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Government under pressure to reconsider police cuts
THE GOVERNMENT yesterday came
under growing pressure to reconsider
its decision to reduce police numbers,
after Britain was gripped by the worst
riots in a generation.
Boris Johnson, the Tory London
Mayor, and Harriet Harman, the
deputy Labour leader, found rare com-
mon cause and denounced plans to
cut the police budget as part of the
governments austerity measures.
The Metropolitan police, which says
it has been stretched by the recent
civil unrest, is expected to be asked to
cut 2,000 officers from a force of
32,000 over the next four years.
In an intervention that will prove
highly embarrassing for David
Cameron, Johnson said the govern-
ments case for making savings had
always been frail, and argued that
this is not a time think about making
substantial cuts in police numbers.
He made it clear he was talking about
cuts in the country as a whole not
just London.
The Mayor received unlikely back-
ing from Harman, who said Labour
was demanding a moratorium on
cuts to London police, adding this is
what our constituents are asking us
for.
Johnson was quickly slapped down
by Number 10, which said the cuts
were manageable and by Home
Secretary Theresa May, who said
money can be taken out of police
budgets without stopping them doing
their jobs.
A Home Office source said: Last
time I checked, the Home Secretary set
the budget for the Met not Boris.
BY DAVID CROW
POLITICS
FRENCH president Nicolas Sarkozy

raced back from holiday for crisis
talks on the countrys public finances
yesterday amid swirling rumours of a
sovereign downgrade and over the
health of its number two bank Societe
Generale.
Share prices in the US and Europe
dived sharply as fresh fears of
Eurozone contagion engulfed mar-
kets. French banks bore the brunt of
the turmoil as Sarkozy recalled minis-
ters and the central bank chief to
Paris for emergency meetings.
Societe Generale crashed by as
much as 23 per cent during the day
on speculation vigorously denied by
the bank that its huge exposure to
risky Eurozone sovereign debt made
it unsafe.
More rumours, also denied, sug-
gested the bank had a representative
at the Sarkozy meeting.
SocGens rivals Credit Agricole and
BNP Paribas fell 11.8 per cent and 9.5
per cent respectively. The slump
wiped almost 10bn (6.1bn) off the
three banks market capitalisation.
With investors so nervous and
markets so feral, any rumour or
doubt seems to be getting amplified
as volatility and fear increases, said
CMC Markets analyst Michael
Hewson.
Frances triple A rating looked sta-
ble yesterday as all three major rating
agencies affirmed it and French min-
isters said the government would
stick to planned spending cuts.
But the markets doubts put paid to
hopes of a US market rally, cutting
more than 500 points off the Dow
Jones industrial average to leave it 4.6
per cent down at the close.
Gold prices also hit a new record of
$1,801 as investors ploughed more
money into the safe haven.
US banks took a battering, with
Bank of America, Goldman Sachs and
Citigroup each down more than eight
per cent. Bank of America chief execu-
tive Brian Moynihan also faced a test-
ing investor conference in an effort to
shore up confidence in the bank.
SocGen denied all rumours of liq-
uidity problems, despite writing
down 395m on its Greek bond hold-
ings after the nations second bailout.
The bank insisted on an online
apology from the dailymail.co.uk
website after a weekend report
claimed it was in financial difficul-
ties.
Morgan Stanley analysts said
Frances two biggest banks had no
near-term funding fears.
BNP is 100 per cent funded for this
year and SocGen 93 per cent, they
said in a note.
The FTSE 100 ended 5.5 per cent
down at 5,007.16.
QUELLE HORREUR
BY ALISON LOCK
EUROZONE
www.cityam.com Issue 1,444 Thursday 11 August 2011 FREE

BUSINESS WITH PERSONALITY
Certified Distribution
30/05/11 till 03/07/11 is 102,636
MARKETS PLUNGE AGAIN AS 10BN WIPED OFF FRENCH BANKS
ANALYSIS l FTSE 100
p
4Aug 5Aug 8Aug 9Aug 10Aug
5007.16
10 Aug
5,700
5,600
5,500
5,400
5,300
5,200
5,100
5,000
4,900
4,800
4,700
ANALYSIS l Societe Generale
22.18
10 Aug
32
30
28
26
24
22
ANALYSIS l DOW
10719.94
10 Aug
11,800
11,600
11,400
11,200
11,000
10,800
10,600
French president Nicolas
Sarkozy rushed back
from his holiday to chair
an emergency finance
meeting
News
2 CITYA.M. 11 AUGUST 2011
Riots damage
UK reputation
RIOTINGgave way to recrimination in
the capital yesterday, with the first
wave of alleged troublemakers
appearing in court.
Among them were teaching assis-
tant Alexis Bailey; Laura Johnson, the
grammar school educated daughter
of a rich businessman and an 11-year-
old child.
While violence was largely con-
tained across London, fresh clashes
broke out in Eltham, where bottles
were thrown at police.
Tensions also rose in other major
cities, particularly in Birmingham,
where recriminations were feared
over the killing of three Asian men by
suspected looters.
Meanwhile, shadow business secre-
tary and MP for Streatham, Chuka
Umunna, said yesterday he was
incredibly concerned by the eco-
nomic cost of the disruption to the
UKs business sector during the riots.
A large proportion of GDP in the
UK comes from spending and con-
sumption, said Umunna. With
shops shutting ... and businesses not
able to operate that will have been
massively dented, which is going to
have a large effect on the overall econ-
omy. Several banks said they have
introduced emergency measures to
help business customers recover as
quickly as possible.
Though no firm estimates have
been made of the total cost to UK plc
of the riots, insurance companies are
expecting to receive claims in the
tens of millions, according to the
Association of British Insurers.
Eighty-three per cent of London
businesses believe that riots have
BY ELIZABETH FOURNIER AND STEVE DINNEEN
LONDON RIOTS
HONG KONG EXCHANGE HIT BY HACKERS

Computer hackers forced the Hong
Kong stock exchanges website to
crash, prompting the bourse to sus-
pend trading in the shares of seven
companies including HSBC and the
exchange operator itself. The cyberat-
tack, which deprived investors of
important announcements from list-
ed companies, came just hours before
Hong Kong Exchanges & Clearing, the
worlds largest by market capitalisa-
tion, announced its interim results.
VODAFONE FINDS INDIA INVESTOR
Vodafone has found a new local
investor for its Indian mobile phone
business. The move should ensure the
UK telecoms group does not breach
the countrys foreign ownership
rules. Vodafone also said it was con-
sidering the case for an initial public
offering in Vodafone Essar, its Indian
business.
FACEBOOK LAUNCHES MESSENGER APP
Facebook has launched a new instant-
messaging application for smart-
phones to compete with similar
services such as WhatsApp and
BlackBerry Messenger, as the boom-
ing market for chat apps threatens
mobile operators traditional rev-
enues. RIMs BlackBerry Messenger
leapt to prominence after it emerged
as a tool used by rioters and looters in
London, due to its popularity among
teenagers and ability to send private
messages to large groups of friends.
TRADING VOLUMES HIT RECORD LEVELS
Trading in equities and derivatives
has hit record levels this week as
investors traded frantically in
response to a tumult of factors such
as the US Federal Reserves decision to
stick with near-zero interest rates
until 2013, fears over the USs credit
rating and the eurozone debt crisis.
Trading in currencies and gold, seen
by many investors as a safe haven
alternative to dollars, have spiked.
TURKEY CALLS FOR SYRIA CALM
Syrian tanks and troops stormed
towns near the border with Turkey
yesterday as the Turkish Prime
Minister made his most outspoken
demand yet for an end to bloodshed
against protesters. In another sign of
tension between the two neighbours,
Turkey deployed surveillance drones
along their common frontier, local
media reported.
CATHAY BLAMES COSTS FOR PROFIT DIP
Cathay Pacific reported a 59 per cent
fall in first-half profits after a 49.5
per cent increase in fuel costs. The
Hong Kong-based carrier said that
after a strong 2010, profits had fallen
to HK$2.81bn (222m) on revenues
up 13.2 per cent to HK$46.79bn.
Christopher Pratt, the chairman,
said: High fuel prices are increasing
costs and recovering them through
higher tariffs may affect demand.
US AND TALIBAN TALKS COLLAPSE
Secret exploratory peace talks
between the United States and the
Taliban leadership have broken down
after details of the negotiations were
leaked, Western diplomats have told
The Daily Telegraph. The breakdown
in the talks at such an early stage has
led to recriminations and claims that
the details of the meetings and the
identity of the Taliban's chief negotia-
tor were deliberately leaked by 'para-
noid' Afghan government figures.
OIL IS RIDING A BIG DIPPER, SAYS
ENERGY WATCHDOG IEA
Oil is riding a big dipper, with prices
plunging again on uncertainty about
debt levels in the West, signs of a slow-
down in emerging markets and politi-
cal paralysis, the IEA said yesterday.
The group has cut demand forecasts
for the year, following the US energy
agencys footsteps earlier in the week.
ABP TROUBLED BY MARKET TURMOIL
One of the worlds largest pension
funds became the latest victim of the
recent market turmoil, warning
Wednesday that its capital position
has sharply deteriorated in just a few
days. The Netherlands ABP, a pension
fund for civil servants and teachers,
said the market slump is having a
substantial impact on its funding
ratio, which measures its assets rela-
tive to its liabilities.
FRENCH INDUSTRIAL OUTPUT WEAKENS
French industrial production posted
a larger than expected fall in June,
reinforcing fears the Eurozones sec-
ond-largest economy is slowing.
Industrial output fell 1.6 per cent
from the previous month, as the
countrys industries churned out
less goods. Economists had expected
the indicator to show a 0.6 per cent
contraction.
WHAT THE OTHER PAPERS SAY THIS MORNING
From royal fairytale to banana republic
W
HAT a year of contrast this
has been for the UK. A few
months ago, the world
looked on longingly as we
put on a marvellous, heart-warming
show for the royal wedding, in a bril-
liant piece of PR highlighting the con-
tinuity and stability of Britains
institutions, a valuable commodity in
a troubled world. Today, all eyes are on
us once again but this time, the mes-
sage is one of incompetence, chaos and
decline.
From royal fairytale to banana
republic in one summer: it has been a
shameful, embarrassing disaster, not
just for the tourism industries but also
for foreign direct investment.
The cost in terms of lost reputation
internationally but also domestically
will be hugely higher than the 100m
insurance bill. Global firms, already
unnerved by over-regulation and exces-
sive tax, will worry even more about
allocating resources or key staff to the
UK. Large retail chains will think twice
about investing in many urban areas;
the middle classes may follow suit and
start moving out from many neigh-
bourhoods. Needless to say, the human
cost, in terms of deaths, injuries, shat-
tered lives, ruined businesses, trauma
and stress is immeasurable; the vast
majority of the public is united in its
immense anger at the savages and van-
dals that believe that they had the
right to loot, pillage and maim. The
way businesses and shops, often run
by hard-working, entrepreneurial
immigrant families, were targeted by
low-lives was despicable; the greatest
victims of these unforgivable actions
were the very people who work the
hardest, often for little pay, for their
communities. It was so, so wrong,
which is why Boris Johnson, David
Cameron and also the wider political
establishment are in much greater
trouble than they realise.
The publics mood has changed
irrevocably; on crime and punish-
ment, social attitudes will have hard-
ened permanently as a result of the
past weeks events. Strong speeches
from the prime minister are a step in
the right direction, as is the much
more effective policing of the past 48
hours, but the public wants real, per-
manent change, not just temporary,
emergency measures. A YouGov poll
found that 85 per cent of the public
believe that most of those taking part
in the riots will go unpunished they
have lost faith in the system. This is
understandable: it also reflects the per-
ception of the thugs themselves.
Criminal activity is far more rational
than people believe, especially in
wealthy societies such as ours: there is
a lot of empirical and statistical work
that shows that criminals implicitly
weigh up the costs and benefits of
crime. A high probability and cost of
detection reduces crime, all other
things equal; a low likelihood of detec-
tion, a low likely cost (such as a negligi-
ble prison sentence or a caution, as has
too often been the case in the past) and
a larger payoff (flat screen TVs or
expensive trainers) raises it. Many of
those storming shops made that very
calculation this week, albeit implicitly
and in some cases incorrectly.
There can be no sustainable eco-
nomic recovery without security. The
US police chief Bill Bratton, who pio-
neered zero tolerance approaches to
crime reduction, should be brought in
to run the Metropolitan Police. The
worst of the violence is over but there
needs to be permanent reforms. Social
collapse and self-induced economic
stagnation must no longer be tolerat-
ed. The government must act, and fast.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Primary school worker Alexis Bailey leaves Highbury Magistrates Court Picture: REUTERS
NEWS | IN BRIEF
Apple patent war reaches EU
A German court has temporarily barred
Samsung from selling its flagship Galaxy
tablet in most of the EU in a significant
victory for Apple and its iPad. In a glob-
al intellectual property battle, Apple has
said the Galaxy line of mobile phones
and tablets "slavishly" copied the iPhone
and iPad, and it has sued the Korean
firm in the US, Australia and elsewhere.
Samsung, whose tablets are based on
Googles Android software, has counter-
sued Apple.
Germans and Swiss in tax deal
Germany and Switzerland have finally
reached a deal to try and stop cross-bor-
der tax evasion from 2013. The nations
have agreed to crack down on German
citizens stashing money in Swiss
accounts without being taxed, putting
an end to a long-running dispute.
Germans will be offered the chance to
make an anonymous one-off tax pay-
ment before the rules come into effect.
But some banks, including Swiss private
bank Vontobel, complained that the
move will slow their cross-border
growth. A formal deal will be signed
within weeks.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
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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
damaged the capitals reputation as a
place to do business, with many still
worried that unrest could have an
effect on their operations.
According to a ComRes poll for the
London Chamber of Commerce and
Industry (LCCI), a quarter of London
firms say they have been affected by
violence and looting in the city over
the past five days, while almost half
(48 per cent) remain concerned that
riots could still spread to their area.
This could not have come at a
worse time for Londons business
community, said LCCI chief executive
Colin Stanbridge. At the peak of the
tourist season and with only a year to
go until the London 2012 Games, this
really isnt the image we want to pres-
ent to the world.
BANK of America chief executive
Brian Moynihan yesterday vowed to
keep its investment bank Merrill
Lynch as he defended his perform-
ance and strategy to the banks
biggest shareholder.
Moynihan, who has come under
fire for BofA Merrill Lynchs recent
share price falls, took the rare step of
holding a conference call with Bruce
Berkowitz of mutual fund Fairholme
over the banks future.
Confidence in BofA has slumped as
investors fear it faces billions of dol-
lars of legal charges to settle multiple
lawsuits related to its sale of sub-
prime mortgages and mortgage-
backed securities before the crisis.
Berkowitz quizzed Moynihan on
whether BofA can afford to pay the
charges, raise regulatory capital for
Basel III and pay dividends.
Moynihan told more than 6,000 lis-
teners he would sell non-core assets
before considering Merrill. When
you have non-core assets to sell, why
would you sell core assets? he said.
He also ruled out further share
sales, and sought to reassure listeners
that the environment had improved
since the recession.
The fundamentals are so much
better in our country and in our com-
pany and in our industry than they
were four years ago, he said.
Moynihan is
committed to
Merrill Lynch
BY ALISON LOCK
BANKING
RUPERT Murdoch yesterday told

investors he has no plans to step aside
as boss of News Corp.
During a bullish results call he said:
Let me be clear about this, I have run
this company for over 50 years... The
board and I believe I should continue
in my role as chief executive... I am per-
sonally determined to put things
right. He went on to say the phone
hacking scandal has had no material
impact on the rest of his media
empire and said he has no plans to
offload his UK newspaper business.
He stressed the importance of chief
operating officer Chase Carey, who he
described as his partner. However,
he refused to rule out one day recom-
mending his son James for the top job,
saying it was a matter for the board.
He defended his firms corporate gov-
ernance practices and said there will be
no changes to the News Corp board.
The firm brushed off concerns over
the phone hacking scandal with a bet-
ter-than-expected 11 per cent rise in
fourth quarter revenues, although its
profits dropped 22 per cent on losses
from the sale of MySpace.
Meanwhile, James Murdoch is expect-
ed to provide evidence to the select com-
mittee today that he did not mislead
MPs during last months grilling.
Murdoch vows to stay on as
News Corp boss to clean up
BY STEVE DINNEEN
MEDIA
News
News Corp boss Rupert Murdoch was in a bullish mood last night Picture: REUTERS
ANALYSIS l Bank of America Corp
$
Jun Jul Aug
12
11
10
9
8
6.77
10 Aug
AS investors across the world took
fright from financial stocks, Bruce
Berkowitz took a large step in the
other direction.
His Fairholme Capital
Management group recently
placed a $5bn bet on the resur-
gence of Wall Street in a strategy
that has seen him buy stakes in
Citigroup, Goldman Sachs, Morgan
Stanley and Bank of America.
Named stock fund manager of
the year 2009 by Morningstar,
Berkovitz works in Florida
where he is accompanied
in the office by Jazz,
his white poodle.
BY DAVID HELLIER
FUND MANAGEMENT
BRUCE BERKOWITZ
Fund manager puts his
faith in US financials
MORE quantitative easing could be
in the pipeline for the UK, after
Bank of England governor Mervyn
King left the door open for the pro-
gramme dubbed QE2.
Following hot on the heels of the
Federal Reserves notably dovish
statement on Tuesday, the Bank yes-
terday painted a gloomy picture of
growth prospects and hinted at even
looser monetary policy to come.
Were not out of tools; if we need
to we can carry out more asset pur-
chases, King told reporters. The
committee will have to decide if it
wants to do that and if so, when.
Last week we opted not to do that.
But theres no technical reason [why]
we cannot do that.
The Bank will not emulate the Fed
in pledging to hold down interest
rates into the near future, however.
To lock in monetary policy now for
two years does not seem to me par-
ticularly sensible, King said.
King added: I think the biggest
risk to the downside comes from our
net trade position, our exports.
Moving the British economy
towards exports is a priority for the
Bank, as well as the government,
with the squeeze on domestic spend-
ing showing no signs of relaxing.
Yet the rebalancing is not going to
plan. The UKs trade deficit jumped
from 4bn to 4.5bn in June, figures
revealed this week. The visible trade
gap with countries outside the
European Union soared from 5.1bn
in May to 5.7bn in June.
A devalued pound should boost
exports. However, liberal think tank
Centre Forum has criticised the fail-
ure of QE to help anyone other than
government, big business and the
already wealthy.
For huge areas of the economy,
hundreds of billions of pounds have
been created to no discernible
effect, said Giles Wilkes previous-
ly of Centre Forum, and now special
adviser to business secretary Vince
Cable.
Bank lending has not increased,
and spending in the economy has
stayed weak, Wilkes said, instead
proposing a credit risk fund that
makes investments aimed at specific
failures in financial markets.
Cable has recently called for
more imaginative forms of mone-
tary stimulus not just acquiring
government securities.
UK life insurer Standard Life enjoyed a
share price rally yesterday as the mar-
ket welcomed a surprise 44 per cent
leap in its first-half operating profits.
Standard Life delivered an excep-
tional change of fortunes in its
Canadian business, where operating
profit leapt 66 per cent to 103m as its
management changed products and
asset allocations.
Standard Life said about 15m of
the gains would be a recurring benefit,
while its group operating profit of
262m was about 32 per cent ahead of
analysts consensus expectations.
The group is halfway through a
three-year transformation to lower-
cost, technology-driven customer serv-
ice platforms to raise its profitability.
Chief exec David Nish said the strat-
egy was on track and would enable us
to continue to succeed in the current
volatile market conditions. Analysts
said it was paying off, with net fund
flows up 14 per cent to 200bn.
The firms shares closed 5.7 per cent
up at 184.5p after a volatile day.
Standard Life gets share boost after
a surprise jump in Canadian earnings
THE BANK of England downgraded
the UKs growth prospects yesterday,
with governor Mervyn King warning
that the economy is still in the midst
of a crisis.
GDP growth will come to around
1.5 per cent this year, the Bank esti-
mates -- down from the 1.8 per cent
forecast in its last inflation report.
In 2012 the Bank expects the UKs
economy to expand by around two
per cent, a downgrade of half a per
cent from its previous estimate.
King said: 2008 was not the end of
the crisis it was merely one stage.
We are going through the next stage
now... There are a number of [global]
headwinds not least the public and
private debt overhang, and these are
becoming stronger by the day.
The Banks inflation forecasts
appear to show a modest downgrade
in its expectations for price pressures
in 2012.
The Bank warns of slow
growth on the horizon
UK ECONOMY
King hints at
more easing
still to come
BY JULIAN HARRIS
UK ECONOMY
BY ALISON LOCK
INSURANCE
News
ANALYSIS l GDP
Projection
ONSdata
2007 2008 2009 2010 2011 2012 2013 2014
8
6
-6
4
-4
2
-2
0
ANALYSIS l Inflation
2007 2008 2009 2010 2011 2012 2013 2014
7
5
6
3
4
2
1
0
-1
-2
CITY VIEWS: ARE YOU WORRIED ABOUT THE UKS GROWTH?
Interviews by Lydia Ellis & Helen Thompson
Im a little concerned about the economy
were entering unknown times. I dont think
theres much the banks or government can do
about it; its a global event fuelled by global
economies debt thats just got out of propor-
tion
STEVE GODFREY | ADVANTAGE BUSINESS SYSTEMS
Im more worried after the past few days than I
was last week. People are spending less in some
areas, though others are fine. Some of our
clients are from the government and public
sector and were seeing fewer through the
door.
Yes: the entire economy is stifled due to a lack of funding. There may be fun things like Dragons Den to encourage enter-
prise but thats just not enough. SMEs are starved of essential liquidity. HSBC and Lloyds chairmen said they approve
80-85 per cent of loans: I dont believe this to be the case.
JOHN NEWLAND | CITY ONE SECURITIES
* These views are those of the individuals above and not necessarily those of their company.
IS STANDARD LIFES TURNAROUND WORKING?
The effect of the transformational programme is finally starting to come

