Cityam 2011-08-01

Certified Distribution
30/05/11 till 03/07/11 is 102,636

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QL7SL 1UI UC1PZ A8 CYQ SI1PE QY
BUSINESS SURVIVAL
GUIDE TO THE GAMES
EIGHT-PAGE SPECIAL P17-24
361 DAYS TO GO
COUNTDOWN
TO THE
LONDON
2012
OLYMPIC
GAMES
BUSINESS WITH PERSONALITY
FTSE 100 t5,815.19 -58.02 DOW t12,143.24 -96.87 NASDAQ t2,756.38 -9.87 /$ 1.64 unc / 1.14 unc /$ 1.44 +0.01
50p tax
rate causes
fresh split
DANNY Alexander blindsided his Tory
colleagues yesterday by dismissing
calls to abolish the 50p tax-rate as an
idea from cloud cuckoo land.
Asked if the top-rate tax should be
cut, the chief secretary to the treasury
said: Anyone who thinks were going
to shift our priority to reducing the tax
burden for the wealthiest has got
another thing coming.
The strength of his position shocked
his coalition partners in the Treasury
and appears to be at odds with what
chancellor George Osborne has briefed
his Tory colleagues behind the scenes.
City A.M. understands that Tory MPs
have received private assurances from
Osborne that the 50p tax rate is tempo-
rary and will be abolished as soon as is
politically feasible.
Theyve made the decision to abol-
ish it but know they cant right now,
said one MP. The treasury is currently
looking into whether the 50p rate will
ultimately increase or decrease rev-
enues by discouraging wealth creation
and pushing the super-rich offshore.
Osborne is banking on the study to
come to the latter conclusion, making
it more palatable to bring the tax
down. But Alexanders rhetoric will
make it hard for him to support a shift
in policy in the next year, setting up
the coalition for an acrimonious bat-
tle. It adds to a hardening of the
Liberal Democrat stance, after busi-
ness secretary Vince Cable said on
Friday that cutting taxes to kick-start
the economy amounts to voodoo eco-
nomics.
BY JULIET SAMUEL
POLITICS
Senate majority leader Harry Reid said last night he had signed off on a debt ceiling deal, but the uncertainty is far from over Picture: Getty
US LEGISLATORS moved towards a
deal with the White House last night
in a bid to tackle Americas $14.3 tril-
lion (8.7 trillion) debt pile.
Though the final vote on a compro-
mise plan was again pushed back, with
the US Senate expected to pass judge-
ment today and Congress tomorrow,
more details were emerging of how
spending cuts could look.
According to officials from both
Democrats and Republican parties, the
plan would include around $2.4 tril-
lion of cuts over the next decade, but
no tax rises. An initial $900bn of deficit
reductions would be followed by a sec-
ond round of $1.5 trillion to be decided
by a nominated panel of lawmakers
appointed by Congress and the Senate.
Key to the plan is a three-stage
process for raising the debt ceiling,
allowing the US government to take
the limit off its debt this week to meet
its obligations. The initial increase
DEBT DEAL NEEDS
$2.4TRILLIONCUTS
BY ELIZABETH FOURNIER
US CRISIS
www.cityam.com Issue 1,436 Monday 1 August 2011 FREE

would see $400bn added to the ceiling,
with a further $500bn rise later this
year, pending a vote of disapproval. The
final and biggest increase, of 1.5 tril-
lion, will also be put to a vote.
The controversial vote on a balanced
budget amendment also seems to have
made it into the compromise proposal.
As the US approaches the final dead-
line for an increase to the debt ceiling
at 11.59pm tomorrow, Senate majority
leader Harry Reid said he had signed
off on a debt ceiling deal, pending
approval in the Democrat-led Senate.
Oil prices advanced from a two-week
low on optimism the deadline would
be met, and the dollar rallied as Asian
markets opened. The Nikkei also
gained almost one per cent in early
trading, rising to 9,928.602.
MORE: P2, VOICE OF THE CITY: P4
Certified Distribution
30/05/11 till 03/07/11 is 102,636
Three-stage plan
to up debt ceiling
Balanced budget
vote survives
News
2 CITYA.M. 1 AUGUST 2011
Bad taste left
by Tea Party
WHILE the age-old war between
Republicans and Democrats wages
over the US debt crisis, conservative
splinter group the Tea Party has
threatened to bring the talks crash-
ing down altogether.
Tea Party cheerleader Michele
Bachmann, an early front-runner in
the race to oust Barack Obama, has
shot to prominence with her persist-
ent condemnation of the President
and his handling of the crisis.
Leader of sub-group Tea Party365,
David Webb, has also grown his pub-
lic image with his criticism of the
Obama administration and firebrand
racial rhetoric.
The groups refusal to budge on
calls for extreme austerity has made
the already tortuous negotiation
process almost impossible.
A potential compromise prepared
by Republican speaker of the House
of Representatives John Boehner was
blocked by the Tea Party, sparking
panic when the possibility of default
became incrementally more real.
As the clock continues to tick, both
sides of the political divide have
become increasingly belligerent with
the group of fringe Republicans.
Former Presidential candidate
John McCain branded them Tea
Party Hobbits, who believe they can
return to Middle Earth having
defeated Mordor.
Martin Frost, a former Democratic
congressman, went further, likening
them to the Taliban, intent on risk-
ing destroying what American politi-
cal leaders have constructed in more
than two centuries of hard, often
painful work.
BY STEVE DINNEEN
US DEBT CRISIS
W
HETHER or not the deal
being worked on inten-
sively in Washington over
the past few hours avoids
a US downgrade, there is one mat-
ter on which all observers agree:
the whole debt wrangling saga
has dealt a lasting blow to
Americas financial credibility.
Credit ratings agencies might
yet be persuaded to hold off on a
downgrade if the $3 trillion
deficit-cutting deal passes
smoothly through the legislative
process, but there is no putting
the genie back in the bottle.
Washingtons last-ditch squab-
bling and grandstanding over the
past week has given the lie to one
of the building blocks of the
worlds debt markets: that US
treasuries represent the worlds
risk-free rate.
This assumption is built into
calculations of overall balance
sheet strength (notably, the cur-
rent Basel II rules), portfolio allo-
cation and asset-backed securities
like mortgages.
So any ratings downgrade or re-
pricing of US debt will have
unknown knock-on effects, partic-
ularly because in such scenarios
the markets normal reaction is to
flee into safe havens, that is,
assets like US treasuries
OK We cant call it the risk
free rate any more, says
Newedges Bill Blain. Doesnt
exist. Forget traditional
Markowitz asset-allocation portfo-
lio-theory.
Of course, there is one thing
that will keep many investors in
treasuries: there is simply
nowhere else to go.
Farewell to risk-free rates
as delays hit US credibility
NEWS | IN BRIEF
Syrians kill 80 in Hama attack
Syrian tanks firing shells and machine-
guns stormed the city of Hama yester-
day, killing 80 civilians, rights activists
said, in one of the bloodiest days in a
popular revolt against President Bashar
al-Assad. Hama residents said tanks and
snipers fired into unarmed residential
areas where people had set up
makeshift roadblocks to try and stop
their advance. The Syrian state news
agency said the military entered Hama
to purge armed groups shooting inten-
sively to terrorise citizens. A US
embassy official in Damascus dismissed
this official account as "nonsense.
European Union governments plan to
extend sanctions against Assads gov-
ernment today.
University place chaos forecast
More than 200,000 university appli-
cants in Britain will fail to get places this
year, the head of the admissions service
said in an interview published today.
Chief executive of Ucas Mary Curnock
Cook told the Independent a carbon
copy of last year's confusion, when
210,000 youngsters did not get places,
is inevitable.
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
US DEBT TALKS | THE KEY PLAYERS
HARRY REID
Senate majority leader
On the talks: This is likely our last chance

to save this nation from default.
On the Tea Party: We would be back in

the midst of partisan wrangling with our
economy once again held prisoner by
extremists.
MITCH MCCONNELL
Senate Minority Leader
On the talks: "In the category of getting

serious, I have spoken to both the president
and the vice president in the last hour."
On the future: "I have a much more posi-

tive feeling than I did 24 hours ago... Our
country is not going to default for the first
time in our history.
JOHN BOEHNER
Republican speaker of the House of
Representatives
On the talks: In spite of our differences, I

think we're dealing with reasonable, respon-
sible people who want this crisis to end as
soon as possible.
On the Tea Partys impact on the negotia-

tions: [They need to] get their ass in line.
BARACK OBAMA
President
On the talks: [Failure to come to an

agreement would be] reckless and irre-
sponsible.
On political in-fighting: The American

people may have voted for divided govern-
ment, but they didn't vote for a dysfunc-
tional government.
MICHELE BACHMANN
Rep member of House of Representatives
On the talks: Throughout this debate over

guaranteeing insane never-before-seen in
the history of this country levels of spending,
President Obama has coolly stood on the
sidelines, his arms crossed, very simply casti-
gating Republicans for not giving him a $2.4
trillion blank cheque.
DAVID WEBB
Tea Party365 leader
On the left: According to the left, I have

Stockholm Syndrome, Im the house N-
word, Im the Uncle Tom.
On the talks: Were the adults in the

room.
BOTTOMLINE
Analysis by Juliet Samuel
SUPER RICH TO GET NEW LONDON
ADDRESS
A leading European hedge fund is
preparing to build one of Londons
most expensive housing develop-
ments as global investors scramble to
gain a foothold in the capitals resur-
gent residential market. In a deal
completed over the weekend, Orion
Capital Managers acquired an acre of
prime residential land in Chelsea.
The fund plans to build a 300m
housing complex which, it hopes, will
vie with One Hyde Park for the title of
the capitals priciest address.
QUANGO CHIEFS HIGH PAY PACKAGES
VETOED
The Treasury has vetoed the high
salaries of 23 quango chiefs and sen-
ior civil servants since the coalition
came to power last summer, the
Financial Times has learnt. But
George Osborne has been criticised
for refusing to reveal which officials
pay packages were rejected or by
how much as part of the govern-
ments austerity drive.
CALL FOR NEW BANK
Plans for a rebalanced economy
with more emphasis on industry and
investment will only work with the
help of a new government-aided bank
to boost manufacturing, according to
Labour peer Lord Bhattacharyya.
LAGARDE PLEADS FOR EUROPEAN
UNITY OVER NEW GREEK RESCUE.
European authorities should stop
public bickering and speak with one
voice to make the second rescue pack-
age for Greece work, warned
Christine Lagarde, new managing
director of the International
Monetary Fund. Speaking to the
Financial Times, the former French
finance minister said public discord
between Eurozone ministers and the
European Central Bank created con-
fusion in the markets.
REVIVING LOVE AFFAIR WITH LIFES
LITTLE LUXURIES
Sales of luxury goods in Britain have
recovered from the ravages of the
financial crisis, growing by 7 per
cent, or 600m (526m), in 2009-10,
according to Bain & Company. The
markets value has doubled in the
past 15 years and adds 8.8bn to the
domestic economy annually, outper-
forming GDP and the pace of growth
in Europe, the consultancys
research, commissioned by the indus-
try body Walpole, found.
TAXMAN TELLS BREWERS TO STOP THE
BEER SMUGGLERS
Britains brewers are fighting
attempts by the taxman to introduce
an anti-smuggling system. They are
being asked to share the burden of
the 550m in tax lost on beer that is
exported duty-free but then finds its
way back into the UK illegally.
ESPN TO OFFER PREMIER LEAGUE FOOT-
BALL HIGHLIGHTS FOR FREE
Premier League football fans will be
able to watch every Wayne Rooney
goal for free within minutes of it hap-
pening this season, after ESPN decid-
ed to stop charging for its Goals app.
The Disney-owned sports news broad-
caster launched ESPN Goals last year,
after it beat BSkyB to exclusive mobile
rights to all 380 Premier League
games with a bid in the high single-
digit millions. It has been charging
2.99 a month for the app.
NEW BLACKS LEISURE CHIEF JULIA
REYNOLDS STARTS AMID MIKE ASHLEY
ROW
Julia Reynolds, the new chief execu-
tive of Blacks Leisure, will begin her
first day in the job amid a growing
row between the retailers chairman
David Bernstein and its largest share-
holder, Sports Direct.
NORTEL PATENT PROBE PICKS UP
The Justice Department is intensify-
ing an investigation into whether
tech giants including Apple,
Microsoft and Research in Motion
could use a recently acquired trove of
patents to unfairly hobble competing
smartphones using Googles Android
software, according to people famil-
iar with the matter.
STATES BALK ON CIGARETTE PACT
A proposed deal between big ciga-
rette makers and US states to resolve
a $7.1bn payments dispute has been
rejected by many state attorneys gen-
eral, according to people familiar
with the matter. States have turned
down the proposal, which is designed
to settle a long-running dispute over
payments that Altria Groups Philip
Morris USA and other cigarette giants
make to 46 states each year under the
landmark 1998 tobacco settlement.
WHAT THE OTHER PAPERS SAY THIS MORNING
News
COOPER Industries was left frustrated
in its two-month battle to buy Laird
after the British electronic compo-
nents firm refused to stand down on
its 220p demand ahead of todays
deadline.
The board of US-based Cooper,
which has until 5pm today under
takeover rules to make a formal offer,
flew into London last week in an
attempt to rescue the deal and resolve
a stand-off over bid price.
Talks reached a stalemate, however,
after Lairds chairman Nigel Keen
wrote to Coopers chief executive Kirk
Hachigian on Friday to say that its
board was not prepared to meet with
Cooper unless it increased its indica-
tive offer to 220p a share.
Keen said the team was ready to dis-
cuss value related points and listed
areas he would be willing to discuss at
the proposed meeting that was due to
be held on Saturday.
The letter came after Laird rebuffed
Coopers sweetened 533m takeover
approach earlier in the week, saying
the offer still undervalued the firm.
Sources familiar with the company
said Laird had initially agreed to meet
with its suitor, only to change its mind
at the last minute.
Hachigian, who sources say put in
early morning calls to his opposite
number last week, rejected the invita-
tion for Cooper to increase its offer.
We are frustrated...We think it is in
Lairds shareholders interests for
Cooper to review limited value driving
information and see if a compromise
can be reached between our position
and Lairds, he said in a statement.
The company said it would with-
draw its interest by tomorrows 5pm
deadline if there was no change in
Lairds position.
Cooper left
frustrated by
Laird defiance
EXPANDING US corporates such as
Kraft accounted for almost half of over-
seas purchases of UK listed companies
last year, a leading City law firm said
today.
Groups based in the US acquired 22
UK listed companies in the twelve
months to the end of June, an increase
of 83 per cent on the number of US led
deals completed in the previous 12
months, a study by Wedlake Bell has
found.
US buyers have been better able
than most to take advantage of the
buying opportunity presented by the
recession, Tim Bird, partner and head
of the firms corporate team said.
M&A activity in the UK continued to
be subdued, the study found, with 86
deals completed in the year to June,
down 23 per cent on the previous year,
US buyers fuel UK
M&A activity
BY KASMIRA JEFFORD
TECHNOLOGY
Laird, led by chief

executive Peter Hill,
is refusing to back
down on its 220p-
per-share demand,
leaving potnetial
bidder Cooper
Industries until
5pm today to make
a formal offer.
BY KASMIRA JEFFORD
M&A
ANALYSIS l Laird
p
25Jul 26Jul 27Jul 28Jul 29Jul
195
185
175
187.70
29 Jul
Charter investors press
board over Melrose bid
LEADING shareholders in Charter
International have called on the firm
to open its books to Melrose, the
takeover specialist pursuing a 1.4bn
bid for the engineer.
A number of investors including
Schroders the engineering groups
second biggest shareholder have
urged the board to allow Melrose to
conduct due diligence.
Charter has refused to open its
books despite the announcement ear-
lier this week that Melrose would con-
sider increasing its indicative offer of
840p a share if it was allowed to do
due diligence.
Smaller shareholders, including
several hedge funds who represent
between 10-20 per cent of Charter,
have also spoken out in favour of
Charter opening its books to Melrose,
known for its success in turning
around troubled engineering firms.
Charters new chief executive
Gareth Rhys Williams sought to
defend against an approach at its
interim results last week and saying
the firm was capable of dramatic
improvement.
INDUSTRIALS
News
REPUBLICAN members of the US
House of Representatives are to
blame for the difficulty in agreeing
a deal on raising the countrys debt
ceiling, according to members of
the City A.M./PoliticsHome.com
Voice of the City Panel.
Forty-one-and-a-half per cent of
respondents said that Republicans
in Congress were most to blame for
the delay in reaching an agree-
ment, with 38 per cent blaming
President Barack Obama and the
Republicans equally.
An overwhelming 95 per cent of
PoliticsHome.com PoliticsHome.com
In association with PoliticsHome.com
POLITICS
In partnership
with
City blames Republicans for delay on US debt
Apply to join today at www.cityam.com/panel
those surveyed also felt that
the row had damaged the rep-
utation of the US as a finan-
cially responsible economy,
with more than half (58 per
cent) saying that the damage
has been severe or quite
severe.
The threat to the world econ-
omy was also seen as signifi-
cant by our panel, with 95 per
cent of respondents seeing risk
to global markets from the US
debt crisis and 72 per cent
seeing the threat as quite
severe or severe.
While Obama has vetoed any
proposals that include tax
increases in the US, 79.5 per
cent of our panel felt that tax
hikes should form part of the
compromise.
Barack Obama and
Barack Obama
Republicans in Congress
equally
Dont know
Republicans in Congress
%
41.5%
37.75%
16.25%
4.5%
Who do you blame more for the difficulty
in coming to an agreement during the US
debt talks in Washington DC?
Slightly damaged
Severely damaged
Quite severely damaged
Not at all damaged
%
42.75%
37%
15.25%
4.75%
Howmuch damage has the political row
around US debt done to Americas international
reputation as a financially responsible economy?
ANALYSIS l The Blame Game
ANALYSIS l Damage to Americas Reputation
Asmall threat
Asevere threat
Aquite severe threat
No threat
%
41.25%
21.5%
34%
2.7%
Howmuch of a threat does the US
debt crisis pose to the world economy?
ANALYSIS l Threat to the world economy
BUSINESS confidence fell back in July
after rebounding in June to a 13-
month high, according to the latest
Lloyds Bank Corporate Markets
Business Barometer.
Less than half (46 per cent) of com-
panies were more optimistic regard-
ing economic prospects, a reduction
from 51 per cent in June.
The number who were less opti-
mistic nearly doubled last month to
27 per cent (from 15 per cent in June).
and the number of firms feeling opti-
mistic dropped 17 points to +19 in
July.
Confidence took a knock this
month, most likely because of the
concern that the sovereign debt crisis
in our largest trading partner, the
Eurozone, was spreading to countries
such as Italy and Spain, said Trevor
Williams, chief economist of Lloyds
Bank corporate markets,
Sentiment has improved since the
start of the year. The three-month
moving average net balance for eco-
nomic prospects has risen from 13
per cent in February and 15 per cent
in May to 23 per cent in July.
Sixty-four per cent of service sector
firms expected trading prospects to
improve in the next twelve months,
up eight points, while only four per
cent expected prospects to worsen.
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News
IN spite of the lacklustre backdrop
provided by the UK economy this
year, the Confederation of British
Industry (CBI) has stuck to its fore-
casts for growth in 2012, predicting
a modest 2.2 per cent rise in GDP.
But the squeeze on household
incomes from higher commodity
prices and an erosion of business
confidence means that the industry
body has downgraded its predic-
tions for 2011, revising its GDP
growth forecast to 1.3 per cent, com-
pared to the 1.7 per cent it expected
in May.
The boost to the UK economy next
year is likely to come from positive
trade contributions, the CBI said,
with a competitive sterling driving
export rates, while imports are hit
by reduced domestic demand.
Consumer expenditure is set to
fall by around one per cent this year.
Economic conditions will be very
tough for the rest of this year as
household budgets continue to be
squeezed by a combination of infla-
tion and weak wage growth, said
Ian McCafferty, the CBIs chief eco-
nomic adviser.
But conditions will be a little
brighter in 2012 as inflation eases
back and take home pay improves.
Business investment is also
expected to bounce back next year,
with the four per cent growth fore-
cast this year increasing to more
than nine per cent for 2012, match-
ing historic levels.
But the investment figure is large-
ly dependent on business confi-
dence, on which both the CBI and
Lloyds Bank (see below) have been
less optimistic.
The business group cites
Eurozone instability, US debt issues
and the Japanese tsunami as events
that have dented business confi-
dence, which could put paid to
hopes that a substantial cash sur-
plus in the corporate sector will fuel
investments.
The CBI also expect inflation to
ease later in 2012, after predicting a
rise from autumn through to the
new year, mainly due to rising utili-
ty prices.
CBI upbeat on
prospects for
2012 growth
UK ECONOMICS
SHADOW chancellor Ed Balls has

