Cityam 2011-11-02

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2009 2010 2011
Apr Apr Jul Jul Oct Oct Apr Jul Oct
7
6
5
4
3
2
2009 2010 2011
Italy
Germany
ANALYSIS l Italian 10-year spreads over bunds hit record high
%
ANALYSIS l The CAC index dropped on the announcement
26 Oct 27 Oct 28 Oct 31 Oct 1 Nov
3,200
3,100
3,300
3,400
3,068.33
1 Nov
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FTSE 100 5,421.57 -122.65 DOW 11,657.96 -297.05 NASDAQ 2,606.96 -77.45 /$ 1.59 -0.02 / 1.16 unc /$ 1.37 -0.02
THE GREEK government was on the
verge of collapse last night as Prime
Minister George Papandreou reject-
ed calls for him to cancel the pro-
posed referendum on the Eurozone
rescue package.
Early this morning, the cabinet
agreed to back the referendum.
In another shock announcement,
the top brass in Greeks armed forces
were sacked en masse last night.
The CIA warned in May that aus-
terity measures risked provoking a
military coup. A military junta
ruled Greece between 1967 and 1974.
Two socialist MPs defected, cut-
ting the governments majority to
one. A further six leading socialists
called for Papandreous replace-
ment. Finance minister Evangelos
Venizelos was hospitalised after
stomach pains, missing crisis talks.
No one will be able to doubt
Greeces course within the euro
after the referendum, Papandreou
insisted last night. A confidence vote
is set for Friday, and the opposition
from within Papandreous own party
may cause the government to fall,
prompting an election.
Analysts believe the governments
fall would result in the IMF negotiat-
ing the ongoing bailout with govern-
BY TIM WALLACE
EUROZONE
BUSINESS WITH PERSONALITY

ing PASOK and the opposition New
Democracy party. The same process
was undertaken in Portugal, allow-
ing the state to avoid bankruptcy,
whoever won the following election.
French President Nicolas Sarkozy
summed up the mood on the refer-
endum: This announcement sur-
prised all of Europe, he said.
European Council leader Herman
Van Rompuy and Commission boss
Jose Manuel Barroso said: We are
convinced that this [rescue] agree-
ment is the best for Greece. We fully
trust that Greece will honour the
commitments undertaken in rela-
tion to the euro area and the interna-
tional community.
An emergency meeting was called
in Cannes today ahead of tomorrows
G20 conference. Papandreou will
meet EU leaders and the IMF.
Markets had risen on the EUs
package last week, but crashed on
news of the referendum. The DAX
tumbled five per cent to 5834.51.
And early this morning Japans
Nikkei share average took a bath,
falling two per cent on opening.
The yield on 10-year German
bunds dropped 26 basis points (bps)
to 1.77 per cent, as investors sought
safe havens, while UK gilt yields fell
23bps to 2.21 per cent.
Meanwhile the yield on ten-year
Italian government debt rose 10bps
to 6.19 per cent and Greek yields
soared to 24.647 per cent.
By threatening a referendum,
which could result in a disorderly
default and exit from the euro,
Papandreou is trying to extract bet-
ter terms from Germany, Schneider
FXs Stephen Gallo told City A.M.
ALLISTER HEATH: P4
Certified Distribution
29/08/11 till 02/10/11 is 98,447
www.cityam.com FREE Issue 1,502 Wednesday 2 November 2011
Osbornes
real views
on Tobin tax
CHANCELLOR George Osborne has
serious doubts about whether a Tobin
tax is viable even if it were applied
globally, City A.M. can reveal.
In a private letter sent to bank chiefs
on Monday and seen by City A.M., the
chancellor appears to contradict his
public stance that he is firmly in
favour of a Tobin or financial transac-
tion tax (FTT) if only there were sup-
port to impose it globally.
Responding to an industry-wide let-
ter opposing the EUs plans for a Tobin
tax, Osborne assures them that the
necessary international consensus
does not exist to impose it.
But he then goes further than his
public stance: Beyond this, he writes,
I agree there would need to be fur-
ther discussions about whether any
FTT model offers an efficient mecha-
nism to raise revenue.
The private reassurance to bankers
that he remains unconvinced about
even a global Tobin tax using any FTT
model, despite his public support for
one, will relieve many in the City but
could leave him vulnerable to charges
of hypocrisy.
The City has mobilised to oppose an
EU Tobin tax, which is supported by
the European Commission and the
French. Last night, the Archbishop of
Canterbury backed such a levy.
MORE: P6
JOBS BLOODBATH
CREDIT SUISSE
AND NOMURA
ARE LATEST TO
WIELD THE AXE
P11
Chancellor Osborne Picture: REUTERS
Prime Minister
Papandreou faces
a rebellion within
his socialist party.
Picture: GETTY
BY JULIET SAMUEL
EXCLUSIVE
REVEALED
ANALYSIS l Greek 10-year spreads over bunds are shooting up
2009 2010 2011
30
25
20
15
10
5
0
Greece
Germany
%
ANALYSIS l German stocks fell on the news of the referendum
6,000
5,800
6,200
6,400
5,834.51
1 Nov
GREECE CLOSE
TOMELTDOWN
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News
4 CITYA.M. 2 NOVEMBER 2011
KKR nears a
Samson deal
PRIVATE equity company KKR & Co is
in exclusive talks to buy most of
Samson Investment Co, a privately
held US oil and gas company, in what
could be the biggest buyout of the
year.
The private equity firm is not likely
to want Samsons Gulf of Mexico
assets, one source said.
While the whole company could be
worth $8bn to $10bn, KKRs bid with-
out the Gulf Of Mexico assets is likely
to be in the range of $7bn, that source
said.
KKR is still doing due diligence and
the deal could fall apart, sources said.
But if it succeeds, the takeover could
be the biggest-ever leveraged buyout of
an oil and gas company.
Family-owned Samson, based in
Tulsa, Oklahoma, operates more than
4,000 wells and has interests in more
than 11,000 wells, according to the
companys website.
It has access to potentially lucrative
shale gas assets that may have tempted
KKR to enter the oil and gas sector,
which has been generally avoided by
private equity until recently due to its
links to volatile commodity prices.
The sale process of Samson has been
underway for months. Sources said
last month that the company hired
investment bank Jefferies Group to
advise on the process.
BY HARRY BANKS
M&A
Why the Archbishop has got it wrong

I must confess that Im glad not to be a
member of the Church of England, an
institution that has been hemorrhag-
ing members ever since anybody can
remember. While I have the deepest
respect for the remaining band of
Anglican churchgoers (though not for
the CoEs leadership), I cant say Im
surprised by the Churchs latest woes.
It has long since turned its back on
its core competence of bread and but-
ter theology and helping its members
navigate life, preferring instead to
turn itself into a politicised advocacy
group. It is more interested in fighting
capitalism, calling for ever more gov-
ernment spending and higher taxes
and jumping onto every fashionable
left-wing bandwagon (the most recent
being banker-bashing and Tobin
taxes), rather than talking about God
(whom its clerics presumably still
believe in), the difference between
right and wrong in personal decisions,
and how responsible individuals can
do good themselves through their
behaviour, choices and private charity.