through. In Canada, we understand around 50 per cent of the benefit of specific man-
agement actions in H1 are likely to be sustainable. We expect further cost sav-
ings to come through in the next few reporting seasons and 2012 onwards.
All components of this result were better than our estimate, but the real
driver was Canada, where underlying operating profit places it on a par with the UK in
terms of profit contribution. The market for new business sales remains chal-
lenging, but Standard Lifes differentiated UK offering beat our forecast.
ABID HUSSEIN | JEFFERIES

The investment spend over the last 18 months is starting to deliver netflows
ahead of expectations. Standard Life is also benefiting from a first-mover advantage in
the pre-RDR market by increasing its market share in SIPPs. Our concern
remains that spend will remain high beyond 2012 to defend its market share.
ANALYSIS l Standard Life

p
195
185
175
184.50
10 Aug
BARRIE CORNES | PANMURE GORDON
KEVIN RYAN | INVESTEC
MARTIN WALTER | BROADSWORD PRODUCTIONS
Bank of England governor Mervyn King said it would consider more quantitative easing at each monthly meeting Picture: Getty
HSBC clinched the sale of its US
credit card business to lending and
banking group Capital One for a
better than expected $32.7bn
(20bn) yesterday.
The deal hives off the capital-
intensive credit card division of the
bank and leaves HSBC with just its
core private and premier banking
businesses in the US, part of the
banks $2.5bn streamlining pro-
gramme.
The sale is another step toward
unravelling HSBCs $15bn purchase
of US consumer lending firm
Household in 2003. That established
it as one of the worlds biggest cred-
it card firms but loaded it with sub-
prime losses.
HSBC will make a $2.4bn post-tax
gain from the sale and said it would
cut up to $40bn from the groups
risky asset base.
Group chief executive Stuart
Gulliver said the deal would allow
capital to be redeployed over time.
Capital One paid an 8.75 per cent
premium to the operations $29.6bn
gross loan balances, creating the
higher than anticipated sale price.
Analysts had believed the loan
book was worth $25-30bn in the
months ahead of the sale. The cards
operation made $1bn pre-tax profit
in the first half of 2011.
Capital One, a credit card lender
that has developed into a full bank
over recent years, has been buying
assets divested by international
banks over recent months. In June it
paid $9bn in cash and shares for
ING Groups US online bank.
HSBC added that it would still
continue to offer credit cards to its
customers through its HSBC Bank
USAs $1.1bn credit card pro-
gramme.
HSBC seals sale of
card arm for 20bn
BY ALISON LOCK
BANKING
BANK of Irelands underlying operat-

ing profit shrank by two-thirds in the
first half of 2011 on steeper funding
costs, a signal the countrys top lender
has not fully recovered despite a fresh
investor base and healthier loans book.
Operating profit before provisions
fell two-thirds to 163m, but its under-
lying pre-tax loss nearly halved to
723m after impairments dropped by
22 per cent.
MONEY manager Man Group saw its
shares jump 7.76 per cent yesterday
after its management added to their
stakes. Chief executive Peter Clarke,
finance director Kevin Hayes and
chief operating officer Emmanuel
Roman each spent 92,000 on a block
of 50,000 shares.
Man also said its fund was up seven
per cent over the past five weeks.
Profits shrink at
Bank of Ireland
Man Group up
after share buy
BANKING
FUND MANAGEMENT
News
THREE US companies became the
latest to postpone their planned ini-
tial public offerings (IPOs) yesterday,
as American floats struggle to get
away in volatile markets.
Employee benefits provider
WageWorks has indefinitely
delayed its $49m (30.3m) float,
while Loyalty Alliance Enterprises
listing has also been sidelined.
The marketing and data analytics
company was slated to raise around
$75m.
This week had been billed as a
bumper period for the US IPO mar-
ket, with 12 deals scheduled to
come to market before the week-
end.
But more than half of the floats
have now run into problems, with
Enduro Royalty Trust, Portuguese
mobile marketing and payment
services provider TIM, Seattle-based
lender HomeStreet and 3-D motion-
senser InvenSense also postponing
listing planned for this week.
WageWorks failed to rouse
investors interest despite slashing
the pricing of its IPO to a range of
$8-$9 per share last Thursday, cut-
ting the value of the float from
$100m to around $66m.
Also yesterday, Carbonite, which
sells web-based computer backup
products, cut the price range of its
planned IPO by a third to $10-$11
per share from $15-$17 per share.
According to various underwrit-
ers, as well as Carbonite there are
still IPOs planned this week for
SandRidge Permian Trust,
TrustWave, and Midland States
Bancorp.
Three US flotations
pulled as volatile
markets hit pricing
BY ELIZABETH FOURNIER
CAPITAL MARKETS
ANALYSIS l HSBC
p
600
560
520
516.20
10 Aug
COMMERZBANK investors looked
beyond a 760m (666.6m) writedown
on Greek debt yesterday to the
lenders strong earnings from corpo-
rate lending and securities trading.
Germanys second-biggest lender
said that second-quarter operating
profit shrank to 55m from 210m a
year earlier, well below the 105m
average estimate, thanks to the Greek
debt writedown.
Analysts said results at
Commerzbanks core businesses of
corporate loans and markets and the
Mittelstandsbank unit were robust,
while losses were isolated mainly at
the non-core Eurohypo unit, a real
estate lender slated for sale.
The Mittelstandsbank, which spe-
cialises in financing Germanys medi-
um-sized companies, was the main
profit driver again, generating operat-
ing profit of 501m.
Trading profit jumped 86 per cent
to 664m.
BY HARRY BANKS
BANKING
Commerzbank in Greek hit

Commerzbank said earlier this week that finance chief Eric Strutz will leave next year
JP Morgan Chase won the brag-
ging rights for securing the posi-
tion of lead adviser to HSBC,
wheeling out its big guns for the
task.
Leading the team is Alex Lynch,
who has been managing director of
the JP Morgan Securities sub-
sidiary for over ten years, since
2000. He also serves as chairman
of the North American Mergers
and Acquisitions Group.
He is working alongside the
renowned deal-maker Ian Hannam,
famed for his influence in the min-
ing sector. Hannam, who is a for-
mer member of the Territorial
Armys answer to the SAS, has
been a long-term adviser of
Xstrata. He led the reconstruction
of Nat Rothschilds ambitious coal
mining group Vallar and was the
chief adviser on the Heritage-Genel
merger.
Alongside then-JP Morgan
Cazenove chief executive Naguib
Kheraj, he secured advisership on
deals involving Land Securities and
SVG Capital.
His other clients include
Fresnillo, SAB Miller and Devro.
Also on the team advising HSBC
is David Mayhew, Fernando Rivas,
Eric Warmstein, Mark Feldman,
Piers Davison and Simon
Pilkington.
ADVISER TO HSBC
ALEX LYNCH
JP MORGAN
CHASE
THE Swiss National Bank announced
additional measures to counter a new
jump in the safe-haven Swiss franc
yesterday, including increasing liquid-
ity to the money market and conduct-
ing foreign exchange swap
transactions. However, with liquidity
already ample in Switzerland, the
Swiss authorities could be doing little
more than pushing on a string, said
Jane Foley of Rabobank. The outlook
for the Euro-Swiss franc lies largely in
the hands of the Eurozone politicians
rather than the Swiss authorities.
The US dollar has plummeted
against the Swiss franc in recent
weeks, tumbling from 85 cents in July
to close as 72.6 cents yesterday.
Swiss attempt
to anchor franc
CURRENCIES
APPLE yesterday closed as the most

valuable company in the world for the
first time, surpassing oil giant Exxon.
The Cupertino-based company
slipped 2.8 per cent in a tough mar-
ket to close at $337bn, with Exxon
dropping 4.41 per cent to finish at
$331bn.
Apple had briefly passed Exxon on
Tuesday, ending the oil majors five-
year run at the top, but closed slightly
behind. The remarkable switch, which
analysts see as another indication of
surging appetite for technology stocks
in the US, comes despite Exxons rev-
enues coming in at four times those of
its rival.
Apple becomes the tenth company
to have held the top spot in the S&P
500, alongside General Electric,
General Motors, IBM, Microsoft, AT&T,
DuPont, Philip Morris, Wal-Mart and
Exxon.
In the early 1990s Apple languished
at the rear-end of the top 300, with ana-
lysts saying the companys value con-
sisted almost exclusively of cash and
property. It is a remarkable turnaround
for the firm that teetered on the brink
of collapse after the departure of its tal-
ismanic leader in 1984.
Steve Jobs return in 1997 sparked a
meteoric rise, with Apple smashing its
way into the smartphone market with
its ultra-high margin iPhone and rein-
vigorating the tablet market with its
record-breaking iPad.
Robert Pavlik, chief market strategist
at Banyan Partners, said: Technology is
what people understand now. At some
point it used to be the radio, before that
it was trains. So I think its sort of
indicative of our society.
Apple is now
worlds most
valuable firm
BY STEVE DINNEEN
TECHNOLOGY
SOFTWARE company Micro Focus

Internationals shares rocketed 13
per cent yesterday after it posted a
better-than-expected update.
The firm, which was the biggest
riser in the FTSE indices yesterday,
said its revenues were higher than
previously indicated, while costs
linked to its restructuring had
come down from earlier estimates.
Micro Focus, which supports
mainframe computer applications
for companies like Tesco, said it
remained in an offer period, after
first revealing in May that it was
exploring a number of approaches
from suitors including Bain Capital
and Advent International.
Executive chairman Kevin
Loosemore, who joined the group
four months ago, said he was
increasingly confident that there
is significant untapped value in the
business which can be realised by
delivering the proposed opera-
tional turnaround.
Peel Hunt analyst Alex Jarvis said
it was a positive trading update,
adding management was capable
of dealing with the execution
issues that have dogged the firm.
The paradox is that the bid
becomes more likely the lower the
shares trade, he said. It would be
a great shame to let this business
go for 330p [per share].
Shares in FTSE 250-listed Micro
Focus closed 33p up at 283.7p.
Micro Focus shares make big gains
as its turnaround plan gathers pace
BY MARION DAKERS
TECHNOLOGY
ANALYSIS l Apple Inc

$
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
400
350
300
250
363.69
10 Aug
Walmart to
sell iPad films
WALMART has launched a video serv-
ice for iPad users in a bid to offset
sliding sales of DVDs in its stores.
The retail giants Vudu video
streaming platform will be available
on the iPad from today, allowing cus-
tomers to buy or rent films and TV
episodes on a pay-as-you-go basis.
The US-only service operates
online, not through a standalone
application like some rival TV pack-
ages.
Eschewing the app platform
means Walmart will not have to pay
a cut of its takings to iPad creator
Apple.
BY MARION DAKERS
TECHNOLOGY
ANALYSIS: HOW APPLE SIZES UP TO EXXON

News
l Founded in the 1999 merger of
Exxon and Mobil both brands
originally grew out of the
Standard Oil Trust formed
by John D Rockefeller in 1882
l 82,000 employees worldwide
l Net profit rose 41 per cent to $10.68bn for
the quarter to July 2011
l Current chief executive is Rex W
Tillerson (left), who has worked at Exxon
since he joined in 1975 as an engineer.
Research: Helen Thompson
l Founded with the launch of the Apple 1 in April
1967 by Steve Jobs, Steve Wozniak and Ronald
Wayne. Officially incorporated 3 January 1977
l 49,400 employees worldwide as of 2010
l Reported net income of $7.31bn for
the quarter to 25 June 2011, on
revenues of $28.57bn.
l Floated on Nasdaq on 12
December 1980, making
millionaires of dozens of its
employees
l Holds 19 per cent of
smartphone OS market share
ANALYSIS l Micro Focus International
p
300
260
283.7
10 Aug
Apple
$7.31bn
net profit for
quarter to June
2011
$10.7bn
net profit for
quarter to July
2011
Ex-News of the World journo arrested
FORMER News of the World news
editor Greg Miskiw was yesterday
arrested by the Metropolitan police
over his possible role in the News
International phone hacking scan-
dal.
Miskiw, aged 61, acted as news
editor of the now-shuttered tabloid
while both Andy Coulson and
Rebekah Brooks were editor. He was
arrested on suspicion of unlawful
interception of communications,
and also conspiring to intercept
them.
Detectives said the latest suspect
was arrested at midday after he
arrived by appointment at a
London police station.
Miskiw said earlier this month
that he was planning to return to
the UK from his current home in
Florida in order to speak with the
police.
He is the 12th person arrested
this year in connection with the
scandal. Police have also quizzed
Coulsons deputy Neil Wallis, royal
correspondent Clive Goodman and
Stuart Kuttner, News of the Worlds
former managing editor.
BY MARION DAKERS
MEDIA
Groupon in
IPO change
DEAL website Groupon has ditched
a controversial accounting method
that appears to eliminate market-
ing and subscriber-acquisition
costs ahead of its multi-billion dol-
lar flotation.
The changes more than double
Groupons second quarter loss to
$102.7m (63m), up from the
$36.8m last year. The firm filed
plans to raise $750m in June in an
IPO that could value it at more than
$20bn.
BY STEVE DINNEEN
TECHNOLOGY
CITY MINER
GOES FOR
GOLD WITH
ROYAL GIFT
DISASTER has been averted at the Palace,
The Capitalist can reveal, after a well-con-
nected miner stepped in to replenish the
stocks of the Welsh gold traditionally
used to make the royal wedding bands.
Gold from the mines of the Dolgellau
field in North Wales has been used to
make the royal wedding bands since
Anglo Saxon times. But stocks of the
precious metal have been running low
ever since April, after Kate Middletons
wedding band left the royal household
with only a tiny amount of the precious
metal in its possession.
Step forward Ed McDermott, the man-
aging director of Gold Mines of Wales
Limited and schoolfriend of the
Duchess of Cambridge, who handed
over one ounce of pure Welsh gold from
the Clogau mine to Sir Alan Reid, keep-
er of the Privy Purse.
The independent mining and explo-
ration group, understood to be backed
by Dubai-based investors, is not current-
ly in production. But the companys
chairman Tony Roberts also the execu-
tive director of East Coast Mining is
overseeing an exploration project to re-
open the mines of the Dolgellau field,
Crime was Tim Kavanagh, captain of the
IG Index side, while the tournaments
organiser Anthony Howitt from
Compliant led his team to a graceful dis-
appearance in the group stages.
ONE MAN IN A BOAT
CONVERSATION stopped at the Cowes
Week cocktail party hosted by armed
forces charity Toe in the Water as soldiers
leapt from their planes into the marina.
It was like a Dairy Milk ad, said Sam
Walker from Aberdeen Asset
Management, who watched the para-
chute display by the Royal Artillery regi-
ment with her colleagues Chris Ellyatt,
Patrick Walker and Michelle Calcutt.
Walker later met Princess Anne, who
came to Cowes to inspect the rowing
boat that ex-Commando Charlie Martell
plans to row solo over the 1,000 miles
from Japan to the west coast of America
in aid of Toe in the Water and Give
Them a Sporting Chance. He has
already done the Atlantic; now he is
doing the Pacific, said Walker.
in a move that could create 30-40 jobs
within two-and-half years for the eco-
nomically depressed Gwynedd area.
Community, tradition and history are
a major part of this area of Wales and we
are doing our best to continue that, said
McDermott, after donating enough gold
to the Palace to make an entire wedding
ring. So who will be the next royal to
walk down the aisle? Harry hopefully,
but who knows who the bride will be.
RUGBY LEAGUES
IG INDEX went into the seven-a-side rugby
tournament organised by headhunting
firm Compliant Global Search at Rosslyn
Park as the favourites, after winning the
Neptune City Sevens tourna-
ment earlier in the year.
But they were no match
for the accountants from
Deloitte, who beat the
spreadbetters 28-20 in
the final to come out on
top of the 16 compet-
ing teams, which also
included Brooks
MacDonald, the
British Police,
Nomura, the Bank
of England and
Credit Suisse.
The man of the char-
ity match which raised
7,000 for Child Victims of
Prince Harry at the altar and (right) his current girlfriend Florence Brudenell-Bruce Pic: REX
The stage is
set for the
next royal
engagement,
as the Queen
has received
enough gold
to make the
wedding ring
The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 11 AUGUST 2011
Royal visit: Sam Walker and Princess Anne
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VIRGIN Atlantic bounced back into
profit last year despite the disrup-
tions caused by the unusual weath-
er, spiraling rising fuel charges and
weak consumer confidence.
The airline, which is 51 per cent
owned by Richard Bransons Virgin
Group and 49 per cent owned by
Singapore Airlines, made a pre-tax
profit of 18.5m in the year through
to the end of February, reversing a
loss of 132m a year ago.
Revenues for the year rose 13 per
cent to 2.7bn whilst revenues for
the three months to May were up by
7.6 per cent to 658m, helped by an
increase in business travellers.
The closure of Heathrow last
winter due to harsh winter condi-
tions and the volcanic ash cloud cri-
sis cost the business a combined
40m.
Chief executive Steve Ridgway
said like other airlines, Virgin
was struggling with high
fuel costs, warning they
are unlikely to fall despite
the dip in oil prices this
week. It is a massive cost
that has to be paid for but
at the same time we have
to be competitive, he
told City A.M.
Virgin Holidays, the
brands tour operat-
ing business, also
announced plans to
double the number
of stores it owns,
creating 200 jobs.
The moves comes at a time when
many of its rivals including Thomas
Cook have struggled in the face of
tough high street conditions.
It isnt building bricks and
mortar high street stores but
working in partnership with
some of the big retailers to build
these concessions in their
shops and that is working
extremely well for us,
Ridgeway argued.
He said there
was nothing new to
report on whether
the group intends
to form an alliance
or even merge
with other players
in the market.
Virgin Atlantic toughs
it out to deliver profit
BY KASMIRA JEFFORD
AVIATION
SHARES in Interserve, the support