branded the governments National
Insurance holiday scheme a total
flop, saying it has cost more to run
than it has delivered in savings to
new businesses.
The scheme was launched with
the hope it would help create
400,000 new companies over three
years.
The government last night said it
is taking steps to improve take up of
the national insurance holiday,
admitting that registrations to the
scheme so far stand at just 5,600.
A spokesman added: Businesses
are also benefiting from the govern-
ments decision to reverse the
biggest impacts of the planned
increase in national insurance that
it inherited.
Balls said: After a week when we
learned the economy has flatlined
over the last nine months, these fig-
ures are another embarrassing set-
back for the chancellor.
George Osborne hailed this flag-
ship policy last year saying it could
create 800,000 private sector jobs.
But its turned out to be a total flop,
with just one per cent of the 400,000
businesses he said would benefit tak-
ing advantage.
Balls brands governments NI
holiday scheme a washout
BY STEVE DINNEEN
POLITICS
George Osborne
came under
attack over his NI
holiday scheme.
Picture:
Micha Theiner
/City AM
Business confidence down in
July but up from start of year
UK ECONOMY
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HSBC is expected to announce a stag-
nation in group profits this morning
and a massive round of lay-offs that
could see 10,000 jobs cuts globally.
Analysts expect the banks full-year
pre-tax profits to be around $11bn
(6.7bn), versus $10.9bn last year.
Investec predicts a 14 per cent drop in
net profit from $4.4bn in the first
quarter to $3.8bn in the second.
But chief executive Stuart Gulliver is
also expected to provide more details
on the banks $2.5-$3.5bn cost-cutting
programme that could see 10,000 jobs
go, or up to 30,000 over the next three
years, out of some 300,000 employees.
In its May strategic review to address
what Gulliver calls a cost problem,
the bank warned that it would be
streamlining its operations to avoid
duplication. In addition to cutting
out layers of middle management,
that is likely to include dispensing
with some of its five global IT hubs.
It is also reviewing its presence in 39
countries and announced last week
the closure of its Polish retail business,
with the likely loss of 263 jobs.
The bank also confirmed yesterday
that it had reached an agreement to
sell 195 of its network of US retail
branches to First Niagara for around
$1bn (608m) as part of a scaleback of
its US operations.
BANK RESULTS LOOK-AHEAD: P23
HSBC will cut
10,000 jobs
BY JULIET SAMUEL
BANKING
PRUDENTIAL is set to increase its half-

year dividend to 7.95p when it
announces robust results later this
week. The firm will hope bumper
profits of around 970m will help
investors move on from its collapsed
22bn bid for rival AIA last year.
The second quarter results will
build on a strong performance in
Prus first quarter, in which it beat
market estimates following a sharp
upturn in its key Asian markets.
Prudential has been focussing on
fast-growing Asia to offset stagnant
growth at home, and generated 43
per cent of its sales in the region last
year. Prudential boss Tidjane Thiam
survived calls for his head following
the AIA debacle, in which Pru
investors baulked at the sky-high val-
uation. The business was left with
377m in costs.
Prudential hopes bumper profit
will help investors forget AIA
INSURANCE
HEDGE fund Lansdowne Partners has

sold its $850m (517m), stake in
Goldman Sachs, amid fears that
increased regulation in the US could
stunt the investment banks propri-
etary trading arm.
Lansdowne has sold almost 5m
shares in Goldman just under one
per cent of the banks total share capi-
tal having previously been one of its
top twenty investors. The stake is
almost 10 per cent of the $10bn funds
Lansdowne has under management.
The last time Lansdowne sold shares
in Goldman Sachs was in the months
leading up to the collapse of Lehman
Brothers in 2008, which precipitated
the global banking crisis.
The move was apparently attributed
to fears about the implementation by
US regulators of the Volcker Rule,
according to reports in the Sunday
Telegraph. The new legislation will
require banks to spin off certain pro-
prietary investment practices, which
could hit Goldmans profits.
Last week, it was revealed that more
than a dozen traders had quit
Goldmans US government bonds and
derivatives trading desk in New York
in recent months, as the bank takes
fewer risks, and big bonuses for ambi-
tious traders dry up.
Lansdowne sells out of entire
850m Goldman Sachs stake
FUNDS
News
Founded by ex-Schroders and Goldman
Sachs banker Paul Ruddock (above)
with Steven Heinz in 1998, Lansdowne
Partners emerged during the financial
crisis as an aggressive shortseller of
UK financial stocks, making 50m
shorting HBOS alone. The fund is also
believed to be the second biggest
shareholder in Lloyds Banking Group
after the UK government, with an esti-
mated stake of around four per cent,
or 1.1bn. But with shares in Lloyds
falling 30 per cent since the start of
the year, the historically upbeat hedge
fund has also suffered, with its UK
fund down 12.2 per cent so far in
2011. Run by star managers Peter
Davies and Stuart Roden, the UK fund
is approaching its 10th anniversary.
Lansdowne used to be a key investor
in Manchester United, but sold its 4.6
per cent stake to Malcolm Glazer for
31m in 2003, paving the way for his
takeover of the club.
SPOTLIGHT ON LANSDOWNE PARTNERS
ANALYSIS l HSBC
p
615
605
595
594.50
29 Jul
The Capitalist
8
brains at the industry body. They then
add, helpfully: Make sure staff com-
plete a proper handover and that staff
use their out-of-office email.
ICAEW even offers counsel on how to
reintegrate colleagues into office life.
Once people have returned from holiday,
give them time to adjust, it advises.
However, try to make sure that people
regain their productivity quite quickly.
To apply for membership of the oracle
of common sense, see www.icaew.com/
en/join-us. Meanwhile, The Capitalist will
be having a lie down
LEADING LADIES
TOO often, talented business-
women hold themselves back by
devaluing their own achieve-
ments. Just ask Margaret
Mountford (left), a former adviser to
Lord Sugar on The Apprentice, who
moderated a conversation on
creative leadership at
Cambridge University
sponsored by law firm
Addleshaw Goddard and
Barclays Wealth.
City headhunter Jan
Hall spoke on leader-
ship skills for women,
while Anji Hunter of
Anglo American the
only mining compa-
ny with a female CEO
debated why soft
issues relating to the
workforce are an essen-
tial part of a responsible
business.
Completing the panel were McKinsey &
Cos Tamara Rajah who was once firmly
told by a male colleague that her ten
years experience didnt qualify her to talk
on leadership for women and Royal Mail
boss Moya Greene, who encouraged the 70
female executives in the audience to out-
source family responsibilities.
Women need to give up the guilt and
expend their energies on those areas
where they can best apply their talents,
said the chief executive in charge of mod-
ernising the Post Office.
PENNY PINCHING
DOMINOS Pizza set the trend last
November, and today restaurant chain
Zizzi and toy retailer The Entertainer have
followed suit by introducing the electron-
ic charity box Pennies to their shop tills.
Shoppers can donate as little as 1p
through the micro-donation service
but, as The Entertainers owner Gary
Grant (pictured above) will no doubt be
reminding his customers, those pennies
soon turn into pounds.
About 150m, in fact the estimated
amount that would be raised for charity
every year if the UKs 43 million card hold-
ers each donated a penny every day.
BETFAIRS
IRON LADY
IS ON HER
LAST LEG
FOUR down and one to go. No, not the
number of top-level scalps claimed by the
News Corp scandal, but the feats of
endurance completed by Betfairs
Susannah Gill, the Iron Lady of the City, as
part of her five-part ultimate challenge
between April and September.
Gill, who is making the original iron
woman Margaret Thatcher look lazy by
rising at 5.45am three times a week to
train for her final instalment, yesterday
finished the London Triathlon in three
hours and 20 minutes, adding to the
London Marathon, the South East pen-
tathlon and an 100km trail-walk across
the South Downs.
The running leg of yesterdays triathlon
required sheer mental determination,
but the 8.45am swim in the Docklands
over one mile you could just about see
your hand in front of you was even
worse, said Gill, a public affairs manager
at the gambling group, who is dreading
the concluding 10km swim in the River
Dart on 3 September.
I am the worlds worst swim-
mer, explained Gill, who is com-
pleting the five-stage physical
challenge in aid of Betfairs
designated charity the Prostate
Cancer Charity, with every
pound of the 1,250 and count-
ing raised for the cause
matched by her employer. But I
have been assured that if you
go with the tide, it will
help you.
WISE WORDS
A MASTERCLASS in stat-
ing the obvious from
the accountants at
ICAEW, in its ten-point
plan to help businesses
cope now the holiday
season is in full swing.
Try to anticipate
employee holidays
how many staff can you
afford to be away at the
same time? write the
Iron woman: Betfairs
Susannah Gill after
completing the
London Triathlon
Gary Grant, owner and MD of The Entertainer
Susannah
Gill, Betfairs
Iron Lady,
is one feat of
endurance
away from
completing
her ultimate
challenge
CITY EYE
PEDAL pushers: City
workers take a break
from the markets to
take part in a group
spinning class in
Canary Wharfs
Montgomery Square
in aid of armed
forces charity Help
For Heroes. More
than 800 people took
part in the outdoor
classes over the course
of the day, which was
organised by health-
care provider
Nuffield Health.
There was nowhere to
hide, as every partici-
pants heart rate and
effort was tracked
through electronic
belts and projected
onto a live screen.
CITYA.M. 1 AUGUST 2011
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
News
Job cuts show bonus benefits
T
HE announcement that Credit Suisse is
to cut 2,000 jobs follows an accelerat-
ing trend of redundancies in the bank-
ing industry, with some commentators
speculating the total job losses across the
sector could total over 50,000 this year.
Many will arise as banks reassess business
models in the light of changes to the eco-
nomic climate and the extra burdens
imposed by regulators in the form of capital
requirements.
But the brunt of cuts will be felt in the
investment banking divisions where opti-
mism of an early recovery has diminished.
This sudden change in business condi-
tions is characteristic of investment banking
and explains why remuneration in the sec-
tor has tended to rely on large performance-
related bonuses rather than fixing the base
rate of pay at a higher level.
By imposing the strictest rules on bonuses
in the world, European policy makers may
have scored some easy political points but
they have seriously eroded flexibility, caus-
ing banks to raise basic salaries to retain and
attract top performing employees.
Given the pan-European desire for growth,
it is perverse that we are enacting legislation
that fails to safeguard the economic contri-
bution of Europes financial centres and
could put member states at a long term com-
petitive disadvantage.
That is why, as part of a long-term research
programme, the City of London Corporation
and TheCityUK commissioned Europe
Economics to produce a report for the
International Regulatory Strategy Group
(IRSG) The Value of Europes International
Financial Centres to the EU economy
detailing the benefits for individuals, busi-
nesses and governments throughout the EU
of having international financial centres
based within the borders of the Union.
It is often claimed that the UK adopts an
isolationist approach to European affairs. By
focusing on eight major financial centres
Amsterdam, Dublin, Frankfurt, London,
Luxemburg, Madrid, Milan and Paris this
research positions London as one part of a
much larger network.
The statistics contained in this report
make clear that the cluster of international-
ly-facing financial centres based in the EU is
hugely beneficial to the 27 individual mem-
ber states and to the Union as a whole.
European policy-makers must bear these
benefits in mind and ensure that all future
regulation is underpinned by a desire to sup-
port and promote this vital industry and its
role in the broader European economy.
Stuart Fraser is the Policy Chairman at the City
of London Corporation
CITY COMMENT
STUART FRASER
THE proposed merger between Deutsche
Borse and the NYSE Euronext could jeopar-
dise Londons position as a global finance
hub, according to London Stock Exchange
(LSE) boss Xavier Rolet (pictured).
Rolet told the Financial Times he fears
foreign financial centres could become
more prominent in the investment deci-
sion-making process. He warned that the
threat of power shifting abroad is not yet
fully understood in the UK.
Rolets comments come after the LSE
was last month forced to abandon its
4.3bn bid to merge with Canadas TMX
Group, sparking speculation it may itself
become a takeover target. Rolet said he
was clearly disappointed the threshold
was not met.
The exchange scrapped the merger
when it became clear it had
failed to win the critical two-
thirds level of support
required by Canadian law.
Brussels is expected to
decide this week whether it
will launch a more thorough
probe into the proposed
Deutsche Borse/NYSE Euronext
merger. All eyes are on regulators
after investors from both
sides gave the deal the
thumbs-up earlier this
month.
A rival 6.7bn bid for
NYSE Euronext from
Nasdaq collapsed in
May.
Rolet also argued
that the interests of
British finance are not
adequately represented
in Europe, which could risk the UK
being sidelined as plans are drawn up
for reform of the sector.
He pointed to the Financial
Services Authoritys voting rights on
the new European industry regulator,
the European Securities Markets
Authority, which grants it just eight
per cent of voting rights despite
two thirds of financial
services being conduct-
ed in London. Rolet
called this a clear
mismatch and a
possible risk.
Rolets com-
ments come
against the back-
drop of a scramble
for consolidation
in the exchange
market.
LSEs Rolet warns of shift in
power from UK to Europe
BY STEVE DINNEEN
FINANCIAL MARKETS
News
PRIVATE sector workers are facing a bleak
retirement under current UK schemes, with
up to 14m private sector workers facing the
prospect of receiving a pension much small-
er than the generation above them, a report
into the sector will say today.
The Workplace Retirement Income
Commission (Wric) says that the
results of its call for evidence on the
UK pension system raise particular
concerns about defined contribu-
tion pension schemes, which are
becoming the norm in the private
sector given the decline in so-called
final salary packages.
According to the Commissions
research, almost three quarters of
workers will be unable to live
adequately when they
retire, with the UKs compli-
cated pension system to
blame, alongside a lack of
sufficient savings.
People need to get
more bang for their buck,
or theyre not going to
bother with a pension, said Lord McFall of
Alcluith, the former Treasury Select
Committee chair who led the Wric (pic-
tured). The Commission said that the UK
government should plan for an increase to
the contribution floor, which is due for
review in 2017.
The Confederation of British Industry (CBI)
welcomed the reports stance on encourag-
ing savings for retirement, but advocated
sticking to measures already in place,
instead of the increase to the minimum
pension contribution that the Wrics
report suggested.
The commissions proposal to con-
sider increasing the minimum com-
pulsory pension contribution in 2017
is not the right answer, said CBI direc-
tor for employment Neil
Carberry.
The current plan to
introduce a floor of
eight per cent saving
from next year
remains the best
way to ensure
more people
who can afford
to save do so.
Bleak outlook
for UK pensions
UK ECONOMY
DEMAND for new staff dropped in July,

with banking jobs continuing their five
month decline from Februarys high
point, according to todays Reed Job Index.
The index fell three points from Junes
figure of 125, with sectors including
accountancy, financial services and cus-
tomer service all contributing to the over-
all decline.
Retail jobs, however, bucked the trend,
with demand in the sector reaching its
highest point since the index began. Retail
vacancies were driven by a push for leisure
and tourism staff.
UK ECONOMY
Staff demand fell in banking for the fifth month

