Cityam 2011-08-16

BUSINESS WITH PERSONALITY
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and CitiFX Pro is only available to Professional Clients in the UK. Classication as a Professional Client may require an assessment of the persons experience and knowledge (in roll-
ing spot or similar instruments or markets). CitiFX Pro is a service offered to you by Citibank International plc which is authorized and regulated by the Financial Services Authority.
Registered Ofce: Canada Square, Canary Wharf, London E14 5LB. VAT registration number GB 429 625 629. The main business of Citibank International plc is banking and securities
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FTSE 100 5,350.58 +30.55 DOW 11,482.90 +213.88 NASDAQ 2,555.20 +47.22 /$ 1.64 +0.01 / 1.13 t-0.01 /$ 1.44 +0.01
European Central Bank
sucks up 22bn in debt
THE European Central Bank (ECB)
exceeded expectations by purchasing
22bn (19.4bn) worth of debt from
troubled Eurozone governments last
week.
The ECB announced the figure yes-
terday, which surpasses even the
16.5bn in bonds that it purchased in
May 2010, when it intervened in a bid
to save the Greek government.
The ECB reluctantly entered the
markets after the yields on Italian
and Spanish debts rose earlier in the
month.
European governments still have to
ratify the forthcoming interventions
from the European Financial Stability
Facility (EFSF), which is hoped to kick
in by the beginning of October.
And today German chancellor
Angela Merkel meets with French
president Nicolas Sarkozy in a bid to
save the single currency.
I think theyll come up with some-
thing, said Andrew Lilico of Europe
Economics. With these interventions
theyre not in the last chance salon
yet, but they are heading towards it.
The ECB reactivated the pro-
gramme after leaving it dormant for
19 weeks, and despite opposition
from a four-man group on its policy-
making Governing Council, led by
Germans Jens Weidmann and
Juergen Stark.
The four dissenters were concerned
about the ECB moving into the fiscal
policy arena but the majority on the
Governing Council felt obliged to act
as Eurozone governments had failed
to come up with adequate plans to
stem the spread of the crisis.
We estimate that the ECB last
week purchased around 14bn of
Italian bonds, 6bn of Spanish bonds
and a combined 2bn of Portuguese
and Irish bonds, said economist
Tobias Blattner of Daiwa Capital
Markets in a note. MORE: P4-5
BY JULIAN HARRIS
EUROZONE ECONOMY
THE MISERABLE state of the City jobs

market was underlined yesterday in a
worse-than-expected set of results for
recruiter Michael Page that sent its
shares tumbling eight per cent.
The firm, which has sourced jobs
in the City since 1976, admitted that
the culling of banking jobs at both
large and small institutions is set to
hit its business hard, particularly in
the UK.
Chief executive Steve Ingham said
that growth from the banking sector,
which accounts for 10 per cent of
gross profit, was slowing in a chal-
lenging UK market prompted by the
recently announced hiring freezes.
London is in the midst of a banking
jobs bloodbath with HSBC, Credit
Suisse and UBS among the firms look-
ing to make hefty savings by cutting
or freezing headcounts.
Job vacancies overall in the sector
tumbled 11 per cent last month.
However, the recruiter said its
Asian business was performing
strongly, partly because banks are
hiring more in the emerging market
economies such as China and India.
MORE: P8
BY JOHN DUNNE
RECRUITMENT
Jean-Claude Trichets ECB ploughed into debt markets last week Picture: REUTERS
GOOGLE yesterday made its biggest-
ever acquisition by spending $12.5bn
(7.6bn) on Motorola Mobility.
The purchase of the phone and
tablet-maker, which will be run as a
separate business, marks a surprise
move into mobile hardware for
Google, which has recently seen its
Android software become the most
popular smartphone platform.
However, analysts say the motiva-
tion for the acquisition is based on
Motorolas portfolio of 17,000 patents,
which Google will be able to license to
other Android users like HTC and
Sony.
Google chief executive Larry Page
said: Our acquisition of Motorola will
increase competition by strengthen-
ing Googles patent portfolio, which
will enable us to better protect
Android from anti-competitive
threats from Microsoft, Apple and
other companies.
Patent battles have become increas-
ingly fierce in recent months, with
court action being fought between
almost every player in the mobile
market. Apple has blocked the distri-
bution of the new Samsung Galaxy
Tab in Europe and Australia after
accusing it of slavishly following its
iPad. Samsung is counter-suing.
In June Apple settled a patent row
with Nokia, which analysts say could
see Steve Jobs firm part with up to
two per cent of the price of every
iPhone it sells. A $4.5bn auction of
Nortel patents earlier this year was
won by Apple, Microsoft, and
BlackBerry-maker RIM, with Google
trailing in the race to snap them up.
Rival handset-makers HTC, Sony
Ericsson and LG, which all rely heavily
on Android, yesterday welcomed the
news, saying it shows Googles com-
mitment to the platform.
Shares in struggling handset mak-
ers RIM and Nokia also traded higher
as investors hoped they too owned a
cache of valuable patents.
Motorola investor Carl Icahn, who
stands to net $1.34bn on his 11 per
cent stake, is one of the biggest win-
ners from the deal.
Lazard advised Google, while
Motorola used Centerview and dot-
com godfather Frank Quattrones
Qatalyst Partners.
Google closed down 1.2 per cent at
$557.23 after announcing the $40 per
share cash deal for the mobile phone
giant. BOTTOM LINE: P2
GOOGLE SNAPS
UP MOTOROLA
ARMFOR 8BN
BY STEVE DINNEEN
TELECOMS
www.cityam.com FREE
Recruitment giant warns of
turmoil in City jobs market
BEAUTY AND
THE YEAST
BEER-BASED
TREATMENTS PUT
TO THE TEST P19
ROOFTOP DRINKERS TOLD
TO KEEP THE NOISE DOWN
MILK & HONEY TURNS SOUR P14
BUSINESS WITH PERSONALITY
Issue 1,447 Tuesday 16 August 2011
Certified Distribution
04/07/2011 till 31/07/2011 is 93,093
Google chief executive
Larry Page said the deal
will protect Google from
anti-competitive attacks
from mobile phone rivals
such as Apple
News
2 CITYA.M. 16 AUGUST 2011
Bailouts are bad but didnt cause riots
THERE are lots of problems in our soci-
ety, much hypocrisy and many bad
practices. White collar crime in the
City or the House of Commons should
be pursued and punished; it is right to
cast the spotlight on the misdeeds of
those at the top of society as well as
those at the bottom.
But it is not the case that the behav-
iour of some bankers during the bub-
ble or of some MPs over their expenses
either helped precipitate or in any way
morally justified the riots. It is also
wrong to draw moral parallels
between the credit crunch which
was primarily caused by monetary pol-
icy errors, global imbalances, moral
hazard and intellectual error and the
riots. And even if Im wrong, all of this
would still be irrelevant to the underly-
ing issues: appallingly, the UK suffers
from a tragic underclass excluded
from society; and the police seems
unable to protect law-abiding citizens.
I was asked to discuss this on BBC2s
Newsnight yesterday; here are some of
the points I tried to make.
The argument is too middle class,
too media-centric. I cant believe there
is a single kid on a council estate
whose actions were influenced by
inappropriate expenses or by the belief
that our deplorable bank bailouts justi-
fied looting, arson and smashing
shops. We are over-intellectualising
last weeks events; they were acts of
loosely coordinated theft, not a politi-
cal protest or a moral statement.
Many of the looters especially the
younger ones would have had no
idea that MPs abused their expenses.
Britains dispossessed minority does
not watch the news or read papers;
many are functionally illiterate, hav-
ing been let down by sink schools, col-
lapsed families, terrible
neighbourhoods and gang culture.
The vast majority are so far from the
mainstream of the economy that they
dont understand what investment
bankers do. The only rich people they
are properly aware of are footballers,
entertainers or local gang leaders.
There is no empirical link between the
crisis of 2008, the subsequent bailouts
and the looting of 2011.
Another flaw in this argument is
that one cant equate errors of judg-
ment even unforgivable ones by
CEOs, and condoned by shareholders
and regulators, to the violent, illegal
smashing of a furniture shop or the
murder of innocent bystanders. It is
not illegal to go bankrupt or to take
business decisions that turn out to be
destructive and cost thousand of jobs.
Some top directors are incompetent
but very few are criminal.
You cant even equate rewards for
failure, however reprehensible, to
muggings, beatings and arson. These
are completely different categories of
actions. Rewards for failure happen
when the owners of a firm stupidly
agree to pay senior staff even if they
fail; the process is voluntary. It doesnt
take place at gunpoint in the middle of
the night.
The problem is not greed per se it
is greed in the absence of the legal con-
straints created by property rights and
the rule of law, or greed unconstrained
by the fear of failure as a result of mis-
guided bailouts. The genius of our
civilisation is that it usually harnesses
and channels our most base instincts
greed, fear, aggression into produc-
tive pursuits. In a Hobbesian, all
against all, zero-sum, pre-capitalist
world, the only way to obtain some-
thing is to steal it from somebody else.
Bailouts and rewards for failure
must end but they had nothing to do
with last weeks riots.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
NEWS | IN BRIEF
Petrobras reports rise in profits
Brazilian state oil company Petrobras
saw its second-quarter net profit jump
nearly 32 per cent year-on-year, fuelled
by higher international oil prices and a
strong real. The Rio de Janeiro-based
company said net profit rose to
10.942bn reais (3.2bn) compared with
8.295 bn reais a year earlier.
PwC faces fine over JP Morgan
Auditing firm PwC faces a fine for fail-
ing to report that JP Morgan was not
protecting customer funds properly, the
UKs accounting regulator revealed after
a 10-month probe. PwC has admitted
to years of mistakes regarding JP
Morgans failure to ensure that billions
of pounds of its clients assets were
properly ring-fenced, the Accountancy
and Actuarial Discipline Board said.
Paulson cuts stakes in US banks
John Paulson, the billionaire investor,
halved his stake in Bank of America in
the second quarter, according to a filing
yesterday with the US Securities and
Exchange Commission. His fund Paulson
& Co also reduced Citigroup shares from
41.3m to 33.5m.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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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
THE future for companies like
Nokia and Motorola, once the great
pioneers of the mobile phone
industry, has been bleak for some
time. The likes of Apple and RIM
have eaten away at their share of
the high-end smartphone market
for several years now, while cheaper
Asian manufacturers will soon do
the same in the sub-$200 space. We
have long argued there is no way
back; the adapt or die moment has
passed.
Google knows this, yet it is still
shelling out $12.5bn on Motorola
Mobility. In reality, this deal has
very little to do with the US handset
makers mobile phones, which are
frankly pretty terrible. If Google
had wanted a device manufacturer
it would have plumped for some-
thing better like Taiwans HTC.
The reason Google made
Motorola Mobility its largest-ever
acquisition was because it has some
incredibly valuable treasure buried
in the back garden: 25,000 patents.
Battles over patents have become
the new front in the mobile phone
wars, because is almost impossible
to develop a new handset without
infringing on someone elses intel-
lectual property. Apple owns the
intellectual property behind some
of the more recent developments,
such as touchscreen swiping and
scrolling, while Nokia and Motorola
hold patents for earlier although
still crucial technologies.
The battle has been hotting up
for a couple of years now. Last April,
Apple filed a lawsuit in the US
accusing Samsung of copying its
iPhone and iPad, a disagreement
that has escalated to the point
where the two companies are now
locked in 20 separate legal disputes
in eight different countries. In
other cases, rivals have settled out
of court. Apple recently paid 800m
to Nokia to end a long-running
patents dispute, and now pays
around 8 in royalties to the
Finnish firm for every iPhone it
sells.
This is nothing new, of course.
Firms that rely on intellectual prop-
erty have used patents to prevent
rivals from ripping them off for sev-
eral hundred years.
What is different this time round
is that mobile phone firms are
spending billions of pounds on sec-
ond-hand patents to pre-emptively
protect themselves against legal
action. Its the intellectual property
version of an arms race: the more
intellectual property you own, the
less chance there is of someone
suing you. Thats because if youre a
mobile phone firm infringing on
someone elses patent, the chances
are theyll be infringing on one of
yours especially if you own 25,000
of them.
The handset makers that use
Googles Android operating system
are particularly vulnerable to legal
action, partly because the web giant
was a relatively late entrant to the
mobile phone industry. According
to Ben Wood, an analyst at CCS
Insight, the Motorola deal has given
Google a much-needed armory of
ammunition to fend off these law-
suits.
It isnt the first company to do a
deal of this kind. Last month, a con-
sortium led by Apple spent $4.5bn
on 6,000 patents owned by the col-
lapsed telecoms firm Nortel
Networks. Again, the company was
a busted flush, but its intellectual
property was still in high demand.
Yesterday, investors turned their
attention on other stricken compa-
nies that could own valuable
patents. Nokia, for example, gained
almost 10 per cent.
Theres no rule that says buyers
have to be mobile phone firms,
however. Private equity groups or
investment firms could package up
and manage highly-valuable portfo-
lios of patents, and generate profits
by extracting royalties and settle-
ments from those who need them.
The arms race for intellectual
property has only just begun.
Yesterday, Google fired an impor-
tant opening salvo.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
The new front in the mobile phone wars
SINO-FOREST DELAYS PUBLICATION OF
FRAUD REVIEW
Sino-Forest, the Chinese forestry com-
pany fighting allegations of fraud,
has delayed publication of its internal
review into claims made by research
outfit Muddy Waters that triggered a
collapse in the companys share price
in June. An independent committee
has presented an interim report to
Sino-Forests board but needs more
time to complete its work, the compa-
ny said yesterday.
HSBCS GERMAN ARM IN TALKS TO
BUY PARTS OF WESTLB
HSBCs German subsidiary has said it
is in constructive talks with WestLB
over the possible acquisition of parts
of the stricken German Landesbank.
HSBCs interest is likely to be princi-
pally in WestLBs corporate finance
business, as it seeks to expand ties
with Germanys blue-chip companies.
PFIZER WINS CASE TO KEEP VIAGRA
PATENT
Pfizer, the US pharmaceuticals com-
pany, said yesterday that it had won a
closely watched patent case against
Teva Pharmaceutical Industries that
would block the generic drugmaker
from selling an unbranded version of
its blockbuster drug Viagra next year.
The decision came as a surprise to
many analysts and will provide a
boost to Pfizer, which is facing a
sharp drop-off in revenues during the
next two years as the patents expire
on some of its best-selling drugs.
STATOIL SET TO RAMP UP GAS OUTPUT
WITH NEW TECHNOLOGY ADVANCE
Statoil, the Norwegian state-con-
trolled energy group, will today give
the go-ahead to the installation of
what will be the worlds first gas com-
pressor on the seabed. The project,
which is estimated to cost about
NKr15bn (1.7bn), will enable the
company to extract greater volumes
of gas from its Asgard field.
ASDA TO ACCELERATE SMALLER STORE
OPENINGS
Asda is intensifying its push into
smaller stores as it seeks to catch-up
with its Big Four rivals. The super-
market yesterday nearly doubled its
target for small stores after the Netto
shops it converted, following its
acquisition last year, performed bet-
ter than expected. It now wants to
expand its division of mini-Asdas
from about 170 stores to 250 within
five years.
LOMBOK SHUTS UP SHOPS TO FOCUS
ON INTERNET OFFERING
Lombok became the latest furniture
retailer to succumb to the downturn
yesterday when it went into adminis-
tration. Privet Capital, which bought
the company out of administration in
2009, has repurchased the three best-
performing stores and a House of
Fraser concession.
PERMIRA'S ANIMALTASTIC PROVIMI
NETS 297M PROFIT
Private equity firm Permira has
signed a 1.5bn (1.32bn) deal to sell
Provimi its animal nutrition busi-
ness to US food giant Cargill. The
much anticipated sale will be wel-
come news for Permiras investors
who are about to be approached
about a new 6.5bn buy-out fund.
BUFFET LAMBASTS BILLIONAIRE-
FRIENDLY CONGRESS
Legendary investor Warren Buffett
has said that Americas wealthiest
have been coddled long enough by
politicians in Washington, as the bil-
lionaire made his most outspoken
plea yet that he should pay more tax.
Warren Buffett said: My friends and I
have been coddled long enough by a
billionaire-friendly Congress. Its time
for our government to get serious
about shared sacrifice.
BANKS EASE LENDING STANDARDS
Banks relaxed their lending stan-
dards further during recent months
as competition intensified among
financial institutions and demand
increased for many types of loans,
according to a Federal Reserve survey.
The findings from the Feds poll of
banks senior loan officers indicate
continued improvement in lending
conditions heading into the third
quarter, particularly among business
customers.
AMERICAN MEDIA NO LONGER FOR
SALE
The publisher of the National
Enquirer is no longer up for sale, after
the media companys owners balked
at an offer from Apollo Global
Management, said people familiar
with the matter. American Media had
informally explored a sale earlier this
year, the people said.
WHAT THE OTHER PAPERS SAY THIS MORNING
MERRILL Lynch owner Bank of
America is to shut down or sell off its
credit card businesses in the UK,
Ireland and Canada as it seeks to
build a fortress balance sheet
against legal claims, it said yesterday.
Bank of America sold its $8.6bn
(5.3bn) Canadian credit card portfo-
lio to local banking group TD Bank
for an unspecified amount that
would add a modest amount to
BofAs book value per share.
It will also exit its $19bn UK and
Ireland credit card portfolios, operat-
ed under the MBNA brand, though it
had not decided whether to sell them
or wind them up.
Chief executive Brian Moynihan
said the move was in line with the
banks restructuring to focus on its
core business and strengthen its bal-
ance sheet.
While the credit card remains a
fundamental core product for our US
customers, an international con-
sumer card business under another
brand is not consistent with that
strategy, he said in a statement.
BofA, the biggest US bank by assets,
is under fire from shareholders that
believe it must raise additional capi-
tal to survive multi-billion-dollar legal
battles and credit problems.
It is fighting a number of legal bat-
tles and credit problems related to its
rescue takeover of mortgage lender
Countrywide Financial in 2008.
BofA has lost more than $22bn in
its consumer mortgage division in
the last four quarters.
The bank has so far sold a $200m
UK small business loan book to
Barclays and its Spanish credit card
arm to private equity giant Apollo.
BofA in credit
card arm sale
to add capital
INTERPUBLIC Group, the global
advertising firm that owns agencies
including McCann Erickson, has sold
half of its stake in Facebook for
$133m (81m) to an unnamed buyer.
Interpublic, which was an early
investor in Facebook, is believed to
have held a 0.4 per cent stake, which
would value the social networking
site at about $65bn.
The group did not reveal the num-
ber of shares it is selling but expects
to book a pre-tax gain of $132m.
The Strategic value of our initial
investment [in Facebook] has moder-
ated, while the financial value of
that stake appreciated significantly,
chief executive Michael Roth said in
a statement.
In June, investment fund GSV
Capital Corp bought 225,000 shares
in Facebook at an average price of
$29.28 each, valuing the worlds top
social networking site at approxi-
mately $70bn.
Facebook, which is mulling a pub-
lic listing, has roughly 2.4bn out-
standing shares, according to data
from secondary market company
Sharepost.
Interpublic also said it plans to
increase its share repurchase plan by
$150m to $450m. It had repurchased
$187.6m of shares until 12 August.
Facebook share
sell-off values
firm at $65bn
BY ALISON LOCK
BANKING
MEDIA
Sold its $8.6bn Canadian credit card loan

portfolio and plans to exit its $19bn UK and
Irleand credit card business
Bought Merrill Lynch for $50bn and
Countrywide Financial for $4.1bn in 2008
FAST FACTS | BANK OF AMERICA
News
VACUUM cleaner manufacturer
Dyson today unveils record profits for
last year as it continues its blistering
growth in the global market.
It will announce an 8.4 per cent
jump in profits to 206m on revenues
15.2 per cent higher at 887m.
The British firm now sells more
than 80 per cent of its machines
which also include hand dryers and
fans outside the UK.
Founder James Dyson, who is now
chief engineer, said: We havent been
afraid to take a risk, doubling our
engineering team during a recession.
The swelling ranks are working on
new technology that is five or ten
years away, as we plough our profits
back into our lifeblood R&D.
The firm says it has stayed true to
its British roots, ploughing money
into development here and paying 88
per cent of its tax in the UK.
Dyson to unveil record
profits as global sales rise
James Dyson says research and development remain the firms life-blood Picture: REX
BY STEVE DINNEEN
TECHNOLOGY
PARIS will host German chancellor

