Cityam 2012-06-26

THE EUROZONE crisis escalated last night as
credit rating agency Moodys slashed the rat-

ings of 28 Spanish banks, while earlier in the
day German Chancellor Angela Merkel
appeared to rule out plans to mitigate the
euro areas troubles with more debt sharing.
The mass downgrades followed the lower-
ing of Spains sovereign rating to Baa3 on 13
June and come as another blow to the strug-
gling Eurozone economy, which faces a com-
bined housing and banking crisis.
Yet Banco Santander, one of Spains biggest
lenders, is still rated above the countrys sov-
ereign rating, Moodys said in its statement.
The agency cited the banks geographical
diversification and Tier 1 capital ratio as rea-
sons for its slightly better long-term rating,
which fell from A3 to Baa2 last night.
Nonetheless, Moodys actions completed a
miserable day for the Eurozone, which saw
German Chancellor Angela Merkel set the
tone for what looks like becoming a con-
frontational meeting of European leaders in
Brussels this week.
Merkel is set to stand her ground at the
crunch summit which is meeting to discuss
the future of the Eurozone after signalling
stubborn resistance towards debt sharing
plans promoted by struggling member states.
Taking on the debt liability of other coun-
tries would be counterproductive, Merkel
told an audience in Berlin yesterday.
When I think of the summit I feel con-
cerned that yet again we will have too much
focus on all kinds of ways of sharing debt,
she said, blasting the ideas as economically
wrong.
At the summit, leaders from across the
European Union are scheduled to discuss clos-
er integration in the Eurozone and ways of
preventing the debt crisis from growing fur-
ther out of control.
Merkels strong words were backed up by a
spokesperson who confirmed that she
remained opposed to so called easy solu-
tions to the crisis, an allusion to measures
other than reform and deficit reduction.
The Chancellor is worried that just before
the European summit people are yet again
expressing the wish for supposedly easy solu-
tions, most significantly the wish for shared
liability, her spokesman Steffen Seibert said.
If the German government opposes this, it
is on the basis of European law and the
German constitution, but also because it is
our deepest economic and political convic-
tion that liability and control must always go
hand in hand.
Merkel said she is aware that many or even
all eyes will be on us [Germany] once again,
but insisted that she will defend her support
for sustainable policy.
Ministers in Brussels are expected to discuss
a cross-border banking union and closer fiscal
integration, as well as rescue mechanisms
such as a debt redemption fund and
eurobonds.
Eurobonds have been continually resisted
by Germany, while Merkel has insisted that
even a banking union must be accompanied
by closer fiscal union rather than being used
as an attempted quick fix for the debt crisis.
And further rescue measures from the
European Central Bank (ECB) were also
warned against in Germany yesterday, as
Bundesbank chief Jens Weidmann told a
forum in Hamburg that the central bank is
close to moving beyond its mandate.
FTSE 100 M5,450.65 -63.04 DOW M12,502.66 -138.12 NASDAQM2,836.16 -56.26 /$ 1.56 unc / 1.25 +0.01 /$ M1.25 -0.02
See Page XX
THE FORUM
See Page 23
www.cityam.com
FREE ISSUE 1,660 TUESDAY 26 JUNE 2012
BY MARC SIDWELL
Online blunder puts Hesters bonus under threat again
MORE: Page 2

AS THE computer meltdown at
NatWest entered another
week, pressure mounted
yesterday to make senior
management pay the price for
the disruption.
Liberal Democrat peer Lord
Oakeshott told Sky News that
there was no question that
[RBS boss] Stephen Hester
should not be eligible for a
bonus after this fiasco.
Interviewed yesterday, Hester
said management will face
proper accountability for the
crisis and that he had no
patience for anyone in the
group currently thinking
about bonuses.
Hester already declined a
1m shares bonus at the start
of the year. His hand was
forced when a public
campaign against his pay
award as boss of the part-
nationalised bank culminated
in a Labour threat to force a
non-binding Commons vote.
However, a limited fall in the
share price of RBS yesterday,
less than that of Lloyds
Banking Group or Barclays,
suggests that investors still see
a limited financial downside to
the firm from the outage,
despite the disastrous damage
to its reputation.
LONDON2012
days to go
31
BUSINESS WITH PERSONALITY
Certified Distribution
30/04/12 till 27/05/12 is 132,076
Sense of emergency grows in the Eurozone as Merkel says no easy answers
BY JULIAN HARRIS
NEIN
NEIN
NEIN
Cyprus begs for a bailout
Cyprus became the fifth member of the Eurozone to ask
for a bailout yesterday. It has only four days to raise 1.8bn
(1.4bn) to recapitalise its second-largest bank.
Greek finance
minister resigns
In another blow to Greeces new
coalition government, Vassilis
Rapanos, chairman of the
National Bank of Greece, resigned
yesterday due to ill-health. He
was rushed to hospital last week.
28 Spanish banks
downgraded
Ratings agency Moodys
downgraded Spanish banks
last night, after Spain
formally requested a
bailout for the sector. The
cut follows the downgrade
of Spain to one notch above
junk earlier this month.
WHY WE
CANT
WIN AT
TENNIS
WHY WE
CANT
WIN AT
TENNIS
MORE: Pages 2 and 5

allister.heath@cityam.com
Follow me on Twitter: @allisterheath
WHAT TO DO IF YOU
HAVE BEEN AFFECTED
First steps
The Payments Council, the voluntary
industry body that sets strategy and
standards for payment systems and
services industry in the UK, provided
the following advice yesterday:
Speak to your bank or building

society. They should help to resolve
your problems as quickly as possible
Make a note of all communication

and keep documentary evidence of
how you have been affected.
If you dont get the help you need,

ask to follow your banks formal
complaints procedure.
If you are still not happy you can

complain to the independent financial
ombudsman. Phone: 0800 023 4567
Switching account
If you have decided to switch, make
sure you know your rights.
Your current bank must give

information to your new provider
within three working days.
Your new account must be opened

within 10 days after your application is
approved.
Many banks will take care of

switching standing orders to simplify
the handover.
You should not be charged for the

transfer of money from old to new
provider.
G
E
T
T
Y
RBS customers may reach
for the switch after fiasco
FURIOUS customers were searching
for a way out of their relationship
with part-nationalised banking
group RBS yesterday as promises of
further extensions to normal open-
ing hours failed to reassure.
Comparison site Moneynet.co.uk
reported a 10 per cent jump in hits
from those searching for alternative
current account providers.
One business leader told City A.M.:
This is the final straw and Ive now
got the directors to agree. Citing
FSA-imposed paperwork require-
ments on switching business
accounts as the reason his firm had
not left RBS before, he added: There
will be lots of companies like us.
The Federation of Small Businesses
said that severely affected smaller
firms welcomed compensation but
were disrupted in a variety of ways
difficult to quantify in cash terms.
In an interview yesterday, RBS chief
executive Stephen Hester promised
that the groups broad shoulders
would mean that no limit would be
put on the fund for redress.
Investec analyst Ian Gordon sug-
gested that even if the situation were
quickly brought under control, the
costs of the fiasco so far could still
have already reached 100m.
Hester also suggested that his cus-
tomers were extremely impressed
EU plan to rewrite budgets
The European Union would gain far-
reaching powers to rewrite national
budgets for Eurozone countries that breach
debt and deficit rules under proposals
likely to be discussed at a summit this
week, according to a draft report seen by
the Financial Times.
State-backed cyber attack cost UK
company 800m, says MI5 chief
State-sponsored cyberattacks against the
computer systems of a large, listed British
company cost it 800m in potential
revenues, the head of MI5, Britains
domestic security service, said yesterday
highlighting the threat that UK business
faces from the internet-based espionage.
Qatar fund seeks go-ahead for $5bn
China investment quota
Qatars sovereign welath fund is seeking
approval to invest up to $5bn in Chinese
stocks and bonds, which would make it the
biggest foreign investor in Chinas capital
markets. Beijing keeps a tight grip on
capital flows across its borders, and foreign
institutions that are seeking to buy stocks
or bonds must obtain a special quota.
Laptop checked for espionage
Barclays is examining the laptop computer
used by a Baker Tilly employee seconded
to the bank, who is suspected of corporate
espionage. The bank is carrying out a
detailed analysis of e-mails and other
information downloaded on to the
computer as it seeks to find out what, if
any, confidential information was passed
back to the accounting firm. As The Times
revealed on Saturday, Baker Tilly is being
investigated by the Institute of Chartered
Accountants in England and Wales over the
allegations.
Peter Sands docs show warning to
Cameron of euro danger to Britain
David Cameron has been warned by Peter
Sands, the chief executive of Standard
Chartered, that the biggest threat to the City
is the possibility of Britain leaving the EU.
Ministers take over hospitals
One of Britains biggest hospital trusts is
on the brink of bankruptcy and will be
taken over by ministers in the coming
weeks after being saddled with large
debts from PFI deals.
Chesapeake and Encana shares fall
Shares of Chesapeake Energy and Encana
fell sharply yesterday, following a report
that the two natural-gas powerhouses
discussed cooperating to avoid driving up
the cost of shale-gas lands up for auction.
EU confirms full Iran oil embargo to
start Sunday
A full embargo of Iranian crude oil exports
will enter into force Sunday as initially
planned, the European Union confirmed
Monday, as nuclear talks with Tehran
remained stymied.
WHAT THE OTHER PAPERS SAY THIS MORNING
SWISS bank Credit Suisse is to
cut senior staff in its European
investment banking department
by up to a third, sources said
yesterday, as tighter regulation
and weak markets hit the sector.
In the European investment
banking business, they are going
to get rid of 60 directors and
managing directors, one said.
The investment banking
department affected advises on
mergers and acquisitions, stock
market listings, financing and
debt issues, as opposed to other
areas of the broader investment
bank that focus on securities
trading.
It is about a third of the
directors and 10-15 per cent of
the MDs, the first source said.
The layoffs would happen in
July, this person said. The formal
redundancy process can last
several months.A second source
said the cuts could affect 20-30
per cent of senior investment
banking staff in Europe.
Credit Suisse declined to
comment. Last year it announced
a plan to cut about 3,500 jobs
worldwide and eliminate $2.1bn
(1.3bn) in annual costs by the
end of 2013 in its three major
areas of private banking, asset
management and investment
banking.
Credit Suisse to
cut investment
banking staff
RBS Group chief executive Stephen Hester has deferred calls for an investigation
2
NEWS
BY HARRY BANKS
BY BEN SOUTHWOOD
To contact the newsdesk email news@cityam.com
W
HAT is most upsetting about
the Eurozone project is that
it was based on a giant lie,
one all too familiar in other
contexts across the wealthy Western
world. Europeans were told that they
would be able to stay rich without
having to work harder or change
their ways: the single currency was
meant to be a way by which cosseted,
social democratic West Europeans
would be able to protect themselves
from hard-working emerging nations
in Asia. The euro would serve as
monetary alchemy to ensure
Europeans kept their privileges:
adopt it, and you would gain cheaper
money, economic credibility and a
supposedly massive windfall gain
from the end of transaction costs and
exchange rate volatility. That, at least,
was what the propagandists
promised would happen.
EDITORS
LETTER
ALLISTER HEATH
Euros deluded alchemists were chasing fools gold all along
TUESDAY 26 JUNE 2012
There were other arguments too,
designed by power-crazed European
elites and their paid intellectuals to
appeal to national sensibilities: the
French were taken in by the claim
that the euro would rival the dollar
and allow the EU to increase its
geopolitical strength; the Germans
were told the euro was a way to lock
in low inflation and peace; the Brits
that it was more efficient to have a
single currency and that it would pro-
mote free trade. Not only was this
rubbish it was dangerous rubbish
which accelerated Europes decline,
threatening trade and doing nothing
to save unaffordable welfare states.
The poorest countries are those that
are now suffering the most from the
delusion of their political leaders.
Yesterday, Cyprus became the fifth
country to beg for a bailout. Spain
officially made its own official
request for one, while 28 Spanish
banks were downgraded by Moodys.
The Greek finance minister resigned
even before he was appointed for
health reasons, in another bitter blow
for that countrys fragile coalition.
Ian Stewart, Deloittes chief econo-
mist, has listed some of the factors
that have turned a bureaucratic
dream into a nightmare for ordinary
people. The World Economic Forums
competitiveness league table of 146
economies shows that the Eurozone
ness. Equally ridiculous were the con-
sequences of one size fits all interest
rates, fuelling bubbles in (usually
poorer) countries with higher infla-
tion and hence lower real rates: in the
decade to 2007, Irish house prices
almost quadrupled; Spanish house
prices almost tripled; German house
prices stagnated. Debt as a share of
GDP in Italy, Ireland and Greece is two
to three times higher than in
Germany or the Netherlands.
The last statistic is perhaps the most
telling: 100 invested in German equi-
ties in late 2009 is worth 114 today.
The same investment in Greek shares
is worth 26. The euro is a paper cur-
rency but it has turned out to be the
closest thing to fools gold we have
seen in a very long time.
includes some of the worlds best and
worst economies. Three Eurozone
nations are in the top ten: Finland
(ranked fourth), Germany (which is
sixth) and the Netherlands (seventh).
Italy and Spain come in 36th and
43rd, while Greece is 90th, a far worse
ranking than Russia, Albania or
Rwanda. It is laughable that anybody
thought that such divergent
economies could be artificially glued
together by a single currency the
once widely believed postulate that a
single currency would make coun-
tries more similar over time has been
proved to be nonsensical. Since 2000,
German labour costs have risen 4 per
cent but they are up by almost 40
per cent in Ireland and Italy, close to
50 per cent in Portugal and Spain and
by 90 per cent in Greece. The weakest
countries handed themselves the
biggest pay rises it was total mad-
with the groups response to the crisis,
and would be unlikely to switch banks,
despite the severe inconveniences
many experienced.
This comes as a significant minority
of account holders are still unable to
access their funds, and many users
transactions are caught in the backlog.
Housing transactions have collapsed
and salaries have gone unpaid. The
bank yesterday announced that 1,200
branches will open from 8am to 6pm
this week.
The RBS Group has come under
intense scrutiny for its lack of a work-
ing backup system. However, Hester
denied suggestions from the union
Unite that outsourcing or cost-cutting
was to blame for the failure, claiming
that the UK backbone received sub-
stantial investment.
Rivals resisted the temptation to prof-
it from RBSs humiliation. Lloyds said
it had had few customers complaining,
but was ready to help any affected,
while Barclays declined to comment.
HSBC said it would not run a cam-
paign to attract disaffected customers
and stressed the banks were rallying
together in the crisis.
The new jobs website for London professionals
CITYAMCAREERS.com
Christian Meissner has
made two key hires
BP ANNOUNCED yesterday it has
agreed to sell its stake in two US
natural gas fields to Linn Energy for
$1.03bn (642m) as part of the oil
giants $38bn disposal programme to
help pay for the 2010 Gulf of Mexico
oil spill.
The sale of its Jonah and Pinedale
upstream operations in Wyoming
will bring the total value of assets
sold by BP since the start of 2010 to
around $24bn.
BP said the properties have proven
reserves equivalent to about 730bn
cubic feet of gas, adding that
upstream production operations
elsewhere in Wyoming were not
affected by the sale.
This sale will allow us to realise
the value of the mature Jonah assets
and reinvest in higher growth
opportunities in BPs North America
gas business and elsewhere, said
Bob Dudley, BP chief executive.
We are actively managing our
portfolio of assets and businesses
worldwide, focusing our investment
on future growth in BPs areas of
strength.
It is the second time this year US-
based Linn has struck up a deal to
buy fields from BP after acquiring
natural gas assets in Kansas for
$1.2bn earlier this year.
BP shares closed down 1.3 per cent
to 402p yesterday while Linn fell 2.2
per cent to $35.30.
BP to sell $1bn
US gas fields
to Linn Energy
BY KASMIRA JEFFORD
CHRISTIAN Meissner, the global cor-
porate and investment banking head
at Bank of America Merrill Lynch,
has appointed two of his former
charges to become co-heads of the
banks investment banking arm for
Europe, the Middle East and Africa.
Meissner is hiring Diego de Giorgi
from Goldman Sachs and is promot-
ing Bob Elfring, with whom he
worked at Lehman. Elfring currently
runs investment banking in the
Benelux region and northern
Europe.
The appointments will be seen
as key for Bank of America
Merrill Lynch following a
series of high-level depar-
tures in London over the
past few months.
The two most senior men
in corporate broking, Mark
Astaire and Simon Fraser,
have both departed the
group and recently Andrea
Orcel, one of the banks most
charismatic investment
bankers, left for UBS.
Meissner hires
co-heads for
BofAML Europe
BY DAVID HELLIER
Meissner used to do the European
investment banking job himself
before being promoted to the global
role. Before he become global head he
had hired a number of people from
his most recent employer, Nomura.
Christian was hired to hire, said
an insider, and he knows and trusts
these people he has worked with
before.
Meissner used to be at Goldman
prior to his tenure at Nomura and he
knows de Giorgi well from working
with him there. Despite the recent
staff changes, Bank of America
Merrill Lynch comes second in
the latest Dealogic tables of
Investment Bank net rev-
enues in Europe in the
first half of the year,
published yesterday.
The bank led the
UniCredit rights issue
and was sole adviser on a
1.2bn sale of shares in
Reckitt Benckiser.
IMMIGRANTS are better-educated
than their UK counterparts and
less likely to be in social housing,
research from the London School
of Economics revealed yesterday.
The study from the Centre for
Economic Performance follows a
speech from Labour leader Ed
Miliband last week in which he
argued that worrying about
immigration should inform policy
more.
The study concludes that
immigration to Britain has risen in
recent years and there may have
been modest increases in
Impact of immigration on the
labour market is exaggerated
MARC SIDWELL competition for low-skilled jobs,
but the evidence for the UK
labour market suggests that fears
about the consequences of rising
immigration have been
exaggerated. The authors add: It
is hard to find evidence of much
displacement of UK workers or
lower wages, on average.
The findings on housing are
most striking of all, with little
evidence of extra pressure on the
housing system. The analysis
showed that even immigrants
from developing countries are
significantly less likely to be in
social housing than UK-born
individuals.
3
NEWS
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Ed Miliband voiced fears over foreign workers but new research suggests otherwise
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ends Sunday
AN AUDIT of French public
finances is likely to show a budget
shortfall of 7bn (5.6bn) to 10bn
that needs to be addressed for
France to meet its public deficit
target, finance minister Pierre
Moscovici said yesterday.
President Francois Hollandes
five-week-old Socialist government
is preparing to raise some taxes
and trim spending in order to
ensure it hits its 2012 deficit target
of 4.5 per cent of GDP.
On 2 July the French national
audit will publish a review of the
states finances, which could guide
the new governments policies.
France predicts
budget shortfall
BY CITY A.M. REPORTER
G
E
T
T
Y
CYPRUS became the fifth Eurozone
country to extend its palm and ask
for bailout cash yesterday, just
hours after Spanish authorities offi-
cially requested more assistance for
its struggling banking sector.
The idyllic island also the
Eurozones smallest economy had
earlier seen its credit rating slashed
to junk status by Fitch.
Rating agency Fitch cited the level
of cash required to bail out Cypruss
own financial sector, cutting its top
line rating to BB+ from BBB-.
The developments were not unex-
pected, with the Cypriot state
requiring at least 1.8bn (1.4bn)
around 10 per cent of its own GDP
by the end of the week, just to recap-
italise Cyprus Popular Bank, the
countrys second biggest lender.
The purpose of the required assis-
tance is to contain the risks to the
Cypriot economy, notably those aris-
ing from the negative spill over
effects through its financial sector,
due to its large exposure in the
Greek economy, the government
announced.
The bailout could will also be used
for cover fiscal shortfalls, finance
minister Vassos Shiarly revealed.
BY JULIAN HARRIS
The news followed formal confir-
mation that Spain, one of the
Eurozones larger economies, was
accepting a European Union offer
for more cash.
Spains economy minister Luis de
Guindos said in a letter that his gov-
ernment would accept up to 100bn
and hoped to finalise the package by
9 July.
De Guindos sent the letter to Jean-
Claude Juncker, chairman of the
Eurogroup which comprises of
finance ministers from euro area
governments. However, he did not
specify how much money Spain will
seek to recapitalise the countrys
indebted lenders and said the final
amount and conditions of the assis-
tance were still under discussion
Spain could require an immediate
injection of up to 110bn, the think
tank Open Europe announced yester-
day. The group warned that the
amount could then continue to rise,
unless the country reforms its banks
and experiences an upturn in its eco-
nomic performance.
If not carefully managed and sub-
ject to the right conditions, this
package could merely serve to deep-
en the dangerous loop between
Spanish banks and government,
Open Europes Raoul Ruparel said.
GREECEs new finance minister
resigned yesterday, throwing the
governments drive to soften the
terms of an international bailout
into confusion less than a week
after it took office.
Vassilis Rapanos, 64, chairman
of the National Bank of Greece,
was rushed to hospital on Friday
before he could be sworn in,
complaining of abdominal pain,
nausea and dizziness.
The mild-mannered banker,
Greek finance minister resigns
who was imprisoned by a military
junta in the 1970s, has a history
of ill-health. The office of Prime
Minister Antonis Samaras, who
only took office last Wednesday,
said Rapanoss resignation had
been accepted.
Rapanos said in his resignation
letter: Following discussions
with my physicians, I have
concluded that my health would
not at the moment allow me to
carry out my duties fully.
THE CAPITALIST: Page 17