services and construction group,
rose 10.5 per cent yesterday after
the group posted higher first-half
profits, saying it was confident
about its medium-term outlook as
demand for outsourcing gathered
pace.
The company, whose clients
include the BBC, the NHS and
retailers including Sainsburys,
said pre-tax profits rose 10.3 per
cent to 30.1m in the first half of
the year, despite choppy market
conditions.
Its support services arm grew in
operating profit by 76 per cent to
15.7m, offsetting declines in
profits in its construction and
equipment services divisions, hit
by unrest in the Middle East.
Chief executive Adrian Ringrose
said he anticipated growth being
driven by international markets
and from outsourcing in the UK.
We are expecting more and
more parts of the public sector to
open up over time, particularly
the local authorities which really
bear the brunt of the cost savings
and who have probably got the
lowest penetration of outsourcing
in their operations, he said.
Interserve recently announced
contract wins for two develop-
ments in Qatar through its associ-
ate company, Gulf Contracting,
worth a total of 70m.
The firm, which serves local
councils and retailers including
Centrale shopping centre in
Croydon, has been helping to
clean up the damage after the
riots.
The group said it is maintaining
its outlook for 2011.
Interserve posts a climb in earnings
and predicts growth in outsourcing
SUPPORT SERVICES
GDF Suez and China Investment Corp

are in exclusive talks to seal a $4bn
(2.5bn) alliance that will help the
French utility fund its expansion in
booming Asia and offer Beijing access
to new energy resources.
The worlds biggest utility outlined
the details of the partnership, its sec-
ond large deal in a year after buying 70
per cent of International Power, as it
unveiled first-half earnings that beat
expectations.
Under the partnership, Chinas sov-
ereign wealth fund CIC will pay 2.3bn
(2bn) for a 30 per cent stake in GDF
Suezs exploration and production
unit.
CIC will also purchase the French
groups 10 per cent stake in a natural
gas liquefaction plant in Trinidad and
Tobago for 600m, a joint statement
said.
The fund will also co-finance GDF
Suezs projects in Asia and the Pacific
and help the utility win deals in the
high-growth region.
GDF Suez nears
$4bn deal with
Chinese fund
INDUSTRIALS
News
SMALL DECLINE AT STAGECOACH THEATRE
STAGECOACH Theatre Arts, which operates the UK's largest network of part-time perform-
ing arts schools for children, has seen its annual network fees increase by 100,000 to
29.3m. For the year ended 31 May group revenue was 5.9m, down 300,000. Profit also
fell to 650,000 from 727,000 due in part to higher new marketing investment. Pic: AFP
EON AG, Germanys biggest energy
group, said it made a loss in the first
half of the year in the wake of the gov-
ernments decision to shut down all
nuclear power plants, and warned
that it may cut 11,000 jobs.
The energy supplier made a loss of
1.58bn (1.39bn) in the three months
to June, compared with a profit of
1.63bn in the second quarter of 2010.
Overall net income in the first half fell
71 per cent to 900m.
The group said it faced major chal-
lenges and recorded a decrease for
all key earnings indicators, blaming
Germanys plans in the aftermath of
the Fukushima disaster to mothball all
nuclear reactors by 2022.
Chief executive Johannes Teyssen
said the group was not immune to
negative changes in our markets and
would have to reduce costs from
approximately 11bn to around 9.5bn
per year, by imposing cuts equal to 10
per cent of its workforce.
Eon also said its original guidance
for a dividend of 1.30 per share would
be cut to 1.
Shares slumped 11 per cent, closing
at 13.82 yesterday.
Eon warns it could
cut 11,000 jobs as
nuclear plants shut
BY KASMIRA JEFFORD
ENERGY
ANALYSIS l E. ON AG

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13.50
13.82
10 Aug
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TUI Travel yesterday gave a confident
outlook as weaknesses in its French
business were offset by resilient book-
ings in the UK and a strong perform-
ance in the Nordic region.
TUI said that sales in its northern
region which include the UK busi-
ness were up by 57 per cent year-on-
year to give an underlying profit of
88m for the quarter.
The firm said that the later timing
of Easter and the fact that the volcanic
ash cloud had not returned over
Iceland had helped its figures, which
cover the three months to 30 June.
Chief executive Peter Long said the
business was on the front foot despite
the tough consumer climate, which
has triggered three profit warnings at
rival Thomas Cook and claimed the
scalp of its chief executive Manny
Fontenla-Novoa.
However, as with Thomas Cook,
sales were badly hit in the French mar-
ket. Political unrest in the likes of
Egypt and Tunisia triggered a 29m
loss in the region.
TUI said it would merge all its
French brands into one, with possible
job losses as a result.
Long said: We are pleased with the
performance of the business. We have
problems in France but the UK market
is holding up well.
I think with all the bad news peo-
ple are having at the moment they
may be even more likely to go on holi-
day. We are certainly seeing strong
bookings.
He said that UK customers were
snapping up 11-day all inclusive breaks
because they were cheaper than fort-
night trips but still offered a signifi-
cant unwinding period abroad.
These stays were up 24 per cent com-
pared with the same period last year.
Meanwhile winter holiday prices will
be hiked up by between two and three
per cent to reflect rising costs, particu-
larly of petrol.
A THIRD of British shoppers say they
have no spare cash after covering
their overheads.
Consumer confidence in spending
is plunging to an all-time low, accord-
ing to the latest survey by informa-
tion company Nielsen and the British
Retail Consortium (BRC).
Consumers biggest concerns for
the next six months continue to be
the squeeze on household budgets.
Rising utility bills is the number
one concern, followed by the econo-
my and a jump in fuel prices.
However, the Consumer
Confidence Index revealed an overall
lift as people felt more upbeat about
their job prospects.
BRC director general Stephen
Robertson said: The squeeze on dis-
posable incomes is getting tighter.
A third of people said they have no
spare cash a new record high ...
households who do have money are
paying off debts and to build up sav-
ings, he added.
A third of shoppers say
they have no spare cash
RETAIL
TESCO has threatened legal action

and called for the Office of Fair
Trading to be dismantled after being
hit with a 10m fine for fixing cheese
prices between 2002 and 2003.
A seven-year investigation by the
watchdog ended with Arla, Asda,
Dairy Crest, McLelland, Safeway,
Sainsburys, The Cheese Company,
Wiseman and Tesco being fined
50m for their actions, which led to
consumers spending an extra 270m
on dairy goods according to the OFT.
The other eight firms all received
smaller fines after admitting liability.
Tesco attacked the legal process and
denied it had done anything wrong.
Lucy Neville-Rolfe, the companys
director of corporate and legal affairs,
said: We have always said we did not
collude on prices on cheese and we
stand firm in our rebuttal of these
ongoing allegations.
We will continue to defend our
position vigorously, through the
courts if necessary.
Tesco hits out after 10m
fine for fixing cheese price
RETAIL
THE worlds biggest food group Nestle

raised its full-year forecasts yesterday,
after strong demand for its Maggi
and Nescafe brands in emerging mar-
kets helped it post a forecast-beating
7.5 per cent rise in underlying first-
half sales.
Sales grew in all regions, even in
crisis-shaken Europe and North
America, and the group managed to
keep margins and net profits largely
stable for its continuing operations
despite soaring raw material costs
and a record-high Swiss franc.
The Swiss maker of KitKat choco-
late bars and Nespresso por-
tioned coffee said it
expected full-year under-
lying sales growth at the
top end of its long-term
target range of five to six
per cent, along with high-
er margins in constant
currencies.
Our guidance is cau-
tious due to the environ-
ment were operating in,
Nestle chief financial offi-
cer James Singh said,
adding the groups input
costs would rise about
CHF 3bn (2.5bn) this year.
Chief executive Paul
Bulcke said Nestle made
good progress in a peri-
od characterised by
political and economic
instability, natural disas-
ters, rising raw material
prices and a strong Swiss
franc after the 7.5 per
cent half-year underly-
ing sales rise beat fore-
casts of a 6.5 per cent
increase.
Nestle has recently
raised prices, as has rival
Kraft.
Nestle raises full-year outlook
BY JOHN DUNNE
CONSUMER
TUI is buoyed
as UK travel
remains solid
News
FRENCH CONNECTION IS ON TARGET
FASHION retailer French Connection said first half profit will be in line with manage-
ment expectations as its sales hold up in the tough trading environment. The clothing
and accessories retailer said it saw growth in like-for-like sales at its UK stores despite the
difficult market conditions. Picture: AFP
NEWS | IN BRIEF
Macys spring sales impress
Macys, the second biggest US depart-
ment store, has reported a higher
than expected quarterly profit. The
company said it had seen its best
spring quarter for over a decade, with
a 64 per cent jump in profit. Macys
said it got a lift from its strategy of
tailoring merchandise to local mar-
kets. The department store chain is
also boosting its full-year profit out-
look. Net income jumped to 148.3m
from 90.4m the previous year, while
sales grew 7.3 per cent to 3.6bn,
including a 40.2 per cent increase in
online sales.
Ralph Lauren beats forecasts
Polo Ralph Lauren, the premium
designer label, has reported better
than expected sales, boosted by
growth in its retail sales. The retailers
first-quarter net income climbed 52
per cent to $184.1m despite rising
cotton costs. Net sales for the quarter
rose 32 per cent to $1.49bn, better
than consensus estimates of $1.43bn.
In 2012 the company expects its con-
solidated revenues to increase at
around a 20 per cent rate, wholesale
revenues to grow at a mid-teens rate
and retail sales at a mid-20s rate.
Sainsburys new marketing man
Sainsburys has appointed Mark
Horgan, currently the managing direc-
tor of MasterCard's Access Pre-paid
Worldwide subsidiary, as its new mar-
keting director. In his role at
Sainsbury's, Horgan will lead cus-
tomer insights and loyalty, brand com-
munications and non-food marketing.
It is expected that Horgan will start in
his new position within the next six
months. Marketing strategy at
Sainsburys was previously led by
Gwyn Burr, until she moved to a new
role to as customer service and col-
league director in July 2010.
ANALYSIS l Tui Travel
p
185
175
165
164.30
10 Aug
Results show why Thomas Cook boss was right to go
WHEN Manny Fontenla-Novoa was
ousted from Thomas Cook last week,
many in the travel industry felt more
than a little sad at his departure. The
charismatic Fontenla-Novoa, who
started working in Thomas Cooks
printing room in 1972 at age 18, was
one of a kind; a bon vivant whose
boozy dinners went down extremely
well with journalists. Alas, he was
less successful at winning round
investors, who had been agitating for
his departure for some time.
Because he was well-liked, it was
tempting to blame the woes of
Thomas Cook on the wider market.
Cash-strapped consumers were cut-
ting back on holidays while online
agents like Expedia were stealing
share: Thomas Cook was bound to
suffer.
But a quick glance at nearest rival
TUI Travels third quarter results
show that it is possible, if difficult,
for a tour operator to prosper in these
troubled times. Underlying profit
grew 57 per cent to 88m.
The company puts its success down
to what it calls differentiated holi-
days, management speak for going
upmarket. UK consumers no longer
want to spend 14 days sunning them-
selves by a tiny pool in a bog-standard
hotel. A holiday has to be an event, an
experience, something unique. Spa
holidays, activity trips, isolated
hotels these are the kinds of high-
margin vacations that customers are
buying, with sales up some 15 per
cent in summer 2011. TUIs decision
to break away from the old seven or
14 nights rule has also paid divi-
dends. Sales of holidays that last 10 or
11 nights were up 24 per cent on last
year.
It has also had significant success
online, which now accounts for some
40 per cent of bookings, compared to
a paltry 23 per cent for Thomas Cook.
Fontenla-Novoa was a lovely guy,
but business is business.
Shareholders were right to push for
him to go.
BOTTOMLINE
Analysis by David Crow
BY JOHN DUNNE
LEISURE
INDIGOVISION, the internet video

security company, has warned that its
full year sales and profits will not meet
its initial targets.
The companys estimated turnover
for the year ended 31 July was 28.9m,
three per cent above the 28m report-
ed last year.
A 28 per cent increase in sales in the
US was offset by a 35 per cent fall in
Canada, and the companys larger divi-
sions in North America and in Europe,
the Middle East and Africa saw sales
decline, which it said reflected public
expenditure reductions and weaker
economic conditions.
ADECCO, the worlds biggest
staffing company, beat profit fore-
casts yesterday as uncertain job
markets drove the demand for tem-
porary staff, but margins at the
company were squeezed by a poor
performance in its professional divi-
sion.
Revenue at Adecco rose by 11 per
cent to 5.2bn (4.56bn), while net
income jumped 45 per cent to
141m, beating the 122m forecast.
The companys gross margin fell
90 basis points to 16.9 per cent,
which the group said was driven by
its business mix.
The firms biggest market, France
which delivers 31 per cent of rev-
enues grew by 15 per cent, with
demand for both industrial staff
and permanent placements remain-
ing strong throughout the quarter.
We had again very solid double-
digit revenue growth this quarter,
still driven by strong demand in the
industrial segment, said chief exec-
utive Patrick De Maeseneire.
With the current economic
uncertainties, we keep a close lid on
our cost base, and will only invest
where prospects are promising, he
added.
Revenues in the UK and Ireland
were flat at 406m, while Italy saw
the greatest rise, with revenues up
35 per cent. Germany and Australia
collectively saw revenues jump 31
per cent.
The company also took an 11m
hit from the bond refinancing it
completed in April this year.
Adeccos update spooked some
investors hoping for a more positive
outlook, and its shares tumbled
10.7 per cent to close at CHF34.50
yesterday.
Adecco beats
forecasts but
margin drops
THE number of new financial jobs in
the City fell by 11 per cent in July, as
tough trading conditions hit recruit-
ment in Londons banking sector.
Just 4,800 City vacancies were creat-
ed in July 2011, down from 5,400 in
June, according to research by finan-
cial recruiter Astbury Marsden.
The firm also said that the number
of finance workers looking for a new
role has risen by almost a third in one
month, with 14,280 people looking for
a new job in July, up fro 10,750 in June.
Staff had been sitting on their
hands for much of this year... but news
of impending job cuts has forced them
to get back onto the market in case it is
their department that is forced to
make redundancies, said Astbury
Marsden operations chief Mark
Cameron.
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
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Citys jobs knocked
by tough conditions
CHINESE exports set record highs for
July, official data revealed yesterday.
Exports rose 20.4 per cent in July from
a year ago, surpassing economists
median forecasts of a 17.4 per cent rise.
The figures may offset concerns that
debt problems abroad will hamper the
worlds second largest economy, with
exports to the US and Europe holding
up well.
Yet analysts warn it is too soon to say
whether Chinese exports can remain
at current levels in the coming
months, due to volatility in the mar-
kets and slower consumer spending.
Chinas exports
hit record high
IndigoVision set
to miss targets
RECRUITMENT
TECHNOLOGY
A squeeze on vacancies coupled with a rising number of job seekers has hit the City recruitment outlook Pic: Micha Theiner/CITY A.M
RECRUITMENT
News
ANALYSIS l Adecco SA
CHF
44
40
36
34.50
10 Aug
BY LYDIA ELLIS
ASIAN ECONOMY
News
Ernst & Young
The professional services firm has
appointed Liz Bingham, formerly head
of Ernst & Youngs restructuring prac-
tice, as managing partner for its People
team. Ernst & Young has also appoint-
ed Shaun Crawford to lead its Global
Insurance practice, based in London
and New York. Until recently, Crawford
led the firms UK Insurance sector and
the Insurance Advisory practice across
Europe, Middle East, India and Africa.
Alpha Real Capital
Nick Friedlos, most recently chief exec-
utive of Mapeley Limited, has joined
the fund manager as a partner.
Sacker & Partners
The pensions law firm has promoted
Caroline Legg to associate director and
Ian DCosta to associate. Legg, who
joined Sackers in 2004, has particular
expertise in disputes involving the
Pension Protection Fund, and DCosta,
who has worked at Sackers since
2007, specialises in private and public
sector pension schemes.
Falcon Group
The corporate finance boutique has
appointed Stephen Potts as its head of
legal. Potts joins from Lloyds TSB,
where he was a senior executive in the
corporate markets legal team.
Intercontinental Hotels
The hotels group has appointed Tracy
Robbins, executive vice president of
global human resources and group
operations support, to the board as an
executive director. Robbins joined
Intercontinental as an executive com-
mittee member in December 2005,
before taking responsibility for group
operations support in 2010.
Lombard
The asset financier has hired Ian Isaac
as managing director of Lombard
Business & Commercial. Isaac returns
to the business from The Royal Bank of
Scotland, where he worked in the com-
mercial banking division.
F&C Investments
The asset management group has hired
Tracy Fennell as group head of market-
ing. Fennell will join F&C Investments
in the autumn from Scottish Widows
Investment Partnership, where she is
head of marketing.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+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
Stocks dive again
as worries return
F
ear returned to Wall Street yester-
day, sending the S&P 500 to
another four per cent decline,
triggered by worries that
Europes debt crisis could engulf
French banks and spill onto the US
financial sector.
Trading was once again marked by
sharp moves on heavy volume. For a
fifth straight day, the Dow industrials
fluctuated in a range of more than
400 points.
What youre seeing is a very short-
term, direction-oriented market, said
Eric Kuby, chief investment officer of
North Star Investment Management
Corp in Chicago.
Worries about the strength of
French lenders, including Societe
Generale, triggered a selloff in
European and US banks. Rumors
about SocGens financial health,
which the bank denied, sent its shares
tumbling 14.7 per cent.
An index of European banks
dropped 6.7 per cent and the KBW
index of US bank stocks slid 4.9 per
cent as fear grew of a possible conta-
gion of any French crisis. Bank of
America Corp lost 10.9 per cent to
$6.77 and Goldman Sachs slid more
than 10 per cent to $110.34.
The Dow Jones industrial average
slid 520.29 points, or 4.63 per cent, to
10,719.48. The S&P 500 fell 51.81
points, or 4.42 per cent, to 1,120.72.
The Nasdaq Composite dropped 101.47
points, or 4.09 per cent, to 2,381.05.
Yesterdays drop came a day after
stocks rallied on the Federal Reserves
pledge to keep interest rates near zero
for at least two more years.
Even after Tuesdays snap-back rally,
the S&P 500 is down almost 18 per
cent from its 2011 closing high set 29
April. The losses came against the
backdrop of recent weak US economic
data, the US losing its triple-A credit
rating from Standard & Poors and the
inability of lawmakers to address wor-
ries that another recession may be on
the way.
About 15 billion shares traded on
the New York Stock Exchange, NYSE
Amex and Nasdaq, almost double the
years estimated daily average of 7.8bn.
Volume once again spiked in the
last hour of trading, and the market
closed near its session lows.
Of late, overleveraged investors with
losses on their books have been forced
to sell shares near the end of the day.
Between 3 and 3:20 (p.m.) you have
people getting margin calls, and on
days like today theres some nervous-
ness about what those calls will look
like, said Andrew Frankel, co-presi-
dent of Stuart Frankel & Co in New
York, referring to the volatility of the
final hour of trading.
S
HARPLY weaker banks dragged
Britains top shares lower yester-
day as fears about Europes debt
came into sharp focus on
rumours France may be in danger of
losing its triple-A credit rating, and on
concerns over the outlook for French
banks.
The UK benchmark index ended
down 157.76 points, or 3.1 per cent, at
5,007.16, its lowest close since 6 July
2010, having risen 1.9 per cent on
Tuesday to snap a seven-session losing
streak when it lost about 14 per cent of
its value.
UK banks were left nursing their
biggest one-day percentage fall since
May 2009 as shares of their French
peers took a hammering, with Societe
Generale down 14.7 per cent as market
talk circulated about the bank.
A Societe Generale spokeswoman
denied the series of rumours related to
its financial solidity.
Concerns that Frances AAA rating
was at risk unnerved markets,
although credit ratings firms Moodys
and Fitch reiterated their top tier rat-
ings for the country, a day after
Standard & Poors did the same.
Theres chatter that France may be
downgraded this evening which has
FTSE turns downwards on
unease over Frances banks
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Weir
p
2,100
1,900
1,700
1,735
10 Aug
WEIR GROUP
Goldman Sachs has reiterated its buy rating for the engineering company,
with a 12-month target price of 3,250p. Adding the group to its conviction
buy list, the move was sparked by positive announcements on mining capex
from the large miners and positive read-across from the mining capex
exposed engineers. Goldman views the current 23 per cent slide in Weirs
share price as a compelling entry point.
ANALYSIS l Carlsberg A/S
DKK
510
490
470
450
456.10
10 Aug
CARLSBERG
JP Morgan has cut their recommendation from overweight to neutral,
with a 12-month target price of 460 krone. The broker cut its forecasts by
eight per cent at earnings-before-tax (Ebit) level, and now expects only three
per cent Ebit growth. Reducing estimates ahead of the second quarter, the
move was prompted by reduced assumptions for the underlying growth of
the Russian beer market from five per cent to flat.
ANALYSIS l BAE Systems
290
270
250
p
248.10
10 Aug
BAE SYSTEMS
UBS has upgraded to a buy rating, with a 12-month target price of
300p. The broker sees plenty of headroom for a dividend payment, plus
scope for an extra share buyback at a similar level to the current
500m scheme. While BAEs net debt has risen in the first half of the
year, UBS reckons the firm still has enough earnings to pay a dividend
for eight years even if the company has zero free cash flow.
Whitbread
The leisure group has appointed Susan
Hooper and Susan Taylor Martin (pictured) as
non-executive directors. Hooper, who will join
the Whitbread board on 1 September, is chief
executive of Acromas Travel, where she man-
ages the Saga, AA and Titan Hi Tours busi-
nesses. Taylor Martin, whose appointment is
effective from 1 January 2012, is president,
media at Thomson Reuters and the former
president of the media groups global invest-
ment focus accounts division.
BRILLIANT!
BRILLIANT!
BRILLIANT!
Chris Tarrant, BBC Radio 2
NOL COWARD THEATRE
0844 482 5141
obviously hit all the banks very hard.
The French banks are really really poor
but its locked onto our banks as well,
said Joe Rundle, head of trading at ETX
Capital.
Barclays was the worst off among
the UK banks, down 8.7 per cent,
reversing earlier gains inspired by a
WestLB upgrade to buy and after
Citigroup had named it as a most pre-
ferred stock on valuation grounds.
Standard Life remained strong, up
5.7 per cent and at the top of the blue-
chip leader board, after the insurer
unveiled a bigger-than-expected 44 per
cent jump in first-half profit.
Man Group advanced 3.2 per cent,
boosted by recent director share buy-
ing and after the hedge fund manager
reported that the net asset value at its
flagship AHL fund rose by 1.9 per cent
last week.
Essar Energy topped the fallers list,
off 12.6 per cent, as Goldman Sachs
downgraded the India-focused refiner
and power generator.
@
@
ANALYSIS l FTSE
p
18May 28Jun 8Jun 18Jul 5Aug
6,200
5,800
5,400
5,000
5,007.16
10 Aug
@
M
O
R
E