Angela Merkel today, as she joins
French president Nicolas Sarkozy in a
bid to control the Eurozones growing
debt crisis.
The controversial euro bonds plan
which would see debt pooled across
the 17 members of the single currency
is believed to be off the agenda, with
increasing opposition from Merkels
own side of Germanys political divide
against the measure.
The Christian Democratic Partys
(CDU) Norbert Lammert warned yes-
terday that Merkel must not rush
through ratification of the European
Financial Stability Facility (EFSF), but
instead allow a comprehensive debate.
Meanwhile members of the Free
Democrats (FDP) -- the liberal-leaning
party that typically backs up the CDU
-- have threatened to desert the gov-
ernment if it tries to push a euro bond
plan through parliament.
Yet two leading German business
groups yesterday came out in support
of the proposal.
The head of Germanys leading
export association was the first promi-
nent figure to endorse euro area
bonds.
We must show the markets that
we are ready to use the appropriate
tools, and that means euro bonds
signed off by Germany, said BGA pres-
ident Anton Boerner.
Merkel jets to
Paris for talks
BY JULIAN HARRIS
EUROZONE ECONOMY
OVER half the German public want

Greece booted out of the Eurozone, a
hard-hitting poll revealed yesterday.
Anger towards the debt-ridden
peripheral economy was felt most in
Germany -- according to the YouGov
survey -- where 58 per cent of respon-
dents said that Greece should be
removed from the single currency.
Nearly half (45 per cent) of French
respondents also want Greece out of
the Eurozone, with the same propor-
tion of Brits agreeing with them
despite the UK not being a member.
Yet the crisis has not driven people
in core Eurozone economies to oppose
their membership.
Over half (53 per cent) of the French
support staying in the Eurozone; 48
per cent of Germans want to remain
in, compared to 44 per cent who want
to withdraw.
Majority of German public want
Greece out of the single currency
EUROZONE ECONOMY
News
EUROZONE CRISIS: WHERE WILL IT GO FROM HERE?
HAS THE TIME FOR EURO BONDS
ARRIVED?
The buzz phrase of the moment is
euro bonds. The bonds would see
debt from troubled nation states
such as Greece and Portugal pooled
across all Eurozone members. Senior
German government officials have
repeatedly denounced the plan, yet
suggestions have leaked that the
bonds are secretly being considered
in the case of an emergency threat
to the euros existence. Italian politi-
cians, such as economy minister
Giulio Tremonti, have called for the
issuance of bonds in recent days.
Well they would say that, laughed
Andrew Lilico of Europe Economics
yesterday, but its clear that this
isnt where things are going.
Germany doesnt mind transfers, but
theyre against debt pooling.
CAN THEY KEEP KICKING THE CAN
ALONG THE ROAD?
When finance ministers from across
the Eurozone agreed to beef up the
440bn fund in July, they hoped it
would provide enough stability to
contain problems in debt-burdened
countries. Yet weeks later, concerns
escalated to such a degree that the
ECB felt obliged to step into the void.
The EFSF can only kick in once mem-
ber states parliaments have ratified
the increase in funds and many
parliaments, including Germanys,
are still on their summer holidays.
Even if the EFSF is ratified by mem-
ber states, it may prove insufficient
to reassure markets, Christian
Schulz of Berenberg Bank told City
A.M. yesterday. This would leave the
ECB to mop up even more debt in
the medium to long term.
WILL THE EURO SPLIT?
With the schism between Germany
and troubled Mediterranean states
threatening to widen, some analysts
have suggested that the euro could
split into two currencies with a
core euro covering France and
Germany, as well other stronger
members such as the Netherlands.
There remains a significant gap in
economic performance between
northern European countries and
those in the south, leading to calls
that the two areas require different
approaches to monetary policy.
AND WHAT IF NOTHING WORKS?
The Armageddon scenario that near-
ly all senior Eurozone politicians are
striving to avoid: a break up of the
single currency just over a dozen
years since its inception.
Given the ongoing debt
crises across the region,
Eurozone leaders devise a
permanent bailout fund,
named the European
Stability Mechanism.
February 2011
TIMELINE: HOW HAS THE EUROZONE DEBT CRISIS
Portugal finally succumbs to
its disastrous fiscal situation,
agreeing to a 78bn (69bn)
rescue fund from the EU and
IMF. An austerity programme
is also agreed.
The situation in Greece goes
from bad to worse as credit
rating agency Standard &
Poors downgrades its bonds
to the lowest junk status in
the rankings.
Eurozone finance ministers
agree to beef up their rescue
fund, with a current lending
capacity of 440bn, in an
effort to prevent debt crisis
contagion.
16th May 2011
13th June 2011
11th July 2011
THE Swiss franc fell to a two-week
low against both the dollar and the
euro yesterday, as speculation
mounted that the Swiss National
Bank (SNB) would intervene to halt
its currencys appreciation.
The euro climbed 1.6 per cent to
hit 1.1266 Swiss francs, having spiked
to 1.1458 Swiss francs in earlier trad-
ing. Last week the euro sunk to a
record low of close to parity with the
Swiss franc.
Yet the Swiss franc which has
become increasingly popular as a
safe haven for investors is unlikely
to continue to fall against larger cur-
rencies unless the rumours materi-
alise into firm action from the SNB.
Ongoing trouble in the Eurozone
is likely to keep propping up the
Swiss franc against the euro.
Speculation that the Swiss franc
would be pegged to the euro has esca-
lated since a senior SNB official
refused to rule out the measure last
week.
The Swiss franc is oversold in the
short-term because the moves are
based on hopes of a nuclear option
from the SNB, said Lena Komileva of
Brown Brothers Harriman. The driv-
er has been speculation and not any
change in global sentiment.
Two week low
for Swiss franc
against the euro
Jean-Claude Trichets ECB bought 22bn in bonds last week Pictures: REUTERS
News
CITYA.M. 16 AUGUST 2011 5
ANALYST VIEWS: HOW MUCH MORE DEBT IS
THE ECB LIKELY TO BUY? Interviews by Julian Harris
ANDREW LILICO | EUROPE ECONOMICS

If the ECB was to keep up the level of buying seen last week then it
would turn into an awful lot of money, but I dont think it will. Theyre just keeping
the wheels on the bus until they see Merkel and Sarkozy coming up with a credi-
ble solution. It should be a stop gap until politicians make their decisions.
CHRISTIAN SCHULZ | BERENBERG BANK

What I hear in the markets is that the ECB started with strong buying
and became more selective as the week went on. It took less than last year to
reassure the markets. It is feasible that they could buy around 150bn in Italian
and Spanish bonds in a similar time-frame, this year.
TOBIAS S BLATTNER | DAIWA CAPITAL MARKETS

The amount spent last week, albeit impressive, will not be sufficient on
its own as markets want to be reassured that the ECB is committed to keep yields
at levels of around five per cent. For this to happen, we estimate that the ECB will
have to spend another 1-2bn per day up until the EFSF is up and running.
SPREAD AND HOW MIGHT IT END?

The European Central Bank
says it will buy Italian and
Spanish government bonds
to try to bring down their
borrowing costs, as the crisis
spreads to larger states.
Angela Merkel and Nicolas
Sarkozy hold crunch talks to
thrash out political solutions
to prevent the contagion
spreading further across the
Eurozone.
German parliament will not
reconvene until next month. It
needs to ratify further funding
of the European Financial
Stability Fund (EFSF) along
with other members.
It is hoped that the EFSF will
kick in from October
onwards, saving the euro
once European governments
have ratified its measures in
September.
7th August 2011
16th August 2011
20th 23rd September 2011
October 2011
BY JULIAN HARRIS
EUROPEAN ECONOMY
EVOLUTION Group lost its finance

director and reappointed one of its
former non-executives to its board yes-
terday amid signs that a takeover bid
for the firm was progressing.
Andrew Westenberger, the groups
finance director for almost two and a
half years, resigned with immediate
effect and with no explanation or an
immediate successor.
But Evolution said Lord Ian
MacLaurin, the former Tesco chief
executive and Vodafone chairman,
had rejoined its board after leaving
only in May after eight years as senior
non-executive director.
Sources across the City expressed
regret at Westenbergers departure
but said it was unsurprising in the
context of Evolutions takeover offer
from Investec.
Investec proposed takeover talks at
the start of August and is expected to
table a formal bid of about 100p per
share next week. It has until 3
September to make a formal offer,
according to Takeover Panel rules.
Westenberger, the former global
chief operating officer for Barclays
Capital Private Equity, was likely to
have been left jobless by the deal.
The situation probably highlight-
ed some strategic differences between
him and other management, one
source told City A.M.
Evolutions shares closed at 82.5p.
We y from Gatwick, Luton and Stansted. Price correct as at 25 July 2011. Available to book now for travel between
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Evolutions finance boss
quits amid takeover talk
BY ALISON LOCK
BANKING
News
MORE NEWS
ONLINE
@
www.cityam.com
Lord Ian MacLaurin has rejoined the board after only three months Picture: REX
TIME LINE | EVOLUTION GROUP
June 2003
Evolution Group floats in London
June 2006
Acquires Williams De Bro Plc.
October 2008
Acquires Singer & Friedlander Investment
Management.
October 2010
Bid proposal for Panmure Group rejected.
19 July 2011
Announces interest in buying BNP Paribas
Private Investment Management.
4 August 2011
South African investment bank Investec
makes an initial bid approach for Evolution
Group.
8 August 2011
Reaches agreement on BNP Paribas bid,
helping beef up its Williams De Bro arm.
News
FALLING mortgage approvals have hit
Londoners harder than people from
any other region of the UK, according
to a group of surveyors.
Purchase approvals in the capital
dropped 13 per cent on a non-season-
ally adjusted basis in July after a push
to meet lending targets in June, when
approvals rose by 12 per cent. Across
the UK, approvals dropped by 2.5 per
cent, E.Surv announced yesterday.
The capitals less affluent buyers
were hardest hit, struggling to secure
mortgages due to tight lending condi-
tions. Approvals for properties up to
250,000 accounted for only 40 per
cent of all July approvals, down from
43 per cent in June, the survey said.
Meanwhile, asking prices in Britain
have been discounted by the highest
levels in over a year, the website
Zoopla.co.uk revealed yesterday.
Chiming with findings from the
Rightmove index, it found that ven-
dors have been forced to knock off an
average of 18,597 from property
prices in an effort to seduce buyers.
Vendors in the north have been
forced to make the biggest cuts to
prices, with Bolton, Glasgow and
Newcastle-upon-Type suffering the
most. Prices in the south east have
remained the most resilient.
Londoners hit by low mortgage approvals
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SENIOR Bank of England rate-setter
David Miles has dismissed calls for
more quantitative easing, despite the
UKs stuttering recovery and market
instability.
There could be circumstances
under which I would judge the right
policy would be to embark on further
asset purchases but thats not how
Ive seen things thus far, Miles told
Dow Jones after a week in which the
FTSE dropped below 5,000 for the
first time since July 2010.
His comments run against the
grain of the Banks inflation report
conference last week, in which gover-
nor Mervyn King hinted that a second
phase of quantitative easing, dubbed
QE2, could be in the pipeline.
Were not out of tools; if we need
to we can carry out more asset pur-
chases, King told reporters.
The committee will have to decide
if it wants to do that and if so, when.
Last week we opted not to do that. But
theres no technical reason [why] we
cannot do that, King added.
Miles is one of two senior Bank offi-
cials to have voted for a rise in interest
rates in Julys meeting.
Miles not in favour of QE2
BY JULIAN HARRIS
UK ECONOMY
JAPANS economy contracted 0.3 per-

cent in the three months to the end
of June, slower than the decline in the
previous quarter, as output recovers
from the devastating earthquake and
tsunami in March, Cabinet Office
data showed yesterday.
The quarter-on-quarter contraction
was smaller than the median esti-
mate for a 0.7 per cent decline and fol-
lows a 0.9 per cent contraction in the
January-March quarter.
GDP should start to expand in the
third quarter, as output continues to
recover and reconstruction-related
expenditure kicks in, said Capital
Economics in a note. The economy
started to bounce back from Marchs
devastation as quickly as April, the
monthly data revealed. Nonetheless,
headwinds will act as a drag on the
recovery, Capital warned.
Japans GDP figure translated into
an annualised fall of 1.3 per cent,
smaller than the median forecast for
a 2.6 per cent contraction and com-
pares with 1.3 per cent annualised
growth in the US in the same quarter.
Private consumption, which makes
up around 60 per cent of the econo-
my, fell 0.1 per cent in April-June as
some households cut back on spend-
ing after a large earthquake, tsunami
and nuclear meltdown in March.
External demand, or net exports,
pushed down GDP by 0.8 percentage
points, as the disaster prevented some
Japanese manufacturers from ship-
ping goods abroad, as imports rose
and as overseas economies showed
some signs of slowing.
Japan is likely to emerge from
recession between July and
September as manufacturers shake
off supply constraints, but a soaring
yen and widespread fears of a sover-
eign debt crisis pose risks to the coun-
trys fragile recovery.
Japans GDP
data points
to recovery
AMERICAS economic prospects took a
hit yesterday, as it was revealed that
New York states factory sector con-
tracted for the third straight month.
The Empire State regional manufac-
turing index worsened to -7.7 this
month, down from -3.8 in July.
The index has now been below zero
for three months in a row and, in
falling from 21.7 in April, it illustrates
the extent and speed of the recent
slowdown, commented Paul Dales of
Capital Economics.
Most worryingly, the forward-look-
ing sub-indices plummeted across the
board.
The future general business condi-
tions index plummeted twenty-four
points to 8.7, its lowest level since
February 2009, the report said.
Future new orders and shipments
indexes, while positive, fell to near-
record lows, exceeded only by their
September 2001 readings, added the
New York Federal Reserve, which com-
piled the data.
The results are ominous for the US
as a whole, according to Dales. A
weighted average of the five most
important components of this survey
is consistent with the national ISM
manufacturing index falling from 50.9
in July to the boom-bust level of 50 in
August, he explained.
Its worth pointing out that the
ISM needs to drop below 46 before its
consistent with a recession. Although
we still think a recession will be avoid-
ed, there is little doubt that economic
growth has remained weak.
Confidence among builders of new
American homes has remained low in
August, according to a separate survey
released yesterday by the National
Association of Home Builders (NAHB).
The index stuck at 15, showing that
far more builders rate conditions as
poor rather than good.
New Yorks
factories in
fresh fall
INFLATION in the UK could have
slowed further in July, yet is expected
to spike again in late summer and
during autumn.
Julys consumer price index (CPI)
and retail price index (RPI) figures are
set for publication this morning, with
some analysts forecasting a fall to 4.1
per cent in the CPI, and for the RPI to
dip below five per cent.
CPI inflation soared to 4.5 per cent
in the second quarter of the year, yet
unexpectedly tamed to 4.2 per cent in
June still over twice the rate of the
Bank of Englands two per cent target.
Yet the Bank has recently firmed
up its dovish outlook, suggesting it
will keep rates at their historic low of
0.5 per cent. The loose policy has seen
a modest reduction in quotations
for fixed rate mortgages, according to
Nomura economist Philip Rush.
Inflation to stay above 4pc
UK ECONOMY
David Miles said that now is not the right time for QE2
BY JULIAN HARRIS
US ECONOMY
BY LYDIA ELLIS
HOUSING
BY HARRY BANKS
ASIAN ECONOMY
RECRUITER Michael Page yesterday

