists now see
the UK expanding by just 1.3 per cent,
according to data compiled by the
Treasury.
For 2012 the Banks May report fore-
cast growth of almost 2.5 per cent, yet
economists widely expect GDP to
expand by closer to two per cent.
The Bank of England will clearly
have to lower its 2011 GDP growth
forecasts and it may well have to trim
its 2012 projections as well, said
Howard Archer of IHS Global Insight.
Inflation slowed to 4.1 per cent in
the last reading, but is still expected to
hit five per cent as utility price hikes
kick in during the third quarter of the
year. For two years the Bank has
increased the inflation outlook in
every Inflation Report.
Bank of England
expected to cut
growth forecast
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A downgrade of GDP
forecasts will make
uncomfortable
reading for chancellor
George Osborne
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
that must mean deferring consump-
tion to allow the savings required to
finance productive investment; a
sound, non-manipulated currency;
interest rates that reflect reality; and
lots of hard work, creativity, skill and
innovation, suitably incentivised. The
pseudo-Keynesian micro-management
that dominates policy-making is not
only intellectually bankrupt but has
been proved to fail in practice. Politics
and wishful thinking has been defeat-
ed by economic reality. In a world of
scarce resources, we need to produce
before we can consume all the bor-
rowing and money-printing in the
world cannot refute this simple truth.
So much for the long run. The
downgrade will obviously have a sub-
stantial effect in the very short-term
municipal and local government
bonds in the US will also be downgrad-
ed but the overall, immediate
changes wont be as far-reaching as
some fear. There will be intense volatil-
ity, of course; it is impossible to predict
just how violent todays reactions will
be, the extent of the sell-off of risk
assets such as equities and the flight
to safe havens (such as the Swiss franc
and gold). There will be other knock-on
effects. Will clearinghouses require
more collateral to be posted, hiking
the cost to cover trades? Will the repo
markets hit turbulence? What will
happen to clearinghouses own credit
ratings? Will Americas money market
funds be all right? Will reality-denying
governments obsessed with shooting
messengers respond with knee-jerk
crackdowns on the hated specula-
tors? We will soon find out.
The fallout may be contained
because the two other major credit rat-
ing agencies have not yet shifted their
position; because the Chinese and
other cash-rich nations with hundreds
of billions to invest dont have much
choice of where to put their money
(the euro and yen are far riskier than
the greenback, so yields on Treasury
bonds are likely to remain pretty low,
continuing to fuel that bubble); and
because the US authorities were quick
to maintain the regulatory status of
US debt so banks, insurers and others
capital reserves wont be affected. But
while the USs decline could run for
decades, and will involve further
downgrades, the Eurozones crisis is
urgent. The only question is how
much debt the authorities will want or
be able to federalise how many toxic
government bonds will the European
Central Bank and the European
Financial Stability Facility buy, in
exchange for creating money or issu-
ing Eurobonds backed by all Eurozone
countries. Prudent taxpayers in
Germany and elsewhere will pick up
the bill left by profligate nations; but
given its huge, multi-trillion euro size,
this could destroy yet more credit rat-
ings. France could be next for a down-
grade. Even more importantly, a
sovereign bailout will destroy any
remaining popular support for the
euro project, especially in Germany,
understandably so given that the pop-
ulation was lied to when it was told
that countries would retain their fiscal
independence despite giving up mone-
tary sovereignty. Short-termist
investors may cheer the Eurozones
transformation into a fiscal union
but this will only delay the day of reck-
oning. The era of cloud cuckoo land
economics is ending: the sooner every-
body wakes up to this the better.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
STOCK markets across the Middle
East provided an early glimpse of
what traders in Europe and the US
can expect today, with widespread
losses reported as bourses reacted for
the first time to Standard & Poors
downgrade of the US credit rating, as
well as ongoing turmoil in the
Eurozone.
The Dubai Financial Market fell
more than five per cent yesterday
morning its steepest drop since
January and closed 3.69 per cent
down at 1484.31, a pattern echoed
across the Middle East with markets
in Abu Dhabi, Qatar and Saudi
Arabia also suffering losses of
between two and five per cent over
the weekend.
MARKETS
Middle Eastern bourses drop as panic hits stocks

MONDAY
Last-minute rush to
raise US debt ceiling; UK
factory sector goes into
decline
TUESDAY
Markets still fall despite
US debt resolution; S&P
500 and Nasdaq down
almost three per cent
WEDNESDAY
Silvio Berlusconi forced
to make statement after
markets close to
reassure investors that
Italy will not default;
promises reforms
THURSDAY
Jean-Claude Trichet
fails to calm
markets after ECB
doesnt buy any
Italian or Spanish
bonds
WEEK OF TURMOIL
UK
manufacturing
in PMI survey
49.1
S&P 500
-2.56%
Nasdaq
-2.75%
Italian bank Intesa
Sanpaolo falls 5.2 per
cent while rival
Unicredit loses 5.8
per cent
Moodys
cuts US
outlook to
negative
as the fis-
cal plan is
untested
FTSE
-3.4%
Dow
-4.3%
Spanish
yields
6.33%
Lloyds shares
suspended
after falling
10 per cent
BY JULIAN HARRIS
UK ECONOMY
Italian
yields
6.23%
President
Obama
described the
debt ceiling
stalemate as a
Washington-
inflicted wound
on America
Credit rating agencies caught in political web
N
EXT Tuesday marks the three-
year anniversary of Moodys
downgrading nearly 700 mort-
gage-backed bonds. As the sub-
prime crisis ploughed on, the move
followed thousands of other screech-
ing U-turns on mortgage-backed
assets by the three main credit rating
agencies S&P, Fitch and Moodys.
The trios cash cow had come back to
bite, with a wave of politicians and
economists queuing up to blame the
agencies for inducing the devastating
global financial crisis.
It is thus little wonder that many
people now refuse to take the agen-
cies seriously, even when they down-
grade bonds from some of the
worlds largest governments. Late on
Friday S&P followed through on its
threat to pull the USs gold-plated
triple A rating, downgrading to AA+.
Since the mid-1970s government
regulation, particularly in the US, has
virtually institutionalised the three
Nationally Recognised Statistics
Rating Organisations, obliging cor-
porations and investors to do busi-
ness according to their ratings.
While privately-owned, the agen-
cies existence is essentially govern-
ment-backed, yet political leaders --
irritated by downgrades -- are now
turning on them. Last week police
authorities astonishingly raided the
office of S&P and Moodys in Italy,
accusing the firms of causing anom-
alous movements in stock prices.
The situation is unhealthy for all
concerned. We need a freer, more
competitive market for agencies.
BOTTOMLINE
Analysis by Julian Harris
S&P eyes new
downgrade as
US fights back
US MORTGAGE agencies Freddie Mac
and Fannie Mae are likely to have
their credit ratings cut by Standard &
Poors today after its downgrade of
the US sovereign debt rating last
week.
S&P is likely to lower the two gov-
ernment-backed housing agencies to
AA+ from triple A due to their depend-
ence on the US government after plac-
ing them on negative outlook in July.
Its decision will be closely watched
after a bitter backlash from the US
government against S&P stripping the
sovereign of its prime rating.
The US Treasury said S&Ps debt cal-
culation was wrong by about $2 tril-
lion (1.2 trillion).
The magnitude of their error com-
bined with their willingness to simply
change on the spot their lead ration-
ale in the press release once the error
was pointed out was breathtaking,
said National Economic Council head
Gene Sperling.
S&P admitted the error but said
that did not affect its decision and
warned that further political infight-
ing could make it worse.
If the fiscal position of the United
States deteriorates further or if the
political gridlock becomes more
entrenched, then that could lead to a
downgrade, said S&P managing
director John Chambers.
Billionaire Warren Buffett als o
waded into the debate, arguing that
the US still merited a top rating.
In Omaha, the US is still triple A.
In fact, if there were a quadruple A
rating, Id give the US that, he said.
But fund manager Terry Smith said
S&Ps rationale was right regardless of
the numbers. It is hardly surprising
that Americas creditworthiness is in
doubt as it is the only major economy
where government spending as a per-
centage of GDP has risen since the
onset of the crisis, he said.
S&P said yesterday that Frances
triple A credit rating was safe and its
outlook confirmed as stable.
US POLITICIANS TRADE BLAME: P4
BY ALISON LOCK
US ECONOMY
Markets in crisis
CITYA.M. 8 AUGUST 2011 3
FRIDAY
Japanese equities at
their lowest since the
post-quake plunge in
March
SATURDAY
S&P downgrades US
government bonds
SUNDAY
G7 finance
ministers hold
emergency
conference call
THIS WEEK
Bank of England set to
downgrade UK growth
forecast
US non-farm payroll
numbers offer some
relief: up 117,000
Nikkei
-3.7%
Nicolas
Sarkozy and
Angela
Merkel gave
their backing
to the new
Eurozone
bailout fund
yesterday
News
THE majority of the City was unpre-
pared for S&Ps historic decision to
strip the US of its triple A debt
rating, according to the City
A.M./PoliticsHome Voice of the City
panel.
Members of the panel, which has
been specially recruited to represent
a cross-section of Londons
financiers and business people, were
interviewed by email last week and
all the field work was completed by
Friday afternoonjust hours before
S&P revealed its decision.
Excluding those who said they
didnt know, fifty-one per cent said
they did not believe the US would
lose its triple-A rating before the
next Presidential election in 2012.
Slightly less (48 per cent) correctly
predicted a downgrade.
The findings contradicts the
received wisdom that financiers
were expecting a downgrade and
therefore S&Ps decision is of little
significance.
However, around two thirds (67
per cent) thought President Barack
Obama would still win re-election in
2012 despite the US debt ceiling fias-
co, even though the majority (55 per
cent) thought his reputation had
been damaged.
City A.M. and PoliticsHome inter-
viewed 398 members of the Voice of the
City panel by email last week.
BY DAVID CROW
POLITICS
In partnership with
Just half of City saw
downgrade coming
Apply to join today at www.cityam.com/panel
US POLITICAL parties yesterday
traded blame for the countrys loss of
its top-tier triple credit rating from
S&P, raising doubts lawmakers can
still find a common ground to solve
the countrys debt problem.
It's a partial wake up call. I think
this is without question, a Tea Party
downgrade, US Democratic senator
John Kerry said.
But Republican Senator John
McCain said the downgrade was an
indictment of Obamas leadership.
I agree there is dysfunction in our
system and a lot of that has to do
with failure of the president of he
United States to lead, said McCain,
who lost the 2008 White House race.
US parties bicker over who to
blame for loss of triple-A rating
POLITICS
Britain cant hide behind America forever

I
F youre in a crowd thats at risk
of being shot at then it helps to be
behind someone else and prefer-
ably behind something that
poses a much bigger target. And
thats where the UK finds itself,
shielded from the fire of ratings agen-
cies and bond vigilantes by the
Eurozone and the US.
In part the austere image George
Osborne launched as then-shadow
Chancellor at his party conference
nearly two years ago has paid off.
Compared to its peers, international
investors see a British government
with a firm plan for fiscal tightening
and an independent currency.
As a result our government debt is
in the unusual position of being a
safe haven play. In the last week two-
year gilt yields hit a record low of 0.51
per cent and 10-year yields hit 2.59
per cent.
But thats only part of the story. For
while George Osborne will claim low
yields are a vote of confidence in poli-
cy they are also low because growth
prospects are weak. As Baring Asset
Managements Alan Wilde says:
With RPI inflation running consis-
tently above five per cent, real returns
to gilt investors and, more critically,
on bank deposits, are deeply nega-
tive.
Sadly that includes some pension
funds which, because of regulatory
demands to match long term assets
and liabilities, will be buying 30-year
bonds yielding under four per cent.
But its not just UK pension funds.
As Wilde points out: Foreign holders
of gilts now own more than 30 per
cent of total debt outstanding, up
from 18 per cent 10 years ago.
Depending on the continued support
of foreign investors at current nomi-
nal yields is wishful at best as they are
simply not receiving a positive
return, after taking inflation into
account.
So with lower growth and a larger
foreign holding of our debt the pres-
sure is only going to rise on the chan-
cellor. Hes going to have to deliver
even more on what he started in
Manchester two years ago.
As Danny Gabay and the team at
Fathom Consulting have demonstrat-
ed, the cost of lessening fiscal plans
would at best trigger a monetary
tightening at worst a sovereign debt
crisis.
What the chancellor needs to do is
rein in his coalition partners and go
much further with supply side liber-
alisation, to make the UK a standout
economy for overseas investors. This
means a radical overhaul of the tax
code, reducing taxes that hinder job
creation, cutting the 50p higher rate
and vast swathes of business red tape.
He also needs to make sure we
dont implement fresh regulation of
our banks that sucks even more
money out of the economy at a time
we can least afford it.
Ross Westgate is co-anchor of CNBCs
Worldwide Exchange
CNBC COMMENT
ROSS WESTGATE
PoliticsHome.com PoliticsHome.com
7%
45%
48%
%
Yes
No
Dont know
Do you believe the USA will lose its AAA
credit rating before the Presidential
electon in November 2012?
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News
A SECOND night of violence hit
London yesterday, as police clashed
with rioters in Enfield and Edmonton,
and officers assessed the damage fol-
lowing a night of arson attacks and
looting in Tottenham.
Unrest broke out in the north of the
capital late on Saturday after a peace-
ful vigil by friends of family of Mark
Duggan shot dead by police on 4
August was hijacked by protestors
who set fire to a double-decker bus and
looted local shops.
Rioting continued into the night,
with much of Tottenham High Road
remaining closed yesterday as police
launched an official investigation into
the violence amid ongoing tension.
The Metropolitan Police confirmed
it had made 55 arrests following the
disturbances on Saturday, with extra
officers deployed and further arrests
in Enfield last night after several shops
fronts were smashed and their con-
tents looted.
London streets
left smouldering
as riots continue
LONDON RIOTS
INVESTOR IRE SPARKS ICAP PAY

REVIEW
Icap, the largest interdealer broker, is
to undertake a thorough review of its
remuneration policy for the first time
in eight years. The FTSE 100 group is
making the move after a substantial
minority protest vote at the annual
meeting in mid-July.
ONGC EYES SALE OF DEEPWATER
STAKES TO OIL MAJORS
Indias Oil and Natural Gas Corp is in
talks with foreign oil majors BG, Eni
and Shell to sell stakes in deepwater
developments off the countrys
resource-rich eastern coast, as it seeks
to replicate the lucrative $7.2bn deal
struck between BP and Reliance
Industries. AK Hazarika, the chair-
man of Indias biggest oil and gas
group, told the Financial Times that
the state-owned group was looking
for a partner with the technological
expertise to exploit its vast but
untapped deepwater oil and gas
reserves.
BARRATT LOOKS TO SELL PART OF
SHARED EQUITY BOOK
Barratt Developments, the UKs
largest volume housebuilder, has
entered talks with investors to sell its
first tranche of shared equity loans,
in a move that could herald a return
of mortgage security products. It is
being advised by Credit Suisse.
CINVEN IN TALKS TO BUY GUARDIAN
LIFE INSURANCE
Cinven is in exclusive negotiations to
buy Guardian life insurance, in the
first of an expected string of deals by
the UK private equity group in the
sector. Cinven has been given a few
weeks by the seller to negotiate a
more than 250m ($410m) deal to buy
the 190-year-old company, two people
close to the situation said. Lancashire-
based Guardian has been put up for
sale recently by Aegon, the Dutch life
insurer.
CARE HOMES CHIEF IN LINE FOR
494,500 SEVERANCE PAY
The failing care homes operator
Southern Cross could be forced to
spend more than half a million
pounds paying off its top executives
when it closes. The company is con-
tractually obliged to make a number
of so-called golden parachute pay-
outs, the biggest of which is owed to
the chief executive, Jamie Buchan.
While such payments are usual in
corporate Britain, they will incense
Southern Crosss 31,000 residents and
their families who are facing months
of uncertainty.
BOND STREET: ITS REALLY WORTH ITS
WEIGHT IN GOLD
Buying property on Bond Street in
London is as secure and lucrative an
investment as buying gold, thanks to
soaring rents and values in Europes
most expensive street.
BONFIRE OF THE JOBLESS BANKERS
The bonfire of the bankers is upon us,
but the thousands of banking staff
faced with losing their jobs could
have an extra thing to worry about.
According to some headhunters,
nobody will want to rehire them.
Banker-bashing has now become so
ingrained in the British psyche that it
has found its way into recruitment
circles too. Where private sector com-
panies in a range of industries would
have once jumped at the chance of
hiring ex-bankers, many now will not
touch them with a barge pole, accord-
ing to some executive search firms.
CLASS DIVIDE IS BACK IN FASHION
As austerity bites, retailers are turning
to demographics to prise money from
reluctant shoppers by targetting dif-
ferent groups from secure families
and worried wealthy to affluent
greys.
WHAT THE OTHER PAPERS SAY THIS MORNING
Firefighters and riot police worked through the
night to extinguish arson attacks and disperse
protestors from the area around Tottenham High
Road, after rioting left some buildings almost
completely destroyed.
Rioters in Tottenham
set fire to a double
decker London bus
on Saturday night,
as shop fronts were
smashed and looted.
Pictures:
REUTERS, GETTY,
REX
US PROSECUTORS investigating
whether Swiss bankers helped high-
worth Americans avoid paying tax
have extended their probe to at least
six more Swiss banks and one
Liechtenstein private bank.
Court documents reveal the banks,
which have not been named, alleged-
ly opened accounts for UBS clients
after the Swiss bank closed its US
business in 2008 because of pressure
over undeclared accounts.
UBS paid $780m (480m) in a
deferred prosecution agreement and
US authorities received almost 5,000
client names.
US probes more
Swiss banks on
secret accounts
ENFORCEMENT
PANIC ON THE STREETS OF LONDON

