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BUSINESS WITH PERSONALITY
MORE BLACK CABS THAN
TRIES AT TWICKENHAM
FSA targets
brokers for
insider cases
THE FSA has written to 190 brokers
demanding explanations for why
they have failed to flag up enough
suspicious trades to the City
watchdog and warning they could
face visits from enforcement offi-
cers as a result.
The letters, sent in April, are part
of a wider FSA crackdown targeting
not just those leaking and trading
on inside information, but even
those executing the trades.
The watchdog selected the firms
on the basis that of the millions of
trades they have recorded carrying
out, they have sent in few or no sus-
picious trading reports (STR) flag-
ging up notable activity like trades
carried out just before price-sensi-
tive announcements by a company.
The firms receiving the letters are
mostly large brokers with institu-
tional clients or funds like invest-
ment banks and asset managers.
Although the letters are not aimed
at fishing for enforcement cases,
they could result in enforcement
officers visiting a firm and forcing
brokers to retrain their staff and
offer up more information such as a
near-missed log of unusual trades.
The move is a significant escala-
tion of the FSAs war on insider trad-
ing and follows on from the David
Einhorn/Punch Taverns case, in
which the FSA fined Caspar Agnew,
a JP Morgan trader who executed a
share sale for Einhorn, because he
did not flag the trade as suspicious
after Punch unveiled a rights issue.
Ruth Gevers, a director at
Promotory and former FSA officer
said the FSAs aggression means
people who want to comply with
the regime worry about how they
can be sure they will always comply.
David Cameron told Eurozone leaders to act fast if they want to hold the currency together
DAVID Cameron will today warn that
Greece is on the brink and the sur-
vival of the euro is in question, thanks
to a crisis that never really went
away.
The Eurozone is at a cross-roads,
he will say in a major speech on the
economy. It either has to make-up or
it is looking at a potential break-up.
The stark warning came as business
leaders warned of severe consequences
for the economy and Mervyn King
revealed the Bank of England is plan-
ning how to respond to the break-up of
the Eurozone, which looks increasing-
ly likely as Greece may elect an anti-
bailout government next month.
Britains economy has already been
hit hard by the crisis, with exports
affected and banks exposed to any col-
lapse, but worse is yet to come with
King warning of a storm.
Any solution will be expensive,
Cameron told the Commons yesterday,
as [Europe] has got to build a proper
firewall, it has got to take steps to
secure the weakest members of the
Eurozone, or it is going to have to... go
in a different direction.
King used unusually blunt terms,
saying the Eurozone is tearing itself
apart, without any obvious solution.
As a result, he said the Bank is work-
ing with the Financial Services
Authority and Treasury to work out
how to limit the fallout from a
Eurozone exit, and that the Financial
Policy Committee is considering the
www.cityam.com FREE
impact on the banking system.
Standard Chartereds head of Europe
Richard Holmes said he is planning for
a Greek exit: We have a task force try-
ing to figure out what is the impact of
this. For example we clear euro dol-
lars through Frankfurt so if theres a
redenomination of part of that flow
then we are equipped to handle that.
Although King refused to be drawn
on the specifics, economists said a
Greek exit could mean more loosening
is on the way despite high inflation.
The key transmission channel here
is the contagion through financial
markets and in particular the funding
costs of the UK banks, said RBSs
Richard Barwell. The logical conclu-
sion is that the MPC is signalling it is
close to expanding QE.
ECB boss Mario Draghi also acknowl-
edged the prospect of an exit, but said
his strong preference is that Greece
will continue to stay in the Eurozone.
Meanwhile Michael Spencer, head of
inter-dealer broker Icap and a former
Tory treasurer, said his firm is ready to
trade in drachmas within days if
Greece pulls out of the euro.
I dont think it will happen next
week but I think it will happen. The
inclusion of Greece in the euro project
was a profound error and will come
back to haunt us, he said.
Investors continued to move into safe
haven assets, pushing British 10-year
borrowing costs down to 1.88 per cent.
Greek and Spanish stocks both fell 1.33
per cent, German shares fell 0.26 per
cent, and the FTSE lost 0.6 per cent.
FTSE 100 5,405.25 -32.37 DOW 12,598.55 -33.45 NASDAQ2,874.04 -19.72 /$ 1.59 unc / 1.25 unc /$ 1.27 unc
BY TIM WALLACE, JULIET
SAMUEL AND PETER EDWARDS
CAMERON: EURO
IS ON THE BRINK
ISSUE 1,634 THURSDAY 17 MAY 2012
HOW BOOTS
BECAME KING
OF THE HIGH ST See Page 3
EXCLUSIVE
BY JULIET SAMUEL
MORE EUROZONE: Page 4

Certified Distribution
02/04/2012 till 29/04/2012 is 100,668
G
E
T
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See
Page
7
FACEBOOK FLOAT BOOST
SOCIAL NETWORK TO SELL 25 PER CENT MORE SHARES
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
Fed to stick with current policy
Several Federal Reserve
policymakers last month thought the
US central bank might need to do more
to prop up the economy if the recovery
stumbles, but there was almost no
support for extending its so called
Operation Twist programme, due to
end in June. Minutes of the Feds most
recent policy-setting meeting, released
last night, suggested officials were
inclined to stay their current course,
given a moderately expanding
economy and a seemingly improving
employment market. But while half
saw risks to the outlook as broadly
balanced, nearly all the rest saw dark
clouds on the horizon, both at home
and abroad. Participants identified
several downside risks to the projected
pace of economic expansion, including
the fiscal and financial strains in the
euro area and the possibility of an
abrupt fiscal consolidation in the US,
the minutes said.
ICAP in talks to buy Plus Markets
The worlds largest interdealer
broker by market capitalisation ICAP
is in talks to buy Plus Markets Group
the UK exchange for fledgling
companies. The London-based broker
has been talking to the Financial
Services Authority and the Plus board
about a deal that would initially
preserve the quotations of the 156
companies traded on the market,
according to the Financial Times. Plus
Markets Group is planning to close
after failing to secure a buyer, and
without a deal it faces going private or
seeking other trading facilities.
Inflation will be above
target until mid-2013
INFLATION will stay above target for
another year, the Bank of England
warned yesterday, while Britains
economic growth will be even weak-
er than it expected just a few
months ago.
Households will keep suffering
under soaring prices all year, with
inflation only expected to fall back
to its two per cent target in the mid-
dle of 2013, the May Inflation Report
predicted.
Governor Mervyn King argued that
he could have taken steps to cut run-
away inflation over recent years, but
only at the price of higher unem-
ployment and even lower economic
growth.
Price rises are falling more slowly
than expected because of rising util-
ities bills and oil prices, but the grad-
ual overall downward trend in
inflation should continue because
of weak pressures from domestic
factors like wages.
However, the Bank still expects
inflation to fall below target in 18
months to two years time, which
economists believe could mean
more policy loosening is on the way.
We assume that some MPC mem-
bers, given this forecast, actually
voted for extra quantitative easing
(QE) last week, said Citis Michael
Saunders.
WORKERS took another beating in
quarter one as prices increased far
faster than wages, official data
showed yesterday, which will
continue to drag down consumer
spending and economic growth.
Pay in the quarter was just 0.6
per cent higher than in the same
period of 2011, the Office for
National Statistics (ONS) revealed
while prices rose 3.5 per cent in the
year to March, leaving the average
worker 2.9 per cent worse off.
Bonuses led the slowdown,
falling 9.8 per cent, even before
inflation is taken into account.
Public sector workers saw
average weekly earnings rise 0.3 per
cent to 481 a 3.2 per cent real
terms pay cut and private sector
staff saw wages rise 1.3 per cent to
460, a 2.2 per cent real terms fall.
Unemployment fell by 45,000 in
the first quarter to 2.63m, while
employment jumped 105,000.
However, the number of full time
workers fell 13,000 while part time
employment rose 118,000.
As a result, economists believe
the recovery will remain weak.
With unemployment still high,
people worried about job security
and real pay falling, there still
seems little prospect that consumer
spending will do anything other
than act as a drag on the economy,
said Chris Williamson from Markit.
Falling real pay
holds back UK
GDP recovery
2
NEWS
BY TIM WALLACE
BY TIM WALLACE
To contact the newsdesk email news@cityam.com
I
T is good to see Sir Mervyn King
and David Cameron both being a
little more open about the
possibility of a Greek default. We
need realism, not delusion, from our
central bankers and politicians; and
it is looking more likely by the day
that Greece will elect a rabidly anti-
austerity government next month,
default on its debts and exit the euro.
Yesterdays inflation report from the
Bank of England was inevitably a
damp squib: even approximate
forecasts are impossible until we gain
greater visibility on the Eurozones
great unravelling. Even the reduced
UK growth forecast of 0.8 per cent for
2012 could end up being over-
optimistic.
Will a Grexit be containable or will
it be a Bear Stearns, a dry run which
ends up precipitating a new Lehman
Brothers that takes down the whole
EDITORS
LETTER
ALLISTER HEATH
Eurozone break-up will be traumatic but is now inevitable
THURSDAY 17 MAY 2012
EU economy? The realistic best-case
scenario is somewhere in between
but nobody really has a clue, so fancy
forecasts are useless. The fact that the
Bank of England has assigned, some-
what ludicrously, a tiny but non-zero
probability of UK growth hitting near-
ly six per cent by 2014 and 2015 shows
that there is something very wrong
with its fan chart forecasts.
But while the short-run pain from
countries exiting could be immense,
the consequences for them of staying
in would be worse long run. The main
reason why the euro needs to break
up is because many of its current
members allowed their competitive-
ness to deteriorate disastrously both
before and after they joined the sin-
gle currency. Prices and costs rocketed
in some countries; in the past, this
might have triggered a drop in their
exchange rate. Tragically, they dont
have the internal political strength to
slash their costs and regain their com-
petitiveness the hard way. Politicians
told their electorates so often that
they would be able to have their cake
and eat it that reforms have now
become politically impossible.
The result is that the euro helped
create a huge current account surplus
in parts of the region and a huge cur-
rent account deficit in other parts,
with capital flowing in the opposite
direction. An analysis by Doug
meant than any debt denominated in
euros was safe. It was thus claimed
that the single currency had achieved
a free lunch: lower interest rates for
all countries, without damaging the
credit of strong countries. But the low
rates in periphery countries, includ-
ing Spain and Ireland, helped fuel
property bubbles.
The cost of euro break-up will range
from 2 to 5 per cent of Eurozone GDP,
the CEBR estimates, and could even
reach $1 trillion at worst, depending
on whether it is orderly and on how
many countries leave. But whatever
the cost, growth will be faster after-
wards than it would be under the cur-
rent set of policies. Intense disruption
could be imminent its time to fas-
ten your seatbelts.
McWilliams of the Centre for
Economics and Business Research
(CEBR) reveals that since 2000 Greece
has lost 24 per cent of its export mar-
ket share (from an already low base),
France 20 per cent and Italy 18 per
cent. Germanys share has risen by 23
per cent. The German current
account surplus this year is likely to
be about $180bn. It has been the great
winner from the euro; the single cur-
rencys collapse against the dollar in
recent days is giving its exporters yet
another boost.
The euro fuelled another problem
that is now unravelling. The yield pre-
mium to compensate for the risk of
investing in euro-denominated bonds
issued by a weak country compared
with those issued by a strong country
kept on narrowing. Investors started
to believe that there was a single
European government, and that this
It may be that the majority did not
wish to surprise markets with extra
QE last week, but chose instead to soft-
en expectations with the lower infla-
tion forecasts first in order to be
ready to expand QE soon (perhaps in
June or July) if needed.
Meanwhile the
Bank cut its GDP
growth forecasts to
around 0.8 per
cent for 2012, down
from 1.2 per
cent in its
forecasts
t h r e e
months
ago.
K i n g
ma i n -
tained
t h e
econo-
my should recover in coming years to
achieve growth rates of two to three
per cent in 2013 and 2014, but said the
ongoing squeeze on household
incomes and the pressure on bank
funding conditions from the renewed
Eurozone crisis have also hit growth.
The Bank also suggested the UK may
have avoided a technical recession
falling unemployment and positive
survey data mean it expects the first
quarters GDP figures to be revised up
but did warn that the second quar-
ter will remain weak.
In particular, the Inflation Report
estimated the additional Diamond
Jubilee bank holiday could knock
0.5 percentage points from the GDP
figure in the quarter.
Ination will be higher than previously expected
1
-2
-1
0
2
3
4
5
6
7 % increaseinpricesonayearearlier
2008 10 12 14 15 13 11 09
Mervyn King expects high
inflation for another year
The Bank cut its GDP growth forecast
2008 10 12 14 15 13 11 09
4
-4
0
2
-2
6
-6
8
-8
Bankestimatesofpastgrowth Projection
ONSdata
Google unveils search results rejig
Google is preparing the biggest overhaul
of its search results in five years, in a
change likely to draw more fire from rivals
amid intensifying antitrust investigations
into the company. The new service will
present users with detailed information
about more than 500m real world items
rather than passing them on to another
website to find an answer.
Shell warns on US gas bounce
Royal Dutch Shell expects US natural gas
prices to double by 2015, rebounding
strongly from the 10-year lows they have
hit as a result of the shale gas boom as US
domestic demand for the fuel grows.
HMRC faces quest for new tax chiefs
Four of the top five civil servants in
Revenue & Customs are set to leave this
summer in a spate of departures that will
strip the department of its most
experienced tax professionals. Three of
the HMRCs five commissioners are
planning to retire. A fourth, Steve Lamey,
director-general for benefits and credit, is
leaving to work in the private sector.
Builder reduces back office jobs
Britains largest contractor is to cut 650
jobs in response to the downturn in the
building industry. Balfour Beatty, which
helped to build Heathrow Terminal 5, is to
reorganise its British construction services
business into three divisions.
Preparing to dance in the Steel City
The British high-tech industry is set for a
shot in the arm when a software business
conceived in Silicon Valley but raised in
Sheffield announces its intention to float
on AIM today. It intends to raise 10m.
Britain exports pigs to China
Britain is sending thousands of pigs to
China in a bid to boost exports and exploit
Chinese peoples love of offal and pork.
Cost of bureaucracy on the rise
The cost of red tape has actually risen for
businesses and some Whitehall
departments have not scrapped a single
regulation in the last 18 months.
Regulation has cost companies an extra
18.5m since the start of 2011, even
though ministers are meant to scrap one
rule for every new one they introduce.
Skechers settles over false advert
Skechers USA will pay $50m to resolve
federal and state allegations that it
deceived the public by making unfounded
claims that its toning shoes would help
consumers tone muscles and lose weight.
GE Capital resumes paying dividend
For the first time in three years, General
Electric will again be able to take cash out
of its hulking finance arm. GE Capital, one
of the countrys top lenders, will pay its
parent GE a $475m quarterly dividend.
WHAT THE OTHER PAPERS SAY THIS MORNING
The new jobs website for London professionals
CITYAMCAREERS.com
The C-Class Coup AMG Sport.
From just 299
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Visit mercedes-benz.co.uk/oers
*For Business Users only. Advance payment applies. Ocial government fuel consumption gures in mpg (litres per 100km) for the C-Class Coup range: urban: 15.5(18.2)-44.8(6.3), extra urban: 33.6(8.4)-
65.7(4.3), combined: 23.5(12.0)-55.4(5.1). CO2 emissions: 280-133 g/km. Model featured is a C 180 BlueEFFICIENCY AMG Sport Coup at 31,580.00 on-the-road with optional panoramic glass sunroof at 1,350.00 (on-the-road price includes VAT, delivery, 12 months Road Fund
Licence, number plates, rst registration fee and fuel). *All payments subject to VAT: Finance based on a C 180 BlueEFFICIENCY AMG Sport Coup with metallic paint on a 36 month (6+35 prole) Contract Hire agreement, excluding maintenance, with an advance payment of 1,794.00. Based on 10,000 miles per annum.
Excess mileage charges may apply. Rental includes Road Fund Licence for the duration of the contract. Written quotations available on request including alternative contract lengths and mileages. Guarantees and indemnities may be required. Available on C-Class Coup models ordered/credit approved
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Mercedes-Benz Financial Services UK Limited, MK15 8BA. Prices correct at time of going to press 05/12.
A

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WILLIAM Hague was told last night
that businesses are doing all they
can to grow the economy and do
not need the government to crack
the whip.
Sir Roger Carr, president of the
CBI, told guests at the
organisations annual dinner that
there are no whinging
businessmen here only engaged
and positive people advocating a
more constructive approach to
solving the nations greatest
challenge growth.
The foreign secretary was
criticised this week for saying firms
should stop complaining and that
Theres only one growth strategy:
work hard.
But Carr said businesses were
doing their best to grow the
economy, even though they needed
the government to implement more
business-friendly policies.
Outlining several hard truths,
he said there is a need to fight the
sense of entitlement at all levels
and fix an education system that is
failing young people and failing the
country as a whole.
We have to earn our way in the
world, be smart enough to know
what we are good at, brave enough
to reach out to new markets, bright
enough to develop new products,
and driven enough to beat the
competition, he added.
Hague told UK
firms are trying
to boost jobs
BY JAMES WATERSON
G
E
T
T
Y
FACEBOOK yesterday increased the
number of shares on sale by a quarter,
setting itself up for a possible $18.4bn
(11.6bn) flotation tomorrow.
The social media behemoth added a
further 96.4m shares to its offering,
bringing the total number on sale to
484.4m,
At the higher end of the $34 to $38
price range, the flotation could
raise $18.4bn.
Several of the websites early
investors have decided to cash
in on the overwhelming
demand for Facebook shares,
which led several brokers to
close their books early.
Goldman Sachs,
which invested
$450m in Facebook
just last January,
has more than dou-
bled the number
of shares it is sell-
ing from 13.2m
to 28.7m. At the
mid-range price of
Early Facebook
investors to sell
bigger stakes
BY LAUREN DAVIDSON $36 per share, Goldman Sachs, which
will also rake in the cash from co-
underwriting the IPO, would pocket
$1bn from the sale.
Peter Thiel, one of the social net-
works earliest investors, will cut his
2.5 per cent stake to less than one per
cent by selling 16.8m shares, up from
the previous allotment of 7.7m.
DST Global, the internet investment
firm owned by Russian tycoon Yuri
Milner, will now offload a quarter of
its stake 45.7m shares up from
26.3m while hedge fund Tiger
Global has increased its offering sev-
enfold to 23.4m shares.
The new structure of the flotation
slightly cuts Mark Zuckerbergs vot-
ing control from 57.3 per cent to
55.8 per cent.
Facebook is set to unveil its
IPO pricing today ahead of its
Nasdaq debut tomorrow,
when the share price is
expected to balloon.
JP MORGAN has been hit by two
separate lawsuits from
shareholders accusing it of
excessive risk-taking following last
weeks revelation of a $2bn trading
loss due to a failed hedge
strategy.
Jamie Dimon, JP Morgans
chairman and chief executive, and
Douglas Braunstein, the banks
finance director, are accused of
breaching fiduciary duty to
investors and wasting corporate
assets in a suit filed in New York by
Californian shareholder James
Baker. In a second lawsuit filed by
JP Morgan hit by two investor
lawsuits over $2bn trading loss
BY KATIE HOPE asset management firm Saratoga,
the firm is accused of making
materially false and misleading
statements and omissions about
the trades when asked about them
by analysts in April. At the time,
Dimon described them as a
tempest in a teapot.
Defendants misrepresented the
losses and risk of loss to the
company, the complaint said.
The lawsuits were filed as it
emerged that the banks asset
management division had been
betting against the position taken
by its chief investment office,
exacerbating the $2bn loss.
JP Morgan declined to comment.
3
NEWS
cityam.com
JP Morgan, headed by Jamie Dimon, has been accused of excessive risk-taking
Mark Zuckerberg will control
55.8 per cent of Facebook,
down from 57.3 per cent.
A CHANGE to the liquidity support
offered to Greek banks by Brussels
prompted more worries over the
future of the Eurozone yesterday,
while the troubled Mediterranean
state announced that its emer-
gency government would be head-
ed up by a judge until fresh
elections on 17 June.
Greek President Karolos Papoulias
named council of state head
Panagiotis Pikrammenos as caretak-
er prime minister. It is feared that
he will be replaced by a far-left anti-
bailout leader next month, with
polls showing that pro-bailout par-
ties are increasingly set for a ham-
mering.
Investor concerns over the likeli-
hood of Greece crashing out of the
single currency areas are escalating
the political turmoil.
And markets were spooked further
yesterday by reports that the ECB
was switching Greek banks from
one liquidity scheme to another,
mistaking the move for the cutting-
off of funds to the countrys lenders.
The confusion arose because the
banks have run out of collateral
that is eligible for the Banks nor-
mal liquidity provision, forcing
BY JULIET SAMUEL
AND JULIAN HARRIS
them to switch to the Emergency
Liquidity Assistance programme
(ELA), until the Eurozone bank
bailout capital that was agreed in
March arrives. The ELA has lower
standards for collateral but requires
more of it in return for funds.
Once the 48bn in capital, which
takes the form of bonds issued by
the European Financial Stability
Facility, is handed over to the banks,
they will switch back to the ECBs
normal liquidity scheme.
However, the incident highlighted
the fragility of the Greek banking
system and their heavy reliance on
help from Frankfurt.
The euro traded near break-even
and banks dragged down Europes
top shares to close lower in choppy
trade on worries over the stability of
the Eurozone.
People are waiting to see what
will happen with Europe; the line in
the sand for taking some kind of
action is getting closer, said Reed
Choate, of Neville, Rodie & Shaw in
New York.
Choate said efforts by German
Chancellor Angela Merkel and new
French President Francois Hollande
to quell talk of a possible Greek exit
from the euro were positive, but the
reported withdrawal of ECB funding
still weighed on markets.
DO YOU THINK GREECE WILL LEAVE
THE EUROZONE? Interviews by James Waterson
No. I think politicians will stand up and theres
still a solution. There have been some steps
made already by Merkel and Hollande and theres a pos-
sibility for Greek politicians to agree on something.
These views are those of the individuals belowandnot necessarily those of their company
EDUARDO DE SOUZA
COMMERZBANK
Probably. The Greeks want to stay in but they

dont want the austerity measures. I think
contingency plans are being worked on. Id guess eventu-
ally the Greeks will leave and perhaps a couple of others.
JOHN FARNSWORTH
NOBLE
Yes. The countrys bankrupt and they cant
carry on the way they are. The only way they
could save it is if they get a coalition together and agree
to the austerity measures and thats not going to happen.
ANDREW
THOROGOOD
METDIST
EU consumers cut back on cars

INFLATION stayed high in the
Eurozone in April, official figures
showed yesterday, while
manufacturing took a blow from
plummeting car registrations.
Consumer prices rose 2.6 per
cent in the Eurozone in the year to
April, according to Eurostat.
The figure is down slightly on
the 2.7 per cent in the previous
month, but still well above the
European Central Banks two per
cent target, limiting the Banks
ability to stimulate growth.
Meanwhile new passenger car
registrations in the EU fell to
1.02m in April, the European
Automobile Manufacturers
BY TIM WALLACE
Association reported a 6.9 per
cent drop on the year.
Nissan reported a fall in sales of
21.1 per cent in the month, while
Renault saw a drop of 17.1 per cent.
However, the currency union did
increase exports in the first
quarter, providing an additional
source of economic growth the
trade in goods balance rose to
8.6bn (6.87bn) in March, up from
1bn in the same month of 2011.
A four per cent rise in exports
was largely responsible, and now
stands at 164.9bn though
economists warned demand from
key market China could be shaky in
coming months.
While Eurozone export growth
is predicated upon more than
exports to China alone, nonetheless
these global developments do
suggest that the outlook for euro
area exporters is likely to be
cautious until global demand re-
accelerates, warned Barclays
Julian Callow.
CITYVIEWS
New passenger car registrations in the EU
Apr11 Apr12 Feb12 Jun11 Aug11 Oct11 Dec11
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%
c
h
a
n
g
e
y
e
a
r
-
o
n
-
y
e
a
r
THE Spanish government is today
expected to appoint independent
firms to assess the true valuation of
its real-estate exposure in a last-
ditch bid to address concerns over
the health of its banking sector.
Oliver Wyman and BlackRock
will compare the book value of
loans to their market value as well
as their potential value if the real
estate market falls further,
according to the FT.
The appointments come ahead of
fears over the success of todays
auction, where the Spanish
Treasury aims to sell between
1.5bn and 2.5bn of sovereign
bonds expiring in 2015 and 2016.
The risk premium investors
BY KATIE HOPE demand to hold Spanish over
German debt rose over 500 basis
points yesterday. And Prime
Minister Mariano Rajoy warned
that the Treasury faced trouble
financing itself at a reasonable rate
following the recent spike in yields.
World Bank president Robert
Zoellick said yesterday a decision by
Greece to leave Europes common
currency zone could have a similar
impact to Lehman Brothers 2008
collapse. The core question will be
not Greece, but Spain and Italy, he
said. Where the danger comes in is
when events come and they start to
affect confidence and you get
illiquidity moments, and illiquidity
moments start to mean something
begins to tumble, whether its
companies or banks, he said.
4
NEWS
cityam.com
New Greek PM
greeted by fear
over ECB funds
Spain to calculate property
exposure as auction looms
BOTTOM
LINE
DAVID CROW
CLINTON Cards will close 350 stores
across the UK, leading to the loss of
2,800 jobs, administrators Zolfo
Cooper revealed yesterday.
The high street retailer entered
administration on 9 May after
defaulting on loan repayments.
Zolfo Cooper yesterday said
Clinton Cards is burdened with an
untenable retail estate and 350 of
its 784 stores nationwide will
regrettably close.
The scheme, which will hit all of
the Birthdays stores and about 200
shops under the Clinton brand, will
begin closing next week and
continue into June.
Clintons set to
shut 350 shops
BY LAUREN DAVIDSON
ALLIANCE BOOTS executive chair-
man yesterday praised the coalitions
friendly attitude to business but
warned that broader anti-business
public environment could drive com-
panies away.
The drugs company and owner of
Boots the chemist, moved its head-
quarters to Switzerland shortly after
Stefano Pessina and private equity
firm Kohlberg Kravis Roberts took
the group private in in 2007 for
11bn.
It came under fire from protest
groups such as UK Uncut last year for
avoiding tax in the UK.
Pessina said he wel-
comed the govern-
ments move to cut
corporation tax but
said: My only regret
is that the atmos-
phere in the
UK is
becom-
i n g
a n t i -
b u s i -
ness.
Alliance Boots
chair: UK is not
pro-business
BY KASMIRA JEFFORD
This is not a good thing, because
investment means jobs and thats
what we need in this country, he
said, adding that the company had
invested over 1bn in the UK over the
past five years.
There are countries where we have
not invested 1 for 10 years or more,
he said.
His comments came as the group
said trading profits jumped 12.4 per
cent to 1.2bn in the year to 31 March
on sales up 18.4 per cent to 23bn.
The pharmaceutical wholesale divi-
sion, which supplies medicines to
more than 160,000 pharmacies and
hospitals in 21 countries, saw rev-
enue rise by 27.9 per cent on the back
of acquisitions in Turkey, Germany.
Trading profit at Boots UK, which
has 2,500 sites, rose by 5.2 per cent to
750m, boosted by a strong perform-
ance across its beauty and toiletry
division.
But the continued squeeze in con-
sumer spending and the gov-
ernments decision to cut
the amount it reimburses
for medicines caused like-
for-like sales to fall 1.1 per
cent.
Winning formula of a high street chemist
W
HEN I was growing up in
south east London in the
1990s, there was very little in
the way of decent shops on
the nearby Penge high street. The
proliferation of betting and pound
shops, which would eventually blight
most shopping precincts, was already
well-advanced. There were just a few
of the chains that you would find in
more prosperous areas: a Clinton
cards; a Woolworths; and a Boots.
Now there is only one. Indeed Boots
has hardly closed any stores during
what has been a truly disastrous
downturn for retailers. Last year, like-
for-like sales at UK Boots stores open
for a year or more fell by 1.1 per cent,
but the talk at yesterdays press
conference with executive chairman
Stefano Pessina was all of expansion.
So what is the secret? Well, it
certainly isnt the revenue Boots
makes by dispensing prescriptions,
which fell by 1.6 per cent last year
even as volumes jumped by 1.9 per
cent. The government has cut the
subsidy it gives to pharmacies while
the replacement of branded drugs
with cheaper generic ones a
byproduct of the patent cliff that
has big pharma in such a panic
has also pushed down revenues. Nor
is it the sale of non-prescription
drugs for coughs and colds, which
dropped last year thanks to a
relatively dry winter. Despite its best
efforts to punt remedies for more
modern ailments such as stress and
insomnia, like-for-like sales in retail
health fell by 2.4 per cent.
It was an incredibly strong
performance in its beauty and
toiletries arm that saved the year; if
it werent for a 2.2 per cent jump in
like-for-like sales here, Boots overall
performance would have been much
worse. And it is this division, rather
than prescriptions or paracetamol,
that is a true yard-stick of how good
a retailer Boots is.
Part of the reason is that toiletries
are a pretty resilient category;
things might be tough but most
people havent got to the point
where theyre willing to go without
deodorant and shampoo. That is
only part of the answer though.
Boots has stiff competition in the
form of the supermarkets for pretty
much everything it sells, from
nappies to lipstick.