MORE than a third of executives working in
the UKs financial services sector are worried
that the increase in regulation since the
financial crisis is harming the countrys
competitiveness.
Thirty-six per cent of senior employees
said that the Financial Services Authoritys
(FSA) regulatory clampdown was a threat to
the UKs ability to compete on the global
business stage, according to a survey by
recruitment specialists Interim Partners.
Senior executives were also sceptical as to
whether the planned shake-up of the regula-
tory system would help. Forty-one per cent
said that replacing the FSA will not lead to
better regulatory oversight.
Regulation is hitting
UK competitiveness
REGULATION
NEWS | IN BRIEF
Switzerland and Germany in tax deal
Switzerland and Germany will sign a deal to
regularise untaxed money stashed in secret
Swiss bank accounts on 10 August. Swiss
banks are likely to have to pay an up-front
advance payment to the German government,
which will only be reimbursed if their clients
pay back-taxes they owe to the German author-
ities. In future, the Swiss banks will levy a with-
holding tax on income earned by assets
belonging to German customers.
Acromas to buy Allied Healthcare
Acromas, co-owned by Charterhouse, CVC and
Permira, has agreed to buy Nasdaq-listed Allied
Healthcare for $175m (107m), six months after
its 124m acquisition of Nestor Healthcare. The
deal will bolster Acromas healthcare portfolio,
and stoke rumours that the owner of the AA
and Saga is plotting a listing. Last week
Acromas chief executive Andrew Goodsell
denied a listing was being considered.
Pressure for Premier Foods listing
Premier Foods chief executive-elect Mike Clake
is under pressure to consider a 300m rights
issue to repair the UKs largest food producers
balance sheet, according to a weekend report.
The Observer reported a big investor saying a
rights issue should be under consideration as
Premier is paying millions in interest despite
recent disposals. According to the report at
least one of Premiers three big investors
Paulson & Co, Warburg Pincus and Franklin
Templeton, which together account for 40 per
cent of the shares would back a move to raise
cash. Clarke is set to take the reins from chief
executive Robert Schofield in September.
GMT buys Meeting Zone video firm
GMT Communications Partners, a private equi-
ty firm, has acquired the video-conferencing
company, Meeting Zone, for about 38.5m
from Nova Capital Management and the
founders, Tim Duffy and Steve Gandy.
Demand for new
staff down in July
MAN Investments is Europes leading
hedge fund, topping the list of an
industry that has has bounced back
as a whole in 2011.
Mans hedge fund arm had assets
under management (AUM) of $34.1bn
(20.9bn) as of 11 June, according to
the Europe50 survey by The Hedge
Fund Journal.
Mans figures were boosted by the
acquisition of GLG Partners for $1.5bn
in 2010. In second place in the table
was BlackRock whose assets hit
$34bn.
Meanwhile Brevan Howard which
lost the top spot which it held in 2009
and 2010 was in third place with
$32.1bn. BlueCrest Capital retained
fourth spot as its AUM soared by 31
per cent to 26.8bn. The futures giant
Winton Capital rose 64 per cent to
$22.4bn to bag fifth after a stunning
year, the survey, sponsored by
Newedge Prime Brokerage, revealed.
The success among the top 50 firms
reflected an overall lift in 2011 with
total assets under management up 26
per cent compared with 2010, to
$374bn.
That is a record figure for the sur-
vey, topping the last bull market in
2008 when the top 50 were managing
a total of $360bn.
The gains of the top five firms in
2011 took their combined AUM to
$149.4bn, accounting for 40 per cent
of the total funds managed by the top
50.
Author of the report Bill McIntosh
said: If it is true that hedge funds as a
whole are back in business, it is the
case that leading players are doing
exceptionally well.
The surveys aggregate figures
show the rude health of the
European hedge fund industry.
Other companies in the Europe50
include Standard Life, previously
unranked, which went to number
nine in the table with AUM of
$12.9bn. HSBC Global Asset manage-
ment dropped from 17 to 28. with
$4.1bn.
The report also concluded that
hedge fund managers had taken
fewer risks with investors money, and
in doing so had served them well over
the past year.
Man tops list
of 50 biggest
hedge funds
News
Europes leading funds are up 26 per
cent, write John Dunne and Alison Lock
MAN
INVESTMENTS
THE $34.1bn (20.9bn) Man
Investments, part of the
worlds biggest alternative
manager Man Group, led by
Peter Clarke (right) dates
back to 1983. Its five biggest
funds each manage at least
$1bn and cover strategies
from managed futures to
arbitrage. Star fund manager
Tim Wong runs both its
$2.5bn Man AHL Diversified
fund and the newly-launched
$2.3bn Nomura Global Trend
fund, the hugely popular Asia-
focused fund that has been
credited with reviving Man
Groups profits since April.
BLACKROCK
BLACKROCKS hedge fund opera-
tion, led by Laurence Fink (above)
has moved up from third to second
place this year as its fund managers
grew assets to $34bn (20.8bn)
from $21.6bn in June 2010. Part of
the worlds biggest money manager,
its largest fund is the 1.34bn UK
emerging companies hedge fund,
while others invest in European equi-
ties, all on a long-short basis.
BREVAN HOWARD
BREVAN has slipped to third
place from first last year, despite
raising funds under management
to $32.1bn (19.6bn) from
$31.5bn last June. The flagship
fund is its $24.2bn Master Fund,
a giant, multiple manager, macro
fixed income and forex fund. Its
newest addition is Credit
Catalysts, now $1.8bn in size,
which launched in 2009.
BLUECREST CAPITAL
THE dream team of Mike Platt
(above) and Leda Braga has over-
seen a leap in BlueCrests funds
from $20.5bn a year ago to
$26.8bn today. Its headline funds
include the global macro BlueCrest
Capital International, and managed
futures-focused BlueTrend, which
each hold more than $8bn. Its
diversified BlueCrest AllBlue fund
manages another $5.4bn.
WINTON CAPITAL
WINTON, run by David Harding
(above), holds $22.4bn assets, a big
jump up from the $13.7bn held in
June 2010. Unlike many peers, it
makes most of its money from the
$14.3bn it holds in managed
accounts, segregated for individual
investors. Its Winton Futures fund
holds an estimated $7.8bn, but other
notable funds Evolution and Octo are
far smaller at just over $100m each.
2
1
3
4
5
News
WINEHOUSE DEATH SPARKS ALBUM SALES
AMY Winehouses critically
acclaimed second album,
Back to Black, shot back to
the top of the UK album
chart yesterday, a week
after the troubled singer
died at the age of 27.
Winehouse, famous for her
distinctive soul songs and
beehive hairdo, struggled
with drinking and drug
problems throughout much
of her career. The cause of
her death has not yet been
determined as officials
await results of toxicology
tests. Sales of the singers
recordings, released by the
Universal Music label, rock-
eted following news that
she had been found dead,
propelling Back to Black up
from last weeks 59th posi-
tion, the Official Charts
Company said.
Europe the biggest risk in trans-Atlantic gloom
T
HE financial markets dont
know which way to look. On
both sides of the Atlantic we
have a debt disaster that would
be a recipe for short fingernails.
But despite todays headlines, it is
Europe that presents the far greater
risk to the global economy. While
what is happening in Washington has
now descended into political farce, it
is the Eurozone that has moved into a
far more critical phase.
The deal done in Brussels on 21 July
was initially seen as having the poten-
tial to put Greece on a more sustain-
able path and to prevent contagion.
With the benefit of hindsight it is
clear this assessment was wrong.
Peripheral bonds yields have
widened against Germany and the
euro has started to fall again. One of
the most obvious reasons for this is
that politicians themselves dont
seem to understand the deal that
they produced or at can't communi-
cate it to everybody else.
The result is that Europe has taken
one step back. Its now clear that the
day of reckoning for Greece has only
been delayed and a hard restructur-
ing is still the most likely end game.
More worrying though is that by
taking Greece out of the limelight for
the time being the focus on Spain and
Italy has become more laser like.
While the Spanish ten year is once
again yielding over six per cent, it is
Italy that could provide the greatest
shock and once again it is politics
that will be causing ripples.
While the elections in Spain in
November will likely put a more fis-
cally responsible government in
place, the situation in Rome could
become could quickly become chaot-
ic if finance minister Guilio Tremonti
were to resign and bring to end the
reign of Silvio Berlusconi.
In such a scenario Italian BTP yields
would rise rapidly and become unsus-
tainable. Italys stock of debt dwarfs
Germanys. Helping Italy in the way
that Greece, Ireland and Portugal
have been is not possible. If Italy
needs help its game over for the euro.
To make matters worse it is not
clear that the global economy is slow-
ing rapidly. Central bankers in
Frankfurt could have seriously mis-
judged the situation by raising rates
twice already. Fifty basis points does
not represent a substantial increase
in the cost of borrowing but it could
be significant for countries such as
Italy. Jean Claude Trichet has a lot to
think about as he comes to the end of
his time at the top of euro towers.
Guy Johnson presents Closing Bell on CNBC
CNBC COMMENT
GUY JOHNSON
DATA centre provider Telecity is in
early-stage talks to buy an Irish rival
as it seeks to expand its capacity.
A deal for Dublin-based Data
Electronics, which operates two data
centres in the Irish capital, could set
Telecity back around 100m.
Talks are understood to be at a
very preliminary stage, with no
guarantee a bid will be forthcoming.
A spokesman for Telecity declined
to comment on rumour and specula-
tion.
The firm has seen a spike in
demand for its services as cloud IT
solutions become increasingly popu-
lar, meaning companies require
more capacity for data storage.
Data Electronics is understood to
be one of a number of operators in
Telecitys sights.
The firm, whose customers
include Walkers crisps, Facebook,
and Transport for London, is also
growing organically, with three new
data centres in the pipeline in
London.
The company, which has a value of
more than 1bn, has seen its shares
increase in value by almost a third in
the last year.
In May the firm reiterated its posi-
tive outlook for the rest of the year,
with analysts on average are expect-
ing it to post a pre-tax profit of
63.3m on revenue of 231.8m.
Telecity eyes
Irish rival as
demand lifts
BY STEVE DINNEEN
TECHNOLOGY
ANALYSIS l Telecity
p
580
570
560
550
540
553.00
29 Jul
Hg Capital
The private equity investor has promot-
ed Alex King from sector head for TMT
to partner. In addition, Jonathan Boyes,
Rob De Laszlo and Justin Leong, who
specialise in TMT, renewable energy
and TMT respectively, have been pro-
moted to director. Sascha Kaumann,
who specialises in industrials, has been
promoted to associate director.
Hurricane
The oil and gas exploration firm has
appointed Sir Adrian Montague CBE as
non-executive chairman. Montague is
chairman of 3i Group, non-executive
chair of Michael Page International,
CellMark AB and Anglian Water Group;
and non-executive director of Skanska
AB. He is also on the advisory board of
the Green Investment Bank.
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com
SPECIALISTS IN GLOBAL
PROFESSIONAL RECRUITMENT
in association with
Age UK Enterprises
The commercial services arm of Charity Age UK
has hired Ashley Smalley as strategy director,
working alongside Gordon Morris, managing
director of AGE UK Enterprises. Smalley will be
responsible for meeting the divisions growth
targets for profit and customer numbers. His
previous roles include head of strategy at Aviva
Europe, head of strategic analysis at BUPA, and
strategy manager at Norwich Union.
headline sponsor champagne reception sponsor
official venue partner
sponsors
The Square Miles
event of the year.
Book your place for the City A.M. Awards
on Wednesday 21 September at the
Grange St Pauls Hotel, London.
Visit www.CityAMAwards.com
For more information, contact Jo Pead I 020 8267 4043 I jo.pead@cityamawards.com
BEST OF THE BROKERS
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ANALYSIS l Rockhopper Exploration
300
250
May Jun Jul
p
230.50
29 Jul
ROCKHOPPER EXPLORATION
Goldman Sachs reiterates its conviction
buy rating on the AIM listed oil and gas
exploration company with a target price of
728p. The broker believes the current
share price significantly underestimates
volumes at Sea Lion, seeing a 50 per cent
upside to its valuation. Goldman Sachs
says significant exploration potential is
also being ignored.
ANALYSIS l Inchcape
420
380
May Jun Jul
p
389.40
29 Jul
INCHCAPE
Nomura rates the multinational car dealer as
neutral with a target price of 390p following
its first-half results last week. The broker sees
Toyota supply issues as its core concern, with
some markets seeing one to three months loss
of sales before a normalisation of supply in the
first quarter of 2012. Inchcape has announced
contract wins with VW and Porsche, suggest-
ing an opportunity to grow its presence.
CITY MOVES | WHOS SWITCHING JOBS
Edited by Harriet Dennys
Growth concerns
and debt talks set
to lower opening
I
TS difficult to see any way but
down for shares this morning.
Theres always the potential for
the US debt impasse to be over-
come and an agreement on the debt
ceiling to be reached any minute, but
without that there is just too much
uncertainty around.
GFT quotes two-way prices on stock
indices around the clock, even when
the underlying markets are closed.
The FTSE 100 index is called to open
down 20 points at 5,795. The German
DAX is forecast to open down 22
points at 7,136, and the French CAC
40 is quoted to down 12 points at
3,659.
ECONOMIC GROWTH MAIN CONCERN
Aside from all the political sparring
in the States, the main concern play-
ing on traders minds is economic
growth.
Last weeks GDP figures for the UK
and US painted a bleak picture. US
second quarter growth was disap-
pointing, coming in at 1.3 per cent on
an annualised basis versus 1.8 per
cent forecasts.
Even more disconcerting was the
revision to the first quarter number:
down from 1.9 per cent to a stagger-
ing 0.4 per cent.
In the UK, the economy grew by
just 0.2 per cent in the second quar-
ter, down from 0.5 per cent.
NON FARM PAYROLLS DUE FRIDAY
With this backdrop, traders are also
unlikely to commit too much ahead
of the non-farm payrolls out on
Friday, which have the potential to be
one of the biggest i.e. most volatile
jobs numbers we have seen for some
time. The previous data for June
showed only 18,000 jobs were created.
For July the expectations are for
around 90,000.
The corporate earnings season has
been largely overshadowed by the
ongoing events in Capitol Hill, but
this week a whole host of UK blue
chips will release interim results,
beginning with HSBC this morning.
The headline grabber here will
surely be the rumoured job cuts
which are expected as part of a global
cost-cutting drive: between 10,000
and 15,000 are expected to face the
chop during the next year.
Barclays, Lloyds and RBS also
release their numbers later in the
week, and disappointing numbers are
forecast for all.
Martin Slaney is head of global dealing
operations for GFT.
MARTIN ON
THE MARKETS
MARTIN SLANEY
p
9May 27May 17Jun 7Jul 27Jul
6,100
5,700
5,800
5,900
6,000
ANALYSIS l FTSE
5,815.19
29 Jul
News
intact HSBC and Standard Chartered. Of
course, you can point to HSBCs global
exposure and Standard Chartered benefit-
ing from doing relatively little business in
the UK, US or Europe. But they both also
reported low return on equity numbers
(RoE), which seems to contradict the idea
that banks which report a higher RoE will
trade at a higher premium to book value
(see chart, below). We are beginning to
wonder if lower RoE targets are actually a
reason for optimism in this sector, says
Bruce Packford, banking analyst for
Seymour Pierce equity research. He asks
if 15 per cent RoE is better than a 20 per
cent RoE why not 12 per cent or even 10
per cent returns? Packford welcomes
lower and more realistic RoE targets
among UK banks, saying that these sug-
gest that some of the lessons of the past
have been learnt.
RINGFENCING WORRIES
Alongside the worries of UK bank expo-
sure to European debt, a threat could
come from the Independent Banking
Commission. which has recommended
separating riskier bank activities from the
retail businesses. Though the implications
of ringfencing are hazy, analysts predict
Barclays and RBS would be most impacted,
followed by HSBC and Lloyds.
It is set to be an interesting week for UK
bank equities and traders should be on
their toes in case of any surprises.
Banking on
surprising
the markets
T
HIS week sees the release of interim
figures from a number of UK banks,
and few are holding out hope for par-
ticularly strong results. A generally
weak UK economy that grew an anaemic
0.2 per cent in the second quarter, coupled
with concerns about the risk of UK bank
exposure to possible European default,
have brought share prices tumbling over
the last quarter. Lloyds has fallen 30 per
cent, Barclays is down 24 per cent and RBS
has dropped 19 per cent. HSBC and
Standard Chartered have come out on top
of this ugly dog fight, down only 8 per cent
and 4 per cent respectively. HSBC will
announce today, and it is expected that it
will post relatively healthy figures.
According to Angus Campbell, head of
sales for London Capital Group: HSBC
remains a favourite among analysts and its
earnings are expected to show some decent
volume growth, despite a decline in trad-
ing revenues, but this is down to seasonal
factors. Campbell adds: Like Lloyds and
RBS, Barclays has also been a real underper-
former due to concerns over its sovereign
exposures. So with the Asian focused
banks seeing less share price weakness in
recent weeks than the more European and
domestic focused banks we should expect
them to perform mildly better next week.
SUSTAINABLE STRATEGIES
Of the banks reporting this week, two
came through the credit crisis largely
UK banks will be hoping to defy
expectations, writes Craig Drake
Banks have been
under pressure
Picture: REX
THE WEEK AHEAD in association with
COMPANY NEWS
l Its a busy week for results. Today, Hiscox, HSBC,
Intertek and Ultra Electronics Holdings announce.
l Barclays, Capital Shopping Centres, Cookson,
Drax, Fresnillo, GKN, Meggitt, Millennium &
Copthorne Hotels, Rotork, Weir and Xstrata all
announce tomorrow.
l Announcing on Wednesday are Capital &
Counties Properties, Ferrexpo, Legal & General,
Rexam, Rightmove, Standard Chartered and Taylor
Wimpey. The latter will hope to build on the recent
news that it has permission to construct on green-
belt land near Bristol.
COMPANY NEWS
l On Thursday, Aviva, British Land, Catlin,
Cobham, Inmarsat, Ladbrokes and Lloyds,
Randgold Resources, Rio Tinto announce.
l Also, RSA Insurance, Schroders and Unilever
also announce. Unilever was founded in 1930 by
Antonius Jurgens, Samuel van den Bergh and
William Hulme Lever, 2nd Viscount Leverhulme.
l On Friday, Logica, Old Mutual, Prudential,
Royal Bank of Scotland, Smith & Nephew and
William Hill announce. Investors have been tak-
ing a punt that the FTSE 250 bookmakers reveal
some good numbers.
ECONOMICS
l Tomorrow, the Reserve Bank of Australia will
announce its decision on interest rates while it
will deliver its monetary policy statement on
Friday.
l On Thursday, the Bank of England will
announce on its asset purchase facility (quantita-
tive easing) and deliver its interest rate decision.
l On Friday, the Bank of Japan releases its inter-
est rate decision and will deliver its monetary
policy statement. Also on Friday, the US unem-
ployment rate for July and nonfarm payrolls will
be released by the US Department of Labor.
POLITICAL NEWS
l Republicans and Democrats have until tomor-
row to reach a deal on what to do about the
USs debt ceiling. The biggest economy in the
world is still staring down the barrel of a default.
l On the same day Brigadier General Rostam
Qasemi will likely be sworn in as Irans new oil
minister. Qasemi is subject to sanctions from the
European Union for alleged involvement in Irans
nuclear programme.
l In the emerging world, Friday will see a sum-
mit between Argentina and Brazil, in which they
will discuss greater coordination on trade.
THE TIPSTER
THE SILVER
BULLETS A
TASTY BITE
T
RADERS are long on silver as the
precious metal looks like it might be
setting up to test its highs from ear-
lier in the year of around $50. The
precious metal has seen its fair share of
volatility in the last week dipping back
below the $40 mark so could be a buy.
Capital Spreads quotes a price of $39.80-
$39.83 for its silver September contract.
Silver miner Fresnillo has reaped the
benefits of the recent silver run, and has
seen its share price rally over the past
month from around 1,280p to its current
level 1,749p. With the global economy still
looking shaky, we could see a further push
into safe haven metals. It is also reporting
figures tomorrow, which should be taken
into account. Capital Spreads quotes
1,750.1p-1,752.9p.
Millennium & Copthorne Hotels
releases earnings later in the week and
the share price has been tracking that of
its bigger peer IHG incredibly closely over
the last few years. With its selective geo-
graphic exposure, ventures in the lucrative
Chinese market and relatively conserva-
tive P/E, many will be hoping for upbeat
news. IG Index quotes 509.7p-512.8p.
Brent crude has been trading near its
highs for a good month with the situation
in the Middle East and north Africa slid-
ing into the background. Although the
recent report from the International
Energy Association was taken with a
pinch of salt, the downside is starting to
look appealing to the bearish traders who
have been sitting on the sidelines of late.
Capital Spreads quotes a price of
$116.65-$116.70 for the September
Brent contract.
Philip Salter
ANALYSIS l Lower return on equity banks had a better credit crisis