INDUSTRIAL investor Melrose and its
takeover target Charter International
are each preparing to butter up share-
holders this week as the battle for
Charter heats up.
Melrose, which tabled a 1.4bn
offer for Charter, will meet its
investors today to get approval for a
373m return of capital from the sale
of its investee company Dynacast.
In contrast, Charter chairman Lars
Emilson will hold meetings to discuss
its recent investor roadshow, where
shareholders criticised his refusal to
open Charters books to Melrose.
Some large investors have reported-
ly threatened to oust Emilson if he
continues to refuse.
We are, of course, listening to some
shareholders who would prefer that
we open the books but we have to con-
sider the interests of the company as a
whole, a Charter spokesman said.
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Melrose meets investors
as Charter chair rebuked
BY ALISON LOCK
INDUSTRY
News
MORE NEWS
ONLINE
@
www.cityam.com
CHARTER Internationals chairman
Lars Emilson was thrown briefly
back into the executive seat last
month after the engineering
groups chief executive issued a
third profit warning and resigned.
Formerly the chief executive of
packaging giant Rexam, Emilson
now faces the task of calming muti-
nous shareholders while bedding in
a new chief executive and executing
a hefty restructuring strategy.
But the level-headed Swede has
spent his whole working life in
manufacturing firms, has 30
years strategy experience and has
hands-on experience of takeovers.
He launched his career with
PLM, a fast-growing packaging
maker in his native Sweden,
and moved from recycling
products to plastic and cans,
and to the US and back. He
lived through three large
M&As by PLM its takeover
by Rexam in 1999 and
Rexams purchases of American
National Can and Brazils Latasa.
Emilson is circumspect about
support for Melrose, aware that he
retains the backing of some
investors and believes it is worth
more than offered. But after almost
four years with
Charter, he
may find now
is the right
time to wrap
up and hand
it to a new
owner.
Level-headed Swede
with lots to wrap up
BY ALISON LOCK
PROFILE
LARS EMILSON
ANALYSIS l Charter International Plc
p
1 Aug 2Aug 3Aug 4Aug 5Aug
850
750
650
689.50
5 Aug
News
INVESTEC aims to significantly
strengthen its assets under manage-
ment through its bid for wealth man-
ager and broker Evolution Group, it
said yesterday.
The South African banking group,
which manages about 12bn of
assets, made an early stage bid last
week for Evolution, which holds 6bn
through its Williams de Broe wealth
management arm and has set a goal
of growing that to 10bn.
Evolutions broking arm does not
expect to make a profit this year, lead-
ing to speculation that Investec may
hive off Evolution Securities and keep
only the wealth manager.
Peel Hunt analyst Henry Biddle cal-
culated that Williams De Broe
accounts for the bulk of Evolutions
200m sum-of-the-parts valuation
about 130m whereas Evolution
Securities was worth just 19m.
Theres a further 40-50m of cash.
Investecs managing director
Bernard Kantor yesterday told City
A.M. high-level talks were already
under way with Evolutions board
and the acquisition would strengthen
both Investecs asset management
and investment banking businesses.
I just think this deal makes com-
mon sense, he said. In this day and
age you need to be able to get the
maximum out of all areas of opportu-
nity and this is one way of achieving
those synergies and get more ammu-
nition, more armaments, to take on
the market.
Kantor said its bid was focused on
both parts of the group but said the
broking industry was having a diffi-
cult time. It is a tough area for most,
he said. But I think they are strong,
and we are ok, and together we will
be even stronger.
Earlier, Evolution had said it was in
advanced talks to buy BNP Paribas
private client business, part of its
wealth management arm.
Investec eyes
wealth assets
of Evolution
BY ALISON LOCK
BANKING
US TELECOMS giant Verizon saw

45,000 of its workers strike yesterday
in protest against changes to pension
and health provisions in contracts.
The two US unions heading negoti-
ations said the walkout came after a
deadline to accept the new contracts
expired at midnight on Saturday.
Verizon in June proposed changes
such as freezing its final salary pen-
sion scheme for existing members
and closing it to new members, and
making both current and retired staff
pay more for health insurance.
Its spokesman Marc Reed said it
was regrettable that unions had
walked away from negotiations but
said Verizon had trained tens of
thousands of management and
retired staff to take the place of strik-
ers during the industrial action.
The strikers largely work in
Verizons landline division in the
Northeast and Mid-Atlantic states.
The International Brotherhood of
Electrical Workers said Verizon want-
ed to take much of its unionised work-
force back to 1960s levels of wages,
benefits and working conditions.
Verizon hit by 45,000 employee
strike over pay and benefit cuts
TELECOMS
SUN Capital Partners has lined up for-

mer Lloyds deputy chief executive
Mike Fairey to be chairman if the
groups bid for 632 of the banks
branches is successful, a source con-
firmed yesterday.
Sun Capital, a group of investors
that includes Edward Spencer-
Churchill and entrepreneur Hugh
Osmond, has selected
Fairey (pictured right) for
his decade of experience
in his role at Lloyds.
Fairey also works with
Osmond as chairman of the
latters acquisition vehicle
Horizon, which made
its first purchase in
June.
He was deputy chief
executive of Lloyds
TSB from 1998 until he retired in
June 2008, and is currently a non-
executive at Northern Rock.
If Sun Capital wins the auction
for the Lloyds branches, Fairey
would become chairman of a sep-
arate vehicle used to take
over the assets.
Lloyds is selling off
the branches by auction
after an EU competition
ruling.
Osmond venture lines Fairey
up to chair Lloyds branches
BY MARION DAKERS
BANKING
Hugh Osmond is one of several entrepreneurs involved in Sun Capital Partners Pic: PA
ANALYSIS l Evolution
p
84
80
76
80.50
5 Aug
OFFSHORE FUNDS: HALF
THE NATIONS WEALTH
COMES OUT FOR COWES
THE RUM Jungle was once chartered
by Hugh Hefner and an assortment of
his Playboy bunnies, when the ageing
porn baron came to London for his
eightieth birthday celebrations.
But on Saturday, it was the turn
of Aberdeen Asset Managements
seafaring chief executive Martin
Gilbert to hop aboard the 75-foot
gin palace, as part of the fund man-
agers corporate entertainments as
the sponsor of Cowes Week.
Gilbert, who climbed aboard for
lunch between racing the Extreme 40
catamaran sponsored by AAM,
claimed ignorance of the Playboy
connection If only Id known that,
I would have enjoyed myself more
remaining on-brand about the fund
managers debut sponsorship of the
regatta. Obviously, the racing is the
key part of the whole thing, he told
The Capitalist. The social element is
important but secondary.
Not so secondary, though, that
Gilbert couldnt make an appearance
at that evenings Royal Yacht
Squadron Raj-themed ball, where he
sat next to the lovely designer
Amanda Wakeley and talked tides,
tactics and turbans with the Indian
headdress-wearing John Grandy,
chairman of the Cowes organising
committee, and Wakeleys partner
Hugh Morrison, co-founder of finan-
cial PR firm M:Communications.
Also spotted in the marina were
Jamie Matheson, the Brewin Dolphin
executive chairman who owns the
old Morning Glory II yacht; Mike
Slade, the chief executive of property
developer Helical Bar and the owner
of Leopard, the most eye-catching
boat on the water; and keen
sailors from Rothschild, ICAP,
Cazenove, Artemis and JP Morgan.
Half the UKs wealth under man-
agement is here at Cowes, observed
Berry Asset Managements chief
executive Jamie MacLeod, the former
chief executive of the regattas previ-
ous sponsor Skandia.
HOLDING COURT
A CROWD of more than 100 bankers
gathered outside Gaucho in
Broadgate Circle last Thursday night
to watch the final of the inaugural
petanque championship organised by
City A.M. and Veuve Clicquot.
Martin Williams, operations direc-
tor at Gaucho, and his famous
labradoodle Hudson watched as the
four players from Oil Brokerage took
an early lead, before a rousing
motivational speech from Sam
Torrance, ex-Ryder Cup captain and
City A.M. golf columnist, helped his
side refocus and regroup.
The final score: 13/12 to City A.M.
despite the havoc caused by
Hudson who each won a healthy
supply of Veuve Clicquot champagne
and their own boules set. It wasnt a
fix; they genuinely played well, said
a Gaucho mole, who says the champi-
onship will be back even bigger next
year, scaled up to 32 team places
from this years eight.
Onshore fund manager: Aberdeen Asset Managements chief executive Martin Gilbert aboard a Sunsail F40 in Cowes Yacht Haven
Sand pit: City A.M. play Oil Brokerage
BILL OF THE WEEK
ONE OF the most regular visitors to
Boisdale in Belgravia is a Russian gen-
tleman who lives around the corner
on Queen Elizabeth Street. So when
the local dropped in to the restaurant
with three Russian friends, he felt suf-
ficiently at home to order one of the
most expensive items on the menu: a
plate of the prized Oscietra caviar,
which is served with a shot of
Russian Standard Platinum vodka.
The Krug Grande Cuve doesnt
come cheap either, at 270 a bot-
tle or the Chateau Belgrave, at
115 a time, but the group ordered
two of the former and three of the
latter before putting away seven
large measures of 21-year-old
Glenlivet. Just as well, then, that the
well-oiled oligarchs didnt have far to
walk for a nightcap at their hosts
house after settling the 1,531 bill
11 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
The Capitalist
CITYA.M. 8 AUGUST 2011
News
EASYJET founder and largest share-
holder Sir Stelios Haji-Ioannou has
ramped up his campaign to oust sen-
ior independent director Sir David
Michels, who he claims has too
much power and not enough
accountability.
Stelios, the owner of easyGroup
and 37 per cent shareholder in
easyJet, has written to the easyJet
board to call for an emergency meet-
ing to vote out negligent Michels
immediately. He is also holding
meetings with other shareholders to
canvas support.
Michels said in May he would step
down at the end of the year, after
months of criticism from sharehold-
ers, but Stelios has called for his
immediate departure to prevent him
collecting fees without having any
long term loyalty to the company
but continuing to play a part in air-
craft orders and long term capex.
Stelios also criticised Michels for
ordering a hundred new planes in
January, just days before the firm
issued a profit warning.
The request for a vote on Michels
is the least disruptive on the opera-
tions of the company, Stelios told
City A.M. yesterday. It is only
designed to disrupt the buying of
more aircraft from Airbus.
EasyJets second largest sharehold-
er, M&G Investments, did not return
calls to comment yesterday. Easyjet
has said it will write to its sharehold-
ers in due course and derided the
request from Stelios as an unneces-
sary distraction.
Earlier this year, easyJet sharehold-
ers led by Stelios voted down the
boards 2010 pay packages.
Stelios ramps
up battle to
oust Michels
BY MARION DAKERS
TRANSPORT
THE GOVERNMENT is thought to be

preparing to sell its stake in Urenco, a
uranium enrichment specialist, to
help raise money for the Exchequer.
Gordon Brown tried unsuccessfully
to sell the governments holding in
Urenco in 2009 but the coalition is
understood to be lining up advisers
for a beauty parade ahead of an auc-
tion within the next year.
Urenco is part-owned by the public
through the shareholder executive
within the department of business,
with the rest split between energy
firms Eon and RWE. Any sale would
have to pass taxpayer value and
nuclear non-proliferation tests.
The department of energy and cli-
mate change said: We are assessing
the options with regard to Urenco but
no decisions have yet been taken.
Government set to
restart Urenco sale
Sir Stelios Haji-Ioannou (left) wants Sir David Michels to stand down from the easyJet board as soon as possible Picture: REUTERS
BY MARION DAKERS
POLITICS
ANALYSIS l Easyjet
p
380
370
330
350
360
340
320
310
334.00
5 Aug
TIMELINE | EASYJETS FRAUGHT RELATIONSHIP WITH STELIOS
1995
Stelios Haji-Ioannou sets up easyJet using
funds from his familys shipping business
22 November 2000
EasyJet floats on the London Stock
Exchange, valuing the firm at 777m
November 2002
Stelios resigns as easyJet chairman to spend
more time on other ventures
May 2005
Stelios returns to the board as a non-exec;
seven months later Andy Harrison joins as
chief executive
August 2008
Stelios takes easyJet to court for using the
easy brand to make money from ventures
that compete with his other businesses
November 2008
Stelios raises his stake in easyJet and
demands two additional board seats, after
refusing to sign off the firms accounts
July 2010
Harrison quits after a row over strategy and
is replaced by Carolyn McCall
May 2010
After failing to nominate board members,
Stelios resigns again in order to lobby for
strategy change as an investor
11 October 2010
EasyJet agrees a deal to pay Stelios to use
the easy name on non-airline services
February 2011
Stelios rallies investors to vote down the
boards pay deal, in particular Harrisons sev-
erance package
HOUSING firm Crest Nicholson will
be taken over by a US distressed debt
specialist within the next few weeks,
a source close to the firm confirmed
yesterday.
Minneapolis-based Varde Partners
has been working for months with
advisers Lazard and Bingham
McCutchen to assess the options for
the firm, which became 90 per cent
owned by its lenders following a
648m debt for equity swap in
January 2009.
After buying up more than 80 per
cent of Crests debts from Lloyds
Banking Group and others over the
course of a year, Varde is expected to
complete a debt for equity swap with
the remaining lenders by the end of
August.
The housebuilder said in May that
it expected 359m of its 551m face-
value debt pile to be converted into
equity at some stage, and that its
directors were working with Varde to
try and deleverage the business.
Crest Nicholson was taken private
by HBOS and Sir Tom Hunters West
Coast Capital in May 2007 and
undertook a previous debt for equity
swap in early 2009.
Lloyds ended up with a 30 per cent
equity stake in the firm and around
a quarter of its debt when it acquired
HBOS in 2009, and sold the holding
to Varde last October for an undis-
closed amount.
The company, which focuses on
building properties in the south east
and the Midlands, was hit particular-
ly hard by the recession and associat-
ed funding problems suffered across
the real estate sector.
But Crest Nicholson reported an
operating profit of 47.3m for the
year to October, marking a turning
point after a turbulent few years in
its main markets. The group posted a
pre-tax loss of 27.4m thanks to one-
off charges.
The company is sitting on a land-
bank worth more than 6.3bn and
said in its annual report in April that
it had booked future house sales
worth 99.1m.
Bringing the firms debts and
assets together under a single owner
is understood to be part of the Crest
Nicholson board and Vardes joint
turnaround plan.
Crest Nicholson declined to com-
ment yesterday, while Varde did not
respond to requests for comment.
Varde in deal
to take Crest
Nicholson on
BY MARION DAKERS
PROPERTY
News
Tax benefits on equity would help SMEs thrive
M
ARKET sentiment turned dra-
matically for the worse last
week as political worries and
disquieting economic data on
both sides of the Atlantic outweighed
relief at the threat of a US debt
default being narrowly averted.
Amid concerns deficit reduction
plans will hit global growth
prospects, UK politicians have focused
on how the financial services sector
can support the recovery in choppy
market conditions.
This issue came to a head again
when the Bank of England released
mixed second quarter lending data at
the end of July. Under Project Merlin
banks fell just short of the agreed tar-
gets for small and medium-sized
enterprises (SMEs).
Vince Cable and the Chancellor
have both reiterated the importance
of SME lending in recent weeks.
Clearly the UK recovery is contin-
gent on viable firms being able to
access appropriate funding. I would
argue, however, that we need to move
the SME funding model on by think-
ing about the tax incentives available
for different forms of finance.
The City recognises that it has a
crucial role to play in supporting
SMEs requirements to access the
finance that they need to thrive.
Credit will always be an important
source of finance but, in many
instances, equity can be better suited
to a business environment which is
more fluid than ever before.
Take up of equity finance will only
increase, however, if impediments
imposed by the tax system are
removed. The cost burden of stamp
duty, capital gains, and tax on divi-
dends means that many small compa-
nies view it as inefficient. Unless we
re-think how to provide the same tax
incentives on equity as debt we will
be having this same discussion again
years down the line.
Mark Hobans announcement that
two deregulatory amendments to the
EU Prospectus Directive have been
brought into effect a year early, to
help small businesses access equity
finance more cheaply and effectively,
is a step in the right direction.
This measure will save UKs 4.8m
SMEs around 12m a year by allowing
them to raise more equity finance
before a prospectus needs to be pro-
duced. They will also be able to target
a larger pool of investors.
But more needs to be done to
reduce the cost burden for SMEs look-
ing to access equity finance and to
create a level playing field.
SMEs have different financing
needs throughout their life cycles. We
therefore need a wider range of mech-
anisms to support their growth. The
same strategic considerations apply
in wider Europe and the USA, and
will surely form part of the solution
to the ongoing global crisis
Michael Bear is Lord Mayor of the City of
London
CITY COMMENT
MICHAEL BEAR
VARDE Partners, a privately held
investment manager based in
Minnesota, is not a name that crops up
often in London company announce-
ments.
Working for what it calls a select
group of sophisticated investors, Varde
has invested from offices in Minneapolis,
London and Singapore since 1993. In
February, Varde was one of the funds
involved in a $290m stalking horse bid
for video chain Blockbuster after it filed
for Chapter 11 bankruptcy, though it
later lost the auction.
The group has also been linked to
Irish Life & Permanent, with reports in
June suggesting that Varde was inter-
ested in bidding for the nationalised
firms banking arm.
The firm has seven partners, with
qualified lawyer George Hicks acting as
joint managing partner alongside co-
founder Marcia Page, Jeremy Hedberg
and Jason Spaeth.
Rick Noel oversees the groups
London office and all investing activi-
ties in Europe and Asia, and is one of
several partners who previously
worked for Minnetonka-based agricul-
tural conglomerate Cargill.
MEET THE BIDDER: VARDE PARTNERS
GEORGE HICKS
MANAGING
PARTNER AT
VARDE
News
BUSINESS activity in London grew at
its fastest rate for 16 months in July,
according to a Lloyds TSB survey
released today.
Output grew in all regions except
Northern Ireland, but London led the
way with by far the strongest expan-
sion.
Julys survey data points to an
uneven regional recovery, with
London advancing clear of the pack,
said John Maltby of Lloyds TSB
Commercial.
He added: Widening growth dis-
parities reflect the differing exposure
to high growth export markets, along-
side varying sensitivity to government
spending patterns and muted domes-
tic consumer spending.
Growth also accelerated in the east
Midlands, reaching a three month
high of 54.9 in the purchasing man-
agers index (PMI). All scores above 50
indicate economic expansion.
Northern Ireland was the only area
to record a dip in business output,
with the decline worsening to 43.9 in
the PMI scale, down from 44.3 in June.
While commercial activity grew in
all English regions, the rate of recovery
collapsed in the north west to a seven
month low of 50.3, coming close to
stagnation. And employment shrank
in the north west, as well as in the
neighbouring region of Yorkshire and
Humber.
Weakening employment trends
across the majority of regions under-
line the increasing nervousness about
the economic outlook, Maltby added.
Yet the fact that all nine English
regions have managed to maintain a
degree of business activity growth over
the previous month is encouraging.
Commercial property businesses are
also far more confident about the
London market than about the rest of
the UK, a separate study by Lloyds
revealed. Two fifths of medium and
large London property businesses
expect activity to pick up in the next
three to six months, it claimed.
Business Barometer Falls Back: P21
London grows
at fastest rate
for 16 months
CONFIDENCE for the future has
dipped among small and medium
sized manufacturers, despite rising
factory output.
While orders rose in the three
months to July, according to a
Confederation of British Industry
(CBI) survey, exports order slowed,
with total orders set to be broadly
flat over the next three months.
The gloomy news for the UKs facto-
ry industry comes after a separate
survey last week showed the sector
going into decline.
Sentiment has fallen for the first
time in two years, said the CBIs Lucy
Armstrong. Across all manufacturing
SMEs, more were pessimistic about
their business situation than opti-
mistic. The results mark an ominous
turning point for the sector; in the
previous two three-month periods, a
positive balance of manufacturers
were optimistic about prospects.
Factory owners also face the
prospect of higher wages for their
staff, according to a separate survey
conducted for the Association of
Professional Staffing Companies
(APSCo). The number of jobs adver-
tised in the sector was up 50 per cent
in July compared to the same time
last year, APSCo said, while also citing
a shortage of skills in the UK.
Manufacturers
confidence dips
in third quarter
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54.3
50.3
50.8
50.7
57.2
59.5