Rather it is the combination of a
major draw in the form of a
dispensing chemist, a resilient
product category, and some very
good retailing that has kept a Boots
on every high street. Its just a
shame it is so lonely these days.
Stefano Pessina said
his firm invests in
lower-taxed areas
JOHN Lewis, the UKs biggest
department store, yesterday raised
sales guidance after outperforming
a flat retail market in its first
quarter and said the economy is on
course for a slow recovery, despite
a recent dip back into recession.
In the quarter to 28 April the group
saw sales growth of 12.2 per cent,
equal to like-for-like growth of
about seven per cent, well above the
flattish overall market.
John Lewis ups
sales outlook
BY CITY A.M. REPORTER
BUDGET fashion and homeware
retailer Matalan defied the retail
gloom to post a 1.9 per cent rise in
full year sales to 1.1bn.
The company said despite solid
results, margins were hit by discount-
ing, VAT increases, and its decision
not to pass on higher input prices to
customers.
Earnings before interest, tax, depre-
ciation and amortisation of 91.1m
compared with 153.6m last year.
Matalan posts
solid results
BY KASMIRA JEFFORD
7
NEWS
cityam.com
david.crow@cityam.com
Follow me on Twitter: @davidcrow83
I AM
THE MERCHANT.
I ENTERTAIN MANY
GUESTS, BUT NONE
AS ESTEEMED AS
MY DELICIOUS
GUEST ALES.
PROFITS at the London Metal
Exchange (LME) fell 19 per cent last
year, as higher costs and
investments outweighed a sharp rise
in trading volumes.
The results come as three major
exchanges CME Group, Hong Kong
Exchanges and Clearing Limited,
and Intercontinental Exchange
compete to buy the LME, the worlds
largest metals marketplace. The
exchange has been independently
valued at 1bn.
The exchange disclosed it would
pay Moelis & Co, its financial
adviser, a 3.5m fee plus 0.5-0.7 per
cent of the valuation of the
exchange if it is sold.
According to figures in the LMEs
annual report, revealed by the
Financial Times, revenues at the
LME rose by a fifth last year.
That was on the back of a 22 per
cent increase in trading volumes in
its contracts, which serve as global
benchmarks for metals such as
copper, aluminium and zinc, but
net profit fell from 9.5m to 7.7m
on the back of higher costs.
Takeover target London Metal
Exchange reports falling profits
THE City regulator has stepped up its
war on directors by banning a top bro-
ker after he was savaged in a High
Court poaching trial.
Tony Verrier, a senior executive at
BGC Partners, faces a lifetime ban
from working in the City after the
Financial Services Authority said he
was not a fit and proper person due
to concerns over his honesty, integri-
ty and reputation,
The ruling follows a high profile
trial which found Verrier, dubbed the
pied piper, poached 10 staff from
rival and former employer Tullett
Prebon and then evaded the truth
with equanimity and adroitness in
his evidence.
Verrier, 48, contests the FSAs deci-
sion and will appeal at independent
judicial body the Upper Tribunal.
The origins of the case go back to
August 2008 when Verrier, a protg
of Tullett boss Terry Smith, told the
firm he was leaving to go to work for
BGC. Days later he told Tullett that he
considered he had been constructive-
ly dismissed, and Tullett took him to
court.
In 2010, however, the High Court
ruled that BGC, its president Shaun
Lynn and Verrier, had conspired to
induce 10 Tullett brokers to defect.
Verrier stuck to the truth where he
was able to, but departed from it with
equanimity and adroitness where the
truth was inconvenient, said Mr
Justice Jack at the time.
Verrier was also found to have lost
or disposed of eight blackberries to
cover his tracks in the twelve months
he was trying to poach Tullett brokers.
BGC failed in an appeal early last
year. It settled with Tullett in a sepa-
rate hearing last April.
Tracey McDermott, FSA acting direc-
tor of enforcement and financial
crime, said yesterday: In light of the
High Courts findings about Verriers
conduct, we have concluded that he is
not fit and proper to be in the UK
financial services industry.
The FSA register shows Verrier was
de-listed in the UK in September.
Sources said he was now working for
BGC overseas.
The firm did not return calls and
Tullett declined to comment.
Tony Verrier is now believed to be working abroad for BGC Partners
PROFILE: BROKERS AT WAR
9
NEWS
cityam.com
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Broker Verrier
banned after
poaching saga
BY PETER EDWARDS
AUGUST 2008
Tony Verrier tells Tullett Prebon he is
resigning as chief operating ofcer in order
to join rival BGC Partners.
SEPTEMBER 2008
Tullett begins legal proceedings against
Verrier in an attempt to prevent him work-
ing for BGC until the following summer.
NOVEMBER 2008
Verrier agrees not to start work for BGC
until January 2009.
DECEMBER 2008
Verrier arranges to have dinner with an
unnamed person from Tullett. The meeting
is later ruled to be plainly part of the
recruitment exercise.
JANUARY 2009
Verrier starts work for BGC as executive
managing director and general manager,
with duties including recruitment
FEBRUARY 2009
13 Tullett staff tell the rm they have agreed
to jump ship to BGC when allowed to do so by
their existing contracts. Three staff later
decide to remain in their positions.
MARCH 2009
Tullett serves legal papers on BGC. Soon after
10 of the 13 Tullett staff claim they have
suffered constructive dismissal and say they
would join BGC as soon as possible.
MARCH 2010
High Court judge rules that Verrier and others
conspired to induce breaches of contract.
Verrier lost or disposed of eight blackber-
ries, some of which contained inconvenient
material, according to Mr Justice Jack.
FEBRUARY 2011
Court of Appeal dismisses appeal by BGC and
says the original ruling was meticulous.
FEBRUARY AND MARCH 2012
Verrier tells the FSA he poses no risk to UK
market condence, his actions did not break
criminal law and it would be unjust to
base an order on a judges ruling.
MAY 2012
FSA bans Verrier and says he is not a t and
proper person. He says he will take an
appeal to the Upper Tribunal.
Credit subject to acceptance. Credit is provided by external nance companies as determined by DFS. 4 years interest free credit from date of order. Delivery charges apply. After event prices apply from 11.06.12 - see instore or online for details. Mobile charges may apply
when calling 0800 110 5000. DFS is a division of DFS Trading Ltd. Registered in England and Wales No 01735950. Redhouse Interchange, Doncaster, DN6 7NA.
Visit your nearest store, order direct at www.dfs.co.uk or call free on 0800 110 5000 24 hours a day, 7 days a week
4 years interest free credit on everything
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SOFAS
half the price,
all the comfort
IN BRIEF
CCS funding attracts 16 bidders
At least 16 companies are interested
in participating in Britain's 1bn
competition to fund one or more
carbon capture and storage (CCS)
projects, the government said
yesterday, hoping to encourage
competitors to link projects together.
Companies including Shell, National
Grid and Centrica have signalled an
intention to apply for funding but the
government does not expect all
registered bidders to make a full
application by 3 July.
Arden Partners sees better trading
Stockbroker Arden Partners said
yesterday that trading in the first half
had been better than anticipated, and
that its revenues and profit were ahead
of budgets. Since the end of last year
Arden has added 34 brokerships,
taking the average market cap of its
clients to 195m.
Venture capital deal flow falls
Venture capital deals saw a brief
resurgence in 2011 compared to the
previous year, according to data from
Preqin, but have slowed since the start
of 2012. The data provider said the
aggregate value of venture capital
deals increased by 42 per cent between
2010 and 2011, from $33.7bn to $48bn,
but had dropped back by five per cent
in the first quarter of this year. Europes
share of deals has fallen between 2010
and 2012 to date, accounting for 22 per
cent of all deals in 2010, 18 per cent in
2011 and 19 per cent of completed deals
in the year to date.
ICAP chief executive Michael Spencer
said yesterday the broker could be
ready to trade in drachmas within
days and predicted other nations
could follow Greece out of the euro.
Spencer said Icap which posted a
small drop in annual profits is
hypothetically ready for a return to
the drachma next week if Greece
finally leaves the Eurozone.
I dont it will happen next week but
I think it will happen. Inclusion of
Greece in the euro project was a pro-
found error and... there are other
countries that will need to be shed.
Greek exit is inevitable and I
believe it will be a good thing for
Greece in the long-run.
Icap, which works in the bond, for-
eign exchange and swaps market,
posted a seven per cent fall in pre-tax
profits to 217m for the year to 31
March and net profit fell 27 per cent
to 137m, although it posted a four
per cent rise in operating profit at its
electronic business to a record 127m.
Spencer: Icap
ready if Greece
leaves the euro
BY PETER EDWARDS
Total revenue fell three per cent to
1.68bn, as trading levels were down
across the group, with credit and rates
hardest hit, but operating costs were
reduced by four per cent to 1.31bn.
Icap has joined rivals, such as Tullett
Prebon, by cutting costs. It made 20m
of savings over the year, through cut-
ting jobs, overheads and IT, and will
cut a further 50m by the end of
March 2014 through savings mainly in
procurement and IT.
The workforce increased by 200 to
5,100 in the year to 31 March.
Dutch bank ABN AMRO warns
bad loans will continue to rise
NATIONALISED Dutch lender ABN
AMRO reported a 16 per cent drop in
net profit to 454m (363m), hit by a
rise in losses on bad loans due to the
ongoing recession in its home
market.
It was a significant improvement
on the 23m loss seen in the fourth
quarter of last year, when all banks
were hit by a Eurozone credit
crunch.
But ABN AMRO chairman Gerrit
Zalm warned that the recovery
BY JULIET SAMUEL
could be short-lived: As the business
environment we operate in is still
unstable, these first-quarter results
cannot be extrapolated for the
remainder of the year, he said.
Instead, the bank expects
impairments to continue to rise as
they did in the first quarter of this
year. The bank has lost 187m on bad
loans so far this year, 50 per cent
more than during the first quarter of
last year.
But despite a deterioration in
Dutch house prices, mortgage
impairments were relatively stable.
Instead, the rising losses stemmed
from commercial real estate and
consumer loans.
Zalm also warned against the
government raising its banking levy
Holland is one of the few EU
countries other than the UK to have
imposed an extra tax just for banks.
A real concern for the Dutch
banking sector is the recent proposal
to raise the bank tax further, he
said, saying that along with an
avalanche of other regulations, it
will make Dutch banks much less
competitive.
L
A
U
R
A

L
E
A
N
/
C
I
T
Y
A
M
Icap boss Michael Spencer said activity in April and early May was slow
ICAP PLC
15May 16May 10May 11 May 14May
330
335
340
345
350
355 p
335.80
16May
We expect downgrades to consensus full year 2013 revenue forecasts
given the slow start to the year and the possibility of a slow summer. Currently
the consensus range for 2013 revenues is wide: 1.64bn to 1.84bn.
ANALYST VIEWS
HOW IS THE TRADING

SLUMP AFFECTING
BROKER ICAP? Interviews by Peter Edwards
NESE GUNER CITI
SHAREHOLDERS should have the
power to curb bosses pay and set
caps on executive bonuses, the EUs
top regulatory official said
yesterday, adding to pressure on
banks and companies over
excessive management pay deals.
The plan from Michel Barnier,
the European Commissioner in
charge of regulation, could pave
the way for a pan-EU law next year
that would give investors legal
clout to take on Europes executive
elite over pay.
For all listed companies, I
support transparency and
EUs Barnier pushes for binding
shareholder vote on pay deals
increased shareholder
responsibility ... for example ...
mandatory shareholder vote on
remuneration, Barnier said.
International regulators have
already acted to try to restrain
bonus payouts at banks, many of
which were bailed out by taxpayers
after the financial crisis.
And shareholders in Britain and
the US have recently got more
rebellious and voted down large
pay deals for bosses because of
poor performance. Barnier, who
has also campaigned for bonus
curbs, said shareholders should be
given the power to impose such
limits.
11
NEWS
cityam.com
Explore new horizons
from London
Dubai
from
341
Johannesburg
from
515
Buenos Aires
from
663
Return fares, including taxes
Fares quoted are for return economy class ights from London Heathrow via Amsterdam, including taxes and charges, and are subject to change.
Fares are also subject to availability and exchange rate variation. Please check for exact fare at klm.com at time of booking. Book by 12/06/12.
Travel periods vary. Credit card surcharge will apply. Specic booking conditions and the General Conditions of Transportation of KLM and AIR FRANCE
apply. Prices correct at 10/05/12.
We believe the time to buy Icap is when there is the prospect of higher
interest rates in the US... While many believe the banks have restricted their
trading activities as much as they are going to we do not believe this.
JAMES HAMILTON NUMIS

An in line headline set of full year 2012 results but the mix is more posi-
tive than expected. There is good detail on future cost takeout and the dividend
is raised 10 per cent year on year equating to a yield of 6.6 per cent.
DANIEL GARROD BARCAP

IT was a case of glasses of Boisdale
claret all round the other evening as
the clubbable Scottish restaurant cel-
ebrated 10 years at Bishopsgate by
throwing a party for its members
and regulars.
Guest of honour was former chan-
cellor Lord Lamont, who shared his
recollections of life at 11 Downing
Street.
Lamont was introduced to the
guests as the most effective but also
the bravest chancellor since the war.
Boisdale of Bishopsgate has long
been considered by many as the flag-
ship culinary Boisdale experience in
London, even as the group has
grown. Head chef Neil Churchill has
won countless awards for his innova-
tion and expertise over the last seven
years and this dinner reflected his
passion for the best Scottish ingredi-
ents naturally a haggis Scotch egg
was on the menu as well as his con-
siderable skills as one of Londons
finest chefs.
Piper Major Willie Cochrane played
the pipes on the night and enter-
tained guests after the speeches with
Boisdale celebrates a decade
some haunting Highland melodies.
Lord Lamont related that, when
negotiating Britains non-participa-
tion in the euro at Maastricht, he was
met with hostility and condescension
by his continental colleagues in gov-
ernment.
He remembers fondly the Greek
finance minister putting his arm
around his shoulders, giving him a
squeeze and saying, You say you
dont believe in the euro, but when
the time comes you will join.
Lord Lamont (above) with Boisdale member
Georgina Thorburn and Boisdale managing
director (below) Ranald Macdonald
Got A Story? Email
thecapitalist@cityam.com
12
cityam.com
cityam.com/the-capitalist
THECAPITALIST
While the government flounders
around in search of any green
shoots of a recovery, some in the City
were getting down to business in a more
practical manner. Standard Chartereds
head of Europe, the Middle East and
Africa Richard Holmes yesterday led a
gaggle of bankers over to Roehampton
for a volunteering day, one of three per
year the bank pays its staff to take. The
team spent the day working on a new
garden for the Thomas Pocklington
Trust, which helps people live with
blindness, a fitting cause for a bank that
has raised $44m for Seeing is Believing,
a charity that fights curable conditions
that cause sight loss. The Capitalist
caught up with Holmes just after hed
been rotated from the digging weeds
shift into the sawing railroad sleepers
unit. So which is his favourite? Hmm
sawing, said Holmes. The sawing is
gratifying when you finally saw through
a sleeper because we dont have a
chainsaw here. Whoever says bankers
dont work for their bread?
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It was useful to learn about your variety of products and how accessible they are.
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Dig for victory with StanChart
BOVIS Homes said yesterday it
expects strong profit growth this
year helped by higher average sales
prices and improved profit margins,
and sees conditions in the UK house
building market remaining stable.
The company reported 783 private
net reservations in the 19 weeks to
11 May, a 33 per cent increase over
last year, with sales prices achieved
on reservations to date modestly
above managements expectations.
The mix of homes has improved
and the group expects the average
sales price in the half-year results to
be ahead of the comparative period
of 2011, Bovis said in a statement.
Profits are expected to grow
significantly, benefiting from a
greater number of active sales
outlets and stronger sales rates, a
higher average sales price as homes
in the south become a bigger part of
the mix, and better margins from an
increased contribution from sites
acquired since the housing market
downturn, Bovis said.
Last week rival Barratt said it had
enjoyed the best spring selling
season in five years, helped by its
focus on more buoyant sections of
Britains weak property market and
government initiatives to prop it up.
Housebuilder
Bovis expects
better margins
LAND SECURITIES, the UKs biggest
real estate investment trust, said
turmoil in the Eurozone was con-
tinuing to dampen demand for
office space in central London as it
reported a fall in full-year profits.
Rob Noel, who replaced Francis
Salway as chief executive at the
beginning of May, said uncertainty
in Europe had weighed heavily on
business confidence meaning
firms were reluctant to move.
Land Securities, which is co-build-
ing the Walkie Talkie skyscraper at
20 Fenchurch street, is understood
to be close to signing its first two
tenants, insurers Markel and Kiln.
Noel said eight per cent of the
building was now in solicitors
hands and it was aiming to pre-let
200,000 sq ft of the tower during
the year.
In the year to March 2012, the
developer saw pre-tax profits fall 58
per cent to 515.7m compared with
Land Securities
hit by weaker
office demand
BY KASMIRA JEFFORD
1,227.3m the previous year while
net asset value a key industry
measure of performance rose 4.5
per cent to 863p a share.
The value of the companys portfo-
lio increased two per cent to
10.3bn, with London offices and
retail performing the strongest.
But its shopping centre portfolio
struggled, as values dropped 1.5 per
cent and rents declined by 1.8 per
due to ailing retailers going into
administration.
Greggs proposes alternative to
pasty tax as rain dampens sales
GREGGS stepped up its attack on
the governments proposals to add
VAT to all hot takeaway food,
warning they would make a
material impact on sales and
profits at the chain, sending shares
falling four per cent yesterday.
Chief executive Sam McMeikan
said a change in the VAT levy would
have a disproportionate impact on
the specialist bakery sector resulting
in further unemployment and high
street closures.
He said the company will put
BY KASMIRA JEFFORD
forward an alternative proposal to
the Treasury that would see VAT
charged on all food kept deliberately
hot for sale after cooking or reheated
to order, or kept warm in heat-
retaining packaging.
The chain, which sells sandwiches,
bread and pastries to six million
customers a week, said sales at stores
open more than a year fell 1.8 per
cent in the 19 weeks to May, blaming
the country s wettest April on
record for the fall.
Total sales rose 4.3 per cent,
boosted by new store openings and
the success of wholesaling frozen
products such as sausage rolls, that
it is selling through supermarket
chain Iceland.
Land Se curities Group PLC
720
730
740
750
760 p
733.00
16May
THE FORMER headquarters of
News International, based in East
London, has been snapped up by
Berkeley Group.
A source close to the deal told
City A.M. that the Wapping site
was sold for around 150m.
Fortress Wapping, so called
when Rupert Murdoch defeated
unions and moved away from Fleet
Street, was bought by Murdoch in
the mid-1980s for 300,000.
The 15-acre plot was put on sale
last September after the closure of
Berkeley Group pays 150m for
Murdochs Fortress Wapping
BY LAUREN DAVIDSON AND
KASMIRA JEFFORD
The News of the World.
News International had
previously been planning to
redevelop the site.
The Times, The Sunday Times
and The Sun have since moved to
the adjacent 550,000 square feet
site at Thomas More Square,
owned by Land Securities.
While Barratt Developments
and Cooper Group expressed their
interests last year, property tycoon
Tony Pidgeley lodged a bid in early
April and his company Berkeley
has since successfully secured the
bid for one of Londons largest
property plots on the market.
COMPASS Group, the worlds
biggest caterer, posted a 7.7 per
cent rise in first half profit
yesterday, as strong trading in
North America and emerging
markets helped dampen the
impact of challenging economic
conditions in Europe.
The group, which provides meals
for the likes of office workers,
soldiers and school children, said
underlying pre-tax profit for the
six months to 31 March was
572m. Revenue rose 8.6 per cent
to 8.6bn, up from 7.9bn for the
same period in 2011.
Compass said organic revenue in
Strong US trading lifts Compass
Group to first half rise in profits
BY CITY A.M REPORTER
its core North American region
grew by seven per cent supported
by growing outsourcing trends in
healthcare and education sectors.
Revenues grew 12.4 per cent in
its emerging markets unit, helped
by a strong resources sector in
Australia, where it provides food,
accommodation and cleaning
services to mining firm Rio Tinto.
Looking forward, whilst we are
not immune from the current
economic difficulties in Europe,
the fundamentals of the business
are strong and I remain excited
about the opportunities for future
growth and margin progression,
chief executive Richard Cousins
said.
13
NEWS
cityam.com
Tony Pidgeleys property company will buy the former News International headquarters
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Greggs PLC
480
475
485
490
495
500 p
476.40
16May
OUTSOURCING firm Xchanging
yesterday said that trading in the
first four months of the year was
in line with expectations but
there were rumblings of
shareholder discontent as a
quarter of investors voted against
the remuneration report at the
firms AGM.
Some 24.7 per cent of votes cast
were against the pay deal, which
will see 1.45m shared by three
directors for the year ending 2011.
We have seen a steady start to
the year as we pursue our agenda
of building the foundations for
growth, said CEO Ken Lever.
Our objectives in 2012 are to
demonstrate that we can compete
to win in our chosen markets and
to achieve year-on-year improve-
ment in financial performance.
The firm has seen its share
price grow by over 60 per cent
since December but yesterday
analysts at Seymour Pierce cut
their rating to sell from hold,
on the basis that the firm was
trading at a prospective price-to-
earnings ratio of 11.8, which it
said was steep for a company
which still has a lot to prove.
Shares in the firm closed
yesterday off 2.6 per cent.
BY JAMES WATERSON
14
NEWS
cityam.com
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cityam.com/forum

JOIN THE DEBATE
SEE PAGES
24-25
Outsourcer Xchanging says trading is stable
but a quarter of investors reject pay deal
US corporate results round-up
STAPLES, the office supply
chain, reported lower-than-
expected quarterly sales
yesterday, hurt by weakness in
markets such as Europe and
Australia.
The company kept its 2012
outlook. Staples said it
expects full-year sales to rise
in the low single-digits, with
earnings per share rising in
the high single-digits from
$1.37 last year.
First-quarter net income fell
to $187.1m (117m), or 27 cents
per share, from $198.2m, or 28
cents per share, a year ago.
Total sales fell marginally
to $6.1bn, missing analysts
expectations of $6.18bn.
Sales at Staples
international business,
which makes up about 20
per cent of the companys
revenue, fell eight per
cent, as same-store
sales in Europe
declined by six
per cent,
said the
firm.
TARGET raised its annual
forecast after posting a bigger-
than-expected rise in
quarterly profit yesterday
despite spending more on
opening stores in Canada, and
having concerns about US
shoppers ability to spend.
The discount chain expects
economic uncertainty to
continue for the rest of 2012,
chairman and chief executive
Gregg Steinhafel said.
Target earned $697m
(437m), or $1.04 per share, in
the first quarter that ended in
April, up from $689m, or 99
cents per share, a year earlier.
Target said it expects sales
at stores open at least a year,
or same-store sales, to rise
about three per cent this
quarter and three per cent or
a little more for the full
year. Some of the first-
quarter strength came
from warmer
weather, which
spurred
clothing
sales.
DEERE & Co posted higher
quarterly earnings and sales
that topped estimates, and
raised its full-year profit
outlook yesterday on rising
global demand for farm
equipment.
The US farm sector is
booming on higher worldwide
food demand and as biofuels
help drive up crop
production.
Companies like Deere are
benefiting from record-high
farm income that is spurring
farmers to update their
equipment.
The worlds largest farm
equipment maker said fiscal
second-quarter net income
rose to $1.056bn (627m), or
$2.61 per share, from
$904.3m, or $2.12 a share, a
year ago. The results topped
expectations of $2.53 per
share. The firm also
raised its forecast
for net income to
$3.35bn from
$3.275bn
for 2012.
Weak sales in Europe for Abercrombie & Fitch
Staples disappoints Target raises forecasts Deere & Co ups oulook
ABERCROMBIE & Fitch yesterday posted a sharp drop in
profit pressured in part by weak sales in Europe. For
the first quarter ended 28 April, Abercrombie
earned $3.0m compared with $25.1m a year earlier.
Same-store sales fell five per cent in the quarter.
P
A
IN BRIEF
Coty selects banks for planned IPO
nBeauty company Coty has selected
Bank of America Merrill Lynch and
JPMorgan Chase & Co to be the lead
underwriters for a planned initial public
offering this autumn, a source close to
the deal said last night. The IPO would
value Coty at more than $7bn, the
source said, adding that the company
would file its S-1 prospectus soon.
Coty declined to comment, as did Bank
of America and JPMorgan.
Yell continues brand transition
nYell Group, the struggling publisher of
the Yellow Pages, yesterday announced
the acquisition of Moonfruit, an online
shop and website builder. The 18m
purchase is the latest step in Yells efforts
to rebrand itself as a digital services
provider. Moonfruit.com, valued at
4.8m, has created nearly five million
websites and 230,000 online shops.
C&C cautious on Olympic boost
n Irish cider-maker C&C is uncertain
whether a sales boost from this
summer's Olympics and European
football championships will be enough
to grow its bottom line this year, its chief
executive said yesterday. C&C, which
sells cider under the Magners and
Bulmers brands, posted a nine per cent
rise in operating profit to 111m
(88.45m) for the year to February.
R
E
U
T
E
R
S
PEARSON yesterday announced it has
purchased Certiport, which provides
testing and certification services for
leading IT companies, for $140m
(87.6m) in cash from Spire Capital
Partners.
Pearson, which owns the worlds
biggest education business as well as
the Financial Times and Penguin
Books, said the move would expand the
product range and geographical reach
of its professional testing business.
US-based Certiport makes more
than 60 per cent of its revenues out-
side North America and is particular-
ly strong in Asia and the Middle East,
in line with Pearsons strategy of
expansion in emerging markets.
Its top customers include Microsoft,
Adobe and Hewlett-Packard, and it
has a network of 12,000 testing cen-
Pearson grows
testing service
with Certiport
BY HARRY BANKS tres in more than 150 countries.
Pearson administers millions of tests
each year for the private and public
sectors in areas ranging from con-
struction to mathematics. The busi-
ness is a key driver of its professional
education unit, which increased its
sales by 15 per cent to 382m last year,
representing an estimated seven per
cent of Pearsons group sales.
Pearson PLC
1,145
1,140
1,150
1,155
1,160
1,165
1,170
1,175 p
1,151.00
16May
15
NEWS
cityam.com
SHAPE YOUR FUTURE
www.imperial.ac.uk/business-school/imperial-prestige
MSc Actuarial Finance
MSc Economics & Strategy for Business NEW
MSc Finance
MSc Innovation, Entrepreneurship &
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MSc Risk Management &
Financial Engineering
MSc Strategic Marketing
Doctoral Programme
Full-Time MBA
Executive MBA (weekday or weekend)
Distance Learning MBA
The prestige of Imperial
College means that gaining
a degree from the Business
School will allow me to
flourish internationally.
Imperial College Business School is
different from other business schools. It's
located in London, one of the world's
leading financial centres, yet it doesn't
just focus on high finance and the City,
but offers real diversity and creativity.
Gunyawee Teekathananont, current Imperial College
Business School student
NEW8 FROM THE
CTY OF LONDON
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include lhe lefl hand coronalion
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City heads East
Lord Mayor David
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Philiines, Thailand and
Singaore from Salurday.
The veek-long visil vill
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belveen lhese fasl-groving
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hnancial services induslry.
EUROPE risks becoming little more than a tourist attraction for wealthy Chinese if it does not
reform, the head of luxury goods group Richemont said yesterday as booming Asian demand
helped offset weakness in Europe. A few years ago, I said if people do not watch it Europe
will become an open-air museum for travelling Chinese. Well, we are halfway there, said
Johann Rupert, as net profit for the year to 31 March rose 43 per cent to 1.54bn.
RICHEMONT BOSS SLAMS EUROPE AS ASIA BOOMS
IN BRIEF
Production soaring at Soco
Soco International said yesterday that
oil and gas production for the first
quarter was soaring, averaging 11,690
barrels of oil equivalent per day
(boepd). The total is three-and-a-half
times higher than the amount produced
in the same period last year. The
company also said production at Te Giac
Trang in Vietnam would begin ahead of
schedule and ramp up to around 55,000
barrels of oil per day.
Total stops North Sea gas leak
Total has succeeded in plugging a well
from its North Sea Elgin platform that
has been leaking gas for more than
seven weeks, the French oil group said
yesterday. The leak, 240km off the coast
of Scotland, has been costing Total
around $3m a day in relief operations
and lost net income.
Interserve sees boost from Asia
Interserve said yesterday that rising
demand for equipment services in
Australia and Asia was helping to
balance out pressure on its construction
unit, combining to give a stable outlook
for 2012. The company said it had won
600m of work in the year to date.
Miner NWR surprises with profit
Coal miner New World Resources
(NWR) yesterday posted a more than 80
per cent rise in first-quarter net profit
due to lower financial expenses,
improved cost controls and a better
product mix, surprising analysts who
had expected a loss. Net profit rose to
6.2m (4.9m) but revenue dropped 10
per cent year-on-year to 346.6m.
G
E
T
T
Y BHP BILLITON said yesterday it
expects commodity markets to cool
further and that investors have lost
confidence in the longer-term
health of the global economy, in the
most cautious comments yet from
the worlds biggest miner.