N
E
W
S

O
N
L
I
N
E

A
T
w
w
w
.c
i
t
y
a
m
.c
o
m
12th - 14th August
Canada Square Park
Free
featuring
Femi Temowo
Ska Cubano
Cousin Alice & the Boisdale
Blue Rhythm Band
Aquarium
Gwyneth Herbert
Cuban Combination
The Herbaliser
Kit Downes Sextet
Grupo X
Sarah Gillespie
Jay Phelps Big Band
with Clare Teal
Plus Jazz on the Screen presented
by Rich Mix a series of fantastic
jazz documentary screenings
canarywharf.com
Space at outdoor events is unreserved and sometimes limited.
Portable furniture, glass bottles or glasses are not permitted on the grass.
jazz
festival
Canary Wharf
The state wont be there for you in old age, so a pension is the
best way to save for your twilight years, writes Philip Salter
Millions in Britain
dont have a pension
R
ESEARCH undertaken by Baring
Asset Management (Barings)
released exclusively to City A.M.
estimates that 13.6m, or 38 per
cent of British adults, dont have a pen-
sion. This is worrying, as pensions
remain the best option for those look-
ing to hang up their working boots
before popping their clogs and the
sooner you start the better.
POOR PENSION PLANNING
The most concerning statistic to come
out of the Barings research is that
almost half of 25-34 year olds, 47 per
cent, have not started saving into a
pension a window of opportunity
considered by many financial advisers
as critical to establishing the founda-
tions of a pension.
Chief investment officer at Barings
Marino Valensise says investing into a
pension little and often is a much bet-
ter approach than not at all. James
Sumpter of Bestinvest gives the exam-
ple of a 25 year old saving 15 per cent
of their income: they could generate
a retirement pot sufficient to provide a
retirement annuity of 57 per cent of
their salary at age 60, assuming
growth of inflation, plus 3 per cent
over that period, and a salary that
increases in line with inflation.
Alternatively, if they delayed saving
until 35, then the same 15 per cent
would produce an annuity of 35 per
cent of their current salary, dropping
to 18 per cent if they delay starting
contributions until 45.
HOUSING YOUR WEALTH
Pensions arent a one-stop-shop for
retirement planning. However, as Alan
Smith of Capital Asset Management
explains: the tax man will also pay in
an amount based on your personal tax
rate for high earners, HMRC can con-
tribute 50 per cent of the payment
there is no other savings vehicle that
offers that level of tax break. Jason
Witcombe, a chartered financial plan-
ner at Evolve agrees, describing them
as a fantastic tax-planning tool,
adding for anyone earning over
42,475 they are incredibly attractive
from a tax relief point of view. It has
been suggested that using Isas instead
of a pension makes sense however,
although they are more flexible, Isas
are not as tax efficient, particularly for
higher and additional rate taxpayers,
while the ability to dip into them is a
double-edged sword.
The research also reveals that 13 per
cent of people said their property is
their pension. This compares with 12
per cent in 2010 and just 8 per cent in
2009. According to Barings this is a
cause for concern given property
prices have yet to recover fully from
the lows of the recession.
Contradicting common misconcep-
tions, Sumpter notes the FTSE All
Share index rose 1,038 per cent in the
last 25 years since 1986, while over the
same period house prices have risen by
just 367 per cent 427 per cent in
greater London. Tom Murray of Exaxe
agrees, saying property is not a one-
way bet. Murray says: Lots of investors
are currently nursing losses in the UK
market and some of those who invest-
ed overseas have been very heavily
burnt with collapses of prices in coun-
tries like Ireland, Spain and Bulgaria.
DOING LIFE
As the state pension system is not dis-
similar to a Ponzi scheme, dont expect
the government to have the resources
to pay for your retirement. Smith
explains that those relying solely on a
state pension wont starve, but will be
snipping 2p off coupons from the
newspapers to pay for groceries: Not
an enjoyable way to live.
No investment is watertight.
Gordon Browns 100bn tax raid on
Britains pension funds illustrates the
threat posed by future governments,
while the recent dip in the FTSE could
have taken a chunk out of many peo-
ples pensions. But regime uncertainty
threatens all investments and there
are ways of locking in value as you
come towards your retirement, min-
imising the vagaries of the stock mar-
ket.
Pensions have had a bad press of
late, yet no matter how much you
earn they are still the best option to
ensure your old age is easier.
Wealth Management| Pensions
Percentage of people who do not have a pension
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AGE
18-24
PERCENTAGE
69%
AGE
25-34
PERCENTAGE
47%
AGE
35-44
PERCENTAGE
27%
AGE
45-54
PERCENTAGE
30%
AGE
55-64
PERCENTAGE
26%
AGE
65+
PERCENTAGE
7%
I
N 2003, the Peoples Bank of
China and the Hong Kong
Monetary Authority came to an
agreement to allow Hong Kong
banks to conduct business in renmin-
bi. Since then, the offshore renminbi
market has expanded rapidly but has
created a complex currency situation:
one country with two systems, three
currencies and four yield curves (see
chart, right).
While the renminbi trades on the
Chinese mainland and offshore as
the same currency, it trades at differ-
ent rates.
This discrepancy between the
respective rates was engineered
through regulation in order to cater
to the different supply and demand
conditions of the offshore and
onshore markets. However, alongside
the traditional renminbi and the off-
shore currency, there is the dollar set-
tled non-deliverable forward as well
as the trade-settlement exchange rate
used by offshore corporations. This
trio of currencies are all renminbi
backed.
The offshore currency is tender on
the mainland, provided that it can be
transferred through the official chan-
nels. As a result, the difference
between the valuation of the offshore
and onshore renminbi is dictated by
the ease with which cross-border
transfers can be made. The NDF curve
Craig Drake looks
at the situation
of the Hong
Kong currency
behaves as a futures curve, linking
itself with the onshore renminbi mar-
ket. According to Daniel Hui, senior
FX strategist for HSBC Global
Research: The key is that the off-
shore renminbi is effectively a sepa-
rate currency that, while it does allow
exposure to the onshore renminbi, it
is not a perfect proxy to either the
onshore renminbi or the NDF curve.
In the wake of Standard and Poors
decision to downgrade US govern-
ment debt, the Communist Party via
the Xinhua News Agency commented
that there should be a new, stable
and secured global reserve currency,
so one would expect to see the expan-
sion of the offshore renminbi to be as
carefully controlled as its onshore
currency, as part of Chinas long-term
plans of internationalising and turn-
ing the renminbi into a reserve cur-
rency. But, as Hui points out: We
expect the development of this mar-
ket to be calibrated by policymakers
level of comfort that they can under-
stand the market, can monitor and
regulate it, and be sure that it does
not unduly destabilise other related
markets.
CITYA.M. 11 AUGUST 2011 19
Wealth Management| Institutional FX
MAINLAND CHINA
Capital controls
Onshore CNY
market
Offshore
jurisdictions
NDF market
CNH
market
CNH
supply
Offshore
demand
Offshore supply
HONG KONG
Onshore supply
Onshore demand
RMB trade settlement
Resident purchases
Central bank swaps
RMB trade
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Central bank
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Source of
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Flow
Fixing
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One country, two systems and three currencies Source: HSBC Global Research
www.saxobank.co.uk
Alberto Contador
Three time Tour de France winner.
Tim De Waele Team Saxo Bank - SunGard
Use a QR scanner
on your mobile to
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TRADE YOUR ENTIRE PORTFOLIO FROM ONE ACCOUNT
THE AWARD WINNING PLATFORM.
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FOREX CFDs STOCKS ETFs FX OPTIONS FUTURES BONDS
Winner of 6 Euromoney
FX Awards 2011
WHEN ONE ASSET
ISNT ENOUGH
The rising
renminbi
LON GD ONCE FIX AM...........1753.75 -16.25
SILVER LDN FIX AM ..................38.39 0.73
MAPLE LEAF 1 OZ ....................64.00 -1.00
LON PLATINUM AM................1757.00 34.00
LON PALLADIUM AM...............747.00 25.00
ALUMINIUM CASH .................2390.00 -14.50
COPPER CASH ......................8850.50 -187.50
LEAD CASH...........................2276.00 -68.50
NICKEL CASH......................21600.00 -695.00
TIN CASH.............................23120.00 -605.00
ZINC CASH ............................2095.00 -52.00
BRENT SPOT INDEX................103.28 -2.32
SOYA .....................................1298.75 -10.50
COCOA..................................2906.00 -3.00
COFFEE...................................234.75 -0.55
KRUG.....................................1830.30 40.70
WHEAT ....................................161.75 0.90
AIR LIQUIDE........................................84.35 -3.34 100.65 80.00
ALLIANZ..............................................70.96 -6.21 108.85 69.26
ALSTOM ..............................................30.58 -2.22 45.32 30.12
ANHEUS-BUSCH INBEV ....................35.15 -1.46 46.33 34.56
ARCELORMITTAL...............................14.94 -1.23 28.55 14.92
AXA......................................................10.04 -1.20 16.16 9.83
BANCO SANTANDER...........................5.82 -0.53 10.03 5.74
BASF SE..............................................49.53 -2.58 70.22 40.74
BAYER.................................................42.51 -2.52 59.44 42.08
BBVA......................................................5.82 -0.49 10.53 5.79
BMW ....................................................55.62 -3.01 73.85 40.16
BNP PARIBAS.....................................35.61 -3.73 59.93 33.80
CARREFOUR ......................................17.41 -1.14 36.06 17.36
CREDIT AGRICOLE..............................6.07 -0.81 12.92 5.63
CRH PLC..............................................11.45 -1.02 17.40 11.45
DAIMLER.............................................36.67 -2.21 59.09 35.77
DANONE..............................................45.16 -1.34 53.16 41.00
DEUTSCHE BANK..............................28.77 -2.31 51.43 27.62
DEUTSCHE TELEKOM.........................9.11 -0.31 11.38 8.92
E.ON.....................................................13.82 -1.71 25.54 13.62
ENEL......................................................3.38 -0.23 4.86 3.35
ENI .......................................................12.17 -0.74 18.66 12.17
FRANCE TELECOM............................12.38 -0.53 17.45 12.36
GDF SUEZ ...........................................19.18 -0.85 30.05 19.00
GENERALI ASS...................................10.68 -0.85 17.05 10.66
IBERDROLA..........................................4.78 -0.26 6.50 4.78
ING GROEP CVA...................................5.69 -0.51 9.50 5.55
INTESA SANPAOLO.............................1.13 -0.18 2.53 1.13
KON.PHILIPS ELECTR.......................13.72 -0.80 25.45 13.38
L'OREAL..............................................75.63 -0.72 91.24 71.00
LVMH..................................................106.70 -4.45 132.65 89.12
MUNICH RE.........................................87.31 -4.18 126.00 85.84
NOKIA....................................................3.42 -0.17 8.49 3.39
REPSOL YPF.......................................17.73 -1.08 24.90 17.31
RWE.....................................................25.95 -2.80 56.12 25.58
SAINT-GOBAIN...................................31.43 -2.75 47.64 27.81
SANOFI ................................................44.19 -3.07 56.82 44.11
SAP......................................................35.45 -1.95 46.15 34.13
SCHNEIDER ELECTRIC.....................83.26 -6.48 123.65 81.40
SIEMENS .............................................70.51 -3.73 99.39 67.82
SOCIETE GENERALE.........................22.18 -3.84 52.70 20.16
TELECOM ITALIA..................................0.80 -0.03 1.16 0.78
TELEFONICA ......................................13.35 -0.81 19.69 13.25
TOTAL..................................................31.67 -1.45 44.55 31.56
UNIBAIL-RODAMCO SE...................137.30 -0.70 162.95 124.50
UNICREDIT............................................0.97 -0.10 2.11 0.97
UNILEVER CVA...................................21.65 -0.38 24.08 20.68
VINCI ....................................................33.47 -1.78 45.48 32.12
VIVENDI ...............................................14.75 -0.78 22.07 14.73
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5007.16 -157.76 -3.05
FTSE 250 INDEX . . . . . . . . 9890.96 -199.54 -1.98
FTSE UK ALL SHARE . . . . 2605.63 -75.97 -2.83
FTSE AIMALL SH . . . . . . . . 739.90 9.62 1.32
DOWJONES INDUS 30 . . 10719.94 -519.83 -4.62
S&P 500. . . . . . . . . . . . . . . . 1120.76 -51.77 -4.42
NASDAQ COMPOSITE . . . 2381.05 -101.47 -4.09
FTSEUROFIRST 300 . . . . . . 910.39 -37.51 -3.96
NIKKEI 225 AVERAGE. . . . 9038.74 0.00 0.00
DAX 30 PERFORMANCE. . 5613.42 -303.66 -5.13
CAC 40 . . . . . . . . . . . . . . . . 3002.99 -173.20 -5.45
SHANGHAI SE INDEX . . . . 2549.18 23.11 0.92
HANG SENG. . . . . . . . . . . 19783.67 452.97 2.34
S&P/ASX 20 INDEX . . . . . . 2500.70 110.30 4.61
ASX ALL ORDINARIES . . . 4207.40 150.70 3.71
BOVESPA SAO PAOLO. . 51390.69 239.79 0.47
ISEQ OVERALL INDEX . . . 2409.84 -56.51 -2.29
STI . . . . . . . . . . . . . . . . . . . . 2821.09 -62.91 -2.18
IGBM. . . . . . . . . . . . . . . . . . . 806.41 -47.87 -5.60
SWISS MARKET INDEX. . . 4791.96 -205.96 -4.12
Price Chg %chg
3M........................................................78.23 -4.46 98.19 78.01
ABBOTT LABS ...................................46.89 -1.67 54.24 45.07
ALCOA.................................................11.60 -0.64 18.47 9.92
ALTRIA GROUP..................................24.36 -0.82 28.13 22.15
AMAZON.COM..................................194.13 -10.96 227.45 122.46
AMERICAN EXPRESS........................42.80 -3.30 53.80 37.33
AMGEN INC.........................................48.27 -2.28 61.53 48.08
APPLE...............................................363.69 -10.32 404.50 236.78
AT&T....................................................27.88 -0.97 31.94 26.20
BANK OF AMERICA.............................6.77 -0.83 15.31 6.31
BERKSHIRE HATAW B.......................67.60 -5.33 87.65 66.51
BOEING CO.........................................57.41 -4.93 80.65 57.23
BRISTOL MYERS SQUI ......................26.46 -0.64 29.73 20.05
CATERPILLAR....................................83.51 -3.97 116.55 63.34
CHEVRON...........................................90.57 -2.83 109.94 72.57
CISCO SYSTEMS................................13.73 -0.33 24.87 13.30
CITIGROUP.........................................28.49 -3.33 51.50 26.25
COCA-COLA.......................................63.96 -2.72 69.82 54.92
COLGATE PALMOLIVE......................80.18 -3.12 89.43 73.12
CONOCOPHILLIPS.............................62.71 -1.85 81.80 52.00
DU PONT(EI) DE NMR........................44.83 -1.88 57.00 38.71
EXXON MOBIL....................................68.03 -3.61 88.23 58.05
GENERAL ELECTRIC.........................15.09 -0.87 21.65 14.25
GOOGLE A........................................549.01 -24.40 642.96 448.00
HEWLETT PACKARD.........................29.86 -1.67 49.39 29.78
HOME DEPOT.....................................28.51 -1.64 39.38 27.10
IBM.....................................................162.54 -8.07 185.63 122.28
INTEL CORP .......................................19.93 -0.67 26.78 17.60
J.P.MORGAN CHASE.........................34.37 -2.03 48.36 33.69
JOHNSON & JOHNSON.....................60.20 -2.00 68.05 56.99
KRAFT FOODS A................................32.80 -1.42 36.30 24.30
MC DONALD'S CORP ........................84.08 -1.88 89.57 71.04
MERCK AND CO. NEW......................29.81 -1.41 37.68 29.72
MICROSOFT........................................24.20 -1.38 29.46 23.32
OCCID. PETROLEUM.........................81.25 -3.16 117.89 72.13
ORACLE CORP...................................26.48 -1.12 36.50 21.66
PEPSICO.............................................60.32 -2.77 71.89 60.10
PFIZER ................................................17.05 -0.55 21.45 15.66
PHILIP MORRIS INTL .........................64.90 -2.50 72.74 50.54
PROCTER AND GAMBLE ..................58.51 -1.71 67.72 56.57
QUALCOMM INC ................................47.26 -2.63 59.84 37.54
SCHLUMBERGER ..............................73.81 -3.82 95.64 52.91
TRAVELERS CIES..............................49.04 -2.65 64.17 48.46
UNION PACIFIC ..................................88.73 -3.16 107.89 70.34
UNITED TECHNOLOGIE ....................67.44 -4.13 91.83 64.57
UNITEDHEALTH GROUP...................41.85 -2.88 53.50 30.82
VERIZON COMMS ..............................33.66 -0.63 38.95 29.10
WAL-MART STORES..........................48.41 -2.41 57.90 48.31
WALT DISNEY CO ..............................31.54 -3.16 44.34 29.60
WELLS FARGO & CO.........................22.88 -1.90 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.987 -0.20
LIBOR Euro - 12 months ................2.075 0.00
LIBOR USD - overnight...................0.138 0.00
LIBOR USD - 12 months.................0.766 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.550 -0.15
European repo rate.........................0.901 -0.13
Euro Euribor ....................................1.222 -0.05
The vix index ...................................40.78 5.72
The baItic dry index ........................1.257 0.00
Markit iBoxx...................................227.72 -0.40
Markit iTraxx..................................141.30 1.74
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4197 0.0194
C/ 0.8793 0.0020
C/ 108.84 2.2960
/C 1.1374 0.0019
/$ 1.6153 0.0177
/ 123.85 2.2326
FTSE 100
5007.16
-157.76
FTSE 250
9890.96
-199.54
FTSE ALLSHARE
2605.63
-75.97
DOW
10719.94
-519.83
NASDAQ
2381.05
-101.47
S&P 500
1120.76
-51.77
RPC Group . . . . . . . .304.3 -6.7 384.8 207.6
Smiths Group . . . . . .945.5 -49.5 1429.0 934.5
Brown (N.) Group . . .268.5 -0.1 311.2 221.0
Carpetright . . . . . . . . .564.0 -20.5 835.5 562.0
Debenhams . . . . . . . . .57.0 -2.8 77.4 56.1
Dignity . . . . . . . . . . . .775.0 -17.0 833.0 633.0
Dixons RetaiI . . . . . . .12.0 -0.8 28.5 11.8
DuneImGroup . . . . . .425.5 -18.0 550.0 371.3
HaIfords Group . . . . .290.9 -7.1 504.5 289.8
Home RetaiI Group . .130.0 -1.4 235.0 118.1
Inchcape . . . . . . . . . .320.0 5.1 425.4 253.2
JD Sports Fashion . .835.0 -79.5 1030.0 723.5
Kesa EIectricaIs . . . .109.0 -1.2 174.0 108.3
Kingfisher . . . . . . . . .219.7 -8.7 287.1 198.5
Marks & Spencer G . .325.4 -4.4 427.5 324.4
Mothercare . . . . . . . .367.6 -7.9 627.5 362.1
Next . . . . . . . . . . . . .2153.0 -73.0 2426.0 1868.0
Sports Direct Int . . . .201.3 -19.4 266.2 101.1
WH Smith . . . . . . . . . .469.7 9.5 523.0 398.2
Smith & Nephew . . . .521.0 -22.0 742.0 520.5
Synergy HeaIth . . . . .858.0 -3.0 981.0 660.0
Barratt DeveIopme . . .79.8 -0.7 119.0 70.1
BeIIway . . . . . . . . . . . .582.5 -15.5 753.5 511.0
YuIe Catto & Co . . . . .170.9 -5.1 253.0 135.5
BaIfour Beatty . . . . . .247.5 -9.1 357.3 234.6
KeIIer Group . . . . . . .373.6 -17.9 698.5 371.2
Kier Group . . . . . . . .1125.0 28.0 1418.0 970.0
Drax Group . . . . . . . .453.0 -16.6 535.0 353.6
Scottish & Southe . .1193.0 -10.0 1423.0 1108.0
Domino Printing S . .571.5 11.5 705.0 440.0
HaIma . . . . . . . . . . . . .360.2 -10.1 429.6 270.0
Laird . . . . . . . . . . . . . .147.5 -5.2 207.0 121.1
Morgan CrucibIe C . .264.5 -4.5 357.1 189.1
Renishaw . . . . . . . . .1295.0 -68.0 1886.0 835.0
Spectris . . . . . . . . . .1276.0 -23.0 1679.0 869.5
Aberforth SmaIIer . . .572.0 -13.0 714.0 507.0
AIIiance Trust . . . . . .325.4 -8.4 392.7 307.6
Bankers Inv Trust . . .361.3 -5.7 428.0 353.6
BH GIobaI Ltd. GB .1096.0 2.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .10.9 0.0 11.6 10.4
BH Macro Ltd. EUR . . .17.5 -0.1 17.7 15.8
BH Macro Ltd. GBP 1810.0 20.0 1820.0 1630.0
BH Macro Ltd. USD . . .17.4 0.1 17.5 15.8
BIackRock WorId M .665.0 -11.0 815.5 554.5
BIueCrest AIIBIue . . .162.5 0.1 176.2 162.2
British Assets Tr . . . .113.0 -3.5 140.5 113.0
British Empire Se . . .462.1 -10.4 533.0 422.5
CaIedonia Investm .1545.0 -26.0 1928.0 1533.0
City of London In . . .257.0 -7.0 306.9 249.3
Dexion AbsoIute L . .135.2 -1.7 151.0 134.6
Edinburgh Dragon . .218.1 -2.4 262.1 212.8
Edinburgh Inv Tru . . .422.5 -10.3 492.2 392.4
EIectra Private E . . .1415.0 -20.0 1755.0 1289.0
F&C Inv Trust . . . . . .271.9 -10.0 327.9 263.8
FideIity China Sp . . . . .80.0 -1.9 128.7 79.9
FideIity European . . .990.5 -59.5 1287.0 937.5
FideIity SpeciaI . . . . .474.9 -6.1 595.0 469.0
HeraId Inv Trust . . . . .451.5 0.8 545.5 383.5
HICL Infrastructu . . . .112.7 -0.3 121.3 112.0
Impax Environment . .98.0 -1.2 130.5 98.0
JPMorgan American .745.0 -16.0 916.0 673.0
JPMorgan Asian In . .202.1 -3.8 250.8 195.3
JPMorgan Emerging .505.5 -4.5 639.0 500.5
JPMorgan European .726.0 -33.0 983.5 641.0
JPMorgan Indian I . . .375.0 -4.1 502.0 365.6
JPMorgan Russian .515.0 -24.0 755.0 510.5
Law Debenture Cor . .324.0 -6.0 385.0 295.1
MercantiIe Inv Tr . . . .908.5 -21.0 1137.0 895.0
Merchants Trust . . . .349.5 -9.4 431.8 345.0
Monks Inv Trust . . . . .311.5 -4.4 367.9 290.0
Murray Income Tru . .577.0 -13.0 673.0 553.5
Murray Internatio . . .845.5 -12.5 991.5 824.0
PerpetuaI Income . . .242.0 -4.0 276.0 217.8
PoIar Cap TechnoI . .305.3 -6.2 391.2 275.6
RIT CapitaI Partn . . .1223.0 16.0 1334.0 1107.0
Scottish Inv Trus . . . .423.5 -16.0 524.0 409.0
Scottish Mortgage . .646.0 -19.0 781.0 566.0
SVG CapitaI . . . . . . . .228.0 9.6 279.8 148.9
TempIe Bar Inv Tr . . .791.0 -20.0 952.0 754.0
TempIeton Emergin .561.5 -2.5 689.5 539.0
TR Property Inv T . . .163.1 1.1 206.1 142.0
TR Property Inv T . . . .75.8 -2.0 94.0 64.5
Witan Inv Trust . . . . .428.0 -20.5 533.0 426.1