5
NEWS
cityam.com
Spanish minister Luis de Guindos confirmed that the bailout offer will be accepted
Both Spain and
Cyprus request
aid for banks
Markets knocked by
Eurozone concerns
EUROZONE markets took a
hammering yesterday, while bond
yields shot up and oil prices fell,
suggesting market unease with
the continuing Eurozone crisis.
Across Europe indices fell: the
FTSE was down 0.5 per cent, the
French CAC dipped one per cent,
the German DAX slid 1.2 per cent,
the Spanish IBEX closed 1.8 per
cent lower, and the Italian FTSE
MIB was down a full 2.3 per cent.
Spanish ten-year yields rose
above 6.5 per cent, while their
Italian equivalents were just over
six per cent. Spains figure is
below the psychologically
important seven per cent level
reached last week, but its rise
marks concerns over bailout
packages.
Madrid is due to issue between
2bn and 3bn in short-term T-
bills this morning.
In London, oil was down some
30 per cent on this years peak of
$128 a barrel, now priced around
$90, partly reflecting increased
supply from the Middle East.
BY BEN SOUTHWOOD
JON Moultons private equity house
warned over the impact of the
Eurozone turmoil and Greeces
expected exit from the single cur-
rency as its first fund posted a 25
jump in valuations.
Turnaround firm Better Capital
expects to take advantage of the
rocky European markets to negoti-
ate more deals and is making
changes at its current portfolio
companies to see their way through
a period of subdued growth,
chairman Richard Crowder said.
The exit of Greece from the
Eurozone is looking increasingly
likely. Spanish yields have risen
dramatically, even following
the bail out of its banking sec-
tor. Relations between
Germany and France are
weak. Forecast economic
growth for the Eurozone is
poor. All this represents a
considerable threat to the
stability of the
Eurozone, he
added.
Net asset value
at Better
Capitals first
fund rose
24.88 per
cent to
Grexit warning
as values jump
at Moulton firm
BY PETER EDWARDS
256m over the year to 31 March.
It made net investments of 92.8m
in the year, taking the total commit-
ted to 176.3m, meaning it is now
86.5 per cent committed.
One more investment is expected
to follow.
The firms second fund, launched
this year with around 166m to
spend, bought double glazing firm
Everest as its maiden acquisition.
A deal for Jaeger, the upmarket
fashion chain previously rescued by
entrepreneur Harold Tillman, fol-
lowed after the financial year-end.
Crowder also described the oppor-
tunities for deals as generally more
compelling and larger and
said the firm had logged
719 leads at 31 March.
Better Capital, which
was launched by buy-
out veteran Moulton,
pictured, in 2010, has
stakes in a string of
troubled firms
including Readers
Digest and boat maker
Fairline. Last year it
bought parts of collapsed
housing repair group
Connaught.
MICROSOFT yesterday finally
admitted it was buying online
networking firm Yammer for
$1.2bn (770.5m), allowing the tech
giant to offer a social network to
corporate customers.
Four-year-old Yammer has 5m
users of its private, in-company
social networks and counts
Deloitte and Ford among its
clients. The service should fill a
gap that Microsoft was struggling
to fill with its SharePoint app.
Microsoft buys
$1.2bn Yammer
6
NEWS
cityam.com
O
NE of the many surprises of
the Walgreens pharmacy
chain bid for 45 per cent of
Boots was the choice of
advisers.
For sure, Walgreens had bulge
bracket firm Goldman Sachs on the
case but it also took advice from the
independent firm Lazard. And on
the other side of the deal, Alliance
Boots and its 71 year-old chairman
Stefano Pessina was advised by the
boutique bank, Centreview.
Centreviews involvement was in
no small amount due to the rela-
tionship Richard Girling had with
Alliance Boots running all the way
back to his days at Bank of America
Merrill Lynch.
The sight of independent banks on
both sides of the transaction illus-
trate a point that many have recently
been making; that the independent
banks are increasing their share of
the market in advisory work at the
expense of the larger, often conflict-
ed banks.
Indeed when the activist corporate
raider Nelson Peltz recently raised his
shareholding in Lazard he took the
opportunity to press home this point
in much of his 38-page presentation.
In it, Peltzs firm Trian argues that
boards are increasingly turning to
independent advisory firms for con-
flict free advice; the trend of pairing
an independent adviser alongside a
bulge bracket firm (a la Goldman and
Rothschild for Walgreens) is gaining
traction; increased regulations and
challenges in other business units
are impacting advisory; independent
advisory firms are increasingly able
to attract talent away from the bulge
brackets; and lastly, that with approx-
imately 25 per cent market share of
advisory fees, boutiques have signifi-
cant growth potential.
A recent presentation made by
Greenhill at a Morgan Stanley finan-
cials conference shows the market
share of the independent firms
increasing in the past couple of years.
Generally speaking the time is pro-
pitious for the independent firms
and Peltz may indeed be right in his
view that Lazards shares will have
doubled within two years. However,
this increase in valuation is just as
likely to come through an increase in
activity and a containment of costs
than it is through a further increase
in market share. At the moment
things are pretty tough for all.
For it would be wrong to write off
the integrated investment banks.
They offer capital markets breadth
and distribution as well as advisory
services and although they may find
themselves having to share more
advisory work with their independ-
ent rivals, they are unlikely to be
edged out of the market altogether.
Says Hernan Cristerna of JP Morgan:
Boutique firms can and do have a
place in advisory situations and what
they offer can complement the
advice provided by investment banks.
But banks will always have a seat at
the table because, to be able to fully
advise clients on M&A significant
transactions, you need to have a fin-
ger on the pulse of the capital mar-
kets and boutique firms dont tend to
offer this.
And another thing? When Trian
raised $920m in 2008 who did it go to
to raise the money? You guessed it.
Two of the bulge bracket firms,
Deutsche and Merrill Lynch.
david.hellier@cityam.com
INSIDE
TRACK
DAVID HELLIER
Its far from all over for the bulge bracket banks
Turmoil in the Eurozone is set to
lead to more deals for Moulton
QUEST Software has received an
improved bid from Dell to buy the
maker of enterprise management
software for about $2.32bn
(1.5bn), a source close to the
matter said last night.
The US firm disclosed that it
had received an improved bid but
did not reveal the bidders
identity. The company has recently
been pursued by Insight Venture
Partners and a mystery bidder
now known to be Dell.
Quest gets a
bid from Dell
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MORE than 40,000 employees at HM
Revenue & Customs (HMRC) went on
strike yesterday, in a dispute over job
cuts that has become embroiled in
the row over high-profile individuals
avoiding tax.
The Public and Commercial
Services Union (PCS) claimed that
more than three quarters of its
HMRC members walked out in
protest at plans to cut 10,000 posts
over the next three years.
The action came on the same day
that the powerful Public Accounts
Committee announced an inquiry
into the use of tax loopholes.
BY JAMES WATERSON
G
E
T
T
Y
ASSET managers face a culture shock
following the implementation of the
European Unions Solvency II direc-
tive, according to research released
yesterday by KPMG.
The heavily trailed reforms will
require insurers to hold increased
levels of capital by 2014, as well as
implementing an improved level of
financial disclosure.
But a report commissioned by the
European Fund and Asset
Management Association suggests
that although insurers are well pre-
pared, asset management firms need
to work harder to meet the same
standards.
The report makes it clear that
detailed data requirements call for a
higher level of interaction between
asset managers and their insurance
clients than has traditionally been
the case, said KPMGs Daniel Gorton.
The absence of a common stan-
dard for data transmission between
asset managers and insurers greatly
increases the complexity of data gov-
ernance, and the required changes to
Asset managers
face challenge
of Solvency II
BY JAMES WATERSON
the asset managers model of data
provision will require careful prepa-
ration.
Identifying three key challenges,
the report says asset managers will be
required to supply insurers with
detailed data reports on a monthly
basis that meet strict requirements
on accuracy.
Secondly, they will have to provide
data for each asset on a security-by-
security basis, a challenge given
insurers tendency to hold diverse
investment pools.
Finally, disclosure between asset
managers will have to increase as
insurers must be able to identify the
ultimate asset behind every invest-
ment.
The problem facing many business-
es is that they often use a number of
disparate IT systems to hold business-
critical data across many different
parts of the company, said Richard
Sansome of IT firm Mastek.
With about 19 months to go until
the introduction of Solvency II, organ-
isations need to have the resources in
place to meet new guidelines around
data management.
RESTAURANT group Giraffe is set to
open a branch in Dubai as its
turnaround continues under serial
entrepreneur Luke Johnson.
The firm, backed by 3i and
Johnsons Risk Capital Partners,
posted an operating profit of 1.1m
for the year to 25 March, after
recording a 2.5m loss for the same
period the previous year, when the
results were hit by a major
impairment charge.
Giraffe said it plans to open the
Dubai branch later this year after
signing a franchise deal with
Emirates Leisure Retail, which owns
BY PETER EDWARDS the rights for a string of Western
brands in the oil-rich state.
The restaurant firm said like-for-
like earnings before interest, tax,
depreciation and amortisation for
the year jumped 17 per cent to 4m.
Johnson, the chairman, hailed
the results as another strong
performance.
Giraffe, created in Hampstead in
1998, expects to move to another
four to six sites this year.
Despite the continued growth in
restaurants, there remain many
well-populated towns, cities, and
leisure parks that Giraffe plans to
serve over the coming years,
Johnson added.
8
NEWS
cityam.com
Luke Johnson is best known for the transformation of Pizza Express with Hugh Osmond
Restaurant Giraffe looks east
after Johnson leads growth
40,000 HMRC
workers strike
ONE OF Xstratas most prominent
investors has turned up the pressure
on chief exec Mick Davis, warning
that he could be forced to resign as
part of the tie-up with Glencore.
Standard Life head of equities
David Cummings, who has spoken
out against the deal, told the BBC
that to preserve the integrity of the
board theyre almost going to have
to hand over to Glencore, make it a
takeover rather than a merger and
that might involve Mick Davis
standing down. The ABI last week
censured Xstrata for attaching staff
bonuses to the merger.
Glencore may
force Davis out
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DRUG maker Shire was the biggest
blue chip faller yesterday after
regulators ruled against the
company in its battle over generic
copies of its hyperactivity drug
Adderall XR.
Shares dropped 11.34 per cent
after the approval of a rival cut-price
version of the medicine from
Actavis, which is being bought by
Watson Pharmaceuticals.
Adderall XR has been a mainstay
of Shires ADHD (attention deficit
hyperactivity disorder) drug unit.
Until now there have only been
two authorised generic forms of
Adderall XR, both supplied by Shire,
and the arrival of the new
competitor from Actavis, despite an
appeal against the move by Shire,
will increase pricing pressure.
Analysts at Jefferies said the Food
and Drug Administrations approval
of the first abbreviated new drug
application had been anticipated,
but the move had come sooner than
expected.
Despite the setback, Shire said
yesterday it continued to believe it
would deliver good full-year 2012
earnings growth.
Shire has grown rapidly over the
years via the successful marketing of
drugs for ADHD. More recently, the
firm has diversified into new areas
with a focus on rare diseases.
Social network
Facebook
promoted its long-
standing chief
operating officer
Sheryl Sandberg to
its board yesterday,
making her the first
female director on
the companys
seven-man board.
The 42-year-old
joined Facebook in
2008 and played a
key role in guiding
the social network
giant to its $16bn
IPO in May. She had
worked previously
at Google, and was
credited with
turning the search
advertising arm
into a lucrative
cornerstone of its
business.
SANDBERG FIRST WOMAN ON FACEBOOK BOARD
Shire PLC
25Jun 19Jun 20Jun 21 Jun 22Jun
1,750
1,800
1,850
1,900
1,950
2,000 p
1,743.00
25Jun
We expect the stock to be under pressure in trading as the market
appraises the impact of likely new generic competition to the company's $500m
franchise Adderall XR. We downgrade our forecasts by 6.3 per cent for
2012 and reiterate our Sell recommendation.
ANALYST VIEWS
FDA has approved the rst ANDA generic Adderall XR for Actavis, which
while a known overhang for Shire has come sooner than expected...Longer-term
this may be an opportune time to buy but with several now anaemic
quarters ahead and some risks still outstanding, we retain a Hold.
Shire has been living with the threat of additional generic competition to
Adderall XR for many years. Nevertheless [it] is still a surprise. The impact on con-
sensus earnings per share will be largely concentrated on near-term num-
bers as we believe most observers already assumed generic competition.
HOW WILL THE LAUNCH OF

WATSONS GENERIC DRUG
AFFECT SHIRE? Interviews by Kasmira Jefford
SAVVAS NEOPHYTOU PANMURE GORDON
PETER WELFORD JEFFERIES
MARK CLARK DEUTSCHE BANK

10
NEWS
cityam.com
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Shire takes a
tumble as rival
enters market
BY HARRY BANKS
MINING heavyweights Rio Tinto and
BHP Billiton saw their shares slide yes-
terday after UBS reduced its forecasts
for the pair.
UBS said that the companies
Australian tax liabilities will be
A$1.8bn (1.1bn) in the 2013 fiscal
year and A$1.4bn in 2014.
The bank cut its estimates for profits
at both BHP and Rio by four per cent
for 2013, saying the impact of the
mining and carbon taxes, which
come in on 1 July, would dent figures.
Iron-ore prices have dropped by 20
per cent and mining company valua-
tions 24 per cent in the past year as
slowing economic growth weighed on
the market.
Rio pulled out of talks for a potential
expansion of its coal operations in
Queensland state in April, citing
uncertainty in economic markets.
The government expects to raise
A$3.2bn from the mining tax in 2015
and A$3.7bn in 2016, compared to
UBSs forecasts of A$1.1bn in the year
ending 30 June 2015.
Fortescue, Australias third biggest
iron ore producer, will also be hit by
rising taxes, UBS warned.
The Australian government is levy-
ing the taxes in the hope of returning
the national budget to a surplus in the
year ending 30 June 2013.
Rio Tinto PLC
2,900
2,850
2,950
3,000
3,050
3,100
3,150 p
2,872.50
25Jun
Bhp Billiton PL C
1,775
1,750
1,725
1,800
1,825
1,850
1,875
1,900 p
1,726.00
25Jun
Rio Tinto and BHP Billiton
are dented by UBS forecast
BY JOHN DUNNE
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IN BRIEF
Dods drops bid for Emap arm
nPolitics and public affairs publisher
Dods has backed out of its planned
12.8m acquisition of DeHavilland
Political Intelligence from private
equity-owned Emap. The board
announced its decision yesterday after
the deal was referred to the
Competition Commission by the Office
of Fair Trading (OFT) last week. Both
Dods and DeHavilland supply political
monitoring and polling services for
the public and private sectors and OFT
described them as the largest players
in this market in the UK.
Panmure Gordon profit boost
nStockbroker Panmure Gordon said its
UK business has been profitable for
each month of the year so far as it
reported an upbeat forecast at yester-
days AGM. Chairman Ed Warner said it
was encouraging to report an increase
in both institutional equity commission
and investment banking revenue
despite the global financial crisis. The
firm also completed the sale of its US
business ThinkEquity yesterday, keep-
ing a 22.5 per cent stake.
BarCap commodity investors flee
nBarclays Capital said investors with-
drew $8.2bn (5.3bn) from commodi-
ty investments in May, the largest
outflow in eight months. Barclays
blamed a perfect storm of down-
grades, lacklustre macroeconomic
data and the ongoing Eurozone debt
crisis.
R
E
U
T
E
R
S
ESSAR Energy, recently demoted
from the FTSE 100, said yesterday its
future was bright despite a tax dis-
pute with authorities in India.
The company said Januarys ruling
against tax breaks had pushed it to a
pre-tax loss of $1.1bn (707m) for the
15 months to 31 March.
Essar changed its accounting peri-
od during the year but said the fig-
ure compared with a pre-tax profit
of $365.5m in the 12 months to 31
December 2010. Excluding the
exceptional charges, pre-tax profit
fell to $195m.
Januarys negative ruling by the
Indian Supreme Court left the ener-
gy group liable for $1.2bn in taxes.
The company is seek clarification on
the timetable for payments.
Meanwhile Essar said it received
provisional approval to clear forests
at its Mahan coal block in Indias
Madhya Pradesh state.
Essar hit by tax
case but plots
FTSE 100 return
BY JOHN DUNNE
Essar Energy chief executive Naresh
Nayyar said: Things are improving in
terms of regulation and there are lots
of positives ahead.
He said the companys Vadinar
refinery in India was key and that the
firm was well placed to serve the
growing power needs of India.
The company has raised its power
capacity from 1,200 megawatts to
3,000 megawatts. Nayyar added: Of
course we would like to return to the
FTSE 100, we think the coming years
will be positive.
Gatwick airport profit boosted
by emerging market growth
GATWICK airport yesterday reported
a strong rise in full-year profit,
helped by traffic growth and the
addition of new routes to emerging
markets in Asia.
Londons second largest airport
said earnings before interest, taxes,
depreciation, and amortisation rose
17 per cent to 221.5m in the year to
the end of March on revenues up 8.6
per cent to 517.4m.
Chief executive Stewart Wingate,
said its focus on improving facilities
and services had helped the airport
win new routes to high growth
BY CITY A.M REPORTER
economies including South Korea,
Turkey, Vietnam, Hong Kong and
China.
Passenger numbers increased by
6.9 per cent to 33.8m in the period,
although the figure was distorted by
last years ash cloud.
Passengers and airlines are bene-
fiting from new facilities and we are
currently investing around 20m per
month, said Wingate, who added
that a further 435m would be invest-
ed over the next two years.
In the last three years Gatwicks
owners Global Infrastructure Partners
(GIP) has invested 750m mod-
ernising its two terminals and
revamping its security, baggage and
inter-terminal shuttle services.
Rival London airport Heathrow is
operating at full capacity after the
coalition government blocked the
development of a third runway
when it came to power in 2010 as
further expansion of the west
London site would mean a huge
increase in the number of planes
flying directly over the capital.
Heathrow, operated by BAA, has
seen traffic to emerging markets rise
in recent years and believes it is now
falling behind other airports in the
battle for these lucrative routes
because of constraints on growth.
Naresh Nayyar, the chief executive of Essar Energy, is looking on the bright side
WM Morrison Supermarkets PLC
19Jun 20Jun 21 Jun 22Jun 25Jun
285
280
275
270
265
p
264.80
25 Jun
Pennycooks resignation
caused shares to dip
TRANSPORT firms and business
groups have urged the coalition to
break a decades-long impasse on
UK aviation policy and make
transparent plans to address
capacity issues at Britains airports.
Airport operator BAA, British
Airways owner IAG, Virgin Atlantic
and the British Chambers of
Commerce are among a group
lobbying for a long-term plan by
the end of the parliament.
Yesterday they urged the
government to consider all options
including a third runway at
Heathrow, which was ruled out by
the coalition agreement and is
staunchly opposed by many Liberal
UK firms say extra Heathrow
runway must be on the table
BY MARION DAKERS
Democrats.
Transport secretary Justine
Greening will kick off a
consultation on the future of UK
aviation next month, in a bid to
end what airline bosses yesterday
called years and years of inactivity
on aviation policy which shows this
government and previous ones are
out of touch.
IAG chief executive Willie Walsh
said it would be meaningless for
the industry to take part in any
consultation that did not consider
expanding Heathrow. All options
need to be considered... and if the
government eliminates viable
options from the process the
consultation will become a joke.
THE FORUM: Page 22