Poverty is idolised, material gain
demonised and envy rationalised. The
collapse of the Berlin wall and the
astonishing wealth-creation (for
which capitalism and globalisation
are entirely responsible) that has
enabled scores of people in emerging
nations to climb out of abject poverty
has completely passed by the CoEs
establishment. Rowan Williams, the
Archbishop of Canterbury, sounds
more like an anti-growth environmen-
tal radical or a traditional, pre-Blair
socialist Labour politician, rather than
a man interested in spreading the
word of God. There is no longer room
in his church for conservatives, free
marketeers or capitalists or even for
mainstream folk who work hard and
honestly to better the living standards
of their families and dont want to feel
bad about it. This is not a dispute
about ethics it is about a weirdly
ignorant rejection of the foundations
of our modern, prosperous societies.
Everybody knows that the peculiar
economic system that we had during
the noughties its strange combina-
tion of big government, free markets,
rigged markets and ultra-low interest
rates failed and needs reform. My
view is that we need to embrace the
discipline of real capitalism and ban-
ish the moral hazard and risk-taking
that corporatism and bailouts guaran-
tee and return to sound money with
properly priced credit. Others prefer
different solutions. But everybody
with a heart wants to fight unemploy-
ment, improve the prospects of the
poor, and make the world a better
place. It is just that we disagree on the
means to achieve this. So it is sad that
Williams, who clearly has never both-
ered to engage with the arguments,
books or research of his intellectual
opponents, still speaks as if he had a
monopoly on morality and wisdom. It
pains me to say this but he and the
protesters deserve each other.
GREEK TRAGEDY
THERE are three lessons from yester-
days nonsense. Greece will probably
default and quit the euro; sacking mil-
itary chiefs and calling a high-risk ref-
erendum smacks of desperation.
Second, watch Italian government
bond yields: if they rocket above 7 per
cent, we will be in real trouble. Third,
the current bailout plans are useless.
Expect another summit and eventu-
ally, when all else fails, the European
Central Bank to start printing money
and political tensions to keep on ris-
ing and rising. If this sounds bad,
thats because it really is.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Horta-Osorio to quit Lloyds job
Antnio Horta-Osrio, the chief execu-
tive of Lloyds Banking Group who joined
the lender at the beginning of the year,
is poised to step back from his role as
chief executive due to health reasons,
the Financial Times reported this morn-
ing. The paper claims it will be revealed
at a board meeting today that Horta-
Osrio, who joined the bank from
Santander, has been told by his doctors
to step down from the role on grounds
of stress.
Madoff trustee loses JPM case
A US judge last night threw out most
of a $19.9bn (12.46bn) lawsuit against
JP Morgan Chase and a $2bn case
against UBS by the trustee seeking
money for victims of epic swindler
Bernard Madoff's fraud. The decision is
one of the largest setbacks for the
trustee, Irving Picard, who has spent
nearly three years liquidating Bernard
L Madoff Investment Securities LLC.
JPMorgan had been Madoffs main
bank for two decades. The decision
wipes out about $19bn of Picards case
against the largest US bank, a person
familiar with the matter said.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
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Henry Kravis, co-chief
of KKR, is in line to
make the biggest buy-
out of the year if talks
with Samson succeed
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
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 Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
NEWS CORPORATION agreed to pay
hundreds of thousands of pounds to
an early phone-hacking victim
because it recognised that evidence
from the case was fatal to its claims
of innocence, new evidence released
yesterday claimed.
Briefing notes and emails between
News Corp lawyers and handed over to
the parliamentary committee investi-
gating the scandal make it clear that
several senior executives were aware of
the problem in 2008.
News Corps senior counsel Michael
Silverleaf QC told his clients that there
was a culture of illegal information
access at the media group involving
at least three of its reporters.
The evidence suggested that lawyers
for News Corp agreed to a huge pay-off
to the victim, soccer players union
boss Gordon Taylor, who had got hold
of a evidence that implicated that
other News of the World journalists
were involved as well as Glen Mulcaire.
BY KASMIRA JEFFORD
MEDIA
News Corp papers emerge

Rupert Murdochs News Corporation came under pressure after new evidence yesterday
NEWS | IN BRIEF
BIG AREAS STILL LACK 3G, SAYS OFCOM
Nearly 90 per cent of the UKs land
mass and a quarter of buildings are
unable to receive all five 3G phone net-
works a decade after the introduction
of the mobile licences, according to
the telecoms regulator. In its first
report on the UKs communications
infrastructure, Ofcom said that almost
7.7m homes and workplaces did not
have a choice of all five 3G networks,
which allow fast internet access.
QUESTION MARK OVER SECURITY
COSTS OF THE OLYMPICS
The full cost of Olympic security will
not be known until after the games, a
senior official has said, raising uncer-
tainty over a key element of the
London 2012 budget. Chris Allison, the
national Olympic security co-ordina-
tor, told the London Assembly: I cant
tell you what the final costs are going
to be. . . I just dont know.
SNP REVIVES PLAN FOR A MINIMUM
ALCOHOL PRICE
A bill to set a minimum price for alco-
hol has been reintroduced by the
Scottish government, despite warn-
ings that the measure might breach
European law. An earlier attempt by
the Scottish National party govern-
ment was blocked by opp osition par-
ties. Since then , in May elections, the
nationalists have won an outright
majority at Holyrood . The plan is like-
ly to be passed by next summer.
JAPAN RESTARTS NUCLEAR REACTOR
Japan was due to restart its first
nuclear reactor on Tuesday after the
Fukushima disaster in March, a sym-
bolically important first step before
dozens of idled reactors can be
brought back online. However, hopes
for confidence in the sector were hit
early this morning when Tokyo
Electric Power warned that it had
detected a possible nuclear fission at
its No 2 reactor at the Fukushima
plant.
FOSTER REVEALS PLAN FOR THAMES
AIRPORT TO RIVAL BORIS ISLAND
Britain must capitalise on its
Victorian heritage and the experience
of booming Asian economies to over-
haul its transport system, the archi-
tect Lord Foster of Thames Bank will
argue today as he unveils plans for a
new hub airport in the Thames
Estuary. The four-runway airport,
built partly on reclaimed land, will be
served by the countrys busiest rail-
way station with high-speed connec-
tions to London, the North and
mainland Europe.
HIGH STREET COMPLAINS OF TESCO
HAIRCUT
Long the scourge of corner shops,
Tesco is now facing the wrath of hair-
dressers, who say that its move to
offer 12.50 haircuts in stores could
threaten their livelihoods, the Forum
of Private Business warned yesterday.
CAMERON FACES REBELLION OVER
PETROL PRICES
David Cameron is facing the prospect
of a backbench rebellion over petrol
prices, after more than 80 MPs sup-
ported calls for the Government to
tackle rising fuel tax. The issue will be
debated in parliament within two
weeks, following a campaign against
next years 3p increase in duty led by
Robert Halfon, a Conservative MP.
QATAR TO HOLD NATIONAL DEMOCRATIC
ELECTIONS FOR THE FIRST TIME
The Emir of Qatar, one of the worlds
few remaining absolute monarchs,
announced he would allow the hold-
ing of national democratic elections
for the first time. Sheikh Hamad bin
Khalifa al-Thani said there would be a
vote for an advisory council in 2013, in
line with a constitution introduced
eight years ago. The decision is anoth-
er victory for the Arab Spring.