reported a jump in pre-tax profits,
fuelled by a buoyant jobs market in
Asia, but warned the UK outlook
remains grim.
The company saw international
business overall outstrip the perform-
ance in the UK. Sales in Asia Pacific
climbed 43 per cent to 76.7m, in the
six months to 30 June.
Meanwhile total pre-tax profit rose
38 per cent to 45.5m, while revenue
surged revenue 28 per cent to
393.5m. The gains fell short of ana-
lysts forecasts.
Chief executive Steve Ingham said:
While the recent turbulence in the
financial markets has added an addi-
tional element of uncertainty, we
expect market conditions in the UK to
remain challenging.
We expect to continue our
progress and our outlook for Asia and
Latin America remains strong.
Michael Page is among a number of
UK recruiters pinning their hopes for
growth on overseas as the market at
home dwindles.
Hays and Robert Walters are also
expanding in Asia, with rising activity
in sectors like financial services lead-
ing the growth.
Michael Page operates in 32 coun-
tries and its offices in the Americas
and Asia-Pacific regions combined
earn almost a third of the groups
total gross profit.
The company raised its half-year
dividend by 12.8 per cent to 3.25p as
the half yearly figures were released.
But Investec analyst Robert Morton,
who had forecast pre-tax profit of
48.5m, said he would be reducing
full-year forecasts.
The group has seen further strong
recovery in the first half of the year,
albeit not quite up to our expecta-
tions. In addition, the recent turmoil
in world financial markets will have
some impact on global growth rates,
he wrote in a note.
The firms shares tumbled as much
as 18 per cent during the day and
closed down eight per cent.
Michael Page in boost from Asia
BY JOHN DUNNE
RECRUITMENT
News
Michael Page chief executive Steve Ingham
NEWS | IN BRIEF
Same-store sales drop at H&M
H&M, the world's second-largest clothes
retailer, said yesterday that its like-for-like
sales fell six per cent in July as it suffered
from weak consumer sentiment in Europe,
its most profitable region. Sales at the
group rose by three per cent in total, but
comparables were poor once the 240 new
stores opened over the past year were
excluded, leading to the retailer's worst
same-store sales since April last year.
Companies step up share buy-backs
The recent sell-off in the markets has
prompted companies to increase the pace
of their share buy-backs, suggesting that
the industry views the recent upheaval in
the markets as an opportunity rather than
a crisis. WH Smith said yesterday that it
was extending its buy-back programme up
to 55m in the light of the exceptional
market conditions that saw the FTSE 100
fall below the 5,000 mark last week.
ANALYSIS l Michael Page
p
Jun Jul Aug
550
450
350
400
500
368.00
15 Aug
ED Miliband, the leader of the opposi-
tion, yesterday said greedy, selfish
and immoral bankers shared some
responsibility for last weeks riots.
The Labour leader said: We
cant honestly say the greed,
selfishness and gross irrespon-
sibility that shocked us all so
deeply is confined to the loot-
ers or even to their parents.
Its not the first time weve
seen this kind of me-first,
take what you can cul-
ture. The bankers who
took millions while
destroying peoples sav-
ings: greedy, selfish, and
immoral.
Miliband also identified
politicians caught up in the expenses
scandal and journalists responsible
for the tabloid phone hacking scandal
as groups that had set a poor example.
He said: People who talk about the
sick behaviour of those without
power, should talk equally about
the sick behaviour of those with
power.
Too often we have sent a mes-
sage from the top to the bottom of
Britains society that says: any-
thing goes, you are in it for your-
self.
Miliband was speaking as he
launched a national
conversation on the
causes behind the riots.
He dismissed the Prime
Ministers responses as
knee-jerk gimmicks.
DAVID Cameron yesterday pledged to
put the broken society back at the
top of the coalitions agenda, as he
sought to flesh out the governments
response to the worst riots seen in
Britain for generations.
The Prime Minister, who was speak-
ing in his Witney constituency, prom-
ised a social fightback to revitalise
communities and said he aspired to
improve the lives of the 120,000 most
troubled families in the country by
the end of the parliament.
Cameron said a breakdown in fami-
ly values, bad parenting, poor stan-
dards in schools and a welfare system
that rewards the idle were to blame for
a slow-motion moral collapse.
All domestic policy will need to pass
a family test, Cameron said, adding
if it hurts families, if it undermines
commitment, if it tramples over the
values that keep people together, or
stops families from being together,
then we shouldnt do it.
The broken society theme has
taken a back seat in recent months, as
the government turned its attention
to reviving the anaemic economic
recovery and repairing the parlous
public finances.
It was also shelved because the rem-
edy for a broken society the big
society failed to win supporters
among the electorate or on the
Conservative back benches. Yesterdays
speech contained no mention of the
big society.
Cameron also gave his backing to
plans to strip convicted rioters of their
benefits, a stance that will earn plau-
dits on the Conservative backbenches
but cause unease among some Liberal
Democrats.
Meanwhile, he scotched suggestions
he revisit plans to cut the police budg-
et, insisting the UK would always have
enough officers to scale up to deal
with riots like those seen last week.
Cameron puts
riots down to
moral collapse
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Miliband says bankers are
partly to blame for unrest
BY DAVID CROW
POLITICS
POLITICS
Prime Minister David Cameron has promised to mend Britains broken society with
family and community led initiatives and a tough stance on crime. Picture: REUTERS
News
I dont think it is necessary. It
would be by-passing social issues
that a supercop couldnt change.
Ultimately the US gang culture is
different to ours and we should rely
on our own expertise.
GRAHAM CONSTABLE | LLOYDS OF LONDON
It depends on his experience
in dealing with similar situa-
tions. America has different
gang issues but we should
consider bringing him as a
consultant.
JOHNNY GODSON | TEK SYSTEMS
Absolutely. I know that the guys not perfect but he has experience of dealing with things that I
think we need. The more experienced people you have working on a problem, the easier it is and the
quicker it is to resolve it.
SIMON HIGGINSON | WILLIS
CITY VIEWS: DOES BRITAIN NEED AN AMERICAN SUPERCOP TO SOLVE
ITS PROBLEM WITH GANGS? Interviews by Eshe Nelson
* These views are those of the individuals above and not necessarily those of their company.
News
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VIRGIN MEDIA yesterday said it is sell-
ing its 50 per cent stake in UKTV to US
operator Scripps Networks Interactive
for up to 340m.
The deal means Virgin, which sold
Bravo and Virgin 1 to rival Sky last year
for 160m, no longer owns any TV con-
tent. The firm, which has been
mulling a sale of its UKTV stake for
around a year, was trading up 3.5 per
cent in New York yesterday. Its minori-
ty UK listing was also up two per cent.
Scripps, which operates a string of
US lifestyle channels, will pay 239m
for Virgins half of the ventures com-
mon equity interest and an additional
100m to acquire the outstanding pre-
ferred stock and debt owed to Virgin.
UKTV operates channels including
Dave and GOLD and is home to stars
such as David Jason, Jeremy Clarkson,
detective Rebus and Nigella Lawson
(pictured).
Following the deal, BBC Worldwide
will increase its stake in the venture to
60 per cent through a complex cash
and digital rights deal with Scripps.
Virgin Media chief executive Neil
Berkett said his firm will now focus on
its digital network and entertainment
services. A Virgin spokesman said the
firm will continue to invest up to
500m a year on programming
through deals with content providers.
Virgin Media
sells 340m
UKTV stake
BY STEVE DINNEEN
MEDIA
ANALYSIS l Virgin
p
10Aug 9Aug 12Aug 11 Aug 15Aug
1,500
1,400
1,300
1,492
15 Aug
BBC WORLDWIDES OTHER OPERATIONS
BBC America
BBC Entertainment (India)
Radio Times
Top Gear
Good Food
Gardeners World
Global iPlayer
SCRIPPS OTHER OPERATIONS
HGTV (US)
DIY Network
Food Network
Great American Country
FrontDoor.com
Food.com
Virgin Media
BBC Worldwide
%
50%
50%
Scripps
BBC Worldwide
%
40%
60%
ANALYSIS l Previous ownership of UKTV
ANALYSIS l New ownership of UKTV
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TIME Warner Cable (TWC) has
reached a deal to buy The Carlyle
Groups cable operator Insight
Communications for $3bn (1.8bn),
according to sources close to the deal.
Insight, the 10th-largest cable oper-
ator in the US, sells cable television,
high-speed internet and telephone
services, serving approximately
750,000 customers.
Its representatives approached
TWC in recent weeks to discuss a deal
after failing to reach agreement with
other strategic and private equity bid-
ders, the source said.
The deal could enable TWC to reap
cost savings, tax benefits and other
operating synergies.
TWC had dropped out of an auc-
tion for Insight earlier this year,
because the company believed Carlyle
was asking for too much. Carlyle had
originally been looking for around
$4bn.
Executives at TWC have regularly
said that any acquisition targets
would not be valued at a higher mul-
tiple than its own stock. The deal is
TWCs largest acquisition since it was
spun off from former parent Time
Warner in 2009. Earlier this year it
paid $260m for small cable operator
NewWave Communications.
Time Warner Cable seals
1.8bn Insight purchase
Entrepreneur Peter Jones has disposed of the firm he bought in 2002 Picture: REX
BY STEVE DINNEEN
TELECOMS
DRAGONS DEN star Peter Jones has

offloaded his telecoms firm Wireless
Logic to private equity outfit ECI
Partners in a deal worth 38m.
The deal for the machine to
machine communications firm is the
latest in a string of telecoms disposals
by Jones, a former tennis coach. The
sales of SIM reseller DSNS and IT serv-
ices provider PJ Media take his total
gains in the last 12 months to almost
100m.
Jones said: Wireless Logic has
grown significantly in a fairly short
time frame since I made the decision
to acquire the business in 2002. I have
sold several investments in the last 12
months in the very fast moving tele-
coms sector.
Wireless Logic provides a secure
connection between a network of
mobile devices, for example the abili-
ty to view multiple CCTV feeds
through a single smartphone hand-
set.
Technology entrepreneur Jones
launched several businesses, includ-
ing a cocktail bar in Windsor, before
shooting to prominence on BBC series
Dragons Den.
He founded the Peter Jones
Enterprise Academy to promote new
businesses in the UK.
Dragons Den star reaps
38m from telecoms firm
BY STEVE DINNEEN
TELECOMS
News
THE UKs tribunal system has
upheld the Financial Services
Authority (FSA) decision to ban
two hedge fund executives and
fine them a total of 2.1m for mar-
ket abuse and deceiving investors.
Michiel Weiger Visser, who was
chief executive of Mercurius
Capital Management at the time
of the abuses, was handed a 2m
penalty for breaching manage-
ment restrictions and placing the
fund in a precarious position.
The companys International
Fund, which Visser managed, had
approximately 20 investors and
35m under management when it
collapsed and was placed into liq-
uidation in January 2008.
His finance chief and compli-
ance officer Oluwole Modupe
Fagbulu was fined 100,000
reduced from the FSAs original
350,000 fine on the grounds it
would leave Fagbulu in serious
financial hardship.
Visser was accused of market
manipulation to disguise the per-
formance of the fund, after flout-
ing rules that left the funds risk
concentrated in a small portfolio
of illiquid stocks.
Fagbulu was not involved in
investments, but he wilfully
passed false information to
investors, and was responsible for
oversights related to his compli-
ance role.
Visser and
Fagbulus conduct
fell woefully short
of the standards
required of
approved per-
sons, said the
FSAs acting director
of enforcement and
financial crime,
Tracey McDermott
(pictured).
Tribunal backs 2m
FSA fine for hedgies
BY ELIZABETH FOURNIER
REGULATON
News
NEWS | IN BRIEF
RBS hires execs in China
The Royal Bank of Scotland Group
announced yesterday that it has
appointed two senior bankers for its
team in China, looking to gain
ground in the countrys booming
capital markets. Qing Cheng Hua
has been named as the executive for
its local unit in China and Charles
Zhuo Xiao as managing director,
China origination.
LMAX sees 13.2m annual loss
LMAX, the retail trading platform
owned by Betfair and Goldman
Sachs, made a 13.2m loss in the
year to the end of April as an
149,000 gross profit was dwarfed
by almost 13.5m of costs. LMAX,
which launched last October, had
revenues of just 271,000. The
company has reassessed its target
market after chief executive Robin
Osmond resigned in April, it said.
MORE NEWS
ONLINE AT
@
@
www.cityam.com
INVESTORS have poured into
funds of funds during 2011, new
figures show, with the first half
of the year seeing the highest
sales on record.
Net retail sales of funds of
funds for the first six months of
2011 hit 3.8bn, according to
research by the Investment
Management Association (IMA),
and the 2bn of sales in the most
recent quarter was well above the
quarterly average of 1.8bn over
the previous year.
Fund of fund sales in the sec-
ond quarter accounted for 1 of
every 8 invested in funds, with
balanced funds the most attrac-
tive proposition for investors
making up 57 per cent of total
funds under management in the
sector.
In contrast, interest in tracker
funds fell over the same period,
with net sales of 313m falling
well below the quarterly average
of 515m.
Tracker funds under manage-
ment totalled 40.5bn at the end
of June, accounting for 6.7 per
cent of total funds under man-
agement.
Ethical funds so called
because the investment decisions
are rooted in social, environmen-
tal or similar concerns saw
their highest sales since 2007
with net retail sales reaching
94m.
Ethical funds under manage-
ment totalled 7.1bn at the end
of June 2011, up 23 per cent on
the second quarter of 2010.
Investors have continued to
show appetite for funds of funds
and the first half of 2011 saw the
highest net retail sales of funds
of funds on record, said IMA
chief executive Richard Saunders.
Funds of funds attract cash
FUND MANAGEMENT
AROUND 216 tonnes of oil, equiva-

lent to 1,300 barrels, have leaked
from a ruptured pipeline at Royal
Dutch Shells North Sea platform,
causing a significant spill, the com-
pany admitted yesterday.
Although the spill is small in com-
parison to BPs Macondo Well explo-
sion in the Gulf of Mexico last year,
the spill is still substantial, accord-
ing to the department of energy and
climate change (DECC).
A spill on that scale would be the
worst in the North Sea since 2000
when more than 500 tonnes was
spilt, according to DECC data.
The UK Continental Shelf oil spill
record is strong, which is why it is
disappointing that this spill has hap-
pened, the department said in a
statement. We take any spill very
seriously and we will be investigating
the causes of the spill and learning
any lessons from the response to it.
Shell, which detected the leak last
Wednesday, estimated that the cur-
rent rate of leaking to be less than
five barrels a day. The volume of oil at
the sea surface has been estimated at
around one tonne, or around six bar-
rels.
We continue to expect that the oil
sheen will disperse due to wave
action and that it will not reach the
shore, said Glen Cayley, technical
director of Shells exploration and
production activities in Europe.
The company maintains that the
leak from the Alpha Gannet plat-
form, located about 112 miles east of
Aberdeen, remains under control
and that the well continues to be
shut in, without specifying whether
the output was reduced.
According to the DECC, the entire
Gannet field pumped 14,653 barrels
per day (bpd) in April, the most
recent month available. Gannet A
produced 5,509 bpd, not enough to
have a sizeable effect on the market.
Oil traders have said that its sup-
ply impact appeared to be minor so
far.
Shells London-listed A shares
closed up 0.4 per cent at 2,015.5p.
Shell reveals
size of spill in
the North Sea
BY KASMIRA JEFFORD
ENERGY
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DRILLING contractor Transocean is
paying double the market price for
Norways Aker Drilling to refresh its
ageing fleet of drilling rigs and
boost flagging orders.
Transocean, the owner and opera-
tor of the Deepwater Horizon rig at
the centre of last years Gulf of
Mexico oil spill disaster, is paying
$1.43bn (870m) or 26.50 crowns per
Aker Drilling share, a 98.5 per cent
premium to Fridays close and 62
per cent above its 30-day average.
Transocean lost contracts in the
second quarter and its profit fell as
costs rose more quickly than the
deepwater drilling industry could
recover from the Gulf drilling ban
following the Deepwater disaster.
The rig market off Norway, the
worlds eighth-largest oil exporter,
has been tight in recent months,
with not enough rigs to cope with
high demand for drilling.
The deal adds $1bn of contracts to
Transoceans books and is earnings
enhancing, the company said.
By yesterday, Transocean owned
or had agreements to take over 67.6
per cent of Aker shares above the
threshold for completing the deal.
The offer, recommended by the
board, beat off interest from other
parties, Aker said.
Aker Drilling is an excellent strate-
gic fit, said Steven Newman,
Transoceans president and chief
executive.
Transocean buys Aker Drilling for
$1.43bn to update its ageing fleet
BY HARRY BANKS
ENERGY
Rockhopper upgrades its

Falkland Islands oil find
SHARES in Rockhopper Exploration
jumped yesterday after the energy
explorer upgraded its estimates for
how much oil it could produce off
the coast of the Falkland Islands.
Rockhopper said that new seismic
data suggested that its Sea Lion
prospect in the North Falkland basin
may be bigger than it thought and
raised its low case estimate of oil in
place to 608m barrels from 516m.
Based on the mid-case estimate of
1.1bn barrels, the company believes
that it could recover around 30 per
cent or 325m of the crude oil.
We are highly encouraged by the
interpretation of new seismic data
which identifies both significant
reservoir extension and the existence
of two additional fan prospects above
and beneath the Sea Lion Main
Complex, said Sam Moody, chief
executive of Rockhopper.
It is one of a number of explorers
including Desire Petroleum and
Falklands Oil & Gas racing to find
commercially viable amounts of oil
off the shores of the Falklands.
Shares in Rockhopper closed up
8.84 per cent to 237 while Desire also
bounced 13 per cent to 19.25p.
BY KASMIRA JEFFORD
ENERGY
News
NEWS | IN BRIEF
Max Petroleum starts drilling
Drilling has begun at the UTS-3 apprais-
al well at Max Petroleum's Uytas
prospect in Block A in western
Kazakhstan, the company said yester-
day. The well will be drilled to a total
depth of around 800 metres. The com-
pany bought the exploration and pro-
duction rights to the area in the prolific
pre-Caspian basin in 2005. The compa-
ny plans to drill two more appraisal
wells in the field this month.
Coal of Africa to finalise deal
Coal of Africa, the coal developer, said
yesterday it expects its acquisition of
the Chapudi coal project to be finalised
by the end of April next year. The origi-
nal fulfilment date was first set at 1
August and earlier this month extended
to 12 August. The firm is buying the
Chapudi coal project and related explo-
ration properties in South Africa from
joint ventures held by Rio Tinto and
Kwezi Mining for $75m (45.8m).
African Minerals protection call
African Minerals, the largest firm on
London's Alternative Investment
Market, will ask shareholders next
month to vote on increasing its takeover
protection, arguing that the company's
corporate profile is likely to rise once it
starts producing iron ore. The provisions
will be a diluted version of the Takeover
Code, which does not currently cover
the Bermuda-registered miner. African
Minerals, which last month appointed
Deutsche Bank as its nominated adviser
and broker, said it is not moving in
response to any specific interest.
Wincanton pulls out of Europe
British logistics company Wincanton
yesterday sold off the remainder of its
mainland European operations to
Germanys Rhenus for 44m (38.8m).
Rhenus will take on the branchs 3,000
staff plus a 30m pension deficit.
Wincanton said its withdrawal from
Europe will help pay off its debts and
help it focus on UK operations.
ANALYSIS l Transocean Ltd
CHF
Jun Jul Aug
60
50
40
45
55
44.88
15 Aug
ANALYSIS l Royal Dutch Shell
p
Jul Jun Aug
2,300
1,900
2,100
2,015.50
15 Aug
E.ON is considering selling its natu-
ral gas transport network, a compa-
ny source said, as Germanys
decision to abandon nuclear power
forces the group to shed assets and
jobs.
The group may decide to sell
Open Grid Europe, a subsidiary of
E.ONs Ruhrgas unit, which operates
a 12,000km network and employs
about 1,800 people.
Theyve been put on display in
the shop window, the source said
about the operations, adding the
process was at a very early stage,
with no current negotiations.
E.ON which acquired Ruhrgas
for 10bn (8.8bn) in 2003 declined
to comment.
The company is under pressure
due to Germanys decision to aban-
don nuclear power, and last week
announced an overhaul of its busi-
ness, including up to 11,000 job cuts.
Gazprom would be an obvious
candidate [to buy the asset], as the
company has been keen to expand
its presence in European midstream
assets, UniCredit analysts wrote in
a note to investors.
E.ON looks to sell gas transport business
BY HARRY BANKS
ENERGY
The Capitalist
14
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 16 AUGUST 2011
ties and will monitor the situation.
Matters came to a head over an
incident with loud singing and chat-
ter last Monday night, when one
drinker who subsequently had his
membership revoked sang from the
rooftop while London was gripped by
riots.
We had one idiot member who
was a bit loud, admitted Jonathan
Downey, owner of Milk & Honeys par-
ent company The Rushmore Group,
which also owns The Player in Soho
and The Clubhouse in Chamonix.
When you change the way you oper-
ate, there is always a week or so when
things are a problem.
But Milk & Honeys troubles could
be just beginning, as The Capitalist
hears the after-hours haunt did-
nt apply for planning per-
mission before refurbishing
its rooftop, and the council is look-
ing into whether it must apply
retrospectively, or whether
the space was even suit-
able for refurbishment
in the first place.
Planning enforcement
officers are investigating
the installation of the roof
terrace and a decision will
be made on the proposed
course of action in due
course, said Leith Penny,
strategic director for city
management at
Westminster Council.
Get the drinks in while
you can
SHOW OF WEALTH
THE THINGS the Citys private
banks will do to impress their high
net worth clients. Drop into the
Strand showroom of Coutts & Co
before 7 September to see the E-type
Jaguar the banks marketing brains
have wheeled in to promote 50 years
of the iconic British sports car.
Meanwhile, Butterfield Private
Bank is sponsoring fashion design-
er Maria Grachvogels London
Fashion Week show on Friday 16
September (Spring/Summer preview
pictured below) as a way of entertain-
ing its private female clients.
I love the idea of working with a
private bank with such a great reputa-
tion as Butterfield, gushed
Grachvogel. They are reaching out to
exactly the type of client that my
designs appeal to. Yes rich ones.
CAUGHT OFFSIDE
AN ENTERTAINING conflict of interest
for Tony Fernandes, the Malaysian
entrepreneur who is in advanced talks
to buy Queens Park Rangers FC, cur-
rently enjoying its first spell in the
Premier League for 15 years.
Among Fernandes business inter-
ests is the no-frills hotels chain Tune
Hotels, which sponsors all the
Premier League referees. If the QPR
deal goes through, he could become
the first football owner in history to
be relieved when his side is relegated.
PORT IN A STORM
FORGET gold and the Swiss Franc its
a case of any port in a storm with the
global equity markets in turmoil, says
Miles Davis of Wine Asset Managers,
who maintains the market for fine
wine remains sound.
Davis has watched the Fine Wine
Investment Fund, the Cayman
Islands mutual fund he start-
ed in 2006, grow 74 per cent since
launch, and is now reinvesting the
proceeds in Bordeaux vintages that
will benefit from the broad-
ening appreciation of fine
wines in the Far East.
The solid performance of
fine wine as an asset in the
face of adversity triggered
by the Lehmans debacle
still lives fresh in the memory
and should stand us in good
stead, he reassured investors.
LAST RITES
FURTHER to the sad news
of the death of John
Nuttall, founder of First
Columbus, the funeral will be
held at 10am tomorrow at Saint
Bartholemew the Great at 6-9
Kinghorn Street, West
Smithfield, followed by a crema-
tion at The Islington
Crematorium, 278 High Road,
East Finchley. There will also be a
gathering at Smithfield Bar and
Grill after the church service from
11.30am at 23 West Smithfield,
City of London EC1A 9JX. Floral
donations can be arranged
through D Cella on 0207 403
0067.
TROUBLE IN SOHO AS MILK & HONEY
SOURS OVER ROOF DECK DISORDER
THE newly-planted bushes and olive
trees on the roof of Milk & Honey
have proved a hit, at least with the
well-heeled professionals who drink
the members clubs lethal cocktails
late into the night.
But Soho residents are not so
enamoured with the exclusive bars
smart new roof terrace, making six
noise-related complaints since the
space opened for business on 5
August, which have placed the
future of the al fresco refurbish-
ment in jeopardy.
The club dismissed the complaints
as petty and motivated by bitter-
ness and loneliness in an email to its
members last week, which reminded
them to respect the house rules of
no hooting, hollering, shouting or
other loud behaviour.
But Westminster Council took a
harder line on the situation, yester-
day serving a noise abatement
notice on the club, leaving it liable
to a maximum fine of 20,000 if
found in breach.
Following complaints about exces-
sive noise, council officers have
issued the club with a noise abate-
ment notice, said the council. We
have made sure the clubs manage-
ment are clear of their responsibili-
Honey I shrunk the roof terrace: planning probe could call time on the al fresco bar
headline sponsor champagne reception sponsor
official venue partner
sponsors
The Square Miles
event of the year.
Book your place for the City A.M. Awards
on Wednesday 21 September at the
Grange St Pauls Hotel, London.
Visit www.CityAMAwards.com
For more information, contact Jo Pead I 020 8267 4043 I jo.pead@cityamawards.com
Rushmore Group owner Jonathan Downey
CONSTRUCTION and outsourcing
firm Mitie said its financial year had
started well, with profit and revenues
in line with expectations, and said a
record order book means it is
extremely positive about the outlook.
Mitie, which provides services from
cleaning to engineering, said yester-
day it had made significant progress
in each of its key target markets, with
85 per cent of budgeted revenues for
this financial year secured by the end
of June, against 78 per cent a year ago.
The group said it was seeing a
steady flow of contract awards in the
public sector, particularly in local gov-
ernment, justice, health and social
housing, as the government and local
authorities look to cut costs by out-
sourcing services.
The pipeline of private sector work,
which makes up more than 60 per
cent of revenue, also remains buoy-
ant, Mitie said, while contract wins
such as the installation of solar panels
at social housing projects shows how
it is trying to tap into new markets.
The midcap company, run by chief
executive Ruby McGregor-Smith, said
revenues and earnings are in line
with its expectations and that it was
extremely positive about the out-
look.
Shares in FTSE250-listed Mitie
gained 2.5 per cent yesterday, outper-
forming the wider market.
Mitie upbeat
on order book
BY HARRY BANKS
CONSTRUCTION
CHINAS Huawei Technologies, the