16-month high
27-month low
7-month low
44.3
43.9
6-month low
Alc
Ale
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BY JULIAN HARRIS
UK ECONOMY
UK ECONOMY
A UNIT of Warren Buffetts Berkshire

Hathaway jumped into the bidding
war over Transatlantic Holdings,
offering to buy the reinsurer for
$3.24bn (1.98bn).
Transatlantics board said yes-
terday it would carefully con-
sider and evaluate the
$52-per-share offer by Berkshire
unit National Indemnity.
Buffetts bid tops two rival
offers put before
Transatlantic.
Transatlantic has an
agreement to be bought
by Allied World
Assurance in a deal cur-
rently worth $44.22 per
share, or $2.75bn.
Validus Holdings,
meanwhile, has
launched a hostile bid
for Transatlantic,
with a proposal cur-
rently worth $46.36
per share, or $2.89bn.
Buffetts bid values
Transatlantics shares at $52 apiece, a
15 per cent premium to Fridays clos-
ing price of $45.24 on the New York
Stock Exchange.
Yesterday, Transatlantics board
backed its recommendation of the
agreement with Allied World and
advised shareholders to await the
boards decision regarding the Buffett
proposal before taking any action.
Goldman Sachs and Moelis are
acting as financial advisers and
Gibson, Dunn & Crutcher is acting
as legal counsel to Transatlantic.
Allied World and
Validus have been can-
vassing shareholders to
drum up support for
their proposals.
Allied World has
been making the case
that its deal with
Transatlantic would
save money and create
a company with a bet-
ter risk profile.
It says Transatlantic
shareholders also
would get a speciality
insurance business with
its plan.
Buffett unit
bids 2bn for
Transatlantic
TESCO yesterday said the grocer is
committed to its national pricing pol-
icy, following a computer bug that
gave Scottish shoppers cheaper prices
on hundreds of household items.
The alarm was raised when it
emerged Scottish families have been
paying on average five per cent less
on an estimated 800 products for the
past three weeks contrary to Tescos
policy of charging one price across
the UK, as introduced in 2000.
However, Tesco said there had been
no breach of its pricing policy. A
spokesperson said: A relatively small
number of products... were incorrect-
ly priced by a small amount. This was
caused by a technical error as our
Scottish stores are being moved to a
new pricing software system. The
error has now been corrected.
At TMC, we believe that learning
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Seminar Topics
Tesco fixes Scottish
pricing discrepancy
BED retailer Dreams has been hit with
a vote of no confidence from the
insurer of its suppliers, which sus-
pended its cover of about a fifth of
Dreams suppliers last week.
Euler Hermes, which insures suppli-
ers against their customers going
bankrupt, put Dreams suppliers on
notice that its cover would end in 30
days, leaving them at risk of loss if the
bed specialist failed to pay them.
The move comes despite accounts
from Dreams showing it received
20m of fresh capital and secured
improved terms for its banking facili-
ties from its private equity owner
Nightmare for Dreams as insurer
pulls cover despite refinancing
BY HARRY BANKS
INSURANCE
RETAIL
B HARRIET DENNYS
RETAIL
News
NET-A-PORTER INVESTOR TAKES STAKE IN LOOKK.COM
CARMEN Busquets,
the luxury-goods
investor who made
a profit of almost
100m from the
sale of Net-a-Porter,
is to reinvest some
of her gains into
social networking
clothes design firm
Lookk.com.
Busquets, 45, will
take up a 5.1 per
cent stake and a
seat on the board
of the company,
which founded in
2008 under the
name Garmz.com
Exponent in May.
The accounts filed at Companies
House also showed Dreams remained
profitable in the year to 24 December
2010, turning almost a 5m profit,
although this was down from 15.3m
in the previous year.
Withdrawal of credit insurance is
seen as a sign a company is in distress,
and Euler Hermes has come under
fire in recent years for withdrawing
cover from firms struggling to survive.
Its refusal to cover Woolworths con-
tributed to that companys collapse,
while since 2008 it is said to have
stopped its cover of Borders, TJ
Hughes, HMV, Gala Bingo, Topps Tiles
and steelmaker Corus.
Michael Gove
threw his weight
behind our
financial litera-
cy campaign in
June
M
ATHEMATICS is essential to
the City, with A-level gradu-
ates in the subject better-
equipped for logical thinking
and statistical analysis and likely to
earn 10 per cent more on average
than those without the qualification.
And yet, in the advisory committee
for mathematics educations (ACME)
report into the nations maths needs,
published last month,
evidence from both
industry and universi-
ties showed that young
people embarking on
careers or higher edu-
cation in numerate
subjects are often ill-
equipped to cope
with the mathe-
matical demands
London 2012 TIME TO GET READY
City firms need to be prepared for the Olympics
The finance sector is leading the way in Games readiness but
all companies, big and small, need to plan, says Will Freeman
W
ITH London 2012 less than a
year away, companies
around the capital need to
prepare for the impact the
Games will have on their business. The
good news is that the City is leading
the way in business preparedness.
According to research from London
2012 and Transport for London, there
are 71 firms in the banking and
finance sector signed up for free travel
advice, representing over 185,000
employees. For law and management
consultancy, too, advice is already
being sought on behalf of some 60,000
employees in total.
According to Lynn Rattigan, Deputy
Chief Operating Officer at Ernst and
Young, the professional services firm
has a designated committee address-
ing the issue. Rattigan says: Like
many London based offices, the
biggest issues we will face is the
impact the Games will have on public
transport and how this could poten-
tially impact commute times for our
people into our London offices and the
internal services we would be able to
provide. She adds, To ensure our peo-
ple are able to enjoy all of the excite-
ment of the games and client
commitments permitting, we will
actively encourage a number of our
staff to take leave during the games,
work flexibly or work from home.
Paul Taylor, chief operating officer
for KPMGs Risk and Compliance prac-
tice, says that they are trying to antici-
pate what level of service our clients
require during this challenging peri-
od, many of whom will also be impact-
ed by the Games. He too, sees the
need to address commuting and flexi-
ble working, with options including
working from home or from regional
offices outside of London, or changing
shift patterns to avoid the peak peri-
ods on public transport.
There is plenty of advice available
for businesses to help them prepare.
Rattigan says: We have found the
Olympics website a very useful source
of information. We have also reached
out to our external business contacts
to ensure we are sharing best practice
and that our suppliers have adequate
plans in place. Taylor adds, the
Olympic Delivery Authority provided
useful information on the potential
effect on the tube, train and road net-
work as well as information on the
Games programme. KPMG also partici-
pates in a forum attended by a range
of businesses, with representatives
mostly with facilities, continuity and
security responsibility.
If your business has yet to get on
board, there is still time, but with less
than a year to go, now is the moment
to consider what steps it will need to
take to be fit for 2012.
london2012.com/traveladviceforbusiness
Every business
needs to get set
for the Games.
Picture: REX
News
THE FUTURE of the economy is in
jeopardy unless the UKs failing
maths education system is radically
overhauled, according to Tory
maths guru Carol Vorderman who
today releases the damning findings
of her two-year investigation into
financial literacy.
Shocking findings from the study,
which was commissioned by the
Conservative party in 2009 and car-
ried out by a task force led by the
former Countdown presenter,
include the statistic that every
year more than 300,000 16
year-olds conclude their
GCSE maths course without
the basic numeracy skills to
function properly in either
their work or personal lives.
By age 16, there is a 10-
year learning gap
between the highest- and
lowest-achieving stu-
dents, with nearly half of
all students failing to
achieve Grade C or above
in GCSE maths, and only
15 per cent of students
continuing the subject
beyond GCSE.
Maths should be compulsory in
schools until age 18, recommends
the report, and the single maths
GCSE should be scrapped in favour
of a double numerical qualifica-
tion, as exists for English Literature
and English Language.
Numbers are the sounds, sylla-
bles and words of the language of
mathematics, but for enormous
swathes of the population, it is a
language they cannot speak, said
Vorderman in the report, A World-
Class Maths Education for All Our
Young People.
Recent research estimates
that 22 per cent of 16 to 19 year-
olds are functionally innumer-
ate; this figure has remained
stable for the last 20 years and
is higher than in many
other industrialised
countries, she
added.
Unless major
alterations in our
mathematics edu-
cation are made,
and fast, we are
risking our
future econom-
ic prosperity.
Bad numeracy
is damaging
UK economy
BY HARRIET DENNYS
EDUCATION
The City needs to calculate