12
NEWS
cityam.com
Morrisons finance chief checks
out in surprise supermarket exit
BRITAINS fourth biggest grocer
Wm Morrison Supermarkets said
group finance director Richard
Pennycook will leave the business
next June after eight years at
the firm.
The grocer said yesterday
that Pennycook had informed
the board he would
concentrate on building a
portfolio career.
I feel that its the right
time to seek new
BY HARRY BANKS
challenges, he said in a statement.
Chairman Ian Gibson said
Pennycook had done an
outstanding job for the firm.
Last month Morrisons posted a
one per cent fall in first quarter
sales, while earlier this month its
former executive chairman Ken
Morrison expressed concern at
its annual shareholders
meeting at recent
developments at the grocer.
After failing to win the job
of chief exec two
years ago,
Pennycook, 48,
received a package
entitling him to
receive 456,000
shares, worth 1.25m at the grant
date, as long as he was still with
the company in March 2013, and
the companys earnings per share
growth matched inflation. He
received 1.12m overall last year.
Essa r EnergyP lc
115.0
112.5
117.5
120.0
122.5
125.0
127.5 p
116.00
25Jun
ITS a tough time to be an Indian
energy giant. The rupee is on the
slide, and the Reserve Bank of Indias
announcements yesterday, intended
to calm markets, were poorly
received. Earlier this month,
Standard & Poors said India may be
the first Bric nation to lose its
investment grade credit rating.
London-listed Essar however, has
problems all of its own, primarily a
$1.2bn (771m) tax bill.
Its also being held up by the
government over its coal mining
plans, although it has finally
received provisional approval to
clear forests in Madhya Pradesh
around its Mahan coal block.
Still, while its never fun to have
the government on your back, if
youre betting on Indias growth to
fuel energy demands, better to be
complaining about that than
slowing domestic demand.
Marc Sidwell is City A.M.s managing
editor.
BOTTOM
LINE
MARC SIDWELL
The right problems to have
KEWILL, the British software firm
at the centre of a takeover battle,
yesterday said its 102.7m
acquisition by the Francisco
Partners Funds could complete as
soon as next Thursday.
The deal is still subject to
approval, for which a meeting has
been scheduled for 3 July.
But one remaining hurdle in
Franciscos race to success is
Symphony, its rival bidder that has
until Friday to raise its offer price.
Francisco, via its investment
vehicle Kinetic Bidco, first piped
up on 2 May with a 96p per share
offer for Kewill, or a total of
89.5m.
The firm was outbid six weeks
later by Symphony, via Kestrel
Kewill pencils deal close date
as Symphony deadline looms
BY LAUREN DAVIDSON Bidco, which offered 106p per
share. At the time, the 99.6m bid
was backed unanimously by the
Kewill board.
But the software companys
directors quickly changed their
mind last week, deciding to
recommend Franciscos revised
offer.
The latest 110p per share bid is
backed by 24.9 per cent of Kewills
shareholders, in addition to the
1.1 per cent stake held by the
board.
If Symphony do decide to up
their offer price, Kewills main
shareholders have made it clear
they will not accept anything less
than 118.25p.
Kewills shares closed yesterday
at 112p, valuing the company at
102.1m.
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CONSTRUCTION group Kier
yesterday said it continued to
perform in line with expectations as
it maintains a robust order book and
a healthy cash position.
The group cited trading at its
construction division as resilient
with current operating margins
above two per cent.
Its construction order book of
secured and probable work now
accounts for 85 per cent of its target
revenue for the 2013, Kier said.
Its growing services division has
also secured several contract wins
that have buoyed its 2bn order
book, including a maintenance
contract for London Fire Brigade.
One the property side, Kier said it
now has a development pipeline
worth around 750m.
It was recently confirmed as the
preferred bidder for the 50m PFI
project to design and build 11 fire
stations for Staffordshire Fire and
Rescue Service. Kier also said its
private housing business was on
track to deliver in excess of 600
completions this year.
Kier keeps its
order book full
and trades well
BY KASMIRA JEFFORD
BUSINESSES will soon be able to
schedule meetings at motorway
service stations, thanks to a new
office deal signed by Regus.
The serviced office provider, which
already offers desk spaces at
European train stations, will open
three roadside centres in
September, where businesses
can make use of meeting
rooms, office facilities and
admin services.
A new arm of Regus,
named Third Place, will
launch the sites on the M40
at Beaconsfield, the M25 at
Cobham and the M11 at
Regus launches
office space on
the motorways
BY MARION DAKERS
Cambridge as part of a deal signed
with site owner Extra Motorway
Service Area Group.
This is another logical step in the
global trend towards flexible work-
ing, said Regus chief executive Mark
Dixon yesterday.
While Third Place remains early
in its development, it is an exciting
investment opportunity for us. We
continue to examine new loca-
tions, work with potential cus-
tomers and trial concepts.
Regus signed a similar deal in
January to open business
lounges for remote workers at
Shell petrol stations in Europe.
Shares in Regus fell almost 4.4
per cent to 83p yesterday,
faring slightly worse
than the rest of
the FTSE 250
stock index.
Premier Oil is hit as North Sea
exploration well comes in dry
BRITISH oil explorer Premier Oil
said yesterday that its latest
exploration well in the North
Sea came up dry.
Shares in the FTSE 250 group
dropped 4.76 per cent after the
company issued a statement
saying that it had plugged and
abandoned Block 28/10, known
as Coaster, as a dry hole.
It also said that its Benteng
well had come up dry.
However, it announced that
another exploration well in
Indonesia had made a small
but potentially commercial oil
discovery.
The next exploration well to
be drilled by Premier in Asia is
the Chim Sao Northwest
appraisal well, which is due to
spud in July, Premier said.
And it plans to drill its next
exploration in the North Sea,
BY JOHN DUNNE
the Spaniards East well, in
September.
Chief executive Sam Lockett
said: The Coaster and Benteng
wells were both assessed as very
high risk pre-drill.
Coaster was an important
well to drill, given its proximity
to the Catcher licence; but in
recognition of the risks we took
the precaution of farming-out 50
per cent of our equity on a
promoted basis.
The Benteng-1 results are
encouraging as they have
established a working petroleum
system in a previously unproven
basin.
Last month the group
announced that it had bought a
20 per cent stake in licence
PL407 and a 40 per cent interest
in the adjacent PL406 licence.
This will increase Premiers
stake in the Bream project to 40
per cent, while lifting its
interest in PL406 to 80 per cent.
Bream is expected to start
producing in 2015 at an initial rate
of around 14,000 barrels of oil per
day (bopd) net to the group.
Premier Oils shares have
recently been boosted by the
discovery of oil at its Carnaby well
in the North Sea.
Premier Oil claims that the oil is
good quality and similar to the
discoveries at its nearby Catcher
development.
Premier Oil PLC
360
355
350
345
340
335
330
325
p
324.00
25 Jun
Regus chief Mark
Dixon will open new
sites in September
PRIVATE equity house Permira
could call a halt to the sale of
frozen foods maker Iglo after
deciding a 2.5bn (2.01bn) joint
bid from Blackstone and BC
Partners had come in short.
Permira is happy to retain and
continue to grow Iglo, which it
bought from Unilever in 2006 for
1.7bn before bolting on Findus
Italy four years later.
It is now considering a debt
refinancing to raise funds that
would allow it to pay itself a
BY PETER EDWARDS
dividend, according to sources.
Blackstone and BC are now
thought to be working on a higher
offer for the maker of Birds Eye
fish fingers. The last two bidders
teamed up last week to table a
final 2.5bn offer.
The two firms were seeking to
share the large equity investment
and put pressure on Permira to
accept a lower price, analysts said.
Permira, which declined to
comment, put the business up for
sale earlier this year looking for at
least 2.8bn.
Anglo American extend talks with Codelco
14
NEWS
cityam.com
MINER Anglo American and Chiles
Codelco have agreed to extend
talks as they seek to negotiate an
agreement over Anglo Sur mining
assets.
The companies jointly requested
continued suspension of their
months-long legal dispute at a
court in the Chilean capital
Santiago until 17 July.
The two sides have been waging
an acrimonious battle since last
October over Codelcos long-stand-
ing option to buy a 49 per cent
stake in the coveted Anglo
American Sur properties, including
the flagship Los Bronces mine.
Codelco has secured a $6.75bn
(4.3bn) loan from Mitsui, a
Japanese firm, to pay for its share.
The option covers the Los
Bronces mine, which estimates say
could be the worlds fifth-biggest
copper mine.
But following Codelcos
advances, Anglo said it was to sell a
24.5 per cent stake in the Anglo Sur
to another Japanese firm,
Mitsubishi Corp, for $5.4bn.
It said the deal offered better
value for shareholders a claim dis-
puted by Codelco. Thomas Keller,
who took the helm of the worlds
top copper producer Codelco on 1
June had warned that if a deal with
Anglo was not reached swiftly
Codelco will revive its litigation
against its London-listed rival.
Keller, who was Codelcos chief
financial officer, replaced former
chief executive Diego Hernandez,
who abruptly resigned due to fric-
tion with the board.
The departure of Hernandez,
announced two days after the feud-
ing miners initially agreed to pause
their court battle to sit down and
talk, sparked questions about
whether Codelcos strategy in the
conflict might change under new
leadership.
Anglo is completing a $2.5bn
expansion at Los Bronces largest
producing copper mine.
Permira bosses believe there are still strong growth opportunities at Birds Eye-maker Iglo
Birds Eye sale set to be frozen
as Permira hunts for growth
NEW LOOK said yesterday it had won
extra time from its banks to pay back
its burgeoning debt pile as the
fashion chain slumped to a 55m
pre-tax loss for the year.
The retailer, owned by founder
Tom Singh and private equity
groups Apax Partners and Permira,
said its lenders had agreed to
extend its debt repayment from
2013 to 2015, giving it the breathing
space to focus on strategic
objectives and growth.
New Look, which makes cheap
and cheerful clothing aimed at
under 35s, said its net debt
remained at 1.1bn and it had
212m of cash at the end of the
year, up from 191m. It plans to use
100m of its cash to pay back some
of its debt owed next year.
Chief executive Alistair
McGeorge, who was parachuted in
last year after the retailer pulled its
planned flotation, said New Look
was facing significant internal
disruption when he arrived and it
had alienated certain customers
with its ranges.
All this meant we had
undermined our competitiveness
on the high street, he said.
The group plans to close between
50 to 100 stores over the next three
to five years to cut costs as it
migrates more of its sales online.
The move comes as a number of
embattled high street retailers look
to renegotiate more favourable
deals with the landlords.
New Look to
close stores as
it falls to a loss
BY KASMIRA JEFFORD
G
E
T
T
Y
SAMSUNG executives leapt to reas-
sure investors yesterday over the com-
panys performance after its shares
fell by 4.4 per cent to a four month
low.
Since the launch last month of its
latest smartphone, the Galaxy SIII,
Samsung has been cursed with the
blessing of overwhelming demand.
But the South Korean firm revealed
it expects to top 10m Galaxy SIII ship-
ments in July.
Reports that certain models
of the new phone have
not been available to
consumers due to sup-
ply issues coupled
with recent downgrades
by analysts citing con-
cern over Samsungs
chips and telecoms busi-
nesses sent investors
scattering yesterday.
Analysts also pointed
to a steeper-than-expect-
ed drop-off in sales of
Samsungs earlier prod-
ucts and growing com-
petition from low-end
manufacturers such as
Huawei and ZTE.
Samsung calms
investors with
solid forecasts
BY LAUREN DAVIDSON But JK Shin, head of Samsungs
mobile division, assured reporters
that the South Korean company is
heading for growth.
The overall market condition was
challenging due to Eurozone issues
and tight supply of components... but
Samsungs second-quarter results will
be better than the first quarter, Shin
said.
Profit from Samsungs mobile divi-
sion nearly trebled to 2.3bn in the
January to March reporting period,
accounting for 73 per cent of group
operating profit.
Despite a bumpy debut for
the hotly anticipated Galaxy
SIII, Shin predicted that the
new device would reach 10m
shipments in July, making it
Samsungs fastest selling
smartphone.
Samsung sold 44.5m smart-
phones in the first quarter of
this year, taking 30.6 per cent
of the market, compared to
the 24.1 per cent held by
Apple, which sold 35.1m
smartphones in the same
period.
Samsung expects to ship 10m of
the new Galaxy SIIIs next month
A House of Lords select committee
yesterday heard campaigners for
female representation in
boardrooms reject calls for fixed
quotas of female directors.
Lords were urged to fight
against European legislation on
the issue in favour of self-
regulation at a meeting of an EU
sub-committee.
We are reaching a tipping point
where chairmen who have the
wrong attitude regarding diversity
on boards will be found out, said
Lord Davies of Abersoch, who
wrote a 2011 report on the topic
for the government.
Its not just about equality, its
about business performance. Every
Campaigners for women in
boardrooms oppose quotas
BY JAMES WATERSON type of research shows that if you
have a diverse team with different
approaches and backgrounds [it
helps performance].
However he insisted that
women would much rather get
there through merit than
through reserving boardroom
places for women.
Jonathan Rees, director general
of the government equalities
office, agreed: A quota with a
single figure would cause all sorts
of difficulties. Eighty-nine per cent
of women are against quotas.
In order to hit 25 per cent
women on FTSE 100 boards, youre
only talking about 99 more
women. There are clearly more
than 99 really good women who
could come onto boards.
15
NEWS
cityam.com
Lord Davies of Abersoch said self-regulation is the right course of action on the issue
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London 2012 will be most expensive Olympics ever
LONDON 2012 is set to be the most
expensive Olympics to date with a
projected cost of 8.4bn, according
to a report released yesterday.
Researchers at the University of
Oxfords Said Business School say
this equates to a 101 per cent
overrun compared to the original
budget of just 4.2bn in 2005.
But Professor Bent Flyvbjerg and
his co-researcher Allison Stewart
BY JAMES WATERSON
say that this compares favourably to
an average cost overrun of 179 per
cent for Olympics held during the
last 50 years.
But it is substantially more than
the typical cost overrun of 47 per
cent for Games held in the last the
decade.
While all major programmes are
prone to cost overruns, due largely
both to optimism and conscious
strategic misrepresentation,
overruns of the Games are in a
league of their own, Flyvbjerg said.
The researchers found that a
major problem for organisers is
that, unlike other major investment
programmes, each Olympics is
unique to the host city and involves
thousands of staff who do not have
experience of working on
equivalent projects.
Organisers are also prone to
purposefully underestimating costs
for political reasons, leading the
researchers to recommend an
approach known as reference class
forecasting essentially using the
consistent level of past overruns to
calculate a more realistic budget for
future Olympics.
The report also offers a warning
to London 2012 organisers: Though
there is little the London Games can
do now to limit the cost overruns, it
is important the Committee keep a
firm hand on the budget in the
remaining weeks leading up to the
Games, or the situation could
worsen.
As we learned from Delhis
Commonwealth Games in 2010 and
the Athens Olympics in 2004, in the
final stages of preparation the focus
can quickly shift from cost control
to delivery at any cost, resulting in
significant additional overruns.
Transportation, security, and
broadcasting are three areas that
could potentially require urgent
financial attention if the organisers
projections are incorrect.
ADVERTISING giant WPP yesterday
kept up its blistering acquisition-
fuelled growth pace with the pur-
chase of French firm I&E for an
undisclosed sum.
The communications consultancy
business will become part of WPPs
wholly-owned subsidiary Burson-
Marsteller.
Paris-based I&E which specialis-
es in reputation management,
brand marketing and change man-
agement employs around 110 peo-
ple.
France is WPPs seventh biggest
market, with annual revenues of
just under 550m, and is home to
nearly 5,000 of the companys
employees.
I&E generated revenues of 13m
(10.4m) in the year to 31 December
2011 and reported gross assets of
5m.
The I&E acquisition comes just
days after WPP announced its
biggest deal in years with the pur-
chase of a significant majority stake
in top global marketing agency
AKQA.
WPP boosts its
empire with
I&E French buy
BY LISA MORAVEC
G
E
T
T
Y
SHARES of Lenovo Group, the
worlds number two PC maker, fell
by more than six per cent yesterday
on market concern over the out-
look for the PC market amid the
global economic slowdown.
Lenovos shares fell as much as 6.3
per cent to HK$6.26 in afternoon
trading, extending earlier losses
and hitting the lowest intraday
level since 9 February.
The huge increase in volume
suggests that a major holder is now
exiting the stock, said a trader
who declined to be identified.
An analyst said Lenovos stock
had outperformed peers such as
market leader Hewlett-Packard and
number three PC vendor Dell this
year, but worries over Europes
Lenovo shares
plummet on PC
market worries
BY HARRY BANKS
economy and a further slowdown
in China might dampen PC demand
and could affect the Chinese com-
pany.
However, Lenovo shares are still
up 22 per cent so far this year, out-
performing the main Hang Seng
Indexs 2.9 per cent gain, Dells 16.7
per cent fall and HPs 20.1 per cent
loss.
Sony and Panasonic launch
tie-up for latest design TVs
RIVAL Japanese television makers
Sony and Panasonic said
yesterday they will cooperate to
make OLED (organic light
emitting diode) sets as they
battle Korean rivals Samsung
and LG Electronics for pole
position in the next-generation
TV market.
The race to garner a lead in
OLED, widely touted as the
successor to liquid-crystal
displays, will depend on which
company is able to mass produce
screens at a price that will attract
consumers to the new
technology.
Sony and Panasonic said in a
statement they will develop
technologies to fabricate the
screens and aim to establish a
mass-production process in 2013.
Both Samsung and LG
Electronics have displayed 55-
inch OLED prototypes, with the
sets expected to go on sale this
year at a rumored price tag of as
much as $10,000 (6,429), or
about four times the cost of an
equivalent LCD model.
Sony pioneered OLED
technology, which boasts sharper
images and does not need
backlighting, selling the worlds
first OLED TV in 2007. It halted
production of the $2,000 screens
three years later amid the post-
Lehman global downturn. Sony
still makes OLED screens costing
as much as $26,000 for high-end
customers.
Hammered by their Korean
competitors in LCD TVs, Sony
and Panasonic stand a better
chance of competing by
combining their OLED
technologies and development
budgets. Losses on TVs at Sony
have mounted to around $12bn
in the past decade.
Chief executive Yang Yuanqing has seen Lenovo make gains despite global worries
Lenovo Group Ltd
7.60
7.40
7.20
7.00
6.80
6.60
6.40
HKD
6.35
25 Jun
16
NEWS
cityam.com
GLOBAL BUSINESSES
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SonyC orp
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13.96
25Jun
Google and Sony launch UK viewing platform
BY KASMIRA JEFFORD
GOOGLE will make its first foray
into UK television next month
with the launch of its long-
awaited interactive TV service that
allows viewers to browse the
internet, watch films and play
with apps.
The tech giant, in partnership
with Sony, announced yesterday
its new internet TV set-top box,
priced at 200, will be available
from 16 July.
The gadget, which is based on
Googles Android software for
smartphones, will let Britons
watch TV as normal while also
letting them download
applications and switch to sites
such as YouTube and Twitter.
The device will be followed
with a Blu-ray version, expected
to cost around 300 when it is
launched later in the year.
It will also be available in
Canada, Australia, Brazil, France,
Germany, Mexico and
Netherlands later this year, Sony
said in a statement.
Googles TV platform has been
met with a mixed reaction
among analysts, who point to
poor reviews the machines
received two years ago when they
first launched in the US.
Logitech, one of Googles initial
partners that developed a set-top
box offering the service, said late
last year it had lost tens of
millions of dollars building set-
top boxes for Google devices due
to weak sales.
Googles attempt to capture the
living room audience has seen
limited success so far due to a
lack of web content or support
from hardware manufacturers,
which it now hopes to change
with its new Sony product.
The move by Google and Sony
also comes amid speculation that
Apple is shortly set to unveil a
full-fledged TV product later this
year.
Apple already sells a 90 set top
box called Apple TV that streams
Netflix and other content.
C
ONTAGION from the Greek
economy is known to pose a
serious threat to neighbouring
Eurozone countries. But now it
appears that the struggling states
ailments are also being caught by
people closer to home.
The new Prime Minister, Antonis
Samaras, has been struck down by a
problem with his eyes, forcing him
to miss this weeks crunch EU sum-
mit that aims to solve the euros
ongoing crisis. And yesterday his
finance minister, Vassilis Rapanos,
went one step further quitting
less than a week after being
appointed, citing ill health.
Rapanos, who had been
tasked with rescuing the
indebted countrys finances,
had begun suffering from
stomach pains and nausea.
Not a huge surprise, perhaps.
Prior to his resignation,
both Rapanos and Samaras
had posted sicknotes to their
bailout lenders in Brussels,
Sick men of Europe need a nap
instead tasking the foreign minister
and yet another former finance min-
ister to go in their place.
And this isnt the first time senior
Greek politicians have broken down
in the midst of the crisis. Late last
year socialist minister Evangelos
Venizelos was hospitalised with stom-
ach pains as the debt fever rose.
Could it be that Greeces plight is
taking its toll on government leaders?
They should have one or two weeks
off to recover completely, said Neil
Shah of the Stress Management
Society, recommending that they
learn from crisis-hit political figures
from Europes modern history.
Churchill had a nap every after-
noon, which allowed him to relax,
Shah told The Capitalist. He was
under a lot of pressure.
Got A Story? Email
thecapitalist@cityam.com
17
cityam.com
cityam.com/the-capitalist
THECAPITALIST
If you thought the National Trust
was all country cottages and
stately homes, think again, for the
guardian of British heritage has
released an app that promises to do for
Londons red light district what the
Kindle did for soft porn page-turner 50
Shades of Grey.
Audio app Soho Stories allows you, O
intrepid explorer, to dictate your own
path through Londons backstreets.
Using GPS technology to pinpoint your
location, it whispers a rhapsody of
Bohemian folklore right into your ear.
While it wont quite plunge you into the
dirty darkness of Dickensian London,
this silent disco of walking tours
hosted by veteran British entertainer
Barry Cryer promises to strip bare
decades of Soho life, from the 1940s to
the present day.
And with anecdotes from legendary
Londoners Wee Willie Harris, Molly
Parkin and Frankie Fraser, therell be no
street cobble left unturned.
Gone are the days of public tours on
bus and en masse; now, those burning
to learn about the history of sex, drugs
and rock n roll in the capital will be
able to keep their pleasures private.
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Greek politicians Vassilis Rapanos (left) , Antonis Samaras and Evangelos Venizelos have had a torrid time
NEW HOME sales in the USA
shot up sharply according to
Commerce Department data
published yesterday. Annual
house sales were 7.6 per cent up
in May compared to April.
This came with a surge in the
Texas manufacturing outlook
survey in which 24 per cent of
firms reported improved
business activity and 21 per cent
reported hiring new workers
But the Chicago Federal
Reserve reported declines in
production, as its national
activity index declined to a 15
month low, led by a slide in
production.
US homes are
snapped up
BY BEN SOUTHWOOD
HOUSE prices in the UKs most eco-
nomically active areas surged
upwards by an average of 228 a week
according to a recent decade of data
released yesterday.
Homeowners in parts of the country
with a high gross value added (GVA)
score a measure of the local econo-
my saw their properties rise in value
by nearly 110,000 between 1999 and
2009, the Halifax revealed.
But even in these areas, price
growth has slowed dramatically from
2009 onwards, as the effects of the
recession are felt.
In the top 10 economically active
areas from 1999 to 2009 (see graphic,
right), prices have slipped by 4.3 per
cent from 2009 to 2012.
And in areas knocked heavily by the
recession, house prices have plum-
meted since the credit crunch struck
The decade of booming
house prices revealed...
BY JULIAN HARRIS
in 2007.
In the 10 areas of the UK with the
steepest spike in claims of unemploy-
ment benefit, the Halifax found that
house prices have collapsed by a jaw-
dropping 27 per cent from 2007 to the
current year.
The groups findings suggest a
strong correlation between house
prices and the strength of a local econ-
omy, it said.
House price growth has generally
been stronger in the areas that have
seen the biggest increases in economic
activity, commented Martin Ellis,
housing economist at Halifax.
The best performing areas have also
been the most resilient in terms of
house prices during the downturn
since 2007, Ellis claimed.
While house prices in the top 10 eco-
nomically performing localities shot
up by an average of 145 per cent from
1999 to 2009, the bottom 10 areas in
MORTGAGE holders in northern
regions are more likely to lose
their homes to lenders than people
in the south, a group of surveyors
said yesterday.
Parts of the north east and
north west of England have
significantly higher rates of
repossession, the data from e.surv
found, though the group added
that banks are trying to avoid
repossessing peoples homes.
While the average rate of
repossessions across the UK is 15 in
every 10,000 households, the rate