ZIMBABWE FIELD CLEARED TO EXPORT
DIAMONDS
Diamond regulator Kimberley
Process has given the green light for
exports of stones mined in
Zimbabwes Marange fields, ending a
standoff between supporters of the
deal and critics who warned the sales
could fuel human-rights abuses.
TURKISH PEASANT BANKER FACES
SALE
Hakan Ates, chief executive of
DenizBank AS, is proud to say he is
the cost-cutting peasant of Turkey's
banking industry; it has made his
bank a winner from two economic
crises. Half a dozen buyers are inter-
ested in acquiring DenizBank, one of
Turkeys fastest-growing banks, from
Dexia SA, the troubled Belgian-
French lender that is being broken up
and nationalized, according to a per-
son familiar with the matter.
WHAT THE OTHER PAPERS SAY THIS MORNING
BANKRUPT US broker MF Global flout-
ed rules on keeping client and compa-
ny funds in separate accounts, the
head of the Chicago Mercantile
Exchange claimed yesterday.
Under rules set by the CME and the
Commodities and Futures Trading
Commission (CFTC), companies must
hold client assets separately from
those belonging to the company, but
the exchange said preliminary investi-
gations had revealed shortfalls in
some of MFs customer accounts.
CME has determined MF Global is
not in compliance with CFTC and CME
customer segregation requirements,
said the exchanges chief executive
Craig Donohue.
It is not yet clear whether any client
money is missing or the apparent
shortage is the result of bookkeeping
errors.
MF Globals lead attorney, Ken
Ziman, said all of the funds in the
companys broker dealer are account-
ed for. To managements best knowl-
edge, there are no shortfalls in bro-
kerage accounts, he said in court.
The firm, led by ex-Goldman Sachs
boss Jon Corzine, filed for bankruptcy
protection in the US on Monday.
The previous week its stock and rat-
ing had been hit by huge losses on bets
made on Eurozone sovereign debt,
and it was forced to turn to Chapter 11
proceedings when attempts over the
weekend to find a buyer failed.
Work has already begun in the UK
to close out creditor positions related
to MF Globals British arm, the first to
be processed through the new Special
Administration Regime.
Sources close to the administrators
told City A.M. they had been fielding
calls all yesterday from worried clients.
Client money
not separated
at MF Global
JEFFERIES decided not to buy MF
Global Holdings because the compa-
nys high leverage and its bets on
European debt made it a risky gamble,
Jefferies chief financial officer
Peregrine Broadbent said yesterday.
Shares in the US bank tumbled as
much as 14 per cent as investors
feared that the investment bank,
another relatively small Wall Street
player, could get burned by bad bets
on Europe the same way MF Global
did, analysts said.
Broadbent said he spent the week-
end at MF Global offices examining its
financial statements to see whether
any of its businesses were worth pur-
chasing.
Meanwhile, trading companies that
provided services to MF Global rushed
to reassure investors that the demise
would not badly affect them.
Fidessa, which sold its trading plat-
form technology to MF Global, played
down the loss, saying it would not be
materially affected by its closure,
though analysts said it could lose up
to 2m from its annual revenues.
Software maker Patsystems, which
said MF Global was an important cus-
tomer, also admitted it would lose
3m of revenue and 300,000 in
unpaid invoices from its collapse.
Jefferies said it
walked away
from MF offer
BY ELIZABETH FOURNIER
FINANCIAL SERVICES
MF Global, a US futures broker, held $7.3bn

(4.5bn) in customer assets as of 31 August
Its bankruptcy is the eighth-largest in the US in
the past 30 years. Lehman Brothers is the largest.
FAST FACTS | MF GLOBAL
News
Ex-Goldman Sachs boss Jon Corzine has led MF Global into bankruptcy Picture: GETTY
MEET THE LAWYERS
ADAM PLAINER
WEIL GOTSHAL &
MANGES
LAW firm Weil Gotshal & Manges has
been appointed as legal adviser to the
administrators to MF Global in relation
to its UK operations, having applied
late on Monday for the appointment of
KPMG partners Michael Pink, Richard
Fleming and Richard Heis to the role.
The Weil Gotshal team will be led by
restructuring head Adam Plainer, who
has been advising creditors on the
unwinding of several of the structured
investment vehicles (Sivs) that went
into receivership.
Plainer was locked in board meet-
ings yesterday afternoon, but via
email called the case truly ground-
breaking.
He will be supported on the case by
12 Weil lawyers, as well as by Martin
Pascoe QC and Daniel Bayfield, both
members of 3-4 South Square cham-
bers.
Much of Bayfields recent work has
been advising the administrators to
Lehman Brothers European opera-
tions the bankruptcy that led UK
regulators to introduce the Special
Administration Regime that the MF
Global case will test.
The FSA is being advised by a
multi-disciplinary team from Ashurst,
including litigation partner Edward
Sparrow, restructuring partner Giles
Boothman and regulatory partner Rob
Moulton. Elizabeth Fournier
BY ALISON LOCK
FINANCIAL SERVICES
LEGAL action to remove anti-capitalist

protesters from the area surrounding
St Pauls Cathedral was put on hold
yesterday after discussions led to
renewed cooperation between the
church, the City and protesters.
St Pauls announced it wanted to
engage directly with both the protest-
ers and the moral and social issues
they wish to address, without the
threat of forcible eviction hanging
over both the camp and the church.
Archbishop Rowan Williams (pic-
tured right) warned that the row over
the location of the protests means we
are at risk of forgetting the substantive
questions that prompted the protest.
Writing in the Financial Times, he
said many people are frustrated at
what they see as the disastrous effects
of global capitalism and it is time we
tried to be more specific about the
protests vague aims.
The City of London Corporation fol-
lowed the cathedral and suspended its
legal action affecting the highways
until around lunchtime today.
We want to leave more space for a
resolution of this difficult issue, while
not backing away from our responsi-
bilities as a highway authority, said
policy chairman Stuart Fraser.
Protesters welcomed the move,
adding they were looking forward to
discussing political, ecumenical and
logistical issues. THE FORUM: P31
St Pauls protesters win
pause in expulsion plans
BY TIM WALLACE
POLITICS
News
The Archbishop of Canterbury has joined the debate, calling for a new focus on the aims
the protesters and church can both work towards Picture: Rex
INVESTORS in security firm G4S start-
ed to call for the chairmans scalp yes-
terday after the company abandoned
its takeover of Danish cleaning group
ISS at the eleventh hour.
Shareholders welcomed the deci-
sion to abort the unpopular 5.2bn
merger, but called for chairman Alf
Duch-Pedersen to resign over his han-
dling of the deal.
G4S pulled the deal just 48 hours
before facing shareholders at a crunch
vote. It would have received all proxy
votes, and it is believed the result was
so grim it decided to abandon the
effort. G4S has not released any vote
results. City A.M. understands that
Schroders and Artemis were among
those that voted against the deal,
while Co-op Asset Management and
hedge fund Parvus publicly opposed it.