HSBA
10%
8%
6%
4%
2%
0%
Returnonequity
10% 12% 14% 16% 18% 20% 22% 24% 26% 28%
c
o
r
e
t
ie
r
1
(
%
)
STAN
BB
HBOS
AL
NRK
BARC
LLOY
SOURCE: Seymour Pierce
15
Wealth Management | Spread Betting
LON GD ONCE FIX AM...........1613.75 -3.75
SILVER LDN FIX AM..................39.94 0.49
MAPLE LEAF 1 OZ ....................73.00 -0.64
LON PLATINUM AM ...............1782.00 -8.00
LON PALLADIUM AM...............827.00 -3.00
ALUMINIUM CASH .................2600.00 -22.00
COPPER CASH ......................9743.50 7.50
LEAD CASH...........................2679.50 -14.00
NICKEL CASH......................24365.00 315.00
TIN CASH.............................28725.00 -50.00
ZINC CASH ............................2479.00 -6.50
BRENT SPOT INDEX................118.03 0.01
SOYA.....................................1367.75 0.00
COCOA..................................2974.00 0.00
COFFEE...................................238.65 0.00
KRUG.....................................1682.80 18.20
WHEAT ....................................163.85 -1.18
AIR LIQUIDE........................................95.95 1.17 100.65 80.00
ALLIANZ..............................................91.06 -1.40 108.85 79.46
ALSTOM..............................................36.76 -0.71 45.32 30.78
ANHEUS-BUSCH INBEV ....................40.20 -0.92 46.33 38.32
ARCELORMITTAL ..............................21.81 -0.18 28.55 20.76
AXA......................................................13.11 -0.35 16.16 10.88
BANCO SANTANDER...........................7.33 -0.04 10.23 6.98
BASF SE..............................................63.22 0.13 70.22 40.74
BAYER.................................................55.93 -0.92 59.44 43.27
BBVA.....................................................7.35 -0.02 10.71 6.75
BMW ....................................................69.82 -0.43 73.85 39.96
BNP PARIBAS.....................................45.47 -0.93 59.93 43.42
CARREFOUR ......................................20.60 -0.63 36.06 20.28
CREDIT AGRICOLE..............................8.62 -0.21 12.92 8.18
CRH PLC .............................................13.70 0.06 17.40 11.51
DAIMLER.............................................50.66 -0.41 59.09 37.03
DANONE..............................................49.80 -0.49 53.16 41.00
DEUTSCHE BANK..............................38.52 0.19 51.61 35.66
DEUTSCHE TELEKOM.......................10.84 0.11 11.38 9.50
E.ON.....................................................19.22 -0.19 25.54 18.18
ENEL......................................................4.02 -0.03 4.86 3.60
ENI .......................................................15.18 -0.20 18.66 14.96
FRANCE TELECOM............................14.44 0.10 17.45 13.56
GDF SUEZ ...........................................22.83 -0.36 30.05 22.46
GENERALI ASS. .................................13.26 -0.15 17.05 12.18
IBERDROLA..........................................5.67 -0.01 6.50 5.08
ING GROEP CVA ..................................7.52 -0.18 9.50 6.59
INTESA SANPAOLO.............................1.62 -0.01 2.53 1.41
KON.PHILIPS ELECTR.......................17.35 -0.08 25.45 15.56
L'OREAL..............................................84.01 -0.29 91.24 75.03
LVMH.................................................127.95 -0.85 132.65 89.12
MUNICH RE.......................................103.05 -1.45 126.00 98.43
NOKIA....................................................4.06 0.00 8.49 3.79
REPSOL YPF.......................................22.03 -0.06 24.90 17.31
RWE.....................................................36.55 -0.57 56.49 34.77
SAINT-GOBAIN...................................40.40 0.85 47.64 27.81
SANOFI ................................................54.29 -0.41 56.82 44.01
SAP......................................................43.65 -0.31 46.15 34.13
SCHNEIDER ELECTRIC...................101.15 -1.55 123.65 81.40
SIEMENS .............................................89.38 -0.75 99.39 70.02
SOCIETE GENERALE.........................34.74 -0.87 52.70 32.76
TELECOM ITALIA.................................0.88 0.02 1.16 0.80
TELEFONICA ......................................15.55 -0.10 19.69 15.07
TOTAL .................................................37.78 -0.59 44.55 36.23
UNIBAIL-RODAMCO SE...................155.40 -0.85 162.95 125.68
UNICREDIT............................................1.25 -0.01 2.24 1.06
UNILEVER CVA...................................22.65 -0.34 24.08 20.68
VINCI ....................................................40.52 0.04 45.48 33.38
VIVENDI ...............................................16.71 -0.08 22.07 16.50
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5815.19 -58.02 -0.99
FTSE 250 INDEX . . . . . . . 11552.06 -63.51 -0.55
FTSE UK ALL SHARE . . . . 3026.02 -27.92 -0.91
FTSE AIM ALL SH . . . . . . . . 865.07 -1.74 -0.20
DOWJONES INDUS 30 . . 12143.24 -96.87 -0.79
S&P 500 . . . . . . . . . . . . . . . 1292.28 -8.39 -0.65
NASDAQ COMPOSITE . . . 2756.38 -9.87 -0.36
FTSEUROFIRST 300 . . . . . 1082.12 -7.12 -0.65
NIKKEI 225 AVERAGE. . . . 9833.03 -68.32 -0.69
DAX 30 PERFORMANCE. . 7158.77 -31.29 -0.44
CAC 40 . . . . . . . . . . . . . . . . 3671.28 -41.38 -1.11
SHANGHAI SE INDEX . . . . 2701.73 -7.05 -0.26
HANG SENG. . . . . . . . . . . 22440.25 -130.49 -0.58
S&P/ASX 20 INDEX . . . . . . 2644.30 -24.60 -0.92
ASX ALL ORDINARIES . . . 4500.50 -38.70 -0.85
BOVESPA SAO PAOLO . 58823.45 115.20 0.20
ISEQ OVERALL INDEX . . . 2821.28 -3.89 -0.14
STI . . . . . . . . . . . . . . . . . . . . 3189.26 -0.59 -0.02
IGBM. . . . . . . . . . . . . . . . . . . 973.30 -2.80 -0.29
SWISS MARKET INDEX. . . 5783.35 -88.06 -1.50
Price Chg %chg
3M........................................................87.14 -0.43 98.19 78.40
ABBOTT LABS ...................................51.32 -0.30 54.24 45.07
ALCOA ................................................14.73 -0.10 18.47 9.92
ALTRIA GROUP..................................26.30 0.07 28.13 21.82
AMAZON.COM..................................222.52 -1.38 227.20 114.51
AMERICAN EXPRESS........................50.04 -0.51 53.80 37.33
AMGEN INC.........................................54.70 1.27 61.53 50.34
APPLE...............................................390.48 -1.34 404.50 236.78
AT&T....................................................29.26 0.00 31.94 25.79
BANK OF AMERICA.............................9.71 -0.08 15.31 9.40
BERKSHIRE HATAW B......................74.17 -0.68 87.65 73.23
BOEING CO.........................................70.47 -0.19 80.65 59.48
BRISTOL MYERS SQUI......................28.66 -0.39 29.73 20.05
CATERPILLAR....................................98.79 -0.85 116.55 63.34
CHEVRON.........................................104.02 -1.01 109.94 72.57
CISCO SYSTEMS................................15.97 -0.04 26.00 14.78
CITIGROUP.........................................38.34 0.16 51.50 36.30
COCA-COLA.......................................68.01 -0.80 69.82 54.43
COLGATE PALMOLIVE......................84.38 -0.50 89.43 73.12
CONOCOPHILLIPS.............................71.99 -0.78 81.80 52.00
DU PONT(EI) DE NMR........................51.42 -0.88 57.00 38.71
EXXON MOBIL....................................79.79 -1.67 88.23 58.05
GENERAL ELECTRIC.........................17.91 -0.20 21.65 14.25
GOLDMAN SACHS GRP..................135.00 -0.95 175.34 125.50
GOOGLE A........................................603.69 -7.25 642.96 448.00
HEWLETT PACKARD.........................35.17 -1.06 49.39 33.95
HOME DEPOT.....................................34.93 -0.22 39.38 27.10
IBM.....................................................181.85 0.05 185.63 122.28
INTEL CORP .......................................22.33 -0.22 26.78 17.60
J.P.MORGAN CHASE.........................40.45 -0.23 48.36 35.55
JOHNSON & JOHNSON.....................64.79 -0.29 68.05 56.99
KRAFT FOODS A................................34.38 -0.21 36.02 24.30
MC DONALD'S CORP ........................86.48 -0.30 89.57 68.59
MERCK AND CO. NEW......................34.13 -0.80 37.68 31.06
MICROSOFT........................................27.40 -0.32 29.46 23.32
OCCID. PETROLEUM.........................98.18 -1.57 117.89 72.13
ORACLE CORP...................................30.58 -0.09 36.50 21.66
PEPSICO.............................................64.04 0.15 71.89 62.05
PFIZER ................................................19.25 -0.11 21.45 14.88
PHILIP MORRIS INTL.........................71.17 -1.18 72.74 50.54
PROCTER AND GAMBLE..................61.49 -0.43 67.72 56.57
QUALCOMM INC ................................54.78 -0.21 59.84 37.54
SCHLUMBERGER ..............................90.37 -1.03 95.64 52.91
TRAVELERS CIES..............................55.13 -0.37 64.17 48.46
UNITED TECHNOLOGIE ....................82.84 -0.08 91.83 64.57
UNITEDHEALTH GROUP...................49.63 -0.29 53.50 29.94
VERIZON COMMS ..............................35.29 -0.37 38.95 28.55
WAL-MART STORES..........................52.71 -0.28 57.90 50.00
WALT DISNEY CO..............................38.62 -0.78 44.34 31.55
WELLS FARGO & CO.........................27.94 -0.36 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.851 0.00
LIBOR Euro - 12 months ................2.173 0.00
LIBOR USD - overnight...................0.123 0.00
LIBOR USD - 12 months.................0.757 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.130 -0.13
European repo rate.........................0.839 -0.03
Euro Euribor ....................................1.212 -0.04
The vix index ...................................24.90 2.20
The baItic dry index ........................1.278 -0.02
Markit iBoxx...................................225.61 -1.29
Markit iTraxx..................................115.90 0.21
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
6/$ 1.4375 0.0063
6/ 0.8743 0.0017
6/ 110.83 0.4800
/6 1.1436 0.0020
/$ 1.6444 0.0104
/ 126.74 0.3600
FTSE 100
5815.19
-58.02
FTSE 250
11552.06
-63.51
FTSE ALL SHARE
3026.02
-27.92
DOW
12143.24
-96.87
NASDAQ
2756.38
-9.87
S&P 500
1292.28
-8.39
RPC Group . . . . . . . .356.8 2.8 384.8 202.2
Smiths Group . . . . .1135.0 -5.0 1429.0 1089.0
Brown (N.) Group . . .285.0 7.7 311.2 221.0
Carpetright . . . . . . . . .590.0 5.0 835.5 578.5
Debenhams . . . . . . . . .66.8 -0.5 77.4 56.1
Dignity . . . . . . . . . . . .800.0 -1.0 812.0 633.0
Dixons RetaiI . . . . . . .14.2 0.0 28.5 11.8
DuneImGroup . . . . . .470.0 6.8 550.0 371.3
HaIfords Group . . . . .322.7 -4.6 504.5 321.0
Home RetaiI Group . .135.6 0.0 244.5 132.7
Inchcape . . . . . . . . . .389.4 -0.6 425.4 253.2
JD Sports Fashion . .959.0 -13.5 1030.0 723.5
Kesa EIectricaIs . . . .130.6 -3.7 174.0 109.8
Kingfisher . . . . . . . . .252.7 -2.0 287.1 198.5
Marks & Spencer G . .346.2 -2.3 427.5 329.3
Mothercare . . . . . . . .407.1 3.1 627.5 381.5
Next . . . . . . . . . . . . .2375.0 -33.0 2426.0 1868.0
Sports Direct Int . . . .265.9 7.9 266.2 101.1
WH Smith . . . . . . . . . .507.5 -2.0 523.0 398.2
Smith & Nephew . . . .641.0 -8.5 742.0 537.5
Synergy HeaIth . . . . .950.0 6.5 981.0 640.0
Barratt DeveIopme . . .98.5 -0.8 119.0 70.1
BeIIway . . . . . . . . . . . .660.0 -12.5 753.5 511.0
YuIe Catto & Co . . . . .213.0 -2.6 253.0 132.3
BaIfour Beatty . . . . . .303.6 0.1 357.3 234.6
KeIIer Group . . . . . . .449.6 1.6 698.5 432.0
Kier Group . . . . . . . .1329.0 -4.0 1418.0 970.0
Drax Group . . . . . . . .535.0 8.5 536.5 353.6
Scottish & Southe . .1307.0 -20.0 1423.0 1108.0
Domino Printing S . .664.0 4.0 705.0 440.0
HaIma . . . . . . . . . . . . .405.0 5.0 429.6 270.0
Laird . . . . . . . . . . . . . .187.7 4.8 207.0 120.0
Morgan CrucibIe C . .329.0 -6.0 357.1 189.1
Renishaw . . . . . . . . .1683.0 69.0 1886.0 830.0
Spectris . . . . . . . . . .1570.0 5.0 1679.0 869.5
Aberforth SmaIIer . . .693.0 -1.0 714.0 507.0
AIIiance Trust . . . . . .370.8 -5.0 392.7 307.6
Bankers Inv Trust . . .406.0 -6.0 428.0 353.6
BH GIobaI Ltd. GB .1121.0 9.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 0.0 11.6 10.4
BH Macro Ltd. EUR . . .17.4 -0.0 17.7 15.8
BH Macro Ltd. GBP 1771.0 -9.0 1809.0 1630.0
BH Macro Ltd. USD . . .17.1 -0.1 17.5 15.8
BIackRock WorId M .760.0 -7.0 815.5 554.5
BIueCrest AIIBIue . . .172.0 -1.5 176.2 164.5
British Assets Tr . . . .129.3 -2.6 140.5 115.3
British Empire Se . . .510.0 -5.0 533.0 422.5
CaIedonia Investm .1679.0 -24.0 1928.0 1543.0
City of London In . . .293.0 -1.0 306.9 249.3
Dexion AbsoIute L . .142.3 -0.9 151.0 131.2
Edinburgh Dragon . .239.5 -1.5 262.1 212.8
Edinburgh Inv Tru . . .461.1 -2.2 492.2 392.4
EIectra Private E . . .1651.0 -35.0 1755.0 1289.0
F&C Inv Trust . . . . . .310.6 -4.0 327.9 263.8
FideIity China Sp . . . . .95.0 -0.8 128.7 93.0
FideIity European . .1173.0 -22.0 1287.0 937.5
FideIity SpeciaI . . . . .541.0 -7.0 595.0 523.0
HeraId Inv Trust . . . .510.0 -5.0 545.5 383.5
HICL Infrastructu . . .115.0 -0.4 121.3 112.0
Impax Environment .115.7 -1.6 130.5 106.5
JPMorgan American .848.0 -21.0 916.0 673.0
JPMorgan Asian In . .234.2 -3.8 250.8 195.3
JPMorgan Emerging .570.0 -6.5 639.0 514.0
JPMorgan European .896.0 -5.0 983.5 641.0
JPMorgan Indian I . . .410.6 -2.3 502.0 394.1
JPMorgan Russian .647.0 -9.0 755.0 549.0
Law Debenture Cor . .371.5 -3.0 385.0 295.1
MercantiIe Inv Tr . . .1042.0 -10.0 1137.0 907.5
Merchants Trust . . . .398.0 0.0 431.8 345.0
Monks Inv Trust . . . .340.5 -4.6 367.9 290.0
Murray Income Tru . .648.0 0.5 673.0 553.5
Murray Internatio . . .940.0 -8.0 991.5 824.0
PerpetuaI Income . . .262.0 -2.9 276.0 217.8
PoIar Cap TechnoI . .348.8 -6.2 391.2 275.6
RIT CapitaI Partn . . .1280.0 -12.0 1334.0 1107.0
Scottish Inv Trus . . . .493.0 -6.0 524.0 409.0
Scottish Mortgage . .731.0 -11.5 781.0 566.0
SVG CapitaI . . . . . . . .263.4 -2.1 279.8 148.9
TempIe Bar Inv Tr . . .897.0 -6.5 952.0 754.0
TempIeton Emergin .651.0 -3.0 689.5 539.0
TR Property Inv T . . .189.7 -0.4 206.1 142.0
TR Property Inv T . . . .88.5 -0.2 94.0 64.5
Witan Inv Trust . . . . .499.9 -7.6 533.0 426.1
3i Group . . . . . . . . . . .268.3 -3.1 340.0 254.1
3i Infrastructure . . . .120.8 -0.5 125.2 111.5
Aberdeen Asset Ma .220.5 -8.8 240.0 132.3
Ashmore Group . . . .403.3 -2.0 414.5 281.8
Brewin DoIphin Ho . .148.5 -3.0 185.4 117.0
CameIIia . . . . . . . . . .9824.5 -85.510950.0 7900.0
CharIes TayIor Co . . .144.5 -2.5 234.0 122.0
City of London Gr . . . .78.0 0.0 93.6 73.1
City of London In . . .418.0 -0.5 461.5 278.5
CIose Brothers Gr . . .744.0 -13.5 888.5 664.0
CoIIins Stewart H . . . .73.8 0.8 90.8 69.0
EvoIution Group . . . . .78.0 3.5 92.0 62.3
F&C Asset Managem .70.4 -0.3 92.9 50.3
Hargreaves Lansdo .570.0 -8.0 646.5 362.5
HeIphire Group . . . . . . .2.9 -0.0 40.0 2.8
Henderson Group . . .160.1 -0.9 173.1 119.1
Highway CapitaI . . . . .17.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .447.8 -4.8 570.5 380.2
IG Group HoIdings . .442.6 -1.8 553.0 411.4
Intermediate Capi . . .266.3 -2.4 360.3 257.0
InternationaI Per . . . .315.2 -5.6 388.8 228.6
InternationaI Pub . . .116.8 0.3 118.3 108.6
Investec . . . . . . . . . . .480.7 -7.3 538.0 444.4
IP Group . . . . . . . . . . . .46.0 -0.3 54.5 27.9
Jupiter Fund Mana . .233.5 -1.5 337.3 192.0
Liontrust Asset M . . . .72.6 0.6 95.3 70.0
LMS CapitaI . . . . . . . . .63.5 0.4 64.8 40.0
London Finance & . . .22.0 0.0 23.5 16.5
London Stock Exch .997.0 -3.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .18.0 0.0 19.8 10.5
Man Group . . . . . . . . .222.8 -4.1 311.0 206.4
Paragon Group Of . .193.3 -5.4 206.1 126.4
Provident Financi . .1116.0 15.0 1125.0 728.5
Rathbone Brothers .1148.0 0.0 1257.0 815.0
Record . . . . . . . . . . . . .32.0 0.5 52.0 20.3
RSM Tenon Group . . .30.5 1.0 66.3 21.3
Schroders . . . . . . . .1628.0 -15.0 1922.0 1286.0
Schroders (Non-Vo .1343.0 -19.0 1554.0 1067.0
TuIIett Prebon . . . . . .354.2 -3.2 428.6 337.0
WaIker Crips Grou . . .51.5 0.0 53.5 46.5
BT Group . . . . . . . . . .201.0 3.1 204.1 130.6
CabIe & WireIess . . . .37.0 -0.0 61.4 35.9
CabIe & WireIess . . . .41.9 -0.2 78.4 41.5
COLT Group SA . . . .121.8 2.7 156.2 109.0
TaIkTaIk TeIecom . . .142.5 0.1 168.3 120.0
TeIecomPIus . . . . . . .690.0 6.0 700.0 352.5
Booker Group . . . . . . .73.8 -1.2 77.9 42.3
Greggs . . . . . . . . . . . .510.0 -2.0 550.5 418.7
Morrison (Wm) Sup .290.9 -2.1 308.3 262.7
Ocado Group . . . . . . .170.3 -4.4 285.0 123.5
Sainsbury (J) . . . . . . .304.1 -2.9 395.0 301.4
Tesco . . . . . . . . . . . . .383.5 -4.1 440.7 378.1
Associated Britis . .1071.0 -19.0 1182.0 940.0
Cranswick . . . . . . . . .644.0 -3.0 907.5 629.0
Dairy Crest Group . . .375.5 -0.7 424.9 339.7
Devro . . . . . . . . . . . . .258.6 -3.3 296.9 205.5
Premier Foods . . . . . . .18.2 -1.0 35.1 16.0
Tate & LyIe . . . . . . . . .609.5 -5.0 656.0 409.1
UniIever . . . . . . . . . .1948.0 -30.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .599.0 -7.0 664.0 447.0
Centrica . . . . . . . . . . .306.6 -6.4 346.1 303.5
InternationaI Pow . . .305.7 -2.4 448.6 299.0
NationaI Grid . . . . . . .597.0 -7.0 632.5 509.5
Northumbrian Wate .451.6 2.5 457.8 295.5
Pennon Group . . . . . .724.5 3.5 730.0 560.0
Severn Trent . . . . . .1431.0 -20.0 1517.0 1280.0
United UtiIities . . . . .588.5 -6.0 632.0 543.5
Cookson Group . . . . .644.0 5.5 724.5 412.3
DS Smith . . . . . . . . . .235.6 -0.6 266.2 125.8
Rexam . . . . . . . . . . . .371.5 -1.5 400.0 293.0
GIencore Internat . . .475.7 -0.8 531.1 466.7
BAE Systems . . . . . .304.0 -2.8 369.9 292.5
Chemring Group . . . .549.5 -15.5 736.5 519.6
Cobham . . . . . . . . . . .203.7 -0.1 245.6 192.3
Meggitt . . . . . . . . . . . .388.3 -1.7 397.6 261.7
QinetiQ Group . . . . . .113.0 -1.4 136.3 96.7
RoIIs-Royce Group . .652.5 7.5 665.0 552.0
Senior . . . . . . . . . . . . .186.2 -0.2 190.6 111.2
UItra EIectronics . . .1573.0 -29.0 1895.0 1539.0
GKN . . . . . . . . . . . . . .224.7 -0.6 245.0 135.1
BarcIays . . . . . . . . . . .223.0 -4.9 344.0 207.7
HSBC HoIdings . . . . .594.5 -12.3 730.9 591.2
LIoyds Banking Gr . . .43.4 -1.7 77.6 41.4
RoyaI Bank of Sco . . .35.7 -0.6 52.1 33.0
Standard Chartere .1558.0 -40.0 1950.0 1519.0
AG Barr . . . . . . . . . .1274.0 -11.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .350.9 -9.8 503.5 348.7
Diageo . . . . . . . . . . .1245.0 -17.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2285.0 -35.0 2340.0 1841.0
AZ EIectronic Mat . . .264.4 -9.9 338.1 248.5
Croda Internation . .1906.0 19.0 2081.0 1230.0
EIementis . . . . . . . . . .162.8 -2.5 187.4 76.5
Johnson Matthey . .2040.0 16.0 2119.0 1550.0
Victrex . . . . . . . . . . .1459.0 -8.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1233.0 0.0 1299.0 789.5
Bovis Homes Group .412.4 -4.1 464.7 326.6
Persimmon . . . . . . . .461.8 1.7 502.5 336.5
Reckitt Benckiser . .3457.0 -75.0 3648.0 3015.0
Redrow . . . . . . . . . . . .128.4 -1.4 139.0 97.6
TayIor Wimpey . . . . . .35.3 -0.3 43.3 22.3
Bodycote . . . . . . . . . .385.4 -2.6 397.7 214.5
Charter Internati . . . .800.0 -4.0 853.5 538.5
Fenner . . . . . . . . . . . .387.7 -9.4 422.5 198.0
IMI . . . . . . . . . . . . . . .1050.0 -24.0 1119.0 657.5
MeIrose . . . . . . . . . . .357.2 -1.1 378.0 212.5
Northgate . . . . . . . . . .307.3 -14.4 346.7 180.8
Rotork . . . . . . . . . . .1586.0 1.0 1895.0 1437.0
Spirax-Sarco Engi . .1877.0 -2.0 2063.0 1499.0
Weir Group . . . . . . .2122.0 -2.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .462.5 1.9 499.0 276.8
TaIvivaara Mining . . .429.6 29.1 622.0 386.9
BBA Aviation . . . . . . .211.4 -1.8 240.8 175.0
Stobart Group Ltd . . .138.2 1.2 163.6 124.1
AdmiraI Group . . . . .1549.0 -1.0 1754.0 1448.0
AmIin . . . . . . . . . . . . .403.1 -2.8 433.0 375.3
Huntsworth . . . . . . . . .68.0 -2.3 86.0 65.0
Informa . . . . . . . . . . . .404.0 -3.4 461.1 372.0
ITE Group . . . . . . . . . .224.3 9.1 258.2 148.3
ITV . . . . . . . . . . . . . . . . .70.0 -1.1 93.5 49.8
Johnston Press . . . . . . .5.3 0.4 20.0 4.4
MecomGroup . . . . . .242.0 7.0 310.0 189.0
Moneysupermarket. .114.2 -0.3 116.4 68.8
Pearson . . . . . . . . . .1174.0 35.0 1207.0 926.0
PerformGroup . . . . .175.0 -11.2 234.5 165.7
Reed EIsevier . . . . . .554.0 0.0 590.5 505.5
Rightmove . . . . . . . .1222.0 2.0 1250.0 596.5
STV Group . . . . . . . . .126.9 -0.1 168.0 83.5
Tarsus Group . . . . . .157.0 -0.5 165.0 112.5
Trinity Mirror . . . . . . . .44.0 -1.0 124.3 39.8
United Business M . .541.0 27.0 725.0 507.0
UTV Media . . . . . . . . .126.6 5.1 151.0 106.0
WiImington Group . .111.0 -4.0 183.0 111.0
WPP . . . . . . . . . . . . . .694.5 -10.0 846.5 633.0
YeII Group . . . . . . . . . . .6.8 -0.1 24.3 5.1
African Barrick G . . .528.5 6.0 638.0 393.5
AngIo American . . .2900.0 -98.0 3437.0 2254.0
AngIo Pacific Gro . . .320.0 -5.0 369.3 249.0
Antofagasta . . . . . . .1410.0 -5.0 1634.0 977.5
Aquarius PIatinum . .285.2 -1.9 419.0 253.1
BHP BiIIiton . . . . . . .2273.0 -54.5 2631.5 1767.0
BeazIey . . . . . . . . . . . .129.4 -6.1 139.2 110.4
CatIin Group Ltd. . . .414.4 -2.4 421.4 325.0
Hiscox Ltd. . . . . . . . . .407.5 1.1 424.7 341.5
Jardine LIoyd Tho . . .643.5 -2.5 709.0 561.0
Lancashire HoIdin . . .699.0 -1.0 702.0 515.0
RSA Insurance Gro . .131.5 -1.5 143.5 120.1
Aviva . . . . . . . . . . . . .398.8 -4.2 477.9 354.6
LegaI & GeneraI G . . .112.2 -1.3 123.8 87.1
OId MutuaI . . . . . . . . .127.1 -1.4 145.2 118.5
Phoenix Group HoI . .568.0 -7.0 758.0 559.0
PrudentiaI . . . . . . . . .690.0 5.0 777.0 547.0
ResoIution Ltd. . . . . .276.2 -4.8 316.1 211.3
St James's PIace . . . .370.0 14.0 374.0 236.2
Standard Life . . . . . . .198.1 -2.8 244.7 194.8
4Imprint Group . . . . .275.0 1.0 295.0 195.0
Aegis Group . . . . . . .155.0 -0.2 163.5 110.7
BIoomsbury PubIis . .115.0 2.0 138.0 108.5
British Sky Broad . . .712.0 -4.0 850.0 692.0
Centaur Media . . . . . . .51.8 0.9 73.0 44.8
Chime Communicati .253.0 1.0 298.5 165.8
Creston . . . . . . . . . . .106.0 1.0 121.0 78.5
DaiIy MaiI and Ge . . .410.9 -2.1 594.5 406.0
Euromoney Institu . .682.0 17.0 736.0 578.0
Future . . . . . . . . . . . . . .12.9 0.3 30.0 11.8
Haynes PubIishing . .255.0 0.0 262.5 202.5
Centamin Egypt Lt . .135.9 -1.1 197.1 114.5
Eurasian NaturaI . . .772.5 -8.0 1125.0 695.5
FresniIIo . . . . . . . . . .1760.0 38.0 1775.0 990.0
GemDiamonds Ltd. .233.0 -7.0 306.0 186.3
HochschiId Mining . .479.7 -12.0 680.0 289.4
Kazakhmys . . . . . . .1348.0 11.0 1671.0 1073.0
Kenmare Resources . .55.4 -0.3 59.9 13.3
Lonmin . . . . . . . . . . .1270.0 -15.0 1983.0 1250.0
New WorId Resourc .799.0 -16.0 1060.0 797.5
PetropavIovsk . . . . . .799.5 -12.5 1252.0 678.0