is as high as 24 in places such as
Durham and Darlington, while
north west towns such as Oldham
fare even worse. The highest rate
was recorded in Chester, with 53
court-ordered repossessions per
10,000 households.
In parts of the south such as
Oxfordshire, rates are as low as 12
repossessions per 10,000 houses.
Banks are playing a vital role in
keeping people in their homes
theyve been increasingly
forbearing to borrowers in
mortgages in arrears, and this has
kept repossessions levels deflated,
said e.survs Richard Sexton.
IN BRIEF
Italys MPS in race against time
n Italys Banca Montedei Paschi di
Siena (MPS) faces a race against time to
secure regulators support for its 1bn
bond sale. It faces a capital shortfall of
3.3bn, of which it has filled roughly
two thirds. Italian banks are doing
better than those in Spain due to
limited retail exposure, but MPS is
heavily exposed to Italian government
debt. MPS is the worlds oldest bank
but it could be the first to seek
government help since 2010, when the
government underwrote new bonds.
Young British families cant cope
n One in five British families is unable
to cope according to research
published today by the Centre for the
Modern Family think-tank. Youngest
families are being hit hardest: 3m cant
pay the bills and 1.2m cant pay the
mortgage. Many have been forced to
resort to desperate measures one in
eight admits skipping meals, one in ten
relies on payday loans and a third have
sold items on the internet. Those in the
south, and wealthier families, were
reported more able to cope.
Irish house price decline halts
n Irish house prices rose in May, though
they remained down annually,
according to the newest data published
yesterday. This is the first increase since
2007, though the magnitude of the rise
is tiny, at 0.2 per cent. The arrest in
declines is a relief for Irish banks, whose
mortgage portfolios were devastated
by the bursting of the property bubble.
However economists polled by Reuters
still expect prices to fall some 12 per
cent in 2012 and a further five per cent
in 2013.
18
NEWS
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Price pressures taking heavy
toll on elderly, groups claim
BY BEN SOUTHWOOD
INFLATION expectations have
fallen again, the latest YouGov
report showed yesterday, although
separate data showed that price
hikes are still taking their toll on
the elderly.
The median inflation
expectation for the year ahead
fell to 2.4 per cent, from 2.8 per
cent in May and three per cent in
April, YouGov found.
The results come after
inflation in May was shown to
have come down to 2.8 per cent
on the consumer price index
(CPI), in figures released last
week by the Office for National
Statistics (ONS).
However, Age UK found that
over 75s faced a higher rate of
inflation than the general
population, with its so-called
silver retail price index rising 3.4
per cent over the year compared
to a rise of 3.1 per cent in
standard retail prices.
And yesterday Ros Altmann of
the over-50s group Saga argued
that lower inflation expectations
did not give the Bank of England
leeway for further quantitative
easing (QE).
Distorting the gilt market is
dangerous it undermines our
pension system and has side-
effects that actually damage
growth, Altmann argued, urging
the Bank to resist more QE.
...but repossessions now hitting the north
High economic activity props up house prices
Inner London East
Economic Activity (GVA)
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
91%
123%
14%
Edinburgh, City of
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
64%
156%
-5%
Aberdeenshire
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
59%
147%
-2%
Brighton and Hove
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
63%
206%
3%
Cornwall and Scilly Isles
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
60%
198%
-9%
East Merseyside
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
57%
126%
-16%
terms of economic activity saw
house prices rise by 129 per cent,
the figures showed.
Among the leading 10 areas by
GVA, prices in the south appear to
have survived the recessionary dip
more so than house values else-
where in the UK. In east London,
prices have continued to grow by
14 per cent from 2009 to 2012,
while they are also up in
Brighton and Hove, and
Hampshire.
Inverness & Nairn and
Moray, Badenoch &
Strathspey
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
62%
156%
-9%
North Lanarkshire
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
70%
123%
-17%
Hampshire CC
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
56%
99%
6%
Liverpool
% Change 1999-2009
House Price %
Change 1999-2009
House price %
change 2009-2012
55%
133%
-7%
But it cant last forever. The
pace of public sector austerity is
quickening, and the economy has
ground to a standstill. This will
push up unemployment and pillage
personal finances, forcing more
people into
mortgage arrears,
Sexton warned.
Despite the
south faring well,
parts of London,
Kent and Essex
have high levels of
repossession, the
group added. Source: Halifax
0
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APR
50%
OFF
RIVO COLLECTION
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CHAISE END SOFA
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1499
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half price
ends Sunday
GLOBAL Radio yesterday announced
it has sealed a deal to buy GMG
Radio, currently owned by the
Guardian Media Group, for an
undisclosed sum thought to be
around 70m.
But the acquisition, which makes
Global Radio the largest commercial
radio group in the UK, is understood
to have upset rival groups on
competition concerns.
Absolute Radio, among other
companies within the industry,
claimed Global Radio which
already owns the Capital, Heart and
Classic FM brands will hold more
than a 50 per cent market share in
several cities across the UK.
Global Radio said its new
subsidiary will continue to be run
separately from its main body while
a regulatory review is conducted.
Guardian Media Group boss
Andrew Miller commented: Our
portfolio of investments that lie
outside our core national newspaper
business exist to underpin the long-
term financial and editorial integrity
of the Guardian. If we believe that
best value for the group lies in the
disposal of a non-core asset, then we
will do so.
The disposal of GMG Radio, which
operates Real and Smooth radio
stations, is a mark down from its
value, which was recorded as almost
119m in GMGs results last year.
Global snaps
up GMG Radio
amid protests
BY LISA MORAVEC
MOBILE payments firm Bango yes-
terday reported widening losses in
the year to 31 March and said its
recent deals with tech giants
Amazon and Facebook have yet to
deliver the goods.
The Aim-listed company posted a
total loss of 930,000 for the year,
compared to 700,000 the year
before, as revenues dropped by
almost a fifth to 15.6m.
Gross profits fell from 2.49m to
2.29m.
But the British company, which
enables users to pay for digital con-
tent and services on their smart-
phone, said it was still waiting for
the money to roll in from the high
profile deals it has signed recently.
Bango announced a partnership
with internet behemoth Amazon in
December, but claimed at the time
that it was too early to forecast accu-
rately the level of business that the
deal could generate.
The firm followed this in February
by unveiling a similarly vague rela-
tionship with Facebook.
Mega deals yet
to make Bango
the big bucks
BY LAUREN DAVIDSON
The respective announcements
sent Bangos shares up by 11 per cent
to 70p and then by 40 per cent to
137.5p.
The company said that while its full
year results included costs of estab-
lishing the partnerships, the finan-
cial benefits had yet to be registered.
Chief executive Ray Anderson said:
It has been a pivotal year in Bangos
development and we were delighted
to have formed relationships with
several industry leaders such as
Facebook and Amazon.
Bangos other clients include
BlackBerry, EA Mobile and O2.
The firms shares jumped 2.6 per
cent to 157.5p.
Lovefilm, the Amazon-owned movie rental service, yesterday unveiled a deal which will give
its users exclusive access to Twentieth Century Fox films such as X-Men: First Class and
Black Swan (above) in the so-called second pay window, with Sky owning rights to the first
pay period. Fox joins Warner Bros, Universal and Sony in the list of Lovefilms exclusive deals.
LOVEFILM SIGNS FIRST CLASS DEAL WITH FOX
Bango PLC
159
158
157
156
155
154
153
p
157.50
25 Jun
20
NEWS
cityam.com
A DAY OUT WITH LEXUS AT THE HENLEY ROYAL REGATTA
City A.M. have teamed
up with Lexus and Mahiki
London to give you and a
guest the chance to be at Henley Royal
Regatta on Saturday 30th June to celebrate
this prestigious event in style. The day will
start with a pick up in London, in your
personal Lexus GS450h or RX450h that blend
accessible luxury, versatility and
sophistication in a modern design. Sit back,
relax and enjoy the ride as you are whisked
through the beautiful countryside of
Oxfordshire, driven by your private chauffeur.
TERMS AND CONDITIONS
Mahiki London is the promoter of this competition All entrants and prize winners must be over the age of 18 Entrants must live within the UK Entrants must be available on Saturday June 30th 2012 Prizes are non transferable, no cash alternatives will be offered Prize package will include:
complimentary return transfers to and fromMahiki London to Henley Royal Regatta, lunch with champagne, dinner and drinks in the Mahiki Lexus VIP Lounge All expenses incurred outside of the above must be paid for by the winner and guest Winners must arrive at Mahiki London at least 30 minutes
before the agreed departure time Lexus & Mahiki London will not be held responsible for the loss or damage of any personal items The closing date for the competition is Wednesday 27th 11.59 pm Winners drawn randomly fromall the correct entries The editors decision is final
Once at the picturesque Henley-On-Thames you will be
welcomed into the Mahiki Lexus VIP Lounge at Henley Royal
Regatta. Here you will enjoy a delicious lunch accompanied
with champagne followed by dinner, drinks and table
service. Throughout the day you can watch the world
famous races from the comfort of the Mahiki Lexus VIP
Lounge or explore the event at your leisure. At the end of
the day, your private Lexus chauffeur will take you back to
London to end the experience.
As with all Lexus cars the GS450h and RX450h redefine style, luxury and performance in an exhilarating driving experience.
For your chance to win this fantastic day out for
two simply answer the following question:
WHICH COUNTY IS HENLEY IN ?
a. Oxfordshire
b. Berkshire
c. Surrey
send your answer and contact number to
win@cityam.com
T
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W
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CITY A.M. PROMOTION
21
LONDONREPORT
Edison Investment Research
The investment research firm has
made three appointments to its
London team. Tom Carless joins
as finance and operations
director from 7city, a specialist
financial training firm. He spent
five years as finance director at
Ovum. Additionally, Will Forbes
and Zsolt Mester join Edisons
team of analysts, from Arc Asset
Management and Sandford C Bernstein respectively.
PwC
Jeremy Mayhew is joining PwCs entertainment and media
practice as a senior adviser. He will advise on regulatory
and policy issues, and new business strategies. Mayhew has
20 years experience in media and telecommunications,
and is currently chairman of the City of Londons audit and
risk management committee.
Schroders Property Investment Management
The property fund management firm has appointed Jessica
Bernley to the position of investment manager. She has
over five years experience in UK commercial property fund
investment and will report to Nick Montgomery, fund
manager. Bernley joins from Invista REIM, where she was
responsible for managing retail assets.
SEI Global Wealth Services
Christopher Freeman has joined the wealth management
outsourcing firm as senior business development director.
He will be responsible for growing strategic partnerships
with SEIs clients. Freeman has previously worked as a sales
director at Pershing Dealogic and TD Wealth Institutional.
Church House
James MacDonald-Smith has been appointed to the
position of client director at the portfolio management firm.
He joins from Lloyds Private Banking, where he set up a
team to look after its ultra-high net worth clients.
MacDonald-Smith also spent 14 years at Barclays Wealth,
where he chaired its investment committee.
Baker Tilly
Jim Whittaker has joined the accountancy firm as a
corporate finance partner. He has 15 years experience
working in corporate finance, and most recently ran his own
advisory business in Yorkshire. Whittaker also served as a
director at KPMG Corporate Finance.
The Perfume Shop
The fragrance retailer has announced the appointment of
Keran Fordham as its commercial director. She was
previously buying director at the company, and joined in
2007 as buying controller. Fordham will be responsible for
buying, marketing and ecommerce across the business.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
US stocks drop
on pessimism
over EU talks
U
S stocks fell sharply yesterday,
putting the S&P 500 near break-
even for June so far, as investors
saw little reason to be
optimistic about a European Union
summit this week.
Markets remain sensitive to
European headlines as the regions spi-
raling debt crisis could wreak further
havoc on a slowing global economy.
Financial and energy stocks were
among the primary drags. US crude
futures lost 0.7 per cent to remain near
the eight-month low hit last week.
News that Spain had requested help
for its struggling banks pressured
financial stocks.
The PHLX oil service sector index
dropped 3.4 per cent and the KBW
bank index slumped 2.7 per cent.
Expectations for the two-day sum-
mit, which starts on Thursday, are low
after Germany resisted pressure for
common Eurozone bonds or a flexible
use of Europes rescue funds at a meet-
ing of the regions four biggest
economies last week.
Last week we were very hopeful that
they were moving forward and the
meetings this week would have a posi-
tive ending. Today there is a lot of
doubt the EU summit will generate
anything substantial, said Gail
Dudack, chief investment strategist for
Dudack Research Group in New York.
Austerity measures pushed forward
by Germany have Greece mired in a
long recession. Investors worry Spain
could be the next domino to fall as
Madrids borrowing costs remain stub-
bornly high.
Among individual stocks,
Chesapeake fell 8.5 per cent to $17.03
as the worst performer on the bench-
mark S&P 500 index. Reuters reported
that under the direction of chief exec-
utive Aubrey McClendon, the compa-
ny plotted with its top competitor to
suppress land prices in one of
Americas most promising oil and gas
locations.
The Dow Jones industrial average
dropped 137.97 points, or 1.09 per
cent, to 12,502.81. The Standard &
Poors 500 Index lost 21.30 points, or
1.60 per cent, to 1,313.72. The Nasdaq
Composite Index declined 56.26
points, or 1.95 per cent, to 2,836.16.
For the month, the Dow is up 0.88
per cent while the S&P 500 is up 0.26
per cent. The Nasdaq is up 0.31 per
cent.
New US single-family home sales
surged in May to a seasonally adjusted
369,000-unit annual rate, the highest
since April 2010, and prices rose from
a year ago amid tightening supply.
But the European concerns out-
weighed any signs of life in the long-
struggling industry as a homebuilding
index fell 1.6 per cent.
Wal-Mart Stores was the lone
advancer on the Dow. Wal-Mart
Canada said the company is opening
of 47 hiring centres across Canada to
support its growth plans. The stock
rose 1.3 per cent to $68.18.
Volume was light with about 5.84bn
shares traded on the New York Stock
Exchange, NYSE Amex and Nasdaq.
W
EAKNESS in commodity stocks
and banks pulled Britains top
shares lower yesterday,
extending last weeks drop as
investor appetite for riskier assets was
curbed by global growth and Eurozone
debt worries ahead of a summit of
European leaders.
The FTSE 100 index was down 25.73
points, or 0.5 per cent, at 5,487.96, drop-
ping back though the psychologically
important 5,500 level once again. The UK
blue chip index closed one per cent lower
on Friday.
A meeting on Friday of German, French,
Italian and Spanish leaders saw Germany
agree to a 130bn plan to boost growth,
but there was little progress on a more
flexible use of Europes rescue funds ahead
of a wider meeting of European leaders
this week.
According to a document prepared for
the 28-29 June meeting, European leaders
will discuss specific steps towards a cross-
border banking union, closer fiscal integra-
tion and the possibility of a debt
redemption fund.
Another week, another summit on
Europe...and pressure is mounting for a
resolution. European leaders appear likely
to endorse a 130bn growth package,
designed to counteract some of the nega-
tive effects of fiscal austerity measures cur-
rently in place across the continent, said
Rebecca OKeeffe, head of investment at
Interactive Investor.
Unfortunately, that may be all the sum-
mit delivers, with Germany continuing to
resist proposals for common debt issuance
or more flexible usage of existing bailout
funds.
The absence of Greeces new Prime
Minister and finance minister due to ill-
ness complicated the meetings outlook.
Skepticism that the EU summit will tack-
le the debt crisis led the FTSEurofirst 300
down 1.5 per cent to 987 points, its biggest
daily fall since a 1.9 per cent drop on 1
June. Meanwhile, European banking
stocks led sectoral decliners, with the
STOXX Europe 600 Banks index down
three per cent, led by falls for several
peripheral Eurozone heavyweights includ-
ing Santander, down 4.7 per cent.
JP Morgan remained underweight on
cyclical stocks, such as banks, miners, and
energy stocks, in spite of them having seen
15 per cent underperformance in Europe
since the end of the first-quarter, noting
rising structural concerns given slowing
emerging markets and China.
We think Q2 reporting season will be a
reality check ... Most have a base case view
of soft landing in China, but the data
suggests otherwise and risks are skewed to
the downside, JP Morgan says in an equity
strategy note.
Drug maker Shire was the biggest blue
chip faller, down 11.25 per cent on compe-
tition concerns after US approval of a new
generic version of its Adderall XD attention
deficit hyper disorder (ADHD) treatment,
produced by Actavis.
In reaction, JP Morgan reduced its target
price for Shire to 2,360p from 2,500p but
retains an overweight stance.
We believe weakness around AXR offers
an attractive entry-point for long-term
focused investors ... with Shires very strong
medium-term growth outlook significant-
ly undervalued, JP Morgan said in a note.
WM Morrison was also weak, down 2.8
per cent after the food retailer said its
finance director, Richard Pennycook,
intends to leave the company at the end of
June 2013 to concentrate on building a
portfolio career.
Among the blue chip gainers, Russian
metals group Polymetal was a top per-
former, up 1.7 per cent, with Nomura dou-
ble-upgrading its rating buy in a review
of the European gold sector.
Commodity shares and banks pull
FTSE below important 5,500 mark
BESTof theBROKERS
British Sky Broadcasting Group PLC
685
680
675
670
665
660
p
19Jun 20Jun 21Jun 22Jun 25Jun
656.00
25 Jun
BSKYB
Espirito Santos Giasone Salati has issued a buy rating on satellite TV
giant BSkyB and a fair value of 820p, up from 790p. Referencing a
propriety survey, the analyst believes that BSkyBs NOW TV product
could attract a potential 650,000 new users paying 10 per month.
Espirito Santo also points towards the potential for a profitable roll-out
of fibre-based products if the firm can cut a deal with BT.
FTSE
5,600
5,625
5,475
5,450
5,500
5,550
5,575
5,525
5,450.65
25 Jun
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
NEW YORK
REPORT
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
in association with
Carnival PLC
2,325
2,300
2,275
2,250
2,225
2,200
2,175
p
2,154.00
25 Jun
CARNIVAL
Investecs James Hollins has substantially increased the target price for
cruise operator Carnival from 2,500p to 3,000p, calling the stock a key
sector pick. The holiday firm has recovered from the loss of its Costa
Concordia ship to benefit from reduced fuel costs and better-than-
expected bookings in the wake of Januarys disaster. Hollins says
investors should back a firm with an exceptional market position.
SABMiller PLC
2,560
2,540
2,520
2,500
2,480
2,460
p
2,462.5
25 Jun
SABMILLER
Liberum Capitals Pablo Zuanic has downgraded the brewing giant to
sell on the basis that its valuation premium against its peers is
unwarranted. The firm also cut its price target by 10 per cent to 2,250p.
Now that the likelihood of a takeover bid from Anheuser-Busch InBev
appears to have decreased, the broker feels that it is time to sell
especially given unexciting full year guidance.
W
HEN Paul Krugman
the spirited New York
Times columnist was
in London recently, he
accused the coalition of
having a hidden agenda. Krugman
believes that many British
politicians want a smaller state,
and are using the recession as an
excuse to bring one about. But
Krugman is wrong. Its the anti-
austerians who arent being
honest.
There is nothing hidden about
the coalitions plans, with its
overarching rhetoric of fiscal
conservatism. The coalition has
identified the profligacy of the
Gordon Brown years as a key
reason for the present weaknesses
T
HE Government has got High
Speed Two (HS2) wrong. As one
of the architects of Britains
first high speed railway, HS1
connecting London with the
Channel Tunnel I am in a unique
position to write this. Whatever the
truth behind the rumours and
denials that the project is to be
abandoned, the focus must now shift
to how a high speed rail network can
save the vision of delivering a viable,
affordable and integrated railway.
The success of what is now High
Speed One (HS1) comes from our adop-
tion of what became known as the
Kent Principles, which guided our
decision to choose the route for the
railway. In seeking an appropriate bal-
ance between speed, cost and environ-
mental impact, we twinned the new
line with motorway corridors wherev-
er possible, minimised crossings of
areas of outstanding natural beauty,
and tunnelled through urban areas
below existing transport corridors.
We also connected the high speed
with the classic rail network to enable
through running of regional services,
AMSTER DAM
*Subject to terms, conditions and availability. Price valid as of 26 June. Based on one-way fare from London City Airport to Amsterdam, inclusive of taxes, one 23kg bag and complimentary infight service. Book at c
cityam.com/forum
Competitors gaze in
astonishment as we
condemn Heathrow to
increasing isolation
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.
22
MARK BOSTOCK
It is crazy that high speed rail will
fail to integrate with our airports
and provided intermediate stations to
maximise benefits to areas affected by
the new line. As it stands, HS2 simply
ignores these clear principles. Instead
it adopts the same discredited engi-
neering-led solution pursued by
British Rail in the 1980s, until our suc-
cessful private sector challenge led to
the current HS1 route.
HS2 was flawed from the start, driv-
en by the perceived need for a straight
line between London and
Birmingham to maximise speed an
unprecedented 400 kilometres per
hour and a predetermined new sta-
tion at Old Oak Common in west
London.
Subsequently, a bad scheme has
been made worse. The incoming coali-
tion required HS2 to connect with
HS1 and Heathrow two vital links
inexplicably missing from the origi-
nal proposal. However, rather than a
proper reassessment, substandard
retrofits are proposed: a single-track
connection between HS2 and HS1,
shared with the already congested
North London Line; and a branch line
to Heathrow. While the former is pro-
posed to be included in phase one, the
latter is left to phase two (perhaps by
the 2030s, if a viable business case can
be made).
Our European competitors gaze in
astonishment as we condemn
Heathrow the worlds busiest inter-
national airport, and undoubtedly the
one most in need of an integrated
transport strategy to increasing iso-
lation. By perpetuating a rail-centric
silo approach, HS2 prevents high-
speed rail from replacing short-haul
flights releasing much needed capaci-
ty and resilience at Heathrow. HS2 not
only ignores the experience of HS1,
but also the proven success of inte-
grating aviation and rail strategy, as
seen at Schiphol, Frankfurt and
Charles de Gaulle.
When we challenged British Rails
proposals all those years ago, the gov-
ernment rightly concluded that a
proper assessment of all route options
was required to allow the costs and
benefits of each to be determined.
This has simply not happened with
HS2. It is extraordinary that the gov-
ernment should have determined its
choice of alignment for HS2 before
consultation even starts on the UKs
aviation strategy. They are insepara-
ble. Unless they are matched, HS2 will
remain a project under siege.
The flaws in the current silo
approach to air and rail are clear. If
Heathrow is ultimately replaced by a
new airport to the east of London, it is
unimaginable that it should rely on
the proposed single-track HS2-HS1 rail
link to connect with the UKs regions.
Alternatively, if Heathrow is to remain
the UKs hub airport, where is the
logic in HS2 bypassing the airport by
less than 10 miles?
Heathrow is a critical economic
asset and HS2 is the largest public
investment ever contemplated in a
single project. These facts alone
should give government pause for
thought. It is simply essential to the
UKs economic prosperity that we
urgently develop a sustainable inte-
grated transport strategy, and aban-
don, once and for all, the disastrous
silo planning which has condemned
the UK to increasingly substandard
infrastructure.
Mark Bostock was project leader for
Arups initiative to secure the right line for
the Channel Tunnel rail link now HS1. He
is a consultant to Heathrow Hub, which pro-
poses an alternative route for HS2, which
directly connects with Heathrow and follows
existing transport corridors.
in the economy. Whether they are
right or wrong, they are clear
about their desire to balance the
books. In 2009-10 the budget
deficit was 11.1 per cent of GDP; in
2011-12 it is due to be 8.3 per cent
of GDP, falling to 1.1 per cent in
2016-17.
If anything, the coalitions
dishonesty lies in the opposite
direction. These deficit figures are
driven more by optimistic GDP
forecasts than they are by planned
cuts in government spending.
Indeed, in recent years the
government has acted as though
under the command of a textbook
Keynesian.
A stimulus is defined as a tempo-
rary boost in government spending
that is then unwound at a later
date. Public sector employment
spiked when fiscal stimulus was
adopted in 2008/2009. The fall in
public sector employment which
has been offset by an increase in
private sector employment over the
same period only takes us back to
2008 levels.
There is evidence that the
stimulus didnt work, because the
temporary boost did not generate a
rebound. Indeed, the only way you
can defend the stimulus is by
claiming that it was too temporary