3i Group . . . . . . . . . . .212.6 -8.8 340.0 210.7
3i Infrastructure . . . . .117.2 1.6 125.2 112.4
Aberdeen Asset Ma .179.9 0.5 240.0 132.3
Ashmore Group . . . .362.7 2.5 414.5 282.0
Brewin DoIphin Ho . .121.3 -8.4 185.4 117.0
CameIIia . . . . . . . . . .9050.0-250.010950.07900.0
CharIes TayIor Co . . .141.0 -6.0 234.0 122.0
City of London Gr . . . .77.5 0.0 93.6 76.5
City of London In . . .363.0 12.0 461.5 278.5
CIose Brothers Gr . . .656.5 -20.5 888.5 643.0
CoIIins Stewart H . . . .70.0 -2.0 90.8 69.0
EvoIution Group . . . . .80.0 -1.0 92.0 62.3
F&C Asset Managem .63.0 1.9 92.9 50.5
Hargreaves Lansdo .454.5 -11.2 646.5 376.7
HeIphire Group . . . . . . .3.0 0.3 39.0 2.4
Henderson Group . . .128.3 -6.7 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .391.3 -8.9 570.5 380.2
IG Group HoIdings . .397.4 -2.8 553.0 395.5
Intermediate Capi . . .214.4 2.5 360.3 204.8
InternationaI Per . . . .255.7 9.6 388.8 228.6
InternationaI Pub . . . .113.0 0.3 118.3 108.6
Investec . . . . . . . . . . .387.5 -10.4 538.0 386.4
IP Group . . . . . . . . . . . .40.3 2.3 54.5 27.9
Jupiter Fund Mana . .188.7 -9.7 337.3 185.0
Liontrust Asset M . . . .74.3 -1.6 95.3 72.0
LMS CapitaI . . . . . . . . .61.8 0.9 64.8 40.8
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .811.5 -29.5 1076.0 640.0
Lonrho . . . . . . . . . . . . .14.0 -0.5 19.8 10.5
Man Group . . . . . . . . .187.2 5.8 311.0 178.0
Paragon Group Of . .152.9 -2.2 206.1 126.4
Provident Financi . .1017.0 -2.0 1116.0 728.5
Rathbone Brothers .1015.0 0.0 1257.0 815.0
Record . . . . . . . . . . . . .27.6 0.5 52.0 20.3
RSM Tenon Group . . .26.8 0.3 66.3 21.3
Schroders . . . . . . . .1397.0 -65.0 1922.0 1330.0
Schroders (Non-Vo .1124.0 -60.0 1554.0 1071.0
TuIIett Prebon . . . . . .334.5 -11.5 428.6 334.5
WaIker Crips Grou . . .45.8 0.0 51.5 44.0
BT Group . . . . . . . . . .164.9 -2.9 204.1 130.6
CabIe & WireIess . . . .31.3 -0.1 61.4 30.9
CabIe & WireIess . . . .35.1 0.1 78.4 34.9
COLT Group SA . . . . .115.5 0.3 156.2 109.0
TaIkTaIk TeIecom . . .125.3 -1.7 168.3 123.5
TeIecomPIus . . . . . . .580.0 30.0 700.0 341.7
Booker Group . . . . . . .66.7 0.5 77.9 43.3
Greggs . . . . . . . . . . . .445.0 -9.5 550.5 418.7
Morrison (Wm) Sup .277.0 -3.5 308.3 262.7
Ocado Group . . . . . . .133.5 -7.9 285.0 123.5
Sainsbury (J) . . . . . . .285.5 -4.3 395.0 280.4
Tesco . . . . . . . . . . . . .360.1 -10.1 440.7 358.6
Associated Britis . . .977.0 -24.0 1182.0 940.0
Cranswick . . . . . . . . .606.0 -34.5 896.0 605.5
Dairy Crest Group . . .339.0 0.4 424.9 334.1
Devro . . . . . . . . . . . . .254.4 -3.6 296.9 218.0
Premier Foods . . . . . . .13.1 -0.5 35.1 13.0
Tate & LyIe . . . . . . . . .549.0 -6.0 656.0 409.1
UniIever . . . . . . . . . .1892.0 -39.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .490.5 -15.5 664.0 447.0
Centrica . . . . . . . . . . .287.3 -7.3 346.1 284.7
InternationaI Pow . . .279.4 -1.3 448.6 278.1
NationaI Grid . . . . . . .569.0 -2.5 632.5 529.5
Northumbrian Wate .456.0 -9.0 469.5 295.5
Pennon Group . . . . . .654.5 -17.5 737.5 560.0
Severn Trent . . . . . .1415.0 4.0 1517.0 1288.0
United UtiIities . . . . .572.0 7.0 632.0 543.5
Cookson Group . . . . .509.5 -27.5 724.5 412.3
DS Smith . . . . . . . . . .181.8 -13.2 266.2 125.8
Rexam . . . . . . . . . . . .344.2 -7.3 400.0 293.0
GIencore Internat . . .363.0 -16.0 531.1 354.0
BAE Systems . . . . . .248.1 -8.1 369.9 245.9
Chemring Group . . . .489.8 -39.2 736.5 489.8
Cobham . . . . . . . . . . .175.6 -5.7 245.6 174.2
Meggitt . . . . . . . . . . . .328.7 -13.6 397.6 261.7
QinetiQ Group . . . . . .111.8 0.3 136.3 96.7
RoIIs-Royce Group . .557.5 -18.0 665.0 552.0
Senior . . . . . . . . . . . . .154.5 -6.1 190.6 111.2
UItra EIectronics . . .1353.0 -37.0 1895.0 1349.0
GKN . . . . . . . . . . . . . .178.5 -4.1 245.0 135.6
BarcIays . . . . . . . . . . .163.7 -15.6 333.7 162.5
HSBC HoIdings . . . . .516.2 -28.8 730.9 512.3
LIoyds Banking Gr . . .30.9 -1.3 77.6 30.5
RoyaI Bank of Sco . . .24.3 -1.9 50.2 24.1
Standard Chartere .1371.5-111.5 1950.0 1365.0
AG Barr . . . . . . . . . .1031.0 -92.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .311.2 -5.6 503.5 308.7
Diageo . . . . . . . . . . .1129.0 -31.0 1307.0 1050.0
SABMiIIer . . . . . . . . .1993.0 -7.0 2340.0 1841.0
AZ EIectronic Mat . . .217.9 -10.8 338.1 216.0
Croda Internation . .1673.0 -1.0 2081.0 1230.0
EIementis . . . . . . . . . .154.3 -0.2 187.4 86.0
Johnson Matthey . .1750.0 -56.0 2119.0 1550.0
Victrex . . . . . . . . . . .1226.0 -28.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1057.0 -25.0 1299.0 789.5
Bovis Homes Group .350.0 -3.5 464.7 326.6
Persimmon . . . . . . . .394.8 1.0 502.5 336.5
Reckitt Benckiser . .3131.0 -73.0 3648.0 3015.0
Redrow . . . . . . . . . . . .111.5 -1.3 139.0 97.6
TayIor Wimpey . . . . . . .32.5 0.1 43.3 22.3
Bodycote . . . . . . . . . .301.0 -10.4 397.7 214.5
Charter Internati . . . .658.0 -12.0 853.5 538.5
Fenner . . . . . . . . . . . .321.5 -2.9 422.5 198.0
IMI . . . . . . . . . . . . . . . .808.0 -14.0 1119.0 657.5
MeIrose . . . . . . . . . . .307.0 -2.1 365.4 205.4
Northgate . . . . . . . . . .263.7 -7.2 346.7 180.8
Rotork . . . . . . . . . . .1522.0 -14.0 1895.0 1437.0
Spirax-Sarco Engi . .1677.0 -28.0 2063.0 1499.0
Weir Group . . . . . . .1735.0 32.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .346.0 2.5 499.0 278.0
TaIvivaara Mining . . .326.4 3.3 622.0 313.1
BBAAviation . . . . . . .170.0 -8.4 240.8 170.0
Stobart Group Ltd . . .127.4 -4.1 163.6 124.1
AdmiraI Group . . . . .1397.0 -47.0 1754.0 1394.0
AmIin . . . . . . . . . . . . .317.7 -6.2 433.0 316.1
Huntsworth . . . . . . . . .61.8 2.0 86.0 59.8
Informa . . . . . . . . . . . .340.5 -14.4 461.1 339.8
ITE Group . . . . . . . . . .183.1 3.1 258.2 150.3
ITV . . . . . . . . . . . . . . . . .57.1 -2.0 93.5 49.8
Johnston Press . . . . . . .5.1 0.0 17.8 4.4
MecomGroup . . . . . .195.0 2.0 310.0 189.0
Moneysupermarket. .103.0 3.3 120.4 70.3
Pearson . . . . . . . . . .1045.0 -45.0 1207.0 926.0
PerformGroup . . . . .160.0 -2.5 234.5 158.0
Reed EIsevier . . . . . .466.3 -15.1 590.5 463.0
Rightmove . . . . . . . .1074.0 -6.0 1250.0 596.5
STV Group . . . . . . . . .103.0 5.0 168.0 83.5
Tarsus Group . . . . . .144.5 2.0 165.0 112.5
Trinity Mirror . . . . . . . .38.0 0.0 124.0 37.5
United Business M . .441.9 -21.1 725.0 440.5
UTV Media . . . . . . . . .112.0 5.0 151.0 102.5
WiImington Group . .102.0 -1.0 183.0 100.2
WPP . . . . . . . . . . . . . .604.5 -11.5 846.5 598.0
YeII Group . . . . . . . . . . .5.4 -0.1 22.6 5.1
African Barrick G . . .537.0 24.0 638.0 393.5
AngIo American . . .2314.0-105.5 3437.0 2254.0
AngIo Pacific Gro . . .257.1 -19.4 369.3 249.0
Antofagasta . . . . . . .1144.0 -61.0 1634.0 977.5
Aquarius PIatinum . .216.9 -10.7 419.0 215.1
BHP BiIIiton . . . . . . .1866.0 -45.0 2631.5 1767.0
BeazIey . . . . . . . . . . . .112.0 -0.9 139.2 110.1
CatIin Group Ltd. . . .362.0 -8.9 421.4 325.0
Hiscox Ltd. . . . . . . . . .349.1 -19.3 424.7 341.5
Jardine LIoyd Tho . . .576.0 -11.0 709.0 561.0
Lancashire HoIdin . . .639.0 11.5 700.0 515.0
RSA Insurance Gro . .109.5 -6.0 143.5 109.2
Aviva . . . . . . . . . . . . . .328.4 -9.4 477.9 326.8
LegaI & GeneraI G . . . .93.7 -2.7 123.8 87.7
OId MutuaI . . . . . . . . .103.2 -5.5 145.2 103.1
Phoenix Group HoI . .461.8 3.8 758.0 457.7
PrudentiaI . . . . . . . . .567.0 -45.0 777.0 547.0
ResoIution Ltd. . . . . .246.1 -4.5 316.1 211.3
St James's PIace . . . .314.7 -7.8 376.0 236.2
Standard Life . . . . . . .184.1 10.0 244.7 172.0
4Imprint Group . . . . .222.5 0.4 295.0 195.0
Aegis Group . . . . . . .126.6 -3.4 163.5 110.7
BIoomsbury PubIis . .101.0 1.0 138.0 98.8
British Sky Broad . . .651.5 -3.5 850.0 647.5
Centaur Media . . . . . . .40.0 1.0 73.0 39.0
Chime Communicati .201.0 0.0 298.5 165.8
Creston . . . . . . . . . . . .88.0 0.0 121.0 78.5
DaiIy MaiI and Ge . . .363.3 -15.3 594.5 359.5
Euromoney Institu . .590.5 -5.0 736.0 578.0
Future . . . . . . . . . . . . . .12.5 0.0 30.0 11.8
Haynes PubIishing . .223.5 2.5 262.5 202.5
Centamin Egypt Lt . .104.0 1.9 197.1 89.7
Eurasian NaturaI . . .585.5 -27.5 1125.0 581.5
FresniIIo . . . . . . . . . .1634.0 -39.0 1907.0 990.0
GemDiamonds Ltd. .179.8 -12.7 306.0 179.8
HochschiId Mining . .435.9 -4.1 680.0 309.0
Kazakhmys . . . . . . . .918.0 -77.0 1671.0 902.0
Kenmare Resources . .40.1 -1.2 59.9 15.0
Lonmin . . . . . . . . . . .1117.0 -21.0 1983.0 1103.0
New WorId Resourc .545.5 -20.0 1060.0 538.0
PetropavIovsk . . . . . .676.0 -23.0 1252.0 671.0
RandgoId Resource 6385.0 265.0 6655.0 4425.0
Rio Tinto . . . . . . . . .3416.5-131.5 4712.0 3105.0
Vedanta Resources 1294.0 -23.0 2559.0 1286.0
Xstrata . . . . . . . . . . .1000.0 -42.0 1550.0 969.8
Inmarsat . . . . . . . . . . .389.7 -9.5 738.0 388.6
Vodafone Group . . . .155.1 -6.5 181.9 149.4
Genesis Emerging . .445.5 -4.4 568.0 444.5
Afren . . . . . . . . . . . . . .100.1 5.4 171.2 92.5
BG Group . . . . . . . . .1179.5 -58.0 1564.5 1003.5
BP . . . . . . . . . . . . . . . .396.4 -8.9 509.0 375.2
Cairn Energy . . . . . . .293.9 -13.7 493.2 284.4
EnQuest . . . . . . . . . . .102.5 -3.7 158.5 98.0
Essar Energy . . . . . .262.1 -37.8 589.5 255.0
ExiIIon Energy . . . . . .330.0 -18.8 469.7 167.0
Heritage OiI . . . . . . . .198.9 0.7 486.0 190.0
JKX OiI & Gas . . . . . .198.6 -10.4 335.1 195.1
Premier OiI . . . . . . . . .337.9 -1.4 535.0 327.3
RoyaI Dutch SheII . .1901.0 -38.0 2326.5 1703.0
RoyaI Dutch SheII . .1901.5 -46.5 2336.0 1642.0
SaIamander Energy .230.9 -11.6 317.6 210.0
Soco Internationa . . .279.8 -13.0 484.2 273.7
TuIIow OiI . . . . . . . . . .974.0 -26.0 1493.0 951.5
Amec . . . . . . . . . . . . .870.0 -14.0 1251.0 834.0
Hunting . . . . . . . . . . .652.0 -32.5 817.0 519.0
John Wood Group . .534.5 -20.0 715.8 346.0
LampreII . . . . . . . . . . .304.7 -3.0 395.2 223.9
Petrofac Ltd. . . . . . .1141.0 -33.0 1685.0 1110.0
Burberry Group . . . .1302.0 41.0 1600.0 820.5
PZ Cussons . . . . . . . .342.4 -16.2 409.0 320.5
Supergroup . . . . . . . .859.0 -45.5 1820.0 818.5
AstraZeneca . . . . . .2543.5 -54.0 3385.0 2537.0
BTG . . . . . . . . . . . . . .236.8 -5.0 309.7 200.1
Genus . . . . . . . . . . . . .853.5 -46.5 1046.0 710.5
GIaxoSmithKIine . . .1205.0 -38.0 1385.0 1127.5
Hikma Pharmaceuti .624.5 18.5 900.0 561.5
Shire PIc . . . . . . . . . .1828.0 -37.0 2136.0 1376.0
CapitaI & Countie . . .164.4 -2.8 203.7 112.3
Daejan HoIdings . . .2282.0 -88.0 2954.0 2282.0
F&C CommerciaI Pr . .98.8 -0.3 108.0 88.0
Grainger . . . . . . . . . . . .99.8 -0.8 133.2 86.3
London & Stamford .117.2 -0.3 140.0 110.3
SaviIIs . . . . . . . . . . . . .311.0 -19.2 427.1 296.6
St. Modwen Proper . .136.5 1.0 196.2 133.9
UK CommerciaI Pro . .73.1 0.4 85.5 70.4
Unite Group . . . . . . . .162.8 -5.5 229.8 160.0
Big YeIIow Group . . .240.7 -3.6 353.3 237.4
British Land Co . . . . .516.5 -12.0 629.5 446.8
CapitaI Shopping . . .312.5 -1.5 424.8 312.5
Derwent London . . .1610.0 -1.0 1880.0 1364.0
Great PortIand Es . . .365.9 -3.7 445.0 308.0
Hammerson . . . . . . . .393.4 -4.1 490.9 352.2
Hansteen HoIdings . . .73.0 -0.5 89.5 62.4
Land Securities G . . .752.0 -4.0 885.0 598.0
SEGRO . . . . . . . . . . . .245.8 -2.7 331.3 243.4
Shaftesbury . . . . . . . .460.0 2.0 539.0 396.0
Autonomy Corporat 1502.0 10.0 1857.0 1271.0
Aveva Group . . . . . .1534.0 4.0 1799.0 1330.0
Computacenter . . . . .394.5 11.0 490.0 265.0
Fidessa Group . . . . .1574.0 -46.0 2109.0 1350.0
Invensys . . . . . . . . . . .241.1 -13.2 364.3 230.2
Kofax . . . . . . . . . . . . .290.0 19.5 535.0 231.0
Logica . . . . . . . . . . . . .83.7 -3.1 147.2 83.6
Micro Focus Inter . . .283.7 33.0 426.2 239.4
Misys . . . . . . . . . . . . .258.4 -0.3 420.2 249.2
Sage Group . . . . . . . .245.7 -1.3 302.0 236.7
SDL . . . . . . . . . . . . . . .631.5 7.0 711.5 510.0
TeIecity Group . . . . . .501.5 16.8 559.5 428.5
Aggreko . . . . . . . . . .1696.0 -4.0 2034.0 1351.3
Ashtead Group . . . . .112.3 -4.4 207.9 77.0
Atkins (WS) . . . . . . . .602.0 5.0 820.0 582.0
Babcock Internati . . .593.0 -13.5 733.0 492.8
Berendsen . . . . . . . . .447.7 -14.1 568.0 363.1
BunzI . . . . . . . . . . . . .688.0 -15.5 801.0 676.5
Capita Group . . . . . . .668.0 -23.5 794.5 635.5
CariIIion . . . . . . . . . . .308.4 -7.4 403.2 291.2
De La Rue . . . . . . . . .760.0 -23.0 853.5 549.5
EIectrocomponents .193.8 -6.7 294.9 190.5
Experian . . . . . . . . . . .699.5 -15.5 833.5 606.0
FiItrona PLC . . . . . . . .310.0 13.2 385.5 227.5
G4S . . . . . . . . . . . . . . .238.9 -6.9 291.0 237.7
Hays . . . . . . . . . . . . . . .72.6 -2.3 133.6 69.4
Homeserve . . . . . . . .443.0 -13.2 532.0 408.0
Howden Joinery Gr . . .97.1 0.2 127.5 63.0
Intertek Group . . . . .1784.0 -39.0 2148.0 1646.0
MichaeI Page Inte . . .384.2 -20.3 567.0 368.0
Mitie Group . . . . . . . .214.2 -10.6 242.5 188.7
Premier FarneII . . . . .170.6 -11.4 308.8 165.9
Regus . . . . . . . . . . . . . .79.7 -4.3 119.0 66.1
RentokiI InitiaI . . . . . . .74.5 -0.6 107.1 74.1
RPS Group . . . . . . . . .197.8 -16.1 253.0 169.8
Serco Group . . . . . . .500.0 -20.0 633.0 495.7
Shanks Group . . . . . .109.3 -4.9 130.9 96.5
SIG . . . . . . . . . . . . . . .104.8 -3.2 153.5 90.7
SThree . . . . . . . . . . . .278.0 1.0 447.6 231.1
Travis Perkins . . . . . .763.5 -10.5 1127.0 727.5
WoIseIey . . . . . . . . .1473.0 -13.0 2261.0 1223.0
ARM HoIdings . . . . . .488.7 -10.8 651.0 305.8
CSR . . . . . . . . . . . . . .233.2 -4.2 447.0 229.3
Imagination Techn . .315.8 -20.2 502.0 303.5
Pace . . . . . . . . . . . . . . .96.6 -0.1 231.8 91.0
Spirent Communica .120.0 -4.9 160.3 119.0
British American . .2598.5 -60.5 2871.0 2166.0
ImperiaI Tobacco . .1974.0 -30.0 2231.0 1784.0
Avis Europe . . . . . . . .312.0 0.0 314.0 184.0
Betfair Group . . . . . . .586.0 -1.0 1550.0 567.0
Bwin.party Digita . . .101.7 -10.9 297.9 98.6
CarnivaI . . . . . . . . . .1792.0 -77.0 3153.0 1792.0
Compass Group . . . .532.0 -13.0 612.0 501.0
Domino's Pizza UK . .432.0 -5.4 586.0 377.0
easyJet . . . . . . . . . . . .310.4 -19.0 479.0 301.0
Enterprise Inns . . . . . .39.0 -3.5 122.7 39.0
FirstGroup . . . . . . . . .320.8 -4.9 412.6 311.3
Go-Ahead Group . . .1314.0 -16.0 1598.0 1073.0
Greene King . . . . . . .410.0 -33.6 518.0 398.0
InterContinentaI . . .1011.0 -31.0 1435.0 963.0
InternationaI Con . . .177.3 -8.9 305.0 176.5
JD Wetherspoon . . . .403.0 -5.7 468.3 389.9
Ladbrokes . . . . . . . . .124.7 -4.1 155.3 122.7
Marston's . . . . . . . . . . .90.7 -1.8 117.1 90.2
MiIIennium& Copt . .437.9 -17.7 600.5 430.7
MitcheIIs & ButIe . . . .229.1 -7.7 361.0 227.8
NationaI Express . . .223.2 -9.4 270.2 220.1
Rank Group . . . . . . . .117.0 -1.4 153.7 103.3
Restaurant Group . . .260.0 5.1 335.0 226.0
Spirit Pub Compan . . .41.4 0.3 55.0 37.0
Stagecoach Group . .222.1 -4.4 268.5 160.7
Thomas Cook Group .51.8 -1.6 204.8 45.5
TUI TraveI . . . . . . . . . .164.3 -3.2 271.9 162.3
Whitbread . . . . . . . .1429.0 -22.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .211.9 -8.0 237.3 155.5
Abcam . . . . . . . . . . . .336.0 5.0 460.0 299.8
AIbemarIe & Bond . .364.9 10.0 400.1 220.3
Amerisur Resource . .16.8 0.0 29.0 11.5
Andor TechnoIogy . .542.0 12.0 685.0 311.0
ArchipeIago Resou . . .75.0 4.0 79.0 32.3
ASOS . . . . . . . . . . . .1840.0 8.0 2468.0 840.0
AureIian OiI & Ga . . . .43.3 0.8 92.0 41.8
Avanti Communicat .298.0 3.0 735.0 288.8
Avocet Mining . . . . . .230.0 -1.0 253.5 112.0
BIinkx . . . . . . . . . . . . . .97.0 7.0 148.8 63.3
Borders & Souther . . .47.5 -0.3 93.0 44.8
BowLeven . . . . . . . . .116.3 -8.8 398.0 112.3
Brooks MacdonaId .997.5 57.5 1372.5 822.5
CaIedon Resources .111.3 0.5 112.0 44.3
Conygar Investmen . .96.9 1.5 120.0 95.4
Cove Energy . . . . . . . .61.0 -3.8 112.8 57.0
Daisy Group . . . . . . .107.9 -3.8 127.0 88.0
EMIS Group . . . . . . . .538.5 -1.8 580.0 303.5
Encore OiI . . . . . . . . . .43.5 1.5 151.5 40.8
Faroe PetroIeum . . . .134.0 -1.0 218.3 130.0
GuIfsands PetroIe . . .183.3 0.0 401.5 179.0
GWPharmaceuticaI . .98.5 3.0 130.0 83.0
Hamworthy . . . . . . . .563.0 50.0 705.0 328.0
Hargreaves Servic . .912.0 32.0 1076.0 605.0
HeaIthcare Locums . . . .0.0 0.0 0.0 0.0
Immunodiagnostic .1010.0 -29.0 1218.0 710.0
ImpeIIamGroup . . . .300.0 -5.0 387.5 122.0
James HaIstead . . . . .455.0 20.1 495.0 306.0
KaIahari MineraIs . . .218.0 10.0 301.0 142.0
London Mining . . . . .300.0 0.0 436.5 240.3
Lupus CapitaI . . . . . . .97.5 -2.0 150.0 78.0
M. P. Evans Group . .371.0 -16.5 500.5 343.0
Majestic Wine . . . . . .419.0 -5.0 510.0 306.0
May Gurney Integr . .264.9 2.3 295.0 177.0
Monitise . . . . . . . . . . . .32.0 0.5 39.0 18.5
MuIberry Group . . . .1400.0 65.0 1920.0 330.0
Nanoco Group . . . . . . .59.0 1.5 115.8 57.5
NauticaI PetroIeu . . .238.5 13.8 547.0 143.0
NichoIs . . . . . . . . . . . .530.0 -2.5 579.0 410.0
Numis Corporation . . .97.9 -0.1 146.5 93.9
Pan African Resou . . .11.8 0.8 13.8 5.9
Patagonia GoId . . . . . .55.3 1.5 68.0 15.3
Prezzo . . . . . . . . . . . . .56.1 2.6 71.5 41.5
Pursuit Dynamics . . .191.8 1.8 700.0 160.5
Rockhopper ExpIor .190.0 -19.0 510.0 141.0
RWS HoIdings . . . . . .425.0 5.0 472.0 239.0
Songbird Estates . . .116.0 5.8 160.3 110.3
VaIiant PetroIeum . . .505.0 0.0 761.5 504.0
Young & Co's Brew . .641.0 -15.0 712.0 520.0
Micro Focus Intern . .283.7 13.2
Kofax . . . . . . . . . . . . .290.0 7.2
Standard Life . . . . . . .184.1 5.7
Afren . . . . . . . . . . . . .100.1 5.7
TeIecom PIus . . . . . . .580.0 5.5
African Barrick Go . .537.0 4.7
FiItrona PLC . . . . . . .310.0 4.5
SVG CapitaI . . . . . . . .228.0 4.4
RandgoId Resources6385.0 4.3
InternationaI Pers . . .255.7 3.9
Essar Energy . . . . . .262.1 -12.6
Bwin.party DigitaI . . .101.7 -9.7
Sports Direct Inte . . .201.3 -8.8
BarcIays . . . . . . . . . . .163.7 -8.7
JD Sports Fashion . .835.0 -8.7
Enterprise Inns . . . . . .39.0 -8.3
AG Barr . . . . . . . . . .1031.0 -8.2
Kazakhmys . . . . . . . .918.0 -7.7
Greene King . . . . . . .410.0 -7.6
RPS Group . . . . . . . . .197.8 -7.5
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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MINING
NONEQUITY INVESTM. COMM.
Tsy 2.500 11 . . . . .306.57 0.00 310.0 306.6
Tsy 3.250 11 . . . . .100.91 -0.14 103.5 100.8
Tsy 9.000 12 . . . .108.22 0.75 115.8 107.8
Tsy 5.000 12 . . . .102.59 -0.02 106.8 102.5
Tsy 5.250 12 . . . .103.88 0.00 108.1 103.9
Tsy 4.500 13 . . . .106.20 0.08 109.2 105.8
Tsy 2.500 13 . . . .285.39 0.05 287.7 276.7
Tsy 8.000 13 . . . . .115.61 0.13 121.3 115.4
Tsy 5.000 14 . . . . .112.87 0.50 114.1 109.2
Tsy 7.750 15 . . . .103.25 0.28 342.1 102.8
Tsy 8.000 15 . . . .129.13 0.77 131.6 123.7
Tsy 4.750 15 . . . . .114.71 0.79 114.8 108.6
Tsy 4.000 16 . . . . .112.87 1.02 112.9 104.9
Tsy 2.500 16 . . . .338.47 0.66 340.1 309.7
Tsy 8.750 17 . . . .141.21 0.82 142.2 132.9
Tsy 12.000 17 . . . .126.11 0.00 185.9 125.2
Tsy 1.250 17 . . . . .113.43 0.79 114.4 106.7
Tsy 5.000 18 . . . . .119.92 1.27 120.0 109.7
Tsy 4.500 19 . . . . .116.86 1.50 117.0 105.4
Tsy 3.750 19 . . . . .111.18 1.61 111.3 99.4
Tsy 2.500 20 . . . .349.34 1.33 350.0 310.7
Tsy 4.750 20 . . . . .118.65 1.64 118.8 106.6
Tsy 8.000 21 . . . .148.63 1.74 148.8 133.8
Tsy 4.000 22 . . . . .110.92 1.76 111.0 99.0
Tsy 1.875 22 . . . .120.64 1.42 121.3 111.3
Tsy 2.500 24 . . . .308.10 1.69 309.0 270.2
Tsy 5.000 25 . . . .120.18 2.01 120.3 107.4
Tsy 4.250 27 . . . .109.69 2.10 109.9 97.9
Tsy 1.250 27 . . . . .114.05 1.88 115.0 104.3
Tsy 6.000 28 . . . .133.07 2.04 133.3 119.5
Tsy 4.750 30 . . . . .115.37 2.13 115.6 103.0
Tsy 4.125 30 . . . .290.57 1.79 292.7 256.6
Tsy 4.250 32 . . . .108.18 2.21 108.4 96.0
Tsy 4.250 36 . . . .107.14 2.14 107.4 95.0
Tsy 4.750 38 . . . . .116.10 2.12 116.5 102.8
Tsy 4.500 42 . . . . .111.86 0.00 112.8 98.9
% %
20
Markets&Investment
CITYA.M. 11 AUGUST 2011
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A
S NEW Zealand accountant
Vicki Walker found out,
emails can be treacherous
when used improperly. Fired
for using all caps in her messages, she
is a perfect example of why old-fash-
ioned etiquette has a place in the dig-
ital age. There are rules to apply to
emails, just as you would to a hand-
written letter.
1CAPTURE THEIR ATTENTION
Before you even start writing the
email, make sure you give some
thought to its title. It should be short
and pertinent to grab the readers
attention. Peter Botting, a careers
and communications coach, says:
You could find that your pitch falls
at the first hurdle if your boss doesnt
even open the email.
2ADDRESS THEM CORRECTLY
Everybody hates trawling through
emails that arent relevant to them.
Be careful not to be a carbon copy
cc or blind carbon copy bcc
offender. One of the most important
elements of email etiquette is not cc-
ing the world and his wife, says com-
munications expert Elizabeth
Bacchus of www.thesuccessfulcv.com.
Not only does it look messy on the
screen, but can also annoy people as
you are giving away their contact
details without their consent. Keep
your cc to a minimum and the bcc is
really important too, says Bacchus.
3RETAIN A CALM DEMEANOUR
Emails can be dangerous things.
Botting says: The send button is too
easy to press, especially when youre
angry. Perhaps, as the old saying
goes, the best advice is just to sleep
on it. Bacchus echoes this sentiment:
If you have an issue with something,
leave it and come back the next day
to review the tone of it. Remember,
an angry email could significantly
affect a working relationship.
4REMEMBER YOUR STATION
Email can sometimes be a little too
easy to use and encourage informali-
ty. Although fine in a personal email,
being too informal in a business
email can appear glib: You should
I
NTERVIEWS are nerve-wracking.
Just the thought of going into a
room to be assessed by an employ-
er is enough to get some people
sweating. And it doesnt tend to lower
anxiety levels to learn that University of
Pennsylvania research
shows that just 7 per cent
of the impression you
give is created by what
you actually say. The rest
is body language. But fear not, neuro-
linguistic programming (NLP) tech-
niques used by some psychotherapists
claim to have the solution. NLP practi-
tioner and career coach Rachel
Brushfield talks us through the basics.
Crossing your arms makes you
look defensive and aggressive,
says Brushfield. You should try