Parvus founder and portfolio man-
ager Edoardo Mercadante, who spear-
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G4S investors vent ire
after ISS deal scrapped
BY PETER EDWARDS AND ALISON LOCK
M&A
News
MORE NEWS
ONLINE
@
www.cityam.com
CEO Nick Buckles Picture: VISMEDIA
TERRA Firma, the private equity
firm run by Guy Hands, looks set to
lose its place in the next stage of
RBSs 4bn auction of its aircraft
leasing arm.
The firm is not expected to
improve its current bid in order to
make it to the next round of the
auction, Sky News reported last
night.
Hands non-binding offer was
said to be significantly lower than
other bids made.
RBS is selling off its Aviation
Capital arm, which owns and man-
ages a total of 335 commercial jets
and employs 69 sales executives, as
part of a huge asset sale to help
repay its debts to the UK govern-
ment.
Other firms linked with the sale
during the first round of bids in
September included Macquarie
Bank and several other Asia-based
players.
Terra Firma and RBS did not
respond to calls for comment last
night.
Terra Firm set
to leave RBS
aviation sale
M&A
headed opposition, said Duch-

Pedersens position was untenable.
I didnt speak to a single sharehold-
er who didn't share our views, he said.
I am very surprised that the chair-
man has not stepped down yet.
Others said G4S would need to reas-
sure investors on strategy.
Shareholders will need to regain
confidence that [chief executive Nick]
Buckles himself doesnt think the
existing strategy has run its course.
Our engagement will focus on the
acquisition sign-off process on the
board, one investor told City A.M.
G4S shares closed 0.4 per cent up.
ANALYSIS l G4S PLC
p
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245
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1 Nov
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RETIREMENT and insurance group
Legal & General yesterday reassured
investors with a bigger than expected
figure for its cash generation so far this
year, despite sales of products such as
annuities staying flat.
L&G said it added 25bn of new
funds to its asset management arm in
the first nine months of the year, while
cash generation jumped 17 per cent to
736m compared to a year earlier.
The solid figures were welcomed by
analysts but L&Gs shares fell seven per
cent, in line with the insurance sector
across Europe, as investors sold out of
financial stocks on fears over Greece.
The strong cash generation raised
L&Gs net cash by 15 per cent year-on-
year to 631m, putting it on track to
beat its full-year target.
We are significantly ahead of our
plans and expect comfortably to beat
the 700m net cash target for 2011 set
in March this year, L&G said.
Sales of L&Gs savings products such
as annuities fell one per cent to 1.3bn
compared to 2010, but the result was
better than the two per cent drop ana-
lysts expected.
Performance was helped by a deal to
manage 1.1bn of assets from the
closed Turner & Newall pension
scheme and provide bulk annuities to
its 30,000 members last month. But
annuity sales remain generally weak as
retirees put off buying them while
both interest rates and stock market
performance are low.
Chief executive Tim Breedon was
upbeat, saying he was confident we
can continue to grow from a position
of strength.
L&G sales flat
but cash rises
Legal & Generals chief executive Tim Breedon said cash generation was high
BY ALISON LOCK
INSURANCE
News
10
ANALYSIS l Legal and General Group PLC
p
114
102
104
108
106
112
110
102.60
1 Nov
News
CREDIT Suisse has announced it will
slash 1,500 jobs as part of an overhaul
that will see it refocus away from its
traditional European bond trading
business and towards high-growth
markets in Asia and South America.
The losses will fall most heavily on
its fixed income and credit business,
following deep job cuts already in its
equities division.
And City A.M. understands that the
job cuts in its London and New York
offices are likely to run into the hun-
dreds one source familiar with the
situation estimated cuts of 750
between the two cities.
In all, the move will shave three per
cent off its headcount globally and is
meant to boost annual cost savings
from SFr1bn (704m) to SFr1.2bn.
The decision came as the bank
announced that nine-month pre-tax
profits at its investment bank more
than halved to SFr1.28bn.
Chief executive Brady Dougan said:
I am convinced that being a first
mover in adapting to a new regulatory
and market environment is a distinct
advantage... We will allocate resources
to faster-growing and large markets,
especially Brazil, south east Asia,
Greater China and Russia.
The bank now has a new target to
draw a quarter of revenues from those
markets by 2014, versus 15 per cent
now.
Credit Suisses private banking busi-
ness also saw nine-month pre-tax prof-
its drop by 28 per cent to SFr1.88bn.
But earnings rose 44 per cent at its
smaller asset management division,
reaching SFr466m.
Credit Suisse
slashes jobs
in UK and US
Nomura cuts to hurt London
NOMURA, Japans biggest brokerage,
outlined plans to dramatically scale
back its European wholesale banking
operations yesterday after a slump in
its trading income in the past quarter.
The broker said it would triple its
cost cuts to $1.2bn (747m) per year
after it plunged to a worse-than-
expected net 46.1bn yen (370m) quar-
terly loss, its first since 2009.
These cuts are aimed at establish-
ing a structure that can still respond
even if the bad business environment
remains intact for 18 months, said its
chief finance officer Junko Nakagawa.
About 60 per cent of the savings
will come from its European opera-
tions where its wholesale bank is
based and is home to 4,500 staff, or 13
per cent of its global workforce.
More than 1,000 jobs are expected
to go in total.
The move will raise fears for
Nomuras employees at its high-pro-
file new headquarters at One Angel
Lane, opened by chancellor George
Osborne only in April this year. City
A.M. understands staff will be told
today how they will be affected.
Nomura has come under pressure
to cut down its lossmaking wholesale
business, which made a pre-tax loss of
73bn yen, to focus on growing its
Asian and US divisions.
Jesse Bhattal, head of its wholesale
division, likened conditions to the last
financial crisis. Ive been in the busi-
ness a long time, many decades, and I
certainly cant remember a time
when there was a single quarter that
we saw such adverse market condi-
tions, he said.
BY JULIET SAMUEL
BANKING
BY ALISON LOCK
BANKING
DANSKE Bank is to cut costs by 10 per

cent, axing 2,000 jobs in the process,
after quarterly profit was wiped out by
a drop in trading income, becoming
the latest Nordic lender to combat
slowing revenue growth and higher
funding costs.
The Danish bank, which wants to
cut expenses by about 2bn Danish
crowns (231m) from 2012-14, also said
yesterday it had started looking for a
replacement for chief executive Peter
Straarup ahead of his retirement.
July-September pre-tax profit fell to
10m crowns from 1.87bn a year ago,
missing forecasts for 1.28bn.
Net trading income collapsed to
267m crowns from 1.93bn, against a
forecast for 1.4bn, while loan impair-
ments fell to 2.80bn from 3.08bn.
This is not a result we will gladly
remember, Straarup said.
Danske Bank to reduce
its headcount by 2,000
BANKING
Credit Suisse boss Brady Dougan said the bank would shift towards emerging economies Picture: REUTERS
Swiss capital rules will prove final straw
FOR all the furore over the rogue
trading scandal at UBS, it is
Switzerlands notoriously strict capi-
tal requirements not allegedly
unauthorised trades that is most
hurting the countrys banks. Thats
why the strategy unveiled by Credit
Suisse boss Brady Dougan yesterday
differs little from the one being pur-
sued by UBS. The case of Kweku
Adoboli is really just a sideshow.