(or indeed too small).
Every economist knows that for
every fiscal loosening there must
be a tightening. And herein lies
the irony if advocates think that
getting back to the pre-stimulus
level is a mistake, then this
suggests that a temporary boost
was never their intention.
As Milton Friedman said,
nothing is so permanent as a
temporary government
programme. The anti-austerians
arent seeking to fine-tune the
economy they are using the cover
of a fiscal stimulus to try to
permanently increase the size of
the public sector.
Anthony J. Evans is associate professor
of economics at ESCP Europe Business
School.
www.anthonyjevans.com
Twitter: @anthonyjevans
FRONTLINE
ECONOMICS
ANTHONY J. EVANS
Anti-austerians dont want a temporary stimulus they want a bigger state
Total public sector employment
2003 2005 2007 2009 2011
6,400
6,300
6,200
6,100
6,000
5,900
5,800
5,700
MN QUICK
cityjet.com
It takes no time to
y from City Airport.
From 70
*
one way.
23
A perfect IT storm
[Re: Customers should vote with their feet
to punish bad service, yesterday]
NatWest has blamed a failed IT upgrade for
upending its systems and leaving customers
inconvenienced and angry. Many will
complain about a failure to reward IT staff,
inappropriate offshoring or a lack of
concern for customer service. But what will
we do about it? British savers can move
accounts, of course. But well all have to pay
for NatWests IT debacle through our
ownership, as taxpayers, of RBS. Perhaps
this is a single, solvable IT problem. But it
highlights a wider issue that our banks are
not nimble in the face of crisis, and
consumers are prevented by the system
from punishing them for their sloth.
Paul Koslow
Conserve to grow
[Re: Brics defended us from anti-growth
greens at Rio+20, yesterday]
Alan Oxley says that todays reality is that
environmental protection must not be at
the cost of growth. This is a short-sighted
and dangerous distinction. To grow, the
world needs raw materials like hardwoods,
oil and minerals and these are finite. Our
energy needs are predicted to grow by 50
per cent by 2035, and water demand by 50
per cent by 2050. So unless we work to
protect the bare essentials, there will be
little business to be done, and what there is
will be unfair and unsustainable. That is
todays reality, and business leaders and
governments must address it today.
FionaNapier, associatedirector at Global
Witness
T
ENNIS is one of Britains
greatest inventions. It was
codified in the nineteenth
century and exported all over
the world. Yet, while many of
us love the strawberries and cream
side of Wimbledon, the undoubted
financial success of the tournament
has failed to produce a British
champion since 1936. And more
importantly, it has failed to arrest
the long-term decline in amateur
participation in the game.
It is a staggering paradox that last
year the Lawn Tennis Association
(LTA) the sports national govern-
ing body posted record revenues of
69m while, according to Sport
England, the number of people play-
ing tennis once a week hit a new low
of 375,800. This is a 30 per cent drop
since 2009.
It wasnt always this way. The gold-
en age of British tennis in both per-
formance and participation was
the 1930s. At this time there were
around four times as many courts,
1,000 more clubs and three times as
many people playing on a regular
basis. This was the environment that
made it possible for Fred Perry, and
many others from relatively ordi-
nary backgrounds, to reach the top.
With the huge rise in land values,
many tennis courts have been devel-
oped into car parks and housing
estates. While the membership club
system fails to garner enough mem-
bers to create a sufficient pool of
competitive depth in skill.
So today, a professionals formative
years have to be in Spain or Florida
the two world capitals of profession-
al tennis. It is no accident that
Britains top player, Andy Murray,
was made in Barcelona, where he
moved when he was 15. In Spain, he
was surrounded by other top junior
players from all over the world.
The LTAs current professional
TOP TWEETS
Customer service is a serious issue in the UK,
from banks to retailers. Businesses must do
more to build relationships with customers.
@market_mad
Believe it or not, alcohol and bikinis dont
figure in the top 10 worries of the Arab
people. We should talk about jobs.
@anasaltikriti
So RBS, how is nationalisation working out
for you? Happier customers?
@DanHannanMEP
Now England is out of UEFA 2012, we can
focus on other aspects of British summer.
Like disappointment at Wimbledon.
@domjoly
After the Muslim Brotherhood won Egypts
presidency, should liberals be concerned?
YES
Although the Muslim Brotherhood stated that it will support and
defend civil and minority rights, it remains to be seen whether this
will happen in practice. The first test will come over the formation of
a new government and whether Freedom and Justice, the
Brotherhoods party, will reach out to all sectors of society. There is
growing concern among Copts that they may be subject to
increased restrictions and even special taxes. More worryingly, the
Islamist-dominated parliament has debated measures that appear
to attack womens rights, including reducing the marriage age for
women to 14, and restricting a womans right to end abusive and
unhappy marriages. There have also been calls for women to dress
modestly in public, particularly in tourist hot spots. The tourism
sector has expressed concern, given the negative impact that this
could have on Egypts main source of foreign currency revenue.
Samer Libdeh is senior research fellow at the Henry Jackson Society.
Samer Libdeh
NO
Shashank Joshi
The Muslim Brotherhood is not our friend. We do not share its values
on the rights of women or religious minorities, or on foreign policy.
But it is a peaceful group, with little interest in recreating Iran-style
theocracy or sheltering terrorists. Despite facing rigged elections
and blatant repression, it abandoned violence decades ago. Its
members have been running for elections since 1985. Since then, the
party has learnt that voters want to focus on growth and inflation,
not just criticism of Israel. A new generation of pragmatists and
young reformers is attempting to moderate its position, and the
tussle of party politics will surely accelerate that process. Above all,
even if the Brotherhood did attempt to overreach, there remains a
large and powerful army breathing down its neck. All it has won this
week is an emasculated and mostly symbolic presidency.
Shashank Joshi is a research fellow at the Royal United Services
Institute.
RAPIDresponses
Tennis is booming
financially but
the cash is wasted
coaching budget should be reduced
by 90 per cent to 1.3m. The remain-
ing funds should be used to finance
much cheaper and more effective
four month summer camps for the
100 best juniors in Florida and Spain,
where there are many tournaments
and skills-compatible players.
Instead of focusing on the top of
the game, the chief question for
British tennis must be: how do we
boost amateur participation at the
least possible cost, with the highest
possible outcome of active players?
The answer is simple by lowering
the barriers to entry for those who
have never played tennis before. That
means using the money to fund
more free programmes that provide
rackets, balls, coaching and competi-
tions on free public courts and in
schools throughout the country.
The Wimbledon tennis champi-
onships have become a resource
curse for British tennis. This free sup-
ply of capital has subsidised the top
of the game. The All England Club
the private members club that hosts
the Wimbledon championships
should open up the surplus from the
tournament to competing tennis
organisations that rival the LTA.
The LTA still believes it can create
champions from the top down. But
champions emerge randomly, from
all over the world, and never by cen-
tral planning.
Dan Lewis is chief executive of the
Economic Policy Centre (EPC) and is
author of Rethinking Tennis for the Big
Society.
DAN LEWIS
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24
MARKETS
cityam.com
LON GD ONCE FIX AM..................................1569.00 -1.50
SILVERLDN FIX AM.........................................26.97 0.29
MAPLE LEAF 1 OZ............................................29.50 0.50
LON PLATINUM AM......................................1436.00 2.00
LON PALLADIUM AM....................................609.00 -1.00
ALUMINIUM CASH.......................................1823.00 -18.00
COPPER CASH.............................................7319.00 -106.50
LEAD CASH..................................................1791.00 -50.00
NICKEL CASH.............................................16265.00 -510.00
TIN CASH...................................................18350.00 -840.00
ZINC CASH...................................................1798.50 -48.50
BRENT SPOT INDEX ........................................90.45 -0.90
SOYA...........................................................1442.50 4.00
COCOA........................................................2094.00 -36.00
COFFEE...........................................................155.15 -2.60
KRUG ..........................................................1629.30 9.10
WHEAT...........................................................167.75 6.12
AIR LIQUIDE......................................................86.29 -1.57 92.79 73.38
ALLIANZ............................................................73.66 -2.09 98.60 56.16
ANHEUS-BUSCHINBEV.....................................56.75 1.12 57.51 33.85
ARCELORMITTAL .................................................11.37 -0.54 24.77 10.47
ASML HOLDING.................................................39.07 -0.66 41.44 21.22
AXA....................................................................9.70 -0.37 15.94 7.88
BANCO SANTANDER ...........................................4.78 -0.24 7.57 4.17
BASF SE.............................................................52.74 -1.35 69.80 42.19
BAYER...............................................................52.97 0.10 58.64 35.36
BBVA ..................................................................5.07 -0.29 8.06 4.52
BMW................................................................54.94 -1.53 73.95 43.49
BNP PARIBAS....................................................27.78 -1.62 54.98 22.72
CARREFOUR......................................................14.02 -0.41 24.89 13.38
CRH PLC.............................................................13.45 -0.22 16.93 10.28
DAIMLER...........................................................33.88 -0.98 53.95 29.02
DANONE ...........................................................46.78 -0.94 54.96 41.92
DEUTSCHE BANK ...............................................27.37 -1.16 42.08 20.79
DEUTSCHE TELEKOM...........................................8.28 -0.19 10.94 7.69
E.ON ..................................................................15.37 -0.49 20.00 12.50
ENEL ...................................................................2.34 -0.08 4.53 2.23
ENI .....................................................................15.71 -0.42 18.72 11.83
ESSILOR INTERNAT............................................72.49 -1.20 75.52 46.89
FRANCE TELECOM................................................9.72 -0.29 14.73 9.45
GDF SUEZ...........................................................17.58 -0.09 25.44 15.62
GENERALI ASS. ...................................................9.75 -0.47 14.95 8.16
IBERDROLA.........................................................3.46 -0.17 5.88 3.03
INDITEX..............................................................77.21 0.32 78.50 52.20
ING GROEP CVA..................................................4.75 -0.30 8.72 4.21
INTESA SANPAOLO..............................................0.97 -0.07 1.92 0.85
KON.PHILIPS ELECTR.........................................15.09 0.03 18.06 12.01
L'OREAL.............................................................87.55 -1.34 94.80 68.83
LVMH................................................................114.10 -2.60 136.80 94.16
MUNICHRE .....................................................104.40 -1.30 118.35 77.80
NOKIA..................................................................1.71 -0.22 5.19 1.70
REPSOL YPF .......................................................11.50 -0.75 23.29 11.13
RWE.................................................................29.94 -0.99 39.24 21.15
SAINT-GOBAIN .................................................26.59 -0.96 45.38 25.77
SANOFI...............................................................57.31 -0.62 59.56 42.85
SAP ..................................................................45.05 -0.69 54.85 32.88
SCHNEIDER ELECTRIC .........................................41.10 -1.04 58.85 35.00
SIEMENS...........................................................64.07 -1.63 96.19 62.13
SOCIETE GENERALE............................................16.75 -1.05 42.64 14.32
TELEFONICA........................................................9.68 -0.47 16.61 8.81
TOTAL................................................................33.84 -0.58 42.97 29.40
UNIBAIL-RODAMCO SE.....................................138.70 -2.15 162.95 123.30
UNICREDIT..........................................................2.46 -0.23 10.13 2.20
UNILEVER CVA..................................................25.48 -0.21 27.16 20.96
VINCI.................................................................34.25 -0.67 44.79 28.46
VIVENDI.............................................................13.57 -0.44 18.61 12.02
VOLKSWAGEN VORZ........................................119.00 -2.15 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100. . . . . . . . . . . . . . . . . . . . . 5450.65 -63.04 -1.14
FTSE 250 INDEX . . . . . . . . . . . . . . . 10671.42 -152.44 -1.41
FTSE UK ALL SHARE . . . . . . . . . . . . 2828.05 -33.47 -1.17
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 663.62 -12.01 -1.78
DOWJONES INDUS 30 . . . . . . . . . 12502.66 -138.12 -1.09
S&P 500 . . . . . . . . . . . . . . . . . . . . . . 1313.72 -21.30 -1.60
NASDAQ COMPOSITE. . . . . . . . . . . . 2836.16 -56.26 -1.95
FTSEUROFIRST 300 . . . . . . . . . . . . . . 986.41 -15.48 -1.55
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 8734.62 -63.73 -0.72
DAX 30 PERFORMANCE. . . . . . . . . . 6132.39 -130.86 -2.09
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 3021.64 -69.26 -2.24
SHANGHAI SE INDEX . . . . . . . . . . . . 2224.11 -36.76 -1.63
HANG SENG. . . . . . . . . . . . . . . . . . 18897.45 -97.68 -0.51
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2437.80 -8.80 -0.36
ASX ALL ORDINARIES. . . . . . . . . . . 4072.00 -21.80 -0.53
BOVESPA SAO PAOLO . . . . . . . . . . . 53811.85 -1627.65 -2.94
ISEQ OVERALL INDEX. . . . . . . . . . . . 3017.67 -24.09 -0.79
STRAITS TIMES. . . . . . . . . . . . . . . . . 2815.26 -12.83 -0.45
IGBM . . . . . . . . . . . . . . . . . . . . . . . . 670.00 -26.18 -3.76
SWISS MARKET INDEX . . . . . . . . . . 5944.48 -44.85 -0.75
Price Chg %chg
3M....................................................................85.85 -0.98 98.19 68.63
ABBOTT LABS....................................................62.12 -0.20 63.20 46.29
ALCOA ................................................................8.39 -0.23 16.60 8.21
ALTRIA GROUP..................................................33.72 -0.15 34.12 23.20
AMAZON.COM.................................................220.07 -2.09 246.71 166.97
AMERICAN EXPRESS ........................................56.05 -0.74 61.42 41.30
APPLE.............................................................570.77 -11.34 644.00 318.12
AT&T.................................................................34.95 -0.22 36.00 27.29
BANK OF AMERICA.............................................7.60 -0.34 11.25 4.92
BOEING CO........................................................71.05 -0.91 77.83 56.01
BRISTOL MYERS SQUI ........................................34.13 -1.23 35.44 25.69
CATERPILLAR....................................................82.89 -2.07 116.95 67.54
CHEVRON.........................................................99.08 -1.36 112.28 86.68
CISCO SYSTEMS.................................................16.94 -0.20 21.30 13.30
CITIGROUP........................................................26.75 -1.24 43.06 21.40
COCA-COLA .......................................................74.77 -0.17 77.82 63.34
COMCAST CLASS A............................................30.33 -0.51 31.65 19.19
CONOCOPHILLIPS .............................................52.96 -0.45 80.13 50.62
CVS/CAREMARK...............................................45.20 -0.70 46.42 31.30
DU PONT(EI) DE NMR.......................................49.29 -0.67 57.50 37.10
EXXON MOBIL....................................................81.24 -0.87 87.94 63.47
GENERAL ELECTRIC............................................19.52 -0.29 21.00 14.02
GOOGLE A......................................................560.70 -10.78 670.25 473.02
HEWLETT PACKARD...........................................19.55 -0.83 37.70 19.47
HOME DEPOT.....................................................51.52 -0.50 53.28 28.13
IBM.................................................................192.86 -0.84 210.69 157.13
INTEL CORP......................................................26.05 -0.89 29.27 19.16
J.P.MORGAN CHASE ..........................................35.32 -0.67 46.49 27.85
JOHNSON & JOHNSON.....................................66.50 -0.13 68.05 55.76
KRAFT FOODS A ................................................38.61 -0.24 39.99 31.88
MC DONALD'S CORP..........................................88.12 -0.23 102.22 81.40
MERCK AND CO. NEW.......................................39.79 -0.40 40.31 29.47
MICROSOFT.......................................................29.87 -0.84 32.95 23.79
OCCID. PETROLEUM...........................................77.33 -2.16 109.08 66.36
ORACLE CORP ...................................................27.62 -0.38 34.13 24.72
PEPSICO............................................................68.61 -0.09 70.75 58.50
PFIZER..............................................................22.47 -0.26 23.30 16.63
PHILIP MORRIS INTL.........................................83.99 -2.02 91.05 60.45
PROCTER AND GAMBLE.....................................59.31 -0.52 67.95 57.56
QUALCOMM INC................................................53.56 -2.09 68.87 45.98
SCHLUMBERGER..............................................60.06 -1.50 95.53 54.79
TRAVELERS CIES................................................62.15 -1.20 65.27 45.97
UNITED TECHNOLOGIE.......................................73.75 -1.45 91.83 66.87
UNITEDHEALTH GROUP.....................................57.69 -1.38 60.75 41.27
US BANCORP DELAWRE.....................................31.16 -0.56 32.98 20.10
VERIZON COMMS..............................................43.65 -0.30 44.14 32.28
VISA CL A.........................................................121.27 -3.68 125.35 73.11
WAL-MART STORES...........................................68.18 0.88 68.66 48.31
WALT DISNEY CO..............................................46.70 -0.77 48.00 28.19
WELLS FARGO & CO..........................................32.23 -0.59 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight ................................0.261 0.00
LIBOR Euro - 12 months ................................1.188 0.00
LIBOR USD - overnight.................................0.166 0.00
LIBOR USD - 12 months................................1.066 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield .....................................2.680 -0.08
European repo rate......................................0.146 0.00
Euro Euribor.................................................0.323 0.00
The vix index.................................................21.17 3.06
The baltic dry index.....................................978.0 0.00
Markit iBoxx ................................................251.19 0.72
Markit iTraxx ...............................................168.81 -0.79
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .279.6 -6.9 333.0 248.1
Chemring Group . . . . . .293.3 -11.8 640.0 291.5
Cobham . . . . . . . . . . . .225.0 -1.9 239.5 165.9
Meggitt . . . . . . . . . . . . .368.1 -2.7 413.5 304.9
QinetiQ Group . . . . . . . .151.8 -1.7 159.3 101.5
Rolls-Royce Holdi . . . . .839.5 -3.0 860.5 557.5
Senior . . . . . . . . . . . . . .190.0 -0.6 213.0 135.6
Ultra Electronics . . . . . .1581.0 -17.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .174.5 -4.9 245.0 157.0
Bank of Georgia H . . .1009.0 5.0 1120.0 929.8
Barclays . . . . . . . . . . . . .194.3 -6.5 265.6 138.9
HSBC Holdings . . . . . . .558.3 -4.0 629.1 463.5
Lloyds Banking Gr . . . . .30.4 -1.0 50.8 21.8
Royal Bank of Sco . . . . .236.8 -6.4 396.9 173.4
Standard Chartere . . . .1354.5 -31.5 1672.0 1169.5
Barr (A.G.) . . . . . . . . . . .419.0 -15.1 441.3 343.7
Britvic . . . . . . . . . . . . . .322.8 -6.3 399.5 289.9
Diageo . . . . . . . . . . . . .1587.0 -7.0 1614.5 1112.0
SABMiller . . . . . . . . . . .2462.5 -41.5 2660.0 1979.0
AZ Electronic Mat . . . . .282.4 -6.5 323.5 206.1
Croda Internation . . . .2125.0 -47.0 2316.0 1597.0
Elementis . . . . . . . . . . . .187.9 -2.0 211.8 107.5
Johnson Matthey . . . .2158.0 -52.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1266.0 -2.0 1590.0 1025.0
Yule Catto & Co . . . . . . . .181.5 -5.5 253.0 148.0
/$ 1.2504 0.0046
/ 0.8030 0.0014
/ 99.46 1.1849
/ 1.2452 0.0021
/$ 1.5568 0.0031
/ 123.88 1.2327
FTSE 100
5450.65
63.04
FTSE 250
10671.42
152.44
FTSE ALL SHARE
2828.05
33.47
DOW
12502.66
138.12
NASDAQ
2836.16
56.26
S&P500
1313.72
21.30
Brown (N.) Group . . . . .247.6 -0.1 291.0 222.4
Carpetright . . . . . . . . . .653.5 -15.5 728.5 375.0
Debenhams . . . . . . . . . . .81.7 -1.0 85.5 51.2
Dignity . . . . . . . . . . . . .803.5 -8.5 868.0 727.0
Dixons Retail . . . . . . . . . .17.5 0.2 19.6 9.4
DunelmGroup . . . . . . .491.0 1.0 533.0 389.0
Halfords Group . . . . . . .234.3 -17.4 402.4 234.1
Home Retail Group . . . . .81.0 -1.9 165.7 69.2
Inchcape . . . . . . . . . . . .334.6 -5.7 425.4 268.1
JD Sports Fashion . . . . .630.0 -29.5 1030.0 570.0
Kingsher . . . . . . . . . . .280.5 -0.8 313.8 217.0
Marks & Spencer G . . . .322.9 -3.9 389.5 301.8
Next . . . . . . . . . . . . . . .3180.0 3.0 3199.0 2153.0
Sports Direct Int . . . . . .298.1 -6.7 315.6 190.0
Ted Baker . . . . . . . . . . .900.0 -3.5 928.5 633.0
WHSmith . . . . . . . . . . .514.5 -3.5 559.0 451.6
NMC Health . . . . . . . . . .194.9 0.9 230.0 194.0
Smith & Nephew . . . . . .617.5 -2.5 686.5 521.0
Synergy Health . . . . . . .901.5 0.0 981.0 762.5
Barratt Developme . . . .133.7 -2.0 151.5 67.5
Bellway . . . . . . . . . . . . .777.5 -9.0 859.5 540.5
Berkeley Group Ho . . .1325.0 -10.0 1414.0 1025.0
Bovis Homes Group . . .448.9 -4.7 518.5 326.5
Balfour Beatty . . . . . . .288.7 -0.8 323.8 214.6
CRH . . . . . . . . . . . . . . .1078.0 -20.0 1547.0 1052.0
Galliford Try . . . . . . . . .599.0 -2.5 653.0 383.8
Kier Group . . . . . . . . . .1225.0 -26.0 1489.0 1095.0
Drax Group . . . . . . . . . .560.5 -5.5 581.5 453.0
SSE . . . . . . . . . . . . . . . .1369.0 -7.0 1423.0 1193.0
Domino Printing S . . . .509.0 -26.0 701.5 434.3
Halma . . . . . . . . . . . . . .415.2 4.9 429.6 306.3
Laird . . . . . . . . . . . . . . . .189.9 -5.6 222.0 128.5
Morgan Crucible C . . . . .271.5 -10.0 360.0 224.0
Oxford Instrument . . . .1211.0 -26.0 1285.0 714.0
Renishaw . . . . . . . . . . .1386.0 -19.0 1886.0 800.0
Spectris . . . . . . . . . . . .1498.0 -12.0 1902.0 1039.0
Aberforth Smaller . . . .562.5 -1.0 714.0 494.0
Alliance Trust . . . . . . . . .341.3 -3.8 392.7 310.2
Bankers Inv Trust . . . . .393.0 -8.0 433.8 346.5
BH Global Ltd. GB . . . . .1139.0 -5.5 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.3 -0.2 12.2 10.8
BH Macro Ltd. EUR . . . . . .18.9 0.0 20.2 16.9
BH Macro Ltd. GBP . . .1920.0 0.0 2078.0 1745.0
BH Macro Ltd. USD . . . . . .18.7 -0.0 20.2 16.8
BlackRock World M . . . .557.5 -7.5 782.0 552.5
BlueCrest AllBlue . . . . .166.0 0.2 174.1 160.5
British Assets Tr . . . . . . .112.5 -1.1 137.6 109.0
British Empire Se . . . . .400.3 -4.7 530.0 386.6
Caledonia Investm . . .1398.0 -21.0 1780.0 1237.0
City of London In . . . . . .287.0 -3.0 306.9 257.0
Dexion Absolute L . . . . .132.9 -0.7 146.5 130.0
Edinburgh Dragon . . . .226.0 -2.8 253.1 201.4
Edinburgh Inv Tru . . . . .477.3 -0.7 504.0 422.5
Electra Private E . . . . . .1610.0 -20.0 1740.0 1287.0
Fidelity China Sp . . . . . . .72.7 -0.8 102.9 70.0
Fidelity European . . . .1045.0 -15.0 1280.0 912.0
Foreign and Colon . . . .289.5 -2.2 327.9 261.5
Herald Inv Trust . . . . . .468.0 2.0 545.5 419.0
HICL Infrastructu . . . . . .119.5 -0.5 123.6 112.7
John Laing Infras . . . . .108.4 0.5 110.6 103.8
JPMorgan American . . .855.0 -7.5 965.5 721.5
JPMorgan Asian In . . . .170.0 -3.0 243.9 170.0
JPMorgan Emerging . . .511.0 -6.0 610.5 480.1
JPMorgan Indian I . . . . .318.0 0.0 437.0 303.4
LawDebenture Cor . . . .363.0 -5.0 398.7 323.0
Mercantile Invest . . . . .935.0 -8.5 1090.0 823.0
Merchants Trust . . . . . .356.5 -3.5 427.7 341.5
Monks Inv Trust . . . . . . .314.4 -2.1 357.4 298.1
Murray Income Tru . . . .622.0 -6.0 674.0 568.0
Murray Internatio . . . . .951.0 -13.5 1012.0 818.5
NB Global Floatin . . . . . .97.2 -0.7 103.0 92.5
Perpetual Income . . . .259.5 -0.7 273.8 236.5
Personal Assets T . . .33900.0 -60.036000.032001.0
Polar Capital Tec . . . . . .355.6 -4.5 404.0 299.5
RIT Capital Partn . . . . .1230.0 -15.0 1360.0 1096.0
Scottish Inv Trus . . . . . .444.0 -5.5 524.0 417.0
Scottish Mortgage . . . .642.0 -8.0 781.0 565.0
SVG Capital . . . . . . . . . .279.5 -2.5 295.5 165.1
Temple Bar Inv Tr . . . . .874.5 -6.5 970.0 791.0
Templeton Emergin . . .514.5 -10.0 678.5 497.0
TRProperty Inv T . . . . . .143.5 -3.4 206.1 136.2
TRProperty Inv T . . . . . .62.5 -1.5 94.0 59.8
Utilico Emerging . . . . . .161.1 -1.2 169.5 133.8
Witan Inv Trust . . . . . . .439.5 -7.2 533.0 401.5
3i Group . . . . . . . . . . . . .181.7 -2.3 292.1 166.9
3i Infrastructure . . . . . . .120.1 0.1 128.0 115.6
Aberdeen Asset Ma . . .246.9 -7.2 283.8 167.8
Ashmore Group . . . . . .334.0 -5.8 420.0 306.4
Brewin Dolphin Ho . . . .139.0 -1.0 177.0 113.7
Camellia . . . . . . . . . . .9600.0 30.0 10603.0 8800.0
Charles Taylor . . . . . . . .153.5 3.5 160.0 115.6
City of London Gr . . . . . .73.0 0.0 80.5 61.3
City of London In . . . . . .319.9 -5.3 440.0 304.3
Close Brothers Gr . . . . .736.0 0.5 812.0 590.0
F&C Asset Managem . . . .81.2 -1.2 83.9 56.1
Hargreaves Lansdo . . . .513.0 12.0 629.5 402.5
Helphire Group . . . . . . . . . .1.1 0.0 4.0 1.0
Henderson Group . . . . .96.0 -2.8 163.7 92.9
Highway Capital . . . . . . .14.0 0.0 19.5 12.0
ICAP . . . . . . . . . . . . . . . .357.0 -15.0 498.8 311.6
IG Group Holdings . . . . .477.3 -4.7 502.5 393.6
Intermediate Capi . . . . .259.7 -8.6 338.4 197.9
International Per . . . . .238.3 -18.2 388.8 148.5
International Pub . . . . . .117.9 0.5 121.6 112.6
Investec . . . . . . . . . . . .364.6 -5.2 522.0 310.4
Jupiter Fund Mana . . . .210.8 -2.2 260.2 184.9
Liontrust Asset M . . . . . .92.5 -2.5 125.0 57.9
LMS Capital . . . . . . . . . . .67.3 2.3 67.3 54.0
London Finance & . . . . .19.5 0.0 23.5 18.0
London Stock Exch . . . .976.0 -9.5 1093.0 756.5