worlds number two network equip-
ment maker, posted an 11 per cent rise
in its first-half sales yesterday as it clos-
es in on market leader Ericsson.
Huawei, one of Chinas best-known
names in the technology sector, faces a
weak global economy due to US and
European debt woes that could ham-
per telecom spending worldwide.
Huawei reported first-half sales of
98.3bn yuan (9.2bn), up 11 per cent
from a year earlier, it said in a state-
ment yesterday, with its sales perform-
ance lagging some competitors.
The Shenzhen-based company said
it was on track to achieve annual sales
of 199bn yuan for the year.
Unlisted Huawei, which is announc-
ing interim results for the first time,
reported an operating profit of 12.4bn
yuan for the first six months.
Huawei sales rise 11 per cent as
it gains ground on rival Ericsson
TECHNOLOGY
BRITISH electrical engineering firm

Spectris has agreed to buy privately
held Omega Engineering for $475m
(291m) to strengthen its industrial
controls business.
Surrey-based Spectris, which serves
various industries including mining,
pharmaceuticals and transport, said
it would finance the deal from its
existing cash and bank facilities.
Spectris expects the acquisition to
add to adjusted earnings per share in
the first full financial year of owner-
ship.
Connecticut-based Omega, which
makes products used to measure tem-
perature, pressure, humidity and con-
ductivity, had sales of $168m in 2010
and employs around 700 people,
Spectris said.
We expect the acquisition to com-
plete in the fourth quarter on satis-
faction of customary closing condi-
tions including US and German
antitrust clearances, Spectris said in
a statement.
Spectris industrial controls busi-
ness makes barcode scanner and
decoders, as well as digital and ana-
logue panels.
Shares in Spectris closed up 4.3 per
cent at 14.07 yesterday, faring better
than the broader FTSE 250 index.
Spectris spends $475m on
US firm Omega Engineering
BY HARRY BANKS
M&A
News
Mitie, run by Ruby McGregor-Smith, said its order book was at a record high Pic: VISMEDIA
ANALYSIS l Mitie
p
10Aug 12Aug 11 Aug 15Aug
230
220
210
222.80
15 Aug
News
RBS
The Royal Bank of Scotland has hired
Ozgur Altuntas as head of sales and
financial institutions in Turkey and
deputy head of global banking and mar-
kets in Turkey, based in Istanbul.
Altuntas joins from Morgan Stanley in
London, where he has worked since
2005; prior to that, he spent two years
at Credit Suisse, also in London.
Parallel Investment Management
Tim Lambert, formerly of Ducalian
Group, has been hired as head of
investment property by Parallel
Investment Management. Lambert will
run the division from the real estate
asset managers London office.
Vane Minerals
David Newton, who most recently
worked at XCAP Securities, has been
appointed as chief executive of the min-
ing group. His move is effective from 1
September, when Steven Van Nort will
step down as chief executive while
remaining as a board member.
Allen & Overy
The law firm has expanded its Middle
East practice by hiring Samer Eido as
a partner in its Qatar office to
strengthen its Qatari law service. Eido
joins from Simmons & Simmons,
where he led the firms financial mar-
kets practice in the Middle East.
HSBC Private Bank
Simon Gordon has been hired as a
director in the ultra high net worth
team at HSBC Private Bank. Gordon
joins from Credit Suisse Private Bank,
where he led the team responsible for
the entrepreneurs initiative and private
companies initiative. Prior to joining
Credit Suisse in 2006, he held roles at
Abbey National Asset Managers, SLC
Asset Management, Hill Samuel Asset
Management and Williams de Broe.
Jefferies
The investment bank has appointed
Thomas Fetzer as a managing director
in the global industrials group, based in
Frankfurt. Fetzer joins from UBS, where
he was a managing director in the glob-
al industrials group.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
RBC Capital Markets
The corporate and investment banking arm of
Royal Bank of Canada has promoted Harry
Samuel (pictured) from global co-head of fixed
income and currencies and global head of treas-
ury services to chief executive officer, Europe.
David Thomas, global head of technology and
operations, has been promoted to chief operat-
ing officer, Europe. Samuel and Thomas replace
John Burbidge, chief executive of RBC Capital
Markets, who retired on 31 July.
+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 has a
third day of gains
W
ALL Street stocks rose for a
third day yesterday as
investors saw Googles offer
for phone maker Motorola
Mobility as a signal to jump back into
the market after weeks of sharp sell-
ing.
Acquisition activity is often viewed
as a sign major corporations sitting
on big cash piles are willing to pay for
shares even as economic growth
remains sluggish.
Motorola Mobility Holdings
jumped 55.8 per cent to $38.13 after
Google offered $12.5bn to buy the
company, which would be Googles
biggest deal ever. Google shares ended
down 1.2 per cent at $557.23.
With yesterdays gains, the stom-
ach-churning losses incurred last
week have now been wiped out.
Among big winners were banks,
which have been a frequent target for
selling. Bank of America rose 7.9 per
cent to $7.76, making it the Dows
biggest percentage gainer.
The shining point throughout this
whole debacle is that corporate
America is actually doing quite well,
said King Lip, chief investment officer
at Baker Avenue Asset Management
in San Francisco. It shows that
theyre not yet ready to throw in the
towel.
Shares of other cell phone compa-
nies also rose, riding hopes of addi-
tional takeovers or the possibility of
business shifting to Googles competi-
tors. Blackberry maker Research in
Motion advanced 10.4 per cent to
$27.11 while Nokia jumped 17.4 per
cent to $6.29.
The S&P financial index rose 3.2
per cent. Shares of Bank of America
advanced after it said it plans to sell
its credit card business in Canada to
TD Bank Group.
Three days of market gains follow
weeks of intense volatility and a sharp
selloff that put the S&P 500 in nega-
tive territory for the year. After the
rebound, the S&P is now down just
4.2 per cent on the year.
Its causing people to rethink their
view toward the market, said Nick
Kalivas, senior equity index analyst at
MF Global in Chicago.
The Dow Jones industrial average
shot up 213.88 points, or 1.90 per
cent, to 11,482.90. The Standard &
Poors 500 Index gained 25.68 points,
or 2.18 per cent, to 1,204.49. The
Nasdaq Composite Index climbed
47.22 points, or 1.88 per cent, to
2,555.20.
A meeting today by French and
German political leaders is expected
to result in initiatives needed to
restore confidence in credit and other
markets.
A
RALLY by commodity issues on
a brighter demand picture
pulled Britains top share index
higher yesterday, though weak-
ness in banks dented some sentiment
as investors looked cautiously ahead
towards a key meeting today on the
Eurozone debt crisis.
French President Nicolas Sarkozy
will meet German chancellor Angela
Merkel in Paris to discuss further
steps to alleviate the crisis, though
one mooted remedy, the creation of
common euro area bonds, is not on
the agenda.
If there can be an agreement
allowing greater fiscal co-ordination
the market should take this as a posi-
tive. The market needs some clarity
for investor confidence, said Atif
Latif, Director of Trading Equities &
Derivatives at Guardian Stockbrokers.
The FTSE 100 index closed up 30.55
points, or 0.6 per cent, at 5,350.58,
extending its rally into a third
straight session since hitting a one-
year closing low last Wednesday.
Market movements were calmer
than last weeks gyrations, when the
UK blue-chip index swung in a range
of more than 500 points over five
trading sessions. Volumes were also
quieter at 73.5 per cent of the 90-day
average.
Strength in energy and mining
stocks provided the main prop for the
blue chip gains, helped by data yester-
day showing Japans economy shrank
much less than expected in the sec-
ond quarter.
BP led the rally by integrated oils,
up 2.9 per cent. BP and GDF Suez, the
French utility, have separately put
their interests in two gas fields in the
North Sea on the block as the sell-off
of mature assets in the region gathers
pace.
Among the specialty miners boost-
ed by firmer metal prices, Kazakhmys
and Lonmin were two of the best per-
formers, up 3.5 per cent and 2.9 per
cent. Precious metals miner Fresnillo
was also a top FTSE 100 gainer, up 4.1
per cent.
Elsewhere with the blue chip ris-
ers, insurer Standard Life took on 2.1
per cent as JP Morgan Cazenove
raised its rating to overweight fol-
lowing recent results.
And insurance consolidator
Resolution firmed 3.1 per cent ahead
of its first-half results due today.
US blue chips were 0.8 per cent
higher by Londons close, boosted by
M&A news in the technology and
cable sectors.
Banks, the chief focus of last
weeks market turbulence on height-
ened concerns over the sectors sover-
eign debt exposure, beat a retreat
after a bounce on Friday when a
short-term ban on short-selling of
financial stocks in four European
countries seemed to help sentiment.
The ban is heckled by many as a
pointless exercise, and the lack of vol-
ume today gives ammunition to
those who believe its only achieve-
ment is to reduce liquidity at a time
of rampant volatility, said Will
Hedden, Sales Trader at IG Index.
Barclays was the biggest banking
faller, down 2.1 per cent and impact-
ed by press reports saying the
Independent Commission on
Banking is ready to defy the big banks
and impose tougher than expected
ring fencing of retail and invest-
ment banking activities when it pres-
ents its report on 12 September.
Accounting software firm Sage
Group was the top FTSE 100 faller,
down 2.1 per cent as Goldman Sachs
downgraded its rating to sell from
"neutral as part of a review cutting
estimates and target prices across the
technology sector.
FTSE rises but Eurozone still
weighs on some bank stocks
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Adecco
55
50
45
40
35
Jun Jul Aug
CHF
37.87
16 Aug
ADECCO
JP Morgan rates the recruitment group as overweight with a target price
of CHF35.80 (27.89), concluding that the companys long-term fundamentals
appear solid and that even in a low growth environment for the sector it
should deliver a good top line and profit growth. The broker says the key dis-
appointment in Adeccos second quarter figures was its gross margin, but
thinks that 16.9 per cent is the trough and it should improve from here.
TRINITY MIRROR
Citigroup maintains its sell rating on the newspaper group and lowers its
target price to 35p from 62p to reflect the brokers view of increased risks
related to phone hacking. Citi increases its full year earnings-per-share by
seven per cent to 22.8p and leaves its 2012/13 forecasts largely unchanged.
The broker balances lower ad forecasts against rising circulation for the top
line, and says 10m in planned cost savings will help offset higher newsprint.
WPP
Goldman Sachs rates the advertising group as a buy with an unchanged
target price of 910p. The broker says that WPP stock is now trading in line
with the UK market as opposed to its historical premium of 25-30 per cent,
but that its macro outlook is braodly sound. Ahead of the groups first-half fig-
ures on 24 August investors are concerned about organic growth, but
Goldman Sachs believes any slowdown will be limited.
ANALYSIS l FTSE
16May 24Jun 6Jun 14Jul 3Aug
6,200
5,800
5,400
5,000
5,350.58
15 Aug
ANALYSIS l Trinity Mirror
55
50
45
40
35
Jun Jul Aug
44.50
16 Aug
ANALYSIS l WPP
750
700
650
600
Jun Jul Aug
p
640.50
16 Aug
O
VER the last few weeks, investor
uncertainty has driven a mass sell-
off in equities, as market volatility
has pushed investors to seek safe
havens until the waters calm a little. But
with prices being driven so low, is it time
to pile back into UK equities?
Looking at price/earnings ratios seems
to suggest that the FTSE 100 is, on aver-
age, priced cheaply compared to project-
ed earnings. But according to Anthony
Grech, head of research for IG Index,
many make the mistake of looking at a
P/E ratio in isolation without taking into
consideration whether earnings have
peaked or not. At 5,350.58, the FTSE 100
is trading around 9.49 times current-year
earnings of 564.07 per share, which
appears attractive at face value, says
Grech. However, the latest batch of eco-
nomic data seems to suggest that global
economic growth is losing momentum,
which if true would suggest that we are
close to the peak of the earnings cycle.
ONCE BITTEN, TWICE SHY
According to Jamie Blake, sales account
manager at London Capital Group,
clients are beginning to return to the
market: In the wake of the recent sell
off, were starting to see our clients act as
bargain hunters and swarm into the mar-
ket place to get their hands on the best
deals. And yes, when looking at the P/E,
you could be pessimistic and put off.
Take for example HSBC, which has a
current P/E of 12.3, falling to 9.3 if
exprected earnings materialise. The share
has been given a strong buy rating by
18 out of 33 brokers and is sitting at a 25
per cent discount to its 12 month high.
After weeks of selling
off in the equity
market, valuations
have become tricky,
writes Craig Drake
Picture: GETTY
Questioning FTSE price
earnings ratio forecasts
I
VE been abroad for the last two weeks which has
meant that I managed to miss the unpleasantness of
the riots, and the market volatility of the past fort-
night. As I left the country, Congress and the White
House were still at loggerheads over raising the US debt
ceiling. Now Im struggling to find any direct mention of
the deal. Yet S&P lost no time in downgrading the US
credit rating in a move which was seen as highly contro-
versial, but merely followed Chinas Dagong Global Credit
Rating agency which has already downgraded the US
sovereign rating twice in the past ten months.
For the major stock indices, many significant technical
support levels were smashed in the first week of August.
The speed and severity of the sell-off made it difficult to
trade, although last week saw equity markets steady and
reverse some of their losses. This followed the US Federal
Reserves statement that it could leave rates unchanged
into 2013, and a partial short-selling ban on certain
stocks in Europe. The S&P 500 appears to have found
support between 1,100 and 1,120 which corresponds to
the 38.2 per cent fibonacci retracement of the fall from
October 2007 to March 2009, and the 50 per cent
retracement of the rally from March 2009 to April 2011.
A break below here could see the index retest the 1,000
level. The area between 1,200 and 1,210 offers the first
major line of resistance.
The second quarter earnings season is winding down
now. Once again, the largest US corporations reported
decent profits. According to Thomson Reuters, with the
results in for 92 per cent of S&P 500 companies, 71 per
cent have beaten analysts earnings estimates. Yet the
escalating debt crises in Europe and the US overshad-
owed the reporting season, and kept equities under pres-
sure.
Todays main focus is on the meeting between German
chancellor Merkel and French president Sarkozy. Hopes
were growing yesterday that the two leaders were ready
to take drastic action to help curb the debt crisis, with
speculation that the creation of a Eurobond would be
agreed on. However, German officials insist that no one
should expect anything major to come from the meeting.
Nevertheless, traders and investors are quietly hoping
that the two leaders will say something significant.
DONT COUNT
ON A MERKEL
SARKOZY DEAL
DAVID MORRISON
CFD MARKET STRATEGIST, GFT
However, in the current market condi-
tions, investors are focusing on the
macro fundamentals and possible prob-
lems in the future, rather than looking at
a companys financial statements to get
an idea of where the share price is head-
ing. According to Blake: Theres always
going to be that nagging fear in the back
of their minds which may hold them
back from adding it into their portfolio.
Many say that things look cheap
today, but technically they were also
cheap a week ago, and the week before
that too, says Michael van Dulken,
research analyst from Accendo Markets.
A lot of bad news is now out in the open,
but can we honestly say that there is no
further risk of disappointment? As long
as current volatility continues, stock val-
uation is going to remain a tricky busi-
ness. If the UK economic recovery
continues to falter recent anaemic
growth figures show little sign of an
upturn in this trend and fears of
European sovereign debt contagion con-
tinue, earnings estimates could still be a
long way off the mark. If this triggers
more selling off in the equities market,
investors should perhaps consider a move
to mining stocks linked to safe haven
metals as some of the few that have
bucked the trend. Alternatively, they
could just buy those safe haven metals
themselves.
17
Wealth Management| Contracts for Difference
LON GD ONCE FIX AM...........1738.00 -17.00
SILVER LDN FIX AM ..................39.41 0.83
MAPLE LEAF 1 OZ ....................64.00 0.50
LON PLATINUM AM................1793.00 3.00
LON PALLADIUM AM...............753.00 16.00
ALUMINIUM CASH .................2378.00 11.00
COPPER CASH ......................8850.50 50.50
LEAD CASH...........................2386.00 86.00
NICKEL CASH......................21775.00 535.00
TIN CASH.............................24445.001.170.00
ZINC CASH ............................2159.50 34.50