Of course, all banks are suffering
from low levels of activity, but Swiss
capital rules are proving to be the
straw that breaks the camels back
for UBS and Credit Suisse. While oth-
ers must adhere to Basel III, which is
also stricter than anything before it,
these rules leave just enough room
for institutions to make a return on
investment banking.
Not so for Switzerlands Credit
Suisse, which yesterday effectively
announced its exit from the ranks of
bulge bracket investment banks.
Instead, it will focus on niche invest-
ment banking that predominantly
supports its private banking arm.
UBS is expected to announce a simi-
larly radical withdrawal at its
investor day later this month.
Anyone who doubts the scale of
Credit Suisses move should look at
just how drastically it is scaling back
activity in fixed income, which his-
torically accounts for roughly two
thirds of global investment banking
revenues.
Yesterday, Dougan said the bank
would reduce by half the risk
weighted assets (RWAs) in its fixed
income division, as measured under
Basel III, by 2014. In notional terms,
that will see the firm cut approxi-
mately SwFr99bn (85bn) from FICC,
accounting for the lions share of
1,500 job losses.
So as bankers worldwide rue the
fact that regulators seem to know
nothing of unintended conse-
quences, they should consider this.
It could be much, much worse.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
ANALYSIS l Credit Suisse Group AG
CHF
25
24
27
26
23.50
1 Nov
ECONOMIC growth rebounded slight-
ly in the third quarter, the Office for
National Statistics (ONS) preliminary
estimates revealed yesterday.
Growth came in at 0.5 per cent, up
from 0.1 per cent in the second quar-
ter. Year on year, the ONS figures put
growth at 0.5 per cent.
However, Octobers manufacturing
figures from Markit show the sector
contracting into the fourth quarter.
Services grew by 0.7 per cent in the
third quarter, according to the ONS.
Transport, storage and communica-
tions expanded by 0.9 per cent, led by
telecoms and computing, and busi-
ness services and finance followed,
with 0.8 per cent growth.
Manufacturing output grew by an
estimated 0.5 per cent.
Chancellor George Osborne
described the GDP expansion as a pos-
itive step forward for the economy.
However, analysts from Deutsche
Bank described the recovery as worse
than the Great Depression as output
remains almost four per cent below its
pre-recession peak.
Meanwhile, Octobers manufactur-
ing purchasing managers index (PMI)
from Markit fell to 47.4 from 50.8 in
September. Any figure below 50 indi-
cates a contraction.
Growth bounce for GDP
but UK set to slow again
News
BY TIM WALLACE
UK ECONOMY
47.4
United Kingdom
46.5
Brazil
50.8
USA
53.7
Canada
News
CITYA.M. 2 NOVEMBER 2011 13
NEWS | IN BRIEF
Australian interest rates cut
Fears over the global economic slow-
down yesterday pushed the Reserve
Bank of Australia to cut interest rates for
the first time since April 2009. The
benchmark interest rate was cut from
4.75 per cent to 4.5 per cent. Governor
Glenn Stevens pointed to subdued
demand conditions and also explained
that the Australian dollars strength
helped contain inflation. The Bank
expects inflation to fall back to its two to
three per cent target in 2012 and 2013,
allowing it some room to loosen mone-
tary policy now.
Women losing out in pensions
Almost half of women over 40 who live
with a partner have no independent pen-
sion, research out today by Prudential
reveals. Fifty-six per cent of couples of
the same age have not worked out how
much money they will need to live once
they have retired, the study found.
Prudential warns they could be sleep-
walking into poverty just because
British couples seem reluctant to dis-
cuss with each other the finances that
will support them in later life.
Drop tax relief for rich says paper
Tax relief on pension lump sums dispro-
portionately benefits the wealthy at tax-
payers expense, claims a report out
today from liberal think-tank
CentreForum. From 2012/13, wealthy
retirees will still be able to take
375,000 from a 1.5m pension pot, tax-
free. The think-tank argues instead that
individuals taking lump sums above the
higher rate income tax threshold
(42,475) should have to pay higher tax,
as they would on any other form of
income.
48.0
South Korea
47.4
Australia
43.7
Taiwan
47.3
Eurozone
51.0
China
50.4
Russia
53.3
Turkey
50.6
Japan
52.0
India
OVER 50 = EXPANSION
THE LARGER THE BUBBLE, THE LARGER
THE EXPANSION OR CONTRACTION (RED)
MANUFACTURING output has contin-
ued to expand in the US, China and
India, purchasing managers indices
out yesterday revealed, though the
UK, Brazil, Taiwan and South Korea
all registered declines in October.
Analysts believe a global manufac-
turing recession may be avoided.
International data from Markit,
and US data from the Institute for
Supply Management (ISM) is an early
gauge of economic activity, based on
survey responses. Any result above
50 indicates output expansion.
China moved from slight contrac-
tion into growth, rising from 49.9 to
51, whilst Indias growth accelerated
from 50.4 to 52.
US manufacturing expanded, but
at a slowing rate than in September,
falling from 51.6 to 50.8.
Even this growth was described as
lacklustre by analysts at Capital
Economics. The fall in the index
was disappointing, said economist
Paul Dales. For the past four
months the index has been at
almost exactly the same level, which
is consistent with annual GDP
growth of around two per cent.
On the downside, UK manufactur-
ing went into reverse, falling from
50.8 to 47.4.
Brazil continued its decline, but at
a slower rate, up to 46.5 from 45.5.
Former Asian tigers South Korea
and Taiwan also kept falling, at 48
and 43.7 respectively.
At an aggregate global level, so
far industrial confidence appears to
be stabilising at a weak point consis-
tent with industrial stagnation
rather than recession, said Julian
Callow from Barclays Capital.
This could be an early sign that a
double dip recession in the manu-
facturing sector has been averted.
Double dip in
industry may
be avoidable
BY TIM WALLACE
WORLD ECONOMY
COMPANIES that float only a small

proportion of their shares in London
could be barred from FTSE stock
indices in future under new proposals
from the index group yesterday.
FTSE is to consult on whether to
make UK-based firms list at least 25
per cent of shares, rather than the cur-
rent 15 per cent, to join its indices.
Its move follows growing unease
among fund managers about the
number of companies that want to
benefit from being included in indices
such as the FTSE 100 but keep most of
their shares in private hands.
Managers voiced alarm last week
after Russian miner Polyus Gold said it
would list just 13 per cent of shares
now raised to 20 per cent as they fear
low free floats can leave them with lit-
tle control over decision-making that
can run counter to good governance.
Similar firms include Kazakh miner
ENRC, which listed just 18 per cent of
its shares in 2007; Fresnillo and Essar
Energy with 23 per cent; and Glencore,
which listed 20 per cent in May.
George Dallas, director of corporate
governance at F&C Asset
Management, welcomed the probe.
Its positive news that this has been
opened up for discussion and debate.
Weve seen a lot of commentary and
the issues of corporate governance
seem to concern a lot of market partic-
ipants, he told City A.M.