to use open hand gestures, show-
ing your palms, to appear
approachable to the interviewer.
This subconsciously says you are
easy to work with and willing
to learn. The photos on
the left and right show
the visual impact of
these postures.
Gesticulating with
your hands while talk
ing shows interest in
what you are saying,
explains Brushfield.
Employers want to see you
passionate about the job, this
technique can help express that.
Unsurprisingly, an interviewer
liking you as a person can
increase your chances of getting
the job. Building a subconscious rap-
port with them could therefore be a
useful skill. Brushfield suggests that
you should try to mirror the interview-
ers body language. If they are crossing
their arms, cross yours too. The inter-
viewer is likely to uncross theirs sub-
consciously, allowing you to follow
suit. The process of subtle reflec-
tion of each other will build a sense
of being similar people.
Of course, body language alone
wont land you a job, but
if all you have to do to
improve your chances
is unfold your
arms, it cant hurt
trying.
The secret to a successful interview?
Let your body language do the talking
Neuro-linguistic programming could give your confidence a
boost and help you secure a new job, writes Donata Huggins
Business Features| Careers
21
Netiquette: how to get it right at work
Robert Hamilton asks the experts how
to maintain your business email airs
and graces. Here are their six top tips.
One should know
how to behave in
all situations
Picture: GETTY
never put something in an email
that you wouldnt put in a formal
letter, says Gary Yantin, the founder
and director of High Street Lawyer.
But be careful, Botting says emails
should not be devoid of personali-
ty, leaving a tricky line to tread.
5KEEP SEPARATE SPHERES
Remember to draw a distinct line
between work and play. Not only is it
unprofessional to mix them, but also
in extreme circumstances it could
see you lose your job. Never use your
work email when searching for a
new job, for instance. This is not
only insulting to your employer, but
it is often a sackable offence. It is
good to note that your work email
reflects not only you, but your com-
pany. It represents your company
and its reputation, says Yantin.
6HAVE A PROPER TETE-A-TETE
The ease and speed of email justifies
its importance in the business
world, but make sure you are aware
of its drawbacks.
Emails are, after all, just words
and they cannot give a full impres-
sion of the person typing them
behind the screen. Botting points
out that when you speak to someone
in person your whole body is talk-
ing, you build rapport with your
body language.
Yantin warns against using email
as an avoidance tactic: Email used
properly is fine, but using it incor-
rectly to avoid talking to someone is
not.
EYES AS HONEST AS THEY COME...
Studying eye movements for signs of
lying is probably NLPs most controver-
sial claim. Enthusiasts, however, argue
that the micromovement of eyes accom-
pany types of thought. They believe that
when people look left they are remem-
bering something that is telling the
truth (picture left).
While eyes looking up and to their
right are thought to accompany
thoughts that are constructed that is, a
lie (picture below).
... BUT YOU CANT TRUST THOSE ONES
While it would be foolish to treat this as con-
clusive, Brushfield says you need to give it
some consideration during interviews. You
could be giving the wrong message subcon-
sciously. Anyone elaborating on the truth
could be distrusted in a glance.
Those keen for more information should
attend NLP enthusiast Paul McKennas sem-
inar Get the Life You Want on Saturday 1
and Sunday 2 October 2011. Go to
www.nlplifetraining.com for more informa-
tion.
MARRYING UP
BY WENDY HOLDEN
Headline, 19.99
hhhhi
H
AVING spent the 90s working for the
Sunday Telegraph, the Sunday
Times Style Mag where she ghost-
wrote a column by Tara Palmer
Tompkinson and Tatler, Wendy Holden
knows a thing or three about social snob-
bery, the chattering classes and that type
of person deserving of a uniquely wither-
ing scorn: the social climber.
Her latest bestseller, Marrying Up, is a
delightful skewering of royal ambitions
and the aristocratic enclaves surrounding
the tip top of society. Tapping into royal
wedding fever with light-touch irony
(something tells me Holden wont be pen-
ning a Riot Romance), the story revolves
around one particularly long-legged, be-
pearled lassie called Alexa McDonald, a
shameless and self-confessed social
climber. McDonald has set her sights on
marrying a marquis (at the very least),
wanting a tiara, if not a crown, before she
hangs up her dancing shoes. Befriending
the hapless Florrie in her gold-digging mas-
terplan, Alexas plan looks set to triumph,
until Florries mother appears to cotton
onto her scheming.
Meanwhile, her old schoolfriend, arche-
ology student Polly, has fallen for a vet she
meets in an Oxfordshire village. But hang
on is he as boy-next-door as he appears, or
could Polly have unwittingly struck the
jackpot? This tale of prince-finding makes
for a very cheery antidote to the dire
events in the news currently and if youre
heading off on holiday, it is the very best
sort of beach read. On the other hand, if
youre the type who finds Cinderella-style
tales for the modern Sloane irritating, you
might want to consider something else.
Wealth of Nations (see below), anyone?
Zoe Strimpel
THE POSSESSIONS OF DOCTOR
FORREST
BY RICHARD T KELLY
Faber and Faber, 12.99
hhhhi
RICHARD T Kelly has followed his first
novel, the chunky in both its size and
ambition Crusaders, with a beguiling,
Gothic-inflected thriller.
At the heart of the narrative are three
Chick lit queen Wendy Holden
has struck gold again with a tale
of prince-chasing and love
Marrying up: Alexas
goal is to skewer a
prince: oh to be Kate
Middleton...
Picture: REX
Lifestyle| Books
OUT OF OFFICE
ZOE STRIMPEL
AN EVENING WITH SOUTH PACIFIC
The City gets a spot of good old fashioned
American amusement as a New York Lincoln
Center production of South Pacific lands at the
Barbican. Set during World War II, South
Pacific is the sweeping romantic story of two
couples, threatened by the realities of war. The
score includes Some Enchanted Evening, I'm
Gonna Wash That Man Right Outa My Hair and
There is Nothin Like a Dame. Until 1 October.
Barbican Centre, Silk Street, EC2Y 8DS. Tickets
15-80. Tel: 020 7638 8891
CHARITY POLO DAY AT HAM
Ham Polo club is hosting a world-
class England vs Pakistan charity
polo afternoon to raise funds
for the floods in
Pakistan. A good day
out for polo novice or
avid follower alike, with top interna-
tional players. 13 August. Picnic tickets
for 10 per person or 40 for a car; club-
house tickets also available.
hampoloclub.com/pakistan-charity-day.
JAZZ FESTIVAL AT CANARY WHARF
Stick around after work tomorrow for an
evening of jazz and latin with Ska
Cubano and Femi Temowo band at
Canary Wharfs outdoor cinema.
Cuban-style son and mambo brass,
calypso, merengue, rumba and
cumbia make for a perfect sum-
mers evening of dancing. Fri 12
Aug, Canada Square Park: Outdoor
Cinema, Canary Wharf, E14 5AX.
Free.
South Pacific at the
Barbican promises a
splash of fun and
frolics.
Hi-jinx and social climbing
Edinburgh childhood friends, now
respected middle-aged doctors living in
London. When hard-living but deeply-
troubled cosmetic surgeon Robert
Forrest his own once good looks now fad-
ing goes missing his friends, psychiatrist
Steve Hartford and paediatric surgeon
Grey Lochran, are gradually drawn into
their own investigations, a web of deceit,
menace and fatality.
For much of its duration the novel
inhabits the points of view of Hartford
and Lochran, illuminating middle-aged
male anxieties with psychological acuity
and lightness of touch, as well as driving
Kellys deliciously sly thriller onwards.
When point of view switches to that of
Doctor Forrest himself and we have
never really believed him dead and are
dying to hear from him all Hell breaks
loose. Its an audacious shift of tone and
largely successful, prompting the reinter-
pretation of much that has gone before
and clarifying the novels thematic pur-
poses.
This is a confident and bold novel about
death, the desire for immortality, vanity
and much besides. Its moral references as
well as its form letters, diaries, inter-
views and reports from a variety of points
of view are those of nineteenth century
Gothic fiction. Doctors Frankenstein and
Jekyll, Mr Hyde, Dorian Gray and Count
Dracula all have a place in this dark, trou-
bling, uncertain but finally, intensely
human universe.
Jonathan Hourigan
THE CONDENSED WEALTH OF
NATIONS
BY EAMONN BUTLER
Adam Smith institute, 9
hhhhi
At over 950 pages long, Adam Smiths The
Wealth of Nations is a book that only few
have ever read. Yet contained within are
thoughts that changed the course of the
history.
The Condensed Wealth of Nations is
Adam Smith Institute director Eamonn
Butlers answer to the conundrum of
spreading the ideas of an author virtually
nobody reads. It is neither biographical
nor historical, but a distillation of Smiths
key thoughts in modern language man-
aging to condense his thoughts in less
than ten per cent of the space.
Bouncing off other intellectuals in the
hub of genius that was the Scottish and
wider European enlightenment, Butlers
book shines a light on just how radical the
founder of economics really was on the
division of labour, the benefits of
exchange and free trade.
Given that few will read the real the
thing, Butlers 84 pages are the best way to
get a taste of a man whose ideas both in
economics and ethics shed much light
on the human condition and helped make
the modern world.
Phillip Salter
VEXED IN THE CITY
SOLVING YOUR
WORK-LIFE
PROBLEMS
Im battling
the summer
fatso blues
Im about to go on holiday with my girl-
friend to Ibiza but Im feeling really rubbish
about my body. This summer has been mas-
sive on nights out and picnics and Ive
gained half a stone. Im going to look awful
next to all those six-packed hunks and Im
worried my girlfriend will go off me. Any
tips for getting out of this self esteem rut?
Max, 29, wealth management
Y
OURE right to get in touch about this
because body consciousness is a serious
downer. And hats off to you, as men
often feel they have to tough such
things out wash away their discomfort with
a few more pints, for example.
Unfortunately there are only two solutions:
one long-term, one short-term. In the short
term, you could do a healthy fast. How much
time do you have? Even four days can take
the edge off: its amazing what a few days of
serious virtue can do for self-image. Other
people may not notice anything in that short
a period, but you will, and youll hold your
head higher. There are various detox plans
you could explore for fast results: do so with
caution, though, as starvation isnt going to
be the answer. Men bulk up fast, so you could
pound the gym every day for a week and
expect to see some results. This is not gener-
ally the way to get in shape and lose weight,
but taking action will really make you feel
better. And confidence is half the battle. Oh,
and wear a top on the beach if it makes you
feel better.
The longer term solution, of course, is a
diet and exercise plan that takes the pounds
off slowly but also fits in with your life. Id
also suggest some therapy it would be a
good way to get to the bottom of your body
issues and to deal with any self esteem prob-
lems lurking away dangerously.
As for this holiday, share your feelings with
your girlfriend: women really appreciate men
opening up about their insecurities. Dont do
it in a sappy, self-pitying way, but if you
admit youre feeling sensitive about yourself,
she may help dissuade you from any paranoia
you might exhibit when she talks to a hot
waiter or similar.
Women are no strangers to body con-
cerns: were constantly comparing ourselves
to leggier and thinner and browner beach
babes. And we have been taught by society
to ruthlessly criticise our physical appear-
ance. Im not saying its the same thing, but I
think you could find a good listener in your
girlfriend quite possibly better than your
mates. Now, go forth and enjoy.
vexed@cityam.com
S
OME walks of life call for subtle-
ty, restraint, understatement.
Some, however, call for brash,
brazen, over-the-top statement-
making. People for whom bling is still in
and status symbols a requirement of doing
business, have a bit of a problem when it
comes to phones. Its difficult to separate
yourself from the crowd when the crowd
including the kind which goes around
smashing up half of London by organising
itself on smartphone networks already
has the best there is. iPhones, Blackberries
and other smartphones are beautiful, per-
fect pieces of democratic design, but
theyre no status symbol.
A fine watch is a status symbol, though,
and its the watch companies who are
coming to the aid of those who want
something out-of-this-world for their
phone, and are prepared to pay for it.
Which brings us to the new Link smart-
phone from TAG Heuer. Replacing the
companys previous luxury (but non-
smart) phone, the Meridiist, its a robust,
swanky-as-all-hell slab of touchscreen
Euro-style. Running on Googles Android
system, its specs include 16-million colour
screen resolution, a five mega pixel cam-
era, 11 hours of music play time, and a
body thats engineered with all the preci-
sion of a shockproof TAG watch. Crocodile
skin, black PVD, rose gold, fine leather
and corrosion resistant stainless steel are
all on the shopping list, depending on
which version you go for.
4,500-16,350 www.tagheuer.com
TAG Heuers Link
phone mixes Android
technology with
Swiss style, says
Timothy Barber
Smartphones
for making a
big statement
NICK
BOOTH
TECH TALK
Apps that
help you get
money back
on delays
H
ERES a useful app for anyone who
feels that they dont necessarily get
value for money from their
Underground travel which, lets face
it, is pretty much everyone. TubeTap is an
ingenious creation that helps commuters
win refunds from London Underground
when the service takes too long to get there.
As it happens, you see, whenever your
tube journey is delayed you could be enti-
tled to a refund. But applying for one is so
laborious that most people give up. Only
2m out of 34 million claimed was
refunded last year.
As you sit on the train, TubeTap
(www.tubetap.co.uk) beavers away inside
your iPhone. It identifies your tube route,
knows the journey-time and recognises
when you were late by more than 15 min-
utes. It then submits a refund request to
TFL automatically. All you have to do then
is sit back and wait for the refund cheque.
Theres something similarly useful for air
travellers. With the stakes so much higher,
the airlines have made applying for a
refund far more difficult. Sometimes it can
feel as though you need a degree in civil
aviation regulations and comprehensive
knowledge of international flight schedules
to get anywhere.
EUClaim (www.euclaim.co.uk) is an app
that finds all this obscure information for
you, processes it and takes you through
easy steps to get your money back from the
dastardly airline.
Brilliant. If only someone could automate
getting a refund from the traffic enforce-
ment shysters. (I worked for the Met when
clamping and towing away was introduced,
so I know how and why councils might
make refunds so hard to get).
If you want to exploit this gap in the
mobile apps market, you may want to talk
to MobileNationHQ
(www.mobilenationhq.com). This nifty busi-
ness helps rank amateurs develop mobile
apps through their web browsers. If you
can use Powerpoint you can build an app,
so the company says.
l Nick Booth edits www.mobileb2b.co.uk
Ulysse Nardin is another Swiss watch com-
pany, and one thats famous for making
such out-of-this-world watches that one of
its creations was simply given the name Le
Freak. Its phone, going under the appropri-
ate title of the Chairman, was released in
2009 and is properly groundbreaking it
creates its own supplementary energy by
incorporating the self-winding technology
used in watchmaking. On its reverse, a cir-
cular porthole reveals a winding rotor, just
as youd see on the underside of an open
caseback watch. www.uns.com
THE CHAIRMAN
from Ulysse Nardin
R
OMAIN Jerome and Christophe
Claret are both watch-making names
associated with boundary-breaking.
Claret is famous for creating incredi-
bly complex mechanisms; Romain Jerome
has made watches incorporating moon
dust, bits of the Titanic and volcano ash.
This year both have made waves with
new creations that have fun with geeky
male obsessions. Romain Jeromes Space
Invaders piece plonks the celebrated
Seventies arcade game on the face of the
watch itself, with a relief-cut dial that looks
as though its formed from pixels.
Christophe Clarets remarkable 21
BlackJack is a watch that, by entirely
mechanical means, carries three different
casino games: dice, roulette, and blackjack.
Thats right it can deal a full deck of cards,
and it can do so in 884,736 combinations.
With a six-figure price tag and just 21 being
made, youll need a big win to own one.
www.romainjerome.ch
www.manufactureclaret.com
Watches for the discerning gadget geek
Mysterious French company Celsius X VI II created this
wonder, which includes an incredibly complicated, micro-
engineered tourrbillon clock mechanism in the the clam-
shape handset. It is, of course, absolutely pointless,
especially given a price tag that runs to six figures. The
constant rotation of the tourbillon mechanism is some-
thing one can stare at for hours while pondering the
meaning of your life. Not that this will give any answers.
LE DIX
by Celsius X VI II
Far left and above:
TAG Heuers new Link
smartphone.
The TubeTap app can get you refunds on journeys.
JUDE LAW
ON STAGE
IN REVIEWS
TOMORROW
T
E
R
R
E
S
T
R
I
A
L
TORCHWOOD: MIRACLE DAY
BBC1, 9PM
The team goes undercover and learns
the truth about the miracle but the
enemy is closing in, and death is about
to make a shocking return.
MONTY HALLS GREAT IRISH
ESCAPE BBC2, 8PM
Monty Halls returns to his roots as a
marine biologist visiting the west
coast of Ireland, where he undertakes
research on whales.
CORONATION STREET
ITV1, 8.30PM
Lloyd jumps to conclusions when he
sees Cheryl comforting Chris, and
Leanne buys a birthday card for Stella
and asks Eva to pass it on.
BBC1
SKY SPORTS 1
7pmLive Carling Cup Football
10.15pmTest Cricket 12.15am
Carling Cup Football 1.45am
Premier League World 2.15am
The Sky Sports Years 3.15amTest
Cricket 5.15amPremier League
World 5.45am-6amSky Sports
Classics
SKY SPORTS 2
6pmLive USPGA Championship
Golf 12amAmericas Cup World
Series 12.30amTime of Our Lives
1.30amNFL: Total Access
2.30amCarling Cup Football
4am-4.30amAmericas Cup
World Series
SKY SPORTS 3
7pmNRL Fulltime 7.30pmLive
Championship Rugby League
9.30pmSuper Leagues Supermen
10pmWWE: Late Night Raw
12amWWE: NXT 1amWWE
Special 2amNRL Fulltime 2.30am
Championship Rugby League
4.30amSuper Leagues Supermen
5am-5.30amSailing
BRITISH EUROSPORT
4pmLive WTA Tennis 9.45pm
WTA Tennis 11.30pm-12.30am
Cycling
ESPN
6.45pmESPN Press Pass 7.15pm
Premier League World 7.45pm
Goal! 8.15pmESPN Game of the
Week 8.45pmPremier League
Preview9.45pmESPN Kicks:
Extra 10pmBlancpain Endurance
Series 11pmUFC Unleashed 12am
Live NFL Countdown 1amLive
NFL 4.15amESPN Kicks: Extra
4.30amBlancpain Endurance
Series 5.30am-6amESPN Press
Pass
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmTeen Wolf
9pmBritain & Irelands Next
Top Model 10pmCriminal Minds
11pmChick Fix 12amCSI: Crime
Scene Investigation 1.50am
Ghost Whisperer 2.40am
Charmed 4.20amNothing to
Declare 5.10am-6amMaury
BBC THREE
7pmTop Gear 8pmThe Worlds
Strictest Parents 9pmOur War
10pmEastEnders 10.30pmThe
Pranker 11pmFamily Guy
11.45pmAmerican Dad! 12.50am
The Pranker 1.20amUnderage
and Pregnant 1.50amOur War
2.50amThe Worlds Strictest
Parents 3.50amUnderage and
Pregnant 4.20am-5.20am
Cherrys Parenting Dilemmas
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmFriends 9pm
The Big Bang Theory 9.30pm
How I Met Your Mother 10pm
Little Box of Horrors 10.30pm
PhoneShop 11pmBeaver Falls
12.05amMy Name Is Earl
1.05amHow I Met Your Mother
1.30amLittle Box of Horrors
1.55amPhoneShop 2.25amGlee
3.10amSmallville 3.55am
Heartland 4.40am-6amSwitched
HISTORY
7pmThe Six Wives of Henry VIII
8pmIce Road Truckers 9pm
Pawn Stars 10pmStorage Wars
11pmDeep Sea Salvage 12am
Pawn Stars 1amStorage Wars
2amDeep Sea Salvage 3amThe
Six Wives of Henry VIII 4am
Ancient Discoveries 5am-6am
The Universe
DISCOVERY
7pmMythbusters 9pmAmerican
Loggers 10pmLast Shuttle: The
stories of astronauts and
engineers. 11pmSurviving the Cut
12amBear Grylls: Born Survivor
1amAmerican Loggers 2amLast
Shuttle 3amDeadliest Catch
3.50amAliens of the Deep Sea
4.40amTreasure Quest
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmLittle
People, Big World 9pmParalyzed
and Pregnant With Twins 10pm
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Fill the grid so that each block
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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 Happen to (6)
4 Not many (3)
6 Independent ruler (4)
8 Contrition (7)
11 Unit of length equal
to 45 inches (3)
12 Nautical term meaning
to hold rm or stop (5)
13 Closer to the centre (5)
14 Dog ___, tattered (5)
15 Consciousness of ones
own identity (3)
16 Anew (5)
17 Use water to
remove soap (5)
19 Augmenting (5)
21 Shortened forename of
US president Lincoln (3)
22 Receptacles for plugs (7)
23 Girdle (4)
24 Poem with complex
stanza forms (3)
25 Stayed temporarily (6)
DOWN
1 Country formerly
known as Upper
Volta (7,4)
2 In a higher position (5)
3 Fewer (4)
4 Permitted to graze
or forage rather than
being conned (4-5)
5 Having tasteful
clothing and being
neat (4-7)
7 Remarkably rapid (8)
9 Hard brittle greyish-
white metallic
element (9)
10 Noteworthy
scarcity (8)
18 Marked with
printing uid (5)
20 Cosmetic preparation
used to darken the
edges of the eyelids (4)
A
S
T
E
H I
F
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4
4
4