BRENT SPOT INDEX................108.26 1.68
SOYA .....................................1327.75 -6.00
COCOA..................................2879.00 23.00
COFFEE...................................240.35 -0.50
KRUG.....................................1803.30 12.10
WHEAT ....................................164.93 1.60
AIR LIQUIDE........................................87.68 0.24 100.65 80.00
ALLIANZ..............................................77.09 0.58 108.85 67.82
ALSTOM ..............................................32.69 0.07 45.32 29.24
ANHEUS-BUSCH INBEV ....................38.15 -0.22 46.33 33.85
ARCELORMITTAL...............................16.30 0.24 28.55 14.60
AXA......................................................11.24 0.33 16.16 9.27
BANCO SANTANDER...........................6.47 0.07 9.80 5.54
BASF SE..............................................54.32 0.17 70.22 40.74
BAYER.................................................46.24 0.60 59.44 41.33
BBVA......................................................6.50 0.07 10.21 5.52
BMW ....................................................59.31 -0.03 73.85 40.16
BNP PARIBAS.....................................37.53 0.30 59.93 32.93
CARREFOUR ......................................19.67 0.60 36.06 16.68
CREDIT AGRICOLE..............................6.74 0.22 12.92 5.63
CRH PLC .............................................12.16 0.07 17.40 10.87
DAIMLER.............................................38.42 -0.46 59.09 35.28
DANONE..............................................47.02 0.69 53.16 41.00
DEU.BOERSE OFFRE ........................43.53 -0.25 55.75 39.92
DEUTSCHE BANK..............................30.97 0.68 49.18 27.29
DEUTSCHE TELEKOM.........................9.52 -0.01 11.38 8.80
E.ON.....................................................15.26 0.45 25.54 13.19
ENEL......................................................3.63 0.13 4.86 3.27
ENI........................................................13.11 0.50 18.66 11.83
FRANCE TELECOM............................13.22 0.18 17.45 11.97
GDF SUEZ ...........................................20.90 0.15 30.05 18.32
GENERALI ASS...................................11.79 0.70 17.05 10.34
IBERDROLA..........................................5.23 0.02 6.50 4.66
ING GROEP CVA...................................6.21 0.05 9.50 5.31
INTESA SANPAOLO.............................1.25 0.04 2.53 1.07
KON.PHILIPS ELECTR.......................14.68 0.17 25.45 12.85
L'OREAL..............................................79.30 0.25 91.24 71.00
LVMH..................................................115.35 0.60 132.65 89.12
MUNICH RE.........................................92.58 0.44 126.00 84.67
NOKIA....................................................4.09 0.34 8.49 3.33
REPSOL YPF.......................................19.20 -0.19 24.90 17.31
RWE.....................................................28.10 0.18 55.88 24.53
SAINT-GOBAIN...................................34.84 0.17 47.64 27.81
SANOFI ................................................48.45 -0.04 56.82 42.85
SAP......................................................36.99 -0.25 46.15 34.13
SCHNEIDER ELECTRIC.....................94.10 -1.29 123.65 81.30
SIEMENS .............................................74.46 0.36 99.39 67.82
SOCIETE GENERALE.........................24.80 0.50 52.70 20.16
TELECOM ITALIA..................................0.85 0.01 1.16 0.77
TELEFONICA ......................................14.46 0.12 19.69 13.01
TOTAL..................................................33.38 0.29 44.55 30.34
UNIBAIL-RODAMCO SE...................143.90 1.10 162.95 124.50
UNICREDIT............................................1.06 0.06 2.05 0.90
UNILEVER CVA...................................22.81 0.28 24.08 20.68
VINCI ....................................................36.14 0.44 45.48 32.08
VIVENDI ...............................................15.75 0.20 22.07 14.10
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5350.58 30.55 0.57
FTSE 250 INDEX . . . . . . . 10531.80 99.75 0.96
FTSE UK ALL SHARE . . . . 2781.35 17.54 0.63
FTSE AIMALL SH . . . . . . . . 776.52 10.84 1.42
DOWJONES INDUS 30 . . 11482.90 213.88 1.90
S&P 500 . . . . . . . . . . . . . . . 1204.49 25.68 2.18
NASDAQ COMPOSITE . . . 2555.20 47.22 1.88
FTSEUROFIRST 300 . . . . . . 969.25 1.04 0.11
NIKKEI 225 AVERAGE. . . . 9086.41 122.69 1.37
DAX 30 PERFORMANCE. . 6022.24 24.50 0.41
CAC 40 . . . . . . . . . . . . . . . . 3239.06 25.18 0.78
SHANGHAI SE INDEX . . . . 2626.77 33.60 1.30
HANG SENG. . . . . . . . . . . 20260.10 640.09 3.26
S&P/ASX 20 INDEX . . . . . . 2583.40 60.50 2.40
ASX ALL ORDINARIES . . . 4346.80 108.90 2.57
BOVESPA SAO PAOLO. . 54651.83 1178.48 2.20
ISEQ OVERALL INDEX . . . 2549.24 28.80 1.14
STI . . . . . . . . . . . . . . . . . . . . 2874.40 23.81 0.84
IGBM. . . . . . . . . . . . . . . . . . . 881.67 6.82 0.78
SWISS MARKET INDEX. . . 5324.73 71.92 1.37
Price Chg %chg
3M........................................................83.31 0.77 98.19 78.01
ABBOTT LABS ...................................49.91 0.28 54.24 45.07
ALCOA ................................................12.56 0.30 18.47 9.92
ALTRIA GROUP..................................25.70 0.50 28.13 22.15
AMAZON.COM..................................202.95 0.65 227.45 122.46
AMERICAN EXPRESS........................45.82 0.93 53.80 37.33
AMGEN INC.........................................51.60 1.60 61.53 47.66
APPLE...............................................383.41 6.42 404.50 236.78
AT&T....................................................28.81 0.59 31.94 26.20
BANK OF AMERICA.............................7.76 0.57 15.31 6.31
BERKSHIRE HATAW B.......................72.54 1.02 87.65 66.51
BOEING CO.........................................62.70 0.95 80.65 56.01
BRISTOL MYERS SQUI ......................28.17 0.20 29.73 20.05
CATERPILLAR....................................91.37 1.56 116.55 63.34
CHEVRON...........................................99.10 3.24 109.94 72.57
CISCO SYSTEMS................................16.03 0.04 24.60 13.30
CITIGROUP.........................................31.27 1.42 51.50 26.25
COCA-COLA.......................................68.20 1.06 69.82 54.92
COLGATE PALMOLIVE......................86.26 0.92 89.43 73.12
CONOCOPHILLIPS.............................67.48 1.43 81.80 52.00
DU PONT(EI) DE NMR........................47.72 0.36 57.00 38.71
EXXON MOBIL....................................74.29 2.29 88.23 58.05
GENERAL ELECTRIC.........................16.39 0.51 21.65 14.25
GOLDMAN SACHS GRP...................119.11 2.64 175.34 110.04
GOOGLE A........................................557.23 -6.54 642.96 448.00
HEWLETT PACKARD.........................32.43 0.11 49.39 29.75
HOME DEPOT.....................................31.46 0.88 39.38 27.10
IBM.....................................................172.99 4.79 185.63 122.28
INTEL CORP .......................................20.89 0.24 26.78 17.60
J.P.MORGAN CHASE.........................36.88 0.97 48.36 33.69
JOHNSON & JOHNSON.....................64.59 1.23 68.05 56.99
KRAFT FOODS A................................34.68 0.28 36.30 24.30
MC DONALD'S CORP ........................86.82 0.32 89.57 71.04
MERCK AND CO. NEW......................32.13 0.79 37.68 29.47
MICROSOFT........................................25.51 0.41 29.46 23.32
OCCID. PETROLEUM.........................89.31 4.19 117.89 72.13
ORACLE CORP...................................27.64 0.25 36.50 21.66
PEPSICO.............................................63.57 0.39 71.89 60.10
PFIZER ................................................18.34 0.48 21.45 15.66
PHILIP MORRIS INTL .........................68.33 1.70 72.74 50.54
PROCTER AND GAMBLE ..................61.88 0.74 67.72 56.57
QUALCOMM INC ................................51.26 0.76 59.84 37.54
SCHLUMBERGER ..............................80.07 2.08 95.64 52.91
TRAVELERS CIES..............................52.27 1.14 64.17 48.46
UNITED TECHNOLOGIE ....................73.54 1.09 91.83 64.57
UNITEDHEALTH GROUP...................45.94 1.13 53.50 30.82
VERIZON COMMS ..............................35.05 0.75 38.95 29.10
WAL-MART STORES..........................49.98 0.23 57.90 48.31
WALT DISNEY CO ..............................33.65 0.56 44.34 29.60
WELLS FARGO & CO.........................25.02 0.89 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.845 0.00
LIBOR Euro - 12 months ................2.053 0.00
LIBOR USD - overnight...................0.145 0.00
LIBOR USD - 12 months.................0.774 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 .........................3.740 -0.02
European repo rate.........................0.749 0.00
Euro Euribor ....................................1.149 -0.01
The vix index ...................................33.18 -3.18
The baItic dry index ........................1.287 0.01
Markit iBoxx...................................228.09 0.23
Markit iTraxx..................................149.82 -1.90
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4448 0.0198
C/ 0.8814 0.0060
C/ 110.93 1.8260
/C 1.1340 0.0081
/$ 1.6391 0.0110
/ 125.87 1.0214
FTSE 100
5350.58
30.55
FTSE 250
10531.80
99.75
FTSE ALLSHARE
2781.35
17.54
DOW
11482.90
213.88
NASDAQ
2555.20
47.22
S&P 500
1204.49
25.68
RPC Group . . . . . . . .330.6 1.1 384.8 209.2
Smiths Group . . . . . .973.5 3.5 1429.0 945.5
Brown (N.) Group . . .267.0 0.5 311.2 221.0
Carpetright . . . . . . . . .582.5 -0.5 835.5 564.0
Debenhams . . . . . . . . .61.1 0.2 77.4 56.1
Dignity . . . . . . . . . . . .775.0 7.0 833.0 633.0
Dixons RetaiI . . . . . . .13.2 0.2 28.5 11.8
DuneImGroup . . . . . .446.1 -2.2 550.0 371.3
HaIfords Group . . . . .301.3 1.7 504.5 289.1
Home RetaiI Group . .136.9 -4.5 235.0 118.1
Inchcape . . . . . . . . . .348.0 3.5 425.4 253.2
JD Sports Fashion . .875.0 -5.0 1030.0 726.0
Kesa EIectricaIs . . . .114.1 -1.3 174.0 109.0
Kingfisher . . . . . . . . .231.3 -4.9 287.1 198.5
Marks & Spencer G . .339.9 0.1 427.5 325.4
Mothercare . . . . . . . .380.6 2.6 627.5 367.6
Next . . . . . . . . . . . . .2274.0 13.0 2426.0 1868.0
Sports Direct Int . . . .220.0 8.6 266.2 102.5
WH Smith . . . . . . . . . .463.0 -0.7 523.0 398.2
Smith & Nephew . . . .558.5 4.5 742.0 521.0
Synergy HeaIth . . . . .894.5 16.0 981.0 660.0
Barratt DeveIopme . . .80.4 -1.4 119.0 70.1
BeIIway . . . . . . . . . . . .596.0 -15.5 753.5 511.0
YuIe Catto & Co . . . . .188.0 5.4 253.0 136.5
BaIfour Beatty . . . . . .264.1 1.7 357.3 234.6
KeIIer Group . . . . . . .389.5 -5.2 698.5 373.6
Kier Group . . . . . . . .1210.0 8.0 1418.0 970.0
Drax Group . . . . . . . .487.1 6.3 535.0 353.6
Scottish & Southe . .1268.0 19.0 1423.0 1108.0
Domino Printing S . .587.0 2.0 705.0 440.0
HaIma . . . . . . . . . . . . .369.3 3.2 429.6 270.0
Laird . . . . . . . . . . . . . .159.4 -2.5 207.0 121.1
Morgan CrucibIe C . .289.4 3.1 357.1 189.1
Renishaw . . . . . . . . .1451.0 116.0 1886.0 835.0
Spectris . . . . . . . . . .1407.0 58.0 1679.0 869.5
Aberforth SmaIIer . . .622.0 14.5 714.0 507.0
AIIiance Trust . . . . . .345.3 0.5 392.7 307.6
Bankers Inv Trust . . .389.0 5.0 428.0 353.6
BH GIobaI Ltd. GB .1109.0 6.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 0.0 11.6 10.4
BH Macro Ltd. EUR . . .18.3 0.1 18.4 15.8
BH Macro Ltd. GBP 1880.0 20.0 1880.0 1630.0
BH Macro Ltd. USD . . .18.4 0.2 18.4 15.8
BIackRock WorId M .707.0 5.0 815.5 557.0
BIueCrest AIIBIue . . .168.0 2.7 176.2 162.4
British Assets Tr . . . .123.0 1.5 140.5 113.0
British Empire Se . . .489.9 11.9 533.0 422.5
CaIedonia Investm .1671.0 33.0 1928.0 1543.0
City of London In . . .274.6 1.6 306.9 249.3
Dexion AbsoIute L . .139.9 -0.5 151.0 135.2
Edinburgh Dragon . .226.5 3.4 262.1 215.0
Edinburgh Inv Tru . . .451.2 3.7 492.2 392.4
EIectra Private E . . .1542.0 20.0 1755.0 1289.0
F&C Inv Trust . . . . . .286.0 1.0 327.9 263.8
FideIity China Sp . . . . .89.7 2.2 128.7 80.0
FideIity European . .1100.0 11.0 1287.0 937.5
FideIity SpeciaI . . . . .503.0 2.5 595.0 469.0
HeraId Inv Trust . . . . .474.4 9.9 545.5 383.5
HICL Infrastructu . . . .115.7 0.6 121.3 112.0
Impax Environment .107.6 1.4 130.5 98.0
JPMorgan American .778.5 0.0 916.0 673.0
JPMorgan Asian In . .212.8 5.5 250.8 195.3
JPMorgan Emerging .528.5 4.5 639.0 505.5
JPMorgan European .804.0 9.0 983.5 641.0
JPMorgan Indian I . . .391.0 4.0 502.0 365.6
JPMorgan Russian .545.0 30.0 755.0 515.0
Law Debenture Cor . .353.0 3.0 385.0 295.1
MercantiIe Inv Tr . . . .972.0 0.0 1137.0 895.0
Merchants Trust . . . .377.5 4.0 431.8 345.0
Monks Inv Trust . . . .326.8 -5.2 367.9 292.0
Murray Income Tru . .618.5 6.5 673.0 553.5
Murray Internatio . . .882.0 5.5 991.5 824.0
PerpetuaI Income . . .254.0 3.0 276.0 218.0
PoIar Cap TechnoI . .323.0 1.5 391.2 275.6
RIT CapitaI Partn . . .1297.0 5.0 1334.0 1107.0
Scottish Inv Trus . . . .457.0 4.2 524.0 409.0
Scottish Mortgage . .703.5 8.5 781.0 566.0
SVG CapitaI . . . . . . . .254.7 5.1 279.8 148.9
TempIe Bar Inv Tr . . .864.0 0.0 952.0 754.0
TempIeton Emergin .589.0 8.5 689.5 539.0
TR Property Inv T . . .180.8 3.3 206.1 142.0
TR Property Inv T . . . .81.2 2.4 94.0 64.5
Witan Inv Trust . . . . .465.0 8.0 533.0 426.1
3i Group . . . . . . . . . . .230.1 3.3 340.0 212.6
3i Infrastructure . . . .121.6 1.0 125.2 112.9
Aberdeen Asset Ma .191.2 6.4 240.0 132.3
Ashmore Group . . . .379.9 1.3 414.5 282.8
Brewin DoIphin Ho . .132.1 -0.9 185.4 117.0
CameIIia . . . . . . . . . .9275.0 25.010950.0 8050.0
CharIes TayIor Co . . .153.3 1.6 234.0 122.0
City of London Gr . . . .77.5 0.0 93.6 77.5
City of London In . . .385.0 2.3 461.5 278.5
CIose Brothers Gr . . .705.5 0.5 888.5 656.5
CoIIins Stewart H . . . .69.0 0.0 90.8 69.0
EvoIution Group . . . . .82.5 0.5 92.0 62.3
F&C Asset Managem .68.0 2.6 92.9 51.5
Hargreaves Lansdo .472.1 -2.9 646.5 382.0
HeIphire Group . . . . . . .3.1 -0.1 39.0 2.4
Henderson Group . . .141.6 1.1 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .430.5 0.6 570.5 390.0
IG Group HoIdings . .428.7 0.3 553.0 397.4
Intermediate Capi . . .234.1 0.4 360.3 204.8
InternationaI Per . . . .274.9 2.9 388.8 228.6
InternationaI Pub . . . .117.0 0.7 118.3 108.6
Investec . . . . . . . . . . .415.7 3.7 538.0 387.5
IP Group . . . . . . . . . . . .44.9 0.5 54.5 27.9
Jupiter Fund Mana . .214.7 3.8 337.3 188.7
Liontrust Asset M . . . .82.6 0.1 95.3 72.0
LMS CapitaI . . . . . . . . .62.0 -1.0 64.8 40.8
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .865.0 5.5 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.3 0.3 19.8 10.5
Man Group . . . . . . . . .197.9 -0.6 311.0 178.0
Paragon Group Of . .158.9 -0.1 206.1 126.4
Provident Financi . .1040.0 0.0 1116.0 728.5
Rathbone Brothers .1035.0 -10.0 1257.0 815.0
Record . . . . . . . . . . . . .29.6 0.6 52.0 20.3
RSM Tenon Group . . .27.5 0.5 66.3 21.3
Schroders . . . . . . . .1523.0 39.0 1922.0 1330.0
Schroders (Non-Vo .1234.0 15.0 1554.0 1071.0
TuIIett Prebon . . . . . .367.0 2.2 428.6 334.5
WaIker Crips Grou . . .45.0 -0.8 51.5 44.0
BT Group . . . . . . . . . .178.5 -1.0 204.1 130.6
CabIe & WireIess . . . .33.6 -0.3 61.3 31.3
CabIe & WireIess . . . .38.6 0.6 78.4 35.0
COLT Group SA . . . . .116.0 -0.8 156.2 109.0
TaIkTaIk TeIecom . . .129.0 0.5 168.3 123.6
TeIecomPIus . . . . . . .677.0 52.0 700.0 352.5
Booker Group . . . . . . .69.0 0.9 77.9 43.3
Greggs . . . . . . . . . . . .482.3 18.7 550.5 429.1
Morrison (Wm) Sup .283.8 3.6 308.3 262.7
Ocado Group . . . . . . .122.0 -3.4 285.0 121.0
Sainsbury (J) . . . . . . .299.8 -0.1 395.0 280.4
Tesco . . . . . . . . . . . . .379.8 -1.3 440.7 360.1
Associated Britis . .1022.0 4.0 1182.0 940.0
Cranswick . . . . . . . . .637.0 18.0 896.0 606.0
Dairy Crest Group . . .352.0 1.7 424.9 334.1
Devro . . . . . . . . . . . . .273.7 -2.4 296.9 218.0
Premier Foods . . . . . . .14.5 0.3 35.1 13.0
Tate & LyIe . . . . . . . . .583.0 -5.0 656.0 409.1
UniIever . . . . . . . . . .2032.0 28.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .539.0 3.5 664.0 447.0
Centrica . . . . . . . . . . .310.2 4.7 346.1 287.3
InternationaI Pow . . .300.1 6.3 448.6 279.4
NationaI Grid . . . . . . .599.0 5.0 632.5 529.5
Northumbrian Wate .460.5 -0.6 469.5 295.5
Pennon Group . . . . . .668.0 8.0 737.5 560.0
Severn Trent . . . . . .1494.0 17.0 1517.0 1288.0
United UtiIities . . . . .599.0 -2.5 632.0 543.5
Cookson Group . . . . .548.0 11.0 724.5 412.3
DS Smith . . . . . . . . . .200.2 -5.3 266.2 125.8
Rexam . . . . . . . . . . . .362.3 0.4 400.0 293.0
GIencore Internat . . .407.1 0.4 531.1 363.0
BAE Systems . . . . . .264.0 3.1 369.9 248.1
Chemring Group . . . .514.5 9.5 736.5 486.7
Cobham . . . . . . . . . . .182.4 2.9 245.6 174.2
Meggitt . . . . . . . . . . . .348.7 6.9 397.6 261.7
QinetiQ Group . . . . . .117.0 -0.2 136.3 96.7
RoIIs-Royce Group . .602.0 -1.5 665.0 553.0
Senior . . . . . . . . . . . . .165.0 0.3 190.6 111.2
UItra EIectronics . . .1422.0 13.0 1895.0 1353.0
GKN . . . . . . . . . . . . . .202.2 4.7 245.0 135.7
BarcIays . . . . . . . . . . .183.4 -3.9 333.6 163.7
HSBC HoIdings . . . . .547.2 -4.6 730.9 516.2
LIoyds Banking Gr . . .33.2 -0.6 77.6 30.9
RoyaI Bank of Sco . . .26.2 -0.3 50.2 24.3
Standard Chartere .1421.0 -21.5 1950.0 1371.5
AG Barr . . . . . . . . . .1175.0 28.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .326.0 6.3 503.5 308.7
Diageo . . . . . . . . . . .1189.0 11.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2105.0 15.0 2340.0 1841.0
AZ EIectronic Mat . . .243.0 0.0 338.1 216.0
Croda Internation . .1776.0 6.0 2081.0 1230.0
EIementis . . . . . . . . . .154.5 1.0 187.4 86.0
Johnson Matthey . .1809.0 19.0 2119.0 1550.0