WWW.SGMARKETMASTER.CO.UK
7
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NOVEMBER 5
th
DECEMBER 2011
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To celebrate INGs continuing association with arts charity The Discerning Eye,
ING Commercial Banking has teamed up with CityAM to offer you the chance
to win up to 1,000 of art. The ING Discerning Eye, with its slogan new artists,
new audiences, showcases the work of unknown artists alongside their more
established contemporaries.
This year a total of 611 pieces of art, representing the work of 300 artists, has
br clo|d by rorirr| gurc ror |l ur| world |o go or clow. Euol
selector will use their own dedicated gallery space to display their choices, pro-
viding a unique range of themes which has earned the exhibition an enviable
reputation among art lovers and collectors alike. All the art on show is for sale.
For a chance to win up to 1,000 to spend on an artwork of your choice from the
ING Discerning Eye exhibition, simply answer the question below:
How many artists are being represented in the exhibition?
Please visit www.cityam.com/competition to enter the competition.
Terms and conditions
The winner will be entitled to choose a painting from the ING Discerning Eye exhibition up to the value of 1,000. The prize
is non transferable, non negotiable and no cash alternative is offered. Entry to the prize draw is free and is open to anyone
aged 18 years and over and resident in the UK, except employees of ING Bank N.V. (ING), their families, agents or anyone
else professionally associated with the draw. Only one entry per person is permitted. The closing date is midnight on Sun-
day 6 November 2011. The winning answer will be drawn at random from all eligible entries received and the winner will
b ro|id or Morduy Novrbr. Tl wirrr ruc| b uvuilubl or |l vrirg o Tucduy S Novrbr u| |l Mull Cul
leries in London to choose their painting. ING assumes no responsibility and is not liable for any costs, charges or ex-
penses which the winner may be required to pay at any time in connection with the prize. By entering the competition you
agree to receive further information and similar promotions from CityAM and Discerning Eye. The winner, by accept-
ing the prize, agrees to participate in non paid publicity accompanying or resulting from this draw if required. The Editors
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and conditions at any time without giving prior notice and by continuing to take part in the promotion subsequent to any
revision of these terms and conditions, entrants shall be deemed to have agreed to any such new or amended terms.
ING Discerning Eye, Mall Galleries,
London SW1Y 5BD 10-20 November,
10am to 5pm, entrance free.
Follow us on Twitter : INGDiscEye
and join our Facebook group : ING Discerning Eye
Rob Verrill
Abstracted Landscape I
Win 1,000 of art with ING
Russian IPOs in spotlight
as FTSE probes free float
BY ALISON LOCK AND DAVID HELLIER
CAPITAL MARKETS
News
From top left (clockwise): Ivan Glasenburg of Glencore, Felix Vulis of ENRC, Prashant Ruia
of Essar and Jaime Lomelin of Fresnillo
*Best Buy Source: Moneysupermarket 29 & 30 October 2011. first direct credit facilities are subject to status. Rates correct as at 29 October 2011. Because we want to make sure were doing a good job,
we may monitor and/or record our calls. HSBC Bank plc 2011. All Rights Reserved. first direct, 40 Wakefield Road, Leeds LS98 1FD.
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SFO: help us to
unmask fraud
THE SERIOUS Fraud Office (SFO)
yesterday unveiled a new service it
hopes will unmask fraud and
bribery in the City.
SFO Confidential is an online
whistle-blowing tool that allows
City workers to anonymously tip
off the watchdog to any activity
they think may be suspect. The
service, which also includes a tele-
phone hotline, promises to keep
the identity of anyone offering
information secure.
SFO boss Richard Alderman said:
I want people to come forward
and tell us if they think there is
fraud or corruption going on in
their workplace. Executives, staff,
professional advisors, business
associates or trade competitors can
talk to us in confidence. I have set
up a special team to make the SFO
readily accessible to whistleblow-
ers. I want SFO Confidential to help
flush out fraud.
The watchdog has come under
fire in recent weeks after sensation-
ally dropping a two-and-a-half-year
probe into collapsed hedge fund
Weavering Capital.
It is also facing questions from
property tycoon Vincent
Tchenguiz, who was arrested in a
dawn raid earlier this year but later
released without charge.
BY STEVE DINNEEN
ENFORCEMENT
Serious Fraud
Office boss
Richard Alderman
in our mock up of
a poster for its
new tip-off service
Presented by the
National Theatre and
National Angels
250,000 new tickets released!
Booking through 2012
based on a novel by Michael Morpurgo X adapted by Nick Stafford
in association with Handspring Puppet Company
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News
NEWS | IN BRIEF
Lamprell wins North Sea work
Lamprell, an engineering firm serving the
oil and gas industry, has been awarded two
new construction contracts by Nexen
Petroleum UK worth in excess of $200m.
The first of the contracts relates to the
Golden Eagle Development in the North
Sea and will involve the construction of a
two level Wellhead deck. The second con-
tract is for a production, utilities and quar-
ters deck, weighing about 10,000 tonnes.
Soco slows ramp up in production
British oil firm Soco International has
delayed a ramp up in production at its oil
field off the Vietnam coast but said it was
confident of achieving target output during
2012. Soco, which in August said it could
reach its target of producing 55,000 bar-
rels of oil per day (bopd) from its Te Giac Te
oil field by the end of 2011, said it wanted
to understand the field better before
upping output to that level.
Supermarkets vie to promote value for money
W
ITH the economic outlook
still looking bleak and con-
sumers (as shown by
YouGovs Household
Economic Activity Tracker) increasing-
ly price conscious it is not surprising
that a number of big supermarkets
are keen to emphasise their value.
Sainsburys launched its live well for
less advertisements on 15 September
and Tescos Big Price Drop campaign
came out a week later. With two of the
big companies going with similar
messages in such a short space of time
it is interesting to look at BrandIndex
and compare their success.
Both saw immediate rises in buzz
after the launch but Sainsburys has
been successful in building on this,
whereas Tesco dropped back almost
immediately. Sainsburys was at +17
on 15 September and has steadily
climbed to +28 this week. Tesco went
from +5 to +10 in the first fortnight
but fell just as quickly and are now
again at +5.
And what of the message that they
were trying to convey? The value
scores show that neither brand has
had much success in shifting its value
perceptions; indeed if anything the
movement has been downwards, with
Sainsburys going from +26 to as low
as +17 and Tesco from +28 to +22,
although both have recovered to some
extent over the last week.
A month later Morrisons launched
its Morrisons Millions campaign
not as distinctly linked to value as the
other two but along the same lines.
Like Sainsburys it has seen a rise in
buzz over the two weeks of the cam-
paign (from +16 to +23) but value has
dropped slightly from +34 to +30.
So all three supermarkets have
achieved some success in creating pos-
itive buzz (with Sainsburys the
biggest winner) but all will need to
work harder at conveying a message
of value to todays hard-pressed con-
sumers. Stephan Shakespeare is the chief
executive of YouGov
BRANDINDEX
STEPHAN SHAKESPEARE
ANALYSIS l Index chart
1 Jul 5Aug 9Sep 7Oct 28Oct
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0
Morrisons
Sainsburys
Tesco
ANALYSIS l Buzz chart
1 Jul 5Aug 9Sep 7Oct 28Oct
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0
Morrisons
Sainsburys
Tesco
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INDONESIAS Bakrie group has
announced a $1bn (626.5m) deal to sell
half its stake in London-listed coal miner
Bumi its venture with Nat Rothschild
(pictured) to help tackle its debts.