the benefit of better maths
placed upon them, because they did
not learn sufficient mathematics at
school. This lack of mathematical
knowledge and fluency is expensive
to put right and hinders economic
progress.
Careers in economics, finance,
engineering and science are all
underpinned by mathematics, and
we need more highly qualified young
people in these areas to help increase
the competitiveness of our economy.
As David Willetts, the universities
minister, has said: In terms of future
job and career opportunities, A-Level
Maths scores more highly than just
about anything else.
But still we are the only developed
country in the world where most
young people drop mathematics at
age 16.
To change this, we must increase
the numbers of young people learn-
ing mathematics beyond the basic
level studied at GCSE. This means
more young people must be
inspired to choose
to study mathe-
matics to a higher
level in school or
college, and more
school and col-
lege teachers
must be trained
to teach effectively
at this level.
Through our gov-
ernment- f unded
Further Mathematics
Support Programme
(FMSP), MEI, the small
independent charity that I run, we
have proved we can do both of these
things effectively, while delivering
excellent value for money. However,
to meet the scale of the challenge and
increase our capacity we need more
funding.
Michael Gove, the education secre-
tary, said of the FMSP in a speech at
the Royal Society last month: Their
budget last year was a paltry 1.5m
small change for the City but with
this tiny budget they have had enor-
mous success.
He added: I have teamed up with
City A.M. to make an appeal to finan-
cial institutions in the City put
some of your profits into supporting
the FMSP over the long-term, and ide-
ally make it financially secure and
not dependent on the temporary and
easily lost affection of politicians.
Thats why MEI, backed by City A.M,
is calling for your donations. So
please support our campaign and
help provide a more effective work-
force for the future.
To find out more about the work
we do and to donate contact me at
charlie.stripp@mei.org.uk
Charlie Stripp is chief executive of MEI
CHARLIE STRIPP
News
Mercer
The HR consultancy has appointed Paul
OConnor as head of asset allocation for
its investment management business in
EMEA. OConnor spent the last ten
years as a proprietary trader and strate-
gist for Credit Suisse in London.
MGM Advantage
The retirement income specialist has
appointed David Gulland to the execu-
tive team and board as chief risk offi-
cer, effective from 26 September.
Gulland will join from Reinsurance
Group of Americas UK and Irish busi-
ness, where he is managing director.
Novo Altum
Richard Gane, formerly global managing
partner at PwC, has joined the advisory
firm as performance improvement prac-
tice leader. The firm has also hired
Andrew Davidson as enterprise per-
formance management practice leader,
joining from Kurt Salmon, where he was
a managing partner in the finance and
performance management practice.
Barclays Corporate
Jean-Pierre Darque has been hired as
relationship director in the insurance
team, covering Western Europe. He
joins from Danske Markets, where he
was head of institutional clients.
Brewin Dolphin
The fund manager has expanded its
London charities team. Philip Young
joins as a divisional director of invest-
ment management and Ruth Murphy
fills the newly created post of head of
charity business development.
Lester Aldridge
The law firm has appointed Edward
Foster as a partner in the banking &
finance division, based in the London
office. Foster, who specialises in litiga-
tion, most recently spent ten years
working in-house at Citigroup.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
Survitec Group
The manufacturer and distributor for the
marine, defence and aerospace survival tech-
nology industries that was bought by private
equity firm Warburg Pincus in 2010 has
appointed Paul Lester CBE as chairman.
Lester, the former chief executive of VT Group
and group managing director of Balfour
Beatty, is currently chairman of Greenergy and
non-executive director of Invensys.
+44 (0)20 7557 7245
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
WALL STREET WEEK AHEAD
Potential chaos as markets absorb US downgrade
S
O ratings agency Standard and
Poors has downgraded US long-
term sovereign debt, from AAA
to AA+, with a negative outlook
just for good measure. Cue potential
market mayhem this morning as we
are now in unchartered territory. My
forecast this morning comes with a
larger than usual health warning
attached, as its likely to be a particu-
larly volatile day.
GFT quotes two-way prices on stock
indices around the clock, even when
the underlying markets are closed. The
FTSE 100 index is called to open down
approximately three per cent or over
150 points at 5,095. The German DAX
is forecast to open down 190 points at
6,046, and the French CAC 40 is
quoted to go down 80 points at 3,198.
This opening call is particularly
tricky because by close of GFT quoting
on Friday night, US stocks had actually
bounced back to close up 60 points
after massive intraday gyrations with a
swing of over 400 points. But that close
means nothing in the light of the
events from the weekend.
By the time you read this, Asia will
already have given us a decent cue as
to what we can expect.
After finishing down over 10 per
cent last week alone, another 100-plus
drop on the FTSE 100 may seem rela-
tively low-key and it may well be the
open is much more savage than that.
I would argue there are a few rea-
sons for markets to bounce back, and
we may just see shares rally once the
initial panic sell-off is over. As it stands,
Moodys and Fitch both affirmed their
triple-A ratings on US debt last week.
The Federal Reserve has also said
that US banks would not have to
increase capital that was backed by
Treasury, and that discount window-
borrowing would not be impacted. Tin
hats on everyone!
Martin Slaney is director of global
dealing operations at GFT
MARTIN ON
THE MARKETS
W
ALL Street hit the panic but-
ton last week and survived.
But the shocks have left
investors stranded.
Following its worst week in almost
three years, the S&P 500 has fallen into
correction territory and year-end fore-
casts are being lowered. Safe havens
like gold and the Swiss franc rallied.
Economic growth has slowed and
budget-cutting legislation recently
passed in the US Congress could fur-
ther dampen economic activity. That
leaves the path uncertain. So what are
investors to expect in weeks ahead?
In a word, volatility, Citigroup
strategist Jamie Searle said.
The CBOE Volatility Index, the mar-
kets gauge of anxiety, had its largest
daily percentage spike since early 2007
on Thursday. Another source of worry
was thrown into the mix late Friday,
when Standard & Poors stripped the
US of its top-notch triple-A credit rat-
ing. In its report, S&P was pessimistic
US lawmakers could reach the consen-
sus needed to rein in deficits that were
responsible for the ratings cut.
The long-term implications are
daunting, said Jack Ablin, chief
investment officer of Harris Private
Bank in Chicago. Short-term,
Treasuries remain a premier safe-
haven refuge.
Having fallen in nine of the last 10
sessions, the S&P 500 closed the week
down 7.2 per cent its biggest percent-
age drop since the third week of
November 2008. Selling was broad as
average daily volume for the week
soared to 11.6bn shares traded on
NYSE, NYSE Amex and Nasdaq. That
represents about a 55 per cent jump
from what was until last week the
yearly average of nearly 7.5bn.
MARTIN SLANEY
ANALYSIS l FTSE
p
9May 18May 27May 17Jun 28Jun 8Jun 7Jul 18Jul 27Jul 5Aug
6,200
5,800
5,400
5,246.99
5 Aug
ANALYSIS l DAX
p
9May 18May 27May 16Jun 7Jun 6Jul 27Jun 15Jul 26Jul 4Aug
7,600
7,200
6,800
6,400
6,236.16
5 Aug
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l BP
480
440
420
460
Jun Jul Aug
p
410.65
5 Aug
BP
Credit Suisse rates the oil group outperform with a target price of 610p.
The broker likes BP for its expected positive news from the Gulf of Mexico
assets, and expects progress in the region to help the group push past
share price pressure linked to its failed deal with Rosneft. Credit Suisse
also thinks the rms long-term exploration prospects are good, though its
new strategy will take time to implement.
ANALYSIS l Lloyds Banking
55
45
35
Jun Jul Aug
p
32.85
5 Aug
LLOYDS BANKING GROUP
Nomura rates the bank buy with a target price of 50p. The broker thinks
Lloyds core franchise is protable, with a book value that is likely to grow
and help meet increased capital requirements organically. Nomura is con-
dent that growth in the banks core assets will offset expenses linked to
selling off non-core operations, though it has cut its forecasts to account
for higher run-off costs.
ANALYSIS l F&C Asset Management
85
80
75
70
65
Jun Jul Aug
p
62.75
5 Aug
F&C ASSET MANAGEMENT
Deutsche Bank has upgraded the rm from sell to hold with a trimmed
target price of 74p, down from 76p previously. Despite F&Cs disappoint-
ing results last week, the broker thinks the rms shares can recover from
recent relative underperformance. It adds that Sherborne has scope to
increase its stake from its current 20 per cent now that the close period is
over, which could act as a catalyst or support for the share price.
2.
Despite the horrid state of the US pub-
lic finances, US Treasuries have been
holding strong. In fact, the bills are
yielding at some of the lowest levels for 10
years. But why is there this disparity
between a nation that seven days ago was
on the brink of default and the yields on
the Treasuries of that nation? The answer
seems to be that the markets have already
priced in another Ben Bernanke Treasury
shopping spree, funded by dollar bills hot
off the press.
3.
Last week saw the the longest run of
consecutive drops in the Dow since
1974. The Dow dropped 10 days in a
row, losing 512.76 points over a 10-day trad-
ing period, the biggest points drop since
December 2008. The current situation in
US equities seems eerily similar to before
the second round of quantitative easing at
the start of November 2010.
The dog days have turned vicious for
the market, with the Dow Jones Industrial
Average plunging nearly 513 points, or 4
per cent, says John Prestbo, editor and
executive editor of Dow Jones Indexes.
After a volatile Friday to end the week, the
question has become: have investors fin-
ished lowering their expectations, or is
there still some way to go? According to
Prestbo: Time will tell, but its difficult to
envision a sustained rebound without
some evidence that the global economy is
still alive and kicking.
Rolling out
the printing
press again
D
ESPITE the promised abolition of
boom and bust thanks to central bank
intervention, the US economy seems
to be in a phase that looks very much
like a bust. As such, there is a growing likeli-
hood that Fed chairman Ben Bernanke will
be firing up the printing presses to fund a
third round of quantitative easing. After
Fridays downgrade of Americas credit rat-
ing by S&P, Li Daokui, an adviser to the
Peoples Bank of China, wrote that QE3 was
now more likely. Though this would be
another blow upon a bruise for the US
finances, spread betters should be ready to
pounce upon the market movements that
this would drive. Here are three factors that
are driving a return of QE:
1.
The keenly anticipated announcement
of non-farm payroll figures for July were
released on Friday. After tanking in June,
many market watchers were relieved to see
them come in at 117k, slightly above analyst
predictions. However, any talk of a revival
should be seen as greatly exaggerated. It is a
telling sign of the parlous state of the US
economy that the creation of 117k new jobs
in a nation with a population of over 300m is
seen as good news. The number of unem-
ployed persons (13.9m) and the unemploy-
ment rate (9.1 percent) changed little in July.
As John Hardy, consulting FX strategist for
Saxo Bank says: If we get a rally on the back
of this report, it wont be because this report
offers significant hope, it will be because the
move in markets has exhausted itself from a
positioning/sentiment or other perspective.
We could be set for a third
round of QE, writes Craig Drake
Ready to print again
Picture: REX
THE WEEK AHEAD in association with
COMPANY NEWS
l Telecity announces today. It specialises in the
design, build and management of highly connect-
ed, resilient and secure environments. Also
announcing today is Vedanta, the FTSE 100 met-
als and mining company, whose business is princi-
pally located in India.
l Tomorrow, Intercontinental Hotels announces.
Investors hope the results dont cause sleepless
nights.
l International Power, formed after the demerg-
er of National Power, also announces tomorrow.
As does Greggs, the FTSE 250 bakery chain
famous for its popular sausage rolls.
COMPANY NEWS
l On Wednesday, the Edinburgh-headquartered
Standard Life announces. It was founded in 1821
as the Insurance Company of Scotland.
l TUI Travel, the FTSE 250 international leisure
travel group, also announces on Wednesday. It is
headquartered in Crawley in West Sussex and
employs approximately 49,000 people.
l On Friday, EnQuest will announce. EnQuest is a
petroleum exploration and production company
operating exclusively in the UK continental shelf.
It was formed in April 2010 by a combination of
the demerged British North Sea assets of
Petrofac and Lundin Petroleum.
ECONOMICS
l Tomorrow, the Federal Reserve will announce
its decision on rates, with Ben Bernankes press
conference to follow later in the day. Nobody
expects the rate to move from 0.25 per cent.
Also tomorrow, the UK will release a plethora of
economic data on manufacturing production,
non-EU trade balance, goods trade balance and
industrial production.
l On Wednesday, the Bank of England publishes
its quarterly inflation report. Fan predictions will
no doubt forecast that inflation will trend down
in the longer-term, while staying above target for
now. Also on Wednesday, Germany will release
CPI inflation figures.
POLITICAL NEWS
l On Monday, the US Congress breaks for a four-
week recess. Many Americans wish it was longer.
l Deputy chief to the USs mission in Tokyo James
Zumwal is expected to attend next Tuesdays
peace ceremony in Nagasaki, to mark the 66th
anniversary of the atomic bombing of that city.
l Following rioting at a migrant centre near the
southern Italian port of Bari last week, the Italian
government has promised to respond to the
demonstrators demands by Wednesday. Along
with the Eurozone crisis, the issue of immigration
is dividing Europes nations and threatening the
basis on which European nations came together.
THE TIPSTER
ECONOMY
NO BARREL
OF LAUGHS
T
he spectre of the global economy
being plunged into recession saw oil
prices sliding last week. The better
than expected non-farm payroll read-
ing may have served up some support in
the short-term, but with question marks
remaining over the impact of the US rating
downgrade and the risk of the Eurozone
debt crisis, those who pumped prices so
high may be less enthusiastic for some time
yet. IG Index quotes $87.15-$87.19/barrel
on September US light crude oil.
Baking retailer Greggs hasnt had the
best of months, falling over 50p in value.
This could in turn prompt it into giving a
profit warning when it releases figures to
the market tomorrow. Another factor is
that the company is also trading at quite a
premium in comparison to its sector.
Capital Spreads quotes 496.4p-500.2p.
Stocks were plunged into chaos last
week and many may have been sold off
too far. BP plummeted back towards the
4 level, as much was wiped off its share
price. Buyers might start to sniff out some
bargains. Capital Spreads quotes 406.7p-
407.5p.
The market sell off could be over done.
The FTSE 100has fallen a lot and even if
global growth does slow a little, corporate
earnings could remain relatively robust.
Capital Spreads quotes 5,269.0p-5,270.0p.
The ultimate safe haven play remains in
demand, even at these levels. There could
be some scope for short-term reversions
as profit taking is seen on the back of any
glimmers of optimism. But with new
money continuing to flow into the global
economy, gold could shine. IG quotes
$1,654.50-$1,655.0/oz.
Philip Salter
ANALYSIS l Dow Jones Industrial Average
12.20k
12.10k
12.00k
11.90k
11.80k
11.70k
11.60k
11.50k
11.40k
29Jul 1 Aug 2Aug 3Aug 4Aug 5Aug
11,444.61
5 Aug
18
Wealth Management| Spread Betting
Source: Yahoo
P
i
c
t
u
r
e
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G
E
T
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LON GD ONCE FIX AM...........1665.00 0.75
SILVER LDN FIX AM..................38.86 -2.85
MAPLE LEAF 1 OZ ....................65.25 -6.25
LON PLATINUM AM ...............1700.00 -57.00
LON PALLADIUM AM...............739.00 -49.50
ALUMINIUM CASH .................2472.00 -57.00
COPPER CASH ......................9451.50 -97.50
LEAD CASH...........................2492.00 -30.00
NICKEL CASH......................23575.00 -300.00
TIN CASH.............................25825.00 -875.00
ZINC CASH ............................2336.00 -25.50
BRENT SPOT INDEX................111.04 -5.38
SOYA.....................................1339.25 0.00
COCOA..................................2905.00 0.00
COFFEE...................................235.85 0.00
KRUG.....................................1716.50 -19.30
WHEAT ....................................159.75 -0.50
AIR LIQUIDE........................................88.15 -2.17 100.65 80.00
ALLIANZ..............................................79.10 -3.73 108.85 78.70
ALSTOM..............................................33.47 1.18 45.32 30.78
ANHEUS-BUSCH INBEV ....................37.55 -0.27 46.33 36.65
ARCELORMITTAL ..............................17.73 -0.59 28.55 17.57
AXA......................................................11.56 -0.16 16.16 10.88
BANCO SANTANDER...........................6.44 0.08 10.19 6.16
BASF SE..............................................53.99 -2.64 70.22 40.74
BAYER.................................................48.72 -1.93 59.44 45.37
BBVA.....................................................6.49 0.02 10.71 6.27
BMW ....................................................60.48 -0.79 73.85 40.16
BNP PARIBAS.....................................40.62 0.00 59.93 39.00
CARREFOUR ......................................18.72 0.15 36.06 18.25
CREDIT AGRICOLE..............................7.16 0.02 12.92 6.80
CRH PLC .............................................12.22 0.08 17.40 11.51
DAIMLER.............................................41.97 -1.89 59.09 37.03
DANONE..............................................47.91 -0.31 53.16 41.00
DEUTSCHE BANK..............................33.33 -0.55 51.61 31.60
DEUTSCHE TELEKOM.........................9.97 -0.18 11.38 9.50
E.ON.....................................................17.27 -0.53 25.54 17.07
ENEL......................................................3.62 -0.11 4.86 3.60
ENI .......................................................13.37 -0.48 18.66 13.11
FRANCE TELECOM............................13.46 -0.16 17.45 13.12
GDF SUEZ ...........................................20.41 -0.60 30.05 20.29
GENERALI ASS. .................................11.58 -0.42 17.05 11.57
IBERDROLA..........................................5.19 -0.06 6.50 5.08
ING GROEP CVA ..................................6.56 0.11 9.50 6.05
INTESA SANPAOLO.............................1.30 0.07 2.53 1.14
KON.PHILIPS ELECTR.......................15.18 -0.33 25.45 14.95
L'OREAL..............................................77.11 -1.90 91.24 75.03
LVMH.................................................115.20 0.00 132.65 89.12
MUNICH RE.........................................92.80 -2.72 126.00 92.34
NOKIA....................................................3.58 -0.02 8.49 3.45
REPSOL YPF.......................................19.04 -0.35 24.90 17.31
RWE.....................................................32.51 -1.17 56.49 32.16
SAINT-GOBAIN...................................34.85 -0.43 47.64 27.81
SANOFI ................................................49.67 -0.84 56.82 44.11
SAP......................................................39.28 -0.96 46.15 34.13
SCHNEIDER ELECTRIC.....................90.75 0.71 123.65 81.40
SIEMENS .............................................76.09 -1.95 99.39 70.02
SOCIETE GENERALE.........................27.44 -0.27 52.70 26.00
TELECOM ITALIA.................................0.85 0.04 1.16 0.78
TELEFONICA ......................................14.72 0.03 19.69 14.45
TOTAL .................................................34.24 -1.08 44.55 33.95
UNIBAIL-RODAMCO SE...................137.70 -6.05 162.95 125.68
UNICREDIT............................................1.06 0.02 2.16 0.97
UNILEVER CVA...................................22.78 0.08 24.08 20.68
VINCI ....................................................35.29 -0.32 45.48 33.38
VIVENDI ...............................................15.49 -0.10 22.07 15.01
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5246.99 -146.15 -2.71
FTSE 250 INDEX . . . . . . . 10313.13 -257.51 -2.44
FTSE UK ALL SHARE . . . . 2727.18 -75.33 -2.69
FTSE AIM ALL SH . . . . . . . . 757.33 -28.74 -3.66
DOWJONES INDUS 30 . . 11444.61 60.93 0.54
S&P 500 . . . . . . . . . . . . . . . 1199.38 -0.69 -0.06
NASDAQ COMPOSITE . . . 2532.41 -23.98 -0.94
FTSEUROFIRST 300 . . . . . . 975.04 -17.68 -1.78
NIKKEI 225 AVERAGE. . . . 9299.88 -359.30 -3.72
DAX 30 PERFORMANCE. . 6236.16 -178.60 -2.78
CAC 40 . . . . . . . . . . . . . . . . 3278.56 -41.79 -1.26
SHANGHAI SE INDEX . . . . 2626.42 -57.62 -2.15
HANG SENG. . . . . . . . . . . 20946.14 -938.60 -4.29
S&P/ASX 20 INDEX . . . . . . 2457.70 -96.20 -3.77
ASX ALL ORDINARIES . . . 4169.70 -183.20 -4.21
BOVESPA SAO PAOLO . 53138.07 326.71 0.62
ISEQ OVERALL INDEX . . . 2506.48 -39.03 -1.53
STI . . . . . . . . . . . . . . . . . . . . 2994.78 -112.23 -3.61
IGBM. . . . . . . . . . . . . . . . . . . 878.11 -0.90 -0.10
SWISS MARKET INDEX. . . 5172.06 -113.19 -2.14
Price Chg %chg
3M........................................................82.75 0.52 98.19 78.40
ABBOTT LABS ...................................50.23 1.46 54.24 45.07
ALCOA ................................................12.79 -0.15 18.47 9.92
ALTRIA GROUP..................................25.89 0.40 28.13 22.11
AMAZON.COM..................................202.70 1.22 227.45 122.46
AMERICAN EXPRESS........................47.21 0.37 53.80 37.33
AMGEN INC.........................................52.12 0.56 61.53 50.34
APPLE...............................................373.62 -3.75 404.50 236.78
AT&T....................................................28.93 0.15 31.94 26.20
BANK OF AMERICA.............................8.17 -0.66 15.31 8.03
BERKSHIRE HATAW B......................71.25 0.26 87.65 70.05
BOEING CO.........................................62.75 -0.34 80.65 59.48
BRISTOL MYERS SQUI......................27.43 0.25 29.73 20.05
CATERPILLAR....................................90.99 1.44 116.55 63.34
CHEVRON...........................................97.61 0.77 109.94 72.57
CISCO SYSTEMS................................14.94 0.12 24.87 14.36
CITIGROUP.........................................33.44 -1.37 51.50 31.81
COCA-COLA.......................................66.77 0.95 69.82 54.92
COLGATE PALMOLIVE......................84.15 1.57 89.43 73.12
CONOCOPHILLIPS.............................67.75 0.83 81.80 52.00
DU PONT(EI) DE NMR........................47.27 0.03 57.00 38.71
EXXON MOBIL....................................74.82 0.98 88.23 58.05
GENERAL ELECTRIC.........................16.51 0.04 21.65 14.25
GOLDMAN SACHS GRP..................125.18 -1.22 175.34 122.35
GOOGLE A........................................579.04 1.52 642.96 448.00
HEWLETT PACKARD.........................32.63 0.09 49.39 31.52
HOME DEPOT.....................................30.74 -0.96 39.38 27.10
IBM.....................................................172.98 1.50 185.63 122.28
INTEL CORP .......................................20.79 -0.06 26.78 17.60
J.P.MORGAN CHASE.........................37.60 -0.32 48.36 35.55
JOHNSON & JOHNSON.....................62.71 0.87 68.05 56.99
KRAFT FOODS A................................34.87 1.09 36.30 24.30
MC DONALD'S CORP ........................85.08 0.80 89.57 69.84
MERCK AND CO. NEW......................31.71 0.20 37.68 30.75
MICROSOFT........................................25.68 -0.26 29.46 23.32
OCCID. PETROLEUM.........................87.34 -0.42 117.89 72.13
ORACLE CORP...................................28.35 -0.53 36.50 21.66
PEPSICO.............................................64.67 1.32 71.89 62.05
PFIZER ................................................17.49 0.13 21.45 15.66
PHILIP MORRIS INTL.........................69.34 1.94 72.74 50.54
PROCTER AND GAMBLE..................60.59 1.01 67.72 56.57
QUALCOMM INC ................................51.02 -0.23 59.84 37.54
SCHLUMBERGER ..............................80.88 0.09 95.64 52.91
TRAVELERS CIES..............................52.57 -0.74 64.17 48.46
UNITED TECHNOLOGIE ....................74.14 -0.23 91.83 64.57
UNITEDHEALTH GROUP...................45.56 0.49 53.50 30.82
VERIZON COMMS ..............................35.05 0.13 38.95 29.10
WAL-MART STORES..........................50.85 0.75 57.90 49.59
WALT DISNEY CO..............................35.18 -0.17 44.34 31.55
WELLS FARGO & CO.........................25.21 -0.53 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.815 0.00
LIBOR Euro - 12 months ................2.100 -0.06
LIBOR USD - overnight...................0.136 -0.02
LIBOR USD - 12 months.................0.764 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.820 0.09
European repo rate.........................0.788 -0.01
Euro Euribor ....................................1.275 0.01
The vix index ...................................32.21 3.46
The baItic dry index ........................1.268 0.01
Markit iBoxx...................................169.87 -58.18
Markit iTraxx..................................131.22 4.77
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
6/$ 1.4285 0.0148
6/ 0.8725 0.0042
6/ 112.06 0.2800
/6 1.1456 0.0064
/$ 1.6372 0.0088
/ 128.48 0.0700
FTSE 100
5246.99
-146.15
FTSE 250
10313.13
-257.51
FTSE ALL SHARE
2727.18
-75.33
DOW
11444.61
60.93
NASDAQ
2532.41
-23.98
S&P 500
1199.38
-0.69
RPC Group . . . . . . . .316.3 -18.7 384.8 202.2
Smiths Group . . . . .1006.0 0.0 1429.0 971.0
Brown (N.) Group . . .275.7 4.4 311.2 221.0
Carpetright . . . . . . . . .599.0 6.0 835.5 569.0
Debenhams . . . . . . . . .61.4 0.5 77.4 56.1
Dignity . . . . . . . . . . . .820.0 0.5 833.0 633.0
Dixons RetaiI . . . . . . .12.8 -0.3 28.5 11.8
DuneImGroup . . . . . .452.1 -12.9 550.0 371.3
HaIfords Group . . . . .302.3 2.3 504.5 287.8
Home RetaiI Group . .119.8 1.7 235.0 112.0
Inchcape . . . . . . . . . .334.6 -9.9 425.4 253.2
JD Sports Fashion . .890.0 -6.0 1030.0 723.5
Kesa EIectricaIs . . . .113.2 -6.4 174.0 109.8
Kingfisher . . . . . . . . .230.6 0.0 287.1 198.5
Marks & Spencer G . .333.8 3.3 427.5 320.0
Mothercare . . . . . . . .389.5 1.5 627.5 370.8
Next . . . . . . . . . . . . .2327.0 -25.0 2426.0 1868.0
Sports Direct Int . . . .211.7 -31.0 266.2 101.1
WH Smith . . . . . . . . . .483.7 1.0 523.0 398.2
Smith & Nephew . . . .560.0 -4.0 742.0 523.0
Synergy HeaIth . . . . .885.0 -38.0 981.0 640.0
Barratt DeveIopme . . .82.2 -1.7 119.0 70.1
BeIIway . . . . . . . . . . . .624.0 -5.0 753.5 511.0
YuIe Catto & Co . . . . .177.6 -7.4 253.0 135.2
BaIfour Beatty . . . . . .266.3 -2.2 357.3 234.6
KeIIer Group . . . . . . .400.0 -6.7 698.5 368.0
Kier Group . . . . . . . .1154.0 -83.0 1418.0 970.0
Drax Group . . . . . . . .485.1 -30.9 535.0 353.6
Scottish & Southe . .1274.0 -26.0 1423.0 1108.0
Domino Printing S . .572.0 -39.0 705.0 440.0
HaIma . . . . . . . . . . . . .366.0 -8.1 429.6 270.0
Laird . . . . . . . . . . . . . .151.0 -2.8 207.0 121.1
Morgan CrucibIe C . .279.1 -4.9 357.1 189.1
Renishaw . . . . . . . . .1404.0 -48.0 1886.0 835.0
Spectris . . . . . . . . . .1335.0 -15.0 1679.0 869.5
Aberforth SmaIIer . . .615.5 -42.0 714.0 507.0
AIIiance Trust . . . . . .339.3 -10.9 392.7 307.6
Bankers Inv Trust . . .375.6 -10.2 428.0 353.6
BH GIobaI Ltd. GB .1097.0 -7.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 0.0 11.6 10.4
BH Macro Ltd. EUR . . .17.4 -0.0 17.7 15.8
BH Macro Ltd. GBP 1794.0 4.0 1809.0 1630.0
BH Macro Ltd. USD . . .17.4 0.0 17.5 15.8
BIackRock WorId M .702.0 -18.0 815.5 554.5
BIueCrest AIIBIue . . .167.2 -3.0 176.2 164.5
British Assets Tr . . . .121.0 -3.4 140.5 115.3
British Empire Se . . .491.0 -6.1 533.0 422.5
CaIedonia Investm .1569.0 -26.0 1928.0 1527.0
City of London In . . .268.1 -6.4 306.9 249.3
Dexion AbsoIute L . .138.7 -1.3 151.0 131.2
Edinburgh Dragon . .223.0 -4.0 262.1 212.8
Edinburgh Inv Tru . . .434.8 -5.4 492.2 392.4
EIectra Private E . . .1525.0 -36.0 1755.0 1289.0
F&C Inv Trust . . . . . .282.0 -9.2 327.9 263.8
FideIity China Sp . . . . .87.8 -2.0 128.7 85.4
FideIity European . .1077.0 -40.0 1287.0 937.5
FideIity SpeciaI . . . . .491.0 -31.0 595.0 483.3
HeraId Inv Trust . . . .460.0 -29.4 545.5 383.5
HICL Infrastructu . . .115.2 0.0 121.3 112.0
Impax Environment .109.0 -2.4 130.5 106.5
JPMorgan American .788.0 -34.5 916.0 673.0
JPMorgan Asian In . .216.5 -12.5 250.8 195.3
JPMorgan Emerging .531.5 -16.5 639.0 517.5
JPMorgan European .780.0 -25.0 983.5 641.0
JPMorgan Indian I . . .379.4 -19.6 502.0 368.0
JPMorgan Russian .571.0 -51.0 755.0 549.0
Law Debenture Cor . .339.6 -13.8 385.0 295.1
MercantiIe Inv Tr . . . .932.5 -41.5 1137.0 907.5
Merchants Trust . . . .364.0 -12.5 431.8 345.0
Monks Inv Trust . . . .317.5 -6.0 367.9 290.0
Murray Income Tru . .603.0 -10.5 673.0 553.5
Murray Internatio . . .882.0 -23.0 991.5 824.0
PerpetuaI Income . . .246.8 -6.3 276.0 217.8
PoIar Cap TechnoI . .323.0 -7.0 391.2 275.6
RIT CapitaI Partn . . .1206.0 -32.0 1334.0 1107.0
Scottish Inv Trus . . . .450.4 -14.6 524.0 409.0
Scottish Mortgage . .671.5 -18.5 781.0 566.0
SVG CapitaI . . . . . . . .243.6 -20.4 279.8 148.9
TempIe Bar Inv Tr . . .830.0 -39.5 952.0 754.0
TempIeton Emergin .583.0 -33.0 689.5 539.0
TR Property Inv T . . .174.6 -5.6 206.1 142.0
TR Property Inv T . . . .84.9 0.1 94.0 64.5
Witan Inv Trust . . . . .459.3 -15.3 533.0 426.1
3i Group . . . . . . . . . . .231.6 -7.6 340.0 225.5
3i Infrastructure . . . .120.3 -0.1 125.2 111.7
Aberdeen Asset Ma .193.2 -9.7 240.0 132.3
Ashmore Group . . . .356.4 -13.6 414.5 281.8
Brewin DoIphin Ho . .133.0 -3.8 185.4 117.0
CameIIia . . . . . . . . . .9600.0 390.010950.0 7900.0
CharIes TayIor Co . . .137.0 -3.5 234.0 122.0
City of London Gr . . . .77.5 -0.5 93.6 73.1
City of London In . . .362.8 -14.3 461.5 278.5
CIose Brothers Gr . . .672.5 -22.0 888.5 659.5
CoIIins Stewart H . . . .72.0 -1.3 90.8 69.0
EvoIution Group . . . . .80.5 0.5 92.0 62.3
F&C Asset Managem .62.8 -5.5 92.9 50.5
Hargreaves Lansdo .483.4 -8.8 646.5 371.0
HeIphire Group . . . . . . .2.5 0.1 40.0 2.0
Henderson Group . . .140.5 -4.5 173.1 119.1
Highway CapitaI . . . . .15.5 -2.0 21.0 6.0
ICAP . . . . . . . . . . . . . .401.7 -7.4 570.5 380.2
IG Group HoIdings . .404.3 0.0 553.0 383.3
Intermediate Capi . . .216.2 -7.4 360.3 212.2
InternationaI Per . . . .257.5 -13.5 388.8 228.6
InternationaI Pub . . .116.4 -0.1 118.3 108.6
Investec . . . . . . . . . . .418.5 -7.1 538.0 406.9
IP Group . . . . . . . . . . . .37.3 1.3 54.5 27.9
Jupiter Fund Mana . .199.0 -12.0 337.3 193.3
Liontrust Asset M . . . .75.5 -0.5 95.3 72.0
LMS CapitaI . . . . . . . . .59.3 -2.8 64.8 40.8
London Finance & . . .21.5 -0.5 23.5 16.5
London Stock Exch .879.0 -40.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.8 0.0 19.8 10.5
Man Group . . . . . . . . .192.3 -7.4 311.0 181.1
Paragon Group Of . .166.4 -4.0 206.1 126.4
Provident Financi . .1067.0 -8.0 1116.0 728.5
Rathbone Brothers .1097.0 7.0 1257.0 815.0
Record . . . . . . . . . . . . .30.5 -1.9 52.0 20.3
RSM Tenon Group . . .29.5 -0.5 66.3 21.3
Schroders . . . . . . . .1514.0 -48.0 1922.0 1330.0
Schroders (Non-Vo .1238.0 -47.0 1554.0 1071.0
TuIIett Prebon . . . . . .352.5 -4.2 428.6 337.0
WaIker Crips Grou . . .48.5 0.0 51.5 47.0
BT Group . . . . . . . . . .180.3 -14.0 204.1 130.6
CabIe & WireIess . . . .32.0 -1.3 61.4 30.4
CabIe & WireIess . . . .37.0 0.3 78.4 35.0
COLT Group SA . . . .115.5 -2.1 156.2 109.0
TaIkTaIk TeIecom . . .133.4 -3.9 168.3 123.5
TeIecomPIus . . . . . . .604.5 -28.5 700.0 352.5
Booker Group . . . . . . .66.6 -3.3 77.9 43.3
Greggs . . . . . . . . . . . .492.0 -11.0 550.5 418.7
Morrison (Wm) Sup .286.3 -3.7 308.3 262.7
Ocado Group . . . . . . .146.5 2.5 285.0 123.5
Sainsbury (J) . . . . . . .288.3 -0.2 395.0 277.2
Tesco . . . . . . . . . . . . .362.4 -7.8 440.7 358.3
Associated Britis . .1018.0 -13.0 1182.0 940.0
Cranswick . . . . . . . . .632.0 -9.0 897.5 617.5
Dairy Crest Group . . .338.3 -8.2 424.9 328.6
Devro . . . . . . . . . . . . .249.3 -7.4 296.9 218.0
Premier Foods . . . . . . .13.0 -2.9 35.1 12.5
Tate & LyIe . . . . . . . . .547.5 -13.5 656.0 409.1
UniIever . . . . . . . . . .1961.0 4.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .522.5 -9.0 664.0 447.0
Centrica . . . . . . . . . . .305.0 2.1 346.1 293.5
InternationaI Pow . . .288.5 -4.6 448.6 280.3
NationaI Grid . . . . . . .587.5 -12.0 632.5 527.5
Northumbrian Wate .467.8 -1.0 469.7 295.5
Pennon Group . . . . . .697.5 -19.0 737.5 560.0
Severn Trent . . . . . .1433.0 -8.0 1517.0 1288.0
United UtiIities . . . . .574.0 -14.5 632.0 543.5
Cookson Group . . . . .547.0 -0.5 724.5 412.3
DS Smith . . . . . . . . . .201.7 -1.8 266.2 125.8
Rexam . . . . . . . . . . . .358.1 -10.4 400.0 293.0
GIencore Internat . . .408.4 17.4 531.1 375.8
BAE Systems . . . . . .262.9 -8.7 369.9 261.6
Chemring Group . . . .518.0 5.0 736.5 488.5
Cobham . . . . . . . . . . .177.5 3.3 245.6 167.0
Meggitt . . . . . . . . . . . .350.4 -13.6 397.6 261.7
QinetiQ Group . . . . . .103.6 -1.2 136.3 96.7
RoIIs-Royce Group . .567.0 -24.5 665.0 552.0
Senior . . . . . . . . . . . . .164.3 1.3 190.6 111.2
UItra EIectronics . . .1400.0 -10.0 1895.0 1347.0
GKN . . . . . . . . . . . . . .194.7 -10.8 245.0 135.6
BarcIays . . . . . . . . . . .186.0 -10.0 335.0 172.0
HSBC HoIdings . . . . .557.1 -21.4 730.9 553.7
LIoyds Banking Gr . . .32.8 -2.2 77.6 30.5
RoyaI Bank of Sco . . .28.2 -2.1 52.0 24.0
Standard Chartere .1477.0 -25.0 1950.0 1464.5
AG Barr . . . . . . . . . .1179.0 -16.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .321.1 4.7 503.5 305.3
Diageo . . . . . . . . . . .1190.0 -3.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2056.5 -46.5 2340.0 1841.0
AZ EIectronic Mat . . .225.0 -11.0 338.1 213.3
Croda Internation . .1730.0 -30.0 2081.0 1230.0
EIementis . . . . . . . . . .154.0 6.0 187.4 83.5
Johnson Matthey . .1767.0 -50.0 2119.0 1550.0
Victrex . . . . . . . . . . .1268.0 -33.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1107.0 -3.0 1299.0 789.5
Bovis Homes Group .365.6 -16.5 464.7 326.6
Persimmon . . . . . . . .404.5 -2.0 502.5 336.5
Reckitt Benckiser . .3195.0 -29.0 3648.0 3015.0
Redrow . . . . . . . . . . . .119.2 -4.2 139.0 97.6
TayIor Wimpey . . . . . .32.8 -0.2 43.3 22.3
Bodycote . . . . . . . . . .323.6 8.2 397.7 214.5
Charter Internati . . . .689.5 -3.5 853.5 538.5
Fenner . . . . . . . . . . . .330.0 4.6 422.5 198.0
IMI . . . . . . . . . . . . . . . .824.5 -50.5 1119.0 657.5
MeIrose . . . . . . . . . . .319.6 -5.4 378.0 212.5
Northgate . . . . . . . . . .275.0 -9.0 346.7 180.8
Rotork . . . . . . . . . . .1625.0 -22.0 1895.0 1437.0
Spirax-Sarco Engi . .1727.0 -11.0 2063.0 1499.0
Weir Group . . . . . . .1731.0-129.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .390.8 -8.7 499.0 278.0
TaIvivaara Mining . . .328.2 -1.8 622.0 296.2
BBA Aviation . . . . . . .177.4 -1.6 240.8 157.1
Stobart Group Ltd . . .134.1 -0.2 163.6 124.1
AdmiraI Group . . . . .1497.0 -27.0 1754.0 1459.0
AmIin . . . . . . . . . . . . .333.5 8.6 433.0 314.5
Huntsworth . . . . . . . . .62.0 -5.0 86.0 60.0
Informa . . . . . . . . . . . .361.2 -6.0 461.1 349.9
ITE Group . . . . . . . . . .186.9 -14.6 258.2 150.3
ITV . . . . . . . . . . . . . . . . .62.0 -1.8 93.5 49.8
Johnston Press . . . . . . .4.8 0.3 17.8 4.0
MecomGroup . . . . . .191.0 -9.0 310.0 189.0
Moneysupermarket. .110.3 -5.2 120.4 70.3
Pearson . . . . . . . . . .1102.0 -17.0 1207.0 926.0
PerformGroup . . . . .164.0 -6.0 234.5 160.0
Reed EIsevier . . . . . .491.5 -5.2 590.5 481.2
Rightmove . . . . . . . .1106.0 -79.0 1250.0 596.5
STV Group . . . . . . . . .109.3 -8.6 168.0 83.5
Tarsus Group . . . . . .151.5 -2.5 165.0 112.5
Trinity Mirror . . . . . . . .37.5 0.0 124.3 34.0
United Business M . .487.0 1.4 725.0 466.0
UTV Media . . . . . . . . .103.0 -1.0 151.0 99.0
WiImington Group . .105.3 -3.0 183.0 104.0
WPP . . . . . . . . . . . . . .617.5 -10.5 846.5 598.0
YeII Group . . . . . . . . . . .5.3 -0.4 23.3 4.9
African Barrick G . . .483.1 -8.5 638.0 393.5
AngIo American . . .2521.0 -89.0 3437.0 2254.0
AngIo Pacific Gro . . .270.9 -16.1 369.3 249.0
Antofagasta . . . . . . .1189.0 -25.0 1634.0 977.5
Aquarius PIatinum . .234.1 -6.8 419.0 226.5
BHP BiIIiton . . . . . . .1945.0 -68.0 2631.5 1767.0
BeazIey . . . . . . . . . . . .111.8 -5.1 139.2 110.4
CatIin Group Ltd. . . .377.5 2.2 421.4 325.0
Hiscox Ltd. . . . . . . . . .368.3 1.8 424.7 341.5
Jardine LIoyd Tho . . .610.5 -7.5 709.0 561.0
Lancashire HoIdin . . .663.0 -32.5 700.0 515.0
RSA Insurance Gro . .119.4 1.3 143.5 114.7
Aviva . . . . . . . . . . . . .340.0 -17.5 477.9 340.0
LegaI & GeneraI G . . . .94.8 -4.2 123.8 87.1
OId MutuaI . . . . . . . . .110.9 -2.2 145.2 107.0
Phoenix Group HoI . .482.0 -19.5 758.0 475.7
PrudentiaI . . . . . . . . .616.0 -14.0 777.0 547.0
ResoIution Ltd. . . . . .248.0 -10.5 316.1 211.3
St James's PIace . . . .322.1 -8.4 376.0 236.2
Standard Life . . . . . . .172.9 -7.7 244.7 171.7
4Imprint Group . . . . .232.0 -13.9 295.0 195.0
Aegis Group . . . . . . .135.1 -2.2 163.5 110.7
BIoomsbury PubIis . . .98.8 -3.3 138.0 95.3
British Sky Broad . . .671.0 11.5 850.0 630.0
Centaur Media . . . . . . .44.8 -1.3 73.0 43.0
Chime Communicati .215.8 -4.3 298.5 165.8
Creston . . . . . . . . . . . .91.0 0.3 121.0 78.5
DaiIy MaiI and Ge . . .382.6 -0.4 594.5 365.0
Euromoney Institu . .628.5 -4.5 736.0 578.0
Future . . . . . . . . . . . . . .12.6 -0.4 30.0 11.8
Haynes PubIishing . .236.5 -12.5 262.5 202.5
Centamin Egypt Lt . . .89.7 -10.4 197.1 87.7
Eurasian NaturaI . . .633.0 -30.0 1125.0 600.0
FresniIIo . . . . . . . . . .1824.0 -82.0 1917.0 990.0
GemDiamonds Ltd. .196.0 2.0 306.0 181.1
HochschiId Mining . .454.9 -25.6 680.0 309.0
Kazakhmys . . . . . . .1064.0 -35.0 1671.0 1023.0
Kenmare Resources . .42.5 -3.9 59.9 13.8
Lonmin . . . . . . . . . . .1143.0 -47.0 1983.0 1127.0
New WorId Resourc .631.5 -60.5 1060.0 612.0
PetropavIovsk . . . . . .703.5 -17.0 1252.0 633.0
RandgoId Resource 5720.0-200.0 6655.0 4425.0
Rio Tinto . . . . . . . . .3622.0-174.5 4712.0 3105.0
Vedanta Resources 1419.0 -67.0 2583.0 1404.0
Xstrata . . . . . . . . . . .1050.5 -34.5 1550.0 976.1
Inmarsat . . . . . . . . . . .402.7 8.2 741.5 383.3
Vodafone Group . . . .165.6 -2.7 181.9 149.4
Genesis Emerging . .466.1 -13.9 568.0 454.1
Afren . . . . . . . . . . . . . .105.5 -13.1 171.2 94.7
BG Group . . . . . . . . .1251.0 -49.0 1564.5 1003.5
BP . . . . . . . . . . . . . . . .410.7 -9.9 509.0 375.2
Cairn Energy . . . . . . .302.3 -8.2 493.2 289.8
EnQuest . . . . . . . . . . .105.2 -2.8 158.5 96.1
Essar Energy . . . . . .304.3 -3.2 589.5 287.5
ExiIIon Energy . . . . . .374.1 -22.1 469.7 166.5
Heritage OiI . . . . . . . .200.4 -0.5 486.0 183.7
JKX OiI & Gas . . . . . .208.3 -9.5 335.1 206.5
Premier OiI . . . . . . . . .348.2 -6.8 535.0 336.3
RoyaI Dutch SheII . .1925.0 -78.0 2326.5 1703.0
RoyaI Dutch SheII . .1937.0 -73.0 2336.0 1642.0
SaIamander Energy .267.2 -7.8 317.6 210.0
Soco Internationa . . .311.9 -15.1 484.2 292.0
TuIIow OiI . . . . . . . . .1012.0 -62.0 1493.0 1005.0
Amec . . . . . . . . . . . . .900.0 -33.0 1251.0 848.5
Hunting . . . . . . . . . . .646.5 -73.5 817.0 519.0
John Wood Group . .556.0 -31.5 715.8 346.0
LampreII . . . . . . . . . . .332.0 10.7 395.2 223.9
Petrofac Ltd. . . . . . .1210.0 -48.0 1685.0 1159.0
Burberry Group . . . .1294.0 -18.0 1600.0 820.5
PZ Cussons . . . . . . . .349.2 -13.7 409.0 320.5
Supergroup . . . . . . . .876.0 26.0 1820.0 733.7
AstraZeneca . . . . . .2675.5 -38.5 3385.0 2636.0
BTG . . . . . . . . . . . . . .251.7 -13.3 309.7 200.1
Genus . . . . . . . . . . . . .880.0 -44.5 1046.0 710.5
GIaxoSmithKIine . . .1263.0 -42.0 1385.0 1127.5
Hikma Pharmaceuti .605.5 -2.5 900.0 585.5
Shire PIc . . . . . . . . . .1864.0 -40.0 2136.0 1376.0
CapitaI & Countie . . .164.5 -7.7 203.7 112.3
Daejan HoIdings . . .2610.0-116.0 2954.0 2300.0
F&C CommerciaI Pr . .92.6 -9.5 108.0 88.0
Grainger . . . . . . . . . . . .98.6 -11.1 133.2 86.3
London & Stamford .116.4 -7.0 140.0 110.3
SaviIIs . . . . . . . . . . . . .322.1 -15.2 427.1 296.6
St. Modwen Proper . .156.0 -9.1 196.2 135.4
UK CommerciaI Pro . .71.6 -4.6 85.5 71.6
Unite Group . . . . . . . .183.5 -19.0 229.8 176.8
Big YeIIow Group . . .260.0 -8.8 353.3 256.1
British Land Co . . . . .529.0 -34.0 629.5 446.8
CapitaI Shopping . . .331.0 -16.9 424.8 320.9
Derwent London . . .1640.0 -80.0 1880.0 1364.0
Great PortIand Es . . .373.3 -17.7 445.0 307.8
Hammerson . . . . . . . .410.5 -22.4 490.9 352.2
Hansteen HoIdings . . .73.9 -4.4 89.5 61.4
Land Securities G . . .776.5 -34.0 885.0 598.0
SEGRO . . . . . . . . . . . .258.1 -19.4 331.3 257.2
Shaftesbury . . . . . . . .459.8 -21.7 539.0 396.0
Autonomy Corporat 1531.0 -13.0 1857.0 1271.0
Aveva Group . . . . . .1535.0 5.0 1799.0 1330.0
Computacenter . . . . .406.0 -28.6 490.0 265.0
Fidessa Group . . . . .1672.0 -3.0 2109.0 1350.0
Invensys . . . . . . . . . . .260.9 -0.2 364.3 230.2
Kofax . . . . . . . . . . . . .303.1 -2.2 535.0 231.0
Logica . . . . . . . . . . . . .88.6 -14.4 147.2 82.3
Micro Focus Inter . . .250.0 0.7 426.2 235.6
Misys . . . . . . . . . . . . .280.3 -11.0 420.2 258.0
Sage Group . . . . . . . .242.9 -4.0 302.0 236.2
SDL . . . . . . . . . . . . . . .672.0 13.0 711.5 510.0
TeIecity Group . . . . . .487.0 -21.5 559.5 428.5
Aggreko . . . . . . . . . .1707.0 -32.0 2034.0 1351.3
Ashtead Group . . . . .120.5 -5.0 207.9 77.0
Atkins (WS) . . . . . . . .625.0 -13.0 820.0 611.0
Babcock Internati . . .618.0 -8.0 733.0 492.8
Berendsen . . . . . . . . .495.4 -18.6 568.0 363.1
BunzI . . . . . . . . . . . . .709.5 -2.0 801.0 679.0
Capita Group . . . . . . .692.5 -5.5 794.5 635.5
CariIIion . . . . . . . . . . .325.4 -1.6 403.2 291.2
De La Rue . . . . . . . . .763.5 -2.0 853.5 549.5
EIectrocomponents .206.3 -1.0 294.9 197.3
Experian . . . . . . . . . . .728.5 -7.0 833.5 606.0
FiItrona PLC . . . . . . . .322.7 -15.3 385.5 227.5
G4S . . . . . . . . . . . . . . .251.9 -3.6 291.0 237.7
Hays . . . . . . . . . . . . . . .75.2 -2.8 133.6 74.4
Homeserve . . . . . . . .451.5 -0.5 532.0 408.0
Howden Joinery Gr . .100.9 -3.1 127.5 63.0
Intertek Group . . . . .1884.0 -2.0 2148.0 1646.0
MichaeI Page Inte . . .424.2 -10.0 567.0 368.0
Mitie Group . . . . . . . .217.6 -1.8 242.5 188.7
Premier FarneII . . . . .179.9 4.4 308.8 167.2
Regus . . . . . . . . . . . . . .87.9 -2.7 119.0 66.1
RentokiI InitiaI . . . . . . .81.0 -1.2 107.1 78.7
RPS Group . . . . . . . . .223.2 -5.2 253.0 169.8
Serco Group . . . . . . .509.0 1.5 633.0 478.0
Shanks Group . . . . . .114.5 0.9 130.9 96.5
SIG . . . . . . . . . . . . . . .110.4 0.7 153.5 90.7
SThree . . . . . . . . . . . .300.0 -7.6 447.6 231.1
Travis Perkins . . . . . .770.0 -0.5 1127.0 730.5
WoIseIey . . . . . . . . .1553.0 -49.0 2261.0 1223.0
ARM HoIdings . . . . . .506.0 -18.5 651.0 305.8
CSR . . . . . . . . . . . . . .244.0 -0.5 447.0 233.3
Imagination Techn . .326.7 0.1 502.0 303.5
Pace . . . . . . . . . . . . . . .94.7 -4.3 231.8 83.6
Spirent Communica .123.2 -0.9 160.3 122.2
British American . .2675.0 -77.0 2871.0 2166.0
ImperiaI Tobacco . .2071.0 -35.0 2231.0 1784.0
Avis Europe . . . . . . . .313.0 1.0 314.4 184.0
Betfair Group . . . . . . .571.0 4.0 1550.0 550.0
Bwin.party Digita . . .112.8 -4.1 297.9 107.4
CarnivaI . . . . . . . . . .1931.0 19.0 3153.0 1859.0
Compass Group . . . .540.5 -4.0 612.0 501.0
Domino's Pizza UK . .462.4 -19.6 586.0 377.0
easyJet . . . . . . . . . . . .334.0 12.4 479.0 301.0
Enterprise Inns . . . . . .43.9 -0.2 122.7 41.6
FirstGroup . . . . . . . . .331.6 -9.5 412.6 311.3
Go-Ahead Group . . .1359.0 -15.0 1598.0 1073.0
Greene King . . . . . . .453.0 -1.7 518.0 398.0
InterContinentaI . . .1027.0 -20.0 1435.0 982.0
InternationaI Con . . .198.0 1.9 305.0 188.5
JD Wetherspoon . . . .432.6 2.9 468.3 389.9
Ladbrokes . . . . . . . . .136.6 -5.2 155.3 122.7
Marston's . . . . . . . . . . .94.5 -1.4 117.1 92.0
MiIIennium& Copt . .474.8 -25.2 600.5 469.1
MitcheIIs & ButIe . . . .246.6 7.6 361.0 230.5
NationaI Express . . .236.7 -6.6 270.2 220.1
Rank Group . . . . . . . .132.1 -7.9 153.7 103.3
Restaurant Group . . .266.5 -5.8 335.0 226.0
Spirit Pub Compan . . .42.0 0.0 55.0 39.7
Stagecoach Group . .226.2 -5.6 268.5 160.7
Thomas Cook Group .54.1 -1.7 204.8 51.4
TUI TraveI . . . . . . . . . .172.4 -1.4 271.9 166.0
Whitbread . . . . . . . .1458.0 -27.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .221.5 3.5 237.3 155.5
Abcam . . . . . . . . . . . .353.5 -2.3 460.0 299.8
AIbemarIe & Bond . .353.5 -7.4 400.1 218.0
Amerisur Resource . .18.3 -1.8 29.0 11.5
Andor TechnoIogy . .529.0 -21.0 685.0 306.5
ArchipeIago Resou . . .76.5 -2.5 79.0 32.3
ASOS . . . . . . . . . . . .2018.0 41.0 2468.0 840.0
AureIian OiI & Ga . . . .50.5 -0.8 92.0 37.0
Avanti Communicat .300.0 -20.0 735.0 270.3
Avocet Mining . . . . . .207.0 -7.5 253.5 112.0
BIinkx . . . . . . . . . . . . . .92.3 -3.0 148.8 61.5
Borders & Souther . . .49.5 -0.5 93.0 45.5
BowLeven . . . . . . . . .135.0 -5.0 398.0 130.0
Brooks MacdonaId .940.0 -65.0 1372.5 817.5
CaIedon Resources .111.0 -0.5 111.8 44.3
Conygar Investmen .103.4 2.4 120.0 101.0
Cove Energy . . . . . . . .68.0 0.0 112.8 57.0
Daisy Group . . . . . . .107.0 -4.5 127.0 86.0
EMIS Group . . . . . . . .563.0 -0.5 580.0 303.5
Encore OiI . . . . . . . . . .46.0 -1.0 151.5 41.8
Faroe PetroIeum . . . .139.5 -2.0 218.3 126.5
GuIfsands PetroIe . . .185.0 -14.0 401.5 185.0
GWPharmaceuticaI . .98.0 0.1 130.0 83.0
Hamworthy . . . . . . . .561.0 -40.0 705.0 328.0
Hargreaves Servic . .908.0 -82.0 1076.0 605.0
HeaIthcare Locums . . . .0.0 0.0 0.0 0.0
Immunodiagnostic . .995.0 -20.0 1218.0 710.0
ImpeIIamGroup . . . .318.0 -32.0 387.5 96.5
James HaIstead . . . . .442.0 -20.4 495.0 306.0
KaIahari MineraIs . . .210.0 -22.5 301.0 142.0
London Mining . . . . .339.0 -17.8 436.5 240.3
Lupus CapitaI . . . . . .105.0 -4.4 150.0 78.0
M. P. Evans Group . .400.5 -9.5 500.5 343.0
Majestic Wine . . . . . .432.3 -2.8 510.0 303.5
May Gurney Integr . .272.5 -12.0 295.0 177.0
Monitise . . . . . . . . . . . .32.3 2.0 39.0 18.5
MuIberry Group . . . .1695.0 -70.0 1920.0 317.8
Nanoco Group . . . . . . .64.0 -4.0 115.8 60.0
NauticaI PetroIeu . . .259.3 -10.8 547.0 138.0
NichoIs . . . . . . . . . . . .539.0 -16.3 579.0 410.0
Numis Corporation . . .96.9 -7.8 146.5 87.8
Pan African Resou . . .11.6 -0.4 13.8 5.9
Patagonia GoId . . . . . .59.0 -2.3 68.0 15.3
Prezzo . . . . . . . . . . . . .55.3 -2.6 71.5 41.5
Pursuit Dynamics . . .188.8 -4.5 700.0 165.0
Rockhopper ExpIor .162.3 2.3 510.0 142.0
RWS HoIdings . . . . . .400.0 -23.0 472.0 239.0
Songbird Estates . . .125.8 -4.3 160.3 125.3
VaIiant PetroIeum . . .535.0 5.0 761.5 490.3
Young & Co's Brew .655.5 -44.5 712.0 520.0
GIencore Internati . . .408.4 4.5
EIementis . . . . . . . . . .154.0 4.1
easyJet . . . . . . . . . . . .334.0 3.9
LampreII . . . . . . . . . . .332.0 3.3
MitcheIIs & ButIer . . .246.6 3.2
Supergroup . . . . . . . .876.0 3.1
AmIin . . . . . . . . . . . . .333.5 2.7
Bodycote . . . . . . . . . .323.6 2.6
Premier FarneII . . . . .179.9 2.5
Inmarsat . . . . . . . . . . .402.7 2.1
Premier Foods . . . . . . .13.0 -18.4
Logica . . . . . . . . . . . . .88.6 -14.0
Sports Direct Inte . . .211.7 -12.8
Afren . . . . . . . . . . . . .105.5 -11.1
Centamin Egypt Ltd . .89.7 -10.4
Hunting . . . . . . . . . . .646.5 -10.2
Grainger . . . . . . . . . . . .98.6 -10.1
Unite Group . . . . . . . .183.5 -9.4
F&C CommerciaI Pro .92.6 -9.3
New WorId Resource 631.5 -8.7
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
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AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . .100.93 -0.02 103.5 100.9
Tsy 9.000 11 . . . . . .0.00 0.00 0.0 0.0
Tsy 2.500 11 . . . .306.63 -0.02 310.0 306.6
Tsy 5.250 12 . . . .103.92 0.00 108.1 103.9
Tsy 9.000 12 . . . .108.28 0.00 115.8 107.8
Tsy 5.000 12 . . . .102.63 -0.02 106.8 102.6
Tsy 4.500 13 . . . .106.19 0.04 109.2 105.8
Tsy 2.500 13 . . . .286.80 -0.10 287.7 276.6
Tsy 8.000 13 . . . .115.60 0.05 121.3 115.4
Tsy 5.000 14 . . . .112.34 -0.04 114.1 109.2
Tsy 7.750 15 . . . .103.31 0.00 342.1 102.8
Tsy 8.000 15 . . . .128.18 -0.09 131.6 123.7
Tsy 4.750 15 . . . .113.85 -0.06 114.7 108.6
Tsy 2.500 16 . . . .338.88 -0.33 340.1 309.3
Tsy 4.000 16 . . . .111.77 -0.06 111.8 104.9
Tsy 1.250 17 . . . .113.75 -0.54 114.4 106.7
Tsy 8.750 17 . . . .139.71 -0.11 142.2 132.9
Tsy 12.000 17 . . .126.07 0.00 185.9 125.2
Tsy 5.000 18 . . . .118.44 -0.13 118.6 109.7
Tsy 4.500 19 . . . .115.19 -0.17 115.4 105.4
Tsy 3.750 19 . . . .109.48 -0.18 109.7 99.4
Tsy 4.750 20 . . . .116.79 -0.19 117.0 106.6
Tsy 2.500 20 . . . .348.36 -0.24 349.9 310.7
Tsy 8.000 21 . . . .146.13 -0.24 147.1 133.8
Tsy 1.875 22 . . . .120.54 -0.67 121.3 111.3
Tsy 4.000 22 . . . .109.22 -0.15 109.4 99.0
Tsy 2.500 24 . . . .306.84 -0.63 308.9 270.2
Tsy 5.000 25 . . . .118.26 -0.12 118.5 107.4
Tsy 1.250 27 . . . .114.03 -0.84 115.0 104.3
Tsy 4.250 27 . . . .108.22 -0.11 108.8 97.9
Tsy 6.000 28 . . . .131.36 -0.14 132.7 119.5
Tsy 4.125 30 . . . .290.66 -0.70 292.7 256.6
Tsy 4.750 30 . . . .114.07 -0.14 115.0 103.0
Tsy 4.250 32 . . . .106.96 -0.11 107.8 96.0
Tsy 4.250 36 . . . .106.26 -0.18 107.4 95.0
Tsy 4.750 38 . . . .115.24 -0.18 116.5 102.8
Tsy 4.500 42 . . . .111.25 0.00 112.8 98.9
% %
20
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Business Features| Entrepreneurs
21
Donata Huggins asks a small business
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facing in this tough economic climate
W
HEN T-Mobile called and asked
if we wanted to sit in on one of
their small business focus
groups, we couldnt say no.
This year has been huge for entrepre-
neurs. The Prime Minister David
Cameron passed them the gauntlet, ask-
ing them to revive our economy. So
important he felt this responsibility, he
dedicated his keynote speech at last
years Conservative party conference to
them. He hailed them the nations
doers and grafters, wealth creators who
would save us from this dreadful eco-
nomic mess.
They havent had an easy time though.
Business taxes, regulation and inflation
are high. Europes currency and econo-
my are struggling and consumer confi-
dence is weak. There is little wonder that
business confidence fell back in July (see
the news below). This is why we were
thrilled to take part in T-Mobiles focus
group. We wanted to understand what
was troubling small businesses most. The
entrepreneurs who participated came
from varying industries and were at dif-
ferent stages in their development. Here
is what we found out when we put them
under the microscope.
Focus on: small
businesses under
the microscope
ENTREPRENEURS NEWS | IN BRIEF
BUSINESS CONFIDENCE FALLS BACK IN JULY
Business confidence fell back in July after
rebounding in June to a 13-month high, accord-
ing to the Lloyds Bank Corporate Markets
Business Barometer. Less than half (46 per
cent) of companies were more optimistic
regarding economic prospects, a reduction
from 51 per cent in June, while those that were
less optimistic nearly doubled this month to 27
per cent (from 15 per cent in June). The overall
net balance of of optimism dropped 17 points
to +19 in July. Trevor Williams, Lloyds Bank
Corporate Markets, says: Confidence took a
knock this month, most likely because of the
concern about the sovereign debt crisis in our
largest trading partner, the Eurozone.
BORIS WANTS KIDS TO MAKE APPS
The Mayor of London wants kids aged 13-18
to make apps for the web, smartphones and
Facebook. The scheme created by a East
London arts centre and Seatwave.com
wants 60 young people from inner-London
to participate in Londons digital sector. The
initiative, known as Devcamp, will provide
young people with the basic skills required
to develop apps. Boris Johnson said:
London's role as digital capital of Europe is
dependent upon our future workforce having
the skills innovative tech businesses need.
Initiatives such as this provide a great
model. For more information see www.rich-
mix.org.uk/devcamp.
SMES FORCED TO RAID THE FAMILY SILVER
Rising business costs are adversely affecting
the private lives and personal finances of many
SME owners, according to a new study by
Make It Cheaper and the Centre for Economic
and Business Research (Cebr). The research
shows that almost half of small
businesses (47 per cent) have
had no choice but to inject cash
into their company from personal
sources this year. Almost a third of
small businesses (27 per cent) have had to
turn to friends and family for a loan while
a quarter (26 per cent) have taken out a
personal overdraft, bank loan (22 per cent) or
credit card (25 per cent).
A NEW KIND OF START UP CONFERENCE
Investors will pitch to entrepreneurs at a
brand new kind of startup conference,
taking place on 14 September in
Amsterdam. Investors from across
Europe and Israel will be in atten-
dance, ranging from seed round angels
to VCs and private equity. The investors
will explain what theyre looking for in
their next investment and startup
founders will then book meetings with the
investors. This is an invite-only event where
only founders (not employees) are welcome.
If youre interested in attending you can
apply for a place at
www.capitalonstage.com/get-invited
CONFIDENCE
Owner of a hotel business: Theres no confidence. Things have got
worse this year. Clients are mucking about trying harder to get a
cheaper deal. Theres no customer loyalty anymore.
Owner of beauty product range: There was all this talk about
StartUp Britain and the government reaching out to entrepreneurs
that hasnt materialised. I still dont know what they were even try-
ing to do.
Owner of a flooring business: The country has got no money. The
government is doing the best it can with the mess it inherited. I
noticed an uptick in business when the coalition came in .
The UK is ranked
as the
16th
easiest country in the
world to start a business
(IFC/World Bank)
BARRIERS TO ENTRY
Owner of a cleaning company: New businesses could really ben-
efit from some flexibility with contracts when they first start
out. If other businesses could provide a six or 12 month
break clause, I think more people would give setting up a
business a go.
Owner of beauty product range: Theres no decent informa-
tion out there for start-ups. The people who are available to
help just tell you to go to the internet and then you have to
trawl through unmanageable amounts of information to find
what youre looking for. Im trying to organise my first export
order, but cant afford professional advice.
60%
of small and medium-
sized businesses
expect access to capi-
tal to be very hard in
the next year
(Investec)
TAX AND REGULATION
Owner of a flooring business: The government arent
making it harder for small business to cope with tax
and regulation, but they certainly arent making it easi-
er.
I know the Bribery Act has come into force, but Im
still not entirely sure how it works. Everyone in my
business does their best to make their deal look the
most attractive to procurement officiers, but I dont know
whether that falls short of the law.
Owner of beauty product range: The VAT rise was crip-
pling. It happened too quickly too.
Owner of a cleaning company: I hate it when the govern-
ment keeps changing the taxes. It means we have to keep
changing our price thats damaging in a highly competi-
tive sector like mine.
We feel like were constantly fighting the government
while trying to stay above board. We keep everyone self-
employed to avoid employers contributions. We would pre-
fer to employ people as you get greater commitment from
those on the payroll, but it is just too expensive in this cli-
mate.
Owner of a hotel business: Were becoming ever more like
the continent, where you cant let anyone go. I know the
government has loosened up the regulations in this area a
bit, but employing people is still a very scary prospect.
50%
of the UK population
want to start a busi-
ness, but only 5.8%
are in the process of
actually doing so
(YouGov)
CULTURE
Owner of a photography business: Kids coming out
of school these days have bad maths and bad gram-
mar they write like they are texting.
Owner of a flooring business: I recently tried to
employ a member of staff for my show room. I
couldnt find anyone with the right experience.
This country loves a trier though. With the employ-
ment situation so bad at the moment, we might see
more young people setting up business they
have no choice.
Owner of beauty product range: In
India, kids are so much more
entrepreneurial. There isnt this
nine-to-five culture like there is
here.
The media needs to highlight
more sucessful medium-sized busi-
nesses, not just ruthless millionaires. I
find that off-putting.
The customer service culture is also really bad.
Particularly in business-to-business relationships.
Owner of a plumbing business: Nobody tells kids at
state schools that they can start businesses.
Encouragement can go a long way. I take on a few
apprentices each year to show a few kids the ropes.
The UK is ranked as
the
2nd
easiest country in the
world to get credit
(IFC/World Bank)
Businesses are raiding
the family silver to
cover costs
Lifestyle | Travel
A
CKERGILL Tower is the sort of place
that ought to have a permanent
backdrop of lighting forks and
thunderclaps. An asymmetrical
block of granite turrets and chimneys, its a
brooding, lonely obelisk that pierces the
flat coastal landscape at Scotlands most
northerly tip.
John OGroats is just up the road, the
next headland over is occupied by a light-
house and a castle ruin; the view from
Ackergills rear rooms is of a few sawtooth
rocks and the cold, austere expanse of the
North Sea next stop, Ronaldsay and the
Orkneys.
Its a place that sets the imagination
spinning with all the drama of a Walter
Scott novel. As you trundle up its long,
straight driveway, you find yourself pictur-
ing battles and skulduggery, old clans,
ghosts, and the harshness of ancient life in
the far northern Highlands.
What you get is rather more cosy. As the
car I was in pulled up outside the Tower
Ackergill is just a couple of miles from tiny
Wick airport a piper stood outside to wel-
come my party, while jolly staff appeared
with glasses of local whisky. A pair of
wellies in my size, and with my name
clipped on, was already prepared for me in
the imposing entrance hall. As our bags
were whisked up to our rooms, we were led
to the opulent lounge where a lavish high
tea spread was waiting.
FREEDOM
Ackergill is not a hotel, but the attention
you receive from its staff compares
favourably with the highest levels of hospi-
tality. The difference is that theres no
Living the life of a
laird in a private
Scottish stronghold
check-in, no other guests but those in your
group, no bar or restaurant, but the free-
dom to enjoy the house, its estate, its drinks
cabinet and its breathtaking location as
much as you wish. Sumptuous meals are
served in the grand dining room, activities
arranged, excursions laid on its up to you.
Renting a country cottage with a group of
friends for a weekend is one thing; so is
going to stay in a hotel that used to be a
stately home or castle. But having the exclu-
sive use of a castle, and for a few days living
the life of a laird in the most glorious sur-
roundings, is rather more special.
Its also rather more expensive. Booked
with Loyd & Townsend Rose, the company
which hosted my visit and which specialises
in organising exclusive stays in castles, a
week at Ackergill costs from 60,500.
SPECIAL OCCASIONS
But for the most special occasions, for par-
ties and even for corporate getaways pre-
ceding us at Ackergill was a group from one
of the major investment banks, and one can
well imagine the deal-making potential of a
distant castle over a City boardroom this is
one heck of a way to get away.
One can laze in admirable comfort or
explore the nooks of a castle thats swim-
ming in history it dates from the mid-15th
century, and Victorian-era photos, letters
and other artefacts from the Duff Dunbar
family who once owned it can be found in
the bedrooms. Much of the stately, esoteric
furniture belonged to them also.
If you want to bring a whole posse for a
Highland knees-up, no problem outbuild-
ings have been converted into a great music
and party room, and as well as the 17 bed-
Exclusive use of a remote castle can offer the most
glorious escape from the world, says Timothy Barber
rooms in the house, there are more in sepa-
rate cottages on the estate.
Alternatively, pull on those wellies and
drink in the blessed isolation and romance
of the landscape through sorties around
the estate you may find the huge tree-
house which can double up as a rather
plush conference centre cliff-side walks,
golf at one of the nearby links courses, even
speedboating off John OGroats.
For those brave enough, you can always
throw yourself into the grey sea for a swim.
Mad if you ask me, but those I was with
who went for dawn dips swore it to be a
magical experience (Ill concede they
deserved the magnificent Ackergill break-
fast rather more than I did).
I travelled on the next day to visit anoth-
er such castle, Aldourie by Loch Ness, and
then on to Corrour, an extraordinary mod-
ernist lodge in the most far-flung corner of
the Highlands [see box below]. As with
Ackergill, for which you take a hopper
plane north to Wick from Edinburgh, such
places take some reaching, but thats part
of the fun. You have to switch off the phone
and submit to the sensational charm and
isolation of these private homes and their
epic surroundings.
At Ackergill, after a candle-lit, multi-
course dinner in the gothic majesty of the
medieval dining room, we were led by
torchlight along the beach, where a huge
bonfire had been lit. Cocktails were served
from a tiny beach hut, and a local farmer
was on hand to squeeze shanties out of an
accordion as the waves lapped and the dim
glow of a lighthouse flickered miles away in
the gloom.
Visit www.ltr.co.uk or call 01573 229797.
Late-summer Slovakia
If youre looking for a late-summer getaway
and have yet to book, travel company
Mountain Paradise is offering 100 off its
week long trips to Slovakia for departure on
21 or 28 August or 4 September. Both
breaks take in Slovakias Tatra mountains.
The Walk and Trek break includes five days
of hiking think lakes, alpine meadows,
waterfalls and cliffs while the Historical
Day Trips visit castles, ruins and museums.
699 including flights, (599 for kids up to
12 years old). www.mountainparadise.co.uk
Cubas inside track
Travel company Esencia
Experiences specialises in bespoke
Cuban travel experiences led by its
on-the-ground concierge team, and
right now its offering travellers the
company of a cigar sommelier to
guide you through the countrys
most famous product. Along with
that, there are private catamaran
rides to the flamingo-populated
north coast, salsa dancing and
cocktail making sessions, a trip to
the Cuban National Ballet School to
see dancers rehearse, and the
chance to meet city historians in
Havana. The inside track on one of
the worlds most fascinating coun-
tries doesnt get much more com-
prehensive. A seven night private
bespoke tour starts from 4,999
per person, including Upper Class
flights with Virgin Atlantic.
www.esenciaexperiences.com
TRAVEL NOTES | by Timothy Barber
Clockwise from main
pic: Ackergill Tower;
Corrour Lodge;
Corrours interior;
dinner in the dining
hall at Ackergill; clay
pigeon shooting at
Aldourie; and a piper
outside Aldourie.
BOISDALE
CANARY WHARF
SEE TOMORROWS
RESTAURANT REVIEW
23
CORROUR, NEAR FORT WILLIAM
Just how remote is Corrour? Well, put it
this way. The estate covers roughly the
same-sized space as Los Angeles; but
whereas that city has a population of
around 4.8m people, Corrours permanent
residents number just eight.
At its heart is Loch Ossian, a long, thin
stretch of water, at one end of which is
Corrours own train station, the highest in the
UK the once-an-evening sleeper will take
you all the way to Euston. At the other end is
Corrour Lodge, an extraordinary modernist
edifice. The original hunting lodge burned
down, and this contemporary interpretation
of the Highland castle was built in the 1990s.
Its crammed with fabulous Scandinavian
furniture and modern artworks. Corrours
owners (Scandinavian billionaires) have even
installed a Swedish-style sauna hut by a jetty
on the loch. A bike or pony ride up Corrours
desolate valleys is unforgettable.
From 30,000 for a weeks exclusive use.
ALDOURIE, LOCH NESS
The turrets and spires of Aldourie give this
castle something of a fairytale look as it
noses out between the huge trees on the
banks of Loch Ness.
Its been thoroughly restored recently, and
theres something rather rocknroll about its
colourful, Scottish-Rococo stylings, with
every wall festooned with aristocratic por-
traits from the family history of its current
owner (plus the odd fantastical mural).
The 13 bedrooms are sensationally luxuri-
ous, the Great Hall a charming place for an
evening ceilidh which, after much whisky,
inevitably migrates in the wee small hours to
the wood-panelled billiards room and then to
a dip in Loch Ness itself. Boat trips on the
famous Loch, clay shooting and hikes around
the 500-acre estate are all on the agenda.
From 30,000 for a weeks exclusive hire.
l Loyd & Townsend Rose arrange exclusive
hire of these and other properties. Visit
www.ltr.co.uk or call 01573 229797 .
EXCLUSIVE USAGE | HIGHLAND ESTATES AND CASTLES
C
AMPING no longer means leaky tents and rickety gas stoves
options for glamping (glamorous camping) are booming. City
A.M. asked Tom Dixon, MD of glamping specialist Sawdays
Canopy & Stars, for his recommendations for August escapes.
Visit www.canopyandstars.co.uk for bookings and more information.
THE POP UP HOTEL, CORNWALL
This is a really cool concept a series of tents and mobile suites that
tour the country, In August they are on Trevanger farm near Rock,
before heading to Devon in September. Theres also a bar, restaurant,
spa and surf bus to the beach. From 98, www.thepopuphotel.com
THE LOVESTRUCK AT MHOR, PERTHSHIRE
This converted horse truck is also on a camping tour of the UK. It
sleeps four, and is currently settled on the banks of Loch Voil, by the
Mhor hotel and restaurant. Its a total one-off. From 300 (two nights),
www.thelovestruck.co.uk
THE DAPPER CAMPING CLUB, BRECON
A couple of very cool 1920s-style tents, with their own private
kitchens and bathrooms and G&T bars. One sleeps four, the other
sleeps eight. From 95, www.dappercampingclub.co.uk
SCALES PLANTATION, LAKE DISTRICT
Up in the Cumbrian mountains, a collection of shepherds huts and
tents, each with their own woodland clearing and timber kitchen,
looking out over Bowscale Fell. From 65, scalesplantation.com
SUSSEX: SWALLOWTAIL HILL, SUSSEX
A fantastic place for families, this is a conservation farm near Rye
where the owners are working to maintain the biodiversity of the land-
scape. Its a teaming with wildlife, and includes two beautiful bell tents,
and an extraordinary woodkeepers cottage on wheels thats parked in
a wildflower meadow. From 90, www.swallowtailhill.com
TRAVEL ROUND-UP
Five places for August glamping
The Pop Up Hotels
tents are travelling
round the country,
and are in August
theyre in Cornwall.
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EASTENDERS
BBC1, 8PM
Kat is moved when Jack makes an
apology, and decides to let him see
Tommy. Jean hopes to impress
Norman with her pie-making skills.
SHOOTING STARS
BBC2, 10PM
New series. Vic Reeves and Bob
Mortimer present the comedy quiz,
with Ross Noble, James Martin,
Brigitte Nielsen and Graeme Hawley.
COUNTRYWISE KITCHEN
ITV1, 8PM
Paul Heiney and Mike Robinson visit
Morecambe Bay, Lancashire, to see
what gives food from the area its
unique flavour.
BBC1
SKY SPORTS 1
7pmLive T20 Cricket 10.30pm
Netbusters 11pmSPL Round-Up
11.30pmThe Sky Sports Years
12.30amT20 Cricket 2.30am
Sports Unlimited 3.30am
Watersports World 4.30amMax
Power 5.30am-6amFIFA Futbol
Mundial
SKY SPORTS 2
6.30pmNASCAR 7.30pmLive
Elite League Speedway 9.30pm
NASCAR 10.30pmShow
Jumping 11.30pmWild Spirits
12amElite League Speedway
2amShow Jumping 3am
NASCAR 4amKings of the Surf
4.30am-5amAerobics Oz Style
SKY SPORTS 3
6.30pmWorld Golf
Championship 7.30pmPGA Tour
Golf 8.30pmWonderful World of
Golf 10pmTrilby Tour Golf 11pm
WWE: Late Night Bottom Line
12amWWE: Late Night
Afterburn 1amWWE: NXT
2am-4.15amLive WWE: Late
Night Raw
BRITISH EUROSPORT
6.15pmLive WTA Tennis
9.45pmWTA Tennis 10.45pm
Eurogoals 11.05pm-12.15am
British Superbikes
ESPN
6.45pmBundesliga Review
Show8pmNFL 11pmESPN
Game of the Week 11.30pmThis
Week in Baseball 12amLive
Major League Baseball 3am
Baseball Tonight 4amESPN
Press Pass 4.30amBundesliga
Review Show5.45am-6am
ESPN Kicks: Extra
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmFour
Weddings US 9pmBritain &
Irelands Next Top Model
10pmTeenage Tourettes Camp
11pmCriminal Minds 12amCSI:
Crime Scene Investigation
1.50amGhost Whisperer
2.40amCharmed 4.20am
Nothing to Declare 5.10am-6am
Maury
BBC THREE
7pmDont Tell the Bride 8pm
Snog, Marry, Avoid? 8.30pm
Underage and Pregnant 9pm
Cherrys Parenting Dilemmas
10pmEastEnders 10.30pm
Worlds Craziest Fools 11pm
Family Guy 11.45pmCherrys
Parenting Dilemmas 12.45am
Gary: Tank Commander 1.45am
Underage and Pregnant 2.15am
Worlds Craziest Fools 2.45am
Dont Tell the Bride 3.45amSnog,
Marry, Avoid? 4.15am-5.15am
Gary: Tank Commander
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmOne Tree Hill 10pmDirty
Sexy Things 11pmBalls of Steel
Australia 12.10amMy Name Is
Earl 1.05amHow I Met Your
Mother 1.30amGlee 2.15am
Balls of Steel Australia 3.10am
Smallville 3.55amHeartland
4.40am-6amSwitched
HISTORY
7pmThe Six Wives of Henry VIII
8pmPawn Stars 9.30pm
American Restoration 10pm
American Pickers 12amPawn
Stars 12.30amAmerican
Restoration 1amAmerican
Pickers 3amThe Six Wives of
Henry VIII 4amAncient
Discoveries 5am-6amPrehistoric
Megastorms
DISCOVERY
7pmMythbusters 9pmBear
Grylls: Born Survivor 10pm
Tornado Road 11pmAmerican
Chopper: Senior Versus Junior
12amBear Grylls: Born Survivor
2amTornado Road 3am
Deadliest Catch: A crew member
suffers a heart attack. 3.50am
Raging Planet 4.40amNasas
Greatest Missions 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmLittle
People, Big World 9pmTrauma
Unit 10pmCritical Condition
11pmA&E 12amTrauma Unit
1amCritical Condition 2amA&E
3amLittle People, Big World
4amA Baby Story 5am-6am
Bringing Home Baby
SKY1
8pmRoad Wars 9pmCop Squad
10pmSpartacus: Gods of the
Arena 11.15pmTrollied 12.15am
Wall of Fame 12.45amMiami
SWAT 1.45amStargate Universe
3.20am99 Most Bizarre 4.15am
Airline 5.10am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show
7.30pmFake Britain: BBC News
8pmCHOICE EastEnders
8.30pmMugabes Blood
Diamonds Panorama
9pmNew Tricks
10pmBBC News 10.25pm
Regional News 10.35pmA
Question of Sport 11.05pmDarren
Clarkes Open Destiny 11.50pmThe
Celebrity Apprentice USA 12.35am
The Celebrity Apprentice USA;
Weatherview1.20amSign Zone: A
History of Celtic Britain 2.20am
Sign Zone: Animal 24:7 3.05am
Sign Zone: An Island Parish 3.35am
Sign Zone: Antiques Road Trip
4.20am-6amBBC News
6pmEggheads: Quiz show,
hosted by Jeremy Vine.
6.30pmCelebrity Eggheads
7pmVictorian Pharmacy
7.30pmWonderstuff
8pmUniversity Challenge
8.30pmAntiques Master
9pmHorizon: New series.
Peoples differing perceptions
of colours.
10pmCHOICE Shooting Stars
10.30pmNewsnight: Weather
11.20pmTorchwood: Miracle
Day
12.20amThe Tudors
1.10amBBC News 4.20am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmCHOICE Countrywise
Kitchen
8.30pmCoronation Street
9pmShow Me the Funny
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMConnie and
Carla: Comedy. 2004.
12.25amThe Zone; ITV News
Headlines 2.25amNightwatch with
Steve Scott: Emergency 3.20am
ITV Nightscreen 4.30am-5.30am
The Jeremy Kyle Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmThe Secret Life of
Buildings
9pmHughs Fish Fight: The
Battle Continues
10pmJennifer Saunders:
Laughing at the 90s
12.05amMusic on 4: Primal
Screams Orange RockCorps
12.20amFILMEmpire Records.
1995. 2.10amMuch Ado About a
Minor Ting 2.45amHung 3.15am
Brothers & Sisters 4amHill Street
Blues 4.50amCookery School
5.45am-5.50amSali Mali
6pmMeerkat Manor
6.25pmOK! TV
7pm5 News at 7
7.30pmHow Do They Do It?
5 News Update
8pmUltimate Police
Interceptors
9pmFILMThe Invasion 2007.
11pmFILMAnacondas: The
Hunt for the Blood Orchid:
Thriller. 2004.
12.50amSuperCasino
3.55amAnimal Rescue Squad
4.10amHouse Busters 4.35am
House Busters 5amCounty
Secrets 5.10amWildlife SOS
5.35am-6amHouse Doctor
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Church council (5)
4 Available for
immediate
use (2,3)
8 Racing bird (6)
9 Pried (5)
10 Customary
practices (5)
12 State of being
suitable or
opportune (11)
15 Decorated with
needlework (11)
17 Framework
of a railway
carriage (5)
20 Religious song (5)
21 Real (6)
22 River mouth (5)
23 Man-made
bre (5)
DOWN
1 Of sound (5)
2 Decision of a coroners jury
afrming the occurrence
but not specifying the
cause of a death (4,7)
3 Carried out (3)
4 Throughout a period of
time, poetically (3)
5 Without a sound (11)
6 Yellow-coloured explosive
compound (inits) (3)
7 Temporary police force (5)
11 Below the required
standards for a purpose (5)
13 Electrical resistance unit (3)
14 Billiards stick (3)
15 Flowed back (5)
16 Evil spirit (5)
18 Alliterative term for a
young woman (3)
19 Greek letter (3)
20 Partly goat, the god of
woods and elds (3)
E
N
D
D
M R
A
E
E
4