RandgoId Resource 5555.0 0.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4300.0 -53.5 4712.0 3105.0
Vedanta Resources 1770.0 2.0 2583.0 1740.0
Xstrata . . . . . . . . . . .1295.5 -25.0 1550.0 976.1
Inmarsat . . . . . . . . . . .540.0 3.0 755.5 513.0
Vodafone Group . . . .172.0 6.6 181.9 148.1
Genesis Emerging . .504.5 -6.5 568.0 462.0
Afren . . . . . . . . . . . . . .140.3 -0.7 171.2 91.3
BG Group . . . . . . . . .1444.0 -27.5 1564.5 1003.5
BP . . . . . . . . . . . . . . . .461.0 2.2 509.0 375.2
Cairn Energy . . . . . . .369.8 -3.7 493.2 366.0
EnQuest . . . . . . . . . . .125.0 -1.0 158.5 110.2
Essar Energy . . . . . .360.5 -5.9 589.5 360.4
ExiIIon Energy . . . . . .425.0 1.3 469.7 166.5
Heritage OiI . . . . . . . .258.3 -1.2 486.0 210.0
JKX OiI & Gas . . . . . .238.9 -7.0 335.1 232.3
Premier OiI . . . . . . . . .406.0 0.1 535.0 364.5
RoyaI Dutch SheII . .2234.5 -32.0 2326.5 1703.0
RoyaI Dutch SheII . .2239.5 -35.5 2336.0 1642.0
SaIamander Energy .280.1 0.1 317.6 210.0
Soco Internationa . . .364.0 6.8 484.2 292.0
TuIIow OiI . . . . . . . . .1230.0 -19.0 1493.0 1144.0
Amec . . . . . . . . . . . .1054.0 -22.0 1251.0 848.5
Hunting . . . . . . . . . . .781.0 -1.5 817.0 519.0
John Wood Group . .668.5 -10.0 715.8 346.0
LampreII . . . . . . . . . . .383.9 -6.1 395.2 223.9
Petrofac Ltd. . . . . . .1401.0 -23.0 1685.0 1250.0
Burberry Group . . . .1494.0 -10.0 1600.0 820.5
PZ Cussons . . . . . . . .377.5 0.5 409.0 320.5
Supergroup . . . . . . .1065.0 -46.0 1820.0 818.5
AstraZeneca . . . . . .2973.0 -43.5 3385.0 2801.5
BTG . . . . . . . . . . . . . .280.6 -7.3 309.7 200.1
Genus . . . . . . . . . . . . .973.5 -23.5 1046.0 710.5
GIaxoSmithKIine . . .1364.0 -21.0 1385.0 1111.0
Hikma Pharmaceuti .683.0 -32.0 900.0 683.0
Shire PIc . . . . . . . . . .2119.0 -17.0 2147.0 1376.0
CapitaI & Countie . . .187.9 -2.5 203.7 110.0
Daejan HoIdings . . .2796.0 -31.0 2954.0 2300.0
F&C CommerciaI Pr .103.6 -1.4 108.0 88.0
Grainger . . . . . . . . . . .117.6 -3.1 133.2 86.3
London & Stamford .126.8 -0.8 140.0 110.3
SaviIIs . . . . . . . . . . . . .338.4 -11.6 427.1 296.6
St. Modwen Proper . .173.1 -6.7 196.2 135.4
UK CommerciaI Pro . .79.3 -0.9 85.5 74.3
Unite Group . . . . . . . .211.5 -2.5 229.8 176.8
Big YeIIow Group . . .286.9 -0.1 353.3 282.5
British Land Co . . . . .585.0 -6.0 629.5 446.8
CapitaI Shopping . . .373.4 -7.3 424.8 320.9
Derwent London . . .1796.0 -3.0 1880.0 1341.0
Great PortIand Es . . .416.2 -2.8 445.0 301.3
Hammerson . . . . . . . .465.8 -1.7 490.9 352.2
Hansteen HoIdings . . .82.2 -1.7 89.5 61.4
Land Securities G . . .855.0 -7.5 885.0 598.0
SEGRO . . . . . . . . . . . .302.0 -2.3 331.3 262.5
Shaftesbury . . . . . . . .511.5 -3.0 539.0 396.0
Autonomy Corporat 1681.0 -22.0 1857.0 1271.0
Aveva Group . . . . . .1705.0 -15.0 1799.0 1330.0
Computacenter . . . . .490.0 7.7 494.3 265.0
Fidessa Group . . . . .1836.0 -64.0 2109.0 1350.0
Invensys . . . . . . . . . . .308.7 -0.6 364.3 230.2
Kofax . . . . . . . . . . . . .362.0 -31.0 535.0 231.0
Logica . . . . . . . . . . . .116.6 -0.9 147.2 107.1
Micro Focus Inter . . .290.0 -2.1 426.2 276.0
Misys . . . . . . . . . . . . .396.0 -4.0 420.2 256.1
Sage Group . . . . . . . .274.4 -3.5 302.0 236.8
SDL . . . . . . . . . . . . . . .678.0 -16.0 711.5 510.0
TeIecity Group . . . . . .553.0 -0.5 572.0 420.5
Aggreko . . . . . . . . . .1933.0 -1.0 2034.0 1351.3
Ashtead Group . . . . .160.4 -2.2 207.9 77.0
Atkins (WS) . . . . . . . .711.0 0.5 820.0 650.0
Babcock Internati . . .674.5 2.0 733.0 492.8
Berendsen . . . . . . . . .540.5 -1.0 568.0 363.1
BunzI . . . . . . . . . . . . .771.5 6.5 801.0 679.0
Capita Group . . . . . . .718.0 4.0 794.5 635.5
CariIIion . . . . . . . . . . .366.8 -1.7 403.2 291.2
De La Rue . . . . . . . . .780.5 5.0 853.5 549.5
EIectrocomponents .232.4 1.7 294.9 205.7
Experian . . . . . . . . . . .802.5 -3.5 833.5 606.0
FiItrona PLC . . . . . . . .341.4 -3.6 385.5 227.5
G4S . . . . . . . . . . . . . . .274.2 -0.8 291.0 237.7
Hays . . . . . . . . . . . . . . .89.9 -1.2 133.6 88.4
Homeserve . . . . . . . .482.6 -3.2 532.0 408.0
Howden Joinery Gr . .114.3 -1.4 127.5 63.0
Intertek Group . . . . .1915.0 3.0 2148.0 1577.0
MichaeI Page Inte . . .501.5 -4.0 567.0 368.0
Mitie Group . . . . . . . .239.7 0.5 242.5 188.7
Premier FarneII . . . . .194.0 0.8 308.8 182.2
Regus . . . . . . . . . . . . .105.9 -2.5 119.0 66.1
RentokiI InitiaI . . . . . . .91.8 1.5 107.3 84.3
RPS Group . . . . . . . . .234.0 -3.5 253.0 169.8
Serco Group . . . . . . .540.0 0.5 633.0 529.5
Shanks Group . . . . . .127.0 0.9 130.9 96.5
SIG . . . . . . . . . . . . . . .128.2 -1.8 153.5 90.7
SThree . . . . . . . . . . . .360.3 -9.7 447.6 231.1
Travis Perkins . . . . . .883.5 -44.0 1127.0 747.0
WoIseIey . . . . . . . . .1815.0 -26.0 2261.0 1223.0
ARM HoIdings . . . . . .584.0 -3.0 651.0 305.8
CSR . . . . . . . . . . . . . .279.2 -4.1 447.0 277.4
Imagination Techn . .397.2 -5.8 502.0 303.5
Pace . . . . . . . . . . . . . .115.0 3.7 231.8 93.0
Spirent Communica .130.4 1.9 160.3 124.1
British American . .2820.5 -36.5 2871.0 2166.0
ImperiaI Tobacco . .2117.0 -34.0 2231.0 1784.0
Avis Europe . . . . . . . .311.9 0.3 312.5 184.0
Betfair Group . . . . . . .640.0 -18.5 1550.0 615.5
Bwin.party Digita . . .135.5 -2.9 309.5 127.0
CarnivaI . . . . . . . . . .2116.0 -45.0 3153.0 2037.0
Compass Group . . . .574.5 -3.0 612.0 501.0
Domino's Pizza UK . .502.0 7.6 586.0 377.0
easyJet . . . . . . . . . . . .367.0 -0.4 479.0 301.0
Enterprise Inns . . . . . .55.5 -4.1 122.7 55.5
FirstGroup . . . . . . . . .364.5 4.6 412.6 311.3
Go-Ahead Group . . .1555.0 1.0 1598.0 1073.0
Greene King . . . . . . .489.2 -1.6 518.0 398.0
InterContinentaI . . .1208.0 -20.0 1435.0 982.0
InternationaI Con . . .237.3 4.7 305.0 208.7
JD Wetherspoon . . . .432.8 -4.9 468.3 389.9
Ladbrokes . . . . . . . . .147.5 -0.3 155.3 122.7
Marston's . . . . . . . . . .103.0 -1.6 117.1 92.0
MiIIennium& Copt . .517.0 7.5 600.5 469.1
MitcheIIs & ButIe . . . .274.5 -2.6 361.0 271.9
NationaI Express . . .262.4 1.1 270.2 220.1
Punch Taverns . . . . . .63.6 1.0 90.4 58.1
Rank Group . . . . . . . .141.7 -5.3 153.7 103.3
Restaurant Group . . .292.4 -2.2 335.0 224.5
Stagecoach Group . .250.1 -1.8 268.5 160.7
Thomas Cook Group .65.6 -1.8 204.8 65.0
TUI TraveI . . . . . . . . . .195.0 1.0 271.9 178.2
Whitbread . . . . . . . .1556.0 -1.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .230.9 -1.0 237.3 155.5
Abcam . . . . . . . . . . . .400.0 -5.0 460.0 299.8
AIbemarIe & Bond . .375.0 -21.1 400.1 218.0
Amerisur Resource . .21.0 0.0 29.0 11.5
Andor TechnoIogy . .682.5 0.0 687.0 286.5
ArchipeIago Resou . . .76.0 1.5 77.0 32.3
ASOS . . . . . . . . . . . .2270.0 -10.0 2468.0 840.0
AureIian OiI & Ga . . . .69.0 2.3 92.0 37.0
Avanti Communicat .330.5 -3.0 735.0 330.0
Avocet Mining . . . . . .226.3 -0.8 253.5 112.0
BIinkx . . . . . . . . . . . . .109.3 -2.5 148.8 54.8
Borders & Souther . . .61.0 1.0 93.0 49.5
BowLeven . . . . . . . . .261.5 -1.5 398.0 154.3
Brooks MacdonaId 1212.0 17.0 1372.5 817.5
CaIedon Resources .111.5 0.0 111.8 44.3
Conygar Investmen .106.5 -0.1 120.0 101.3
Cove Energy . . . . . . . .89.0 0.5 112.8 57.0
Daisy Group . . . . . . .119.0 1.8 127.0 86.0
EMIS Group . . . . . . . .561.8 16.8 561.8 303.5
Encore OiI . . . . . . . . . .59.8 -0.8 151.5 54.0
Faroe PetroIeum . . . .163.3 -6.3 218.3 138.5
GuIfsands PetroIe . . .210.5 -6.5 401.5 207.3
GWPharmaceuticaI .114.3 -1.8 130.0 83.0
Hamworthy . . . . . . . .689.0 24.5 705.0 328.0
Hargreaves Servic .1065.0 1.0 1076.0 605.0
HeaIthcare Locums .112.5 0.0 112.5 112.5
Immunodiagnostic .1200.0 0.0 1218.0 710.0
ImpeIIamGroup . . . .355.0 -14.0 387.5 96.5
James HaIstead . . . . .480.0 5.5 495.0 306.0
KaIahari MineraIs . . .231.5 -1.5 301.0 142.0
London Mining . . . . .392.0 10.3 436.5 240.3
Lupus CapitaI . . . . . .123.0 -1.0 150.0 78.0
M. P. Evans Group . .430.0 4.0 500.5 343.0
Majestic Wine . . . . . .458.0 -4.5 510.0 301.5
May Gurney Integr . .295.0 10.0 295.0 177.0
Monitise . . . . . . . . . . . .35.3 -0.8 39.0 18.5
MuIberry Group . . . .1760.0 -30.0 1920.0 295.0
Nanoco Group . . . . . . .79.0 0.5 115.8 68.0
NauticaI PetroIeu . . .326.0 -1.3 547.0 133.0
NichoIs . . . . . . . . . . . .549.0 9.0 579.0 408.5
Numis Corporation . .115.6 2.6 146.5 94.0
Pan African Resou . . .13.3 -0.1 13.8 5.9
Patagonia GoId . . . . . .59.0 -0.8 61.8 15.0
Prezzo . . . . . . . . . . . . .61.5 -0.5 71.5 41.5
Pursuit Dynamics . . .281.8 -12.5 700.0 218.5
Rockhopper ExpIor .230.5 2.5 510.0 202.5
RWS HoIdings . . . . . .435.0 -10.0 472.0 239.0
Songbird Estates . . .150.8 5.3 160.3 135.0
VaIiant PetroIeum . . .576.0 -10.0 761.5 504.0
Young & Co's Brew .698.8 2.0 712.0 520.0
TaIvivaara Mining . . .429.6 7.3
United Business Me .541.0 5.3
Renishaw . . . . . . . . .1683.0 4.3
ITE Group . . . . . . . . .224.3 4.2
Vodafone Group . . . .172.0 4.0
St James's PIace . . . .370.0 3.9
Pace . . . . . . . . . . . . . .115.0 3.3
Pearson . . . . . . . . . .1174.0 3.1
Sports Direct Inte . . .265.9 3.1
Brown (N.) Group . . .285.0 2.8
Kofax . . . . . . . . . . . . .362.0 -7.9
Enterprise Inns . . . . . .55.5 -6.8
Perform Group . . . . .175.0 -6.0
Premier Foods . . . . . . .18.2 -5.2
Travis Perkins . . . . . .883.5 -4.7
BeazIey . . . . . . . . . . .129.4 -4.5
Hikma Pharmaceutic 683.0 -4.5
Northgate . . . . . . . . . .307.3 -4.5
Supergroup . . . . . . .1065.0 -4.1
Aberdeen Asset Man 220.5 -3.8
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . .100.97 -0.03 103.5 101.0
Tsy 9.000 11 . . . . .99.99 0.00 107.9 100.0
Tsy 2.500 11 . . . .306.75 -0.02 310.0 306.7
Tsy 9.000 12 . . . .108.45 0.00 115.8 107.8
Tsy 5.000 12 . . . .102.67 -0.06 106.8 102.7
Tsy 5.250 12 . . . .103.97 -0.03 108.1 104.0
Tsy 4.500 13 . . . .106.14 0.01 109.2 105.8
Tsy 8.000 13 . . . .115.54 0.02 121.3 115.4
Tsy 2.500 13 . . . .287.13 0.03 287.7 275.7
Tsy 5.000 14 . . . .112.03 0.21 114.1 109.2
Tsy 8.000 15 . . . .127.61 0.29 131.6 123.7
Tsy 7.750 15 . . . .103.49 0.00 342.1 102.8
Tsy 4.750 15 . . . .113.31 0.33 114.7 108.6
Tsy 4.000 16 . . . .111.04 0.42 111.4 104.9
Tsy 2.500 16 . . . .339.03 0.42 339.2 306.5
Tsy 12.000 17 . . .125.50 -0.42 185.9 125.2
Tsy 1.250 17 . . . .113.76 0.53 113.9 105.7
Tsy 8.750 17 . . . .138.36 0.17 142.2 132.9
Tsy 5.000 18 . . . .117.51 0.58 117.6 109.7
Tsy 3.750 19 . . . .108.42 0.72 108.5 99.4
Tsy 4.500 19 . . . .114.17 0.66 114.2 105.4
Tsy 2.500 20 . . . .347.60 0.85 347.9 306.4
Tsy 4.750 20 . . . .115.56 0.76 115.9 106.6
Tsy 8.000 21 . . . .144.59 0.80 147.1 133.8
Tsy 4.000 22 . . . .107.73 0.87 108.4 99.0
Tsy 1.875 22 . . . .120.06 0.97 120.2 109.6
Tsy 2.500 24 . . . .305.46 0.99 305.8 265.0
Tsy 5.000 25 . . . .116.51 0.92 118.5 107.4
Tsy 4.250 27 . . . .106.40 1.04 108.8 97.9
Tsy 1.250 27 . . . .113.25 1.18 113.5 101.4
Tsy 6.000 28 . . . .129.20 1.02 132.7 119.5
Tsy 4.750 30 . . . .111.92 1.15 115.0 103.0
Tsy 4.125 30 . . . .288.41 1.09 288.9 250.6
Tsy 4.250 32 . . . .104.82 1.20 107.8 96.0
Tsy 4.250 36 . . . .104.02 1.23 107.4 95.0
Tsy 4.750 38 . . . .112.81 1.27 116.5 102.8
Tsy 4.500 42 . . . .107.37 0.00 112.8 98.9
% %
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BUSINESS SURVIVAL GUIDE
to the Olympics
Clear the hurdles
and make the most of
London 2012
with our
8-page special
l Reshape your day
with flexible working P21
I
S 30 July in your firms diary? London
celebrated one year to the Olympic
Games last Wednesday, but Day Three,
on Monday 30 July 2012, is the critical
date for business, when crowds of sports
fans and the demands of a full working
day will intersect for the first time. New
research shows the banking and legal sec-
tors are leading the way in Olympic pre-
paredness, but every company needs to be
ready to help keep London, and their own
affairs, running smoothly.
BANKERS TAKE THE LEAD
According to research from London 2012
and Transport for London (TfL), sixty-five
firms in the banking and finance sectors
have already registered for Site-Specific
Advice (SSA). This free service provides
travel advice to businesses located in areas
affected by the Games if they employ over
200 staff. The free one-to-one sessions
include advice on planning staff business
travel during busy periods, tips on main-
taining service continuity and sharing
best practice from firms that already have
plans in place.
DONT FALL BEHIND
With less than a year to go, now is the
time to plan. In the last six weeks, TfL has
seen a 100 per cent increase in sign-ups for
their advice service, but while banking,
law and management consultancy firms
collectively representing nearly a quarter
of a million staff have signed up for SSA
training, certain sectors, including
recruitment and manufacturing, current-
ly have only a single firm involved. Dont
leave it too late, or your staff will risk
being the ones left at the back of the
queue come Day Three.
Free training to help manage the
Olympic crowds is getting firms
full attention, says Will Freeman
London 2012 and TfL are asking businesses
to consider ways which will help reduce their
overall need to travel including:
TOP TIPS | TRAVEL REDUCTION
Business Survival Guide to the Olympics
Get your company fit for Day Three
Help is here to plan for 2012
T
HE task of planning for Londons
Olympic influx might seem daunt-
ing, but there are plenty of tools,
courtesy of the experts, to make
getting your company in shape for the
big event a walk in the Olympic Park.
Here we list the key resources to make
your life easier.
WORKSHOPS
Free Site-Specific Advice is available from
Transport for London (TfL) for companies
in affected areas with more than 200
employees (see above). From August, com-
panies that employ 200+ workers across
multiple sites are also being offered this
advice, and TfL are hoping to work with
at least 100 multisite companies.
Firms with fewer than 200 employees
in areas that will be affected by the
Games can get help too. More than 50
free workshops are being rolled out
across the country. These drop-in
sessions will take place once a
fortnight until the Games
begin, starting in early August,
and cover topics including
how local roads will be man-
aged, how to optimise
deliveries and how to offer
flexible working during
Games time, and are special-
ly designed to help small and
medium-sized enterprises (SME).
For businesses of all sizes, it is easy
to sign up simply email keeponrun-
ning@london2012.com or visit www.lon-
don2012.com/traveladviceforbusiness for
more information and advice.
ONLINE PLANNING
If you want to start planning without
leaving your desk, a brand new online
planning tool has been developed so that
tailored advice is just a click away.
Designed for businesses of all sizes, the
tool poses questions about staff, business
travel, visitors, suppliers and deliveries. It
then calculates specific suggestions for
your company to take action on, and
points you will need to bear in mind. You
can start planning now by visiting
www.london2012.com/traveladvicefor-
business and selecting Make your Plan.
MAKE YOUR PLAN
Mark Evers, director of Games transport
for TfL offers a few simple steps to keep
your firm running smoothly next sum-
mer. First of all, check if your business is
in a travel hotspot. TfL has created a
series of maps to make this clear (see our
four examples on p22-23). These show
exactly how local roads and public trans-
port are likely to be affected. Secondly, if
you are in or near a hotspot, check the
timing of Olympic and Paralympic events
to see when it is likely to be an issue
(www.london2012.com/olympic-sched-
ule). Next, you will need to create an
action plan for your company. Begin by
talking with staff about their travel
needs, try and encourage them to reduce
non-essential travel and make plans for
essential journeys. You can download an
action plan template at www.lon-
don2012.com/traveladviceforbusiness.
Once you have your plan, dont forget the
next step is to test it and to tell your busi-
ness all about it.
STAY IN TOUCH
Dont let your plan get out of date.
Register at www.london2012.com/trave-
ladviceforbusiness for regular email
updates. Also keep in touch with other
companies in your area to see if you can
coordinate, for instance on deliveries.
Remember to stock up on office essen-
tials and to get any pending maintenance
work done well in advance of the Games.
Daniel Ritterband, the Mayor of
Londons Director of Marketing and 2012
Communications, says: The 2012 Games
are a massive opportunity for businesses
in the capital and we expect internation-
al visitors to spend more than 700m
during this time.
That is why we are offering firms the
chance to take part in a range of pro-
grammes that will help them manage
the impact of the Games on their opera-
tions and at the same time allow them to
make the most of this wonderful occa-
sion.
42%
of businesses have
planned for the Olympics;
53%
intend to, but have
yet to start.
lStaggering the
start and finish times
of working days
lProviding the
facilities for staff to
work from home
lStocking up on
non-perishable items
well before the
Games
lArranging earlier
or later deliveries
lManaging annual
leave
lTemporarily
relocating employees
or altering their
working hours
lHelping staff
re-plan their travel
lUsing conference/
video/web calls
lEncouraging and
enabling
staff
to
cycle
and
walk
LONDON IS WAKING UP TO THE 2012 CHALLENGE
In 2010, 56%
of businesses said there was
no need to plan for the
Olympics; just
5%
believe that now.
Meticulous
and early planning is
key to getting the most
out of the Games and Id urge
every business, big and small,
to act now and get ready for
London 2012.
Boris Johnson,
Mayor of London
55%
of businesses believe
they are on track for
the Olympics, up from
33%
last year
Source: Deloitte
L
EARNING from the past is the path
to progress and so Vancouvers
experience of hosting the Winter
Olympics in 2010 has a lot to teach
us. Despite the inevitable challenges, it
was warmly and roundly considered a
great success, with most businesses
ready and willing to adapt and benefit
from the unique opportunities afforded
by being caught up in this colossal event.
TESTING TIMES
There can be no doubt that the Olympic
Games are an interruption to the status
quo for most firms. Michael Davis of
Reputations, a Vancouver-based public
relations firm, found the two biggest
challenges for businesses were trans-
portation and workforce management.
He explains that for businesses close to
the key venues there were major disrup-
tions in the delivery of goods, taxis, cars
and transit for employees. He warns:
Security requirements can shut you
down. Similarly, Paul Fletcher, manag-
ing partner of Deloitte in Vancouver,
points out supply chain disruptions
were also a reality during the Games. He
explains: Leading up to, and during the
Games, businesses had to reassess their
supply chain in
order to get
their prod-
ucts to mar-
ket or receive
goods, as
transportation
to and from
the city, as well
as within it,
operated under
different sce-
narios. This sit-
uation was
compounded by
the fact that sup-
pliers were facing
the same challenges.
Employers need to be
aware that many of their
staff will want to watch
the Olympics this was
certainly the case in
Vancouver. Davis notes
some companies simply
shut down, some gave
employees vacation,
while a number of
schools moved the break
to coincide with the
Games further compli-
cating some peoples
lives. Fletcher says: For
many businesses, the Games
meant reassessing some
long-lived policies on ways
of doing business and serv-
ing customers. He says
businesses found that a
number of their employees
planned on taking a holiday
during the Games resulting in
a lack of resources. According
to Fletcher some workers
found it difficult and time-consuming
travelling to the workplace, making
alternative work arrangements, such as
working from home, viable solutions to
maintain productivity for many compa-
nies.
GREAT RESULTS
Despite the tests, there are huge oppor-
tunities for businesses in the Olympic
cities to prosper. Fletcher says the 2010
Games were an opportunity for business-
es to transform themselves, as they were
forced to reassess their basic processes
and look at them more critically. He says
the Games provided long-term benefits
for local businesses and the economy by
establishing Vancouver on the world
stage, helping to attract new jobs and
investment to the area. Davis notes the
most important lasting benefit for most
participating businesses was the net-
working connections brought on by the
Games. He notes his consulting compa-
ny was able to work with a number of
international companies that they
would never have had the opportunity to
work with without the Games. He says:
This was a common
theme: local business-
es getting the oppor-
tunity to work on
the interna-
tional stage.
Also, after the
G a m e s ,
Fletcher says
improvements
in public trans-
portation, roads,
bridges and air-
ports benefited
businesses as
they and their
workforce are
major users of this
infrastructure. So a
little temporary strain
can lead to longer-term
gains.
Hosting an Olympic
Games requires an effort
of Herculean proportions
for all involved not
only the athletes. The
coordination required is
supremely complex. But
this is no reason to
approach the games
with pessimism
despite the challenges,
the coming disruption
will also present opportu-
nities for Londons busi-
nesses to look inward at
their internal processes
and outward at how they
can benefit from the
attention of the rest of
the world. As Davis advis-
es: Get involved early,
get as much information
as you can and enjoy the
ride.
UK employers can learn a lot from the trials
and tribulations of Canadas businesses in
the Winter Games of 2010, says Philip Salter
Pictures: GETTY
Learning from
the Olympics
of Vancouver
73%
saw the Olympics as an
opportunity to gain business
86%
in the media and leisure
sectors saw an advantage
73%
said their firms were continuing
to enjoy higher sales
60%
reported lasting benefits
from the Olympics
Olympic Opportunities in Canada
Source: BT
80%
in the retail sector saw
an advantage
The man behind Londons new bullet trains
is making sure the 2012 Games run on time
The Olympic Delivery Authoritys transport director says plan for a great summer, writes Marc Sidwell
A
S YOU travel to work, did you notice
how roomy Stratford station is look-
ing? Or that certain trains seem
longer than before? Or, if you use
the Jubilee Line, that more trains are run-
ning every hour? Its all part of the way in