The stake is being bought by
Indonesian rival Borneo Lumbung
Energi and will allow Bakrie to avoid a
default on $1.35bn of loans after talks
with commodities giant Glencore over
a sale stalled.
Under the deal, which insiders said
Rothschild welcomed, Bakrie Group
will transfer its 47.6 per cent
stake in Bumi to a 50-50 joint
venture with Borneo.
The process is expected to
be completed by the end of
next month.
Bakrie will use the cash
to pay off loans arranged
by Credit Suisse.
Borneo Lumbung
Energi is backed by
Indonesian investor
Samin Tan, a powerful fig-
ure in the country.
Talks between the Bakrie Group and
Glencore fell through because lenders
were not comfortable with the structure
of the proposal, while the price was also
seen to be an issue.
Bakrie group chairman Nirwan D
Bakrie said: In forming this partner-
ship, Bakrie Group has strength-
ened its balance sheet and
returned stability to its share-
holding in its Indonesian listed
flagship PT Bakrie & Brothers
Tbk and in Bumi, also high-
lighting the intrinsic invest-
ment value in the LSE listed
company.
Tan, a former partner
at accountant Deloitte,
had failed in an
attempt to buy a stake
in 2006.
Meanwhile Bumi is
to double its coal
production over the
next two years.
It was listed on the
LSE in January this
year.
Bakrie in $1bn
Bumi sell-off
BY JOHN DUNNE
MINING
News
18
BHP Billiton and Mitsubishi Corp will
invest a total of $4.2bn (2.6bn) to
expand coal mining in Australia and
are looking at further investments,
BHP said yesterday.
The project initially will add 8m
tonnes per year capacity in exports of
metallurgical coal used in making
steel, with an expectation of a rapid,
low-cost expansion to 10m tonnes per
year, BHP said.
BHP and Mitsubishi operate a 50-50
joint venture covering seven mines in
Australias Bowen Basin region and
will each contribute $2.1bn to the
work. The work will require develop-
ment of a new mine, Caval Ridge, and
expansion of the alliances Peak
Downs colliery. Production will start
in 2014 and run for more than 60
years, BHP said.
This is a continuation of BHP
Billitons strategy of investing in large,
low cost, expandable mines with long
lives, BHPs metallurgical coal divi-
sion president, Hubie van Dalsen, said
in a statement.
Additional expansion projects are
being advanced to follow this invest-
ment in due course, he said.
Mines owned under the BHP-
Mitsubishi alliance have a combined
output capacity of more than 58m
tonnes per year of mostly metallurgi-
cal coal, representing about a fifth of
annual global trade.
BHP and Mitsubishi to put $4.2bn
into Australian coal mining sector
MINING
THE SHOW
MUST GO ON
SAYS FOREX
FINANCIER
DIGITAL downloads decimating album
sales, Russian oligarch Len Blavatnik
poised to swoop on the UKs last major
domestic music label its fair to say the
music industry has seen better days.
Here to help the sectors financially
challenged artistes make the most of
their remaining revenue sources tour-
ing, merchandise and ticket sales is
currency millionaire Peter Ellis, who is
helping bands such as Thin Lizzy beat
the banks on their forex transactions.
Ellis, who made his 50m fortune by
founding Foreign Currencies Direct,
credits Planet Rock investor Malcolm
Bluemel with alerting him to the large
volumes of forex traded in the music
business. It is about getting the most
out of the markets, Ellis told The
Capitalist on his competitive exchange
rates that save rock bands up to 20 per
cent on each transaction.
Ellis also has Bluemel to thank for ask-
ing The Doors bassist Phil Chen to
authenticate the handwritten lyrics to
Break On Through that he bought for
600 without knowing if they were gen-
uine. Turns out they were a 15,000
bonus for the Citys biggest music fan.
operator in Spencer Dales monetary
analysis division, is off to join the
research team at HSBC Holdings.
Its not the first time HSBC has
poached from the Bank, having attracted
officials John Butler and Karen Ward in
previous years, while Goldman Sachs
lured Andrew Benito to the more gener-
ously remunerated private sector only
this June. Money, as they say, talks.
LESS IS MORE
SIZE ISNT everything, says the Tory MP-
turned Telegraph Media Group executive
chairman Lord Black of Brentwood.
He means marketing budgets, of
course, speaking as lead judge of the
advertising industrys annual IPA
Effectiveness Awards, which this year
scaled back the budget of the campaigns
entered to 2.5m to reflect the mayhem
in capital markets.
The industry continues to deliver fan-
tastic results in spite of continuing pres-
sure on budgets, said Black as he
awarded the evenings star prize to an ad
that showed profound insight by
encouraging Colombian terrorists to lay
down their arms.
IM WITH THE BAND
OR SHOULD that be the Citys second
biggest music fan? Jeremy Pacifico, who
left Investec to focus on his session musi-
cian firm Specific Music and his band
Pacifico Blues, must come a close second.
Pacifico last night gave the City the
chance to be in his band without the
commitment at the sold-out Gibson
City Blues Jam at Boisdale of Canary
Wharf, where bankers from BGC
Partners, Bank of America Merrill Lynch
and Barclays Capital played alongside
Pacifico Blues in the first of what prom-
ises to become a monthly event.
One for the A&R men to keep an eye
on is Urban Society, the band formed by
UBS Investment Banks capital markets
head Cesar Gueikian with his colleagues
Anton Alvarez and Nat Zilkha, who rat-
tled out their greatest hits as Pacifico
played blues harmonica.
MONEY TALKS
CANTEEN food prices have been curbed
and a McDonalds-style Employee of the
Month scheme has been introduced at
the Bank of England in an attempt to dis-
tract staff from the fact their salaries
have been frozen until 2013.
But no amount of morale-boosting
incentives can stop the exodus of eco-
nomics talent at the Bank, which has just
been notified that Simon Wells, a star
Left: Thin Lizzy are
among the bands tak-
ing financial advice
from Peter Ellis
Picture: REX
Above: Gibson Custom
Guitars and Aston
Martin are backing
the first Gibson City
Blues Jam at Boisdale
19
The Capitalist
CITYA.M. 2 NOVEMBER 2011 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
BANK chiefs clashed with a committee
of MPs and peers yesterday to defend
the industry from what they called
unfounded generalisations.
Responding to an accusation from
the Conservative peer Lord Maples
that the crisis had involved a failure
of ethics particularly within invest-
ment banking, Barclays chief Bob
Diamond said that the query was rife
with many generalisations.
I certainly bristle when I hear peo-
ple refer to what we do for our cus-
tomers as casino banking without the
courtesy to come in and watch our
operations and show me where the
casino is, he said.
I think theres a lot of generalisa-
tions picked out of specific firms and
applied to the industry and I dont
think thats necessarily helpful.
He was joined in his defence by rival
bank chiefs, HSBCs Stuart Gulliver
and RBSs Stephen Hester.
What youre talking about doesnt
apply to the banks were running,
said Gulliver. Were not condoning it
in any way, shape or form. Were just
saying it doesnt happen in our banks.