4
4
V I S T A P L A I D
I A O T R
G A G S W O R T H Y
I U T T E R E E
L I N E R D O N O R
P A G E D
S W O R N A P A R T
P W C O L O N O
R U D D E R S T O W
I E B E E
G O R S E I D L E R
1 6 1 2 4 2 8
4 7 3 8 6 9 2 1 5
3 1 2 6 3 4
9 8 6 7 8 5 6 9
7 9 3 1 1 3 5
7 9 6 8 4
1 7 9 2 7 2 4
2 9 8 7 4 9 7 8
1 2 9 8 4 1
2 4 1 8 5 9 7 3 6
9 8 5 1 2 4 5
4
4
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WORDWHEEL
The nine-letter word was
CEASEFIRE
Lifestyle | TV&Games
CITYA.M. 8 AUGUST 2011 24
The Extreme Sailing Series witnessed the biggest drama on the second day of racing. Picture: GETTY
TWO crew members were thrown
into the water in a spectacular colli-
sion between two Extreme Sailing
Series catamarans, Frances Groupe
Edmond de Rothschild and Artemis
Racing of Sweden, on another day of
drama at Aberdeen Asset
Management Cowes Week.
A record crowd of thousands lining
the Isle of Wight shore to witness the
stadium racing heard the impact of
the crash, which caused sufficient
damage to both teams to end their
participation and jeopardise their
participation in todays third day of
the competition.
Despite their setback, Edmond de
Rothschild remain third in the stand-
ings, behind two British-helmed
rivals, Luna Rossa and The Wave,
while Artemis Racing lie eighth out
of 12 in the UK leg of the global series.
The incident came just 24 hours
after the regatta witnessed a poten-
tially far more dangerous accident,
when a 124,000-ton oil tanker collid-
ed with a yacht, tearing off its sail
and snapping its mast. Two of the
Atalantas crew had to be rescued
from the water but ultimately nei-
ther were seriously hurt.
Strong winds yesterday forced one
of the other highlights of day two, the
XOD class, to be called off, while the
Solent Sunbeam fleet also elected not
to sail in the conditions.
The White Group dayboat classes
did sail, however, with Simon Barters
Bertie enjoying a second consecutive
win in the Sonar fleet, ahead of Josh
and Fiscal.
John Raymonds Harlequin was
quickest of the Redwings, ahead of
Edmund Peel and James Wilsons
Quail, while Cowes Week veterans
Rupert and John Mander steered Men
Behaving Badly to a comeback victory
in the Flying 15s.
Malcolm Hutchings and Andy
Ramseys Lady Penelope remains in
front in the Squib class, despite
Duncan and John Grindleys Surprise
winning yesterday.
Men overboard as Extreme
Series sees thrills and spills
BY FRANK DALLERES
COWES WEEK
Sport
Results
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26 & 27
FOR MORE
FOOTBALL
I
TS only the third morning of
Aberdeen Asset Management
Cowes Week and our household
must be getting old, because we
have already had a slightly earlier
night last night.
We have picked up a few waifs
and strays. Pippa Wilson, who I
sailed with at the Beijing
Olympics, is now staying with us,
joining in with the Cowes Week
fun.
And her arrival has coincided
with a fantastic first weekend of
sailing. Saturday brought a light
breeze and a little early morning
rain which cleared to bring a won-
derful afternoon with increasing
breeze.
The boats were sent west and,
with the first starts coinciding with
low tide, almost one boat in every
fleet pushed it a little too far and hit
the hidden rocks.
The first start of the regatta was
the Laser SB3s a race that was won by
Nick Thompson, the British Laser
Sailor currently vying for a place in
the British Olympic Team next
year.
One of the weeks more
important trophies, the Queens
Cup for IRC Class 0 was again
this year won by Rob Gray, Sam
Laidlaw and Tony Haywards Bob.
MOWN DOWN
The best spectator sport was
watching the Extreme 40s
although on our way down
the front I did witness the
worst sight I have seen in
recent years: one of yachts
being mowed down by a
tanker. It was like watch-
ing something in slow
motion.
Luckily all the crew
were fine but it was cer-
tainly a warning to all
and a reminder that
Southampton is a
busy shipping port.
The Extremes had
four races, the wind
increased so much that by the last
race they had to reduce the mainsail
and forgo spinnakers.
John Pink in Aberdeen Asset
Management had a tough debut, but
he did beat some of the top skippers
at times, so something to build on!
By yesterday morning conditions
had reverted to a healthy 20 knots,
and the white group, the smaller day
boats, were sent off to the east. This
meant starting with spinnakers up
great action to watch from the
Squadron start line. Unfortunately
early on the XODs and Solent
Sunbeams racing was called off with
an increasing breeze forecast.
Sunday was also the first ever
Aberdeen Cowes Week Family Day, so
my son Leo and I visited the Yacht
Haven to get involved in what was
happening.
Even at 10 months he loved the
excitement but was a little young for
the face painting and flag making
however its another thing to look for-
ward to next year.
COWES WEEK DIARY
SARAH GOSLING
My shock at seeing oil tanker plough into tiny yacht
Olympic Champion
sailor shares her
Cowes Week diary
with City A.M.
ENGLAND captain Lewis Moody will
find out today whether or not his
World Cup dream is over.
The Bath flanker will undergo a
scan today on the injured knee which
forced him to leave the field of play in
the 61st minute of Englands victory
over Wales at Twickenham on
Saturday.
Moody, who was making his inter-
national return having missed the
entire Six Nations campaign with a
similar injury, initially feared his col-
lision with team-mate Tom Palmer
would scupper his chances of leading
his country at next months tourna-
ment in New Zealand.
But yesterday he attempted to
downplay the severity of the injury,
saying: It was just a tweak
to the knee. I am walk-
ing fine. It is nicely
strapped up.
We will see how it is
in a couple of days. By
the time I got back to
the dressing room I was
moving normally and I
realised it was not as
bad as I thought.
Moodys injury was
not the only point of
concern on Saturday
for manager Martin
Johnson, whose side con-
ceded two late tries to let
Wales back into a contest
that suggested both sides
have plenty of work to do before they
are ready for the sterner challenges
that lie ahead.
Wales teenager George North
scored the opening try of the match
but the hosts soon took control due to
James Haskells score and the boot of
Jonny Wilkinson.
Manu Tuilagi increased the lead as
he powered over for as try on
his debut but Shane
Williams sneaked over
and a late spell of pres-
sure then yielded
another try for
North as England
were forced to
hold on.
Me a nwhi l e ,
Englands players
will take part in an
open training session
at Twickenham tomor-
row. Entry is free to all.
Injured skipper Moody faces anxious World Cup wait
WEST HAM manager Sam Allardyce
lamented some wasteful finishing as
his tenure began with a dispiriting
last-minute defeat against Cardiff.
A summer of steady and shrewd
investment saw the Hammers
installed as pre-season favourites to
make an instant return to the Premier
League, following their relegation in
May.
But the early optimism in east
London was punctured by Cardiff
debutant Kenny Miller the benefici-
ary of some charitable defending
much to the chagrin of Allardyce.
Today was one of those days when
we were not clinical enough to punish
the opposition and then we paid the
ultimate price right at the very end,
said Allardyce, who gave first West
Ham starts to new captain Kevin
Nolan, Matthew Taylor and Joey
OBrien.
Weve lost a game we really should
have won. I told the players that you
dont always get what you deserve but
dont go and throw a game away, and
thats what weve done.
Its a hugely disappointing day for
everyone. As ever the expectation is
high and we havent lived up to that
expectation today.
West Ham created by far the clearest
opportunities and were unlucky when
Frederic Piquionne rattled a post,
while Peter Whittingham cleared
James Tomkins header off the line.
Having weathered the storm,
Cardiff then completed a classic smash
and grab raid when Rudy Gestede cap-
italised on a mistake by Herita Ilunga
and crossed to an unmarked Miller,
who turned and fired into the top cor-
ner via Robert Greens fingertips.
Miller deals a
dose of reality
to Allardyce
Sport
26
SPORT | IN BRIEF
Brits reign at London Triathlon
TRIATHLON: Britains Alistair Brownlee
completed a double home triumph by
winning the mens elite race in the
London leg of the ITU World Series. The
win in Hyde Park saw him meet the
qualifying criteria for next summers
Olympics and followed the success of
compatriot Helen Jenkins, who won the
womens elite race on Saturday.
Brownlees younger brother Jonathan
finished third, also meeting the standard
for London 2012.
Capello explains Barton snub
FOOTBALL: England manager Fabio
Capello admits he has overlooked con-
troversial Newcastle midfielder Joey
Barton because he considers him too
risky. England face Holland in a friendly
on Wednesday and Capello said: Hes a
good but dangerous player because you
could end up 10 v 11. He might get sent
off. The Italian added he would still
consider picking West Hams Scott
Parker despite their relegation.
SUPER NANI
23
19
ENGLAND
WALES
Mike Tindall: Led England through their
Six Nations campaign until injury ruled him
out of the grand slam decider in Dublin.
The emergence of Manu Tuilagi means,
however, his starting place is under threat.
Nick Easter: A highly respected member
of the squad who played a key role in tak-
ing England to the final of the 2007 World
Cup. His only experience of captaining his
country came in the crushing defeat in
Dublin earlier this year.
Jonny Wilkinson: Unrivalled World Cup
pedigree and became the most capped
England back in history against Wales on
Saturday. Despite his impressive form, it
appears Toby Flood remains Martin
Johnsons preferred option at No10.
THREE KINGS | POTENTIAL CAPTAINS
BY JAMES GOLDMAN
FOOTBALL
0
1
WEST HAM UTD
CARDIFF CITY
BY JAMES GOLDMAN
RUGBY UNION
MANCHESTER UNITED striker