BHP also put the brakes on a plan
announced by chief executive
Marius Kloppers in 2011 to spend
$80bn (50.2bn) over five years to
expand its iron ore, coal, energy
and base metals divisions, banking
on continuing high demand from
its main market, China.
It is all about appropriate
allocation of capital. When Marius
(Kloppers) talked about the $80bn,
the environment was different,
chairman Jacques Nasser said
yesterday.
We should pause, take a deep
breath and wait and see where the
pieces fall around the world, he
said, stopping short of announcing
a spending cut.
The company was re-thinking its
expansion plans every day, he said.
BHP warns of
cooling market
in commodities
BY HARRY BANKS
Asked if BHP would spend $80bn
over five years, he replied: No.
BHP made close to $10bn in first-
half profit before exceptional items.
That was largely due to BHPs
profitable iron ore business, a
strength that it shares with its
main rival, Rio Tinto, which
unveiled a $3.4bn expansion of its
Australian iron ore mines in
February.
Outside of iron ore, Nasser said
plans to invest billions of dollars
beefing up the companys Olympic
Dam copper and uranium mine in
Australia were still subject to a
board decision later this year.
BHP Bi lliton PLC
1,800
1,780
1,760
1,740
1,720
1,820
1,840
1,860
1,880
p 1,750.00
16May
E.ON, Germanys largest utility,
said yesterday it has sold its Open
Grid Europe gas distribution
network to a consortium led by
Australian bank Macquarie for
3.2bn (2.6bn), raising cash to pay
down debt and fund expansion.
The deal brings E.ONs tally of
divestments to more than 12bn,
well on its way toward its goal of
selling assets worth 15bn by the
end of 2013 to help offset the
impact of Germanys nuclear exit.
"With this deal E.ON is able to
E.ON sells European gas grid to
Macquarie-led group for 2.6bn
deleverage further without the
loss of high earnings, DZ Bank
analyst Hasim Senguel said, adding
the price was almost a third above
expectations.
The consortium that won the
bid comprises Macquaries
European Infrastructure Fund 4,
Infinity Investments, British
Columbia Investment Management
Corporation (bcIMC) and Munich
Res asset management unit
MEAG.
Macquarie was advised on the
deal by Macquarie Capital and the
Royal Bank of Canada.
16
NEWS
cityam.com
The deal will help E.ON meet its goal of selling assets worth 15bn by the end of 2013
SPORTS MEDIA rights group Perform
said yesterday it will pay up to 120m
(93m) in cash and shares to buy
sports data company RunningBall,
the largest acquisition it has made
since floating last year.
RunningBall produces real-time
data coverage of sporting events cov-
ering more than 35,000 events last
year including over 30,000 football
games around the world, by using a
network of 1,100 scouts who key in
information live from venues.
It had revenue of 16.1m and made
a pre-tax profit of 7.2m for 2011, up
20 per cent and 75 per cent respective-
ly from the previous year.
The Swiss-based company is still
owned and run by its founder, IT
entrepreneur Hans Thomas Gross.
The deal was well received by
Performs investors yesterday, sending
the companys shares up seven per
cent. Analysts at Numis also applaud-
ed the deal, which is the latest in a
series of acquisitions that Perform has
made in recent months.
Perform snaps
up RunningBall
for up to 120m
BY ELIZABETH FOURNIER
We could not have designed a better
business for Perform to have acquired.
Of the five key elements in digital
sports, Perform already has market-
leading positions in four, while
RunningBall adds the fifth, said Paul
Richards at Numis.
Perform will pay an initial considera-
tion of 20m cash and 50m in new
Perform shares to Runningball, plus a
deferred consideration of 31m-50m
depending on 2012 results.
Perform raised less than expected
when it floated last April, but has been
raising its profile ever since, and earli-
er this month said it was track to
deliver forecast revenue and profits.
UBS acted as the sole sponsor to
Perform on the sports media rights
groups acquisition of RunningBall,
having helped the group as one of
three bookrunners when it floated in
April 2011. Following the listing the
bank was appointed as one of
Performs house brokers in June last
year.
Leading the team at UBS was
Christian Lesueur, head of EMEA
media and telecoms investment
banking.
Lesueur also led UBS work for
Perform on its float, and just last
month helped long-term client
Vodafone secure its 1bn takeover of
Cable & Wireless Worldwide with
colleagues Simon Warshaw and
Jonathan Rowley.
He was also part of the squad that
advised Verizon Wireless on its
$28.1bn acquisition of regional carrier
Alltel Wireless back in 2009, and last
year helped worldwide satellite
communications services firm Vizada
with its 673m sale to Astrium the
aerospace subsidiary of EADS.
Lesueur worked alongside a team
from UBS comprising Jonathan
Retter, Massimo Marinelli and Warren
Stables.
Morgan Stanley was joint broker with
UBS on the deal, led by Andrew
Foster part of the team that
recently pitched for and won a place
on Tullow Oils panel after it parted
company with its long-standing
corporate brokers, Bank of America
Merrill Lynch and RBS Hoare Govett.
MEET THE ADVISERS
CHRISTIAN
LESUEUR
UBS
Betting firm Bwin.party ahead
by a nose as revenues inch up
BETTING giant Bwin.party yesterday
reported revenues of 215.9m
(172.5m) for the first quarter, up
less than one per cent on the same
period last year.
Shares in the firm fell by five per
cent after it said growth in online
casino games has been partially
offset by reduced margins in sports
betting.
Trading performance overall in
the first quarter has been as
expected, the firm said. Casino
has continued to perform well as
has our sports business that saw
strong growth in both player
BY JAMES WATERSON
activity and amounts wagered,
albeit at a lower margin compared
with last year which was
particularly strong.
The Gibraltar-based online
gambling company was formed last
March following a merger between
sports betting firm Bwin and casino
specialist Party Gaming.
Investors have yet to reap the
benefits of this merger but the co-
CEOs said they remain on-track to
realise the 65m of merger
synergies which will help to
mitigate the impact of additional
gaming taxes that are due to come
into force.
Bwin.party has struggled with the
licensing situation in Germany but
says it is set to win a license in the
state of Schleswig Holstein, valid
until 2018.
CINEWORLD said yesterday that its revenue for the 19 weeks to 10 May was up 6.3 per
cent due to higher box office sales. The UKs only listed cinema chain also said it was
confident that growth for the full-year would match market estimates. Box office
revenue rose 8.6 per cent, boosted by big ticket releases such as The Avengers.
SUPERHERO BOX OFFICE BOOST FOR CINEWORLD
Samsung Electronics Co Ltd
14May 15May 16May 10May 11 May
1.34m
1.32m
1.28m
1.26m
1.24m
1.30m
KRW
1,230,000.00
16May
17
NEWS
cityam.com
Samsung value drops $10bn on
fear Apple has picked rival chip
SAMSUNG saw $10bn (6.3bn) wiped
off its market capitalisation on
Tuesday following suggestions that
Apple has placed a huge order for
memory chips with a rival.
Shares in the South Korean
electronics giant tumbled 6.2 per
cent after Taiwanese site DigiTimes
said Apple has bought half the
capacity of a DRAM chip
manufacturing plant operated by
bankrupt Japanese firm Elpida.
SK hynix, another South Korean
DRAM manufacturer, also saw its
share price drop by nine per cent.
BY JAMES WATERSON
It looks like Apple doesnt want
to see Samsung and Hynix
dominate the chip market. Apple
wants to maintain its bargaining
power by keeping Elpida running,
said Choi Do-yeon, an analyst at LIG
Investment & Securities.
There is a global over-supply of
DRAM chips, partly due to changes
in consumer purchasing habits.
PCs use around four times as
many such chips as Apples iPad
and the tablet computers success
has hit sales of traditional
machines, reducing demand.
In recent years firms such as
Elpida invested heavily to increase
capacity but were caught off-guard
when demand dropped.
Samsung met 53.8 per cent of
DRAM demand at the end of 2011.
Perform Group PLC
315
310
305
300
320
325
330
335 p
330.10
16May
Bwin.Party Digital Entertainment PLc
147.50
145.00
142.50
140.00
137.50
135.00
132.50
p
131.50
16May
APPLE is said to have put
in orders for the
production of its next
iPhone offering and
changed the size of the
devices screen.
Sources say the fifth
generation iPhone will
sport a four inch screen
when measured
diagonally from cover to
cover, compared to the
current 3.5 inch display.
Early production of
the popular smartphone
has begun at three
factories Sharp, LG
Display in Korea and
Larger four inch screens set to
feature on the iPhone 5 model
BY LAUREN DAVIDSON Japan Display meaning proper
orders could be put in by Apple
as soon as next month.
The Cupertino-based
company was recently pipped
to top spot in the smartphone
stakes by Samsung, according
to the IDC. The Korea-based
rival launched its latest Galaxy
phone earlier this month,
with a 4.8 inch display.
Apple has not updated the
physical design of its
smartphone since the release
of the iPhone 4 in 2010.
Sales of the iPhone now
account for around half of
Apples total sales. The latest
iPhone 4S was introduced in
October last year.
SEPURA, a company involved in the
design, development and supply of dig-
ital radios, yesterday announced the
acquisition of Vienna-based 3T
Communications.
The deal will cost Sepura initial cash
consideration of 8m (6.4m) with fur-
ther contingent consideration of up to
5m payable dependent on 3T achiev-
ing certain targets over an earn-out
period. 3T designs and implements
small to mid size radio systems pre-
dominantly for the commercial sector,
including enterprise customers such as
Shell, RWE, Bayer and BMW.
Based in Vienna, Austria, 3T generated
revenues of 12m for the year ended 31
December 2011, with adjusted Ebitda of
1.3m and profit before tax of 0.4m.
3Ts current revenue is derived primari-
ly from Europe, giving Sepura the
opportunity to generate significant
incremental revenue by offering 3Ts
products through the companys com-
prehensive worldwide routes to market.
Sepura is backed by a team of
investors headed by Henderson and
Michael Sherwood of Goldman Sachs.
House broker Investec believes the
deal is a good one for Sepura, saying:
Overall this looks like a great deal for
Sepura its accretive, is on-strategy,
provides new market access for both
parties and will increase Sepuras earn-
ings quality.
Sepura buys
Vienna-based
3T for 6.4m
BY DAVID HELLIER
OIL explorer Tullow yesterday said it
was stepping up work on its
Zaedyus discovery in French Guiana.
The FTSE 100 company, which has
a 17 per cent stake in the project,
said a drill ship would start work
next month, in a trading update
covering 1 January to 16 May.
An appraisal will be carried out
first before full scale drilling
begins.
Shell has a 45 per cent stake and
is the operator of the field which
also has Northern Petroleum and
Wessex Exploration with small
stakes.
Tullow said it expected the
companys overall daily oil
production to be in the range of 78-
86,000 barrels for the full year.
The company said net debt stood
at around $500m (313m).
It added in a statement: Tullow
is confident that, having delivered
industry-leading basin-opening
exploration success already this
year, and with key developments
progressing well, the group will
deliver further significant growth
in 2012.
Tullow to step
up its Guiana
drill operation
BY JOHN DUNNE
G
E
T
T
Y
BRITISH gas firm BG Group and
explorer Ophir Energy said yesterday
they had found more gas off the
coast of Tanzania, raising hopes that
the East African country will become
a major new gas province.
The partners said that the discov-
ery at the Mzia well will provide a
substantial boost to their total esti-
mate of how much gas they have
found in Tanzania, helping prove
there is volume enough to build a liq-
uefied natural gas (LNG) export
plant.
The success at Mzia-1 is a major
step towards a Tanzanian LNG hub
development in Block 1, Ophirs
chief executive Nick Cooper said in a
statement. Industry interest in East
Africa has intensified in recent years
BG and Ophir in
new Tanzania
gas discovery
BY HARRY BANKS
and the previously little-explored
area is tipped to become a major nat-
ural gas producing region, exporting
LNG to fast-growing energy-hungry
countries in Asia. US explorer
Anadarko Petroleum Corp said on
Tuesday it had discovered a major
new gas field off the coast of nearby
Mozambique.
The Mozambican fields have drawn
oil major Shell to the area it is in
the process of trying to buy Britains
Cove Energy, Anadarkos partner in
the country. BG and Ophir said they
discovered the gas in a deeper geolog-
ical zone than the previous finds that
theyve made in Tanzania, which
added to their confidence that they
would make additional finds.
Mzia is the partnerships fifth suc-
cessful exploration well off the coast
of Tanzania.
Lamprell shares plunge after
it warns over looming losses
OIL rig maker Lamprell
yesterday saw its stock plummet
after it warned that it was
heading for a first half loss
triggered by delays in obtaining
key equipment.
The bleak outlook sent
investors running for cover with
shares diving by more than 60
per cent after the emergency
announcement.
The blow came two weeks
after the firms integration and
development director Scott Doak
sold 200,000 shares at 363.693p
while vice president Kevin Isles
sold 250,000 shares at 361.70p.
FTSE 250-listed Lamprell
blamed global problems in
getting specialised machinery
for the unexpected change in
outlook which raised the alarm
over falling revenues.
Another problem highlighted
by the company was the delivery
BY JOHN DUNNE
The find has boosted hopes that Tanzania will become a major new gas province
Lamprell PLC
100
150
200
250
300
350 p
127.00
16May
Renewable energy output fuels SSEs profit
rise and offsets 20pc slump in retail division
18
NEWS
cityam.com
GLOBAL BUSINESSES
RECRUITING LONDONS
BEST PROFESSIONALS
YOUR FUTURE IS OUR BUSINESS
CITYAMCAREERS.com
WWW.CITYAMCAREERS.COM
OVER
OR SCAN HERE
4000
SALARIES UP TO
JOBS
300K
ENERGY giant SSE yesterday
reported a two per cent rise in full-
year profit supported by higher
renewable energy output which
helped offset a drop in customer
numbers and lower energy
demand.
The utility companys adjusted
profit for the year ended March
2012 came in at 1.34bn.
It said operating profit at its
wholesale business unit which
includes the production, storage
and generation of energy was
up 6.4 per cent, helped primarily
by higher output of renewables
from hydro and wind power. Total
electricity output from all
renewable resources rose 73 per
cent during the year, reflecting
extra generation capacity coming
into operation and favourable
weather conditions. But profits
fell 20 per cent at the companys
retail business, which supplies
electricity and gas to households
and businesses, due to a dip in
customer numbers as well as
lower average consumption.
Higher wholesale gas prices,
falling demand for energy and a
succession of winter storms
presented major challenges for
the wholesale, retail and
networks parts of SSE, the
company said.
SSE said total energy customer
accounts fell by 100,000 during
last year to 9.55m.
Average gas use was down 19.9
per cent, while electricity
consumption dropped 6.9 per
cent, said SSE.
SSE also warned of challenging
markets in the UK and Ireland in
the year ahead.
of two windfarm vessels to a
project. Lamprell downgraded
its profit margin expectation for
2012 to 3.5 per cent, which it
said was considerably behind its
original view, but added that it
expected a recovery in profit in
the second half of the year as the
supply issues ease.
It said in a statement: It is
anticipated that the delay in
revenue generation together
with the additional costs will
result in the group incurring a
small loss.
The downbeat outlook was in
contrast to positive guidance
outlined by the group six weeks
ago in March, when it predicted
continued growth.
Analyst Keith Morris at
Investec said full year profits are
now likely to be around $38m
(23.8m) to $40m rather than a
previous forecast of $117m.
Oriel Securities analyst David
Round said Lamprell appeared
to be downgrading 2012
expectations by around 60 per
cent and added that he was
putting his buy
recommendation under review.
The Groups net debt at 14 May
was $173m representing an
increase of $71m since the end of
last year. It said it had an order
book of $1.5bn up until the first
quarter of 2015 and that its
margins would recover by 2013.
Lamprells shares closed 56.9
per cent lower at 127p.
FRIDAY 18 MAY 2012
21
MARKETS
cityam.com
LON GD ONCE FIX AM..................................1559.00 -4.00
SILVERLDN FIX AM.........................................28.05 -0.33
MAPLE LEAF 1 OZ ............................................30.53 -0.13
LON PLATINUM AM.....................................1446.00 -5.00
LON PALLADIUM AM.....................................598.00 7.00
ALUMINIUM CASH.......................................1981.00 -10.50
COPPER CASH.............................................7979.00 -100.50
LEAD CASH ................................................2026.00 -26.50
NICKEL CASH.............................................16975.00 -45.00
TIN CASH.................................................20250.00 0.00
ZINC CASH...................................................1919.50 -15.50
BRENT SPOT INDEX.........................................111.02 -1.16
SOYA ...........................................................1387.00 -17.00
COCOA.........................................................2321.00 -51.00
COFFEE ..........................................................177.40 0.85
KRUG...........................................................1617.00 -8.10
WHEAT .........................................................1171.63 -0.63
AIR LIQUIDE.......................................................93.17 -0.66 102.30 80.90
ALLIANZ............................................................76.59 -0.56 101.05 56.16
ANHEUS-BUSCHINBEV.....................................55.21 -0.26 57.51 33.85
ARCELORMITTAL ................................................11.90 -0.17 24.77 10.47
AXA....................................................................9.30 -0.21 15.94 7.88
BANCO SANTANDER...........................................4.60 -0.12 7.65 4.49
BASF SE.............................................................57.29 -0.40 69.80 42.19
BAYER................................................................51.18 -0.33 59.01 35.36
BBVA..................................................................4.92 -0.12 8.06 4.82
BMW.................................................................66.17 -0.27 73.95 43.49
BNP PARIBAS...................................................26.84 -0.78 54.98 22.72
CARREFOUR.......................................................13.81 -0.19 27.35 13.73
CRH PLC ............................................................13.90 -0.01 16.93 10.28
DAIMLER............................................................37.93 -0.59 53.95 29.02
DANONE ...........................................................52.88 0.64 54.96 41.92
DEUTSCHE BANK ..............................................29.38 -0.51 43.35 20.79
DEUTSCHE BOERSE...........................................45.20 0.13 57.68 35.65
DEUTSCHE TELEKOM...........................................8.84 0.02 10.94 7.88
E.ON..................................................................15.30 -0.22 21.03 12.50
ENEL...................................................................2.36 -0.07 4.82 2.34
ENI .....................................................................16.18 -0.28 18.72 11.83
FRANCE TELECOM..............................................10.02 -0.13 15.96 9.86
GDF SUEZ..........................................................16.29 -0.37 26.60 16.16
GENERALI ASS. ...................................................9.03 -0.24 15.96 8.95
IBERDROLA.........................................................3.33 -0.08 5.88 3.29
INDITEX............................................................68.94 1.47 74.73 52.20
ING GROEP CVA...................................................4.81 -0.10 8.87 4.21
INTESA SANPAOLO .............................................0.98 -0.06 2.01 0.85
KON.PHILIPS ELECTR .........................................14.67 0.07 20.65 12.01
L'OREAL ............................................................92.55 1.52 94.80 68.83
LVMH...............................................................122.35 1.30 136.80 94.16
MUNICHRE .....................................................102.90 -0.95 118.35 77.80
NOKIA.................................................................2.27 -0.06 6.15 2.26
REPSOL YPF.......................................................13.62 -0.19 24.35 12.98
RWE.................................................................30.69 -0.49 43.33 21.15
SAINT-GOBAIN.................................................29.64 -0.57 46.44 26.07
SANOFI..............................................................54.51 -0.36 59.56 42.85
SAP...................................................................48.12 -0.69 54.85 32.88
SCHNEIDER ELECTRIC........................................42.22 -0.46 58.85 35.00
SIEMENS...........................................................66.55 -0.55 96.19 62.13
SOCIETE GENERALE...........................................15.80 -0.70 43.06 14.32
TELECOM ITALIA..................................................0.78 -0.02 1.00 0.70
TELEFONICA ......................................................10.68 -0.21 17.09 10.57
TOTAL................................................................34.37 -0.11 42.97 29.40
UNIBAIL-RODAMCO SE.....................................132.45 -1.35 162.95 123.30
UNICREDIT..........................................................2.53 -0.15 11.24 2.20
UNILEVER CVA .................................................26.00 0.07 27.16 20.96
VINCI.................................................................33.37 -0.56 44.98 28.46
VIVENDI ............................................................12.68 0.25 19.14 12.02
VOLKSWAGEN VORZ ........................................133.75 -1.10 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5437.62 -27.90 -0.51
FTSE 250 INDEX. . . . . . . . . . . . . . . 10722.49 -91.11 -0.84
FTSE UK ALL SHARE . . . . . . . . . . . . 2826.01 -15.62 -0.55
FTSE AIM ALL SH. . . . . . . . . . . . . . . . . 717.31 -6.80 -0.94
DOWJONES INDUS 30 . . . . . . . . . 12632.00 -63.35 -0.50
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1330.66 -7.69 -0.57
NASDAQ COMPOSITE. . . . . . . . . . . . 2893.76 -8.82 -0.30
FTSEUROFIRST 300. . . . . . . . . . . . . . 997.70 -6.50 -0.65
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 8900.74 -73.10 -0.81
DAX 30 PERFORMANCE . . . . . . . . . 6401.06 -50.91 -0.79
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 3039.27 -18.72 -0.61
SHANGHAI SE INDEX. . . . . . . . . . . . 2374.84 -5.88 -0.25
HANG SENG. . . . . . . . . . . . . . . . . . 19894.31 159.27 0.81
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2570.50 -14.90 -0.58
ASX ALL ORDINARIES . . . . . . . . . . . 4316.30 -35.60 -0.82
BOVESPA SAO PAOLO . . . . . . . . . . 56237.97 -1301.64 -2.26
ISEQ OVERALL INDEX . . . . . . . . . . . 3084.74 -3.57 -0.12
STRAITS TIMES. . . . . . . . . . . . . . . . . 2912.39 -19.59 -0.67
IGBM . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
SWISS MARKET INDEX. . . . . . . . . . . 5865.16 -10.50 -0.18
Price Chg %chg
3M....................................................................85.78 -0.05 98.19 68.63
ABBOTT LABS....................................................61.89 0.21 63.20 46.29
ALCOA.................................................................8.71 -0.21 17.29 8.45
ALTRIA GROUP..................................................31.75 0.06 32.62 23.20
AMAZON.COM.................................................224.39 1.46 246.71 166.97
AMERICAN EXPRESS.........................................57.94 -0.48 61.42 41.30
APPLE..............................................................553.17 -5.05 644.00 310.50
AT&T .................................................................33.35 -0.18 33.92 27.29
BANK OF AMERICA.............................................7.30 -0.05 12.21 4.92
BOEING CO........................................................72.58 -0.54 80.09 56.01
BRISTOL MYERS SQUI .......................................32.98 0.07 35.44 20.05
CATERPILLAR ...................................................92.68 -0.92 116.95 67.54
CHEVRON.......................................................100.90 -1.04 112.28 86.68
CISCO SYSTEMS.................................................16.54 -0.17 21.30 13.30
CITIGROUP........................................................27.79 -0.35 43.06 21.40
COCA-COLA.......................................................76.57 -0.30 77.82 63.34
COMCAST CLASS A............................................28.85 -0.04 30.88 19.19
CONOCOPHILLIPS..............................................52.53 -0.40 80.13 52.13
CVS/CAREMARK ...............................................45.32 0.20 46.22 31.30
DU PONT(EI) DE NMR........................................50.15 -0.69 57.50 37.10
EXXON MOBIL....................................................81.79 -0.33 87.94 63.47
GENERAL ELECTRIC...........................................18.40 -0.20 21.00 14.02
GOOGLE A .........................................................611.11 7.11 670.25 473.02
HEWLETT PACKARD .........................................22.40 -0.57 40.86 19.92
HOME DEPOT....................................................48.67 -1.21 52.88 28.13
IBM.................................................................199.04 -0.40 210.69 157.13
INTEL CORP......................................................26.88 -0.14 29.27 19.16
J.P.MORGAN CHASE..........................................36.24 0.45 46.49 27.85
JOHNSON & JOHNSON......................................63.61 -0.32 68.05 55.76
KRAFT FOODS A ...............................................38.82 -0.22 39.99 24.30
MC DONALD'S CORP ..........................................91.01 0.13 102.22 80.00
MERCK AND CO. NEW........................................37.74 -0.49 39.50 29.47
MICROSOFT.......................................................30.21 -0.47 32.95 23.65
OCCID. PETROLEUM..........................................79.90 -1.76 109.08 66.36
ORACLE CORP...................................................27.06 0.10 35.92 24.72
PEPSICO............................................................67.85 0.70 71.89 58.50
PFIZER .............................................................22.30 -0.29 23.30 16.63
PHILIP MORRIS INTL .........................................84.72 -0.67 91.05 60.45
PROCTER AND GAMBLE....................................63.72 0.14 67.95 56.57
QUALCOMM INC ................................................61.44 -0.02 68.87 45.98
SCHLUMBERGER...............................................65.52 -1.73 95.53 54.79
TRAVELERS CIES................................................64.15 -0.33 65.27 45.97
UNITED TECHNOLOGIE.......................................76.17 0.22 91.83 66.87