C R O C U S F P
O U A B R O A D
O N T O T E R
K L S E V E N T Y
I M A G O Z Y
E W I D O W E R U
B N A S H E N
T A R G E T S E L
B H E I S L E
P E D A L S U S
L M T R U S T S
8 4 3 2 8 9 3
4 3 2 1 7 8 5 9
9 5 6 8 4 2 1 4
6 2 1 1 8 2 7
7 1 4 7 9 8 6 5
9 2 3 6 1
4 3 5 1 2 7 6 1
9 7 9 8 2 7 6
2 1 5 6 8 7 9 3
8 5 9 6 2 1 8 4
2 8 4 1 3 5 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
UNASHAMED
Lifestyle | TV&Games
CITYA.M. 11 AUGUST 2011 24
Sport
Zara Phillips joined Dee Caffari on Artemis Ocean Racing in the Artemis Challenge Picture: GETTY
FIERCE winds caused damage to boats
and saw yesterdays Extreme Sailing
Series action called off but that did-
nt prevent an array of thrilling rac-
ing at Aberdeen Asset Management
Cowes Week, with a sprinkling of roy-
alty and Hollywood thrown in.
A-list actor Ewan McGregor and
Zara Phillips, daughter of Princess
Anne and top equestrienne, were
among the stars who took part in the
Artemis Challenge, and the gusts did-
nt spare them, McGregor feeling the
full force of a wave in the face.
McGregor joined Alex Thomson on
Hugo Boss while Phillips and TV pre-
senter Natalie Pinkham partnered top
round-the-world sailor Dee Caffari,
but neither finished on the winning
side in the charitable contest.
Vincent Rious PRB was the first of
Boat damage
and races hit
in high winds
BY FRANK DALLERES
COWES WEEK
the four IMOCA 60s across the line in