Wayne Rooney last night taunted
his Manchester City counterparts,
claiming they were handed a
footballing lesson after Nanis
injury-time goal ensured the sea-
sons first piece of silverware will
reside at Old Trafford.
The FA Community Shield
looked to be headed to the newly
named Etihad Stadium at half-
time, after goals from Joleon
Lescott and Edin Dzeko both of
which could have been prevented
by Uniteds debutant goalkeeper
David de Gea put City ahead.
But United roared back after the
break with goals from Chris
Smalling and Nani, before the
Portuguese winger capitalised on
indecision between Gael Clichy
and Vincent Kompany, ran half
the length of the field, rounded
Joe Hart and sent the red half of
Wembley into raptures of delight.
Afterwards Rooney wrote on
Twitter: Have to say I think today
was a footballing lesson. Great win
for the champions.
He added: This shows who the
best team is. All game we dominat-
ed. The difference the young lads
made was outstanding. Were
champions and were the team to
beat. We want to prove that.
Manager Sir Alex Ferguson
agreed the most pleasing aspect of
the victory was provided by the
impact his young players made,
although the Scot could still com-
pliment them with the addition of
Wesley Sneijder.
The Dutch international, also a
City target, admitted last night he
would be sold should a suitable
offer be tabled, with his club, Inter
Milan, in need of money.
It would appear that City are in
greater need of Sneijders services
on yesterdays evidence, however.
They were flattered by the lead
given to them by Lescotts head-
er and Dzekos speculative
blast from distance, and
capitulated once Smalling
poked United back into
the contest.
Though Nanis
first was a sub-
lime team
effort, his
winner was
eminently
pr event a-
ble, but
pr ompt ed
only a typi-
cally measured
response from manager Roberto
Mancini.
He said: When you go up 2-0 I
think you need to control the ball
and the game because a game like
this can change very suddenly.
3
2
MANCHESTER UTD
MANCHESTER CITY
BY JAMES GOLDMAN
FOOTBALL
Winger seals comeback