UNITEDHEALTH GROUP....................................54.94 -0.22 59.71 41.27
US BANCORP DELAWRE....................................31.30 -0.26 32.98 20.10
VERIZON COMMS ..............................................41.05 0.16 41.43 32.28
VISA CL A .........................................................116.61 -0.11 125.35 73.11
WAL-MART STORES..........................................59.35 0.28 62.63 48.31
WALT DISNEY CO ..............................................45.01 -0.16 45.80 28.19
WELLS FARGO & CO..........................................32.24 -0.17 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight................................0.253 0.00
LIBOR Euro - 12 months................................1.259 0.00
LIBOR USD - overnight..................................0.151 0.00
LIBOR USD - 12 months.................................1.061 0.01
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate .............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield .....................................2.940 -0.01
European repo rate ......................................0.133 0.00
Euro Euribor .................................................0.317 0.00
The vix index ...............................................21.00 -0.87
The baltic dry index....................................1132.0 -6.00
Markit iBoxx................................................245.51 -0.71
Markit iTraxx ...............................................169.14 11.48
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .273.5 -1.1 340.8 248.1
Chemring Group . . . . . .326.1 -5.6 677.0 316.9
Cobham . . . . . . . . . . . . .218.8 2.4 239.5 165.9
Meggitt . . . . . . . . . . . . .390.6 1.9 413.5 304.9
QinetiQ Group . . . . . . . .147.0 -0.3 159.3 101.5
Rolls-Royce Holdi . . . . .829.5 0.5 859.0 557.5
Senior . . . . . . . . . . . . . .202.1 -1.0 213.0 135.6
Ultra Electronics . . . . .1632.0 -4.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .190.2 0.2 245.0 157.0
Barclays . . . . . . . . . . . . .186.1 -3.7 277.5 138.9
HSBC Holdings . . . . . . . .547.7 1.9 642.7 463.5
Lloyds Banking Gr . . . . .28.9 -0.5 54.6 21.8
Royal Bank of Sco . . . . . .21.3 -0.5 42.6 17.3
Standard Chartere . . . .1354.5 -13.0 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1122.0 -5.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . . .358.1 -2.9 444.0 289.9
Diageo . . . . . . . . . . . . .1553.0 8.0 1614.5 1112.0
SABMiller . . . . . . . . . .2490.0 -6.5 2660.0 1979.0
AZ Electronic Mat . . . . .292.5 -4.0 338.1 206.1
Croda Internation . . . .2119.0 -6.0 2282.0 1597.0
Elementis . . . . . . . . . . .199.0 2.1 208.1 107.5
Johnson Matthey . . . .2152.0 -29.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1320.0 -22.0 1590.0 1025.0
Yule Catto & Co . . . . . . .214.4 -5.6 253.0 148.0
/$ 1.2770 0.0056
/ 0.7971 0.0004
/ 102.35 0.0968
/ 1.2544 0.0006
/$ 1.6018 0.0080
/ 128.38 0.1872
FTSE 100
5437.62
27.90
FTSE 250
10722.49
91.11
FTSE ALL SHARE
2826.01
15.62
DOW
12632.00
63.35
NASDAQ
2893.76
8.82
S&P 500
1330.66
7.69
Brown (N.) Group . . . . .236.5 -0.4 293.7 222.4
Carpetright . . . . . . . . . .622.5 7.5 741.0 375.0
Debenhams . . . . . . . . . .76.5 -0.9 85.5 51.2
Dignity . . . . . . . . . . . . .855.0 -4.5 866.0 727.0
Dixons Retail . . . . . . . . .14.8 -1.2 19.9 9.4
DunelmGroup . . . . . . .522.0 2.5 533.0 389.0
Halfords Group . . . . . . .282.5 -2.9 405.9 268.6
Home Retail Group . . . . .81.3 2.8 224.8 72.5
Inchcape . . . . . . . . . . . .340.1 -4.5 425.4 268.1
JD Sports Fashion . . . . .791.5 9.0 1030.0 570.0
Kesa Electricals . . . . . . . .56.0 0.0 151.4 52.1
Kingsher . . . . . . . . . . .285.1 2.0 313.8 217.0
Marks & Spencer G . . . .352.9 1.6 399.9 301.8
Next . . . . . . . . . . . . . .2985.0 0.0 3060.0 2153.0
Sports Direct Int . . . . . .302.5 -0.1 315.6 190.0
WHSmith . . . . . . . . . . .519.5 -0.5 559.0 451.6
Smith & Nephew . . . . .594.5 -2.5 694.0 521.0
Synergy Health . . . . . .809.0 2.0 981.0 793.5
Barratt Developme . . . . .118.1 -5.9 151.5 67.5
Bellway . . . . . . . . . . . .696.0 -27.0 859.5 540.5
Berkeley Group Ho . . .1205.0 -30.0 1414.0 1025.0
Bovis Homes Group . . .443.5 -11.5 518.5 326.5
Persimmon . . . . . . . . .548.0 -26.5 706.5 374.0
Balfour Beatty . . . . . . .258.5 -1.5 328.1 214.6
CRH . . . . . . . . . . . . . . .1106.0 -3.0 1585.5 1053.0
Galliford Try . . . . . . . . . .616.5 -3.5 653.0 383.8
Kier Group . . . . . . . . . .1161.0 -10.0 1489.0 1095.0
Drax Group . . . . . . . . . .571.0 -3.5 581.5 444.5
SSE . . . . . . . . . . . . . . . .1325.0 -7.0 1423.0 1193.0
Domino Printing S . . . .560.5 -10.5 701.5 434.3
Halma . . . . . . . . . . . . . .389.9 -0.3 429.6 306.3
Laird . . . . . . . . . . . . . . . .187.2 3.1 222.0 128.5
Morgan Crucible C . . . . .272.8 -7.4 360.0 224.0
Oxford Instrument . . . .1151.0 6.0 1285.0 714.0
Renishaw . . . . . . . . . . .1467.0 126.0 1886.0 800.0
Spectris . . . . . . . . . . . .1755.0 0.0 1902.0 1039.0
Aberforth Smaller . . . .607.5 -11.0 714.0 494.0
Alliance Trust . . . . . . . .343.0 -1.4 392.7 310.2
Bankers Inv Trust . . . . .402.1 -2.3 433.8 346.5
BH Global Ltd. GB . . . . .1175.0 -10.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.8 -0.1 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.8 -0.0 20.2 16.6
BH Macro Ltd. GBP . . .2060.0 4.0 2078.0 1704.0
BH Macro Ltd. USD . . . . . .19.8 0.1 20.2 16.6
BlackRock World M . . . .591.0 -3.0 782.0 574.5
BlueCrest AllBlue . . . . . .163.3 0.5 175.5 160.5
British Assets Tr . . . . . . .119.1 0.4 138.0 109.0
British Empire Se . . . . .402.8 -3.4 533.0 399.3
Caledonia Investm . . .1340.0 -16.0 1780.0 1337.0
City of London In . . . . .284.8 1.3 306.9 257.0
Dexion Absolute L . . . . .136.3 -0.6 148.4 130.0
Edinburgh Dragon . . . .230.9 1.7 253.1 201.4
Edinburgh Inv Tru . . . .476.0 -0.6 504.0 422.5
Electra Private E . . . . .1686.0 -9.0 1745.0 1287.0
Fidelity China Sp . . . . . . .76.8 1.2 108.0 70.0
Fidelity European . . . .1018.0 -3.0 1280.0 912.0
Foreign and Colon . . . .290.4 -1.6 327.9 261.5
Herald Inv Trust . . . . . .486.9 -6.6 545.5 419.0
HICL Infrastructu . . . . . .120.4 -0.1 123.6 112.7
John Laing Infras . . . . .106.7 -0.4 110.6 103.8
JPMorgan American . . .887.0 -0.5 965.5 721.5
JPMorgan Asian In . . . . .181.5 1.3 243.9 170.1
JPMorgan Emerging . . .514.5 0.0 610.5 480.1
JPMorgan Indian I . . . . .317.0 2.3 437.0 312.5
JPMorgan Russian . . . .484.0 -7.1 689.0 415.1
LawDebenture Cor . . .369.5 0.7 398.7 323.0
Mercantile Invest . . . . .969.0 -2.5 1101.0 823.0
Merchants Trust . . . . . .360.3 -0.5 431.8 341.5
Monks Inv Trust . . . . . . .321.5 -1.3 357.4 298.1
Murray Income Tru . . . .627.0 -0.5 674.0 568.0
Murray Internatio . . . . .921.0 -5.5 1012.0 818.5
NB Global Floatin . . . . . .99.8 -0.2 103.0 92.5
Perpetual Income . . . .260.1 -0.6 276.0 236.5
Personal Assets T . . .33540.0-150.0 35350.031750.0
Polar Capital Tec . . . . . .371.4 -0.8 404.0 299.5
RIT Capital Partn . . . . .1138.0 8.0 1360.0 1096.0
Scottish Inv Trus . . . . . .455.7 0.4 524.0 417.0
Scottish Mortgage . . . .659.0 -1.0 781.0 565.0
SVG Capital . . . . . . . . . .267.7 -1.3 295.5 165.1
Temple Bar Inv Tr . . . . .889.5 -4.5 970.0 791.0
Templeton Emergin . . .527.0 -1.0 678.5 497.0
TRProperty Inv T . . . . . .147.4 -1.6 206.1 136.2
TRProperty Inv T . . . . . .63.0 0.0 94.0 59.8
Witan Inv Trust . . . . . . .452.4 -2.6 533.0 401.5
3i Group . . . . . . . . . . . . .180.6 -2.7 294.1 166.9
3i Infrastructure . . . . . . .124.5 -0.4 128.0 115.6
Aberdeen Asset Ma . . . .247.3 1.0 283.8 167.8
Ashmore Group . . . . . .340.3 -8.5 420.0 306.4
Brewin Dolphin Ho . . . .158.0 0.0 177.0 113.7
Camellia . . . . . . . . . . .9500.0-100.0 10950.0 8800.0
Charles Taylor Co . . . . . .137.0 1.1 160.0 115.6
City of London Gr . . . . . .72.0 0.0 86.0 61.3
City of London In . . . . .363.3 0.3 440.0 304.3
Close Brothers Gr . . . . .691.5 -8.5 812.0 590.0
F&C Asset Managem. . . .67.0 0.9 81.7 56.1
Hargreaves Lansdo . . .493.8 -5.6 640.0 402.5
Helphire Group . . . . . . . . .1.4 -0.0 4.8 1.3
Henderson Group . . . . . .98.8 -3.3 163.7 95.1
Highway Capital . . . . . . .14.0 -0.5 21.0 8.0
ICAP . . . . . . . . . . . . . . . .335.3 -9.3 498.8 311.6
IG Group Holdings . . . .446.0 -1.8 502.5 393.6
Intermediate Capi . . . .238.0 -0.5 345.0 197.9
International Per . . . . .224.4 -8.9 388.8 148.5
International Pub . . . . .118.0 0.0 121.7 112.7
Investec . . . . . . . . . . . . .328.3 -8.6 522.0 318.4
IP Group . . . . . . . . . . . .140.0 0.0 151.0 36.0
Jupiter Fund Mana . . . .208.5 2.8 293.2 184.9
Liontrust Asset M . . . . .102.5 -3.5 125.0 57.9
LMS Capital . . . . . . . . . . .59.8 0.3 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.0
London Stock Exch . . . .997.5 -7.5 1093.0 756.5
Lonrho . . . . . . . . . . . . . . .9.8 0.1 19.8 8.9
Man Group . . . . . . . . . . .79.9 -3.2 259.6 79.3
Paragon Group Of . . . .163.5 -5.6 206.1 134.6
Provident Financi . . . .1160.0 -2.0 1204.0 915.0
Rathbone Brothers . . .1240.0 3.0 1351.0 977.0
Record . . . . . . . . . . . . . . .18.1 0.0 35.5 9.8
RSM Tenon Group . . . . . . .5.7 -0.2 31.5 5.6
Schroders . . . . . . . . . .1246.0 -33.0 1670.0 1183.0
Schroders (Non-Vo . . .1020.0 -19.0 1393.0 970.0
Tullett Prebon . . . . . . . .289.0 -4.9 386.4 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .207.3 2.4 232.1 161.0
Cable & Wireless . . . . . .30.5 -0.2 48.9 30.1
Cable & Wireless . . . . . .34.0 -0.2 55.0 14.2
COLT Group SA . . . . . . . .107.7 -4.1 149.5 84.1
KCOM Group . . . . . . . . . .70.0 0.8 84.0 62.0
TalkTalk Telecom . . . . .132.0 0.0 150.0 118.9
TelecomPlus . . . . . . . . .703.0 5.0 802.0 475.0
Booker Group . . . . . . . . .75.3 -1.3 85.3 64.5
Greggs . . . . . . . . . . . . .496.0 9.7 558.0 445.0
Morrison (Wm) Sup . . . .277.1 -1.8 328.0 274.8
Ocado Group . . . . . . . . .116.6 -1.9 228.2 52.9
Sainsbury (J) . . . . . . . . .311.4 -2.5 356.3 263.5
Tesco . . . . . . . . . . . . . . .316.0 -2.8 419.5 310.5
Associated Britis . . . . .1220.0 7.0 1242.0 977.0
Cranswick . . . . . . . . . . .825.5 7.0 841.0 588.5
Dairy Crest Group . . . . .307.0 0.0 408.0 290.4
Devro . . . . . . . . . . . . . .299.9 4.9 332.2 232.0
Tate & Lyle . . . . . . . . . .688.5 -1.5 720.5 544.5
Unilever . . . . . . . . . . .2069.0 -4.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .509.0 -7.5 664.0 413.5
Centrica . . . . . . . . . . . . .308.5 -5.4 330.3 278.8
International Pow . . . . .419.2 -0.2 419.6 279.4
National Grid . . . . . . . .669.0 -4.0 682.5 569.0
Pennon Group . . . . . . .732.0 -11.0 751.0 623.5
Severn Trent . . . . . . . .1695.0 -9.0 1720.0 1375.0
United Utilities . . . . . . .632.5 -9.5 644.5 560.0
Cookson Group . . . . . . .638.5 -2.5 747.5 395.8
Rexam. . . . . . . . . . . . . .399.8 1.9 438.0 299.8
RPC Group . . . . . . . . . . .351.0 -4.2 393.2 300.5
Smith (DS) . . . . . . . . . . .145.9 -3.7 183.7 113.3
Smiths Group . . . . . . . .1041.0 15.0 1250.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3443.0 13.0 3660.0 3100.0
Redrow . . . . . . . . . . . . . .119.2 -1.7 126.0 90.2
Taylor Wimpey . . . . . . . .42.0 -2.7 52.8 28.7
Bodycote . . . . . . . . . . . .383.0 -7.0 437.1 225.6
Fenner . . . . . . . . . . . . .405.7 -5.1 483.7 280.0
IMI . . . . . . . . . . . . . . . . .881.0 -23.5 1119.0 636.5
Melrose . . . . . . . . . . . . .407.5 -2.3 441.6 268.0
Northgate . . . . . . . . . . .194.5 -5.1 333.9 190.0
Rotork . . . . . . . . . . . . .2030.0 -27.0 2260.0 1501.0
Spirax-Sarco Engi . . .2050.0-109.0 2334.0 1649.0
Weir Group . . . . . . . . . .1521.0 11.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .328.2 4.6 460.5 315.0
Ferrexpo . . . . . . . . . . . .231.2 -8.0 495.3 229.6
Talvivaara Mining . . . . . .151.3 -5.5 488.2 150.0
BBA Aviation . . . . . . . . .198.0 0.5 222.4 156.0
Stobart Group Ltd . . . . .122.0 -1.7 149.5 112.0
Admiral Group . . . . . . .1127.0 -5.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .313.0 -5.3 426.4 270.6
Beazley . . . . . . . . . . . . . .138.1 -5.7 151.8 109.6
Catlin Group Ltd. . . . . . .415.0 -1.0 449.0 337.0
Hiscox Ltd. . . . . . . . . . . .377.8 -1.7 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .82.9 0.4 89.9 51.7
Johnston Press . . . . . . . . .6.1 0.1 7.9 4.1
MecomGroup . . . . . . . . .151.8 1.5 282.0 134.5
Moneysupermarket. . . .114.7 -1.5 135.9 93.4
Pearson . . . . . . . . . . . .1152.0 -7.0 1255.0 1038.0
PerformGroup . . . . . . .308.5 -1.5 317.2 150.0
Reed Elsevier . . . . . . . .500.5 -0.5 578.0 461.3
Rightmove . . . . . . . . .1479.0 -19.0 1600.0 1036.0
STV Group . . . . . . . . . . .108.0 0.5 152.0 76.3
Tarsus Group . . . . . . . . .156.3 1.3 165.0 119.5
Trinity Mirror . . . . . . . . . .33.8 2.0 54.3 30.3
UBM . . . . . . . . . . . . . . . .550.0 -4.0 641.5 416.0
UTVMedia . . . . . . . . . . .130.0 -3.9 159.5 92.5
Wilmington Group . . . . .96.5 -1.8 150.0 78.5
WPP . . . . . . . . . . . . . . .803.5 1.0 880.0 578.0
Yell Group . . . . . . . . . . . . .3.2 -0.2 11.0 3.2
African Barrick G . . . . . .328.2 -5.2 616.5 320.2
Anglo American . . . . .2085.5 -33.5 3181.0 2073.5
Anglo Pacic Gro . . . . . .278.1 -6.7 340.0 237.9
Antofagasta . . . . . . . .1003.0 -13.0 1491.0 900.5
Aquarius Platinum . . . . .93.8 -7.8 343.0 91.8
Avocet Mining . . . . . . . .143.5 -3.4 286.8 142.3
BHP Billiton . . . . . . . . .1766.0 -32.0 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .419.0 -4.5 1158.0 418.8
Centamin (DI) . . . . . . . .64.0 -0.3 141.5 60.7
Jardine Lloyd Tho . . . . .690.0 -4.5 764.5 576.0
Lancashire Holdin . . . . .754.5 -6.5 825.0 620.0
RSA Insurance Gro . . . . .101.0 0.1 138.1 99.6
Aviva . . . . . . . . . . . . . . .282.4 -8.3 446.3 275.3
Legal & General G . . . . .109.4 -1.1 135.0 89.8
Old Mutual . . . . . . . . . .146.6 -1.3 188.1 112.1
Phoenix Group Hol . . .496.0 2.4 688.0 451.1
Prudential . . . . . . . . . . .710.0 -5.5 797.5 509.0
Resolution Ltd. . . . . . . .205.5 -6.1 316.1 204.7
St James's Place . . . . . .313.9 -3.4 376.0 294.0
Standard Life . . . . . . . .205.5 -2.9 250.7 172.0
4Imprint Group . . . . . .280.0 -9.0 312.5 200.0
Aegis Group . . . . . . . . .164.2 -1.4 187.4 115.7
Bloomsbury Publis . . . .108.5 0.4 133.5 91.3
British Sky Broad . . . . .692.0 -1.5 850.0 618.5
Centaur Media . . . . . . . .34.8 0.3 56.3 30.5
Chime Communicati . . .149.8 -5.8 298.5 143.0
Creston . . . . . . . . . . . . . .66.8 0.8 121.0 47.0
Daily Mail and Ge . . . . . .411.2 2.0 503.5 343.4
Euromoney Institu . . . .756.0 -5.5 828.0 522.5
Future . . . . . . . . . . . . . . . .11.0 -0.3 19.0 8.3
Haynes Publishing . . . .190.0 0.0 255.0 190.0
Huntsworth . . . . . . . . . .43.8 0.5 76.3 32.3
Informa . . . . . . . . . . . . .384.9 -7.1 451.0 313.9
ITE Group . . . . . . . . . . . .213.7 -0.9 248.6 157.7
Eurasian Natural . . . . . .481.3 -11.5 855.5 476.3
Fresnillo . . . . . . . . . . . .1380.0 -1.0 2150.0 1302.0
GemDiamonds Ltd. . . .226.7 -10.7 310.6 179.8
Glencore Internat . . . . .370.2 -1.8 531.1 348.0
Hochschild Mining . . . .419.0 -5.2 549.5 365.9
Kazakhmys . . . . . . . . . .707.0 -30.0 1405.0 701.5
Kenmare Resources . . . .44.0 -1.9 61.5 31.0
Lonmin . . . . . . . . . . . . .805.0 -49.0 1600.0 803.5
NewWorld Resourc . . .331.4 -23.3 1038.0 329.8
Petra Diamonds Lt . . . .133.0 -7.7 188.2 97.0
Petropavlovsk . . . . . . .390.5 -21.6 913.0 389.6
Polymetal Interna . . . .808.5 14.0 1175.0 767.5
Randgold Resource . .4596.0 -107.0 7565.0 4565.0
Rio Tinto . . . . . . . . . . .2953.5 -89.5 4595.0 2712.5
Vedanta Resources . . .1013.0 -40.0 2169.0 928.0
Xstrata . . . . . . . . . . . . .999.0 -14.0 1425.5 764.0
Inmarsat . . . . . . . . . . . .421.4 -14.4 618.0 389.3
Vodafone Group . . . . . .170.5 0.8 182.7 155.1
Genesis Emerging . . . .478.2 -1.8 543.5 424.0
Afren . . . . . . . . . . . . . . . .120.1 -0.7 171.0 73.6
BG Group . . . . . . . . . . .1274.5 -15.5 1547.0 1144.0
BP . . . . . . . . . . . . . . . . .400.4 -3.5 504.6 363.2
Cairn Energy . . . . . . . . .297.7 -3.6 501.4 291.9
EnQuest . . . . . . . . . . . . .122.8 1.5 135.2 85.7
Essar Energy . . . . . . . . .125.3 0.4 455.9 101.6
Exillon Energy . . . . . . . .106.0 -2.8 455.0 105.0
Heritage Oil . . . . . . . . . .123.0 -5.4 262.1 122.2
Ophir Energy . . . . . . . . .515.0 7.0 586.0 184.5
Premier Oil . . . . . . . . . .329.3 -7.7 485.0 310.0
Royal Dutch Shell . . . .2001.5 -13.5 2402.0 1883.5
Royal Dutch Shell . . . .2075.5 -15.0 2489.0 1890.5
Ruspetro . . . . . . . . . . . .161.0 -3.3 230.0 125.0
Salamander Energy . . .168.2 -5.1 235.8 148.0
Soco Internationa . . . . .264.8 9.9 397.5 254.9
TullowOil . . . . . . . . . . .1391.0 -2.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1001.0 -10.0 1187.0 740.5
Hunting . . . . . . . . . . . . .782.5 4.5 968.0 530.0
Kentz Corporation . . . . .397.6 4.6 508.0 375.0
Lamprell . . . . . . . . . . . .294.8 -2.8 395.2 220.7
Petrofac Ltd. . . . . . . . .1560.0 -3.0 1772.0 1108.0
Wood Group (John) . . .739.5 -1.0 798.0 469.9
Burberry Group . . . . . .1438.0 -7.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .338.2 1.6 387.9 285.0
Supergroup . . . . . . . . .330.0 9.5 1165.0 307.0
AstraZeneca . . . . . . . . .2651.5 -8.5 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .373.1 2.8 387.7 236.8
Genus . . . . . . . . . . . . .1285.0 -19.0 1457.0 853.5
GlaxoSmithKline . . . . .1423.5 4.0 1497.0 1205.0
Hikma Pharmaceuti . . .612.5 -11.0 869.0 555.5
Shire Plc . . . . . . . . . . . .1993.0 -25.0 2300.0 1818.0
Capital & Countie . . . . .193.0 -2.5 203.7 158.1
Daejan Holdings . . . .3084.0 44.0 3300.0 2282.0
F&C Commercial Pr . . . .103.6 -0.5 107.9 92.6
Grainger . . . . . . . . . . . . .96.0 -1.5 133.2 77.3
London & Stamford . . .106.9 -1.8 140.0 103.9
Savills . . . . . . . . . . . . . .343.9 2.6 427.1 256.2
UK Commercial Pro . . . . .73.3 0.9 85.5 65.1
Big Yellow Group . . . . .293.0 -5.1 344.4 218.0
British Land Co . . . . . . .497.2 -2.8 629.5 444.0
Capital Shopping . . . . .309.8 -2.2 408.6 288.7
Derwent London . . . . .1776.0 5.0 1880.0 1400.0
Great Portland Es . . . . .370.0 -0.1 445.0 312.9
Hammerson . . . . . . . . .422.0 -1.5 490.9 345.2
Hansteen Holdings . . . . .70.5 -2.5 89.5 68.0
Land Securities G . . . . .734.5 -3.5 885.0 612.0
SEGRO . . . . . . . . . . . . . . .217.6 -0.3 326.1 195.0
Shaftesbury . . . . . . . . .522.0 1.5 539.0 441.2
Aveva Group . . . . . . . .1567.0 -16.0 1799.0 1298.0
Computacenter . . . . . . .387.9 0.4 490.0 324.7
Fidessa Group . . . . . . .1488.0 -8.0 2109.0 1444.0
Invensys . . . . . . . . . . . .204.0 -5.0 333.9 180.9
Logica . . . . . . . . . . . . . . .66.4 -3.4 143.6 59.0
Micro Focus Inter . . . . . .451.8 -4.2 476.7 242.9
Misys . . . . . . . . . . . . . . .348.9 0.0 420.2 214.9
Sage Group . . . . . . . . .260.0 -5.5 312.4 231.7
SDL . . . . . . . . . . . . . . . .699.0 -8.5 756.0 586.0
Telecity Group . . . . . . . .791.5 1.0 816.0 450.5
Aggreko . . . . . . . . . . . .2175.0 13.0 2316.0 1522.0
Ashtead Group . . . . . . .232.5 2.6 271.1 99.4
Atkins (WS) . . . . . . . . . .672.5 6.5 820.0 490.2
Babcock Internati . . . . .868.5 69.5 875.5 570.5
Berendsen . . . . . . . . . .470.5 -6.3 568.0 402.7
Bunzl . . . . . . . . . . . . . .1014.0 -1.0 1063.0 676.5
Cape . . . . . . . . . . . . . . .334.6 -7.4 591.5 295.0
Capita . . . . . . . . . . . . . .645.5 1.0 767.0 611.5
Carillion . . . . . . . . . . . . .279.5 -3.6 399.3 264.6
De La Rue . . . . . . . . . . .1017.0 -7.0 1024.0 730.0
Diploma . . . . . . . . . . . . .449.1 -4.9 460.5 284.0
Electrocomponents . . . .211.8 -0.9 294.9 182.2
Experian . . . . . . . . . . . .894.0 -27.0 998.0 665.0
Filtrona PLC . . . . . . . . . .463.2 -2.0 484.5 296.3
G4S . . . . . . . . . . . . . . . .275.2 8.4 292.1 219.9
Hays . . . . . . . . . . . . . . . . .76.1 -0.3 114.9 58.9
Homeserve . . . . . . . . . .239.2 -9.8 531.5 214.7
Howden Joinery Gr . . . .113.6 -3.0 130.8 93.1
Interserve . . . . . . . . . . .277.3 -2.7 341.3 270.1
Intertek Group . . . . . .2486.0 8.0 2605.0 1744.0
Michael Page Inte . . . . .357.7 -3.5 552.5 323.0
Mitie Group . . . . . . . . . .283.0 -3.0 296.7 208.0
PayPoint . . . . . . . . . . . .637.0 2.0 670.0 451.0
Premier Farnell . . . . . . .186.7 -2.3 301.0 144.5
Regus . . . . . . . . . . . . . . . .94.1 -2.1 117.5 64.0
Rentokil Initial . . . . . . . . .81.8 -1.3 98.7 58.2
RPS Group . . . . . . . . . . .213.7 -1.5 253.0 156.6
Serco Group . . . . . . . . . .527.0 -12.5 597.5 458.0
Shanks Group . . . . . . . . .85.0 -0.7 130.9 82.0
SIG . . . . . . . . . . . . . . . . . .94.6 -2.7 153.5 77.0
Travis Perkins . . . . . . . .950.5 -5.5 1125.0 715.0
Wolseley . . . . . . . . . . .2251.0 12.0 2558.0 1404.0
ARM Holdings . . . . . . . .487.3 -4.0 645.0 464.0
CSR . . . . . . . . . . . . . . . . .217.5 0.0 375.1 154.1
Imagination Techn . . . .580.5 -5.5 717.0 296.9
Spirent Communica . . .159.5 0.6 174.0 105.8
British American . . . . .3115.5 12.0 3248.5 2592.0
Imperial Tobacco . . . .2500.0 1.0 2591.0 1974.0
Betfair Group . . . . . . . .779.0 3.0 901.0 567.0
Bwin.party Digita . . . . .138.8 -1.4 174.0 100.6
Carnival . . . . . . . . . . . .2034.0 67.0 2603.0 1742.0
Compass Group . . . . . .624.5 -5.0 671.0 512.5
Domino's Pizza UK . . . .438.0 5.0 526.0 377.0
easyJet . . . . . . . . . . . . . .514.5 -4.0 534.0 302.5
FirstGroup . . . . . . . . . . .198.3 -7.2 370.2 190.0
Go-Ahead Group . . . . .1113.0 -10.0 1598.0 1094.0
Greene King . . . . . . . . .488.3 0.8 527.5 410.0
InterContinental . . . . .1477.0 6.0 1532.0 955.0
International Con . . . . .149.9 -9.5 258.7 132.0
Ladbrokes . . . . . . . . . . .165.9 -1.2 181.4 114.0
Marston's . . . . . . . . . . . .95.3 -2.0 110.6 84.6
Millennium& Copt . . . .484.6 5.4 526.5 371.2
Mitchells & Butle . . . . . .249.9 -3.4 336.4 215.6
National Express . . . . .201.9 -4.9 267.0 201.6
Rank Group . . . . . . . . . .122.1 -1.4 153.7 109.5
Restaurant Group . . . . .275.9 3.2 311.1 254.9
Spirit Pub Compan . . . . .55.3 -0.8 62.8 35.3
Stagecoach Group . . . .238.2 -2.4 287.4 220.0
TUI Travel . . . . . . . . . . . .173.1 -4.7 248.2 136.7
Wetherspoon (J.D. . . . .373.5 2.2 457.2 368.4
Whitbread . . . . . . . . . .1859.0 -28.0 2006.0 1409.0
WilliamHill . . . . . . . . . .265.8 -0.7 281.7 183.3
Abcam . . . . . . . . . . . . .380.0 1.5 460.0 320.0
Advanced Medical . . . . .70.8 0.8 95.0 64.8
Albemarle & Bond . . . .313.0 3.0 400.1 304.0
Amerisur Resource . . . . .22.3 -0.3 29.0 9.5
Andes Energia . . . . . . . .38.8 -0.3 82.8 17.5
Andor Technology . . . .540.0 18.0 685.0 471.8
Archipelago Resou . . . . .57.5 2.3 79.0 54.9
ASOS . . . . . . . . . . . . . .1593.0 29.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .18.5 0.0 71.0 16.0
Avanti Communicat . . .309.3 -4.5 436.5 241.3
Blinkx . . . . . . . . . . . . . . .42.8 -2.0 158.0 41.3
Borders & Souther . . . . .76.0 -2.0 131.0 43.5
BowLeven . . . . . . . . . . . .68.3 -1.8 342.3 62.0
Brooks Macdonald . . .1340.0 0.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .67.8 -5.8 112.8 66.5
Cove Energy . . . . . . . . .228.0 4.5 242.0 61.0
Daisy Group . . . . . . . . . .92.0 -9.5 127.0 91.0
EMIS Group . . . . . . . . . .540.0 5.0 583.0 397.5
Faroe Petroleum . . . . . .163.5 -0.5 177.8 130.0
Gulfsands Petrole . . . . .113.0 -2.0 271.8 105.5
GWPharmaceutical . . . .83.5 -3.5 130.0 78.5
H&T Group . . . . . . . . . .289.0 -7.0 395.0 286.0
Hargreaves Servic . . . .1190.0 15.0 1264.0 855.0
Healthcare Locums . . . . . .3.2 -0.0 3.5 2.8
ImpellamGroup . . . . . .362.5 0.0 382.6 225.0
Iomart Group . . . . . . . . .129.3 -0.5 151.0 86.1
James Halstead . . . . . .530.0 1.5 536.9 410.3
London Mining . . . . . . .263.5 1.3 405.0 257.3
Lupus Capital . . . . . . . .129.0 -0.5 140.0 86.0
M. P. Evans Group . . . . .501.0 0.5 525.0 371.0
Majestic Wine . . . . . . . .425.0 -12.8 510.0 315.0
May Gurney Integr . . . .233.8 -1.0 302.0 230.0
Monitise . . . . . . . . . . . . .30.3 -0.8 40.0 25.5
Mulberry Group . . . . .2220.0 2.0 2472.0 1290.0
Nanoco Group . . . . . . . .60.8 -2.3 89.0 38.0
Nautical Petroleu . . . . .284.3 -8.8 379.0 223.5
Nichols . . . . . . . . . . . . . .701.5 0.3 732.0 505.0
Numis Corporation . . . . .91.0 0.0 119.6 72.0
Pan African Resou . . . . .15.0 -0.3 18.3 9.5
Patagonia Gold . . . . . . . .22.8 -1.8 70.0 22.8
Prezzo . . . . . . . . . . . . . . .69.0 -1.0 71.5 53.5
Rockhopper Explor . . .296.3 2.8 393.5 141.0
RWS Holdings . . . . . . .500.0 3.8 560.0 389.0
Secure Trust Bank . . . .1055.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .16.3 -0.5 32.0 6.4
Songbird Estates . . . . . .109.0 -0.8 160.3 103.0
Valiant Petroleum . . . . .510.5 4.5 628.5 400.0
Young & Co's Brew . . . .612.5 -6.5 712.0 580.0
Renishaw . . . . . . . . . . . . . . . . .1467.0 9.4
Babcock Internatio . . . . . . . . . .868.5 8.7
Soco International . . . . . . . . . . .264.8 3.9
Home Retail Group . . . . . . . . . . . .81.3 3.5
Carnival . . . . . . . . . . . . . . . . . .2034.0 3.4
G4S . . . . . . . . . . . . . . . . . . . . . . .275.2 3.2
Supergroup . . . . . . . . . . . . . . . .330.0 3.0
Greggs . . . . . . . . . . . . . . . . . . . .496.0 2.0
Polymetal Internat . . . . . . . . . .808.5 1.8
Laird . . . . . . . . . . . . . . . . . . . . . . .187.2 1.7
Aquarius Platinum . . . . . . . . . . .93.8 -7.6
Dixons Retail . . . . . . . . . . . . . . . .14.8 -7.2
New World Resource . . . . . . . . .331.4 -6.6
Taylor Wimpey . . . . . . . . . . . . . .42.0 -6.1
International Cons . . . . . . . . . . .149.9 -6.0
Lonmin . . . . . . . . . . . . . . . . . . . .805.0 -5.7
Petra Diamonds Ltd . . . . . . . . . .133.0 -5.5
Petropavlovsk . . . . . . . . . . . . . .390.5 -5.2
Spirax-Sarco Engin . . . . . . . . .2050.0 -5.1
Logica . . . . . . . . . . . . . . . . . . . . . .66.4 -4.8
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 5.250 12 . . . . . . .100.28 -0.03 104.7 100.2
Tsy 9.000 12 . . . . . . .101.94 0.00 109.9 100.8
Tsy 2.500 13 . . . . . .283.42 -0.03 287.7 282.8
Tsy 4.500 13 . . . . . . .103.32 -0.01 106.4 103.2
Tsy 8.000 13 . . . . . . .110.39 0.00 116.3 110.3
Tsy 5.000 14 . . . . . . .110.61 0.00 112.9 110.5
Tsy 8.000 15 . . . . . . .126.32 0.00 129.2 125.6
Tsy 4.750 15 . . . . . . .113.83 0.00 115.4 111.0
Tsy 4.000 16 . . . . . . .113.66 0.03 114.7 108.0
Tsy 2.500 16 . . . . . .346.02 0.05 346.3 325.5
Tsy 1.250 17 . . . . . . .116.54 0.08 117.1 110.0
Tsy 8.750 17 . . . . . . .139.88 -0.32 141.9 135.6
Tsy 12.000 17 . . . . . . .118.14 0.00 127.9 117.0
Tsy 5.000 18 . . . . . .122.06 0.01 122.5 113.5
Tsy 3.750 19 . . . . . . .116.18 -0.03 116.2 103.8
Tsy 4.500 19 . . . . . . .120.91 -0.01 120.9 109.6
Tsy 4.750 20 . . . . . .123.78 -0.06 123.9 111.1
Tsy 2.500 20 . . . . . .370.92 0.05 371.5 331.8
Tsy 8.000 21 . . . . . .152.98 -0.09 155.5 139.3
Tsy 1.875 22 . . . . . . .129.50 0.09 129.7 114.9
Tsy 4.000 22 . . . . . .118.83 -0.11 119.0 103.4
Tsy 2.500 24 . . . . . .336.58 0.13 337.0 289.4
Tsy 5.000 25 . . . . . .130.66 -0.03 130.8 111.5
Tsy 1.250 27 . . . . . . .125.51 0.07 127.0 107.6
Tsy 4.250 27 . . . . . . .121.79 -0.09 122.7 101.7
Tsy 6.000 28 . . . . . .146.43 -0.10 148.0 123.7
Tsy 4.125 30 . . . . . . .318.69 0.08 322.8 272.0
Tsy 4.750 30 . . . . . . .128.21 -0.13 130.5 107.3
Tsy 4.250 32 . . . . . .120.35 -0.16 123.1 100.3
Tsy 4.250 36 . . . . . . .119.85 -0.26 123.9 99.6
Tsy 4.750 38 . . . . . . .129.21 -0.33 134.2 107.9
Tsy 4.500 42 . . . . . .125.09 -0.40 130.8 104.1
% %
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
BEVERAGES
CHEMICALS
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXEDLINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER &MULTIUTILITIES
GENERAL INDUSTRIALS
GENERAL RETAILERS
HEALTH CARE EQUIPMETN & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
NON LIFE INSURANCE
LIFE INSURANCE
MEDIA
MINING
MOBILE TELECOMS
NON EQUITY INVESTM. COMM.