Victrex . . . . . . . . . . .1300.0 28.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1142.0 11.0 1299.0 789.5
Bovis Homes Group .358.0 -2.2 464.7 326.6
Persimmon . . . . . . . .418.5 -2.1 502.5 336.5
Reckitt Benckiser . .3297.0 18.0 3648.0 3015.0
Redrow . . . . . . . . . . . .120.8 -1.1 139.0 97.6
TayIor Wimpey . . . . . . .32.9 -0.5 43.3 22.3
Bodycote . . . . . . . . . .321.9 5.4 397.7 214.5
Charter Internati . . . .705.0 7.5 853.5 538.5
Fenner . . . . . . . . . . . .355.9 14.4 422.5 198.0
IMI . . . . . . . . . . . . . . . .879.0 19.0 1119.0 657.5
MeIrose . . . . . . . . . . .321.5 9.5 365.4 205.4
Northgate . . . . . . . . . .296.0 0.7 346.7 180.8
Rotork . . . . . . . . . . .1631.0 6.0 1895.0 1478.0
Spirax-Sarco Engi . .1773.0 27.0 2063.0 1501.0
Weir Group . . . . . . .1925.0 18.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .385.8 16.9 499.0 278.0
TaIvivaara Mining . . .375.5 33.5 622.0 313.1
BBAAviation . . . . . . .177.8 2.8 240.8 170.0
Stobart Group Ltd . . .135.4 1.0 163.6 124.1
AdmiraI Group . . . . .1520.0 10.0 1754.0 1397.0
AmIin . . . . . . . . . . . . .340.4 11.4 433.0 317.7
Huntsworth . . . . . . . . .66.9 2.9 86.0 59.8
Informa . . . . . . . . . . . .355.0 -6.4 461.1 340.5
ITE Group . . . . . . . . . .190.4 3.3 258.2 150.3
ITV . . . . . . . . . . . . . . . . .60.9 1.4 93.5 49.9
Johnston Press . . . . . . .5.4 0.2 16.5 4.4
MecomGroup . . . . . .189.3 0.3 310.0 187.5
Moneysupermarket. .105.0 2.0 120.4 70.3
Pearson . . . . . . . . . .1098.0 1.0 1207.0 926.0
PerformGroup . . . . .173.5 3.5 234.5 160.0
Reed EIsevier . . . . . .490.2 6.3 590.5 466.3
Rightmove . . . . . . . .1128.0 2.0 1250.0 596.5
STV Group . . . . . . . . .112.4 2.4 168.0 83.5
Tarsus Group . . . . . .151.0 1.0 165.0 112.5
Trinity Mirror . . . . . . . .44.5 -0.5 124.0 37.5
United Business M . .474.0 -4.6 725.0 441.9
UTV Media . . . . . . . . .112.5 2.5 151.0 102.5
WiImington Group . .100.0 0.0 183.0 98.9
WPP . . . . . . . . . . . . . .640.5 3.5 846.5 598.0
YeII Group . . . . . . . . . . .5.8 0.1 19.0 5.1
African Barrick G . . .537.0 10.0 638.0 393.5
AngIo American . . .2448.0 17.0 3437.0 2254.0
AngIo Pacific Gro . . .300.0 8.1 369.3 249.0
Antofagasta . . . . . . .1264.0 5.0 1634.0 977.5
Aquarius PIatinum . .247.5 8.5 419.0 216.9
BHP BiIIiton . . . . . . .2039.5 21.5 2631.5 1767.0
BeazIey . . . . . . . . . . . .114.5 0.2 139.2 110.1
CatIin Group Ltd. . . .392.1 -5.0 421.4 325.0
Hiscox Ltd. . . . . . . . . .354.1 1.4 424.7 341.5
Jardine LIoyd Tho . . .614.5 12.5 709.0 561.0
Lancashire HoIdin . . .676.0 10.0 700.0 518.5
RSA Insurance Gro . .117.6 -0.4 143.5 109.5
Aviva . . . . . . . . . . . . . .355.8 0.8 477.9 328.4
LegaI & GeneraI G . . .102.9 -0.2 123.8 89.4
OId MutuaI . . . . . . . . .113.9 1.3 145.2 103.2
Phoenix Group HoI . .511.0 -4.0 758.0 458.0
PrudentiaI . . . . . . . . .629.5 0.0 777.0 547.0
ResoIution Ltd. . . . . .267.8 8.1 316.1 211.3
St James's PIace . . . .355.9 10.5 376.0 236.2
Standard Life . . . . . . .206.2 4.2 244.7 172.0
4Imprint Group . . . . .240.0 10.0 295.0 195.0
Aegis Group . . . . . . .138.2 1.2 163.5 110.7
BIoomsbury PubIis . .104.5 -0.5 138.0 98.8
British Sky Broad . . .683.5 13.5 850.0 651.5
Centaur Media . . . . . . .40.5 0.0 73.0 39.0
Chime Communicati .213.0 3.0 298.5 165.8
Creston . . . . . . . . . . . .91.5 2.5 121.0 78.5
DaiIy MaiI and Ge . . .388.2 -3.1 594.5 363.3
Euromoney Institu . .612.5 -2.5 736.0 578.0
Future . . . . . . . . . . . . . .13.1 0.4 30.0 11.8
Haynes PubIishing . .230.0 4.0 262.5 202.5
Centamin Egypt Lt . .108.0 0.6 197.1 89.7
Eurasian NaturaI . . .633.5 8.5 1125.0 585.5
FresniIIo . . . . . . . . . .1796.0 71.0 1907.0 990.0
GemDiamonds Ltd. .187.4 5.0 306.0 179.8
HochschiId Mining . .468.2 7.2 680.0 312.1
Kazakhmys . . . . . . .1050.0 35.0 1671.0 918.0
Kenmare Resources . .47.5 3.1 59.9 15.3
Lonmin . . . . . . . . . . .1200.0 34.0 1983.0 1103.0
New WorId Resourc .616.5 59.5 1060.0 543.5
PetropavIovsk . . . . . .743.0 -1.5 1252.0 676.0
RandgoId Resource 6180.0 10.0 6655.0 4425.0
Rio Tinto . . . . . . . . .3694.0 5.5 4712.0 3105.0
Vedanta Resources 1425.0 22.0 2559.0 1287.0
Xstrata . . . . . . . . . . .1092.5 21.5 1550.0 969.8
Inmarsat . . . . . . . . . . .448.8 7.8 725.0 389.7
Vodafone Group . . . .167.8 1.6 181.9 149.4
Genesis Emerging . .472.0 10.6 568.0 445.5
Afren . . . . . . . . . . . . . .112.8 2.0 171.2 92.5
BG Group . . . . . . . . .1293.5 13.0 1564.5 1023.0
BP . . . . . . . . . . . . . . . .416.7 11.9 509.0 375.2
Cairn Energy . . . . . . .320.0 2.5 493.2 284.4
EnQuest . . . . . . . . . . .114.8 0.1 158.5 98.0
Essar Energy . . . . . .300.3 -0.4 589.5 262.1
ExiIIon Energy . . . . . .352.9 11.5 469.7 167.0
Heritage OiI . . . . . . . .225.2 13.0 486.0 190.0
JKX OiI & Gas . . . . . .211.9 2.7 335.1 198.1
Premier OiI . . . . . . . . .370.4 10.1 535.0 327.3
RoyaI Dutch SheII . .2015.5 7.5 2326.5 1703.0
RoyaI Dutch SheII . .2028.0 10.0 2336.0 1642.0
SaIamander Energy .242.5 6.9 317.6 210.0
Soco Internationa . . .311.8 10.8 484.2 279.8
TuIIow OiI . . . . . . . . .1081.0 24.0 1493.0 951.5
Amec . . . . . . . . . . . . .949.0 43.5 1251.0 834.0
Hunting . . . . . . . . . . .701.0 26.0 817.0 524.5
John Wood Group . .568.0 9.0 715.8 350.4
LampreII . . . . . . . . . . .321.0 -12.0 395.2 223.9
Petrofac Ltd. . . . . . .1244.0 18.0 1685.0 1110.0
Burberry Group . . . .1386.0 4.0 1600.0 820.5
PZ Cussons . . . . . . . .351.8 -1.2 409.0 320.5
Supergroup . . . . . . . .980.0 58.5 1820.0 818.5
AstraZeneca . . . . . .2826.5 47.0 3385.0 2543.5
BTG . . . . . . . . . . . . . .280.0 7.1 309.7 200.1
Genus . . . . . . . . . . . . .900.0 0.0 1046.0 710.5
GIaxoSmithKIine . . .1277.0 5.0 1385.0 1127.5
Hikma Pharmaceuti .683.0 2.5 900.0 561.5
Shire PIc . . . . . . . . . .1951.0 2.0 2136.0 1376.0
CapitaI & Countie . . .175.0 3.0 203.7 115.0
Daejan HoIdings . . .2475.0 -62.0 2954.0 2282.0
F&C CommerciaI Pr .102.3 -0.2 108.0 88.0
Grainger . . . . . . . . . . .102.1 2.2 133.2 86.3
London & Stamford .123.3 0.6 140.0 110.3
SaviIIs . . . . . . . . . . . . .318.4 -3.6 427.1 296.6
St. Modwen Proper . .140.1 -1.9 196.2 135.4
UK CommerciaI Pro . .79.2 0.3 85.5 70.4
Unite Group . . . . . . . .166.4 1.5 229.8 162.8
Big YeIIow Group . . .256.0 1.8 353.3 237.4
British Land Co . . . . .564.0 2.5 629.5 447.5
CapitaI Shopping . . .337.0 1.3 424.8 312.5
Derwent London . . .1765.0 11.0 1880.0 1364.0
Great PortIand Es . . .393.0 2.7 445.0 308.0
Hammerson . . . . . . . .430.5 0.0 490.9 352.2
Hansteen HoIdings . . .78.6 0.1 89.5 62.4
Land Securities G . . .809.0 6.0 885.0 598.0
SEGRO . . . . . . . . . . . .256.5 5.5 331.3 243.4
Shaftesbury . . . . . . . .496.1 3.1 539.0 397.5
Autonomy Corporat 1580.0 -19.0 1857.0 1271.0
Aveva Group . . . . . .1538.0 -3.0 1799.0 1338.0
Computacenter . . . . .421.8 3.7 490.0 265.0
Fidessa Group . . . . .1590.0 0.0 2109.0 1350.0
Invensys . . . . . . . . . . .256.6 0.9 364.3 230.2
Kofax . . . . . . . . . . . . .322.0 5.0 535.0 231.0
Logica . . . . . . . . . . . . .89.9 -2.7 147.2 83.7
Micro Focus Inter . . .310.3 4.6 426.2 239.4
Misys . . . . . . . . . . . . .271.8 -7.9 420.2 249.2
Sage Group . . . . . . . .252.0 -5.4 302.0 236.7
SDL . . . . . . . . . . . . . . .657.5 1.0 711.5 520.0
TeIecity Group . . . . . .535.0 4.0 559.5 430.0
Aggreko . . . . . . . . . .1894.0 15.0 2034.0 1351.3
Ashtead Group . . . . .123.3 4.8 207.9 77.0
Atkins (WS) . . . . . . . .614.5 -7.5 820.0 582.0
Babcock Internati . . .621.5 4.5 733.0 492.8
Berendsen . . . . . . . . .454.5 0.8 568.0 363.1
BunzI . . . . . . . . . . . . .729.0 5.5 801.0 676.5
Capita Group . . . . . . .708.0 4.5 794.5 635.5
CariIIion . . . . . . . . . . .332.1 2.2 403.2 291.2
De La Rue . . . . . . . . .829.5 32.5 853.5 549.5
EIectrocomponents .209.5 0.5 294.9 190.5
Experian . . . . . . . . . . .726.0 -2.5 833.5 606.0
FiItrona PLC . . . . . . . .330.0 -6.0 385.5 227.5
G4S . . . . . . . . . . . . . . .256.4 1.4 291.0 237.7
Hays . . . . . . . . . . . . . . .77.4 0.4 133.6 69.4
Homeserve . . . . . . . .467.4 4.9 532.0 408.0
Howden Joinery Gr . .100.7 -0.3 127.5 63.0
Intertek Group . . . . .1958.0 59.0 2148.0 1646.0
MichaeI Page Inte . . .368.0 -32.4 567.0 328.3
Mitie Group . . . . . . . .222.8 5.5 242.5 188.7
Premier FarneII . . . . .183.5 -1.0 308.8 168.4
Regus . . . . . . . . . . . . . .83.3 1.9 119.0 66.1
RentokiI InitiaI . . . . . . .78.7 1.2 107.1 74.5
RPS Group . . . . . . . . .207.4 7.2 253.0 169.8
Serco Group . . . . . . .530.0 4.0 633.0 495.7
Shanks Group . . . . . .117.2 -0.3 130.9 96.5
SIG . . . . . . . . . . . . . . .115.3 0.2 153.5 90.7
SThree . . . . . . . . . . . .272.0 -3.6 447.6 231.1
Travis Perkins . . . . . .811.0 -20.5 1127.0 727.5
WoIseIey . . . . . . . . .1595.0 -16.0 2261.0 1223.0
ARM HoIdings . . . . . .520.5 -5.5 651.0 307.0
CSR . . . . . . . . . . . . . .245.5 2.6 447.0 229.3
Imagination Techn . .345.5 10.9 502.0 303.5
Pace . . . . . . . . . . . . . .100.7 6.5 231.8 91.0
Spirent Communica .133.3 4.7 160.3 119.8
British American . .2730.0 8.5 2871.0 2166.0
ImperiaI Tobacco . .2038.0 7.0 2231.0 1784.0
Avis Europe . . . . . . . .312.9 0.4 313.0 184.0
Betfair Group . . . . . . .612.0 0.5 1550.0 567.0
Bwin.party Digita . . .105.7 1.7 297.9 101.7
CarnivaI . . . . . . . . . .1900.0 2.0 3153.0 1792.0
Compass Group . . . .542.5 0.0 612.0 501.0
Domino's Pizza UK . .486.8 24.0 586.0 377.0
easyJet . . . . . . . . . . . .347.1 4.5 479.0 301.0
Enterprise Inns . . . . . .41.3 2.3 122.7 38.0
FirstGroup . . . . . . . . .352.2 8.7 412.6 311.3
Go-Ahead Group . . .1451.0 27.0 1598.0 1073.0
Greene King . . . . . . .437.5 6.0 518.0 398.0
InterContinentaI . . .1060.0 17.0 1435.0 963.0
InternationaI Con . . .190.3 0.1 305.0 177.3
JD Wetherspoon . . . .419.8 -4.9 468.3 389.9
Ladbrokes . . . . . . . . .129.1 1.1 155.3 122.7
Marston's . . . . . . . . . . .94.7 0.4 117.1 90.2
MiIIennium& Copt . .460.0 10.0 600.5 437.9
MitcheIIs & ButIe . . . .250.5 4.0 361.0 229.1
NationaI Express . . .244.6 3.5 270.2 220.1
Rank Group . . . . . . . .122.0 -1.8 153.7 103.3
Restaurant Group . . .273.7 2.9 335.0 226.1
Spirit Pub Compan . . .44.1 -2.6 55.0 37.0
Stagecoach Group . .244.7 2.8 268.5 165.1
Thomas Cook Group .56.9 1.3 204.8 45.5
TUI TraveI . . . . . . . . . .164.7 1.4 271.9 155.0
Whitbread . . . . . . . .1498.0 17.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .224.0 1.9 237.3 155.5
Abcam . . . . . . . . . . . .366.3 15.0 460.0 303.4
AIbemarIe & Bond . .375.0 -0.5 400.1 224.8
Amerisur Resource . .18.0 0.5 29.0 11.5
Andor TechnoIogy . .591.5 9.5 685.0 311.0
ArchipeIago Resou . . .75.0 2.0 79.0 32.3
ASOS . . . . . . . . . . . .1875.0 10.0 2468.0 840.0
AureIian OiI & Ga . . . .44.0 1.5 92.0 42.5
Avanti Communicat .324.0 -6.0 735.0 288.8
Avocet Mining . . . . . .245.0 15.5 253.5 112.0
BIinkx . . . . . . . . . . . . .101.0 3.0 148.8 63.3
Borders & Souther . . .53.5 2.5 93.0 44.8
BowLeven . . . . . . . . .143.8 8.8 398.0 116.3
Brooks MacdonaId 1062.5 3.0 1372.5 837.5
CaIedon Resources .111.8 0.8 111.8 44.3
Conygar Investmen . .97.5 1.0 120.0 95.4
Cove Energy . . . . . . . .69.5 3.0 112.8 57.0
Daisy Group . . . . . . . .110.9 0.0 127.0 88.0
EMIS Group . . . . . . . .540.3 0.0 580.0 303.5
Encore OiI . . . . . . . . . .49.8 1.3 151.5 40.8
Faroe PetroIeum . . . .150.0 14.0 218.3 133.0
GuIfsands PetroIe . . .187.3 -1.5 401.5 179.0
GWPharmaceuticaI .104.0 1.6 130.0 83.0
Hamworthy . . . . . . . .597.5 9.0 705.0 328.0
Hargreaves Servic . .925.0 5.0 1076.0 605.0
HeaIthcare Locums . . . .0.0 0.0 0.0 0.0
Immunodiagnostic .1040.0 -2.0 1218.0 710.0
ImpeIIamGroup . . . .293.4 -2.4 387.5 122.0
James HaIstead . . . . .460.1 2.6 495.0 306.0
KaIahari MineraIs . . .230.0 5.0 301.0 142.0
London Mining . . . . .317.0 4.3 436.5 240.3
Lupus CapitaI . . . . . .103.0 -1.5 150.0 78.0
M. P. Evans Group . .398.0 0.0 500.5 350.3
Majestic Wine . . . . . .430.3 9.3 510.0 306.0
May Gurney Integr . .262.9 -0.1 295.0 177.0
Monitise . . . . . . . . . . . .34.5 1.0 39.0 18.5
MuIberry Group . . . .1765.0 190.0 1920.0 330.0
Nanoco Group . . . . . . .70.0 0.5 115.8 57.5
NauticaI PetroIeu . . .289.0 6.0 547.0 151.0
NichoIs . . . . . . . . . . . .541.5 0.5 579.0 410.0
Numis Corporation . . .97.9 0.4 146.5 93.9
Pan African Resou . . .12.3 0.0 13.8 6.1
Patagonia GoId . . . . . .59.8 -2.0 68.0 15.3
Prezzo . . . . . . . . . . . . .62.4 1.3 71.5 41.5
Pursuit Dynamics . . .255.0 27.3 700.0 160.5
Rockhopper ExpIor .237.0 19.3 510.0 141.0
RWS HoIdings . . . . . .411.5 -8.5 472.0 239.0
Songbird Estates . . .124.3 -1.8 160.3 110.3
VaIiant PetroIeum . . .543.0 3.0 761.5 504.0
Young & Co's Brew . .655.0 14.5 712.0 525.0
New WorId Resource 616.5 10.7
TaIvivaara Mining . . .375.5 9.8
Renishaw . . . . . . . . .1451.0 8.7
TeIecom PIus . . . . . . .677.0 8.3
Kenmare Resources . .47.5 7.0
Pace . . . . . . . . . . . . . .100.7 6.9
Supergroup . . . . . . . .980.0 6.4
Heritage OiI . . . . . . . .225.2 6.1
JPMorgan Russian S 545.0 5.8
Enterprise Inns . . . . . .41.3 5.8
MichaeI Page Inter . .368.0 -8.1
Spirit Pub Company . .44.1 -5.5
LampreII . . . . . . . . . . .321.0 -3.6
Home RetaiI Group . .136.9 -3.2
Logica . . . . . . . . . . . . .89.9 -2.9
Misys . . . . . . . . . . . . .271.8 -2.8
Ocado Group . . . . . . .122.0 -2.7
DS Smith . . . . . . . . . .200.2 -2.6
BeIIway . . . . . . . . . . .596.0 -2.5
Travis Perkins . . . . . .811.0 -2.5
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.85 -0.01 103.5 100.7
Tsy 2.500 11 . . . . .306.49 0.04 310.0 306.4
Tsy 9.000 12 . . . .108.05 0.00 115.8 107.8
Tsy 5.000 12 . . . .102.48 -0.02 106.8 102.4
Tsy 5.250 12 . . . .103.74 -0.03 108.1 103.7
Tsy 4.500 13 . . . .105.94 -0.06 109.2 105.8
Tsy 2.500 13 . . . .284.66 -0.05 287.7 277.5
Tsy 8.000 13 . . . . .115.28 -0.05 121.3 115.2
Tsy 5.000 14 . . . . .112.45 -0.05 114.1 109.2
Tsy 4.750 15 . . . . .114.22 -0.06 114.7 108.6
Tsy 7.750 15 . . . .103.70 0.54 342.1 102.6
Tsy 8.000 15 . . . .128.53 -0.07 131.6 123.7
Tsy 4.000 16 . . . . .112.35 -0.09 112.9 104.9
Tsy 2.500 16 . . . .338.65 -0.01 340.1 310.2
Tsy 8.750 17 . . . .140.76 -0.06 142.2 132.9
Tsy 12.000 17 . . .125.15 -0.49 185.9 125.2
Tsy 1.250 17 . . . . .113.77 0.04 114.4 106.7
Tsy 5.000 18 . . . . .119.56 -0.05 120.0 109.7
Tsy 4.500 19 . . . . .116.55 -0.03 116.9 105.4
Tsy 3.750 19 . . . . .110.86 -0.04 111.2 99.4
Tsy 4.750 20 . . . . .118.24 -0.03 118.7 106.6
Tsy 2.500 20 . . . .350.85 0.05 351.2 312.4
Tsy 8.000 21 . . . .147.86 -0.04 148.7 133.8
Tsy 1.875 22 . . . .121.39 0.12 121.5 111.3
Tsy 4.000 22 . . . . .110.41 0.00 111.0 99.0
Tsy 2.500 24 . . . .310.17 0.12 310.6 273.4
Tsy 5.000 25 . . . . .119.53 0.01 120.2 107.4
Tsy 4.250 27 . . . .109.14 0.02 109.8 97.9
Tsy 1.250 27 . . . . .115.26 0.30 115.4 104.6
Tsy 6.000 28 . . . .132.39 0.01 133.2 119.5
Tsy 4.750 30 . . . . .114.55 -0.01 115.5 103.0
Tsy 4.125 30 . . . .292.50 0.17 293.1 259.7
Tsy 4.250 32 . . . .107.23 -0.02 108.3 96.0
Tsy 4.250 36 . . . .105.84 -0.01 107.4 95.0
Tsy 4.750 38 . . . . .114.51 -0.02 116.5 102.8
Tsy 4.500 42 . . . . .110.16 0.00 112.8 98.9
% %
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Wealth Management
FIT IN
THE CITY
BY LAURA WILLIAMS
FITNESS & DIET EXPERT
Self-defence guru Mo Teague on how to be a hard target
EPISODE 23:
Heard through
the doorway
F
OR the last week Ive been walking on
eggshells. Emma is anxious and agitated.
Noel is under-stimulated and over-reactive.
Maria is angling for a pay increase.
Meanwhile the twins, according to Emmas
obstetrician, both seem comfortable and to be
gaining weight. And I am simply tired.
I stand, unobserved, at the kitchen door, my
tie loosed and my briefcase left decisively at
the front door. Where it shall remain, until
tomorrow mornings early departure. Noel sits
at the table with Maria. Im home early to
relieve her. After all, a pay increase we can
stomach. Her departure at this difficult time we
could not. Im never sure how much she feels
part of the family. But she is a reassuring
presence.
But I wish we could go on holiday, whines
Noel, his mouth full. Im bored here. All my
friends have gone away.
When I was your age we never dreamed of
holidays, replies Maria, sternly.
No but you already lived in Spain. Thats a
holiday. You couldnt come to London for a holi-
day. Its too boring.
Spain was not always for holidays Noel.
Those were bad times in my country. Difficult
times. Maria has never spoken of growing up
under Franco. She is a devout Catholic but also,
I think, a socialist. She certainly always twin-
kles when my father has a go at me about
politics.
I enter the kitchen. They both turn towards
me.
Dad!
Mr David.
Noel makes to leap from his chair. Maria
bars his way.
No. You sit and finish your dinner please
young man.
Noel and I look at one another sheepishly. I
long to embrace my son but assume I should
not.
That looks good. Cornish pastie? I ask.
No stupid. Its an empanada, from Marias
native Galicia, Noel replies, with supreme con-
fidence. City Dad will be continued next
Tuesday. For previous episodes, see cityam.com
CITY DAD
Lifestyle | Health & Beauty
FISKER KARMA
PLUG-IN HYBRID
REVIEWED IN
MOTORING TOMORROW
19
W
HAT Ive come to realise
after 10 years in the fitness
industry is that good self
defence is more than kicking
like the girls in Charlies Angels.
There are many self-defence
options available to both men and
women in the capital but whats
becoming increasingly popular is
intelligent self-defence. This is as
much about being aware, vigilant,
intuitive, and sometimes a bit humble,
as it is about a well-aimed kick to the
groin.
One of the market leaders in this
area is the Hard Target Defence
System devised by Mo Teague (pic-
tured), a man with a 30 year martial
arts background. Mo spent 15 years
in one of the militarys most elite
forces and was a member of the
Guardian Angels. Oh, and he also