Lonrho . . . . . . . . . . . . . . . .7.5 -0.4 18.0 7.3
Man Group . . . . . . . . . . .74.9 -1.7 259.6 69.2
Paragon Group Of . . . .166.5 -2.7 200.7 134.6
Provident Financi . . . . .1191.0 1.0 1204.0 915.0
Rathbone Brothers . . .1220.0 -5.0 1351.0 977.0
Real Estate Credi . . . . . . .86.5 -0.3 143.0 79.5
Record . . . . . . . . . . . . . . .16.8 -0.6 33.5 9.8
RSM Tenon Group . . . . . . .5.7 0.7 31.5 4.8
S & U . . . . . . . . . . . . . . .835.0 5.0 855.0 547.5
Schroders . . . . . . . . . .1296.0 -16.0 1665.0 1166.0
Tullett Prebon . . . . . . . .292.2 -4.7 386.4 262.3
Walker Crips Grou . . . . .36.0 -3.5 51.5 36.0
BT Group . . . . . . . . . . . .201.0 -4.0 232.1 161.0
Cable & Wireless . . . . . .29.3 -0.0 45.2 27.3
Cable & Wireless . . . . . .37.8 -0.1 52.5 14.2
COLT Group SA . . . . . . . .121.9 -0.9 143.7 84.1
KCOM Group . . . . . . . . . . .71.5 -1.5 84.0 65.6
TalkTalk Telecom . . . . .176.9 -1.9 180.4 118.9
TelecomPlus . . . . . . . .830.0 2.5 838.5 550.0
Booker Group . . . . . . . . .89.9 0.3 90.4 66.2
Greggs . . . . . . . . . . . . .486.7 -3.8 558.0 445.0
Morrison (Wm) Sup . . .264.8 -3.6 328.0 260.5
Ocado Group . . . . . . . . .108.1 0.8 198.2 52.9
Sainsbury (J) . . . . . . . . .293.8 0.2 334.2 263.5
Tesco . . . . . . . . . . . . . . .309.2 -2.4 411.5 297.1
Associated Britis . . . . .1235.0 1.0 1242.0 977.0
Cranswick . . . . . . . . . . .807.5 -7.5 841.0 588.5
Dairy Crest Group . . . . .324.7 -4.2 387.1 290.4
Devro . . . . . . . . . . . . . .304.5 -8.2 332.2 232.0
Tate & Lyle . . . . . . . . . . .635.0 -1.5 720.5 544.5
Unilever . . . . . . . . . . . .2071.0 -22.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .534.5 -10.5 664.0 413.5
Centrica . . . . . . . . . . . . .308.6 1.5 330.3 278.8
International Pow . . . . .417.6 0.3 419.4 279.4
National Grid . . . . . . . . .661.0 2.5 684.5 569.0
Pennon Group . . . . . . .749.0 -8.5 759.0 623.5
Severn Trent . . . . . . . . .1610.0 4.0 1796.0 1388.0
United Utilities . . . . . . .647.0 1.0 680.5 560.0
Cookson Group . . . . . .600.0 -13.5 747.5 395.8
Rexam. . . . . . . . . . . . . .402.5 -3.0 438.0 299.8
RPC Group . . . . . . . . . . .374.8 -3.8 397.0 300.5
Smith (DS) . . . . . . . . . . .133.2 -4.2 183.7 113.3
Smiths Group . . . . . . .1002.0 -15.0 1212.0 869.5
Price Chg High Low
Persimmon . . . . . . . . . .589.0 -14.5 706.5 374.0
Reckitt Benckiser . . . .3369.0 -63.0 3660.0 3100.0
Redrow . . . . . . . . . . . . . .113.6 -4.7 126.0 90.2
Taylor Wimpey . . . . . . . .45.8 -1.6 52.8 28.7
Bodycote . . . . . . . . . . . .324.3 -10.4 437.1 225.6
Fenner . . . . . . . . . . . . . .343.1 -14.9 483.7 280.0
IMI . . . . . . . . . . . . . . . . .821.0 -27.5 1119.0 636.5
Melrose . . . . . . . . . . . . .360.7 -3.8 441.6 268.0
Rotork . . . . . . . . . . . . .1859.0 -1.0 2260.0 1501.0
Spirax-Sarco Engi . . . .1929.0 -60.0 2334.0 1649.0
Weir Group . . . . . . . . .1432.0 -28.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .254.7 -13.5 460.5 253.9
Ferrexpo . . . . . . . . . . . .203.1 -9.1 495.3 179.4
Talvivaara Mining . . . . .160.3 -11.9 465.0 129.0
BBA Aviation . . . . . . . . .196.0 -2.6 222.4 156.0
Stobart Group Ltd . . . . . .117.6 1.1 145.0 110.3
Admiral Group . . . . . . .1149.0 -9.0 1673.0 787.0
Amlin . . . . . . . . . . . . . .344.3 -1.8 417.9 270.6
Beazley . . . . . . . . . . . . .132.5 -3.4 151.8 109.6
Catlin Group Ltd. . . . . . .415.0 -5.9 449.0 337.0
Hiscox Ltd. . . . . . . . . . . .417.0 -2.5 424.3 340.5
Johnston Press . . . . . . . . .5.0 -0.3 7.9 4.1
MecomGroup . . . . . . . . .69.0 1.0 242.0 65.0
Moneysupermarket. . . .122.0 -1.2 135.9 93.4
Pearson . . . . . . . . . . . .1204.0 1.0 1255.0 1038.0
PerformGroup . . . . . . .381.0 -4.0 390.0 150.0
Reed Elsevier . . . . . . . . .486.1 -1.9 578.0 461.3
Rightmove . . . . . . . . . .1527.0 -12.0 1600.0 1058.0
STV Group . . . . . . . . . . . .92.0 0.0 128.8 76.3
Tarsus Group . . . . . . . . .149.5 -1.0 165.0 119.5
Trinity Mirror . . . . . . . . . .25.8 -1.0 54.3 25.5
UBM . . . . . . . . . . . . . . . .552.5 -8.5 641.5 416.0
UTVMedia . . . . . . . . . . .148.0 2.5 159.5 92.5
Wilmington Group . . . . .86.5 -0.1 119.3 78.5
WPP . . . . . . . . . . . . . . . .743.0 -20.0 880.0 578.0
Yell Group . . . . . . . . . . . . .1.3 -0.1 11.0 1.2
African Barrick G . . . . . .392.5 0.5 616.5 309.8
Anglo American . . . . .2009.5 -56.0 3181.0 1955.5
Antofagasta . . . . . . . .1035.0 -11.0 1491.0 900.5
Aquarius Platinum . . . . .49.0 -1.2 322.6 48.7
Avocet Mining . . . . . . . .154.0 -6.1 286.8 143.3
BHP Billiton . . . . . . . . .1726.0 -44.0 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .318.5 -5.4 1158.0 312.5
Centamin (DI) . . . . . . . . .68.9 4.3 141.5 60.7
Eurasian Natural . . . . .400.0 -14.3 815.0 390.8
Fresnillo . . . . . . . . . . . .1418.0 0.0 2150.0 1307.0
Jardine Lloyd Tho . . . . .699.0 -3.5 764.5 576.0
Lancashire Holdin . . . . .774.5 -7.5 825.0 620.0
RSA Insurance Gro . . . .104.4 -1.3 137.9 97.7
Aviva . . . . . . . . . . . . . . .263.2 -11.4 446.3 255.3
Legal & General G . . . . .120.4 -1.1 135.0 89.8
Old Mutual . . . . . . . . . . .153.7 -1.0 188.1 112.1
Phoenix Group Hol . . . .453.1 -31.5 610.0 405.3
Prudential . . . . . . . . . . .712.0 -16.5 797.5 509.0
Resolution Ltd. . . . . . . .196.3 -3.7 300.0 192.4
St James's Place . . . . . .319.6 -10.6 376.0 294.0
Standard Life . . . . . . . . .223.5 -3.0 250.7 172.0
4Imprint Group . . . . . . .291.5 -1.0 312.5 200.0
Aegis Group . . . . . . . . . .153.3 -3.7 187.4 115.7
Bloomsbury Publis . . . .113.5 -0.6 133.0 91.3
British Sky Broad . . . . .656.0 -9.5 850.0 618.5
Centaur Media . . . . . . . .35.0 -2.5 53.3 28.5
Chime Communicati . . .151.3 -1.3 285.5 143.0
Creston . . . . . . . . . . . . . .55.0 0.0 117.5 47.0
Euromoney Institu . . . .708.0 -24.5 828.0 522.5
Future . . . . . . . . . . . . . . .12.8 0.5 18.8 8.3
Haynes Publishing . . . .175.0 0.0 255.0 175.0
Huntsworth . . . . . . . . . .43.0 -1.5 74.0 32.3
Informa . . . . . . . . . . . . .362.0 -5.0 451.0 313.9
ITE Group . . . . . . . . . . . .190.0 -5.8 240.6 157.7
ITV . . . . . . . . . . . . . . . . . .73.6 -1.6 89.9 51.7
GemDiamonds Ltd. . . .193.2 -5.1 310.6 179.8
Glencore Internat . . . . .308.2 -4.5 503.0 304.5
Hochschild Mining . . . . .457.2 -6.3 549.5 365.9
Kazakhmys . . . . . . . . . .674.0 -28.0 1405.0 665.0
Kenmare Resources . . . .38.7 -2.9 61.5 31.0
Lonmin . . . . . . . . . . . . . .717.0 -26.0 1453.0 699.0
NewWorld Resourc . . .295.8 -8.9 928.5 269.0
Petra Diamonds Lt . . . . .118.5 -4.5 188.2 97.0
Petropavlovsk . . . . . . .460.0 4.7 913.0 361.7
Polymetal Interna . . . .925.0 11.5 1175.0 765.0
Randgold Resource . .5680.0 -10.0 7565.0 4596.0
Rio Tinto . . . . . . . . . . .2872.5-109.5 4595.0 2712.5
Vedanta Resources . . . .877.0 -26.5 2095.0 877.0
Xstrata . . . . . . . . . . . . . .794.2 -22.3 1417.0 764.0
Inmarsat . . . . . . . . . . . .472.0 -7.1 571.0 389.3
Vodafone Group . . . . . .178.6 1.0 182.7 155.1
Genesis Emerging . . . .459.8 -6.6 543.5 424.0
Afren . . . . . . . . . . . . . . . .97.7 -4.2 165.1 73.6
BG Group . . . . . . . . . . .1201.5 -16.0 1547.0 1144.0
BP . . . . . . . . . . . . . . . . . .402.1 -5.2 504.6 363.2
Cairn Energy . . . . . . . . .248.2 -6.3 473.8 247.5
EnQuest . . . . . . . . . . . . .105.0 -2.7 132.6 85.7
Essar Energy . . . . . . . . .116.0 -9.8 422.1 101.6
Heritage Oil . . . . . . . . . .119.3 -7.0 262.1 115.1
Ophir Energy . . . . . . . .590.5 -23.0 637.5 184.5
Premier Oil . . . . . . . . . .324.0 -16.2 455.4 310.0
Royal Dutch Shell . . . .2084.0 -16.0 2402.0 1883.5
Royal Dutch Shell . . . . .2157.5 -16.0 2489.0 1890.5
Ruspetro . . . . . . . . . . . .134.0 -2.2 230.0 125.0
Salamander Energy . . .170.0 -7.1 235.8 148.0
Soco Internationa . . . . .281.2 -14.9 371.5 254.9
TullowOil . . . . . . . . . . .1407.0 -24.0 1601.0 945.5
Amec . . . . . . . . . . . . . .946.5 -17.0 1171.0 740.5
Hunting . . . . . . . . . . . . .703.5 -27.0 968.0 530.0
Kentz Corporation . . . .355.0 -16.3 508.0 325.0
Petrofac Ltd. . . . . . . . . .1357.0 -14.0 1772.0 1108.0
Wood Group (John) . . .653.5 -13.5 798.0 469.9
Burberry Group . . . . . .1330.0 -9.0 1600.0 1092.0
PZ Cussons . . . . . . . . . . .313.0 -5.0 380.0 285.0
AstraZeneca . . . . . . . .2745.0 -26.5 3166.5 2543.5
BTG . . . . . . . . . . . . . . . .395.5 -2.4 403.1 236.8
Dechra Pharmaceut . . .473.2 -11.3 524.8 392.5
Genus . . . . . . . . . . . . . .1215.0 10.0 1457.0 853.5
GlaxoSmithKline . . . . .1478.5 2.0 1497.0 1205.0
Hikma Pharmaceuti . .640.0 -12.0 789.0 555.5
Shire Plc . . . . . . . . . . . .1743.0-223.0 2300.0 1706.0
Capital & Countie . . . . .200.9 0.9 206.0 158.1
Daejan Holdings . . . .2500.0 -55.0 3300.0 2282.0
F&C Commercial Pr . . . .103.2 -0.4 106.3 92.6
Grainger . . . . . . . . . . . . . .87.1 0.2 133.2 77.3
London & Stamford . . . .107.4 -0.6 135.0 101.8
Raven Russia Ltd . . . . . . .57.0 -0.9 67.5 47.3
Savills . . . . . . . . . . . . . .340.0 -12.2 402.0 256.2
UK Commercial Pro . . . .69.8 -0.5 82.2 65.1
Big Yellow Group . . . . . .283.1 -5.3 326.0 218.0
British Land Co . . . . . . . .497.1 -3.4 629.5 444.0
Capital Shopping . . . . .314.5 -3.6 401.7 288.7
Derwent London . . . . .1779.0 -24.0 1886.0 1400.0
Great Portland Es . . . . .376.5 -5.2 445.0 312.9
Hammerson . . . . . . . . .424.5 -2.6 490.9 345.2
Hansteen Holdings . . . . .72.1 -0.9 89.5 68.0
Land Securities G . . . . . .727.5 -5.0 885.0 612.0
SEGRO . . . . . . . . . . . . . .216.2 -2.9 319.0 195.0
Shaftesbury . . . . . . . . .502.0 -6.5 537.0 441.2
Anite . . . . . . . . . . . . . . . .118.4 0.4 129.8 57.8
Aveva Group . . . . . . . .1560.0 -10.0 1799.0 1298.0
Computacenter . . . . . . .297.1 2.1 490.0 293.0
Fidessa Group . . . . . . .1519.0 -25.0 2109.0 1439.0
Invensys . . . . . . . . . . . .216.9 -3.2 333.9 180.9
Logica . . . . . . . . . . . . . . .107.3 0.2 135.6 59.0
Micro Focus Inter . . . . . .507.0 18.5 510.5 242.9
Sage Group . . . . . . . . . .265.7 -2.2 312.4 231.7
SDL . . . . . . . . . . . . . . . .660.0 -23.0 756.0 586.0
Telecity Group . . . . . . . .784.0 -19.0 818.0 450.5
Aggreko . . . . . . . . . . .2044.0 -11.0 2316.0 1522.0
Ashtead Group . . . . . . .250.0 -2.0 271.1 99.4
Atkins (WS) . . . . . . . . . .687.0 -5.0 799.0 490.2
Babcock Internati . . . . .850.5 -15.0 881.0 570.5
Berendsen . . . . . . . . . .470.0 -2.2 568.0 402.7
Bunzl . . . . . . . . . . . . . .1022.0 -13.0 1063.0 676.5
Cape . . . . . . . . . . . . . . .260.3 -2.7 591.5 205.0
Capita . . . . . . . . . . . . . .647.0 -2.5 767.0 602.0
Carillion . . . . . . . . . . . . .273.5 -3.9 387.0 253.5
De La Rue . . . . . . . . . . .999.0 -15.0 1024.0 730.0
Diploma . . . . . . . . . . . .445.7 -3.6 460.5 284.0
Electrocomponents . . .200.5 -4.5 274.5 182.2
Experian . . . . . . . . . . . .906.5 -5.0 998.0 665.0
Filtrona PLC . . . . . . . . . .460.6 -3.7 484.5 296.3
G4S . . . . . . . . . . . . . . . .275.8 -0.6 292.1 219.9
Hays . . . . . . . . . . . . . . . . .71.6 -2.4 104.6 58.9
Homeserve . . . . . . . . . .158.5 -0.8 513.5 137.5
Howden Joinery Gr . . . .123.5 -0.8 130.8 93.1
Interserve . . . . . . . . . . .299.5 -4.3 341.3 270.1
Intertek Group . . . . . . .2561.0 -20.0 2697.0 1744.0
Menzies(John) . . . . . . .575.0 8.5 652.0 445.5
Michael Page Inte . . . . .350.4 -15.4 552.5 323.0
Mitie Group . . . . . . . . . .260.9 -4.0 296.7 208.0
PayPoint . . . . . . . . . . . .700.0 -7.5 740.0 465.0
Premier Farnell . . . . . . .172.6 -3.1 249.0 144.5
Regus . . . . . . . . . . . . . . .83.0 -3.8 117.5 64.0
Rentokil Initial . . . . . . . . .72.5 -0.6 95.9 58.2
RPS Group . . . . . . . . . . .203.3 -0.6 253.0 156.6
Serco Group . . . . . . . . .540.0 -3.5 565.0 458.0
Shanks Group . . . . . . . . .77.0 -2.4 129.8 77.0
SIG . . . . . . . . . . . . . . . . . .94.6 -2.6 145.2 77.0
Travis Perkins . . . . . . . .916.0 -20.0 1125.0 715.0
Wolseley . . . . . . . . . . .2232.0 -20.0 2558.0 1404.0
ARM Holdings . . . . . . . .499.7 -6.3 645.0 464.0
CSR . . . . . . . . . . . . . . . . .213.3 -5.7 321.6 154.1
Imagination Techn . . . .455.0 -26.9 717.0 296.9
Spirent Communica . . .163.6 0.4 174.0 105.8
British American . . . .3180.0 -24.0 3248.5 2592.0
Imperial Tobacco . . . .2396.0 -24.0 2591.0 1974.0
Betfair Group . . . . . . . .732.0 -18.5 901.0 567.0
Bwin.party Digita . . . . . .118.2 -4.5 174.0 100.6
Carnival . . . . . . . . . . . .2154.0 -20.0 2465.0 1742.0
Compass Group . . . . . .652.5 1.5 671.0 512.5
Domino's Pizza Gr . . . . .511.5 10.5 526.0 382.3
easyJet . . . . . . . . . . . . .525.5 2.0 536.0 302.5
FirstGroup . . . . . . . . . . .213.0 -3.8 370.2 190.0
Go-Ahead Group . . . . .1165.0 -6.0 1598.0 1086.0
Greene King . . . . . . . . .524.0 4.5 531.3 410.0
InterContinental . . . . .1520.0 -3.0 1573.0 955.0
International Con . . . . .153.6 -2.5 258.7 132.0
Ladbrokes . . . . . . . . . . .173.8 -1.7 181.4 114.0
Marston's . . . . . . . . . . . .101.5 1.3 106.8 84.6
Millennium& Copt . . . .464.7 -6.5 517.0 371.2
Mitchells & Butle . . . . . .243.7 -0.1 320.8 215.6
National Express . . . . .201.2 -1.2 262.4 180.0
Rank Group . . . . . . . . . .117.0 -1.0 153.7 109.5
Restaurant Group . . . . .300.9 -2.0 309.7 254.9
Spirit Pub Compan . . . . .48.5 0.3 62.8 35.3
Stagecoach Group . . . .249.8 -2.1 287.4 220.0
TUI Travel . . . . . . . . . . . .167.6 -1.7 231.8 136.7
Wetherspoon (J.D. . . . .409.5 -3.4 449.9 371.3
Whitbread . . . . . . . . . .1986.0 -11.0 2059.0 1409.0
WilliamHill . . . . . . . . . .278.5 0.0 281.7 183.3
Abcam . . . . . . . . . . . . . .413.0 -3.5 460.0 320.0
Advanced Medical . . . . .65.0 -1.4 95.0 64.0
Albemarle & Bond . . . .245.0 -12.0 400.1 241.4
Amerisur Resource . . . . .32.0 0.5 34.5 9.5
Andor Technology . . . .390.0 7.0 685.0 355.0
Archipelago Resou . . . . .51.5 -1.0 79.0 49.0
ASOS . . . . . . . . . . . . . . .1637.0 -26.0 2406.0 1142.0
Aurelian Oil & Ga . . . . . . .15.0 -0.3 71.0 14.3
Avanti Communicat . . .302.5 -7.5 436.5 241.3
Blinkx . . . . . . . . . . . . . . .40.3 -1.3 158.0 33.5
Borders & Souther . . . . .65.0 -3.5 131.0 43.5
BowLeven . . . . . . . . . . . .58.8 -1.0 342.3 57.8
Brooks Macdonald . . .1152.5 -5.0 1365.0 940.0
Cluf Gold . . . . . . . . . . . .65.5 -1.8 112.8 63.3
Cove Energy . . . . . . . . .265.5 0.8 267.5 61.0
Daisy Group . . . . . . . . . .92.5 2.5 127.0 86.0
EMIS Group . . . . . . . . . .637.5 5.0 648.7 397.5
Faroe Petroleum . . . . . .143.0 -10.0 177.8 130.0
Gulfsands Petrole . . . . . .82.5 -2.0 226.5 76.3
GWPharmaceutical . . . .80.5 -1.0 130.0 78.5
H&T Group . . . . . . . . . . .279.4 -0.6 395.0 253.0
Hargreaves Servic . . . . .767.5 -17.5 1264.0 760.0
Healthcare Locums . . . . . .3.3 0.1 3.6 3.2
IDOX . . . . . . . . . . . . . . . .39.0 0.3 39.3 20.9
ImpellamGroup . . . . . .336.5 -1.0 375.0 225.0
Iomart Group . . . . . . . .139.0 -3.1 151.0 93.5
James Halstead . . . . . .530.0 16.5 535.8 410.3
London Mining . . . . . . . .197.3 -10.3 405.0 197.3
Lupus Capital . . . . . . . . .133.5 -1.0 134.5 86.0
M. P. Evans Group . . . . .485.0 5.0 525.0 371.0
Majestic Wine . . . . . . . .428.8 -4.3 510.0 315.0
May Gurney Integr . . . .228.0 -6.0 302.0 226.0
Monitise . . . . . . . . . . . . .33.0 -1.8 40.0 25.5
Mulberry Group . . . . . .1475.0 -70.0 2472.0 1295.0
Nanoco Group . . . . . . . .62.0 1.0 85.8 38.0
Nautical Petroleu . . . . .459.0 -2.0 468.0 223.5
Nichols . . . . . . . . . . . . .702.5 7.5 732.0 505.0
Numis Corporation . . . . .94.5 2.0 119.6 72.0
Pan African Resou . . . . . .14.8 -0.5 18.3 10.3
Patagonia Gold . . . . . . . .23.5 -0.5 70.0 22.0
Prezzo . . . . . . . . . . . . . . .66.0 0.0 70.0 53.5
Rockhopper Explor . . . .245.0 -15.5 393.5 141.0
RWS Holdings . . . . . . . .505.0 5.0 560.0 400.0
Secure Trust Bank . . . .1030.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .15.5 -0.8 32.0 6.8
Smart Metering Sy . . . . .167.5 -13.5 186.5 75.0
Songbird Estates . . . . . .102.0 -3.0 153.8 100.0
Valiant Petroleum . . . . .357.8 -23.8 603.0 352.5
Young & Co's Brew . . . .607.5 5.0 712.0 580.0
Centamin (DI) . . . . . . . . . . . . . . .68.9 6.7
Micro Focus Intern . . . . . . . . . . .507.0 3.8
Hargreaves Lansdow . . . . . . . . .513.0 2.4
Domino's Pizza Gro . . . . . . . . . . .511.5 2.1
Menzies(John) . . . . . . . . . . . . . .575.0 1.5
Marston's . . . . . . . . . . . . . . . . . . .101.5 1.3
Dixons Retail . . . . . . . . . . . . . . . . .17.5 1.3
Polymetal Internat . . . . . . . . . .925.0 1.3
Halma . . . . . . . . . . . . . . . . . . . . .415.2 1.2
Petropavlovsk . . . . . . . . . . . . . .460.0 1.0
Shire Plc . . . . . . . . . . . . . . . . . . .1743.0 -11.3
Essar Energy . . . . . . . . . . . . . . . .116.0 -7.8
International Pers . . . . . . . . . . .238.3 -7.1
Talvivaara Mining . . . . . . . . . . .160.3 -6.9
Halfords Group . . . . . . . . . . . . . .234.3 -6.9
Kenmare Resources . . . . . . . . . . .38.7 -6.9
Phoenix Group Hold . . . . . . . . . .453.1 -6.5
Imagination Techno . . . . . . . . . .455.0 -5.6
Heritage Oil . . . . . . . . . . . . . . . . .119.3 -5.5
Soco International . . . . . . . . . . .281.2 -5.0
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 . . . . . .100.70 -0.27 109.1 100.0
Tsy 2.500 13 . . . . . .282.05 -0.05 287.3 281.8
Tsy 8.000 13 . . . . . .109.70 -0.01 116.0 109.4
Tsy 4.500 13 . . . . . . .102.93 -0.02 106.4 102.8
Tsy 5.000 14 . . . . . . .110.33 0.04 112.9 110.2
Tsy 4.750 15 . . . . . . . .113.91 0.09 115.4 111.5
Tsy 8.000 15 . . . . . . .126.15 0.07 129.2 125.8
Tsy 2.500 16 . . . . . . .344.11 0.08 348.1 330.2
Tsy 4.000 16 . . . . . . .114.16 0.15 114.7 108.6
Tsy 1.250 17 . . . . . . . .115.23 0.09 117.1 110.5
Tsy 8.750 17 . . . . . . .140.29 0.10 141.9 135.6
Tsy 12.000 17 . . . . . .115.70 -1.09 126.8 115.7
Tsy 5.000 18 . . . . . . .122.78 0.20 123.6 114.2
Tsy 3.750 19 . . . . . . .117.39 0.30 118.7 104.4
Tsy 4.500 19 . . . . . . .121.96 0.29 123.3 110.3
Tsy 4.750 20 . . . . . .125.06 0.32 126.7 111.3
Tsy 2.500 20 . . . . . . .368.11 0.23 373.0 334.7
Tsy 8.000 21 . . . . . . .154.57 0.33 156.6 139.3
Tsy 1.875 22 . . . . . . . .127.71 0.23 130.3 114.9
Tsy 4.000 22 . . . . . .120.75 0.39 122.4 103.4
Tsy 2.500 24 . . . . . .332.96 0.28 339.0 292.4
Tsy 5.000 25 . . . . . .133.46 0.48 135.4 111.5
Tsy 1.250 27 . . . . . . .123.81 0.32 127.0 108.4
Tsy 4.250 27 . . . . . .125.48 0.52 127.2 101.7
Tsy 6.000 28 . . . . . .150.77 0.52 152.7 123.7
Tsy 4.125 30 . . . . . . . .317.12 0.30 322.8 279.7
Tsy 4.750 30 . . . . . .133.20 0.34 135.0 107.3
Tsy 4.250 32 . . . . . . .125.36 0.37 126.9 100.3
Tsy 4.250 36 . . . . . .125.52 0.50 127.0 99.6
Tsy 4.750 38 . . . . . . .135.45 0.55 137.2 107.9
Tsy 4.500 42 . . . . . . .131.38 0.55 133.6 104.1
% %
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OFF
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FULL PRICE 20% OFF ALL INCLUDES
G
E
T
T
Y
G
OLD traders have been
accustomed to being
swept off their feet with
big, bold moves from the
yellow metal. But they have
been left bemoaning the lack of
thrills of late, as gold continues
to struggle to break to the
upside. Yesterday, the gold price
held above $1,570 but this is a
long way from its 2011 record of
$1,920.
The precious metal did man-
age to post a gain yesterday
recouping some of the 3.5 per
cent losses posted last week,
when gold bulls were disap-
pointed by the Fed holding its
fire on a third round of quanti-
tative easing. The Fed instead
opted for an extension of its
Operation Twist programme
financing the purchase of
longer-term bonds with the sale
of another $270bn worth of
short dated securities trying
to flatten the US yield-curve and
suppress interest rates, in the
hope of kick starting the stag-
nant US jobs and housing mar-
kets. This attempt to twist the
yield curve was due to be wound
up at the end of the month, but
has now been extended to the
end of the year.
Before the Federal Open
Market Committee (FOMC)
meeting, gold was up 4 per cent
in the year to date. Though not
in the same league as gains seen
in 2011, it is hardly to be sniffed
at in a market where US 10-year
Treasuries are yielding 1.64 per
cent. Commodities brokerage
Sharps Pixley reports that physi-
cally-backed exchange-traded
product (ETP) holdings are still
up year-to-date by 26 tonnes
reflecting long-term investors
desire to diversify into the safe
haven of gold. But gold traders
The gold market only
has eyes for Bernanke
Gold buyers are waiting for the call from Ben Bernanke
Traders are waiting
for the Fed boss to
get them going,
writes Craig Drake
25
cityam.com
TRADING MANAGEMENT WEALTH
fx360.com
LOWER OIL PRICES LIKELY TO
REMAIN AS GROWTH SLOWS
L
AST week, Brent crude oil traded
below $88.50 a level last seen in
November 2010. Back then, crude was
in the early stages of a rally which
would take it above $126 four months later.
The rally was driven, to a great extent, by the
US Federal Reserves second round of
quantitative easing, the $600bn (385bn)
stimulus package launched, coincidentally, at
the Federal Open Market Committees
November 2010 meeting. Many investors
were convinced that loosening monetary
policy would kick-start the global economy,
and feed through to higher demand for oil.
Those unconvinced of the efficacy of central
bank intervention bought oil as an inflation
hedge.
But the world feels very different now.
There has been a sharp deterioration in the
global economic outlook over the last three
months. The European debt crisis has
become more acute, Chinese manufacturing
continues to contract and growth there is
slowing. Meanwhile, evidence of recovery in
the US has disappeared, as economic data
now consistently comes in below
expectations. So demand for crude looks set
to moderate further, while supply remains
adequate. US crude inventories are high,
while Opecs production ceiling of 30m
barrels per day is regularly breached.
Brent has now fallen around 30 per cent
since its high point at the end of February.
Back then, Iran was threatening to close the
Straits of Hormuz, and there was talk of an
attack on the countrys nuclear facilities. As
oil prices rose earlier this year, both Nicolas
Sarkozy and Barack Obama made calls for
the Strategic Petroleum Reserve to be
tapped, even though their only justification
was to help lower prices not to counter a
supply shortage brought on by an outright oil
shock. Now we have seen Saudi Arabia lead
calls for Opec to lift its output ceiling even as
oil prices fall. Saudi Arabia is the country
leading the Opec ceiling breach as it has
pushed its production up above 10m barrels
per day an all-time record.
This has annoyed many other Opec
members, who desperately want to obtain
the highest price possible for their output.
This helps them pay their bills and meet their
domestic commitments. But Saudi Arabia is
more concerned that higher oil prices could
send the global economy over the edge. In
addition, the Kingdom has more of a buffer
and can withstand lower prices for longer
than other Opec countries. If they continue to
pump at a record rate as demand moderates,
prices are unlikely to rally significantly. This is
no bad thing for major consumers, as a lower
oil price decreases the costs of goods and
services, plays a major role in bringing down
inflation and is obvious for all to see at the
pumps. Lower oil prices should also help
Obama as he heads towards Novembers
election. However, cheaper oil also means
that developing alternative fuel sources
becomes less of a priority. It changes the
economic dynamics of drilling for oil shale in
North Dakota, or building deep water rigs in
the Gulf of Mexico. Ironically, this is good for
existing producers, as anything that holds
back the development of US oil production,
or makes developing alternative energy
sources less attractive, ensures that there will
always be demand for their output.
Meanwhile, there is a danger that the
situation in Syria could escalate beyond its
borders after Turkey, a NATO member, had a
plane shot down. In addition, despite a string
of meetings between Iran and six world
powers, EU sanctions against Tehran are due
to kick in next week. So, there is an increased
probability of a spike in oil prices and the
return of the geopolitical risk premium.
Consequently, its fortunate for us that oil is
currently well below $100 per barrel.
Brent Crude Oil
Jan2008 Jan2009 Jan2010 Jan2011 Jan2012
40
60
80
100
120
140
160 $perbarrel
twitter.com/fx360 facebook.com/fx360
THE TIPSTER
The cup may overflow at Greene King
I
NVESTORS will be hoping that final
results from Greene Kingwill
allow them to raise a glass in
celebration, with the company
building on good figures for the fourth
quarter. Sales at this particular publican
have outstripped rivals, which could
mean that some special figures are
brewing. IG Index quotes 529p-532p
for Greene King.
The share price of the worlds largest
mining company, BHP Billiton, has
fallen sharply over the last few trading
sessions. This sell-off followed the
Federal Open Market Committees
decision last Wednesday to hold off
from adding to its large scale asset
purchase programme. On top of this,
the Fed downgraded its outlook for US
growth and employment. As Chinese
GDP growth is slowing, and its
manufacturing sector contracts, this
raises fears of a protracted slowdown
taking hold across the global economy,
moderating demand for raw materials.
GFT quotes 1,749p-1,753.5p.
Nikeis to announce its fourth quarter
sales figures this Thursday, with
analysts predicting a 13.1 per cent
increase. The company is a likely
benefactor from a surge in football shirt
sales, and the upcoming Olympics is
expected to further benefit revenue.
Nike has also announced it would like
to offload its Umbro and Cole Haan
brands to focus on its core business.
Spread Co quotes 98.54p-98.74p.
Better than expected UK retail sales
numbers earlier this month may still
not be enough for Debenhams. On
Thursday, the company will give a
trading update on the three months
since March.Having seen the wettest
April on record, and having reduced
prices to attract customers, it will be
interesting to see if profit margins have
managed to stay intact, even if assisted
by the Diamond Jubilee. CMC Markets
quotes 81.85p-82.04 for the high street
retailer.
TOM WELSH
The contents of this column are provided for general information purposes only. One should consider the appropriateness
of the information in light of their own objectives, financial situation or needs before trading. CD11UK.074.010612
of the debasement of fiat currencies
by central banks, European financial
uncertainty and US debt concerns.
This left investors with few places to
shelter. Every time that another
round of European debt crisis talks
came to nothing, gold would rally.
Cyprus yesterday became the fifth
country to go cap in hand for a
bailout, with the IMF reporting that
the outstanding loans of Cypriot
banks equal more than eight times
the countrys GDP. But despite this lat-
est development in the Eurozone dis-
aster story, gold has remained
virtually unaffected. For the time
being, the gold price only has time for
Ben Bernanke.
who rode the ten-year bull run
dont seem to be interested in
steady gains. They want another of
the rip-your-face-off moves that
they have grown accustomed to. In
the short-term, analysts point to
the $1,640 June high as the break
above which we will start to see an
uptrend reestablished. But for the
moment, the gold buyers seem to
be sat on their hands, waiting to
hear those three little syllables
from the Fed chairman: Q-E-
three.
NO EURO CONCERN
Golds huge gains last year were
largely driven by the perfect storm
DAVID MORRISON
SENIOR MARKET STRATEGIST, GFT
Gold - London x
1 Jan 15Jun 29Jun 12Feb 26Feb 11 Mar 25Mar 8Apr 22Apr 6May 20May 3Jun 18Jun
1,850
1,800
1,750
1,700
1,650
1,600
1,550
1,500
1,450
$
p
e
r
o
u
n
c
e
PM
AM
S
O
U
R
C
E
:

K
I
T
C
O
0
%
REPRESENTATIVE
APR
50%
OFF
RIVO COLLECTION
SOFAS
ACTION
CHAISE END SOFA
HALF PRICE
1499
AFTER EVENT PRICE
2998
31.22
A MONTH
NO DEPOSIT
NO INTEREST
EVER
half price
ends Sunday
G
E
T
T
Y
Sprinting after every opportunity will quickly exhaust your reserves
moves and trying to get a piece of
everything thats not going sideways,
its probably because you dont have
any sort of plan or aims for your trad-
ing. It may not sound as exciting as
juggling ten trades at once, but for
retail traders, its low, not high-fre-
quency trading that is the route to con-
sistent profits.
When it comes to spread betting and
contract for difference (CFD) trading
(or any other trading) you can be right
every time and still lose money. And
this is particularly so when you are
trading at a high frequency.
If you go into the right trade but too
late, go into a trade that sees a sharp
reversal, or trade a small percentage of
your capital on a well researched and
thought out trade that goes right only
to recklessly go all in on an impulse
trade that wipes you out, then youre
on the wrong track. Fall into any of
these common trading traps and you
can be right about the direction of the
trade, but still finish in the red at the
end of the day.
RISK AND REWARD
When youre trading, you should be
CURRENCY STRATEGIST
JOEL KRUGER
My pick: Long dollar-yen at 79.80
Expertise: Technical analysis
Average time frame of trades: 6 months
Our recommendation for last week was triggered, and we are
now long on dollar-yen after the market broke convincingly back
above 79.80. We continue to contend that this market is in the
process of carving a longer-term base. We are now looking for
the formation of a fresh medium-term higher low by 77.65
ahead of the next major upside extension towards, and
eventually above, the 2012 highs of 84.20. Ultimately, only a
move back under 77.65 would negate this stance.
ANALYST PICKS
Pace your way to trading profits
W
HEN it comes to your
daily trading, how often
should you be dipping
into the markets? The
temptation is often there,
especially in volatile markets, to
jump on any and every move that
comes along. The common pitfall
is to think that more trades mean
more opportunities to profit, and
that you dont want to let those
chances slip through your hands.
But this is probably the easiest
way to lose as much money as you
can in a short period of time.
Before you go into a trade, you
should ask yourself why you are
doing so do the technicals point
to a change in the price action? Do
the fundamentals suggest that this
is going to be moving in your direc-
tion? Or is it a case of getting car-
ried away by a big move on your
screen and wanting to take advan-
tage of it? If its the latter, youre
probably heading for a bad day of
trading.
PLAN YOUR MOVE
If youre sat watching the market
STRATEGIST
ILYA SPIVAK
My pick: Long dollar-yen, short Aussie-Canadian dollar
Expertise: Global macro
Average time frame of trades: 1 week to 6 months
I entered long dollar-yen at 78.96 and short Aussie-Canadian
dollar at $1.0335 last week. I expect the greenback to strengthen
against the yen, after the Fed opted not to launch QE3 last week,
helping to support US yields relative to Japanese counterparts.
The latter trade is meant to take advantage of an expected
slowdown in Asian economic growth. Dollar-yen hit its initial
target at 79.69 and I am not aiming for 80.94. The first target
for my Aussie-Canadian dollar position is $1.0207.
CHIEF STRATEGIST
JOHN KICKLIGHTER
My pick: Short Kiwi-Loonie, long euro-Swissie, long Loonie-Swissie
Expertise: Fundamental and technical analysis
Average time frame of trades: 1 day to 1 week
The impressive rebound in risk trends and carry currencies,
through the first two weeks of the month, was significantly
supported by the hope that the Fed or European authorities
would give significant aid to the markets. That wasnt the case
however. As such, Im looking at risk aversion opportunities
and a Kiwie-Loonie reversal is an abnormal one. In the
meantime, my euro-Swissie long and Loonie-Swissie long
have no substantive correlation to sentiment.
MANAGEMENT WEALTH
cityam.com
constantly assessing your
risk/reward ratio. And in particular,
only enter a trade where you have a
higher potential gain than you
could lose on the trade. If you risk
losing the same number of pips that
you hope to gain, then your
risk/reward ratio is 1:1. If you target
a profit of 80 pips with a downside
risk of 40 pips, then you have a 1:2
risk/reward ratio. You should always
use a ratio of greater than 1:1.
CONSISTENT RETURNS
By trading less frequently, it is much
easier to keep a tab on your
risk/reward ratios, and avoid being
swamped by one big market move-
ment that you are unhedged for.
If you find that youve been losing
money, trading dozens of times a
day, keep it simple. Pick the trades
you want to enter carefully, assess
why you are entering, at what point
you will exit and how much you
stand to gain compared to how
much you could lose. You will rack
up more consistent gains. When
trading, slow and steady wins the
race.
TRADING
27
Steady and considered strategies, not boom and bust, are the route to consistent gains, writes Craig Drake
28
cityam.com
HEALTH
If the power of
anti-gravity is
good enough for
Neil Armstrong...
W
HEN THE astronaut Neil
Armstrong emerged from his
spaceship following the
historic moon landing, he was
asked what he hoped would be the
ultimate outcome of his epic journey. He
flipped open the visor on his helmet,
looked at the reporter and said: It's my
dream that one day, slightly overweight
finance and media executives will think
nothing of being able to run 5k in under
23 minutes". That, he said famously, is
what the moon is for. This may be a
partial reporting of the facts, but the gist
of the issue is there. The billions of
pounds spent on the space race had many
trickle down effects. The internet, X-ray,
MRI scans, each are worthy of a footnote,
Im sure. But at the Nuffield Health centre
in the City, I got to see the real stuff: the
Anti Gravity machine created by NASA
scientists to help improve the exercise
routines of astronauts.
The Standard Chartered Great City
Race my first 5k race is now just
weeks away and Im in the final stages of
my training programme. The machine
effectively reduces my body weight,
allowing me to train harder with less
stress on my joints, in particular, my now
increasingly painful shin splints. Paula
Radcliffe has one of these at home to aid
rehabilitation from injury. The other
benefits include increased stride length
and leg speed speeding my leg rotation
will be crucial if Im serious about making
meaningful progress.
After cooling down, it was time for
some gait analysis to determine whether
my current running shoes are up to the
job (they arent).
There are basically four different grades
of running shoe, from neutral to those
offering substantial support. Runners
both novice and experienced should focus
on obtaining the correct grade shoe
rather than just be led by the brand and
design. And of course, get training in
them rather than turn up to race in a
spanking new pair.
The analysis revealed that my ankles
roll in when I run, or pronate, which
explains my shin splints and may cause
knee problems later on. With the right
shoes fitted, and with my space age
training coming to an end, Im finally
ready to run. See you there.
If youre not competing in the Standard
Chartered Great City Race on Thursday 12
July, be sure to come along and show
your support. It starts at 19.15. Details at:
www.greatcityrace.co.uk and you can also
visit
www.facebook.com/standardcharteredgr
eatcityrace for more fitness and running
tips.
DR DUVE BEACH BODY BOOST
The Munich-based skin specialist of
choice for Europes richest women,
Dr Duve (as in duvet) has a selection
of effective treatments at Four
London salon. For those preparing
to bare all on the beach, this intense
treatment targets problem areas
such as the buttocks, back and
thighs with vigorous massage, a
wrap and a hosing down with the
skin perfecting Dr Duve laser jet
whoosh, which uses sea water to
refine the texture of the skin as well
as allowing products to penetrate
more deeply. 155 for 90 mins; 0207
297 9600
VODDER LYMPH DRAINAGE AT TRIYOGA
Super-therapist Rima Shah will help
bust cellulite and prep you for your
bikini. Through lymphatic drainage,
the treatment attacks fat in the
thighs, bottom, stomach and lower
back area, reducing water retention,
detoxing the body and vastly
improving the appearance of cel-
lulite. From 60 Triyoga studios; 0207
483 3344
OMOROVICZA REFINING & PURIFYING
FACIAL AT FENWICKS & OTHERS
A deeply invigorating facial with
Hungarian-style massage (read:
intense drainage and circulation-
boost), plus use of Omoroviczas
lovely products, such as the two-
phase Copper Peel which purifies
the skin, and lactic acid that
cleanses and makes fine lines look
even more fine. Perfect for post-sun
exposure. At Liberty, Fenwick, Harvey
Nichols and Harrods calendar varies
(60 minutes, 85 redeemable on prod-
ucts)
PEDICURE AT THE REFINERY
Gents; dont be alarmed. Youll be
among others like you at this
elegant male sanctuary. This is a
lenghy treatment: at 60 minutes,
youre not just getting your nails
sculpted, youre also getting a leg
and foot massage. Which is good
for you on a number of levels.
Really. 60 minutes is 65; 020 7409
2001
G
E
T
T
Y
GETTING BROWN
JAMES READ
The man is the most sought-
after spray tanner in the UK.
His website, the tantalist,
even offers a
tancierge, for crying
out loud, and hes launched
his own line of much-lauded
products this year. Well, you
can have a taste of the
celebrities favourite tanner
at the Sanderson Hotels
Agua spa both men
and women swear
by him.
From 45, sander-
sonlondon.com
BEAUBRONZ AT THE SPA AT BROWNS
The natural and organic BeauBronz
tanning products make for a
deliciously subtle, smell-and-
bedsheet-stain-free sunkissed look.
Paraben and alcohol-free, the
products are not tested on animals
and are easily tailored to match
your skin-type. 30 minutes express
spray tan is 40. To book, call 0800 988
4040
Theres nothing like
a good treatment
to prep you, says
Zoe Strimpel
LIFE&STYLE
MEDIA AND COMMS WORKER
RUN FOR A
REASON
JAMES FATTAL, 25
When I was approached by Proskins
(www.proskins.co.uk) to try its slimming
range of compression leggings, I was
sceptical: fat-busting leggings? As one
who has spent the last decade trying to
convince the world that the only real way
to bust those fat cells is by eating less and
moving more, I didnt think this would be
the fairest trial. But try I did, as did three
other willing guinea pigs and together
our little testing panel spanned three
generations.
So what is the Proskins Slim range? Its
basically caffeine-infused compression
clothing that claims to improve the
appearance of cellulite and improve skin
tone. We were all dubious to start: one
tester was concerned that the caffeine
would keep her up at night (doesnt work
like that) while I was concerned about
having to wear tight leggings for eight
hours a day. All our concerns were
unfounded no one was kept awake with a
caffeine rush; I barely noticed I was
wearing the leggings, while another tester
noticed such an improvement in her
cellulite that she refused to take them off
and was sleeping in them. So do they
work? A resounding yes from the four of
us. Our results ranged from inch loss and
looser jeans to sleeker, smoother skin and,
in my case, less achey legs after a long,
active week. At the end of the trial I wanted
to know if I had to keep wearing them for
the effects to last and was told yes, I would,
...much like diet and exercise. Point
taken. But for a one-off cost of 50, I think I
can live with that.
Now, for the science....
nExperts agree that compression fabric
helps to promotes blood circulation and
lymphatic drainage which does improve
the appearance of cellulite.
nAnd for sport? Extensive studies have
found that compression clothing most
definitely works in aiding recovery but
scientists are still divided as to whether it
improves performance.
nAnd on the plane? Wearing compression
garments during long flights is thought to
reduce the risk of Deep Vein Thrombosis
(DVT) by preventing blood pooling in the
legs.
laurawilliamsonline.co.uk, @laurafitness
Get your body beach-ready
Tan-man: James Read
Fat-busting leggings that actually seem to make you thinner
FIT IN
THE CITY
LAURA WILLIAMS
FITNESS & DIET EXPERT
29
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7pmEuro 2012 Report 7.30pm
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BBC THREE
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4.20am-5.20amCan We Trust
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E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8.30pmThe Big Bang
Theory 9pmFILMFailure to
Launch 2006. 10.50pmThe
Cleveland Show11.20pmThe
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Burgers 12.20amThe Big Bang
Theory 1.15amScrubs 1.40am
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Destroyed in Seconds
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7pmDress of Your Dreams 8pmI
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7pmThe Simpsons 8pmAshley
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1982. 11.50pm Road Wars
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10pmBBC News
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10.35pmImagine
12.05amFILMAbsolute Power.
1997. 2.05amSign Zone: Cutty
Sark: National Treasure Reopened
3.05amDeath Unexplained 3.45am
Crime and Punishment
4.30am-6amBBC News
5.50pmWimbledon 2012:
Further live coverage of the
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8pmToday at Wimbledon:
Highlights of the second days
play at the All England Club.
9pmCHOICE Line of Duty:
New series. Crime thriller,
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8pmCHOICE Love Your
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9pmStrictly Kosher
10pmITV News at Ten
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10.35pmFILMSixty Six.
2006.
12.15amJackpot247; ITV
News Headlines
3amLoose Women
3.50am-5.30amITV Nightscreen
6pmSimpsons 6.30pmHollyoaks
7pmNews 7.55pm4thought.tv
8pmEmbarrassing Bodies: Live
from the Clinic 9pmCHOICE
Gordon Behind Bars 10pmLifers
11.05pmRandom Acts 11.10pm
FILMtalhotblond. 2009. 12.25am
Poker 1.25amChannel 4 Presents
Liz Johnson Night Swimmer
1.30amBoxing 1.55amLee
Pearson Lone Rider 2amSailing:
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FIVB Beach Volleyball 3.20am
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6pmHome and Away: Jett is
sent to live with a foster family.
6.30pm5 News at 6.30
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Side
12amBanged Up Abroad
1amSuperCasino 4amGreat
Artists 4.25amMichaelas Wild
Challenge 5.10amWildlife SOS
5.35am-6amHouse Doctor
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
14 14 12
23 7 3
14 7
26 30
45
33
45
29 12
10 13
9 9 24
13 3 14
16
4
17
15
35
15
45
37
5
20
7
12
6
32
45
16
34
11
17
12
8
ACROSS
1 Month of the year (5)
4 Steal from a
person (3)
6 Wayside plant
with daisy-like
owers (2-3)
7 Step (5)
9 Boxlike containers
in a piece of
furniture (7)
11 Ask earnestly (7)
13 Love afair (7)
15 Enduring strength
and energy (7)
16 Downright (5)
17 Capital city of
Japan (5)
18 Number in a
brace (3)
19 Easily agitated
or alarmed (5)
DOWN
1 Failed to hit (6)
2 Large crowd of
people (5)
3 Inuence by
corruption (3,2)
4 Allusion (9)
5 Rubbish
receptacles (4)
8 Course of
appetisers in an
Italian meal (9)
10 Synthetic silk-
like fabric (5)
12 Deliver to an enemy
by treachery (6)
13 Takes a chance (5)
14 Craftsman who
works with stone (5)
15 Type (4)
E
U
A
L
P B
T
R
E
4
4