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
REAL ESTATE INVEST. TRUSTS
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. &EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
20
LONDONREPORT
Brooks Macdonald
The private client investment
manager has announced the
appointment of Justin Woolf to
its intermediary sales team. He
joins as an intermediary sales
manager from Zurich
Intermediary Group, where he
was a senior broker consultant.
Woolf has over 15 years
experience in the financial
services industry.
Thomas Miller Investment
The investment management firm has appointed John
Bearman as chief investment officer. He has over 25 years
of fund management experience, and was most recently
chief investment officer for Santander Asset Management
in the UK. He has also previously served as head of UK
equities at Insight Investment.
SWIP
Scottish Widows Investment Partnership has appointed
Ian Marsh as head of marketing. He will report to Francis
Ghiloni, director of distribution and client management.
Marsh joins from BlackRock, where he was managing
director, head of marketing communications Europe,
Middle East and Africa. He has previously held senior
roles at iShares, E-ON, Sony Ericsson and Vodafone.
Stanford Resourcing
The legal and compliance search firm has appointed
David Carberry to lead its compliance practice area.
Carberry joins from Hutton Consulting, the financial
services executive search firm. His hire forms part of
Stanfords growth strategy into Hong Kong and Dubai.
Cordea Savills
Esther Lewis has been appointed as associate director of
institutional business at the international property
investment manager. She joins from Future Capital
Partners and has previously held roles at Circle, the
healthcare partnership, Unicorn Investments, the
investment boutique, and PwC.
Saffery Champness
James Hender has been appointed as partner in the
accountancy firms London office. He will join its private
wealth and estates group from Smith & Williamson,
where he spent nine years advising high net worth
clients.
Mercer
The human resource consultancy has appointed Daniel
Hibbert as principal to develop its pay and reward
consulting services for the UKs public sector. Hibbert
joined the firm in March 2012 from PwC, where he held
the post of director. He has over 15 years experience
advising organisations on all aspects of reward
management.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Euro fears see
fourth day of
falls on the S&P
U
S stocks closed lower in a
choppy session yesterday,
with the S&P 500 logging its
fourth straight decline as
investors worried about Greeces
future as a member of the
Eurozone.
Early US gains were erased after
the European Central Bank said it
had stopped providing liquidity to
some Greek banks that had not
been recapitalised. The ECBs move
caused some market confusion,
adding to volatility as traders have
a quick trigger finger when it
comes to news about Greece.
All eyes continue to be trained
on Europe: What is going to
happen in Greece, what the
potential fallout from that is
going to be, so there wasn't much
from the Fed data to impact
things, said Stephen Massocca of
Wedbush Morgan in San Francisco.
Investors were not enticed by
the minutes from the US Federal
Reserves most recent meeting in
which policymakers kept alive the
possibility of a fresh round of
monetary stimulus for the
moderately expanding economy.
Worries about Greeces political
and financial future, along with
political upheaval in the broader
Eurozone, have driven equity
losses in recent weeks, sending the
benchmark S&P index down 5.9
per cent since the end of March.
German chancellor Angela
Merkel attempted to assuage
investor fears on Tuesday by
saying Greece will stay in the euro.
Merkels comments helped stem
selling prior to the market open.
Opinion polls in Greece show
leftists who are opposed to the
terms of the international bailout
for the country would likely win a
new election, set for 17 June.
Greeks, afraid of the devaluation
that would follow an exit from the
euro, withdrew at least 700m
euros from local banks on Monday.
J.C. Penney shares plunged 19.7
per cent to $26.75, its biggest one-
day percentage drop since at least
1973, a day after the department
store owner scrapped its dividend.
Penneys financial results showed
the effort to remake itself as an
affordable fashion-oriented retail
chain took a much bigger-than-
expected toll on sales in the first
quarter.
The Dow Jones industrial
average dropped 33.45 points, or
0.26 per cent, to 12,598.55. The
Standard & Poors 500 Index
dropped 5.86 points, or 0.44 per
cent, to 1,324.80. The Nasdaq
Composite Index dropped 19.72
points, or 0.68 per cent, to
2,874.04.
US output rose in April at its
fastest pace in over a year, the
Federal Reserve said. A separate
report showed a rebound in
groundbreaking for US homes in
April, suggesting the housing
market recovery was gaining.
B
RITAINs benchmark FTSE 100
index fell to its lowest closing
level in more than four months
yesterday, as new fears about the
Greek banking system killed off a brief
afternoon rally on the market.
The FTSE 100 fell by 32.37 points, or
0.6 per cent, to 5,405.25 points above
a 5,400 point resistance level but still
ending at its lowest close since 21
December, when the market finished
at 5,389.74 points.
The bias is still to sell on rallies,
said Hartmann Capital equities and
derivatives sales trader Basil Petrides.
The FTSE 100 had fallen as much as
1.5 per cent to an intraday low of
5,354.00 points, before recovering
during the afternoon session to trade
up 0.2 per cent to an intraday high of
5,448.38 points.
However, it failed to breach the
5,500 level and then fell back after
Eurozone central bank sources told
Reuters that the European Central
Bank had stopped monetary policy
operations with some Greek banks.
Greece also put a senior judge in
charge of an emergency government
yesterday to lead it to new elections
on 17 June, while bankers sought to
calm public fears after the president
said political chaos risked causing
panic and a run on deposits.
PrimeMarkets head of dealing
Richard Curr said the FTSE 100 was set
to trade within a range of 5,200-5,500
points, but added there was a danger
of it falling to below the 5,000 points
given the danger that Greece may
have to quit the Eurozone.
Curr said the VIX volatility index
had risen above the 20 point level,
indicating investors fears over the
economic outlook and sending out
signals to sell off equities in favour of
less risky assets such as cash or bonds.
The VIX looks set to break out,
which could signal bad news, he said.
Heavyweight mining stocks led the
FTSEs fall, as global mining leader
BHP Billiton said that commodity
markets could cool further. Fresnillo
was the worst-performing stock,
falling 4.1 per cent, while Glencore
dropped by 1.9 per cent and Polymetal
International closed down 1.4 per
cent.
Mid-cap stock Lamprell slumped 57
per cent after the oil rig maker
warned it would make a first-half loss.
Aberdeen Asset Management and
chemicals group Croda rose by
between 3-3.5 per cent to top the
FTSEs leaderboard, after winning
entry into a key MSCI index, meaning
that more index tracker funds would
buy up their shares.
However, the worries over Greece
have meant that many fund managers
have continued to steer clear of
European stocks, preferring the US
stock market or fast-growing Asian
equities due to the better economic
prospects in those regions.
Thurleigh Investment Managers
partner Edward Allen, whose firm
manages around 300m in assets, said
Thurleigh had shifted one per cent of
its assets out of cash and into an
iShares emerging market fund, but
not into European shares.
Greece has bought itself a bit more
time but not much, he said.
Across Europe as a whole shares also
sank to new 2012 lows yesterday in a
broad-based sell-off as concern over
contagion from Greece gripped
investors.
The FTSEurofirst 300 index fell 0.7
per cent to 991.03, having dropped 0.7
percent on Tuesday.
Stocks sink to lowest level of 2012
after liquidity scare weighs on FTSE
BESTof theBROKERS
Glencore International PLC
p
440
420
400
380
360
10May 11May 14May 15May 16May
361.15
16 May
GLENCORE
UBS has downgraded the commodities giant from buy to neutral and
lowered its target price from 475p to 400p following Glencores first
quarter trading update. The bank said it still sees Glencore as the most
dynamic company in EU mining over the next three years, but is
concerned about the operational leverage of its industrial assets in an
increasingly uncertain macro environment. But the Xstrata merger will be
a key driver of stock in the near term.
FTSE
5,600
5,550
5,500
5,450
5,400
5,405.25
16 May
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
NEW YORK
REPORT
in association with
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
Hilton Food Group PLC
p
293
292
291
290
289
289.00
16 May
HILTON FOOD
Numis recommends hold for the meat-packing business, down from
add following Hiltons interim management statement. Analyst Charles
Pick said the trading update is generally positive and there is nothing here
that should surprise. But Numis has cut Hiltons profit estimates by about
two per cent, simply reflecting Sterlings recent strength, and lowered the
target price from 329p to 322p.
WM Morrison Supermarkets PLC
p
282.50
280.00
277.50
275.00
272.50
270.00
272.50
16 May
MORRISON
JP Morgan has upgraded the supermarket from underweight to
neutral as it believes Morrison no longer represents a significant selling
opportunity. But many of JP Morgans concerns remain, the most notable
of which centres on Morrisons extensive capital expenditure programme
and the execution risks implicit in a plethora of new ventures which will
not meaningfully change the investment case, as Morrison remains
confined to the UK for growth.
OFF FOR EARLY BIRDS
*
CALL 0844 847 2492 OR VISIT TICKETMASTER.CO.UK
ALL FOUR OF LONDONS PREMIERSHIP RUGBY TEAMS, ONE SPECTACULAR DAY
TWICKENHAM STADIUM 1 SEPTEMBER 2012
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22
MARKETS
cityam.com
LON GD ONCE FIX AM...................................1537.50 -21.50
SILVER LDN FIX AM.........................................27.54 -0.51
MAPLE LEAF 1 OZ............................................30.04 0.06
LON PLATINUM AM .....................................1426.00 -20.00
LON PALLADIUM AM.....................................593.00 -5.00
ALUMINIUM CASH.......................................1978.50 -25.00
COPPER CASH.............................................7853.00 -126.00
LEAD CASH.................................................2016.00 -10.00
NICKEL CASH............................................16980.00 5.00
TIN CASH..................................................20100.00 -150.00
ZINC CASH....................................................1917.50 -2.00
BRENT SPOT INDEX.........................................112.14 1.12
SOYA............................................................1413.00 26.00
COCOA........................................................2268.00 -53.00
COFFEE ..........................................................177.05 -0.35
KRUG...........................................................1612.90 -4.10
WHEAT ..........................................................172.75 1.13
AIR LIQUIDE .....................................................94.40 1.23 102.30 80.90
ALLIANZ............................................................76.29 -0.30 101.05 56.16
ANHEUS-BUSCH INBEV....................................55.00 -0.21 57.51 33.85
ARCELORMITTAL.................................................11.62 -0.28 24.77 10.47
AXA....................................................................9.50 0.20 15.94 7.88
BANCO SANTANDER...........................................4.52 -0.08 7.65 4.48
BASF SE.............................................................57.34 0.05 69.80 42.19
BAYER...............................................................51.29 0.11 59.01 35.36
BBVA..................................................................4.90 -0.02 8.06 4.80
BMW................................................................66.53 0.36 73.95 43.49
BNP PARIBAS ...................................................26.53 -0.31 54.98 22.72
CARREFOUR.......................................................13.91 0.10 27.35 13.51
CRH PLC.............................................................13.78 -0.12 16.93 10.28
DAIMLER............................................................38.15 0.22 53.95 29.02
DANONE ...........................................................52.45 -0.43 54.96 41.92
DEUTSCHE BANK..............................................29.06 -0.32 43.35 20.79
DEUTSCHE BOERSE...........................................45.92 0.72 57.68 35.65
DEUTSCHE TELEKOM...........................................8.76 -0.08 10.94 7.88
E.ON...................................................................15.14 -0.16 21.03 12.50
ENEL ...................................................................2.35 -0.01 4.82 2.31
ENI......................................................................16.11 -0.07 18.72 11.83
FRANCE TELECOM...............................................9.98 -0.04 15.96 9.86
GDF SUEZ...........................................................16.17 -0.12 26.60 15.81
GENERALI ASS. ...................................................8.89 -0.14 15.96 8.78
IBERDROLA.........................................................3.30 -0.03 5.88 3.26
INDITEX ............................................................67.60 -1.34 74.73 52.20
ING GROEP CVA..................................................4.83 0.02 8.87 4.21
INTESA SANPAOLO..............................................1.00 0.02 2.01 0.85
KON.PHILIPS ELECTR .........................................14.82 0.16 20.65 12.01
L'OREAL ............................................................92.55 0.00 94.80 68.83
LVMH..............................................................123.00 0.65 136.80 94.16
MUNICH RE......................................................103.55 0.65 118.35 77.80
NOKIA ................................................................2.24 -0.03 6.15 2.20
REPSOL YPF ......................................................13.44 -0.18 24.35 12.98
RWE.................................................................30.52 -0.17 43.33 21.15
SAINT-GOBAIN.................................................29.62 -0.02 46.44 26.07
SANOFI .............................................................54.05 -0.46 59.56 42.85
SAP...................................................................47.84 -0.29 54.85 32.88
SCHNEIDER ELECTRIC........................................42.74 0.52 58.85 35.00
SIEMENS...........................................................66.44 -0.11 96.19 62.13
SOCIETE GENERALE...........................................16.05 0.26 43.06 14.32
TELECOM ITALIA..................................................0.78 -0.00 1.00 0.70
TELEFONICA ......................................................10.65 -0.03 17.09 10.48
TOTAL................................................................34.92 0.56 42.97 29.40
UNIBAIL-RODAMCO SE.....................................133.70 1.25 162.95 123.30
UNICREDIT..........................................................2.54 0.01 11.24 2.20
UNILEVER CVA..................................................25.62 -0.38 27.16 20.96
VINCI ................................................................32.86 -0.51 44.98 28.46
VIVENDI .............................................................13.01 0.33 19.14 12.02
VOLKSWAGEN VORZ........................................132.20 -1.55 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100. . . . . . . . . . . . . . . . . . . . . 5405.25 -32.37 -0.60
FTSE 250 INDEX . . . . . . . . . . . . . . 10675.30 -47.19 -0.44
FTSE UK ALL SHARE . . . . . . . . . . . . 2809.41 -16.60 -0.59
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 707.43 -9.88 -1.38
DOW JONES INDUS 30 . . . . . . . . . 12598.55 -33.45 -0.26
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1324.80 -5.86 -0.44
NASDAQ COMPOSITE . . . . . . . . . . . 2874.04 -19.72 -0.68
FTSEUROFIRST 300 . . . . . . . . . . . . . . 992.81 -4.89 -0.49
NIKKEI 225. . . . . . . . . . . . . . . . . . . . 8801.17 -99.57 -1.12
DAX 30 PERFORMANCE . . . . . . . . . 6384.26 -16.80 -0.26
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 3048.67 9.40 0.31
SHANGHAI SE INDEX. . . . . . . . . . . . 2346.19 -28.65 -1.21
HANG SENG. . . . . . . . . . . . . . . . . . 19259.83 -634.48 -3.19
S&P/ASX 20 INDEX. . . . . . . . . . . . . 2509.80 -60.70 -2.36
ASX ALL ORDINARIES . . . . . . . . . . . 4214.70 -101.60 -2.35
BOVESPA SAO PAOLO . . . . . . . . . . 55887.57 -350.40 -0.62
ISEQ OVERALL INDEX . . . . . . . . . . . 3084.48 -0.26 -0.01
STRAITS TIMES. . . . . . . . . . . . . . . . . 2912.39 -19.59 -0.67
IGBM . . . . . . . . . . . . . . . . . . . . . . . . 669.36 -8.56 -1.26
SWISS MARKET INDEX . . . . . . . . . . 5872.73 7.57 0.13
Price Chg %chg
3M....................................................................85.35 -0.43 98.19 68.63
ABBOTT LABS...................................................62.55 0.66 63.20 46.29
ALCOA................................................................8.49 -0.22 17.29 8.45
ALTRIA GROUP..................................................31.86 0.11 32.62 23.20
AMAZON.COM ................................................224.06 -0.33 246.71 166.97
AMERICAN EXPRESS .........................................57.39 -0.55 61.42 41.30
APPLE............................................................546.08 -7.10 644.00 310.50
AT&T..................................................................33.19 -0.16 33.92 27.29
BANK OF AMERICA...............................................7.11 -0.19 12.21 4.92
BOEING CO........................................................72.35 -0.23 80.09 56.01
BRISTOL MYERS SQUI .......................................33.02 0.04 35.44 20.05
CATERPILLAR....................................................91.86 -0.82 116.95 67.54
CHEVRON........................................................100.10 -0.80 112.28 86.68
CISCO SYSTEMS.................................................16.69 0.15 21.30 13.30
CITIGROUP .......................................................26.92 -0.87 43.06 21.40
COCA-COLA.......................................................76.33 -0.24 77.82 63.34
COMCAST CLASS A............................................28.85 0.00 30.88 19.19
CONOCOPHILLIPS..............................................52.32 -0.21 80.13 52.13
CVS/CAREMARK................................................45.16 -0.16 46.22 31.30
DU PONT(EI) DE NMR.......................................49.85 -0.30 57.50 37.10
EXXON MOBIL....................................................82.17 0.38 87.94 63.47
GENERAL ELECTRIC...........................................19.00 0.60 21.00 14.02
GOOGLE A ......................................................628.93 17.82 670.25 473.02
HEWLETT PACKARD..........................................22.03 -0.37 40.86 19.92
HOME DEPOT....................................................48.77 0.10 52.88 28.13
IBM .................................................................199.73 0.69 210.69 157.13
INTEL CORP......................................................26.50 -0.39 29.27 19.16
J.P.MORGAN CHASE..........................................35.46 -0.78 46.49 27.85
JOHNSON & JOHNSON......................................63.71 0.10 68.05 55.76
KRAFT FOODS A................................................38.61 -0.21 39.99 24.30
MC DONALD'S CORP..........................................91.43 0.42 102.22 80.00
MERCK AND CO. NEW.......................................38.23 0.49 39.50 29.47
MICROSOFT......................................................29.90 -0.31 32.95 23.65
OCCID. PETROLEUM ..........................................79.23 -0.67 109.08 66.36
ORACLE CORP...................................................26.72 -0.34 35.92 24.72
PEPSICO ...........................................................68.75 0.90 71.89 58.50
PFIZER .............................................................22.64 0.34 23.30 16.63
PHILIP MORRIS INTL .........................................85.24 0.52 91.05 60.45
PROCTER AND GAMBLE ...................................64.29 0.57 67.95 56.57
QUALCOMM INC..................................................59.11 -2.33 68.87 45.98
SCHLUMBERGER...............................................64.81 -0.71 95.53 54.79
TRAVELERS CIES................................................63.61 -0.54 65.27 45.97
UNITED TECHNOLOGIE ......................................74.70 -1.47 91.83 66.87
UNITEDHEALTH GROUP....................................54.90 -0.04 59.71 41.27
US BANCORP DELAWRE....................................31.06 -0.24 32.98 20.10
VERIZON COMMS..............................................40.88 -0.17 41.43 32.28
VISA CL A .........................................................117.53 0.92 125.35 73.11
WAL-MART STORES...........................................59.19 -0.16 62.63 48.31
WALT DISNEY CO..............................................45.08 0.07 45.80 28.19
WELLS FARGO & CO...........................................31.97 -0.27 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight................................0.253 0.00
LIBOR Euro - 12 months ...............................1.256 0.00
LIBOR USD - overnight .................................0.155 0.00
LIBOR USD - 12 months ................................1.067 0.01
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate .............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield......................................2.930 -0.01
European repo rate......................................0.134 0.00
Euro Euribor .................................................0.318 0.00
The vix index................................................21.88 -0.09
The baltic dry index....................................1130.0 -2.00
Markit iBoxx...............................................246.33 0.82
Markit iTraxx...............................................173.59 4.45
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .272.0 -1.5 340.8 248.1
Chemring Group . . . . . .326.4 0.3 677.0 316.9
Cobham . . . . . . . . . . . . .221.3 2.5 239.5 165.9
Meggitt . . . . . . . . . . . . .388.1 -2.5 413.5 304.9
QinetiQ Group . . . . . . . .144.8 -2.2 159.3 101.5
Rolls-Royce Holdi . . . . .831.0 1.5 859.0 557.5
Senior . . . . . . . . . . . . . .201.4 -0.7 213.0 135.6
Ultra Electronics . . . . .1644.0 12.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .192.4 2.2 245.0 157.0
Barclays . . . . . . . . . . . . .189.1 3.0 277.5 138.9
HSBC Holdings . . . . . . .534.2 -13.5 639.5 463.5
Lloyds Banking Gr . . . . .28.7 -0.2 53.7 21.8
Royal Bank of Sco . . . . . .21.9 0.5 42.6 17.3
Standard Chartere . . .1364.0 9.5 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1131.0 9.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .356.2 -1.9 444.0 289.9
Diageo . . . . . . . . . . . . .1538.5 -14.5 1614.5 1112.0
SABMiller . . . . . . . . . . .2465.5 -24.5 2660.0 1979.0
AZ Electronic Mat . . . . .295.0 2.5 338.1 206.1
Croda Internation . . . .2182.0 63.0 2282.0 1597.0
Elementis . . . . . . . . . . .204.2 5.2 208.1 107.5
Johnson Matthey . . . .2175.0 23.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1327.0 7.0 1590.0 1025.0
Yule Catto & Co . . . . . . .214.5 0.1 253.0 148.0
/$ 1.2736 0.0002
/ 0.7991 0.0035
/ 102.32 0.1484
/ 1.2515 0.0058
/$ 1.5943 0.0057
/ 127.00 0.3449
FTSE 100
5405.25
32.37
FTSE 250
10675.30
47.19
FTSE ALL SHARE
2809.41
16.60
DOW
12598.55
33.45
NASDAQ
2874.04
19.72
S&P 500
1324.80
5.86
Brown (N.) Group . . . . .236.1 -0.4 293.7 222.4
Carpetright . . . . . . . . . .610.5 -12.0 741.0 375.0
Debenhams . . . . . . . . . . .75.1 -1.4 85.5 51.2
Dignity . . . . . . . . . . . . .845.0 -10.0 866.0 727.0
Dixons Retail . . . . . . . . . .15.1 0.3 19.9 9.4