which Londons transport system is being
steadily geared up ahead of next sum-
mers Olympic Games.
The Olympic Delivery Authoritys trans-
port mastermind, Hugh Sumner, is pas-
sionate about what has been achieved.
The great thing for London is that those
things that might have dribbled out over
many years have been accelerated and
theyre here now, theyre in use, serving
Londoners and serving Londoners proud.
The 6.5bn transport legacy of the
Games is more or less all up and running,
from high-speed bullet trains that, rebrand-
ed as the Javelin shuttle, will carry
crowds from St Pancras to Stratford
International in seven minutes, to
improvements on the East London Line and
50 per cent longer trains on the Docklands
Light Railway (DLR). At Stratford
International, the stations capacity has
been trebled, with the rebuilt concourse
completed in January. A DLR extension to
Woolwich Arsenal has been delivered, and
one to Stratford International is due to
open in the next few weeks.
Still, Sumner isnt complacent that these
improvements, which London will keep for
the long term, will make the extra traffic of
the Games disappear. In simple terms,
zone lets call it zone one-and-a-half is
going to be very very busy during Games
time. Similarly the road systems between
Earls Court and the Blackwall tunnel. The
sheer scale is stupendous. Youre talking
about 26 world championships all occur-
ring at the same time in the same place,
with cultural events that could double that.
Even though weve done all this work, the
reality is that London is going to be very
busy were hosting the world.
But he does see the inevitable congestion
as manageable: By everyone doing things
differently, were going to have a cracker-
jack summer. The challenge in the next 12
months is to give spectators and businesses
knowledge and understanding so they can
have a really good summer next year.
He points out that the advanced state of
planning already means that those with
Olympic tickets (which include a nine-zone
travelcard for the day) can go
online, plan their journeys and
book their transport.
And Sumner is delight-
ed with the response
from City firms to
Transport for
Londons Site-Specific
Advice programme,
although he acknowl-
edges there is still
further to go. The
trick for us is to work
with everybody to
ensure that its sport
on the front page,
not transport. Were
working a lot with the
freight industry on
replenishment issues
its probably not a
good idea to run out
of beer in the middle
of a Games.
In the end, his advice is simple: Start
thinking now, because your entire supply
chain is going to have to be thought
through. Whats your leave policy next
year? What are you going to do when your
people are all volunteers and they havent
bothered telling you? Government depart-
ments, he says, are planning to reduce
their travel footprint by 50 per cent, and
are carrying out practice runs in the near
future. Just as his task for the next six
months is to run load-testing on the trans-
port infrastructure, firms need to
take the initiative and test
their alternative travel
plans well in advance.
Sumner seems sur-
prisingly calm given
the pressure that he
will be under if things
go wrong. He says, I
recognise the gravity
and the magnitude of
what weve embarked
on. He smiles, but
we do big quite well
as a nation think of
the Royal Wedding.
Sumners vision of
an Olympic Games
centred on public trans-
port, walking and
cycling looks well on
track. But to enjoy it, be
sure to start your own
planning now.
Age: 54
Family: Married, with one teenage son
Lives: Parsons Green
Education: Bachelor of Civil Engineering
and MBA, Cranfield
Career: Hugh was previously managing
director of an infrastructure company and
before that led the team that operated
and maintained London Underground.
Hobby: Sleeping
Favourite sports: Rugby, tennis, cricket
Sporting heroes: Jonathan Edwards, the
Athens 2004 4x100m Team GB relay team
CV | HUGH SUMNER
Confident, but not
complacent, Hugh
Sumner has geared up
Londons transport for
the Olympics
Picture:
Micha Theiner
/CITY AM
Even though
weve done all
this work, the
reality is that
London is
going to be
very busy
were hosting
the world.
The challenge over the
next 12 months is to give
spectators and businesses
the knowledge they need
to have a great summer.
M
AKING better use of flexible and home
working is a key area of focus for
Deloitte in the run up to 2012. Quite sim-
ply, our people cannot do their jobs if
they are struggling to move around the city. It
wont help the Games organisers or Londons
transport authorities either, if unnecessary jour-
neys clog up the network. Transport for London
aims to reduce background traffic in parts of
the capital by 30 per cent and has urged busi-
nesses to reduce the number of commutes by
their staff to help. The request appears to have
had a positive response. Deloitte research sug-
gests that over a third of companies intend to
allow greater use of flexible or home working dur-
ing London 2012. Yet for many, there is much
work still to be done.
I chair Deloittes own Games Readiness
Steering Group, which was created to assess the
potential impacts on our business and consider
any actions required to ensure we deliver the
best possible client service during the Games.
The group consists of representatives from a
number of areas, including human resources, IT
and procurement.
FIRST STEPS
Before implementing or expanding flexible work-
ing policies, businesses need a set of planning
assumptions about the impact on their opera-
tions. This summer, Deloitte will assess client
demand and examine our resourcing patterns.
We will then survey our people to understand
their intentions around annual leave in the sum-
mer of 2012. This will allow us to pinpoint when
we might face pressure from staff unavailability,
when flexible and home working is appropriate
and when we are likely to need our people in the
office or at client sites.
Flexible working will not work for every busi-
ness and is hard to adopt in certain industries,
but will certainly form part of Deloittes prepara-
tions for next summer. While getting this right
for Games time is vital, I would urge businesses
to think long-term. London 2012 should be a cat-
alyst for businesses to introduce new, smarter
ways of working across the organisation, result-
ing in improved workforce resilience. This should
be one of the legacy benefits from the Games.
But businesses need to move quickly. Home
working has implications for IT departments
that need to be factored in. Deloitte has fast-
tracked a number of projects to ensure technolo-
gy is in place to make the experience seamless
for our staff and positive for clients.
Next summer will be business as unusual
and companies will need to think and operate
differently to continue to deliver the levels of
service expected by their clients.
David Gill is a partner at Deloitte, the official
professional services provider to London 2012.
THE SECRETS
OF BUSINESS
AS UNUSUAL
DAVID GILL
CHAIR, GAMES READINESS
STEERING GROUP, DELOITTE
Home working doesnt
mean less productivity
W
ORKING from home wont suit
every company, but providing
greater opportunities to staff to
do so can have real business ben-
efits. According to BT, while the Olympic
Games provides a timely business case to
make the leap to greater flexibility, that
decision has the potential to deliver
returns that outlast the summers sport-
ing triumphs. And BTs research in the
wake of the Vancouver Games found that
a substantial 30 per cent of businesses
would in retrospect have taken the chance
to improve flexible working facilities for
their staff.
In this area, BT leads by example, hav-
ing encouraged flexible working for years.
More than 70,000 of BTs staff are
equipped to work flexibly and around
13,000 work from home. The result has
been harder work from employees. Jon
Lane, business development and partner-
ship director at BT, says we find that
home workers are 21 per cent more pro-
ductive than office-based colleagues.
They also take less sick leave. He adds, we
have also made significant savings from
reduced accommodation costs, and sav-
ings from recruitment and induction
costs through better staff retention.
Theres no question that in our age of
digitised information, distance is not the
barrier it used to be. Transport disrup-
tion and failure to reach the office are no
longer reasons to stop work, according to
Keith Tilley, managing director UK for
SunGard Availability Services, a company
specialising in business continuity man-
agement. Tilley says: The latest develop-
ments in recovery allow workers who are
normally tied to a single location to work
effectively from home in the event of a
business disruption.
CULTURE SHIFT
Still, technology is not enough. A firm
determined to explore these options
needs to create a cultural shift in the
workplace. One of BTs solutions has been
to create a headquarters that is a resource
base for the whole company, rather than a
cloistered head office hive. Just 1,600
workstations are enough to support 8,000
BT staff for whom the building is available
to use when they are in central London.
Hugh Sumner, director of transport for
the Olympic Delivery Authority, says: A
good way to reduce non-essential employ-
ee travel during the Games is to encourage
staff to work from home. Using alterna-
tive methods for meetings, such as confer-
ence calls, video conferencing and web
conferencing will allow businesses to con-
tinue running smoothly in the run up to,
and during, the 2012 Games.
Again, it takes a culture shift to adopt
such conferencing technology, but the
results are impressive once the leap is
made. Telephone conferencing eliminates
an estimated 859,784 face-to-face meet-
ings a year for BT, and a survey of their
staff found 81 per cent now see conferenc-
ing as an essential tool that they could not
perform as well without.
Flexible working promises more pro-
ductive and happier staff, not to mention
fewer office outgoings. 2012 may have put
flexi-working to the forefront, but now
may be the time to consider committing
to its long-term promise.
Individuals do a better job with more freedom, says Will Freeman
BTs home-working revolution in numbers:
l13,000 staff working from home
l70,000+ staff equipped to work flexibly
l1,600 workstations in the London HQ
l8,000 staff using the London HQ
l21% increase in productivity
l103m in productivity gains each year
l500m savings on office space each year
l135m savings on travel each year
l859,784 fewer face-to-face meetings a year
l81% of staff say conferencing is essential
lFrench office cut from eight to three floors
CASE STUDY | BT
Faster, cheaper,
happier
Picture: GETTY
Think flexibly to stay ahead in 2012 Picture: ALAMY
Help to keep London running:
THE FOLLOWING IS PREDICTED TO HAPPEN
WITHOUT ACTION BY BUSINESSES TO
REDUCE THE NUMBER OF JOURNEYS
Jubilee Line; Central Line; DLR; Northern Line
Delays of over an hour possible, particularly at
Bank for the DLR. Avoid these lines where possi-
ble. Most affected on weekdays 8-11am, 4-8pm
and 10pm to last train.
District Line; Circle Line; Metropolitan Line
Delays of up to 15 minutes possible; delays vary at
different times and different stations.
Waterloo & City Line
This line will be signicantly affected at peak com-
muter times. There could be delays of up to an
hour in accessing train services. Only use this line
for essential journeys.
London Overground
This line will be signicantly affected at Stratford.
Possible delays in accessing train services on the
Stratford to Richmond/Clapham Junction route.
Liverpool Street (mainline rail): 15 minutes dur-
ing the Olympic Games but none during
Paralympics.
Liverpool Street (Tube): Delays of up to an hour
during the Olympic Games; delays of up to 15 min-
utes during the Paralympic Games.
Bank (Tube and DLR): Delays of around an hour
possible throughout. 30 July exceptionally busy.
london2012.com/traveladviceforbusiness
CITY: TUBE AND MAINLINE RAIL HOTSPOTS
WITHOUT ACTION BY BUSINESSES TO
REDUCE THE NUMBER OF JOURNEYS
Jubilee Line; Central Line
Delays of over an hour possible. Avoid these lines
where possible. Most affected on weekdays 8-
11am, 4-8pm and 10pm to last train.
Piccadilly Line
Delays of over 30 minutes on some parts of the
line, consider alternative routes if possible.
District Line; Circle Line
Delays of up to 15 minutes possible.
Victoria (mainline rail): No signicant increase in
passenger use expected during the Paralympic
Games, but delays of over 30 minutes possible
during the Olympic Games. Late evening crowding
due to people leaving events.
Victoria (Tube) and Green Park: Delays of up to
an hour in accessing train services during the
Olympic Games. Most affected weekdays 8-10am,
5-8pm (Green Park) and 10pm to last train. Late
evening crowding due to people leaving events at
Hyde Park.
Hyde Park Corner and Knightsbridge: Delays of
up to 15 minutes during the Olympic Games, but
no signicant increase expected during the
Paralympic Games. Busiest dates 31 July, 1, 6, 7
and 9 August. Late evening crowding due to peo-
ple leaving events at Hyde Park.
VICTORIA: TUBE AND MAINLINE RAIL HOTSPOTS
Impact of the London 2012 Games in the CITY
During the Olympic Games (27 July-12 August 2012)
During the Paralympic Games (29 August-9 September 2012)
Impact of the London 2012 Games in VICTORIA
plan around Olympic hotspots
WITHOUT ACTION BY BUSINESSES TO REDUCE THE
NUMBER OF JOURNEYS
Jubilee Line; Central Line; DLR; Waterloo & City Line
Delays of around an hour possible at peak times.
Northern Line: Delays of over 30 minutes possible.
District Line; Circle Line; Victoria Line; Bakerloo Line
Delays of up to 15 minutes possible (not during the
Paralympic Games for the Bakerloo Line).
WESTMINSTER: HOTSPOTS
WITHOUT ACTION BY BUSINESSES TO REDUCE THE
NUMBER OF JOURNEYS
Jubilee Line; Central Line; DLR
There could be delays of over an hour in accessing train
services. Avoid these lines where possible. Most affected
on weekdays 8-11am, 4-8pm and 10pm to last train.
Canary Wharf: Busiest dates are 30 July and 31 August.
For more information, and all 26 maps of affected areas
(locations shown on the map, right), see
london2012.com/traveladviceforbusiness.
CANARY WHARF: HOTSPOTS
Impact of the London 2012 Games in WESTMINSTER
Impact of the London 2012 Games in CANARY WHARF
LONDON 2012: VENUES ACROSS THE CAPITAL
* for hotspot maps 1-26, visit
Pictures: GETTY and REUTERS
Donata Huggins asks
the entrepreneurs
behind WorldStores
how they started
selling everything from
garden sheds to cots
Business Features| Entrepreneurs
25
E
NTREPRENEURS by definition have never
been fond of following a plan. But today,
our economy needs a plan for growth, and
a good place to start is the UKs creative
startup sector.
The creative industries contribute 59.2bn to
the UK economy and provide 2.3m jobs. They
have a higher share of GDP in the UK than in any
other developed country and account for 5.6 per
cent of the economy.
But for growths sake we must be more than
just a voice of support to these industries. The
fact is, the wealth of Britain is by and large cre-
ated by a small group of people the entrepre-
neurs. And not just by any entrepreneur: it is
young businesses that create most of the rev-
enue.
The young creative startups with the poten-
tial to scale are the change makers that not only
create jobs, but they have the ability to make
things better or faster for the rest of us.
Now more than ever, we have the opportuni-
ty to make a significant impact on the GDP of
this country by supercharging these new cre-
ative businesses, from film and TV, to fashion,
design and digital.
Creativity cannot be taught, but thankfully,
there is no shortage of that in the UK. On the
other hand, entrepreneurship is a teachable skill
that should be learned.
The firms that make up this economic power-
house often need help in the form of practical
business skills to ensure that their businesses are
given every chance for success.
In their first year, most start-ups dont have a
clue what theyre doing; I should know because
I was one. So for every new firm, from post-pro-
duction startups to marketing agencies, these
visionaries must be taught to wrap business
skills around their passion and talent.
The time is now for mentors to step up to the
plate. Startups will always benefit by surround-
ing themselves with advisers, from the function-
al, like lawyers, bankers and accountants, to
experienced entrepreneurs from within their
creative sub-sector.
The School for Creative Startups launched
last week at the Hospital Club in partnership
with the City of Westminster and it aims to help
100 London-based creatives across all sectors.
The course will arm creative entrepreneurs with
the business nous required to survive that all-
important first year and give them access to a
pool of mentors to call in times of trouble.
A continuity of support in this way will help
businesses create a sustainable business model
and get the business trading and succeeding.
Still, after the year of support that we can give
them, there are things that still must be provid-
ed externally.
The obstacles to starting a business within
the creative industries in particular are unique
they often need physical space, like the foundries
and refectory space that often make overheads
escalate.
Support can be provided in the form of gifted
low cost working space as well as government-
led initiatives like trade missions. The availability
of finance in this country for early stage activity
is also a pertinent need for most startups.
If we support the young companies in this
sector, with its enormous potential for innova-
tion, job and wealth creation, we will soon be
able to create brilliant brands for London, like the
next Paul Smith or Saatchi & Saatchi.
From architecture startups to web design
businesses, we must take action to remove the
obstacles in the way of their success.
To paraphrase, the future is bright but it
means backing and supporting the young busi-
nesses that help to boost growth.
Doug Richard is a serial entrepreneur and the
founder of School for Startups. Follow him on
twitter at @dougrichard
GROWTH PLAN
NEEDS YOUNG
CREATIVE TALENT
DOUG RICHARD
ENTREPRENEUR
J
OE Murray and Richard Tucker can
sell anything. Cots, birdcages, log
splitters, mattresses you name it
these guys will have a dedicated
website for it and they will be selling
them by the shed load (speaking of
which, they also sell sheds). With 79 of
these websites and 350,000 items sold in
just seven years, they have got a bit of a
reputation for being fast movers. The
company WorldStores was ranked as the
44th fastest-growing business in the UK
this year, expanding in excess of 65 per
cent per annum and raking in a
turnover of 40m this year.
FIRST VENTURE
This wasnt their first venture though.
The pair bear battle wounds from the
last dot-com era, having founded an
internet marketing technology business
that hit the rocks when the dot-com
crash dried up companies e-commerce
budgets. It was a relative success,
Murray insists, we sold the company
and everyone who worked there kept
their jobs. Thats a lot more than can be
said for many of the other businesses at
the time.
Murray didnt last long in the business
once it was acquired. Tucker stuck it out
for just over a year. Having set up a busi-
ness before, we were destined to start
something else up, Tucker explains.
Destined? Murray laughs. Yep, des-
tiny, Tucker laughs back.
DIFFERENT CHARACTERS
Murray and Tucker are very different
characters. Murray left Bristol University
with a degree in biology before diving
headlong into a banking job in the City.
Tucker set his heart on direct marketing,
studying it at Central Lancashire
University and moving on into a career
in it before taking the plunge into entre-
preneurship.
Unlike their first venture, the pair fell
on the idea for WorldStores by accident.
We set up this site as an example
microsite for the clients we were hoping
to attract, but were really surprised that
we enjoyed selling stuff. It grew from
there, Murray explains. They dont just
like selling anything though. They
choose their products by studying what
people are searching for on Google. We
source the suppliers after weve chosen
what to sell, Tucker says.
In anticipation, the pair now own the
domain names for literally thousands of
potential worlds.com. What can I say,
smiles Murray, were cornering the
World market.
Turnover: 40m
No. of staff: 120
Awards: Winner ECMOD Best Online
Business and Best New Launch 2011, Finalist
GP Bullhound Media Momentum 2011,
Finalist Telegraph Tech Start Up 100
Co-founder: Richard Tucker
Age: 39
Born: Harrogate, North Yorkshire
Studied: Marketing, University of Central
Lancashire
Lives: Winchester, Hampshire
Born: Harrogate, North Yorkshire
Co-founder: Joe Murray
Age: 39
Born: Marnham, Nottinghamshire
Studied: Biology, Bristol University
Lives: Richmond, London
CV | WORLDSTORES
Meet the men looking to
corner the World market
Joe Murray, left, and Richard Tucker co-founded WorldStores Picture: Micha Theiner/City AM
ENTREPRENEURS NEWS | IN BRIEF
YOUNG PEOPLE WANT TO BE ENTREPRENEURS
Eight in ten young people want to become
entrepreneurs. Britain is brimming with future
entrepreneurs, a new study into young peoples
ambitions has concluded. According to the sur-
vey of 2,000 youngsters, commissioned to sup-
port the Ambition AXA Awards, more than
three-quarters of 11 to 18-year-olds (77 per
cent) say they would like to start their own
business in the future. And around half (47 per
cent) say that they have always wanted to be
their own boss. Online or digital businesses and
IT are among the most popular areas of busi-
ness interest for young Brits, with more than
one in five (22 per cent) saying this is where
they intend to pursue their ambitions.
RISING COSTS CRIPPLING FIRMS
Small firms are trapped in a vice of rising busi-
ness costs, which is squeezing margins, choking
growth and threatening their survival, according
to a major new study by Make It Cheaper and
the Centre for Economic and Business Research
(CEBR). The research shows that overheads
have risen by almost a quarter over the past five
years, and more than half (55 per cent) of small
business owners now warn that their company