appeared on Danny Dyers Deadliest
Men (as one of the deadliest men
obviously). Enough said.
These days Mo spends his time
training everyone from vulnerable
housewives to bouncers, bodyguards,
and members of law enforcement
agencies. Mos ethos is that good
self defence is 90 per cent about
prevention. Here are his top tips
for walking the streets of
London safely.
MO TEAGUE: HOW TO STAY
SAFE
1) Be a Hard Target. A Hard
Target is aware and inaccessi-
ble. Perpetrators seek victims who
are easy prey.
2) Remember the Hard Target USP :
Read, Recognise and Respond.
Always be aware of whats happening
around you; identify and recognise the
level of potential threats. You always
have more time than you think to
weigh up your options. Dont go into
denial: He came from nowhere just
doesnt happen.
3) Context is king. Does it look
right? Should this kind of thing be
going on? Be aware of the abnor-
mal and the absence of the normal.
In Iraq, the British troops are
always concerned when they see a
field of three-legged goats (a sure
sign of landmines); in Belfast, closed
windows in a tenement block in
the height of summer often sig-
nalled an imminent bomb blast.
4) Leave your ego at home it could
kill you. Dont make decisions or take
actions based upon bravado or ego.
5) Know your PINS (Pre-incident
Indicators). Violence and conflict can
largely be predicted and often the
best self-defence strategies involve no
physicality. Trust your instinct; its
based more on reality than you think
(during a Hard Target seminar you get
to map the cycle of violence in a sci-
entific way).
The Hard Target System offers week-
end seminars as well as specialist
courses; prices start from 120. For
more information visit
www.moteagueshardtarget.com
Lauras website:
laurawilliamsonline.co.uk
Honey & Barley Facial 75 minutes, 95
Call me a cynic, but Ive a feeling you
could take any natural substance and
make a case for the wonderful job it will
do for your skin. Roses! Thyme! Seaweed!
But anyway, this is about barley, and
barley thats grown in Cambridgeshire
and normally used for brewing beer. Its
called Maris Otter and youll find it in var-
ious independent, high quality cask ales,
which surely makes it the most blokey
beauty ingredient ever.
Its use as such is the result of a partner-
ship between Warminster Maltings, a
Wiltshire-based supplier to the brewing
industry of floor-malted barley (ie the old-
fashioned, artisanal way of malting), and
the spa at Browns Hotel in Mayfair.
Theres a trio of barley and beer-related
treatments on offer facial, a body wrap
and a pedicure, all of which tap into a side
of beer that isnt about hangovers, beer
guts and pub bores. Heaven be praised!
Barley has countless health benefits,
and is deeply nourishing, healing and
comforting, says spa manager Shareen
Stokes. Its also high in vitamins such as
B1, B3 as well as selenium, iron, magne-
sium, zinc, phosphorous and copper all of
which help to keep the skin and body
healthy, so it makes sense to use it in our
treatments.
Sure does. Though its the comforting
aspect that I most notice. Theres some-
thing rather nostalgic and beautifully
bucolic, as well as breakfasty, about the
sweet odours that arise. For someone who
loves the countryside, its tremendously
evocative.
The facial takes an hour, and comes
with the benefit of lying back on one of
the spas heated treatment beds. As well as
City A.M.s lifestyle team trial two
beer treatments at Browns Hotel
and find them more than ale-right
Barley and beer are
natural balms for the
skin and make for a
rather tasty treat-
ment or two.
Beauty
and the
Yeast
the face, it takes in shoulders, top of the
torso and even the forearms, all of which
first get slathered in a moisturising lotion,
a mask, plus all that exfoliating honey
and barley. Theres plenty of massaging of
the head, neck and shoulders too, which,
as normal, rendered me fast asleep at least
twice.
At the end of the treatment, sit back
and enjoy a rich, warm malt drink, malt
snacks and, if you want, a bottle of beer
made with Maris Otter barley. Yup, a beau-
ty treatment which comes with a pint of
the good stuff. As I said comforting.
Timothy Barber
Pale Ale Pedicure 90 minutes, 85
Browns pedicures get tastier and tastier. I
confess that I preferred the creamy malt
drink mentioned above, served with the
signature B stencilled in chocolate on
the foam, to any cocktail. It came with a
bottle of pale ale, too, and some seriously
malty looking biscuits also made with
beer. If it hadnt been 11AM, Id have gone
to town on this lovely repast.
As it was, I had my feet and legs soaked
in barley and beer the aromas were won-
derful, sort of rich and fragrant and
wholesome, so that you could imagine all
kinds of goodness seeping into your pores.
Specifically, my tootsies were exfoliated
with Epsom salts, hop flowers and sesame
seed oil, then slowly soaked in a Hooky
Gold Ale bath. A pressure point foot mas-
sage with Swedish Ninkasi lotion (weirdly
out of place but good) and a barley and
sesame seed foot wrap came next, for
deep, deep moisture.
With my nails shaped and painted I
lagged behind as they dried 100 per cent
relaxed, smooth-legged and enviably-
toed to sip a bit more of that malt drink.
Note that this pedicure feels sloooowww
(it is 90 minutes after all), so you need to
get in the right frame of mind. The kind
that you might have as you sit of a sum-
mers afternoon in a countryside pub,
drinking English pale ale, perhaps.
Zoe Strimpel
www.brownshotel.com, 0800 988 4040
VIVEK SINGH CITY POPUP
The City gets a pop-up with a (sort of) al fresco
offering from Cinnamon Kitchen major domo
Vivek Singh. Lasting until the end of September,
Cinnamon Square can be found in Devonshire
Square (just outside the Kitchen), with Bengali
crab cod cakes, Bombay spiced tilapia,
Hyderabadi spiced duck pao and aubergine
masala among the tapas-style small plates on
offer. Yes, its under the Devonshire Square glass
conservatory roof, but it still has that outdoor
feeling, and is open all day.
www.cinnamon-kitchen.com
HEATHROW HILTON TO GET SPICE NAMASTE
Continuing the Indian theme, Cyrus Todiwala,
the chef behind one of the Citys favourite
restaurants, Caf Spice Namast, is bringing his
pan-Indian cuisine to Heathrow. The Hilton
hotel at the airports Terminal Five will be open-
ing Mr Todiwalas Kitchen next month, with
menu highlights including Parsee spiced potato
and egg speciality papaeta purr eedu,
Todiwalas unusual take on dhaansaak and his
mind-blowingly hot vindaloo using belly and
shoulder of organic British lop pork. The hotel
will also be opening a brand new spa.
www.hilton.co.uk
FENG SUSHI AT BILLINGSGATE
Canary Wharfers take note: Feng Sushi, the fast
casual Japanese restaurant chain, is opening a
seventh site in Billingsgate fish market. Itll only
have six covers, so the emphasis will be on take-
away sushi, as well as operating a full delivery
service. And of course, fish can hardly come
fresher than straight from the market itself.
www.fengsushi.co.uk
Lifestyle | Restaurant Review
The Door Oyster Bar & Grill
33 Cornhill, EC3V 3NG, Tel: 020 7929 1378
www.thedoor-group.com
FOOD hhhii
SERVICE hhhhi
ATMOSPHERE hhhii
Cost per person without wine: 30
C
ORNHILL is such an atmospheric,
iconic City street. Its a shame, then,
that the majority of its food and
drink offerings are chains or chain-
style affairs. Dont get me wrong:
Alphabet and Pitcher & Piano serve their
purpose for a post-work wine binge with
chart music thrown in. But if you want
something stylish and high quality to
drink and eat here that isnt the vast,
echoey and often empty Greens, then the
answer has arrived in the form of the
Door.
Sister restaurant to the Green Door in
Gloucester Road, this is a high-ceilinged
two-part eaterie; invitingly dark in the
way of the Citys grandest restaurants, like
Bonds and the Mercer, which occupy for-
mer banks. In front is an oyster bar facing
tall windows its an elegant, spacious
place to sample the range of farmed and
wild Colchester oysters on offer. Our selec-
tion of Mourne Rock, Kumomoto (consid-
ered the aristocrats of the oyster world)
and Blackwater wild tasted of the sea and
Cornhill goes up in the foodie world
went down a treat, especially with a glass
of the good house champagne.
We moved next door to the compact
downstairs dining room for dinner, which
is where the grill part of the Door comes
into play. City appetites increased by
long days sweating out the Eurozone crisis
perhaps will be satisfied by the 10oz
hunk of melting Argentine fillet I sliced
through. Those with a bigger meat craving
can go for 12 oz. Or hey go for a prime
USDA Angus 16 oz rib-eye. Thatll sort you
out though I hear the Argentine beef is
better here.
This is a decadent menu, really
seafood and beef together always seem
slightly extravagant. In keeping with the
theme of excess, after the oysters, I had a
lobster salad before beef. Dont bother it
was eye-wateringly salty. Luckily the two
(yes, two) other starters made up for it: a
generous heritage tomato salad popping
with balsamic vinaigrette and calmed
with mozzarella balls and a thick disc of
goats cheese in leaves were lovely.
My friend kept with the light Italianate
FOOD & BOOZE
NEWS
TIMOTHY BARBER
The dining room of
the Door.
Local workers will
enjoy this stylish new
surf n turf offering
in the heart of
the Square Mile
WORDS BY
ZOE STRIMPEL
theme for mains and had Dorset lobster
and truffle risotto with citrus nage,
parmesan and chive crisp. The rice was
firm and flavoursome, vitalised by its very
well-chosen accoutrements. It was fresh
and dynamic: a superb lunch choice.
There is a good choice of other mains,
too, should neither seafood nor beef take
your fancy. Youre not likely to go hungry
with slow roasted Lancashire pork belly;
grilled salt Marsh lamb steak or fricassee
of Wiltshire corn fed theyre served with
good, veggie-worshipping accompani-
ments like shallot confit (lamb) and broad
bean and mint butter (chicken).
Bulk up with sides, too: we had massive
sweet potato wedges with sour cream, a
buttered sweetcorn and pancetta mixture
and spinach. We did a fair job on these but
felt the need to save a tiny bit of space for
a dessert of blueberry pie. Its sweet inky
berries oozing out of the nut-brown pastry
and topped with cream is a completely
delicious way to end a meal here. Nothing
else stood out, but if you like typical
English desserts youll be fine.
Wines here are made a song and dance
about diners are able to peer through
the glass-walled cellar from their seats. It
didnt look so spectacular to me but had a
solid, manageable collection of New
Worlds (no South African, sadly, as a SA
pinotage would have been great with the
beef) and Europe. Our rioja was lovely.
Its hard to fault the Door: the prices are
very reasonable (16 or less for most
mains), the food is generally very pleasing
and the service, well, I dont even remem-
ber it which is the best kind.
Dinner at Sohos favourite bar
Cafe Boheme
13-17 Old Compton Street, W1 5JQ
Tel: 020 7734 0623
www.cafeboheme.co.uk
FOOD hhiii
SERVICE hhhhi
ATMOSPHERE hhhhh
Cost per person without wine: 35
WHO hasnt begun, ended or whiled
away a night at one of Caf Bohemes lit-
tle street-facing tables? With Sohos best
vantage point on the corner of Old
Compton and Greek Streets, no discernible
closing time (the website says 2:45AM but
really?) and an aesthetic that makes you
feel youre in the Paris of Hemingway and
Picasso, its everybodys favourite Soho
hangout.
But whats the food like?
Id had plenty of just about drinkable
table wine and good coffee here but had
never taken tried its French bistro din-
ner.
My verdict is: if youre hungry while peo-
ple-watching, want to eat among a hip n
happening, dynamic and above all, not
stuffy crowd (expect spillover from nearby
members clubs Soho House, Blacks and
the Groucho Club) then eat here.
If you want delicious, exciting French
food dont. Go to Terroirs in Charing
Cross or even modern European Arbutus
on Frith Street. Go Spanish at nearby
Barrafina (also Frith St) or American-style at
Spuntino on Rupert Street. But maybe you
dont want to go to those places because
you want to be exactly here in the throb-
bing heart of Soho.
Dont get me wrong. The food is fine, just
boring the only real shocker was the limp,
overcooked and seriously miserly portion
of asparagus with hollandaise that eventu-
ally came out (having been forgotten by the
apologetic waiter).
Salad of crab and avocado was somehow
unsatisfying, as though it had been thrown
together by an amateur. Though the ingre-
dients were promising and this combina-
tion can take flight, it needs some flair (or
at least a good dressing) and this it lacked
thoroughly. Roquefort, pear and walnut
was better another classic, rather more
intense and satisfying.
Mains were also ok, but not memorable.
Perhaps we didnt order quite fairly
seabass with courgettes and hake with
leeks rather than more classic bistro fare
like fillet au poivre and fish cakes, also in
mains.
Dessert is nice, though. Chocolate fon-
dant and lemon tart are just as youd want:
big, creamy and sinful.
There are good French wines to be had,
but we had the house which, like the
food, is serviceable.
But Caf Boheme is still special. And if
youve got a good table here, leaving is a
shame. So why not stay and tuck in? You
wont regret it, even if you wont
remember it.
The French-style
brasserie is a great
place to hang out,
with the best people-
watching in Soho.
T
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MY HOARDER MUMAND ME
BBC1, 10.35PM
Jasmine Harman investigates whether
hoarding should be considered a
mental illness as she tries to help her
mother kick the habit.
THE GREAT BRITISH BAKE OFF
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live and perform together in a
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2amCherrys Cash Dilemmas 3am
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E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmFriends 9pm
Smallville 10pmThe Cleveland
Show11pmThe Big Bang Theory
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1.45amHow I Met Your Mother
2.05amGlee 2.50amSmallville
3.35amHeartland 4.20am-6am
Switched
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7pmThe Roman Invasion of
Britain 8pmAmerican Pickers
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America 2amMega Movers 3am
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DISCOVERY
7pmMythbusters 9pmMan,
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12amBear Grylls: Born Survivor
1amMan, Woman, Wild 2amRise
of the Jellyfish 3amDeadliest
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Seconds
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HEALTH
7pmA Baby Story 8pmLittle
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Told) 11pmHospital Sydney
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3amLittle People, Big World
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SKY1
8pmEmergency with Angela
Griffin 9pmFILMPhone Booth
2002. 10.40pmOctomum: The 8
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Cops 2amStargate Universe
3.30amBody Language Secrets
4.20amThe Filth Files
5.10am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmEastEnders; BBC News
8pmHolby City
9pmDIY SOS: The Big Build
10pmBBC News
10.25pmRegional News;
National Lottery Update
10.35pmCHOICE My Hoarder
Mum and Me
11.25pmFast Food Baby:
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3.30am-6amBBC News
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6.30pmCelebrity Eggheads
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8pmCHOICE The Great British
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9pmThe Hour
10pmTwenty Twelve
10.30pmNewsnight; Weather
11.20pmChilean Miners: 17
Days Buried Alive: The ordeal
of the Chilean miners.
12.20amTown with Nicholas
Crane
1.20amBBC News 3.30am-6am
Close
6pmLondon Tonight
6.30pmITV News
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7.30pmWildlife Patrol
8pmCops with Cameras: A
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12.20amThe Zone; ITV News
Headlines
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on 4 4.10amTriathlon
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at 9
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Investigation: Langston and
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30
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28
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13
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34
15
15
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8
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 Pathnder (5)
4 Earnings (5)
7 Slanted lettering (6)
9 Vegetable known as
ladys ngers (4)
10 Front part of the
human leg below
the knee (4)
12 Compound capable of
turning litmus red (4)
13 Primitive plant
forms (5)
15 Seek an answer to (3)
17 Most important or
necessary part of
something (5)
19 Impulse (4)
21 Waterless (4)
23 Opaque gem (4)
24 Hunting expedition (6)
25 Imperial units
of length (5)
26 Excessively fat (5)
DOWN
1 Relating to the
backbone (6)
2 Egg-shaped and
ute-like musical
instrument (7)
3 Word denoting a
person or thing (4)
5 In the middle of (5)
6 Thin strip of wood
or metal (4)
8 Frame supporting the
body of a car (7)
11 Type, kind (3)
14 Price of a plane
ticket (7)
15 Broadcast (3)
16 Directions for cooking
something (6)
18 Dish of cold
vegetables (5)
20 Nosegay (4)
22 Panel forming the lower
part of a wall (4)
S
N
S
K
E I
H
P
E