the days first race, with Bernard
Staums Cheminees Poujoulat sec-
ond, Thomson and McGregor third
and Caffaris crew a close fourth.
Elsewhere, Chris Froy, Andrew
Shaw and Alan Roberts Phoenix leads
the 145-strong XOD class by seven
points after winning yesterdays
fourth race, their second of the week.
George Davids Rambler was first
across the line in the IRC Big Boat
class, but Niklas Zennstroms won on
corrected time, while Tony Lowes
Incognito took his second race victory
in the First 40.7s.
Winds of up to 30 knots caused
organisers to abandon the fifth day of
the Extreme Racing Series, one of the
main attractions at Cowes, while the
weather damaged boats. Three J109s
suffered broken hulls, as did larger
boats, like Richard Matthews
Humphreys 54 Oystercatcher XVIII.
E
LBOWING my way forward
through the crowds to get a
view of the action, I got out
amongst it to watch the starts of
the Royal Yacht Squadron yesterday.
The four super yachts started their
round-the-island race and Rambler,
the 100ft Ferrari equivalent, looked
amazing with its huge code zero
crossing the start line at speed. It
looked equally impressive four-and-a-
half hours later after her circumnavi-
gation with her spinnaker up.
The best start to watch at Aberdeen
Asset Management Cowes Week,was
the XODs, setting off from the Royal
Yacht Squadron start line for the first
time. I cant imagine what was going
through the sailors minds trying to
decide where to start and how to posi-
tion themselves for the beat, without
hitting other boats, or being buried
deep in the pack really difficult!
I also had the exciting chance to be
fifth man in the Extreme 40s first
race of the day. I was placed with
Team Extreme, a boat helmed by
Roland Gaebler, the current World
Tornado Champion from Germany
who sails. My husband Adam and I
have managed this once, so hats off
to these two its not an experience I
will be repeating.
I was on board for the first race of
the day and, even though I knew I
wasnt allowed to do anything, I had
the odd butterfly in the tummy.
The Extreme 40 is the polar oppo-
site to the Yngling the boat I sailed
in at the Olympics. The Yngling is
slow, wet and uncomfortable; while
the Extreme may also be wet, its cer-
tainly not slow. During our race we
had very light winds, not ideal condi-
tions, but it was still exhilarating and
nothing like anything I had ever
done. Best of all we won their first
win so I got off as their lucky charm
and maintain a clean record.
I finished the day by presenting the
Ladies Day Trophy to Tina Scott. As
the XOD captain she keeps the class
and their centenary celebrations
going smoothly while competing in
her own boat.
The other highlight of the awards
ceremony was meeting Tom Tait, the
90-year-old XOD skipper. He seemed
very nimble on his pins and skipper-
ing a boat in that fleet? Brilliant. If I
can be doing half as much as him at
that age Ill be doing well.
The chat I was least expecting was
with Gavin Hastings, ex-Scotland
rugby player and an Aberdeen
Ambassador, who was down in Cowes
for a few days. I saw him on and off
during the day and his opening gam-
bit was he was a convert as a non-
sailor he loved the action and the
atmosphere.
We discussed that New Zealands
prime minister had commented on
Englands completely black second
strip. Gavin recalled facing the All
Blacks in Cardiff in 1991, his team in
Scottish blue and them wearing
white. He reckoned their whole aura
disappeared and the strength of their
team was diminished.
COWES WEEK DIARY
SARAH GOSLING
Mixing with stars, racing with a couple and being a lucky charm
Olympic champion
shares Cowes Week
diary with City A.M.
ARSENAL captain Cesc Fabregas is
expected to be confirmed as a
Barcelona player by the weekend,
thereby ending the summers
longest running transfer saga.
The Gunners are set to receive a
fee of around 35m for the
Spaniard (right), who joined the
club as a 16-year-old eight years
ago from the current
European champions,
and potentially an addi-
tional 5m in perform-
ance related payments.
Manager Arsene
Wenger has made
only two significant
purchases this sum-
mer in the shape of
Ivory Coast forward Gervinho and
England Under-21 international Alex
Oxlade-Chamberlain.
But the clubs board are to allow the
Frenchman the opportunity to bolster
his squad by reinvesting the Fabregas
money.
Wenger is keen to add to his defen-
sive options, particularly at centre-half,
and the club are already believed to be
in negotiations with Birmingham for
6.5m rated Scott Dann.
The Arsenal boss may also
revive his interest in Boltons
Gary Cahill and Evertons Phil
Jagielka and is likely to up
his offer for Valencia for-
ward Juan Mata should
midfielder Samir Nasri, as
expected, complete a
22m move to big-spend-
ing Manchester City.
Sport
26
BY JAMES GOLDMAN
FOOTBALL
Fabregas on verge of
rejoining Barcelona
Donald can end another cracking
year for Europe with USPGA win
I
TS BEEN another fantastic year
for European golf at the Majors
and I can see Luke Donald top-
ping it off with victory in the
USPGA at the Atlanta Athletic Club.
As ever the lengthening of the
course it measures 270 yards more
than when David Toms won here a
decade ago gets mentioned, but
with the rough as wild as it, is accu-
racy rather than distance that will
be the key off the tee.
In that respect, Donald has few
equals and with another solid per-
formance behind him last week at
the WGC Bridgestone Invitational
hell be full of confidence.
People might focus on the fact he
was again the bridesmaid at
Firestone, but he was never really
within striking distance and four
rounds in the 60s suggests his game
is very much in order.
Its also worth remembering he
was beaten by a rejuvenated Adam
Scott, and he too should be a lead-
ing contender this week. A lot is
made of the failure of the likes of
Donald and Westwood to win
Majors, but its equally astonishing
the Aussie is yet to break his duck.
I was encouraged by Tiger Woods
performance on his comeback too
and was particularly pleased to see
him no longer slashing at the ball.
Having said that,with the field so
strong this week, I feel it might be
too soon for him to be considered a
real danger.
Another American, Rickie Fowler,
has won a lot of admirers this year,
particularly after the way he
warmed to a challenging task at the
Open, but I expect the home chal-
lenge to be led by Dustin Johnson.
Having preached the importance
of accuracy it might seem a little
odd tipping the biggest hitter in the
game. But so tight are the fairways
that its inevitable youre going to
find yourself in the rough stuff, and
if you are, its certainly more desir-
able to be hacking your way out
from as close to the hole as possible.
GOLF COMMENT
SAM TORRANCE
ENGLAND fast bowler Tim Bresnan
dismissed India coach Duncan
Fletchers claims that conditions were
to blame for his sides latest capitula-
tion on the opening day of the third
Test at Edgbaston.
Bresnan and Stuart Broad shared
eight wickets as the tourists were
bowled out for 224 the fifth consecu-
tive occasion on which they have
failed reach 300 in the series inside
63 overs and finished the day only 140
in credit with England 84 without loss
at the close.
England undoubtedly benefited
from the first use of an Edgbaston
green top after captain Andrew
Strauss won the toss, but Indias bats-
men were largely architects of their
own downfall, not that Fletcher saw it
that way.
Unfortunately that toss was pretty
important, said the man who master-
minded Englands 2005 Ashes tri-
umph.
I have not seen three pitches, even
when I was with England, that have
swung and seamed around as much as
these have]. Our guys are finding it dif-
ficult at the moment to handle the
swing and seam.
Bresnan, however, believed Fletcher
was exaggerating the nature of a
pitch, which looked anything but
threatening while Englands openers
Andrew Strauss and Alastair Cook
were making hay.
As a seamer you look at the wicket
and think Id prefer to bowl on there
than watch someone bat on it, he
said.
But it didnt really do that much.
We were expecting it to be a bit quick-
er and seam a bit more than it did - so
its a good effort.
India had recovered well from the
loss of the returning Virender Sehwag,
who gloved his first ball to Matt Prior
off Stuart Broad, but a clatter of wick-
ets before lunch put England in con-
trol.
Bresnan accounted for both
Gautam Gambhir and Rahul Dravid,
while Sachin Tendulkar and VVS
Laxman both fell cheaply after lunch
to Broad and James Anderson, respec-
tively.
At one stage India were 111 for 7, but
a brutal knock of 77 from skipper MS
Dhoni threatened briefly to sway the
momentum in Indias favour.
But that notion was dispatched by
Strauss and Cook, who have both been
short of runs of late, with the England
skipper finishing unbeaten on 52 his
first half century in his last eight
Tests to round off a near perfect day.
Bresnan leads
the onslaught
as India are
routed again
BY JAMES GOLDMAN
CRICKET
Yorkshire all-rounder amongst the wickets once more

as tourists fail to bat out the opening day at Edgbaston
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Bresnan took 4 for 62 and
Broad 4 for 53 as India were
bowled out for 224 on day one
Picture: GETTY
SPURS manager Harry Redknapp
expects his sides Premier League
opening day fixture against Everton
at White Hart Lane to go ahead,
despite the rioting which has caused
havoc throughout the capital this
week.
Tottenham has been one of the
worst affected areas, with arson and
looting devastating N17, but
Redknapp last night spoke out,
underlining his desire to be able to
face Everton at the weekend.
He said: Hopefully it will be OK. It
is different if all the games are off but
there is nothing worse than being left
behind at the start of the season.
A lot depends on what happens
[overnight]. Then we have to make a
decision. If it all quietens down, hope-
fully things can get back to normal.
His Everton counterpart David
Moyes, whose own city of Liverpool
was targeted by rioters on Tuesday, is
similarly keen for the fixture to go
ahead.
He said: As a result of recent
events, football has already suffered
and we need to ensure that this stops
immediately so thousands of people
up and down the country can enjoy
one of the most anticipated weekends
of the year, the start of the Premier
League season.
There can be no justification for
the shocking display of behaviour
that has been witnessed throughout
the city of Liverpool and the rest of
the country over the past few days.
A decision is expected to be made
today on whether the full top-flight
programme can go ahead as planned,
following days of riots that started in
London and spread across the coun-
try.
QPR owner and Formula One boss
Bernie Ecclestone has warned post-
poning games would send a terrible
message to the rest of the world and
called the axing of Englands mid-
week friendly against Holland a dis-
aster.
As well as the England game, mid-
week Carling Cup fixtures at West
Ham, Charlton and Crystal Palace
were all called off after police told
clubs their officers would be more
urgently required elsewhere. A friend-
ly in Watford between Nigeria and
Ghana was also canned.
Clubs continue to discuss with
police and local authorities whether
their weekend matches can go ahead
as planned.
The reduction in violence on
Tuesday night has made postpone-
ments less likely, while it is under-
stood the Premier League is keen that
decisions are not left to the last
minute, which would inconvenience
travelling fans.
SPORT | IN BRIEF
Torres injury fears played down
FOOTBALL: Fernando Torres faces a race
to be fit for Chelseas Premier League
opener against Stoke after limping out of
Spains friendly against Italy last night.
The striker was substituted after 15 min-
utes with what looked like an ankle injury
but Spanish coaching staff later con-
firmed that he had suffered a light con-
cussion.
Foden starting to feel the heat
RUGBY UNION: Ben Foden admits he
faces a crucial weekend in his bid to nail
down a starting berth at the World Cup.
Foden is likely to regain his place when
Martin Johnson names his team today for
Saturdays fixture against Wales. There's
more pressure than ever, he said.
Travel tool for 2012 ticketholders
OLYMPICS: Ticketholders have been pro-
vided with a new travel tool which will
help them to plan their journies ahead of
next years Games. Visit www.lon-
don2012.com/travel for details.
Redknapp hopes
Tottenham clash
gets green light
BY FRANK DALLERES & JAMES GOLDMAN
FOOTBALL
27
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email sport@cityam.com
Stoke back in
for Spurs duo
STOKE CITY have made a final
offer to Spurs in their ambitious
attempts to complete the double
signing of England striker Peter
Crouch and midfielder Wilson
Palacios. Weve made our last bid.
The ball is in their court. We shall
not be negotiating from where we
are, said Stoke chairman Peter
Coates. The last conversation I had
with Spurs, we had not agreed any-
thing. Well see what happens, but
we havent got any further.
STARS COME OUT FOR
ARTEMIS CHALLENGE
EWAN MCGREGOR GETS ON
BOARD AT COWES: P25
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