will simply not survive much longer if costs con-
tinue to rise at current rates. Jonathan Elliott of
Make It Cheaper says: Rapid cost increases are
placing the survival of small companies in jeop-
ardy, and dampening the entrepreneurial spirit
so crucial to economic recovery.
ENTREPRENEUR COUNTRY CONFERENCE
Entrepreneur Country has just launched a
new conference, Accelerate 2011, taking
place on 27 September this year at the Royal
Institution of Great Britain. The theme is how
entrepreneurs can capitalise on the current
economic and technological landscapes to
make their businesses smarter and more rele-
vant for a globally competitive market.
Confirmed speakers include Julie Meyer, the
founder of Entrepreneur Country and Ariadne
Capital, Austin Healey, the former England
international rugby player and investor and
Tim Levene of Augmentum Capital. Go to
www.entrepreneurcountry.net for more infor-
mation.
S
OUTH East Asia is intimidatingly
rich in temptations, fascinations
and possibilities. As someone who
had never been, and had ten days for
the inaugural journey, I had to make some
tough decisions.
The first one was to steer clear of the
beaches and focus on culture and rivers.
This may sound a bit unsexy. But in Asia,
these two things are about as unsexy as
Megan Fox in a see-through shift. Instead
of the same white sand and turquoise
water that you can find in Mauritius,
Florida or Hawaii, I fancied golden
Buddhas, fabulous temples and the most
beautiful waterway on earth: the Mekong.
Geography was important, too. I wanted
my route to flow, not to be hopping about
madly on cheap flights and long bus rides.
Bangkok is known for many things, not
all of them savoury. I chose to prioritise
days over nights, and instead of staying out
till all hours in seedy bars, I went hell for
leather on temples, street food and mas-
sages.
The first morning we took a bus tour to
Ayutthaya, one of the regions old capitals,
and home to a breathtaking, Angkor-Wat
style temple complex. Founded in 1350,
the city was destroyed in 1767 by the
Burmese army. Its remains are what
tourists like us bus in to see eerie moun-
tainous temples (with a strange resem-
blance to wet sand sculptures), and
magnificent rows of Buddhas in crum-
bling stone and gold.
Back in Bangkok that afternoon
(Ayutthaa is only an hour away by car,
though we returned by boat), we got
soaked in a violent rainstorm. After warm-
ing up with a bath, we hit a local massage
joint and my two friends and I reclined in
a row, blissfully taking in our hour-long
foot massage (about $4).
Later, we cabbed what felt like a long
way to a street-food joint wed heard good
things about, called Chote Chitr on Praeng
Phuton Rd. The cab driver got lost. We
asked some guys in a Baskin Robbins. No
clue. We drew maps. Bangkok, it turns out,
is rather enormous and confusing and
peoples English is very limited. Eventually
we got there and it was empty, save for the
sullen manageress. Well, we took a chance,
and it was all delicious. Peanuty, limey,
cocunutty and sometimes fried but
always fragrant dish after dish came out.
Prawns, crab, chicken. All good. All under
$10. Not one upset stomach.
We wanted street food only from then
on, and the next evening headed to
Yaowarat Road in the Chinatown for the
best ginger steamed sea bass any of us
could have ever wished for.
Next day at Chatuchak Weekend
Market, Bangkoks biggest, I purchased a
real vintage, very beaten up Gucci bag (8;
but honestly, real), some bad fake Dior
shades and numerous little donuts ven-
dors were making fresh. Delicious.
A long, windy tuk tuk ride across the
city took us to the Grand Palace, the most
gobsmacking show of religious finery I
have ever seen. Turns out that acres of
gold, intricate tiled mosaics and Buddhas
the size of small buildings are just my
taste.
CHIANG MAI
People visit Chiang Mai as a base for
trekking, elephant riding and cooking
classes. However, we found the city a bit
tired and in terms of food and temples
and massages (by now my favourite three
aspects of Thailand) a mere shadow of
Bangkok. After getting a cab to the base of
an impressive hilltop temple, Wat Phra
Thart Doi Suthep, whose steps we mount-
ed sweatily, we scurried back to our hotel.
And basically tried not to leave it.
If you are feeling flush, or looking for a
real treat, Mandarin Orientals Dhara
Dhevi, just outside Chiang Mai, is a sensa-
tional retreat. Its a bit like Disney Land
meets an ancient Thai palace complex
but it works, and how. There are working
rice paddies throughout the estate the
two story villa rooms are ranged around
paddies, their private plunge pools in full
view of farmers working on them. One of
Dhara Dhevis two swimming pools is an
infinity pool spilling onto an undulating
paddy. Rather than seeming odd or forced,
it lends a real agricultural beauty to this
luxurious assemblage.
The other main feature of Dhara Dhevi
is the spa, a conglomeration of temple-
style buildings, luxuriously appointed,
where ferociously good massages and skin
treatments are dispensed (though bear in
mind they are about 20 times more expen-
sive than the going rate in Thailand). To get
around the sprawling estate pool to spa;
spa to villa one is taken by buggy. Heaven.
(Rates at Dhara Dhevi start from 359 per
night on a B&B basis. mandarin
oriental.com/chiangmai)
LUANG PRABANG
Next we flew over the mountains of north-
ern Thailand and Laos, landing in the star-
tlingly bright beauty of Luang Prabang, a
peninsula between two rivers: the Mekong
and the Nam Khan. After paying for a visa
(about 30 by far the most expensive sin-
gle purchase of the trip), we made our way
along quiet roads to the centre of the
town, where our hotel a colonial wood
house called 3 Nagas graced the main
promenade.
Along the way we passed monks in
orange robes and people on bicycles with
umbrellas to shield themselves from the
sun. There were white picket fences,
magenta bougainvillea, palm trees, quiet
cafes advertising espresso and free wifi,
dusty side streets full of playing children
wed landed in Marthas Vineyard on the
Mekong.
Indeed, Luang Prabangs growing repu-
tation as a chic retreat one Thai person
we spoke to whistfully called it the new
Bali (a bit of an exaggeration) does cre-
ate a tension with the local authenticity
that charmed tourists in the first place.
But as its all a UNESCO site, there is no
brash building, and most hotels inhabit
old buildings.
The first two nights at 3 Nagas provided
the ideal vantage point for experiencing
all the delights of Luang Prabangs
enchanting centre. This a monks town
and there are numerous temples all a
short distance from one another I visited
half a dozen at least, basking in their
musky aroma, gold embellishment, stately
Buddhas and atmosphere of hushed but
intense sanctity. I rose at ten to six the first
morning and headed out to my street-side
balcony to watch the orange-clad boy
monks process past collecting alms, which
they do daily.
Bangkok, northern Thailand and Laos
proved a relaxing and stimulating holiday
for culture vulture Zoe Strimpel
Lifestyle | Travel
Rivers, Buddhas
and temples:
SE Asia minus
the beaches
White picket fences, bougainvillea, cafes
advertising free wifi wed landed in
Marthas Vineyard on the Mekong
A holiday paradise in an
extremely poor country, this
exquisite Mekong town has
been attracting the cream of
holidaymakers for a while now
and its only becoming more
chi-chi. If you want to go five
star, there is the Hotel de la
Paix (hoteldelapaixlaos.com;
pictured), where I stayed very
happily, luxuriating in its cool
minimalism and scoffing its
great breakfasts. Staff were
charming. Amantaka (amanre-
sorts.com/amantakais) is the
Aman groups spectacular out-
post in the town a sprawling
colonial hotel with a state-of-
the-art spa. La Residence Phou
Vao (residencephouvao.com) is
another wonderful, expensive
spot: it has divine views of the
mountains (ask for a mountain
view suite), excellent food and
of course, a tip-top spa.
In town, 3 Nagas is chic and
friendly, if a little pricey (3-
nagas.com).
The Apsara (theapsara.com), a
former rice warehouse, is also a
supremely tasteful hotel on the
banks of the the banks of the
Nam Khan. Its restaurant is
also one of the towns best
we liked stir fried chicken with
chilli jam, cashew nuts and
basil leaves.
The Mekong River View
(mekongriverview.com) is cen-
tral and as the name sug-
gests provides a great
waterside vantage.
LUANG PRABANG, LAOS | WHERE TO STAY
The main pool at the Hotel de la Paix, sister to a hotel of the same name in Siem Riep, Cambodia.
Breakfast and caf breaks are uniquely
pleasurable in Luang Prabang, where deli-
cious pastries rule. The (ambivalent at best)
French influence here has, at least, left a
legacy of delicious banana chocolate crois-
sants. But we dined well too: the restaurant
at 3 Nagas was refined and exciting, serv-
ing Mekong fish, seaweed and buffalo, a
local specialty. Tamarind and Couleur Caf
were also excellent and less expensive
(about $15 each without wine).
We took several sunset rides on the
Mekong, finding the river particularly
exquisite under a pink sky. Wooden boats
cruise up and down, monks cavort on sand
bars. There must be no better place or time
for a beer in all Asia.
Other interesting and highly manage-
able excursions include a half-hour tuk tuk
ride through lush green farmland and
very poor villages (think wooden roadside
lean-tos, women squatting and peeling big
buckets of vegetables) to some pale
turquoise waterfalls which are great for
swimming and jumping (if youre daring).
Another must-do is the boat-journey an
hour up the Mekong to the caves. You hike
up a steep flights of steps and enter an
extraordinary network of caverns, with
treasures deep within shrines, Buddhas
and flowers, some of which are in pitch
darkness.
BISTRO DU VIN
COMES TO LONDON
IN TOMORROWS
RESTAURANT PAGE
This is one of Mandarins flagships,
whose claim to fame is its prime spot
on the Chao Phraya River. There are
other hotels along the river but none
have quite the refinement of the
Mandarins bar, restaurant or swim-
ming pools.
The spa is another claim to fame. Its
a whole house of vigorous wellbeing.
Massages are athletic and often
painful. In a city of cheap and good
massage, youd expect the very best
for Western prices and this is it.
Our room, a deluxe, was small but
well-formed, with killer views of the
river and a sumptuous, nautical bath-
room. Service was incredible the
concierge particularly impressive.
Breakfast was middling, as were the
cocktails. Room rates start from
245 per night on a B&B basis.
www.mandarinoriental.com/bangkok
Our last few days we cycled in and out of
town (about 5 minutes) from The Hotel de
la Paix, a beautifully renovated former
prison. But mostly we laid low. With its pri-
vate swimming pools, outdoor baths, large
black tiled infinity pool and sunken shade
beds, where better to sip margaritas all day
under an umbrella? The hotel is framed by
mountains and palms so that it really is an
intoxicating mixture of the sinister (watch
towers remain from its prison days) and
the stunningly hip and gorgeous.
In the airport en route to Bangkok we
ran into Albert Alvarez, creative director of
Lanvin. You know youre on the right track
when you choose the same tiny Laotian
town to holiday in as one of the worlds
most sought after haute couture designers.
Back in Bangkok, my final night was
spent in COMOs minimalist outpost of
urban chic (chalk to the Mandarins
cheese) whose main claim to fame is the
restaurant Nahm. Here we feasted on chilli-
spiked watermelon, sensational curries
and strange desserts. I had the best cocktail
of my life: a savoury mix of gin, cucumber,
spring onion, mint and ice.
(metropolitan.bangkok.como.bz)
On the plane home the next day, I
breathed a deep sigh of satisfaction. South
East Asia has infinite boxes to tick, but I felt
Id ticked some of the best.
The Mekong at sunset
in Luang Prabang.
A deluxe room in the Mandarin Oriental, Bangkok, costs around 300 per night.
MANDARIN ORIENTAL BANGKOK | REVIEW
A MONTH ago I wrote a column say-
ing Facebook shouldnt be worried
about the 6m users it lost in the US.
The gist of it was that there was no
chance of a serious rival emerging.
Zuckerberg, I said, has the whole
social network thing stitched up, and
hell live happily ever after as king of
the internet (probably literally, as some
kind of Facebook cyborg who will
eventually assimilate every other life-
form into his utopian consciousness, in
which like is the only emotion).
Exactly one week later Google
launched its own social network.
Which shows what I know.
Over the last four weeks, in the
hope of saving face, I have been quietly hoping Google+ would go the same way as
the firms Buzz and Wave ventures; ambitious but failed experiments. Unfortunately,
it looks like I may have been wrong.
Thats not to say the Beta version of Google+ isnt incredibly frustrating. Its inabil-
ity to distinguish between actual friends and someone who emailed you once to try
to sell you viagra, for instance, is a pain. So is not having a comprehensive search
tool, which seems ridiculously counter intuitive for a company that conquered the
world through search.
But Google has got it right where it really counts. Its Circles feature solves one of
my fundamental problems with Facebook that updates go to everybody in my
friends list and, more pertinently, other peoples come straight to me.
Thanks to this, Facebook has become a method of alienating contacts, rather than
making them. My list of friends moves in an ever-decreasing spiral; each
time I sign in is like watching something valuable disappear down a
virtual toilet. Every message I see on my news feed asking me to
Change your status to this if you support not stomping puppies to
death just for the hell of it (the implication being that if you dont,
youre probably the kind of person who takes pleasure in doing exactly
this) results in the defriending of not only the original poster but every
subsequent one. Similarly, any status update about someone being
very spiritual strikes them from the list. Then there are the casual
racists, the users of emoticons, the posters of song lyrics. Facebook
becomes a cruel exercise in survival of the fittest, in which I am des-
tined to become the only person in my network, like an
incredibly dull reality TV show where contestants are
whittled down until youre left with one person sitting
alone on an island in silence for the rest of his life.
If people adopt Circles, this doesnt need to be an
issue. They can set up a Spirituality circle and a
Casual Racism circle. I can be blissfully unaware
of it all. Ill start a circle of one and communicate
only with myself. It will be prefect.
Another fascinating possibility is the potential
integration of Google+ into the Android mobile
operating system. Facebook has been integrated
into most handsets released in the last year but
Google+ can have a front-row seat on the fastest
growing platform.
So far it has picked up 20m users in a month
impressive but not a dent in Facebooks 700m. Google,
though, is already winning over the geeks. And where we go,
others tend to follow.
Why Google+ may
save my friendships
Mac Mini (from 530)
The new Mac Mini is the kind of object that
would be worshipped by Neanderthal man.
Beautiful but mysterious. Reassuringly
weighty. Lacking even an optical drive to
give a hint of the wonders inside. And its
powerful, packing an Intel i5
or i7. If you need portability
and power but dont like work-
ing on a laptop, this is the
machine for you.
GEEK SPEAK
@steve_dinneen
Nokia X7
Shed a silent tear for the Nokia X7. Its an
orphan, see, one of the last handsets rock-
ing Nokias Symbian operating system,
before Windows Phone 7 defenestrates it
for good. Nostalgia, then, seems like its
biggest selling point (dont expect too
many software updates). The hardware,
though, bodes well for Nokias soon-to-be-
released WP7 line-up.
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ANTIQUES MASTER
BBC2, 8.30PM
A decorative arts enthusiast, a woman
with a passion for soda syphons and a
collector of Sheffield plate items
compete to reach the semi-finals.
SHOWME THE FUNNY
ITV1, 9PM
The eight remaining contenders travel
to the West Midlands to perform for a
group of high-school students.
Presented by Jason Manford.
THE SECRET LIFE OF BUILDINGS
CHANNEL4, 8PM
New series. Architecture critic Tom
Dyckhoff examines how the design
of buildings affects people at home
and at work.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmFootballs Greatest 8pm
Test Cricket 10pmDarts 11pm
SPL Round-Up 11.30pmThe Sky
Sports Years 12.30amTest
Cricket 2.30amSoccer AM:
3.30amWatersports World
4.30amMax Power 5.30am-6am
FIFA Futbol Mundial
SKY SPORTS 2
7pmAbsolute Match Fishing
7.30pmLive Elite League
Speedway 9.30pmWild Spirits
10pmBoots n All 11pmElite
League Speedway 1amNASCAR
2amShow Jumping 3amBoots n
All 4am-4.30amPowerboating
SKY SPORTS 3
7pmNASCAR 8pmShow
Jumping 9pmKings of the Surf
9.30pmAbsolute Match Fishing
10pmWWE: Late Night Bottom
Line 11pmWWE: Late Night
Afterburn 12amWWE: NXT
1amWWE Vintage Collection
2am-4.15amLive WWE: Late
Night Raw
BRITISH EUROSPORT
6pmLive Under-19s European
Championship Football 8pm
Cycling 9pmGP2 Series 10pm
World Superbikes 11pm-1amLive
Under-20s World Cup Football
ESPN
6pmLive Pre-Season Football 8pm
NFL 11pmAmerican Le Mans Series
12amLive Major League Baseball
3amBaseball Tonight 4amESPN
Press Pass 4.30am-6amEmirates
Cup Football
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmPsychic Sally:
On the Road 9pmBritain &
Irelands Next Top Model 10pm
P****d and Pregnant 11pm
Criminal Minds 12amCSI: Crime
Scene Investigation 1.50am
Ghost Whisperer 2.40am
Charmed 4.20amNothing to
Declare 5.10am-6amMaury
BBC THREE
7pmDoctor Who 7.55pmGreat
Movie Mistakes 2: The Sequel
8pmSnog, Marry, Avoid? 8.30pm
Underage and Pregnant 9pm
Small Teen, Bigger World 10pm
EastEnders: Phils attempt to bully
Roxy backfires. 10.30pmWorlds
Craziest Fools 11pmFamily Guy
11.45pmGary: Tank Commander
12.15amSmall Teen, Bigger
World 1.15amUnderage and
Pregnant 1.45amWorlds Craziest
Fools 2.15amJamie: Drag Queen
at 16 3.15amSnog, Marry, Avoid?
3.40amGary: Tank Commander
4.15amDoctor Who
5.10am-5.20amDoctor Who
Confidential
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmOne Tree Hill 10pmDirty
Sexy Things 11pmBalls of Steel
Australia 12.10amMy Name Is
Earl 1.10amHow I Met Your
Mother 1.35amGlee 2.20am
Balls of Steel Australia 3.15am
Heartland 4amThe Class
4.25am-6amSwitched
HISTORY
7pmAmerica: The Story of the US
8pmPawn Stars 9.30pm
American Restoration 10pm
American Pickers 12amPawn
Stars 12.30amAmerican
Restoration 1amAmerican Pickers
3amAmerica: The Story of the US
4amAncient Discoveries
5am-6amMega Disasters
DISCOVERY
7pmMythbusters 9pmBear
Grylls: Born Survivor 10pm
Tornado Road 11pmAmerican
Chopper: Senior Versus Junior
12amBear Grylls: Born Survivor
2amTornado Road 3amDeadliest
Catch 3.50amRaging Planet
4.40amDive to the Bottom of the
World 5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmI Didnt Know I Was
Pregnant 7.30pmBringing Home
Baby 8pmLittle People, Big
World 9pmLittle Parents, Big
Charlie 10pmCritical Condition
11pmA&E 12amLittle Parents,
Big Charlie 1amCritical Condition
2amA&E 3amLittle People, Big
World 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmRoad Wars 9pmCop Squad
10pmSpartacus: Gods of the
Arena 11.15pmWall of Fame
11.45pmMiami SWAT 1.45am
Stargate Universe 3.15am99
Most Bizarre 4.05amBite Size
Brainiac 4.20amAirline
5.10am-6amSell Me the Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmFake Britain;
BBC News
8pmEastEnders
8.30pmDying for a
Drink Panorama
9pmNew Tricks
10pmBBC News
10.25pmRegional News 10.35pm
A Question of Sport 11.05pmThe
Celebrity Apprentice USA;
Weatherview12.35amSign Zone:
A History of Celtic Britain 1.35am
Animal 24:7 2.20amAn Island
Parish 2.50amAntiques Road Trip
3.35am-6amBBC News
6pmEggheads
6.30pmCelebrity Eggheads
7pmVictorian Pharmacy
7.30pmWonderstuff
8pmUniversity Challenge
8.30pmCHOICE
Antiques Master
9pmMy Life as a Turkey:
Natural World Special
10pmMock the Week
10.30pmNewsnight: Weather
11.20pmTorchwood: Miracle
Day: Jack confronts the
mysterious Oswald Danes.
12.15amThe Tudors
1.05amBBC News 3.35am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmCountrywise Kitchen
8.30pmCoronation Street
9pmCHOICE
Show Me the Funny
10pmITV News at Ten
10.30pmLondon News
10.35pmFILM
Out of Sight. 1998.
12.45amThe Zone; ITV News
Headlines 2.50amNightwatch with
Steve Scott 3.40amITV
Nightscreen 4.35am-5.30amThe
Jeremy Kyle Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pmChannel 4 Presents
Mandip Sehmi 2012
8pmCHOICE
The Secret Life of Buildings
9pmEmbarrassing Fat Bodies
Back to the Clinic
10pmSirens
11.05pmComing Up: Food
11.35pm4thought.tv 11.40pm
Chris Moyles Quiz Night 12.30am
Music on 4: Exit Festival 1.15am
FILMInfernal Affairs 3: 2003.
3.15amHill Street Blues 4.05am
One Tree Hill 4.55am-5.50am
Cookery School
6pmMeerkat Manor
6.25pmOK! TV
6.55pm5 News at 7
7pmCricket; 5 News Update
8pmPolice Interceptors;
5 News at 9
9pmFILMThe Ninth Gate:
Horror, starring Johnny Depp
and Emmanuelle Seigner. 1999.
11.45pmFILM
Frankenstein. 2004.
1.30amSuperCasino: Live
interactive gaming. 4.05amThe
Family Recipe 4.10amMichaelas
Wild Challenge 4.35amMichaelas
Wild Challenge 4.55amCounty
Secrets 5.10amWildlife SOS
5.35am-6amHouse Doctor
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Minor or small-minded (5)
4 Distinctive period
of time (5)
9 Rounded thickly
curled hairdo (4)
10 Made by intertwining
threads in a series of
connected loops (7)
11 Joint in the leg (5)
12 Reduces in rank
or position (6)
15 Land measure (4)
18 Marsh plant (4)
20 Become bone-like (6)
22 Small pendant eshy
lobe at the back of
the soft palate (5)
23 Word opposite in
meaning to another (7)
25 Approach (4)
26 Italian poet (1265-1321) (5)
27 Country of the Arabian
Peninsula (5)
DOWN
1 Central American
canal (6)
2 Cargo ships for
carrying crude
oil in bulk (7)
3 Country bumpkin (5)
5 Plausible glib talk (6)
6 Frequently,
poetically (3)
7 Crumple (6)
8 Brick carrier (3)
13 Goon (3)
14 Mass celebrated
for the dead (7)
16 Part of the eye (6)
17 Accompany (6)
19 Mythical re-
breather (6)
21 Childish word for
scrumptious (5)
23 Added to (3)
24 Bronze (3)
V
S
E
L
I T
N
N
O