Dunelm Group . . . . . . . .515.0 -7.0 533.0 389.0
Halfords Group . . . . . . .281.5 -1.0 405.9 268.6
Home Retail Group . . . . .81.8 0.5 223.0 72.5
Inchcape . . . . . . . . . . . .330.1 -10.0 425.4 268.1
JD Sports Fashion . . . . .765.5 -26.0 1030.0 570.0
Kesa Electricals . . . . . . . .54.1 -1.9 151.4 52.1
Kingsher . . . . . . . . . . .281.2 -3.9 313.8 217.0
Marks & Spencer G . . . .349.0 -3.9 399.9 301.8
Next . . . . . . . . . . . . . .2969.0 -16.0 3060.0 2153.0
Sports Direct Int . . . . . .297.6 -4.9 315.6 190.0
WH Smith . . . . . . . . . . .515.0 -4.5 559.0 451.6
Smith & Nephew . . . . .595.0 0.5 694.0 521.0
Synergy Health . . . . . . .801.0 -8.0 981.0 793.5
Barratt Developme . . . .123.3 5.2 151.5 67.5
Bellway . . . . . . . . . . . . .705.0 9.0 859.5 540.5
Berkeley Group Ho . . .1231.0 26.0 1414.0 1025.0
Bovis Homes Group . . .446.7 3.2 518.5 326.5
Persimmon . . . . . . . . . .570.0 22.0 706.5 374.0
Balfour Beatty . . . . . . .264.9 6.4 326.7 214.6
CRH . . . . . . . . . . . . . . . .1101.0 -5.0 1578.5 1053.0
Galliford Try . . . . . . . . . .612.0 -4.5 653.0 383.8
Kier Group . . . . . . . . . .1156.0 -5.0 1489.0 1095.0
Drax Group . . . . . . . . . .567.5 -3.5 581.5 444.5
SSE . . . . . . . . . . . . . . . .1329.0 4.0 1423.0 1193.0
Domino Printing S . . . .563.0 2.5 701.5 434.3
Halma . . . . . . . . . . . . . .385.1 -4.8 429.6 306.3
Laird . . . . . . . . . . . . . . . .187.5 0.3 222.0 128.5
Morgan Crucible C . . . . .274.1 1.3 360.0 224.0
Oxford Instrument . . . .1130.0 -21.0 1285.0 714.0
Renishaw . . . . . . . . . . .1451.0 -16.0 1886.0 800.0
Spectris . . . . . . . . . . . . .1712.0 -43.0 1902.0 1039.0
Aberforth Smaller . . . .603.0 -4.5 714.0 494.0
Alliance Trust . . . . . . . . .342.1 -0.9 392.7 310.2
Bankers Inv Trust . . . . .401.6 -0.5 433.8 346.5
BH Global Ltd. GB . . . . .1175.0 0.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.8 0.1 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.8 0.1 20.2 16.6
BH Macro Ltd. GBP . . .2045.0 -15.0 2078.0 1710.0
BH Macro Ltd. USD . . . . . .19.8 0.0 20.2 16.6
BlackRock World M . . .588.0 -3.0 782.0 571.5
BlueCrest AllBlue . . . . . .163.2 -0.1 175.3 160.5
British Assets Tr . . . . . . .118.2 -0.9 138.0 109.0
British Empire Se . . . . .402.9 0.1 533.0 392.9
Caledonia Investm . . . .1312.0 -28.0 1780.0 1310.0
City of London In . . . . . .285.1 0.3 306.9 257.0
Dexion Absolute L . . . . .136.2 -0.1 148.2 130.0
Edinburgh Dragon . . . .229.6 -1.3 253.1 201.4
Edinburgh Inv Tru . . . .480.3 4.3 504.0 422.5
Electra Private E . . . . . .1671.0 -15.0 1745.0 1287.0
Fidelity China Sp . . . . . . .75.0 -1.8 107.7 70.0
Fidelity European . . . . .1011.0 -7.0 1280.0 912.0
Foreign and Colon . . . .290.3 -0.1 327.9 261.5
Herald Inv Trust . . . . . .482.0 -4.9 545.5 419.0
HICL Infrastructu . . . . . .120.0 -0.4 123.6 112.7
John Laing Infras . . . . .106.7 0.0 110.6 103.8
JPMorgan American . .890.0 3.0 965.5 721.5
JPMorgan Asian In . . . . .180.1 -1.4 243.9 170.1
JPMorgan Emerging . . .512.0 -2.5 610.5 480.1
JPMorgan Indian I . . . . .313.2 -3.8 437.0 307.0
JPMorgan Russian . . . .482.7 -1.3 689.0 415.1
Law Debenture Cor . . . .367.0 -2.5 398.7 323.0
Mercantile Invest . . . . . .961.5 -7.5 1097.0 823.0
Merchants Trust . . . . . .366.0 5.7 431.8 341.5
Monks Inv Trust . . . . . .320.5 -1.0 357.4 298.1
Murray Income Tru . . . .626.0 -1.0 674.0 568.0
Murray Internatio . . . . .918.0 -3.0 1012.0 818.5
NB Global Floatin . . . . . .99.4 -0.4 103.0 92.5
Perpetual Income . . . .259.3 -0.8 276.0 236.5
Personal Assets T . . .33430.0 -110.0 35350.031750.0
Polar Capital Tec . . . . . .367.0 -4.4 404.0 299.5
RIT Capital Partn . . . . .1148.0 10.0 1360.0 1096.0
Scottish Inv Trus . . . . . .454.0 -1.7 524.0 417.0
Scottish Mortgage . . . .662.5 3.5 781.0 565.0
SVG Capital . . . . . . . . . .266.0 -1.7 295.5 165.1
Temple Bar Inv Tr . . . . .889.5 0.0 970.0 791.0
Templeton Emergin . . .524.5 -2.5 678.5 497.0
TR Property Inv T . . . . .146.2 -1.2 206.1 136.2
TR Property Inv T . . . . . .63.0 0.0 94.0 59.8
Witan Inv Trust . . . . . . .449.2 -3.2 533.0 401.5
3i Group . . . . . . . . . . . . .179.6 -1.0 294.1 166.9
3i Infrastructure . . . . . . .124.4 -0.1 128.0 115.6
Aberdeen Asset Ma . . .255.9 8.6 283.8 167.8
Ashmore Group . . . . . .343.9 3.6 420.0 306.4
Brewin Dolphin Ho . . . .158.0 0.0 177.0 113.7
Camellia . . . . . . . . . . .9306.0-194.0 10950.0 8800.0
Charles Taylor . . . . . . . .140.0 3.0 160.0 115.6
City of London Gr . . . . . .72.0 0.0 86.0 61.3
City of London In . . . . .359.0 -4.3 440.0 304.3
Close Brothers Gr . . . . .695.0 3.5 812.0 590.0
F&C Asset Managem . . . .67.8 0.8 81.7 56.1
Hargreaves Lansdo . . . .501.5 7.7 640.0 402.5
Helphire Group . . . . . . . . .1.6 0.2 4.8 1.3
Henderson Group . . . . . .98.4 -0.4 163.7 95.1
Highway Capital . . . . . . .14.0 0.0 21.0 8.0
ICAP . . . . . . . . . . . . . . . .336.5 1.2 498.8 311.6
IG Group Holdings . . . .442.0 -4.0 502.5 393.6
Intermediate Capi . . . .239.9 1.9 345.0 197.9
International Per . . . . .226.2 1.8 388.8 148.5
International Pub . . . . . .117.5 -0.5 121.7 112.7
Investec . . . . . . . . . . . . .328.7 0.4 522.0 317.8
IP Group . . . . . . . . . . . .140.0 0.0 151.0 36.0
Jupiter Fund Mana . . . .209.4 0.9 293.2 184.9
Liontrust Asset M . . . . .100.5 -2.0 125.0 57.9
LMS Capital . . . . . . . . . . .60.0 0.3 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.0
London Stock Exch . . . .989.5 -8.0 1093.0 756.5
Lonrho . . . . . . . . . . . . . . .9.9 0.0 19.8 8.9
Man Group . . . . . . . . . . . .81.9 2.1 259.6 77.3
Paragon Group Of . . . .158.9 -4.6 206.1 134.6
Provident Financi . . . .1105.0 -55.0 1204.0 915.0
Rathbone Brothers . . .1219.0 -21.0 1351.0 977.0
Record . . . . . . . . . . . . . . .18.0 -0.1 35.5 9.8
RSM Tenon Group . . . . . . .5.9 0.2 31.5 5.6
Schroders . . . . . . . . . .1250.0 4.0 1665.0 1183.0
Schroders (Non-Vo . . .1024.0 4.0 1393.0 970.0
Tullett Prebon . . . . . . . .291.2 2.2 386.4 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .207.1 -0.2 232.1 161.0
Cable & Wireless . . . . . .29.9 -0.5 48.3 29.5
Cable & Wireless . . . . . .33.9 -0.1 55.0 14.2
COLT Group SA . . . . . . . .110.9 3.2 149.5 84.1
KCOM Group . . . . . . . . . .69.4 -0.7 84.0 62.0
TalkTalk Telecom . . . . . .132.7 0.7 150.0 118.9
Telecom Plus . . . . . . . .699.5 -3.5 802.0 475.0
Booker Group . . . . . . . . .75.5 0.3 85.3 64.5
Greggs . . . . . . . . . . . . . .476.4 -19.6 558.0 445.0
Morrison (Wm) Sup . . .272.5 -4.6 328.0 267.7
Ocado Group . . . . . . . . .115.0 -1.6 228.2 52.9
Sainsbury (J) . . . . . . . .299.8 -11.6 354.7 263.5
Tesco . . . . . . . . . . . . . . . .317.9 1.9 419.5 310.5
Associated Britis . . . . .1205.0 -15.0 1242.0 977.0
Cranswick . . . . . . . . . . .819.5 -6.0 841.0 588.5
Dairy Crest Group . . . . .310.5 3.5 402.9 290.4
Devro . . . . . . . . . . . . . . .302.7 2.8 332.2 232.0
Tate & Lyle . . . . . . . . . .679.0 -9.5 720.5 544.5
Unilever . . . . . . . . . . .2038.0 -31.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . . .517.0 8.0 664.0 413.5
Centrica . . . . . . . . . . . . .308.5 0.0 330.3 278.8
International Pow . . . . .418.6 -0.6 419.4 279.4
National Grid . . . . . . . .665.5 -3.5 682.5 569.0
Pennon Group . . . . . . . .716.0 -16.0 751.0 623.5
Severn Trent . . . . . . . .1674.0 -21.0 1720.0 1375.0
United Utilities . . . . . . .624.5 -8.0 642.0 560.0
Cookson Group . . . . . . .643.5 5.0 747.5 395.8
Rexam . . . . . . . . . . . . . .403.1 3.3 438.0 299.8
RPC Group . . . . . . . . . . .368.4 17.4 393.2 300.5
Smith (DS) . . . . . . . . . . .148.1 2.2 183.7 113.3
Smiths Group . . . . . . .1020.0 -21.0 1250.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3432.0 -11.0 3660.0 3100.0
Redrow . . . . . . . . . . . . . .117.4 -1.8 126.0 90.2
Taylor Wimpey . . . . . . . .42.9 1.0 52.8 28.7
Bodycote . . . . . . . . . . . .379.4 -3.6 437.1 225.6
Fenner . . . . . . . . . . . . .402.0 -3.7 483.7 280.0
IMI . . . . . . . . . . . . . . . . .892.5 11.5 1119.0 636.5
Melrose . . . . . . . . . . . . .407.3 -0.2 441.6 268.0
Northgate . . . . . . . . . . .195.0 0.5 333.9 190.0
Rotork . . . . . . . . . . . . .2014.0 -16.0 2260.0 1501.0
Spirax-Sarco Engi . . . .2030.0 -20.0 2334.0 1649.0
Weir Group . . . . . . . . .1498.0 -23.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .327.7 -0.5 460.5 315.0
Ferrexpo . . . . . . . . . . . .223.9 -7.3 495.3 216.9
Talvivaara Mining . . . . .152.2 0.9 488.2 143.6
BBA Aviation . . . . . . . . .196.5 -1.5 222.4 156.0
Stobart Group Ltd . . . . .119.0 -3.0 149.5 112.0
Admiral Group . . . . . . .1124.0 -3.0 1748.0 787.0
Amlin . . . . . . . . . . . . . . .318.0 5.0 426.4 270.6
Beazley . . . . . . . . . . . . .138.2 0.1 151.8 109.6
Catlin Group Ltd. . . . . . .414.7 -0.3 449.0 337.0
Hiscox Ltd. . . . . . . . . . .380.6 2.8 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .82.4 -0.5 89.9 51.7
Johnston Press . . . . . . . . .6.0 -0.1 7.9 4.1
Mecom Group . . . . . . . .149.3 -2.5 271.8 134.5
Moneysupermarket. . . .113.6 -1.1 135.9 93.4
Pearson . . . . . . . . . . . . .1151.0 -1.0 1255.0 1038.0
Perform Group . . . . . . .330.1 21.6 334.9 150.0
Reed Elsevier . . . . . . . .500.0 -0.5 578.0 461.3
Rightmove . . . . . . . . . .1471.0 -8.0 1600.0 1036.0
STV Group . . . . . . . . . . .105.8 -2.3 146.0 76.3
Tarsus Group . . . . . . . . .158.0 1.8 165.0 119.5
Trinity Mirror . . . . . . . . . .30.0 -3.8 54.3 30.0
UBM . . . . . . . . . . . . . . .546.0 -4.0 641.5 416.0
UTV Media . . . . . . . . . . .130.0 0.0 159.5 92.5
Wilmington Group . . . . .95.5 -1.0 147.0 78.5
WPP . . . . . . . . . . . . . . .798.0 -5.5 880.0 578.0
Yell Group . . . . . . . . . . . . .3.1 -0.1 11.0 3.1
African Barrick G . . . . .309.8 -18.4 616.5 303.4
Anglo American . . . . .2089.5 4.0 3181.0 2013.5
Anglo Pacic Gro . . . . .259.3 -18.8 340.0 237.9
Antofagasta . . . . . . . . .1012.0 9.0 1491.0 900.5
Aquarius Platinum . . . . .88.2 -5.6 343.0 86.1
Avocet Mining . . . . . . . .144.5 1.0 286.8 137.3
BHP Billiton . . . . . . . . .1750.0 -16.0 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .401.6 -17.4 1158.0 401.6
Centamin (DI) . . . . . . . . .62.0 -2.0 141.5 60.0
Jardine Lloyd Tho . . . . .684.5 -5.5 764.5 576.0
Lancashire Holdin . . . . .756.5 2.0 825.0 620.0
RSA Insurance Gro . . . .100.4 -0.6 138.1 99.2
Aviva . . . . . . . . . . . . . . .280.9 -1.5 446.3 272.0
Legal & General G . . . . .110.5 1.1 135.0 89.8
Old Mutual . . . . . . . . . . .145.9 -0.7 188.1 112.1
Phoenix Group Hol . . . .483.6 -12.4 679.0 451.1
Prudential . . . . . . . . . . .700.5 -9.5 797.5 509.0
Resolution Ltd. . . . . . . .203.9 -1.6 316.1 200.9
St James's Place . . . . . . .317.2 3.3 376.0 294.0
Standard Life . . . . . . . . .207.2 1.7 250.7 172.0
4Imprint Group . . . . . . .277.6 -2.4 312.5 200.0
Aegis Group . . . . . . . . . .163.7 -0.5 187.4 115.7
Bloomsbury Publis . . . .107.5 -1.0 133.0 91.3
British Sky Broad . . . . .697.5 5.5 850.0 618.5
Centaur Media . . . . . . . .34.8 0.0 56.3 30.5
Chime Communicati . . .152.8 3.0 298.5 144.0
Creston . . . . . . . . . . . . . .67.3 0.5 121.0 47.0
Daily Mail and Ge . . . . .413.0 1.8 503.5 343.4
Euromoney Institu . . . .735.0 -21.0 828.0 522.5
Future . . . . . . . . . . . . . . . .11.0 0.0 19.0 8.3
Haynes Publishing . . . .190.0 0.0 255.0 190.0
Huntsworth . . . . . . . . . . .41.5 -2.3 76.3 32.3
Informa . . . . . . . . . . . . .383.3 -1.6 451.0 313.9
ITE Group . . . . . . . . . . . .212.2 -1.5 248.6 157.7
Eurasian Natural . . . . . .482.1 0.8 855.5 463.1
Fresnillo . . . . . . . . . . . .1323.0 -57.0 2150.0 1302.0
Gem Diamonds Ltd. . . .216.6 -10.1 310.6 179.8
Glencore Internat . . . . .363.2 -7.0 531.1 348.0
Hochschild Mining . . . . .417.3 -1.7 549.5 365.9
Kazakhmys . . . . . . . . . . .711.5 4.5 1405.0 677.0
Kenmare Resources . . . .44.1 0.1 61.5 31.0
Lonmin . . . . . . . . . . . . .794.0 -11.0 1600.0 770.5
New World Resourc . . .341.0 9.6 1035.0 327.0
Petra Diamonds Lt . . . .132.6 -0.4 188.2 97.0
Petropavlovsk . . . . . . .399.5 9.0 913.0 363.7
Polymetal Interna . . . . .797.5 -11.0 1175.0 751.0
Randgold Resource . .4640.0 44.0 7565.0 4480.0
Rio Tinto . . . . . . . . . . .2910.5 -43.0 4595.0 2712.5
Vedanta Resources . . .1026.0 13.0 2169.0 928.0
Xstrata . . . . . . . . . . . . .985.8 -13.2 1425.5 764.0
Inmarsat . . . . . . . . . . . .404.0 -17.4 611.0 389.3
Vodafone Group . . . . . .167.9 -2.6 182.7 155.1
Genesis Emerging . . . .474.5 -3.7 543.5 424.0
Afren . . . . . . . . . . . . . . .116.8 -3.3 171.0 73.6
BG Group . . . . . . . . . . .1270.0 -4.5 1547.0 1144.0
BP . . . . . . . . . . . . . . . . .399.7 -0.8 504.6 363.2
Cairn Energy . . . . . . . . .291.5 -6.2 501.4 289.4
EnQuest . . . . . . . . . . . . .118.0 -4.8 135.2 85.7
Essar Energy . . . . . . . . .117.8 -7.5 455.9 101.6
Exillon Energy . . . . . . . .107.8 1.8 455.0 102.2
Heritage Oil . . . . . . . . . .122.5 -0.5 262.1 118.1
Ophir Energy . . . . . . . .580.0 65.0 586.0 184.5
Premier Oil . . . . . . . . . .329.2 -0.1 485.0 310.0
Royal Dutch Shell . . . .2006.5 5.0 2402.0 1883.5
Royal Dutch Shell . . . .2078.0 2.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .166.8 5.8 230.0 125.0
Salamander Energy . . . .162.1 -6.1 235.8 148.0
Soco Internationa . . . . .266.5 1.7 397.5 254.9
Tullow Oil . . . . . . . . . . .1391.0 0.0 1601.0 945.5
Amec . . . . . . . . . . . . . . .987.5 -13.5 1187.0 740.5
Hunting . . . . . . . . . . . . .774.5 -8.0 968.0 530.0
Kentz Corporation . . . . .377.6 -20.0 508.0 375.0
Lamprell . . . . . . . . . . . . .127.0 -167.8 395.2 92.0
Petrofac Ltd. . . . . . . . .1539.0 -21.0 1772.0 1108.0
Wood Group (John) . . .734.5 -5.0 798.0 469.9
Burberry Group . . . . . .1439.0 1.0 1600.0 1092.0
PZ Cussons . . . . . . . . . . .331.9 -6.3 387.9 285.0
Supergroup . . . . . . . . . .331.6 1.6 1165.0 307.0
AstraZeneca . . . . . . . .2634.5 -17.0 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .371.9 -1.2 387.7 236.8
Genus . . . . . . . . . . . . . .1291.0 6.0 1457.0 853.5
GlaxoSmithKline . . . . .1421.5 -2.0 1497.0 1205.0
Hikma Pharmaceuti . . .613.5 1.0 869.0 555.5
Shire Plc . . . . . . . . . . . .1977.0 -16.0 2300.0 1818.0
Capital & Countie . . . . . .192.3 -0.7 203.7 158.1
Daejan Holdings . . . .3095.0 11.0 3300.0 2282.0
F&C Commercial Pr . . . .103.0 -0.6 107.9 92.6
Grainger . . . . . . . . . . . . .95.8 -0.2 133.2 77.3
London & Stamford . . .104.6 -2.3 140.0 103.5
Savills . . . . . . . . . . . . . .339.0 -4.9 427.1 256.2
UK Commercial Pro . . . . .73.3 0.0 85.5 65.1
Big Yellow Group . . . . .289.9 -3.1 344.4 218.0
British Land Co . . . . . . .502.0 4.8 629.5 444.0
Capital Shopping . . . . .311.4 1.6 408.6 288.7
Derwent London . . . . .1762.0 -14.0 1880.0 1400.0
Great Portland Es . . . . .379.0 9.0 445.0 312.9
Hammerson . . . . . . . . .426.0 4.0 490.9 345.2
Hansteen Holdings . . . . .73.0 2.5 89.5 68.0
Land Securities G . . . . .735.5 1.0 885.0 612.0
SEGRO . . . . . . . . . . . . . . .217.1 -0.5 326.1 195.0
Shaftesbury . . . . . . . . .529.0 7.0 539.0 441.2
Aveva Group . . . . . . . .1550.0 -17.0 1799.0 1298.0
Computacenter . . . . . .386.8 -1.1 490.0 324.7
Fidessa Group . . . . . . .1464.0 -24.0 2109.0 1444.0
Invensys . . . . . . . . . . . .204.6 0.6 333.9 180.9
Logica . . . . . . . . . . . . . . .68.7 2.3 142.2 59.0
Micro Focus Inter . . . . . .450.1 -1.7 476.7 242.9
Misys . . . . . . . . . . . . . . .349.0 0.1 420.2 214.9
Sage Group . . . . . . . . . .253.3 -6.7 312.4 231.7
SDL . . . . . . . . . . . . . . . .667.0 -32.0 756.0 586.0
Telecity Group . . . . . . . .784.0 -7.5 816.0 450.5
Aggreko . . . . . . . . . . . .2121.0 -54.0 2316.0 1522.0
Ashtead Group . . . . . . .228.0 -4.5 271.1 99.4
Atkins (WS) . . . . . . . . . .674.0 1.5 820.0 490.2
Babcock Internati . . . . .848.0 -20.5 872.5 570.5
Berendsen . . . . . . . . . . .474.5 4.0 568.0 402.7
Bunzl . . . . . . . . . . . . . .1019.0 5.0 1063.0 676.5
Cape . . . . . . . . . . . . . . . .331.9 -2.7 591.5 295.0
Capita . . . . . . . . . . . . . .640.0 -5.5 767.0 611.5
Carillion . . . . . . . . . . . . .268.5 -11.0 395.7 262.0
De La Rue . . . . . . . . . .1004.0 -13.0 1024.0 730.0
Diploma . . . . . . . . . . . . .453.1 4.0 460.5 284.0
Electrocomponents . . . .211.9 0.1 294.9 182.2
Experian . . . . . . . . . . . .890.0 -4.0 998.0 665.0
Filtrona PLC . . . . . . . . . .463.0 -0.2 484.5 296.3
G4S . . . . . . . . . . . . . . . . .277.8 2.6 292.1 219.9
Hays . . . . . . . . . . . . . . . .75.3 -0.8 113.5 58.9
Homeserve . . . . . . . . . .235.8 -3.4 531.5 214.7
Howden Joinery Gr . . . .114.4 0.8 130.8 93.1
Interserve . . . . . . . . . . .276.0 -1.3 341.3 270.1
Intertek Group . . . . . .2486.0 0.0 2605.0 1744.0
Michael Page Inte . . . . .358.1 0.4 552.5 323.0
Mitie Group . . . . . . . . . .279.1 -3.9 296.7 208.0
PayPoint . . . . . . . . . . . .630.0 -7.0 670.0 451.0
Premier Farnell . . . . . . .185.1 -1.6 301.0 144.5
Regus . . . . . . . . . . . . . . .92.5 -1.6 117.5 64.0
Rentokil Initial . . . . . . . .82.6 0.8 98.7 58.2
RPS Group . . . . . . . . . .209.5 -4.2 253.0 156.6
Serco Group . . . . . . . . .529.5 2.5 597.5 458.0
Shanks Group . . . . . . . . .82.8 -2.2 130.9 82.1
SIG . . . . . . . . . . . . . . . . . .93.7 -0.9 153.5 77.0
Travis Perkins . . . . . . . .958.0 7.5 1125.0 715.0
Wolseley . . . . . . . . . . .2212.0 -39.0 2558.0 1404.0
ARM Holdings . . . . . . . .487.0 -0.3 645.0 464.0
CSR . . . . . . . . . . . . . . . . .216.2 -1.3 375.1 154.1
Imagination Techn . . . .582.5 2.0 717.0 296.9
Spirent Communica . . . .156.1 -3.4 174.0 105.8
British American . . . .3064.0 -51.5 3248.5 2592.0
Imperial Tobacco . . . .2471.0 -29.0 2591.0 1974.0
Betfair Group . . . . . . . .775.0 -4.0 901.0 567.0
Bwin.party Digita . . . . . .131.5 -7.3 174.0 100.6
Carnival . . . . . . . . . . .2029.0 -5.0 2575.0 1742.0
Compass Group . . . . . .627.0 2.5 671.0 512.5
Domino's Pizza UK . . . .448.5 10.5 526.0 377.0
easyJet . . . . . . . . . . . . .509.5 -5.0 534.0 302.5
FirstGroup . . . . . . . . . . .197.6 -0.7 370.2 190.0
Go-Ahead Group . . . . .1124.0 11.0 1598.0 1085.0
Greene King . . . . . . . . . .487.1 -1.2 527.5 410.0
InterContinental . . . . .1478.0 1.0 1532.0 955.0
International Con . . . . .152.7 2.8 258.7 132.0
Ladbrokes . . . . . . . . . . .166.8 0.9 181.4 114.0
Marston's . . . . . . . . . . . .94.4 -0.9 110.3 84.6
Millennium & Copt . . . .483.6 -1.0 526.5 371.2
Mitchells & Butle . . . . . .246.8 -3.1 336.4 215.6
National Express . . . . .200.3 -1.6 266.0 197.4
Rank Group . . . . . . . . . .125.0 2.9 153.7 109.5
Restaurant Group . . . . .277.0 1.1 309.7 254.9
Spirit Pub Compan . . . . .54.3 -1.0 62.8 35.3
Stagecoach Group . . . .236.4 -1.8 287.4 220.0
TUI Travel . . . . . . . . . . . .176.2 3.1 243.8 136.7
Wetherspoon (J.D. . . . .375.4 1.9 454.2 366.9
Whitbread . . . . . . . . . .1847.0 -12.0 2006.0 1409.0
William Hill . . . . . . . . . .269.0 3.2 281.7 183.3
Abcam . . . . . . . . . . . . .384.0 4.0 460.0 320.0
Advanced Medical . . . . .74.5 3.8 95.0 64.8
Albemarle & Bond . . . .307.0 -6.0 400.1 304.0
Amerisur Resource . . . . .19.8 -2.5 29.0 9.5
Andes Energia . . . . . . . .38.3 -0.5 82.8 17.5
Andor Technology . . . .536.5 -3.5 685.0 471.8
Archipelago Resou . . . . .57.0 -0.5 79.0 54.8
ASOS . . . . . . . . . . . . . .1560.0 -33.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .19.0 0.5 71.0 16.0
Avanti Communicat . . .302.5 -6.8 436.5 241.3
Blinkx . . . . . . . . . . . . . . .45.5 2.8 158.0 41.3
Borders & Souther . . . . .75.0 -1.0 131.0 43.5
BowLeven . . . . . . . . . . . .69.0 0.8 342.3 62.0
Brooks Macdonald . . .1340.0 0.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .65.0 -2.8 112.8 63.0
Cove Energy . . . . . . . . .227.0 -1.0 242.0 61.0
Daisy Group . . . . . . . . . .86.0 -6.0 127.0 82.0
EMIS Group . . . . . . . . . .537.5 -2.5 583.0 397.5
Faroe Petroleum . . . . . .161.5 -2.0 177.8 130.0
Gulfsands Petrole . . . . .108.0 -5.0 271.5 105.5
GW Pharmaceutical . . . .82.5 -1.0 130.0 78.5
H&T Group . . . . . . . . . . .285.8 -3.3 395.0 285.5
Hargreaves Servic . . . .1155.0 -35.0 1264.0 855.0
Healthcare Locums . . . . . .3.3 0.1 3.5 3.1
Impellam Group . . . . . .362.5 0.0 382.6 225.0
Iomart Group . . . . . . . .126.5 -2.8 151.0 86.1
James Halstead . . . . . .520.0 -10.0 535.8 410.3
London Mining . . . . . . .256.5 -7.0 405.0 256.5
Lupus Capital . . . . . . . . .127.0 -2.0 137.0 86.0
M. P. Evans Group . . . . .494.0 -7.0 525.0 371.0
Majestic Wine . . . . . . . .407.5 -17.5 510.0 315.0
May Gurney Integr . . . .232.0 -1.8 302.0 228.3
Monitise . . . . . . . . . . . . .30.3 0.0 40.0 25.5
Mulberry Group . . . . .2198.0 -22.0 2472.0 1290.0
Nanoco Group . . . . . . . .62.8 2.0 88.0 38.0
Nautical Petroleu . . . . .280.3 -4.0 379.0 223.5
Nichols . . . . . . . . . . . . . .707.0 5.5 732.0 505.0
Numis Corporation . . . . .90.3 -0.8 119.6 72.0
Pan African Resou . . . . . .14.5 -0.5 18.3 9.6
Patagonia Gold . . . . . . .22.0 -0.8 70.0 22.0
Prezzo . . . . . . . . . . . . . . .70.0 1.0 71.5 53.5
Rockhopper Explor . . . .283.3 -13.0 393.5 141.0
RWS Holdings . . . . . . .500.0 0.0 560.0 389.0
Secure Trust Bank . . . .1055.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .16.3 0.0 32.0 6.4
Songbird Estates . . . . . .110.0 1.0 160.3 103.0
Valiant Petroleum . . . .500.0 -10.5 628.5 400.0
Young & Co's Brew . . . .620.0 7.5 712.0 580.0
Ophir Energy . . . . . . . . . . . . . . .580.0 12.6
Perform Group . . . . . . . . . . . . . .330.1 7.0
RPC Group . . . . . . . . . . . . . . . . .368.4 5.0
Barratt Developmen . . . . . . . . . .123.3 4.4
Persimmon . . . . . . . . . . . . . . . .570.0 4.0
Ruspetro . . . . . . . . . . . . . . . . . . .166.8 3.6
Hansteen Holdings . . . . . . . . . . .73.0 3.6
Aberdeen Asset Man . . . . . . . . .255.9 3.5
Logica . . . . . . . . . . . . . . . . . . . . . .68.7 3.5
Croda Internationa . . . . . . . . . .2182.0 3.0
Lamprell . . . . . . . . . . . . . . . . . . .127.0 -56.9
Anglo Pacic Grou . . . . . . . . . . .259.3 -6.8
Essar Energy . . . . . . . . . . . . . . . .117.8 -6.0
Aquarius Platinum . . . . . . . . . . .88.2 -6.0
African Barrick Go . . . . . . . . . . .309.8 -5.6
Bwin.party Digital . . . . . . . . . . . .131.5 -5.3
Kentz Corporation . . . . . . . . . . .377.6 -5.0
Provident Financia . . . . . . . . . .1105.0 -4.7
SDL . . . . . . . . . . . . . . . . . . . . . . .667.0 -4.6
Gem Diamonds Ltd. . . . . . . . . .216.6 -4.5
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 9.000 12 . . . . . . .101.90 0.00 109.9 100.8
Tsy 5.250 12 . . . . . . .100.27 -0.02 104.7 100.2
Tsy 2.500 13 . . . . . .283.46 -0.02 287.7 282.8
Tsy 4.500 13 . . . . . . .103.32 0.00 106.4 103.3
Tsy 8.000 13 . . . . . . .110.39 0.00 116.3 110.3
Tsy 5.000 14 . . . . . . .110.64 0.03 112.9 100.6
Tsy 8.000 15 . . . . . .126.40 0.06 129.2 125.6
Tsy 4.750 15 . . . . . . .113.91 0.06 115.4 111.0
Tsy 4.000 16 . . . . . . .113.81 0.13 114.7 108.0
Tsy 2.500 16 . . . . . .346.48 0.13 346.7 325.6
Tsy 1.250 17 . . . . . . . .116.71 0.15 117.1 110.0
Tsy 8.750 17 . . . . . . .140.04 -0.20 141.9 135.6
Tsy 12.000 17 . . . . . .119.25 0.96 127.9 117.0
Tsy 5.000 18 . . . . . . .122.22 0.15 122.5 113.5
Tsy 4.500 19 . . . . . . . .121.11 0.18 121.2 109.6
Tsy 3.750 19 . . . . . . .116.37 0.16 116.5 103.8
Tsy 4.750 20 . . . . . .123.93 0.13 124.1 111.1
Tsy 2.500 20 . . . . . .371.30 0.12 372.2 331.8
Tsy 8.000 21 . . . . . .153.09 0.06 155.5 139.3
Tsy 1.875 22 . . . . . . .129.68 0.19 130.0 114.9
Tsy 4.000 22 . . . . . .118.96 0.10 119.3 103.4
Tsy 2.500 24 . . . . . . .337.01 0.18 338.2 289.4
Tsy 5.000 25 . . . . . .130.80 0.12 131.0 111.5
Tsy 1.250 27 . . . . . . .125.75 0.21 127.0 107.6
Tsy 4.250 27 . . . . . .122.06 0.25 122.7 101.7
Tsy 6.000 28 . . . . . .146.75 0.25 148.0 123.7
Tsy 4.125 30 . . . . . . .319.61 0.34 322.8 272.0
Tsy 4.750 30 . . . . . .128.88 0.57 130.5 107.3
Tsy 4.250 32 . . . . . .120.93 0.53 123.1 100.3
Tsy 4.250 36 . . . . . .120.50 0.56 123.9 99.6
Tsy 4.750 38 . . . . . .129.90 0.55 134.2 107.9
Tsy 4.500 42 . . . . . .125.78 0.57 130.8 104.1
% %
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
BEVERAGES
CHEMICALS
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 INDUSTRIALS
GENERAL RETAILERS
HEALTH CARE EQUIPMETN & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
NON LIFE INSURANCE
LIFE INSURANCE
MEDIA
MINING
MOBILE TELECOMS
NON EQUITY INVESTM. COMM.