4

4

C O C O A U P S E T
A R N A N Q W
C R A S S D E U C E
H U M W E A E
E M P R E S S D D T
B R I R
T A T P A R E S I S
R O H A W E T
I M A G O B L A S E
A S N I L R E
L I T H E E I D E R
8 1 5 1 9 7 3
9 3 9 6 4 7 8 1
7 5 9 3 5
5 2 6 7 4 1 3 8 9
7 5 3 1 2 4
8 9 4 2 1 3 6 5 7
6 3 1 5 9 8
9 6 5 8 2 1 4 7 3
8 9 2 6 1
3 9 2 7 4 1 8 2
1 7 3 9 2 9 8
4
4
4
4
4
4
4
4
4
The nine-letter word was
COMPLYING
T
E
R
R
E
S
T
R
I
A
L
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
LINE OF DUTY
BBC2, 9PM
A detective sergeant working in
anti-corruption is assigned to
investigate a respected senior officer.
Thriller, with Vicky McClure.
LOVE YOUR GARDEN
ITV1, 8PM
The programme returns with a new
focus as Alan Titchmarsh and a team
of experts surprise people around the
nation with garden makeovers.
GORDON BEHIND BARS
CHANNEL4, 9PM
Chef Gordon Ramsay tries to set up a
bakery in Prison, hoping to teach
inmates skills that will help them find
employment after sentence.
TVPICK
G
E
T
T
Y
ENGLAND manager Roy Hodgson
has played down the need for drastic
changes to the national set-up,
despite Sundays Euro 2012 penalty
shoot-out defeat to Italy inflicting
another premature exit from a
major tournament.
Hodgson has backed Steven
Gerrard to continue as his captain
for the 2014 World Cup qualifying
campaign, even though the Liverpool
skipper will be 34 by the time the
finals begin in Brazil.
Gerrard admitted yesterday that
England hadnt been fantastic with
the ball and that statistics illustrat-
ing their continued failure to keep
possession, notably in the Italy quar-
ter-final, spoke for themselves.
But the manager, while conceding
his team could have been more
threatening going forward, painted a
largely upbeat picture and reiterated
his belief that Englands players are
good enough to play any system.
I dont regard possession statistics
as particularly important when say-
ing which is a good team and which
is a bad team, but if you are saying to
me we could have kept the ball better
at times Id have to agree, he said.
I think all the players realise that
too. Thats an area where we have to
keep working and keep improving
but I dont think statistics alone play
a big part. We have enough quality to
match any style we want, but in this
tournament we didnt have a lot of
time to prepare and, although we
defended well throughout, we
could have attacked better.
I would like to think
there is good reason for
optimism. There are
some good young
players coming
through, our Under-
21s are doing well and
it will be interesting to
see how we do in the
Olympics. We have to be
optimistic and believe. We
must qualify for Brazil and then bet-
ter our previous record.
Gerrard underlined his pride at
Hodgson puts brave face
on Englands elimination
Englands commitment and defen-
sive resilience, but could not deny
that they left much to be desired as
an attacking force.
At times the football hasnt
been fantastic, we havent
blown people away, he
said. The possession stats
speak for themselves.
Moving forward as a
nation we do need to
improve with the ball.
Everyone has given every-
thing theyve got and thats all
you can ask for. I think the sup-
porters will agree that we have played
for the shirt.
Gerrard also confirmed his eager-
ness to extend his stint as captain,
having discussed the matter with
Hodgson before the squad flew home
from Krakow yesterday.
Ive had a brief chat with the man-
ager and he has told me he wants me
to continue and Im there, Im avail-
able as long as Im wanted at this
level, he said. I have loved the
responsibility and Ive enjoyed every
minute of it. Ive tried my best.
England face familiar foes in their
next few games, with a friendly
against Italy in Switzerland next, on
15 August, followed by a World Cup
qualifying double-header with
Moldova and then Euro 2012 oppo-
nents Ukraine in early September.
34
Age Steven Gerrard
will be at next
World Cup
RYDER Cup captain Jose Maria
Olazabal and Scotsman Colin
Montgomerie missed out on
qualification for the Open
Championship last night at
Sunningdale, where Englands Sam
Walker succeeded in qualifying for
the first time.
Montgomerie, who could yet
reach the Open by finishing within
the top five at either the French or
Scottish Opens, hit just a single shot
too many when adding a level-par 70
to his mornings three-under 66
while Olazabal fell to one under
with rounds of 67 and 71, despite
being five under after 14 holes.
I made a great start, said
Olazabal. But then had too many
putts and when I hit a bad shot on
the 16th that was it.
Walker only finished behind
compatriot James Morrison in a field
of 96 competing for 10 qualifying
places, but was delighted after his 10
previous attempts to qualify had
ended in disappointment.
He said: Itll be one of the best
things in my life.
Olazabal and
Montgomery
out in the Open
RANGERS face the likelihood of a
humiliating demotion to the fourth
tier after more rivals declared they
would oppose the reborn clubs re-
entry to the Scottish Premier League.
Aberdeen and St Johnstone took
the number of teams opposing a
newco Rangers admission to the SPL
to six, meaning they look highly
unlikely to achieve the 8-4 majority
needed in a vote on 4 July.
Their next step is likely to be to
apply to join the Scottish Football
League, with entry in Division Three
mooted. However, it has been
suggested that the possible merger
between SPL and SFL could see
Rangers return in Division One.
Inverness, Hearts, Hibernian and
Dundee United also oppose the
transferral of debt-stricken Rangers
SPL share to Charles Greens newco.
Rangers ready
for relegation
BY FRANK DALLERES
30
SPORT
cityam.com/sport
BY FRANK DALLERES
BY SPORTS DESK STAFF
@cityam_sport
IN BRIEF
Murphy agrees Blackburn move
nFOOTBALL: Danny Murphy has
signed a two-year contract to leave
Fulham and join relegated Blackburn.
Barton punished for City debacle
nQPR have stripped Joey Barton of
the club captaincy and fined him six
weeks wages his infamous red card
against Manchester City last season.
England name squad for Australia
nCRICKET: England have named an
unchanged 14-man squad for their
five-match one-day series against
Australia, which begins on Friday.
WHERE DO ENGLAND
GO FROM HERE?
Will Roy loosen the shackles?
Hodgson was never going to be
criticised for adopting a pragmatic
approach at Euro 2012, having taken
over just weeks before the tournament
and with Wayne Rooney suspended
for the first two matches. But long-
term he will find it increasingly
difficult to justify such cautious
tactics. That may mean casting aside
his favoured 4-4-2 formation for a
more modern system, perhaps with
greater numbers in centre midfield,
where England were overrun.
How safe is Gerrards place?
Steven Gerrards strong performances
and eagerness to retain the captaincy
would appear to cement his status as
a key figure. But while his suitability
to wear the armband may be in little
doubt, it seems far from certain that
he will still be a first-choice starter at
the 2014 World Cup, when he will be
34. Should Hodgson stick with 4-4-2,
Gerrard can expect to come under
huge pressure from Jack Wilshere for
the attacking central midfield role. If
there is a switch to 4-3-3 or similar, it
may be to include another defensive
player, meaning Gerrard may have to
sit deeper or be left out altogether.
Which senior stars will survive?
John Terry, Ashley Cole, Scott Parker,
Frank Lampard, Gareth Barry and
Gerrard are among those nearing their
sell-by date, although it would be a
risky tactic to discard all at once. Cole
looks to have another campaign in
him, while Gerrard, Parker and Terry
can reasonably argue that their Euro
2012 performances have earned them
a show of loyalty. Lampard, at 34, and
Barry, along with Rio Ferdinand, may
have had their swansong.
Frank Dalleres
Results
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F
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British wildcard Oliver Golding is ranked 398
places below world No93 Igor Andreev, his
conqueror yesterday at Wimbledon
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On Thursday 12 July, 6,800 runners representing over 350
companies from across the Square Mile will take part in the
Standard Chartered Great City Race, Londons leading corporate
running challenge. If youre not running, be sure to come along
and show your support. For race details, visit:
BRITISH No1 Andy Murray and
wildcard Laura Robson today begin
their respective attempts for
Wimbledon success, with the former
hoping home support can inspire
him to a first grand slam title.
I think that when you look over
the years it has normally helped
players raise their game by being at
home, said Murray, who has been
drawn against Russias former world
No3 Nikolay Davydenko.
Robson faces Italys Francesca
Schiavone, winner of the 2010
French Open.
Crowd darlings
set for support
BY DECLAN WARRINGTON
TODAYS HIGHLIGHTS
Mens singles
nN Davydenko v A Murray [4]
nJ Tsonga [5] v Leyton Hewitt
nT Belucci v R Nadal [2]
nR Haase v J Del Potro [9]
Womens singles
nI Falconi v V Azarenka [2]
nA Amanmuradova v P Kvitova [4]
nS Williams [6] v B Strycova
nL Robson v F Schiavone [24]
WATSON FLIES THROUGH TO SECOND ROUND
BRITISH No3 Heather Watson (above) beat Iveta Benetsova 6-2, 6-1 in the opening
round of Wimbledon to secure her first singles victory at the All England Club. Watson,
20, will meet unseeded American Jamie Lee Hampton in the tournaments next round.
She said: I was lost in the moment, the crowd was amazing and I was having fun.
FORMER Wimbledon champion
Venus Williams insists she is not
resigned to retiring, even though her
shock first-round defeat to Elena
Vesnina hinted at a greater
acceleration in her decline.
Williams lost 6-1, 6-3 to the
Russian world No79 and only
held her serve once throughout
the opening set but regardless
remained defiant about her
future prospects.
Theres no way Im
going to sit down
and give up,
said
Williams, a
five-time
champion at the
All England Club. I
dont have time to feel
sorry for myself, it doesnt
feel good. Im going to use
the time to feel positive. I
love this sport.
Defending mens
champion Novak
Djokovic and third seed
Shock Wimbledon exit leaves
Williams defiant as Djokovic and
Federer lay down early markers
Roger Federer began their campaigns
with far greater ease after almost
effortless respective victories over
Juan Carlos Ferrero and Albert
Ramos, though the elimination of
sixth seed Tomas Berdych means the
threat of another potential rival has
been extinguished.
Djokovic beat Ferrero 6-3, 6-3, 6-1,
while Federer won 6-1, 6-1, 6-1 and
appeared to be at his exceptional
best. The Serb advances to play
Americas Ryan Harrison while
Federer will face Fabio Fognini of
Italy, but there will be no such
luxury for Czech Berdych, who
lost 7-6 (7-5), 7-6 (7-4), 7-6 (7-4)
to Latvias Ernests Gulbis.
British wildcard Oliver
Golding also lost,
despite testing world
No93 Igor Andreev in a
1-6, 7-6 (7-4), 7-6 (9-7) 7-5
defeat, though Josh
Goodall was the first Briton
to exit after losing to fellow
wildcard Grega Zemlja.
BY DECLAN WARRINGTON
Venus Williams is a five-time
champion at Wimbledon
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ends Sunday

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