4

4

4

O T O L O G I S T
B I I E T C
U N M A N C A I R O
L E E L K F A
L I S T S O F F A L
F O R M
I D I O M C O A T I
N N I D O T N
C L A U S V A L U E
H N E E A R
T E R R O R I S T
9 6 8 7 2 6 2
8 2 5 4 9 1 6 7 3
5 1 2 3 5 9 8
6 3 1 8 4 3
1 2 4 3 1
8 7 9 5 6 8 9 7
2 1 3 1 5
9 3 8 4 3 8
2 1 3 2 7 1 3
1 4 5 8 6 3 9 2 7
9 5 9 8 8 4 9
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter words were
PERFORMED and PREFORMED
Lifestyle | TV&Games
CITYA.M. 1 AUGUST 2011 28
Results
THEY might have flocked to see him
and swooned at his every touch, but
Arsenal fans probably didnt bargain
for their returning hero Thierry
Henry spoiling their afternoon.
The Gunners all-time record scor-
er, visiting as captain of New York Red
Bulls, bashfully soaked up the
applause as he coasted through 85
minutes of home dominance, capped
by Robin van Persies header.
Then, with one nonchalant pass,
he prised an opening that led to Kyle
Bartleys equalising own goal and
snatched the Emirates Cup from
Arsenals grasp prompting some in
the crowd to turn against Arsene
Wengers men.
It might have been very different,
had Henry been granted his wish to
play the closing stages for Arsenal.
But referee Kevin Friend rejected a
half-time plea from Wenger to allow
the French striker a cameo.
We wanted to him to play in the
last five minutes for us, Wenger
admitted. He was desperate to do it,
but the referees stubbornly turned it
down. They told us that the rules are
absolutely, adamantly against it
because one player cannot play for
two teams in the same game.
Henry added: Im not even going
to talk about it because there are
some stupid rules.
Forced to play the last few minutes
for his current team, he put them to
good effect, crafting a pass that
released Roy Miller, whose cross beat
goalkeeper Wojciech Szczesny.
Reserve defender Bartley, on for the
last 20 minutes in only his second
Gunners appearance, stuck out a boot
in an effort to intercept but succeed-
ed only in diverting the ball into the
roof of the net.
Arsenal invited the collapse, just as
they had in Saturdays 2-2 draw with
Boca Juniors, by taking their foot off
the gas when ahead with half an
hour still to play yet Wenger was
unconcerned.
On both days, we played very well
for an hour, he said. We have noth-
ing more to offer at the moment.
Hopefully that will change in the
next two weeks.
Arsenal did indeed dominate for
the first two thirds, but had only Van
Persies unchallenged header from
the effervescent Tomas Rosickys
floated free-kick to show for it, before
Henry intervened.
They say great clubs never die and
it looks like great players never die,
Wenger added. Thierry has shown us
today that he is still top quality with
his feet and with his head.
Henry steals, and spoils, show
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email sport@cityam.com
MCLARENS Lewis Hamilton passed up
a golden opportunity to close the gap
on championship leader Sebastian
Vettel and blamed a faulty radio as he
was forced to watch team-mate Jenson
Button take the spoils at the
Hungarian Grand Prix.
Hamilton, who won last week in
Germany, held the advantage in a
thrilling battle with Button, but sur-
rendered the initiative when he
changed to intermediate tyres shortly
before the heavens opened. But the
track dried almost immediately and a
frustrated Hamilton was forced to
make a costly extra pit stop.
We were having radio issues,
Hamilton said. I could hear my engi-
neers, but they couldnt hear me.
I heard them say it was going to
rain and it was already spitting, so we
opted to go for the wet tyres. I think
they called me in and I did the lap. It
wasnt necessarily the best call, but
thats motor racing.
The tyre mishap aside, Hamiltons
hopes of victory were set to be dashed
by a penalty for nudging Paul di
Restas Force India off the road as
the McLaren did a spin-turn to
rejoin after an error
at the chicane.
I made a big mis-
take, Hamilton
admitted. My left
front tyre was pret-
ty worn so I went a
bit wide at the chi-
cane and spun.
Then after that I
honestly have to apologise to
Paul di Resta.
Button (left), the main beneficiary
of Hamiltons woes, enjoyed spar-
ring with his British compatriot on
the way to securing the 11th win
of his career.
It was a lot of fun racing with
Lewis it always is, said Button.
Despite mixed fortunes
for the individuals, the
last two races have repre-
sented major steps in the
right direction for
McLaren, a fact noted by
championship leader
Sebastian Vettel, who fin-
ished second at Spa for Red Bull.
He said: We got good points today
but there is a long, long way to go. We
have seen how quickly things can
change so we need to make sure we
see the chequered flag.
Hamiltons radio gives Button a helping hand
BY JAMES GOLDMAN
FORMULA ONE
SPORT | IN BRIEF
Dyson claims Irish Open title
GOLF: Englands Simon Dyson claimed the
fifth European Tour title of his career with
a one-stroke victory at the Irish Open.
Dysons narrow success ahead of
Australian Richard Green earned him a
place in this weeks Bridgestone
Invitational in Ohio.
Tancock in 50m backstroke glory
SWIMMING: Liam Tancock claimed Great
Britains third gold medal at the World
Championships in Shanghai with an
impressive swim in the 50m backstroke
event. The defending champion, who has
now won five medals in four World
Championships, touched in 24.50s, finish-
ing just ahead of Frances Camille Lacourt.
Tseng adds to her Major haul
GOLF: Yani Tseng won the womens
British Open yesterday to claim her fifth
Major title at the age of 22. The world
No1 from Taiwan shot 69 in the final
round at Carnoustie to finish 16 under
par, four strokes ahead of Brittany Lang.
Fergie rubbishes Sneijder link
FOOTBALL: Manchester United Manager
Sir Alex Ferguson dismissed further spec-
ulation about any approach by the club to
sign Dutch international Wesley Sneijder
from Inter Milan. Absolute nonsense. I
have never discussed him. There is nothing
new, he said. Ferguson was speaking
after watching his side defeat European
champions Barcelona 21 in Washington.
1. Sebastian Vettel, Red Bull 234 points
2. Mark Webber, Red Bull 149
3. Lewis Hamilton, McLaren 146
4. Fernando Alonso, Ferrari 145
5. Jenson Button, McLaren 134
STANDINGS | DRIVERS TITLE
Henry scored 226 goals in eight years with Arsenal Picture: ACTION IMAGES
Sport
Capello: Englands
next manager in
for a bumpy ride
ENGLAND manager Fabio Capello has
warned his successor not to expect a
straightforward passage to the 2014
World Cup finals in Brazil following
Saturdays qualification draw.
Capello, who is due to stand down
next summer said: It is not an easy
draw. You have to be really, really
focused and play every game like a
final - but that will be another manag-
ers job. Im focused on my job now to
qualify for the Euros.
Montenegro
Fifa ranking: 17
Last result v England: 0-0 (Oct 2010)
Star man: Mirko Vucinic
Manager: Zlatko Kranjcar
Ukraine
Fifa ranking: 45
Last result v England: 1-0 (Apr 2009)
Star man: Anatoliy Tymoshchuk
Manager: Oleg Blokhin
Poland
Fifa ranking: 69
Last result v England: 1-2 (Oct 2005)
Star man: Robert Lewandowski
Manager: Franciszek Smuda
Moldova
Fifa ranking: 85
Last result v England: 1-4 (Sep 1997)
Star man: Serghei Dadu
Manager: Gavril Balint
San Marino
Fifa ranking: 203
Last result v England: 1-7 (Nov 1993)
Star man: Andy Selva
Manager: Giampaolo Mazza
ENGLANDS WORLD CUP OPPONENTS
BY FRANK DALLERES
FOOTBALL
1
1
ARSENAL
Former Gunner
denied cameo for
his old team but
has the nal say
NEW YORK RED BULLS
BRITAINS Jenson Button crowned
his 200th Grand Prix appearance
with victory in Hungary and admit-
ted he would need the upcoming
summer break to recover from the
celebrations.
The McLaren driver, who awoke
yesterday to a hoax story posted on
his personal website by hackers
claiming he was in a critical condi-
tion following a serious accident,
claimed the 11th win of his career at
the same venue at which he recorded
his first.
The 2009 world champion fought
off a spirited challenge from team-
mate Lewis Hamilton, whose race
was hindered by a series of pit stops
and a flawed tyre strategy, to finish
ahead of Red Bulls Sebastian Vettel
and Ferraris Fernando Alonso.
Its good having a couple weeks
break because it might take me that
long to get over tonight, said Button,
who heads into the summer break
still 100 points behind championship
leader Vettel.
This is the first place I won a
grand prix, in 2006 in these sorts of
conditions. Its a great moment. For
some reason I like these conditions, I
dont know why.
It was a great call by all of us not
to go to the inters, and a great week-
end for the team were going into
the break on a nice high, but every
day we will be thinking about Spa.
HAMILTONS MISSED CHANCE: P29
ARSENAL midfielder Jack Wilshere
looks set to miss Englands friendly
against Holland next week after pick-
ing up an ankle injury yesterday.
Wilshere (right) was withdrawn
after just seven minutes of a 1-1 draw
with New York Red Bulls, which saw
the American side pip the Gunners to
the Emirates Cup.
The 19-year-old is expected to be
sidelined all week, meaning he
would miss Arsenals final pre-season
friendly against Benfica on Saturday
and the visit of the Dutch to
Wembley four days later.
They say he might be out for the
whole of next week because he has
an ankle inflammation, said manag-
er Arsene Wenger.
If he is out next week,
he will not play against
Benfica so he will cer-
tainly not play for
England.
Wenger preferred to be
optimistic about a player
he called a quick healer and
a tough boy, adding: It is not
very serious. I hope he will be
quicker than the medical pre-
dictions.
The Arsenal boss, mean-
while, was phlegmatic
about a handful of jeers
following the game, in
which his side once
again surrendered a
lead, as they had done on Saturday
against Boca Juniors.
You have to take that in perspec-
tive, he said. People always want to
win, that I can understand, but I
dont think we need to put any
extra pressure on ourselves now.
The most important thing is to
prepare and take the pres-
sure on when the
result matters.
Wenger was
frustrated, how-
ever, after refer-
ee Kevin Friend
refused to allow Red
Bulls striker and for-
mer Arsenal star Thierry
Henry to swap teams
for the closing stages.
Wilshere a major doubt for England
match as wasteful Arsenal are booed
FORMULA ONE
Bell has scored hundreds against all the other eight current Test nations Picture: GETTY
ENGLAND batsman Ian Bell admitted
he was fortunate to have been rein-
stated after a controversial run out,
instigated by his own stupidity,
largely overshadowed a brilliant
match-turning century.
Promoted to No3, a position he had
struggled to assert himself in previ-
ously, Bell took the game away from
India with an innings that belied the
delicately poised nature of the con-
test.
But the importance and elegance
of his innings, a 15th in Tests and first
against India, was almost lost amid a
backdrop of confusion that surround-
ed his apparent dismissal just before
the tea interval.
Bell, wrongly thinking Eoin
Morgan had struck a boundary,
jogged down to the non-strikers end
and in the direction of the pavilion.
But with the ball not dead, India were
within their rights to effect a run out.
It was the right decision for the
spirit of the game. It was very naive of
me to assume the ball was dead, said
Bell, who re-emerged after the break
once coach Andy Flower and captain
Andrew Strauss had approached
India skipper Mahendra Singh Dhoni,
who agreed to let the Warwickshire
man return to the fray.
I didnt hear the umpire call over.
To walk off for tea was stupid. I have
learned a lot of lessons. I put my bat
down after the third and it looked
like we were just meandering off for
tea.
I didnt know until the last
minute that I would be going back
out again but the way its been han-
dled has been fantastic and in the
spirit of the game.
Rahul Dravid, one of Indias most
senior batsmen, agreed that justice
had been served, even if the decision
to allow Bell back to the crease
appeared to knock the stuffing out of
his side.
He said: It was the right thing to
do. If that had happened to one of our
guys we would have felt disappointed.
The original decision was right in
the laws of the game but not in the
spirit of the game. Dhoni had a team
meeting and there was unanimity in
the decision.
With doubts surrounding the avail-
ability of Jonathan Trott and England
still 43 adrift of Indias first innings
score, the tourists were in a position
to ram home their advantage at the
start of day three.
But thanks to Bell, who added just
22 runs after tea and was eventually
dismissed for 159, along with half
centurions Kevin Pietersen, Eoin
Morgan and Matt Prior, England are
now firmly in the ascendancy having
scored 417 runs yesterday, their high-
est singleday total since 1954.
More pertinently, Strausss men
reached 441-6 by the close and hold a
commanding lead of 374 with four
secondinnings wickets remaining.
BY JAMES GOLDMAN
CRICKET
Button brings up double

century in grand manner
Sport
THREE LIONS PLOT THE
ROAD TO BRAZIL
GUIDE TO ROONEY AND
COS OPPONENTS: P29
FLASHPOINT | BELLS RUN OUT
Bell, upon reaching the boundary, reacts
with shock and is clearly heard to say He
called over. Third umpire Bowden con-
firms Bell's dismissal. On-field colleague
Erasmus asks India if they wish to uphold
the appeal before Bowdens verdict is dis-
played on Trent Bridges big screen.
During the tea break Strauss and Flower
ask Dhoni to reconsider the decision to
uphold their appeal. India return to the
playing arena to a chorus of boos. Those
jeers are replaced almost immediately by
cheers as Bell returns to the fray having
been granted an extra life by Dhoni.
Bell completes a third run, jogs towards
Morgan believing the ball has gone for
four and is therefore dead. Kumar has
saved the boundary, however, throws the
ball to Mukund, who breaks the stumps
at the strikers end. India appeal and con-
fusion ensues.
Bell benefits
from Indias
spirit levels
BY FRANK DALLERES
FOOTBALL

Cityam 2011-08-01

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