as Rooney taunts City
Nanis injury-time
winner capped a stun-
ning comeback for
Manchester United,
who had trailed 2-0 at
half-time
Picture: PA
CHELSEA-BOUND Belgian wun-
derkind Romelu Lukaku has
described his impending move as a
dream but for others in the already-
crowded forward department at
Stamford Bridge it may seem more
like a nightmare.
Lukaku, 18, is expected to complete
his move from Anderlecht this week
following a medical, after the clubs
agreed a 20m fee on Saturday, bring-
ing to an end the scramble for one of
the brightest prospects in Europe.
Despite his youth, the striker
(below) is a formidable physical pres-
ence, already has two full seasons in
the Belgian top flight under his belt,
scoring 41 times in 98 appearances,
and has amassed 10 international
caps.
He has indicated he would not
want to be sent straight out on loan
as Chelsea have with another young
Belgian signing, the 19-year-old goal-
keeper Thibaut Courtois and feels
ready to challenge for a first-team
place.
All of which
leaves manager
Andre Villas-
Boas with some-
thing of a
s e l e c t i o n
pr obl em,
and his cur-
rent strik-
ers looking
over their
shoul ders.
The new
Chelsea
man-
ager has five players whose preferred
position is centre-forward, yet cur-
rently favours a system using just one.
Even more trickily, two of those
centre-forwards are very hard to drop
for different reasons. Didier
Drogbas age-defying form means he
remains first choice to spearhead the
attack, while it is too soon to write off
Fernando Torres, just seven months
after he cost 50m.
The extra competition will surely
see Nicolas Anelka consigned to a
wide forward role, a position Daniel
Sturridge may have to get used to he
scored twice in that role against
rangers on Saturday if the young
English striker is not sent out on loan
again.
Lukaku revealed his joy at the move
on Twitter yesterday, responding to a
question on his favourite thing about
Chelsea by saying: The fans, the play-
ers Its just my dream team.
27
FORMER Arsenal vice-chairman David
Dein believes it would represent a
criminal error of judgement to write
Arsene Wenger off before the season
has even started.
Wenger has gone six seasons with-
out winning a trophy and has
endured a turbulent summer, which
has yet to see the futures of want-
away midfielders Samir Nasri and
Cesc Fabregas resolved.
Dein, however, who brought the
then unheralded Frenchman to the
club 15 years ago, believes Wenger
remains the best candidate to restore
glory to the north London club.
Arsene is very focused and very
determined. I see a man who still has
as much fire in the belly today as
when he started, he said.
He wants to win. I believe in his
ability and I know for a fact he is try-
ing very hard to improve the squad
this year and I hope he does it.
People have got to remember
what he has achieved. It is easy in life
to get rid of people. Then what? How
do you follow Arsene Wenger? That is
going to be the trick for the board
and it is not going to be easy.
Wenger, meanwhile, has been left
to count the cost of Saturdays 2-1
friendly defeat against Benfica in
Lisbon.
With just five days to go until
Arsenals opening day fixture against
Newcastle, Wenger is sweating on the
fitness of Robin van Persie, Kieran
Gibbs and Thomas Vermaelen, who
all picked up knocks in Portugal.
FOOTBALL
Dein backing for under-fire Wenger