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
REAL ESTATE INVEST. TRUSTS
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
G
E
T
T
Y
Interims must be content to solve a problem and depart, without applause
23
cityam.com
INTERIM TRANSITION MANAGER
CENTRAL LONDON
650-750 per day
An international human resources firm requires
an experienced project manager to join its learn-
inganddevelopment team. Candidates must
have operated in a complex matrix environment.
http://www.cityamcareers.com/job/5965
DIRECTOR PRIVATE BANKING
DUBAI
$200k-$300k pa
A private banker is required at the Dubai office of
a leading private bank. The job offers excellent
career development. Candidates shouldhave a
strong Middle East client base.
INTERIM TAX PROJECTS MANAGER
CENTRAL LONDON
375-425 per day
A leading bank is looking to bring an experi-
enced tax professional in to support the business
through a time of change. The role has potential
to go permanent.
HEAD OF VOICE OPERATIONS
CENTRAL LONDON
75k-95k pa, plus bonus and benefits
A new role has opened up in an investment bank
to lead a team of five voice engineers.
Candidates shouldhave extensive skills and
experience of Cisco Call Manager.
STRATEGIC CHANGE PLANNER
CENTRAL LONDON
450-500 per day
A leading investment bank is looking to imple-
ment and be compliant with Fatca regulations. It
requires a candidate with experience driving
regulatoryprojects frombeginningto end.
JOBSoftheWEEK
A
CCORDING to the Interim
Management Association (IMA), the
UK has the most established interim
management sector in the world,
worth 1.5bn per year. Established and
growing business generated by interims
affiliated to the IMA increased by 93 per
cent in the last five years, to 196m.
Interim managers are executives with
superb records of achievement, and firms
in all sectors hire them on short-term
contracts to solve specific problems,
manage change or resolve crises.
Interim positions are also attractive for
executives. Raj Tulsiani, chief executive of
Green Park Interim and Executive Search,
says the marketplace starts at around
600 per day and goes up to around 3,000
per day at the most senior levels. Money is
not all. The character of the work gives
interims professional challenge, variety,
flexibility, and a break from corporate
politics. So what is the dilemma?
SHIFTING SANDS
Despite being a strong sector, a step into
interim management as a career can be
fraught with risk, often unlinked to
general employability. Tulsiani highlights
Potential interim managers
face a necessary dilemma
Its a rewarding, demanding career choice for the right people, writes Tom Welsh
two ways individuals can be affected.
Firstly, unlike permanent roles, interim
managers are priced against fluctuating
market rates. Even if your experience is
excellent and your ability good, youll
always be more exposed than permanent
employees to market changes. Secondly, as
interims work on short-term contracts, the
length of time between assignments can
be long if demand is low. Tulsiani has
recently seen the longest periods of time
between assignments in my 15 years
experience of the market.
Interims must therefore be content with
uncertainty. However, Nigel Peters,
managing director at Alium Partners, a
specialist provider of interim solutions,
suggests that this isnt a reason to avoid
the career. Uncertainty is the other side to
seeking a different challenge and risk a
counterpoint to preference for a flexible
contracting environment. Interims arent
holding down cosy jobs for life, but risk is
a holistic part the jobs character and
often part of the attraction.
CREATING CERTAINTY
All this means that interim managers
must work hard to differentiate, market
and adapt themselves to employers needs.
And the challenges involved are quite
different from applying for a permanent
role. Interims are effectively small
businesses, with all the pressures this
involves. They can, however, get assistance.
The Interim Management Association is
the professional body for the sector. It runs
a series of monthly induction workshops
which, according to its chairman Jason
Atkinson, are designed to help people
decide if interim management is right for
them and, if so, how to approach the
market. The workshops flow from a
commitment by the IMA to launch a new
industry standard. And being associated
with this standard, through a connection
with an IMA-approved recruiter, can
provide extra credibility to any interim
business case.
Using a dedicated recruiter is essential.
Interims gain a professional reputation
through their successful completion of
previous assignments, and it is important
that those assignments suit the ability and
career ambition of the interim. Failure, or
walking away from a task, can indelibly
mar the interims ability to find another
position. A recruiter who understands
what you want, and what you can
realistically achieve, can reduce the risk of
permanent credibility damage.
CAN I ENTER, CAN I LEAVE?
By the nature of the role, interims must be
capable of completing a specific task for a
business, but demand for expertise
changes. Not all knowledge is equally
useful, and some problems can be more
effectively solved in-house.
As such, a potential interim should
work out whether his or her skills are of
use. Peters says that highly-regulated areas
of finance often require interim solutions,
and there is a specific need for those with
the professional expertise to drive through
complex regulatory change. Also, Tulsiani
says that premiums exist for business
transformation leaders, and those who
can create cost savings through smart
sourcing and capital management.
Deciding whether to enter the interim
market, therefore, should be a dilemma. It
is not an easy career choice, the risks and
difficulties involved are considerable, and
the lack of an permanent, supportive
structure around your role may be hard to
accommodate.
But for those with experience, ability,
and a stomach for risk, a career in interim
management could be an interesting
alternative to the corporate structure. Just
make sure youre ready.
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N
EWSWEEKS latest cover
proclaims The First Gay
President, with a picture of
President Barack Obama
wearing a rainbow halo.
Obamas support for gay marriage is
a first for a sitting president, a fact
his allies in the press have lauded for
the past week. David Cameron,
whos championed marriage
without receiving similar plaudits,
could only look on and wonder how
Obama had done it.
The initial response from some
Republicans was cynical that it was
another Democratic ploy to shift the
narrative from the economy to social
issues, another distraction in the
mould of the GOPs alleged War on
Women. It was nothing of the sort.
L
ONDONS great success over
many centuries has stemmed
from its adaptability. It has
attracted talent and money
from around the world. It has
been outward-looking, sending
argosies to the Levant, trading with an
empire and more recently acting as
the worlds favourite financial centre.
Like all such success stories in the
UK, it attracts its critics. Current jeal-
ousy of Londons success is directed to
the rich people who dare to come and
live in the centre, and to the banks
that are part of the concentration of
finance in the City and at Canary
Wharf. Where other countries would
be proud to create a mighty centre of
world commerce, in the UK it has its
detractors who want to pull it down.
The present attacks on bankers seem
to think bad banking and London are
synonymous. I have no more time for a
bank that needs public money to sur-
vive than the next man. Indeed, I
wanted RBS to be put into controlled
administration, with loans not share
capital to keep the important parts
going while adjustment was made.
cityam.com/forum
Attacks on bankers
seem to think that bad
banking and London
are synonymous
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.
24
JOHN REDWOOD
London must resist its critics and
adapt to survive the financial crisis
The bad bits should have been closed
down, and the good bits sold off. The
poor state of RBS in 2008 does not
make me anti all bankers, nor deter-
mined to do the City down.
I seem to remember that the head-
quarters of RBS was in Edinburgh. In
its glory days it was a Scottish success
story. Why then is it now evidence of
the foolishness of London relying on
bankers gold? Many London-based
banks traded prudently and needed
no state help. Many bankers in London
and elsewhere do good work helping
their customers and earning an hon-
est living.
The same is true of Northern Rock. If
the Bank of England had acted as
lender of last resort when the whole-
sale markets dried up we might have
had a happier outcome. Instead the
bank went down, and taxpayers were
obliged by the last government to put
in large sums of bailout money. In its
days of achievement Northern Rock
was hailed as a great North East suc-
cess, with its headquarters in
Newcastle. Only once it became a pen-
sioner of the state did we hear that
London was typically living off the tax-
payer, with assistance for one of its
own.
I suspect the Scottish and northeast-
ern provenance of the two failed banks
was an important consideration in the
previous governments mind when it
decided on such an expensive compre-
hensive rescue. I wonder if it would
have acted as charitably had it been a
bank called Surrey or Kensington that
had gone down?
London was once a great trading city.
It had its own well-developed docks,
wharves, and warehouses. It was a
major world centre for trade in com-
modities and finished goods. From
brewing to building materials, from
electricity generation to light manu-
facturing, London was an important
manufacturing centre in its own right.
The ribbon development on the main
arterial roads in the 1930s shows that
a decade written off as a dark age by
many had its brighter sides, with ris-
ing prosperity and many new jobs in
adaptable Greater London.
In recent decades London has accept-
ed industrial and dockyard decline
and has moved on. What greater
image of Londons ability to change
and earn a new living could there be
than the skyscrapers rising from the
old docks around Canary Wharf?
London has quietly added the London
Eye to its heritage skyline of Big Ben
and Westminster Abbey, and this year
adds a whole new Olympic Park to its
transformed eastern approaches.
There is a dynamism about the place, a
willingness to take risks, an optimism
that allows Londoners to shake off old
ways of working and earning, and to
find new ones.
As a result many rich and talented
people come to make London their
home. Their ideas and their money
helps fire the new waves of investment
and activity that a thriving city needs.
I hope as the crowds start to come to
London for the Games, we will all wel-
come them and be proud of what
London, our capital city, has achieved.
At its best it blends the old and the
new, the traditional and the exciting.
As one visitor from Russia said to me
when showing him around parlia-
ment, You are a country at peace with
your past. There on the walls are por-
traits of the rebels and the establish-
ment, the Puritans and the Catholics,
the Cavaliers and the Roundheads.
They all went to make the UK what it is
today.
John Redwood is the Conservative member
of parliament for Wokingham.
The president claimed he took the
position irrespective of statements
made by his vice president and
secretary of education. In truth, it
was a discussion the president was
ill-prepared for, one he would have
preferred to discuss after his re-
election. The president will now
hope that his position requires no
further clarification. This is unlikely.
Rather than plague Mitt Romney
with a burdensome, unsympathetic
fight on social issues, the
Republicans have largely stayed
silent. Using the issue cynically to
mobilise the base would in any case
likely backfire as pollster Jan van
Lohuizen highlighted earlier this
week. Although there are
differences between the states, most
polls show that the national mood
on gay marriage has changed, with a
plurality now in support. And yet a
New York Times/CBS News poll
found that 67 per cent felt the
president made his announcement
for mostly political reasons.
Romney will want to keep it that
way. In an economy election year, he
will be reticent to move off message
and discuss anything but jobs.
Lost among all the plaudits was
the fact that Obamas stance on the
issue is laissez faire; a personal
opinion backed by rhetoric rather
than legislation. For a Democrat, it
is remarkable that Obama
stipulated that the matter should be
decided by the states, especially
when his administration and party
have a zest for federal solutions for
almost every other public policy
matter. How can the federal
government legislate a right to
health care, but delegate to states
whether gay couples have a right
to marry? His defenders claim that
marriage has always been a matter
for the states, and yet the Supreme
Courts ruling in Love vs. Virginia
(1967) and Bill Clintons signature
on the Defence of Marriage Act
suggest otherwise. The question is
now in what mould the Democrats
will translate Obamas stance on gay
marriage into the partys 2012
platform.
Momentous or contentious
announcements will fail electorally
if they are seen as politically
expedient rather than principled. In
the short term, the presidents
stance has played well, but raised
the prospect of people asking
further down the line, whats
next? His supporters will demand
action.
Ewan Watt is a Washington DC-based
consultant. You can follow him on
@ewancwatt
THE WHITE
HOUSE RACE
EWAN WATT
Obamas conversion to gay marriage will only help him if its principled
25
Success isnt bought
[Re: Do we need rules to stop football
teams from buying success, Tuesday]
Success cant be bought, success can only
be achieved through diligence and proper
planning. Money in football only gives
competitive advantage, it does not by itself
lead to a favourable outcome. A financial
fair play rule would not offer a level playing
field, but automatically hand glory to
already good teams. By what standard is a
team like Swansea expected to compete
with the likes of Arsenal or Manchester
United if clubs are to live within their
means? Football, like any investment,
involves taking risk. Investors should be
allowed to determine clubs worthiness
themselves.
DayodAkanmu
Think dont feel
[Re: Why personal choice in smoking or sex
is the only measure that matters, yesterday]
The analogy between Saudi repression and
that of smokers is fantastic. It is interesting
that health zealots always fail to see them-
selves as akin to any other suppressive group
or government, that they are somehow dif-
ferent because of their morality. They are
blinded by their causes and beliefs and will
go to any lengths to enforce their will on
those who do not need to be protected. For
them it is OK to distort the facts or fabricate
them if it furthers the agenda. Beware those
who seek to protect us, because it is a ruse to
make people feel rather than think.
Ultimately it is designed to control the public
rather than to protect.
JayRift
T
HE latest inflation report
from the Bank of England
(BoE) makes it clear that the
credibility of the Monetary
Policy Committee (MPC) has
been undermined further. The
relatively sharp upward revision to
CPI inflation forecasts out to the
third quarter of 2013 is now rather
more realistic, but that realism is
tainted by the scepticism relating
to previous forecasts which have
proven to be woefully poor.
Meanwhile, not everyone is
reading between the lines carefully
enough. The gilt market was
heartened by the downward
revisions to near-term GDP
forecasts, most likely because it
would appear to keep the more
quantitative easing (QE) at a later
date option open. However, the
latter is a nonsensical deduction.
There is a very distinct chance of
more QE at a later date, but for a
completely different reason or,
rather, exactly the same reason as
in the fourth quarter of 2011.
Mervyn King noted of the balance
of opinions on the MPC: You can
make an argument for doing more
asset purchases or indeed an
argument for making fewer asset
purchases which is to say that
opinions remain very polarised
over QE. However, as King later
noted, the Bank of England (BoE)
would act if the Eurozone crisis
escalates and again (that is, as in
the second half of 2011) threatens
banks funding so this is the one
thing the MPC agrees on as a
reason for more QE.
One has to laugh at the assertion
by Kings deputy, Charles Bean,
that the MPC was overly swayed by
the experience of the early 1990s in
terms of the impact (or lack thereof
at the time) of a sharp depreciation
in sterling on inflation. How could
TOP TWEETS
Greek default within the Eurozone is most
likely. Wholesale break-up is second most
likely. Current policies are doomed.
@yanisvaroufakis
The game between Hollande and Merkel on
growth versus austerity has started. Who will
blink first? Or will they find a middle ground?
@Nouriel
Ken Livingstones Madame Tussauds wax-
work has been removed and placed in the
archive. A final indignity.
@dylsharpe
Mervyn King is uncertain on inflation again.
When will he attempt to sort it out?
@atillatherover
Mervyn King says the Jubilee break will hit
GDP. Should we have fewer bank holidays?
YES
The main trouble with bank holidays is that you spend them
sitting in the same traffic jam as everyone else. Why cant we
stagger our holidays and take them when we choose, instead of
when politicians deem fit? Legally, UK workers dont have an
automatic right to paid leave on public holidays, but they do
have a right to 28 days paid annual leave: so why preserve the
barbarous relic of fixed holiday dates? Of course, politicians since
the age of Caesar have loved dishing out holidays. Religious
holidays were always days of rest, but in 1871 the Liberal
government added four more (five in Scotland), and in 1978 the
Labour administration added May Day to charm the unions.
Today, each one (plus the 2012 Jubilee holiday), costs the
economy 2.3bn in lost output. Its time to denationalise
Britains holidaymaking.
Eamonn Butler is director of the Adam Smith Institute.
Eamonn Butler
NO
Tom Hodgkinson
Feast days and holidays are a key part of everyday life, because
all work and no play makes Jack a dull boy. In his magnificent
17th century self-help guide, The Anatomy of Melancholy,
Robert Burton recommended merriment as a stress-reliever.
Religions all recommend a day of rest, and before the
Reformation in 1535, the Christian church gave us a right royal
knees up every three or four weeks. Life is just too monotone
without them. But now the puritanical Bank of England
governor Mervyn King reckons that this years Jubilee
celebrations will have a negative effect on GDP. This is small-
minded. Quality of life is more important than output levels. We
need more holidays and more leisure, not less. Bring on the
bunting.
Tom Hodgkinson is editor of the the Idler magazine and has
recently started the Idler Academy.
RAPIDresponses
The MPC has put
its incompetence
on public display
the MPC collectively assume a
comparison between the early
1990s and the post-2007 was valid?
After all, the western financial
system was not in total disarray
then, even if the Scandinavian
system collapsed at the time in
fact, the western financial system
was in good health. Western world
demand was still the key element
in determining the prices of raw
materials, food and energy prices
at the time, with emerging market
and Bric demand merely an
addendum, and the impact of
technological developments and
the globalisation of production
was only just starting. Global
foreign reserves, the elephant in
the room of current capital flows,
stood at $1 trillion, were only $2
trillion even in 2000 but now stand
around $9.5 trillion. The appalling
dearth of lateral thinking on the
MPC that Beans comments
evidence, should in fact raise
sizeable doubts about its
competence, and by extension beg
the question: sterling/gilts = safe
haven. Are you sure?
But prize for Kings least
insightful comment (and I could
use other, less complimentary
terms) is this drivel: There is no
obvious reason to believe that we
cant get back to the level of output
that we were on the pre-crisis trend
path, but it may take 10, 15 or
maybe even 20 years to get there.
Marc Ostwald is a strategist at
Monument Securities.
MARC OSTWALD
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26
LIFE&STYLE
WORDS BY
STEVE DINNEEN
THINK OF ALL THAT TIME YOUVE SAVED...
NOW HERE ARE SOME GREAT WAYS TO WASTE IT
Tiny Wings | 69p | iOS
Have a few minutes to spare? Then try playing Tiny Wings.
The game is incredibly simple: press the screen to make your
flightless bird charge down cliffs. Insanely addicitve: dont
play it on the circle line, youll be going round all day.
Minecraft | 4.99 | iOS and Android
This block-building game became a phenomenon when
the Java version was released, with people crafting repli-
cas of famous landmarks. Now you can play on your
smartphone. Happy building.
Force = Mass x Acceleration | 1.99 | iOS
Or, to give this game its full title, AaaaaAAaaaAAAaa-
AAAAaAAAAA!!! (Force = Mass x Acceleration), which is
a really, really stupid name. Youre a base jumper leaping
from a skyscraper, spray-painting buildings as you fall.
Civilization Revolution | 1.99 | iOS
If youre over 30, chances are a chunk of your life has
been swallowed by Sid Meyers Civilization games. Now
you can take over the world or peacefully take your
tribe on a journey through the millenia on your iPhone.
TECHNOLOGY
Make your iPhone do
the hard work for you
The top apps to shave valuable seconds from your day, by Steve Dinneen
STOCKWATCH
Platform: iOS
Cost: 69p
Track your investment portfolio
on the go. This app will let you
track unlimited stocks and pick
your favourite ones to keep a
close eye on. It draws detailed,
up to date information from
more than 50 exchanges across
the world. It also comes with an
extra security lock to make sure
your information is kept private.
EVERNOTE
Platform: iOS, Android,
WP7, BlackBerry
Cost: Free
This personal organiser app has
it all. Sync notes, photos, to-do
lists and voice memos across
your devices all with the abili-
ty to make detailed notes.
Evernote also allows you to eas-
ily email your les to your con-
tacts, making sharing data
simple and intuitive.
DOCUMENTS TO GO
BlackBerry
Cost: 6.99
If you need to quickly access
work documents on the go, this
handy app is essential. It is able
to read multiple Microsoft for-
mats, including Ofce, Excel and
PowerPoint. You can also edit
these documents and use tools
including word count, undo,
redo and replace.
NOTE TAKER
Platform: iOS
Cost: 1.49
If your memory lets you down,
Note Taker could be your salva-
tion. It has a clever system for
writing with your nger, where
the character you are scrawling
is faintly superimposed over
your text, allowing you to see
what youre doing, while keep-
ing track of your note. Great for
short memos.
CAMCARD
Platform: iOS, Android
Cost: 4.99
If youre the kind of person who
has a drawer lled with business
cards that will never be written
up or led, there is hope.
CamCard lets you scan a business
card with your phones camera,
recognises the details and offers
to store them as a contact. Also
works with your Gmail or
Exchange email account.
PERCENTAGES
Platform: iOS
Cost: 69p
Dont let a bad head for maths
hold you back. Percentages will
gure out a host of percentage-
based queries (including per-
centage of a number; total after
x percent is deducted; x is y per-
cent of z). The interface is slick
and very easy to use and allows
you to customise settings like the
number of decimal places.
SAISUKE
Cost: 6.99
This powerful calendar app is on
the expensive side but it makes
up for it with a wealth of func-
tions. It will sync your calendars
across platforms (iCal, Gmail
Calendar) and let you colour
code and tag your appoint-
ments. It also has a back-up
feature to prevent accidental
data loss.
LEMON
BlackBerry
Cost: Free
Make sure you dont lose out
on your expenses with this app
that lets you scan your receipts,
group, tag and label them and
email them to yourself. You can
manually enter receipt infor-
mation too, meaning you never
have to lose out at the end of
the month.
AUDIO MEMOS
Cost: 69p
If you need to record that
important meeting, this app
wont let you down. After
recording, you have the option
to email the audio le, although
you will have to spend extra
(59p to email, 1.19 if your le
requires compression). Even so,
this is one of the best recorders
on the market well worth it.
DROPBOX
WP7, BlackBerry
Cost: Free (for 2GB)
A list of office apps wouldnt
be complete without every-
ones favourite cloud storage
solution: Dropbox. Its integra-
tion between desktop and
your mobile devices is seam-
less and retrieving and saving
documents is fast, intuitive
and entirely painless.
Reducing complexity has never been simpler.
Designed for growing business, the IBM System x3650 M3 Express server with the latest
Intel
Xeon
processor 5600 series can help you simplify your IT infrastructure. With
simple start-up, intuitive management and tool-less design, this server is easy to deploy
and managewhether your IT infrastructure is physical or virtual, onsite or remote.
Additionally, you get the valuable expertise of IBM Business Partners to create an IT
environment optimised to keep up with tomorrow, today.
Rated No.1 in Server Customer Satisfaction by TBR for the 9
th
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Quarterly price quoted is based on IBMs 0% System x Solution Finance offering (FMV lease). Terms & Conditions Apply: Offering availability subject to credit approval; for more details and full Terms
and Conditions please visit: http://www.ibm.com/financing/uk/lifecycle/acquire/xsolutionfinancing.html Rates and offerings are subject to change, extension or withdrawal without notice. Prices
include VAT at a rate of 20%. IBM hardware products are manufactured from new parts or new and serviceable used parts. Regardless, our warranty terms apply. For a copy of applicable product
warranties, visit http://www.ibm.com/servers/support/machine_warranties. IBM makes no representation or warranty regarding third-party products or services. IBM, the IBM logo, System Storage
and System x are registered trademarks of International Business Machines Corporation registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or
other companies. For a current list of IBM trademarks, see www.ibm.com/legal/copytrade.shtml. Intel, the Intel logo, Xeon and Xeon Inside are trademarks of Intel Corporation in the U.S. and other
countries. All prices and savings estimates are subject to change without notice, may vary according to configuration, are based upon IBMs estimated retail selling prices as of 01/01/2012 and may
not include storage, hard drive, operating system or other features. Reseller prices and savings to end users may vary. Products are subject to availability. This document was developed for offerings
in the United Kingdom. IBM may not offer the products, features, or services discussed in this document in other countries. Contact your IBM representative or IBM Business Partner for the most
current pricing in your geographic area. 2012 IBM Corporation. All rights reserved.
Find a system that fits
your business.
IBM System x3650 M3 Express
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External disk storage with 6GB/s Serial Attach SCSI (SAS) interface
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Scalable up to 48TB with 500GB NL-SAS 2.5" drives
Support for 96 drives with combination of EXP3512 or EXP3524 expansion
enclosures
Field upgradeable with FC or ISCSI host interface cards
Self encrypting drive options available for secure data at rest
DS3512 also available with 3.5" drive support
Intel Xeon 5620 processor (2.4GHz four-core), maximum of two
processors
Up to 192GB Registered Dual Inline Memory Modules (RDIMMs) or
48GB UDIMMs high-performance, new generation Double Data Rate 3
(DDR-3) memory
Internal storage flexibility with up to sixteen 2.5" hot-swap Serial
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Up to four PCIe slots
Intel Xeon 5606 processor (2.13GHz four-core), maximum of two
processors
Up to 192GB Registered DIMMs (RDIMMs) or 48GB UDIMMs
high-performance, new generation Double Data Rate 3 (DDR-3) memory
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Make like the sun and shimmer in golden
hues to fight the cold, says Zoe Strimpel
WEDNESDAY 16 MAY 2012
28 LIFE&STYLE FASHION
A
t 445-years-old, the Old
Curiosity Shop has seen a
thing or two. As London has
grown and shifted beyond
recognition, the shop, nestled on
Portsmouth Street in the West End,
has been a constant reminder of
how things used to be. What is even
more astonishing, though, is how it
has simultaneously adapted to suit
its environment, remaining
relevant over the centuries.
The shop, which was immor-
talised in the Dickens novel of the
same name, has sold antiques and
general curios throughout most of
its long life. But 20 years ago, its
new owner switched to hand-made
footwear. Now its distinctive sartori-
al creations have featured in fash-
ion totems including Vogue, I-D and
Marie Claire and it attracts as many
fashionistas as history buffs.
Built in 1567 from shipping
wood, the exterior has changed
remarkably little. Located between
Temple and Holborn underground
stations, The Old Curiosity Shop sits
amid some of the citys most spec-
tacular new architecture it is a
sliver of old London among the
modern city lights.
Customers are enthralled by its
winding staircases, creaking floor-
boards, hidden nooks and unlikely
angles it really looks like some-
thing straight from the pages of a
Dickens novel. The buildings fasci-
nating history goes even further
back than Dickens it was once part
of an estate given by King Charles II
to one of his countless mistresses.
In the Dickens novel, the virtu-
ous young heroine, Nell Trent,
meets a tragic end, turfed out of
the eponymous shop and, eventual-
ly, dying young. The fate of the
building, though, looks set to be
less fraught: its protected status
should mean the little store with
the big history will still be around
in another 500 years.
The Old Curiosity Shop today sells funky designer shoes.
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For the next month City A.M. and Brewin Dolphin will be shining a spotlight
on a series of City Treasures as we celebrate some of the great places and
institutions around us. Many of them are established with a long
and interesting heritage yet they still exude their core values
based on service and excellence.
Tomorrow is Fortnum & Mason.
www.brewin.co.uk
cityam.com
THE 445-YEAR-OLD SHOP THATS CHANGING WITH THE TIMES
- THE OLD CURIOSITY SHOP -
Mellow yellow:
adding warmth
to chilly spring
Textured peplum skirt, 34,
topshop.com
Stick this in your bag for after work
and worn with a white or black
shirt youre good to go for a girls
night out. Its fun without being tarty
thanks to the knee-skimming length.