4

4
C U R E S B A S T E
L U P B I
A R M O U R R A N D
M B M I C E G
B R A C E S A G E D
E A I S E
R A F T B A T M A N
L S O L O E I
A I D E E R S A T Z
K Y T N E
T E P E E A R S O N
1 6 4 2 1 3 8
2 9 7 8 2 1 4 3
8 5 3 6 5 9 7
1 3 7 9 2 7 1
5 4 3 1 2 7
6 7 5 2 4 8 3 1 9
4 5 9 8 6 7
4 2 8 1 6 9 8
7 4 9 8 6 4 8
6 5 7 9 8 2 3 9
1 5 2 9 1 7 6
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
CAMCORDER
Lifestyle | TV&Games
Sport 22 CITYA.M. 16 AUGUST 2011
AS FAR as debuts go, Sergio Agueros
will take some beating. A goal eight
minutes after coming on, an assist to
make victory safe three minutes
later, and by the final whistle
Manchester Citys 38m summer
signing had crowned an electrifying
31-minute cameo with a thunderbolt
second strike. Suddenly City may not
be too troubled by the prospect of los-
ing the talismanic Carlos Tevez.
It was not all about Aguero.
Livewire midfielder David Silva was
also outstanding and netted the
third goal, while the previously lum-
bering target man Edin Dzeko
showed quick feet to open the scor-
ing. But it was the former Atletico
Madrid forward who shone brightest
and demolished Premier League new-
comers Swanseas hitherto gutsy bid
for a first top-flight point, personi-
fied by the brilliant goalkeeping of
Michel Vorm.
If City were looking to make a
statement that they should be con-
sidered serious challengers to cham-
pions and neighbours Manchester
United, and their perennial rivals
Chelsea, then this was emphatic.
After initially struggling to over-
whelm impressive Swansea, they ulti-
mately bulldozed them with the ease
expected of a top-three side and the
introduction of Aguero, at the
expense of holding midfielder Nigel
de Jong, was the turning point.
City manager Roberto Mancini
threw on the 23-year-old two minutes
after Dzeko had tapped home Vorms
parry of an Adam Johnson shot.
Aguero promptly doubled the lead
and demonstrated his poaching qual-
ities by arriving late at the far post to
slide in a low Micha Richards cross.
He teed up Silva to bury the third
with a combination of skill and ath-
leticism, lobbing Vorm and hooking
back into the goalmouth. Then in
stoppage time the 5ft 7in striker
showed his lesser-known prowess
from distance by spanking home a
glorious effort from 30 yards.
Aguero, signed this month amid
uncertainty over the future of last
seasons one-man win generator
Tevez, already looks a more than ade-
quate replacement for his fellow
Argentina star. What he may concede
to Tevez in brute force he makes up
for in finesse. But if Tevez fails to
secure the move he apparently craves
and lines up alongside Aguero or in
a trio with the revitalised Dzeko or
mercurial Mario Balotelli then God
help the opposition.
Carlos who?
Aguero is
new City idol
ENGLAND last night called up fast-
bowler Graham Onions for this weeks
fourth Test against India at The Oval
amid fears the touring batsmens neme-
sis James Anderson (inset) could miss
out through injury.
Chris Tremlett, who missed the
second and third Tests, has
already been ruled out of the
final match of the series as
England look to follow
dethroning India as the
No1 Test side in the world
by completing a 4-0 white-
wash.
And Anderson, who effec-
tively clinched the series by
decapitating the tourists top
order at Edgbaston on Saturday, has
emerged as another doubt after being
diagnosed with a minor leg injury.
National selector Geoff Miller insists
the England camp are optimistic
Anderson will recover but were left with
little choice but to draft in Onions, who
has beaten a career-threatening back
problem since his last Test appearance in
early 2010.
We are hopeful that Jimmy will over-
come this niggle by Thursday [the first
day of play], but more time is required
before a decision on his availability can
be made conclusively, said Miller.
Steven Finn is obviously in the
squad and he is now joined by
Graham Onions, who has
been in good form for
Durham since returning
from a back injury at the
start of the season.
Onions, 28, has not
played a Test for England
since the 2009-10 series in
South Africa, where his
dogged performances as a
No11 batsman eclipsed his bowl-
ing. He was picked for the following
series in Bangladesh but was forced to
fly home after suffering a back injury,
and also underwent knee surgery before
making his comeback this year. Tremlett
is still nursing the back problem that
kept him out of the previouos Tests.
Onions gets call amid
Anderson injury fear
BY FRANK DALLERES
CRICKET
T
O BE one shot behind the
leader in a Major and then
make a triple bogey is the
stuff that shatters hopes and
dreams. Which is why Keegan
Bradley (right) deserves so much
credit for bouncing straight back
with birdies at 16 and 17 and then
winning a play-off to claim the US
PGA Championship. It was a fantas-
tic performance and the perfect
end to a riveting tournament.
But I do feel sorry for Jason
Dufner, who played absolutely
beautifully only to wobble at the
end and then lose out in the play-
off. Even though Bradley appeared
to have the momentum going into
the three extra holes, it was Dufner
who played the shot of the play-off.
His four iron at the 16th was a
beauty and set up a putt that was
almost a gimme birdie. But thats
golf. In the end it was Bradley who
did it and you cant begrudge him
victory because he played great.
He might have been the first
American Major winner for some
time but the Europeans put in
good performances. Tee to green,
Lee Westwood was magnificent,
probably eight shots ahead of the
rest of the field, but just could
not get the ball to drop in
the hole.
Luke Donald was
marvellous as usual,
but the last four
holes killed him
all week, Anders
Hansen was just
one shot away
from making it a
three-way play-off, and
Robert Karlsson just fell
down in the closing
stages.
Incredibly, Bradley is
now higher in the
world rankings than
Tiger Woods, who was
dismal at the US PGA.
He got the start he wanted but
dropping 10 shots in 13 holes
shows how out of sorts he is.
The hardest club to bag is the
pencil. Hes not been using the pen-
cil for months and its hard to com-
pete when youve not been doing it.
He needs to play six or seven events
in the next eight weeks now to get
back to where he belongs.
I have to mention Rory McIlroy
as well, who injured his arm hit-
ting a tree root. It was a ridicu-
lous decision to play that shot
when he couldnt possibly reach
the green. It was a potentially
career-changing decision. We
dont know how severe the
injury is lets hope its
nothing but he could
have done something
there that would put
him out of the game
for a year. Thats the
impetuosity of youth.
Im back in action
this week at the
Scottish Senior Open
and feeling good. Ive
been working hard and
seem to be playing really
nicely, so well see.
A Major to remember for
Bradley but not for Woods
BY FRANK DALLERES
FOOTBALL
4
0
MANCHESTER CITY
SWANSEA CITY
GOLF COMMENT
SAM TORRANCE
Sport
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email sport@cityam.com
Aguero scored
twice and set up
another in a daz-
zling 30-minute
turn off the bench.
Picture: PA
TOTTENHAM manager Harry
Redknapp looks set to move for at
least one new striker after offloading
Robbie Keane to Los Angeles Galaxy
for 3.5m.
Keane, 31, completed his switch to
the California franchise where he will
play alongside former England cap-
tain David Beckham.
However it leaves Redknapp a man
short in attack, with just three senior
forwards at his disposal in Jermain
Defoe, Peter Crouch and Roman
Pavlyuchenko. Spurs have been
linked with Villarreal striker
Giuseppe Rossi, Athletic Bilbaos
Fernando Llorente and Twentes
Costa Rican forward Bryan Ruiz.
Keane said speaking to Beckham
helped to make up his mind to join
the Major League Soccer outfit.
I have always wanted to come and
play in MLS so its a dream come
true, he said. When David Beckham
came and trained at Spurs recently he
couldnt speak highly enough about
the Galaxy, their fans and the league.
Beckham talks Keane into
3.5m Galaxy transfer
FOOTBALL

2011 Rugby World Cup
Preview Dinner
VIP table for 9 joined by a rugby legend - 1,600
Table of 10 people - 1,300 - Table of 5 people - 750
For more information or to book tickets please contact
Jona Beckett : info@truesouthgroup.com or call 07789551092
8th September 7.30pm 12am
Te Tower - St Katharines Way - Tower Bridge - London - E1W 1LD

Prices are exclusive of VAT
Charities supported
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SPORT | IN BRIEF
Schumacher: Im not finished
FORMULA ONE: Veteran Michael
Schumacher insists he will race on next
year despite his comeback falling short
of expectations. The Mercedes GP driver,
42, said: Ill certainly be racing next
year, that is definite. We will then have
to see how things develop and how much
energy and fun is still there.
Wales lose skipper for World Cup
RUGBY UNION: Wales captain Matthew
Rees has been ruled out of the World
Cup with a neck injury. The hooker has
been told by doctors he needs surgery to
relieve the painful condition. Wales
defence coach Shaun Edwards said: Its
disappointing but there are more impor-
tant things in life than rugby.
Hockey teams sign new deal
HOCKEY: England and Great Britains
womens teams have signed a lucrative
new sponsorship agreement with bank
Investec. The five-year agreement will
begin this month when England head to
the EuroHockey Nations Championship in
Germany.
CHELSEA midfielder John Obi Mikel
last night made an impassioned plea
for the safe return of his father, who
has been missing from his Nigerian
home in a case of suspected kidnap-
ping since Friday.
Mikel (right), who chose to play in
Sundays Premier League opener
against Stoke despite learning of his
father Michaels disappearance the
previous day, made an appeal for
information on television.
Please just let him go. Hes just an
old man, he hasnt done any
harm to anyone as far as I know
and I dont know why he has
been taken, said the 24-year-
old. Nigeria is the country
I am from, Ive always tried
to help my country in any
way I can. This is a time
where I need the country
to help me.
No ransom demand has
been received by Mikel
since his father, who runs
a transport company,
failed to return home on
Friday evening. Mikels
family are based in his native Jos,
the capital of Plateau State, an
area he said he considered safe.
I think this happens a
lot in the eastern part
of Nigeria, but I
think my dad will
be the first this
happened to in
the north, he
added.
Fellow Nigerian Joseph
Yobo, the Everton defender,
had his brother kidnapped
in 2008. He was returned
after 10 days.
Chelsea star Mikel makes appeal for
information about kidnapped father
MANCHESTER CITY manager Roberto
Mancini hailed striker Sergio Aguero
after the 38m summer signing
crowned a spectacular debut with
two goals in a 4-0 rout of top-flight
newcomers Swansea.
Edin Dzeko netted first but Aguero
opened the floodgates and set up
David Silva for the third before cap-
ping a dazzling half-hour cameo with
a thunderous 30-yard strike in stop-
page time.
Yet Mancini insists Aguero is not
yet at his best following a gruelling
summer of international duty.
I think he needs to recover as he
only finished the Copa America three
weeks ago. He needs another two to
three weeks to be 100 per cent,
maybe, said Mancini. For me hes a
fantastic striker, young, and hes
going to be a fantastic player for us.
An emphatic win propelled City to
joint top of the Premier League after
their opening fixture, while they
have already stolen a march on rivals
Chelsea, Liverpool and Arsenal, who
all drew. I am delighted with this
performance, Mancini added. In the
first half Swansea played very well.
We had some problems, then we
pressed them and had some chances
and in the end I am very happy.
MATCH REPORT: PAGE 22
Mancini hails debut hero Aguero
as Man City hammer Swansea
FOOTBALL
BY FRANK DALLERES
FOOTBALL
AN EMOTIONAL Cesc Fabregas hailed

Arsene Wenger as the best person I
have met in football and urged
Arsenal to keep faith with their
under-fire manager after completing
his 35m move to Barcelona.
The former Gunners captain, who
yesterday ended a three-year saga by
signing a five-year contract at Barca,
revealed he broke down when saying
goodbye to Wenger on Friday.
He has been like a father figure,
said Fabregas, 24, who was signed by
Wenger as a 16-year-old and fast-
tracked into Arsenals first team.
I couldnt even talk when I wanted
to say how grateful I was for what he
has done to me, so I had to send a
message afterwards saying thanks for
everything. I went from being a boy to
a man and they gave me absolutely
everything in football.
Wenger has come under fire follow-
ing six years without a trophy, but
Fabregas, who called not lifting a cup
as captain his biggest regret, urged
faith in the Frenchman.
If Arsenal want to keep being the
club theyve been, they must always
remain under his control because
hes the best and everyone respects
him, he said. Hell always be the
best person I have met in football.
Fabregas also backed former team-
mate Jack Wilshere, 19, to be England
captain in the next two or three
years there is no doubt.
Barcelona will pay Arsenal an ini-
tial 25.5m in two instalments this
year, plus 4.4m over the length of his
contract and up to 4.4m depending
on the clubs success in that period.
Fabregas:
Wenger still
right man
for Gunners
FOOTBALL
ARSENALS wretched summer

lurched to a new low yesterday when
unsettled star Samir Nasri lashed out
at Gunners fans on Twitter and the
Football Association hit the club with
two disciplinary charges.
It came on the same day the north
Londoners finally lost their inspira-
tional captain Cesc Fabregas to
Barcelona and as they prepare for
tonights crucial Champions League
play-off fixture against Udinese.
Nasri, who is close to join-
ing Manchester City after
refusing to sign a new
contract at the Emirates
Stadium, posted a mes-
sage slamming support-
ers who sang derisory
chants about him on
Saturday at Newcastle.
I heard what the fans
were singing about me on
Saturday and it is really disre-
spectful because Im still a (sic)
Arsenal player, wrote the Frenchman
(inset), who has become increasingly
unpopular with supporters.
The FA, meanwhile, charged mid-
fielder Alex Song with violent con-
duct for appearing to tread on
Magpies midfielder Joey Barton in the
bad-tempered 0-0 draw at St James
Park. He faces a three-match ban if
found guilty. They also charged
Arsenal and Newcastle with failing to
control their players in the fracas that
saw Gervinho sent off for slapping
Barton. The Gunners have appealed
Gervinhos three-match ban and a
hearing will be held today. If both he
and Song are given the full punish-
ment they will miss matches against
Liverpool, Manchester United and
Swansea.
The developments add to the sense
of gloom surrounding Arsenal ahead
of tonights play-off first leg at home
to Udinese a match that
could have huge repercus-
sions for their season.
Failure to qualify for
the group stages would
cost the Gunners at
least 20m and do
major damage to the
clubs ability to attract
top players.
That issue is all the
more pressing following the
much-anticipated departure of
Fabregas, which Wenger called sad
but said could not distract them from
this evenings game.
What is important is to focus on
our targets and we wish good luck to
Cesc, who is a great player, one of the
best players in the world, Wenger
said. Life goes on and we want to
show we have the needed desire and
strength to deal with the situation.
Nasri Twitter
row heaps
more misery
on Arsenal
BY FRANK DALLERES
FOOTBALL
Sport
SAM TORRANCES
US PGA REVIEW
RYDER CUP CAPTAIN
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