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EVERY TRY
EVERY CONVERSION
EVERY PENALTY
EVERY DROP GOAL . . .
CONVERT POINTS
INTO POUNDS
Villas-Boas faces
riddle as Lukaku
arrives at Chelsea
INDIAS hopes of forcing their way
back into the Test series against
England have been dealt a seismic
blow with the news seamer Zaheer
Khan will miss the rest of the tour.
Zaheer picked up a hamstring
injury during the first Test at Lords,
missed the second Test defeat at
Trent Bridge, but was expected to
feature this week at Edgbaston.
However, after managing only
three overs in last weeks tour
match at Northants the BCCI has
now confirmed that a right ankle
injury will require surgery.
Zaheer will be replaced by RP
Singh, who hasnt played a Test for
over three years but took 12 wickets
on the tour of England in 2007.
Zaheer blow hands Singh
a chance to rescue India
Zaheer Khan Name RP Singh
32 Age 25
79 Tests 13
273 Wickets 40
31.78 Average 39.0
3.28 Economy 4.02
58.0 Strike Rate 58.2
10 Five Wicket Innings 1
HEAD TO HEAD | KHAN V SINGH
Didier Drogba
Chelsea Apps 306 Goals 144
Club career Apps 483 Goals 215
Fernando Torres
Nicolas Anelka
Club Career Apps 597 Goals 198
Daniel Sturridge
Romelu Lukaku
Chelsea Apps N/A Goals N/A
FIVE STAR | CHELSEAS STRIKERS
BY FRANK DALLERES
FOOTBALL
CRICKET
EXTREME SERIES LIVES UP TO

ITS NAME AT COWES
TWO MEN OVERBOARD AFTER
COLLISION ON DAY TWO: PAGE 25

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