Massimo Polomba Ella
Narcissus yellow tote, 350,
asos.com
Hand-crafted in Italy, this gorgeous
tote will carry your life in it easily
without looking sloppy. Wear with a
black or grey suit for an elegant look.
Mango scarf print dress,
34.99, mango.com
Ultra-chic, this belted dress manages
to evoke the golden hue of summer
while keeping a solid work-worthy
respectability. The mosaic is very on
trend.
Whistles dotty tweed skirt,
95, johnlewis.com
Well-made and structured, this pencil
skirt is a room-brightening statement
piece which, paired with a neat black
blouse and pumps, is the perfect way
to dress for work.
Maxmara Sibari bag, 390,
matchesfashion.com
This bright, block-colour crocodile-
printed leather bag has plenty of space
but doesnt look baggy: carry it about
with your smartest work outt for a
Sloane Street look.
Next yellow stripe dress,
45, next.co.uk
Its too cold to wear this dress on its
own, but paired with a cashmere cardi
in white, yellow or black, plus some
kitten heels and tights, youll be sum-
mery, bo-ho...and toasty.
Boy. By Band of Outsiders Easy
Cotton Poplin Shirt, 175, net-
a-porter.com
One of the hottest brands around, this
shirt is a prime example of the oaty,
effortless look thats made the brand
popular. Easy, breezy and very nearly
summery.
J. Crew sequined silk
georgette top, 420,
netaporter.com
The combination of sequens and pale
yellow make this an irresistably sexy
piece for spring. Pair with a jacket and
oaty knee-length skirt for work
cocktails.
29
TV & GAMES
cityam.com
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SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Football League
10pmTest Cricket 12amRugby
Club 1amFootball League 2.30am
Premier League World 3amTest
Cricket 5am-6amRingside
SKY SPORTS 2
7pmLive Premier League Darts
10.30pmIAAF Athletix 11pm
Time of Our Lives 12amRingside
1amSporting Greats 1.30am
Superleague Netball 3.30amTime
of Our Lives 4.30amThe Rugby
Club 5.30am-6amIAAF Athletix
SKY SPORTS 3
7pmThe Rugby Club 8pmLive
PGA Tour Golf 11pmEuropean
Tour Golf 1amAmericas Cup
World Series Venice 1.30am
Americas Cup Uncovered
2am-5amPGA Tour Golf
BRITISH EUROSPORT
7pmCycling: Giro dItalia
8.15pmDiving 9.45pmLive
Cycling: Stage five of the Tour of
California. 12am-12.30am
Cycling: Giro dItalia
ESPN
6.15pmNBA Basketball 8.15pm
Premier League Review9.15pm
Goal! Special 9.45pmEredivisie
11.30pmPress Pass 2012 12am
Live NBA Basketball 2.30am
FIBA Basketball 3amRussian
Premier League Review3.30am
Serie A Review4amPress Pass
2012 4.30amGoal Show
5am-6amPremier League Review
SKY LIVING
7pmCriminal Minds 8pmFour
Weddings US 9pmBattle of the
Brides 10pmThe Biggest Loser
USA 11pmUnforgettable 12am
Steps: On the Road Again 1am
Criminal Minds 1.50am Bones
2.40amMedium3.30amBones
4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmThe Apprentice 8pmDont
Tell the Bride Brides Revenge
9pmRussell Howards Good News
9.30pmLee Nelsons Well Good
Show10pmEastEnders 10.30pm
Britain Unzipped 11.30pmFamily
Guy 12.15amRussell Howards
Good News 12.45amAngry Boys
1.15amLee Nelsons Well Good
Show1.45amBritain Unzipped
2.40amSnog, Marry, Avoid?
3.10amYoung, Dumb and Living
Off Mum4.10am-5.10amDont
Blame the Dog
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pmHow I Met Your
Mother 9pm2 Broke Girls
9.30pmHappy Endings 10pm
Rules of Engagement 10.30pm
Very Important People 11pm
Fonejacker 11.30pmCardinal
Burns 12amThe Big Bang Theory
1amScrubs 1.30amHow I Met
Your Mother 1.55amRules of
Engagement 2.20amAccidentally
on Purpose 2.40amDesperate
Housewives 3.30am90210
4.10amGreek 4.50am-6am
Switched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmIce Road Truckers
9pmAmerican Restoration
9.30pmPawn Stars 10pm
Storage Wars 11pmAmerican
Pickers 12amStorage Wars
12.30amPawn Stars 1am
Storage Wars 2amIce Road
Truckers 4amHeir Hunters
5am-6amAncient Discoveries
DISCOVERY
7pmBear Grylls: Born Survivor
8pmGold Rush 9pmThe Ultimate
Climb 10pmAuction Hunters
11pmDeadliest Catch 12amBear
Grylls: Born Survivor 1amThe
Ultimate Climb 2amAuction
Hunters 3amDeadliest Catch
3.50amIce Pilots 4.40am
Wheeler Dealers 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSay Yes to the Dress 8pmI
Didnt Know I Was Pregnant 9pm
Untold Stories of the ER 10pm
Diary of a Fat Man 11pmTrauma
Unit 12amUntold Stories of the
ER 1amDiary of a Fat Man 2am
Trauma Unit 3amSay Yes to the
Dress 4amA Baby Story
5am-6amBirth Stories
SKY1
7pmThe Middle 7.30pmModern
Family 8pmGlee 10pmHouse
11pmNCIS: Los Angeles 12am
Law & Order 1amAirline USA
2amBrit Cops: Frontline Crime
UK 2.55amBig Trouble in
Thailand 3.45amBody Language
Secrets 4.35amReal Filth
Fighters 5.05am-6amDont
Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmEastEnders: BBC News
8pmCHOICE Planet Earth
Live
9pmNew Tricks
10pmBBC News
10.25pmRegional News
10.35pmQuestion Time
11.35pmThis Week
12.20amHoliday Weatherview
12.25amSign Zone: The Truth
About Tax Panorama 12.55am
Countryfile 1.55amAntiques
Roadshow2.55amModern Spies
3.55am-6amBBC News
6pmEggheads: Quiz show,
hosted by Dermot Murnaghan.
6.30pmAntiques Road Trip:
Philip Serrell and Catherine
Southon set out from Perth
and arrive in Carlisle.
7.30pmGreat British Menu
8pmTwo Greedy Italians: Still
Hungry
9pmCHOICE The Great Euro
Crash with Robert Peston
10pmGrandmas House
10.30pmNewsnight: Weather
11.20pmThe Town Taking on
China
12.20amBBC News
4am-6amBBC Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmThe Great British
Weather: Tonight
8pmEmmerdale
8.30pmCoronation Street
9pmLong Lost Family
10pmITV News at Ten
10.30pmLondon News
10.35pmPiers Morgans Life
Stories: Dennis Waterman
11.35pmThe Late Debate 12.05am
Jackpot247; ITV News 2.35amThe
Great British Weather: Tonight 3am
ITV Nightscreen 4.35am-5.30am
The Jeremy Kyle Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmCHOICE Phil Spencer:
Secret Agent
9pmThe Hoarder Next Door
10pm24 Hours in A&E
11.05pmThe Secret Millionaire
12.10amRandom Acts
12.15amSex, Lies and Rinsing Guys
1.10amWatching the Detectives:
Channel 4 Dispatches 2.05am
Extreme A&E 3amUnreported
World 3.25amHidden Talent
4.20amA Guide to Taking a Photo
4.25amDeal or No Deal
5.20am-6.05amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmCricket on 5: England v
West Indies; 5 News Update
8pmWorlds Scariest Drivers:
Motoring madness. Last in the
series; 5 News at 9
9pmThe Restaurant Inspector
10pmFILMSnatch: Comedy
drama, starring Jason
Statham. 2000.
12amSuperCasino: Live
interactive gaming.
3.55amHouse Doctor 4.20am
HouseBusters 4.45amNicks Quest
5.10amWildlife SOS 5.35am-6am
Wildlife SOS
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5
6 7 8
9 10
11 12 13 14
15 16
17 18 19 20
21
22 23
24 25
15 20
21 12
5 30
7 12 18
34
25 24
22
19 3 6
16 9
28 13
16 27
3
16
14
39
11
17
14
30
4
16
21
6
8
20
26
12
29
4
7
10
38
19
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P A N T S G L A S S
A U U A L T O
E R S U R R E A L
L A T C H D M
L U I M P E D E
A C R E A R U N E
H E A R T S S G
A R A C T O R
F R O N T E D B E
A G U E L I S
T E R R A Y A N K S
8 3 9 1 3 2
2 5 1 3 8 9 6 7
3 6 2 7 4 5 8 1 9
7 9 8 3 7 4 8
1 7 7 8 9 5 3 6
9 4 6 1
3 7 5 1 4 2 4 9
6 9 2 3 6 1 2
1 6 4 5 9 2 8 3 7
2 4 1 3 7 9 5 8
8 9 6 1 4 2
4
4
4
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4
4
4
4
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The nine-letter word was
MAGNITUDE
1 Pieces of potato fried
in deep fat or oil (5)
3 Less than the correct
amount (5)
6 Clock that wakes
a sleeper at a
preset time (5)
8 Large artery (5)
9 Cleansing agent (4)
11 Peace and quiet (7)
13 Cut part of a
tree trunk (3)
15 Waterproof ller
and sealant (5)
17 Collection (3)
19 Church tower (7)
21 Examination (4)
22 A Town Like ___,
NevilShute novel (5)
23 Dais (5)
24 Young female
horse (5)
25 Divisions of a dollar (5)
1 Bedlam (5)
2 Astronomical unit
of distance (6)
3 Having no denite
form (9)
4 Pertaining to
hearing (5)
5 Exaggerated nasality
in speech (5)
7 Residence
of a religious
community (9)
10 Extremely sharp (5)
12 Coat a cake with
sugar (3)
14 Anoint or
lubricate (3)
16 Water boiler (6)
17 Employees (5)
18 Musical warble (5)
20 Level betting (5)
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
PLANET EARTH LIVE
BBC1, 8PM
Another hour of animal antics as they
happen with further updates on the
young creatures as they learn the skills
they need to survive.
THE GREAT EURO CRASH WITH
ROBERT PESTON BBC2, 9PM
The BBC business editor explores the
history of the Euro, and finds out how
a collapse of the common currency
could affect Britain.
PHIL SPENCER: SECRET AGENT
CHANNEL4, 8PM
The property expert heads to Leeds,
where he meets a man whose lifestyle
is affecting his chances to sell his
three-bed semi.
TVPICK
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40/1 Bedloes Island
G
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Roys right: too big a risk
to take Ferdinand and Terry
E
NGLAND manager Roy
Hodgsons decision to take John
Terry and not Rio Ferdinand to
the European Championship
has stirred a hornets nest but I
believe he is right; it would have been
asking for trouble to take both.
Im not talking about suggestions
the pair would not get along or
whether that came into Hodgsons
thinking we cant know that but
I certainly accept there were
sufficient football reasons to leave
Ferdinand at home.
Undeniably both are great
players, superb readers of the game
and brilliant motivators, but they
also share a lack of pace that makes
it too risky to use them together. At
international level slow defenders
get exposed, as England found to
their cost at the last World Cup.
Others claims were very hard to
ignore. Joleon Lescott has been
excellent throughout Manchester
Citys Premier League winning
campaign, while Gary Cahill has
proven his quality since joining
Chelsea and, crucially, has pace.
Finally, its often overlooked but
Terry offers much more of a goal
threat. The Chelsea captain has six
in 72 internationals, twice as many
as Rio, who has more caps.
This season Terry has netted seven
in 48 quite a tally for centre-back
while the Manchester United man
has not scored a single goal in 38
appearances.
Ive no major complaints about
the rest of the squad and agree with
the inclusion of Alex Oxlade-
Chamberlain, despite his obvious
shortage of experience.
Steven Gerrard aside, there is a
lack of dynamism in midfield and
the Arsenal youngster offers that in
abundance. He can play wide or
centrally, has impressed in big
games this season against top
opposition such as AC Milan and
looks certain to be a big part of
Englands future, so phasing him in
makes sense.
The only minor gripe I have is
over the selection of Stewart
Downing, a winger who has two
goals in 52 games all season for
Liverpool with none and no assists
in the league.
Manchester Uniteds Ashley
Young would be my first choice on
the left wing and Oxlade-
Chamberlain can play there too, so
we would have had adequate
options without Downing.
Besides, the tactics I would
employ would see the wide players
encouraged to come in off the
touchline and allow the full-backs
to overlap. Glen Johnson and in
particular Ahley Cole and Leighton
Baines are dangerous going
forward and deliver high-
quality crosses for the likes of
Andy Carroll to thrive on. An
out and out winger such as
Downing is not necessary in
this system.
I would rather have seen
an extra space used to bolster
a light pool of forwards.
Im sure Stokes Peter
Crouch could have made an
important contribution,
especially in the first two
games when Wayne Rooney
is suspended.
Crouch wouldnt have to
start but I feel his experience
would have helped and
potential partners like
Jermain Defoe need someone
like him to provide chances.
Trevor Steven is a former
England footballer who played in
both the 1986 and 1990 World
Cups and the 1988 and 1990
European Championships. He
now works as a talent scout and
FOOTBALL
COMMENT
TREVOR STEVEN
UNCAPPED Arsenal starlet Alex
Oxlade-Chamberlain admits he was
stunned by his inclusion in
Englands squad for next months
European Championship.
The 18-year-old, who has made
just six Premier League starts, only
found out yesterday morning when
manager Roy Hodgson telephoned
to break the good news.
I would have probably laughed
if someone had told me I would be
Euro call-up is surreal, admits
teenager Oxlade-Chamberlain
in the Euro 2012 [squad] a year
ago, said the midfielder.
For everything to happen as
quickly as it has, it has been surreal
and I dont think it has really sunk
in properly yet.
Oxlade-Chamberlain is yet to earn
a senior cap but has shone on rare
outings for the Gunners this season,
following last summers move from
Southampton. He added: I know I
havent made it and I have a long
way to go but this is the first step in
what I hope to be a long and
successful international career.
QPR midfielder Joey Barton has accepted one charge of
violent conduct from the Football Association but denied
another in a bid to avoid a double-digit ban.
Bartons admission relates to his kick on Sergio Aguero
following his red card against Manchester City on Sunday.
His denial relates to an apparent attempt to headbutt
Vincent Kompany seconds later.
The Rangers star has requested a personal hearing to
explain his defence to the FAs disciplinary panel, who
could find him guilty regardless.
He is likely to be suspended for at least seven games, but
the panel has the power to levy a tougher sanction. The
club has also launched a probe into the incident.
Barton denies charge
in bid to reduce ban
BY FRANK DALLERES
BY SPORTS DESK STAFF
30
SPORT
TREVORS XI
Trevor Stevens selection to
start Englands first Euro
2012 match with France
Goalkeeper: Joe Hart
Right-back: Glen Johnson
Centre-back: Gary Cahill
Centre-back: John Terry
Left-back: Ashley Cole
Midfield: Scott Parker
Midfield: Gareth Barry
Right wing: Theo Walcott
Att midfield: Steven Gerrard
Left wing: Ashley Young
Centre-forward: Andy Carroll
Tactics: I would adopt a 4-2-3-1
formation, with Parker and Barry
holding midfielders and Gerrard
pushed on to play off Carroll.
Wingers would be encouraged to
drift inside and allow full-backs
to overlap, knowing that Parker
or Barry were there to cover.
Terry (front) and Ferdinand (centre) are too slow to play together, while the former offers a greater goal threat
My initial reaction to Kenny
Dalglishs sacking was
shock, but its impossible to
ignore that their results indeed
all of their stats have been
terrible, especially in light of the
investment made in the squad.
Kenny does not come from a
tactical background, and the kind
of international players who
populate Liverpools squad
nowadays expect that.
Ive no doubt someone like
Wigans Roberto Martinez would
jump at the job, but I think theyd
be better off with Sunderlands
Martin ONeill or a left-field choice
with a track record of winning,
such as German Ralf Rangnick.
Borussia Dortmunds Jurgen
Klopp is also highly regarded but I
question whether hed give up
Champions League football for
Liverpool. As for Rafa Benitez I
think weve seen with Dalglish
how successful it is to re-appoint a
previous manager.
P
A
UNDER-FIRE skipper Andrew Strauss
insists he is nowhere near the point
of relinquishing his captaincy, as he
prepares to lead England into their
first Test of the summer today at
Lords against West Indies.
Strauss concedes his position as
leader and opening batsman has
been put under pressure by an
uncharacteristically dire run of form
that has gleaned just a solitary cen-
tury from his last 50 innings.
But he brushed off suggestions
that his three-year stint as captain
may be nearing an end and vowed to
provide a robust response to his crit-
ics by hitting the runs that preserve
Englands No1 world Test ranking.
It was obviously a big issue at the
end of the winter, and I recognise as
captain and as an opening batsman
that I need to contribute. I fully
intend to do that. Ive got no reason
in my mind why I shouldnt go on
and do that this summer, he said.
If youre too wedded to some
ideal moment to step down, you can
Defiant Strauss
eyeing lengthy
run as captain
be very surprised by it. If I feel like Im
still contributing and helping the
side be better, both as a captain and
batsman, then I dont see any reason
to change things.
Its just not something Ive
thought about. Id certainly like to be
in a position to know when the right
time is. Ill obviously keep an eye out
for it, but I dont think were there at
the moment I dont think were any-
where near there at the moment.
Strauss rejected spinner Graeme
Swanns depiction of his criticism as
a witch hunt, following a winter in
which England suffered a whitewash
against Pakistan and could only draw
the series in Sri Lanka.
It didnt feel like a witch hunt; it
just felt like the issue of the day,
which is what happens, he added.
The only way to switch attention
elsewhere is to go out and perform,
and thats what I intend to do.
The first of three Tests against West
Indies is expected to see Yorkshires
Jonny Bairstow handed a Test debut
in the middle order, with Ravi Bopara
sidelined by a thigh injury.
AMERICAN boxer Lamont Peterson
has rejected Amir Khans calls for
him to return his WBA and IBF
light-welterweight titles to the
Englishman.
Khan made the demand after
their scheduled rematch, which had
been due to take place on Saturday,
was called off following Petersons
failed drug test.
Peterson insists he is not a cheat
and that synthetic testosterone
pellets inserted into his hip before
his controversial win over Khan in
December were necessary for
medical reasons.
His fate will be decided next
month when the Nevada State
Athletic Commission convenes to
hear the case.
Let the commission decide, let
the sanctioning bodies decide. Until
that point Im still the champ, said
Peterson.
Ive never been a cheat. I dont
like it when people cheat. Its just
my word but the pellets didnt do
anything to help me beat him.
BY FRANK DALLERES
Peterson: Im not a cheat and
wont hand back Khan belts
WEST Indies pace attack is
sufficiently confident of skittling
out England in the first Test that
their bowlers are arguing over
who will be first to bag a five-
wicket haul.
The tourists begin the match
today as major underdogs but
captain Darren Sammy revealed
there is no shortage of confidence
in his dressing room as they
prepare to face the worlds No1
Test team at Lords.
Theres been a lot of discussion
in the dressing room about whos
going to put their name on the
[honours] board, said Sammy.
Kemar [Roach] said hes going
to be the first one; Ravi [Rampaul]
said its going be him and I
myself think its going to be me as
well. We left the Caribbean
knowing its going to be a very
difficult challenge. But we also
know that if we can play well and
put runs on the board we back our
bowling attack to get 20 wickets
and win a Test match.
West Indies attack confident of
upsetting favourites England
cityam.com
SPORT
31
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Investec is proud to be the title sponsor of English Test Cricket.
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chance to win match tickets.
Beyond
boundaries
Strauss takes a record of one century in his last 50 innings into todays first Test
IN BRIEF
Cavendish leads Giro points race
nCYCLING: Britains Mark Cavendish
surged into a commanding lead in the
race for the points jersey in yesterdays
Giro dItalia 11th stage. Cavendish
moved 12 ahead of Matt Goss as Italian
Roberto Ferrari won the stage.
Wales wing Cuthbert France snub
n RUGBY UNION: Cardiff starlet Alex
Cuthbert has rejected big-money
offers from France to sign a new one-
year deal. The wing, 22, said his
decision had been influenced by a
desire to cement his place for Wales.
Shingler loses Scotland appeal
n RUGBY UNION: London Irish back
Steven Shingler has lost his battle to
represent Scotland rather than Wales.
World chiefs ruled the Swansea-born
20-year-old had sealed his fate by
playing for Wales Under-20s last year.
Results
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FORMULA Ones eagerly anticipated
6bn flotation in Singapore will take
place earlier than expected within
the next two to three weeks, City A.M.
understands.
It had been feared global market
turbulence would cause the initial
public offering to be delayed until
after the summer but the listing has
now been given the green light,
according to sources close to the
situation.
Between 20 and 30 per cent of the
motor racing business will be offered
in a deal that is expected to value
Formula One at around 6bn.
Private equity firm CVC Capital
Partners is believed to be looking to
reduce its 63.4 per cent stake, which
it has held since 2006, perhaps to
below 50 per cent.
It is thought that an encouraging
initial response to Facebooks IPO
has helped expedite Formula Ones
listing, despite ongoing uncertainty
in the euro zone.
Banking heavyweights UBS and
Goldman Sachs have been hired to
lead the IPO. Morgan Stanley, Banco
Santander in Spain, Singapores DBS
Group and Malaysian CIMB have
been hired as bookrunners. UBS and
Santander are also major sponsors of
the sport.
London-based Formula One is run
by long-standing motorsport tycoon
Bernie Ecclestone, who owns a 5.3
per cent stake and has grown annual
revenues to an estimated 1bn.
The estate of Lehman Brothers
owns 15.3 per cent, Ecclestones ex-
wife Slavica 8.5 per cent and other
minority investors 7.5 per cent.
Formula Ones image suffered last
month when its visit to the Middle
East for the Bahrain Grand Prix was
disrupted by civil unrest in the Gulf
kingdom.
Premier League football giants
Manchester United shelved plans for
their own listing in Singapore in
September amid market volatility.
G
E
T
T
Y
Race row did not influence Rio
Euro 2012 snub, says Hodgson
ENGLAND manager Roy Hodgson
insists his shock decision to omit Rio
Ferdinand from his Euro 2012 squad
and pick John Terry was based solely
on footballing matters and not the
latters ongoing race row.
Chelsea captain Terry made the 23-
man list despite facing a criminal
trial in July over allegations, which
he denies, that he racially abused
Ferdinands brother, QPR defender
Anton, in a match last year.
Teenage Arsenal midfielder Alex
Oxlade-Chamberlain received his
first call-up, as did Norwich
goalkeeper John Ruddy, while
Hodgson, selecting his first squad
since being appointed, named
Liverpools Steven Gerrard captain
for next months tournament.
Manchester Uniteds Ferdinand
was left out, however, though
Hodgson denied his
judgment had
been affected by
the possibility of
bad blood
between the
pair making it
impossible to
select both
defensive
stalwarts. My decision with John
Terry was based purely on footballing
matters, he said. I was given a free
hand as to the squad I picked. I
realised there would be people who
would raise eyebrows but thats the
decision that Ive made; thats the
decision I shall live with.
Hodgson emphasised he did not
omit Ferdinand, 33, over fears he
would not cope with a demanding
schedule. Id be lying if that was the
major reason, he added. It was
purely on other footballing reasons.
He cited Terrys role in Chelseas
strong finish to the season and
rejected concerns that an impending
trial would affect him.
Its not distracted him in lifting
the FA Cup and helping his team
reach a Champions League
final, said Hodgson.
Ecclestone owns a 5.3 per cent stake
32
SPORT
cityam.com/sport
BY FRANK DALLERES
Hodgson says defender Ferdinand was
left out for footballing reasons only
It wouldve been too risky
for Hodgson to take both
Ferdinand and Terry to the
European Championship
FORMER Chelsea manager Andre

Villas-Boas last night emerged as a
leading contender to replace Kenny
Dalglish after Liverpools American
owners brought the Scots second
spell in charge to an abrupt end.
Newcastles Alan Pardew, Wigans
Roberto Martinez and Swanseas
Brendan Rogers form a trio of rising
stars also touted for the Anfield hot-
seat, while ex-Reds boss Rafael
Benitez has been linked with a sensa-
tional return.
Dalglish was sacked yesterday
24 hours after returning
from showdown talks in
the United States, where
he was taken to task
over Liverpools lowest
Premier League finish
for 18 years and worst
points tally since 1954.
Idolised by the clubs
fans for his previous suc-
cess as player and manager,
Dalglishs popularity and a Carling
Cup were not enough to offset the
owners fears that he could not deliv-
er Champions League qualification.
Chairman Tom Werner said in a
Reds statement: Results in the
Premier League have been disap-
pointing and we believe to build on
the progress that has already been
made, we need to make a change.
Dalglish axed
as door opens
for AVB return
Dalglishs departure, and that of
No2 Steve Clarke, leaves Liverpool
without a manager, assistant, direc-
tor of football, head of sports science
and head of communications follow-
ing a spate of sackings.
Results aside, Dalglish also attract-
ed criticism for spending more than
100m on players such as Jordan
Henderson, Stewart Downing, Andy
Carroll and Charlie Adam who have
made modest impacts. The 61-year-
old, whose dismissal is thought to
have cost the club around 8m, used
the club statement as a reminder that
his 16-month tenure had reaped
some silverware.
Of course I am disap-
pointed with results in the
league, but I would not
have swapped the Carling
Cup win for anything as I
know how much it
meant to our fans and the
club to be back winning
trophies, Dalglish said.
Ironically, the sacking came
on the day that Roy Hodgson, the
man swiftly dispensed with by then-
new owners and replaced by Dalglish,
named his first England squad.
Former Porto boss Villas-Boas is the
most intriguing candidate to be
Liverpools fourth manager in as
many seasons, having only been fired
by Chelsea in March after just seven
months in charge.
BY FRANK DALLERES
Dalglish was sacked despite winning the Carling Cup in February
12
Defeats in 28 games
suffered under
Dalglish since
start of 2012
EXCLUSIVE
BY FRANK DALLERES
Formula One
revving up for
listing in two
weeks time
EURO 2012 SQUAD
Name Club Caps Goals
Trevor Stevens England squad verdict: Page 30
GOALKEEPERS
Joe Hart Man City 17 0
Robert Green West Ham 11 0
John Ruddy Norwich 0 0
DEFENDERS
Glen Johnson Liverpool 35 1
Ashley Cole Chelsea 93 0
LeightonBaines Everton 7 0
Phil Jones Man Utd 4 0
John Terry Chelsea 72 6
Gary Cahill Chelsea 8 2
Joleon Lescott Man City 14 0
MIDFIELDERS
Gareth Barry Man City 52 3
Scott Parker Tottenham 11 0
FrankLampard Chelsea 90 23
Steven Gerrard(c) Liverpool 90 19
James Milner Man City 24 0
AOxlade- Arsenal 0 0
Chamberlain
Ashley Young Man Utd 19 5
Stewart Downing Liverpool 33 0
Theo Walcott Arsenal 22 3
FORWARDS
Wayne Rooney Man Utd 73 28
Andy Carroll Liverpool 3 1
Danny Welbeck Man Utd 4 0
Jermain Defoe Tottenham 61 5
Sunday 10
th
June Saturday 9
th
June
Ladies Day Finals Day City Friday
Friday 8
th
June
THE ULTIMATE CLUB PACKAGE
Private or shared tables of 10 or 12
in The Hurlingham Club plus access
to private pitch side Corporate
Enclosure in Hurlingham Park
12:00pm Veuve Clicquot Champagne
reception with canaps
and sumptuous lunch with
selected wines, coffee and
chocolates in the iconic
Hurlingham Club
2:30pm Guests escorted to exclusive
pitch side marquee in
Hurlingham Park
2:45pm POLO MATCH
3:30pm Devils Horsemen Display
4:00pm Afternoon Cream Tea by
rhubarb served buffet style
in Corporate Enclosure
4:30pm POLO MATCH
6:30pm POLO MATCH
9:00pm Grounds close
Complimentary wines, beers and soft
drinks served (2.30pm to close)
Complimentary souvenir programme
(one per two guests)
415 per person (+vat)
PUKKA PICNIC PACKAGE
Private or shared tables of 10 in all
day, pitch side marquee and garden
in Hurlingham Park Corporate
Enclosure
on arrival in Hurlingham Park
Corporate Enclosure
Individual 3 course picnic basket
style lunch with homemade
artisan breads and selected
wines (one bottle per two
guests) coffee and chocolates
2:45pm POLO MATCH
4:00pm Afternoon Cream Tea
4:30pm POLO MATCH
6:30pm POLO MATCH
GOURMET BARBEQUE PACKAGE
Private or shared tables of 10 in all
day, pitch side marquee and garden
in Hurlingham Park Corporate
Enclosure
on arrival in Hurlingham Park
Corporate Enclosure
Entertainment on Polo Field,
including Devils Horsemen
Display Team
12:45pm Substantial BBQ lunch with
selected wines (one bottle
per two guests), coffee and
chocolates
2:45pm MINT Polo in the Park Plate Final
4:00pm Afternoon Cream Tea
4:30pm MINT Polo in the Park FINAL
6:00pm Prize Giving
Hospitality Enquiries: Rachel Roullier 020 7936 5284 rachel@cityevents.uk.com
EXCLUSIVE CORPORATE HOSPITALITY

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