The committee, examining the gov-
ernments draft financial services bill,
also asked what banks make of new
capital rules. In a veiled swipe at the
UKs attempt to gold-plate the regula-
tions, Diamond emphasised the need
to achieve a balance so that no coun-
try is super-equivalent...If [our rivals
are] on a different measure of capital
than us, it will create inefficiencies.
Bank CEOs hit
back at ethics
accusations
BY JULIET SAMUEL
BANKING
THE NEW regulator charged with

protecting consumers should not
have to take into account the com-
petitiveness of the City when mak-
ing decisions, its incoming chief
Martin Wheatley said yesterday.
Appearing before the influential
Treasury Select Committee,
Wheatley, who will run the
Financial Conduct Authority (FCA)
when it is created next year, said
that the body should be able to ban
financial products pre-emptively
without regard for the Citys attrac-
tiveness as a financial centre.
People are attracted to a well reg-
ulated structure safe secure trans-
parent markets that they can have
confidence in, he argued.
All of that enhances competitive-
ness. But thats quite different to
having a specific objective that
would be used to argue against
things that would otherwise be sen-
sible measures.
He added that if the FCA were to
not take action due to fears about
harming the business environment
of London, it would be a very
strange outcome.
The FCA will have sweeping new
powers to intervene to protect con-
sumers before firms actions have
yet been proven to be problematic,
on the basis that they could be likely
to become so.
New watchdog: we dont care
if London is competitive or not
BY JULIET SAMUEL
REGULATION
News
Clockwise from top left: committee chair Peter Lilley MP, RBS chief Stephen Hester,
Barclays chief Bob Diamond and HSBC chief Stuart Gulliver Pictures: REUTERS/PA
Should the protesters at St Pauls
be forced to move their camp?
This week were asking members of
the Voice of the City Panel to say
whether they think the protesters at
St Pauls should be allowed to keep
their camp there.
We also want to know how clear you
think the aims of the protesters are.
Finally, how have St Pauls and the
City of London handled the situation
so far?
To have your say on these issues,
apply to join our panel of Londons
business and finance professionals at
www.cityam.com/panel
In association with
PoliticsHome.com
Apply to join today at
www.cityam.com/panel
PoliticsHome.com PoliticsHome.com
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PFIZER reported better-than-expected
quarterly results yesterday, helped by
the weaker dollar and strong per-
formance of the nutritionals and ani-
mal health businesses it plans to sell
or spin off.
The worlds biggest drugmaker,
whose top-selling Lipitor cholesterol
fighter will face generic competition
in the US from 30 November, boosted
its full-year 2011 profit forecast and
predicted 2012 earnings will be little
changed from this year.
The company said yesterday profits
were $3.74bn (2.35bn) in the third
quarter, including a $1.3bn after-tax
gain on the recent sale of its Capsugel
business.
That compared with a profit of
$866m in the year-earlier period,
when the company took a big charge
for asbestos litigation.
Global revenue rose seven per cent
to $17.1bn, well above Wall Street
expectations of $16.4bn. But revenue
would have risen only one per cent if
not for the weak dollar, which
increases the value of sales in over-
seas markets.
Pfizers earnings and share price
have been in the dumps for most of
the past five years due to worry over
Lipitors impending collapse and the
companys inability to create big-sell-
ing drugs.
But a handful of promising new
drugs now working their way
through late-stage trials have restored
some faith in the companys laborato-
ries.
Pfizer beats
forecast with
$3.4bn profit
BANK of America has scrapped plans
to charge a $5 per month debit fee,
handing a victory to consumers and
protesters angry with big banks.
The second-biggest US bank said yes-
terday that the move was in response
to customer feedback and competi-
tion. BofA was under pressure to make
the change as rivals backtracked from
plans to charge customers for using
their debit cards.
Last week JP Morgan Chase and
Wells Fargo cancelled test schemes.
BofA in U-turn
over debit fees
BY HARRY BANKS
PHARMA
BANKING
DOLLAR Thrifty Automotive Group

posted strong third-quarter results
that beat estimates on higher car
rental revenue yesterday, and the
company forecast fourth-quarter
rental revenue growth of about one
to two per cent.
The company posted a third-quar-
ter net income of $66.6m (41.8m),
compared with $49.2m a year ago.
Revenue rose to $451.7m from
$443.5m. Vehicle rental revenue for
the quarter was up 2.4 per cent.
Revenues lifted
at Dollar Thrifty
TRANSPORT
News
US CAR sales rose to near their
highest level of 2011 in October,
early sales results showed, although
shares in General Motors and other
automakers tumbled yesterday on
concern that the industrys slow
recovery could falter.
Chrysler posted a 27 per cent gain
in October US sales its best result
in four years as major carmakers
reported results pointing to the
strongest showing for industry-wide
vehicle sales since the start of the
calendar year.
General Motors posted a sales
gain of two per cent in October, a
weaker gain than some analysts had
expected for the top US carmaker.
GM said that it expected industry-
wide sales of light vehicles would
top the 13.3m sales rate the indus-
try saw in February of this year.
US auto sales, which are tracked
as one of the earliest snapshots of
consumer demand, slipped in the
spring and early summer amid con-
cerns about the prospect of a
renewed downturn in the US econo-
my and supply disruptions trig-
gered by the March earthquake in
Japan.
BY HARRY BANKS
TRANSPORT
US auto sales growth is

at its best rate for year
US car companies have reported encouraging car sales Picture: REUTERS
ANALYSIS l Pfizer Inc
$
19.4
19.2
19.0
19.8
19.5
19.45
1 Nov
WEALTH manager Rathbone
Brothers showed it had continued to
pull in clients over the summer, as it
said yesterday that net new funds
going into the firm hit 307m in the
three months to September.
However, falling markets meant
funds under management were
15.1bn, a 3.2 per cent drop over the
period.
We expect markets to remain
nervous for the remainder of 2011 as
inflation expectations and European
sovereign debt uncertainties contin-
ue to dominate the headlines, said
chief executive Andy Pomfret.
IMPERIAL Tobacco group, the ciga-
rette-maker behind JPS, Davidoff and
Gauloises, was upbeat about the end-
ing of a price war in Spain yesterday,
as it reported annual profits in line
with expectations.
The worlds fourth largest maker of
cigarettes saw profits rise 1.2 per cent
to 3.1bn in the year to 30 September
as increasing demand in emerging
markets helped offset a slump in the
companys Spanish business.
Chief executive Alison Cooper said
the tough economic environment,
combined with excise duty increases
and Spains extended smoking ban,
imposed in January, had created the
perfect storm in Spain.
I would argue that it was quite
unique in terms of its extremeness
because of the relative brand posi-
tions compared with other parts of
the world, she said.
Imperial, which has a 30 per cent
share of the market in Spain with
brands like Fortuna, said annual rev-
enues fell by 16 per cent to 497m,
after cutting prices to compete with
other market players.
We are seeing a more stable posi-
tion in Spain with prices back or
above those seen at the start of this
year, so we see a better year in Spain
in 2012, Cooper told a conference
call.
In the UK, Imperial saw profits fall
from 614m to 577m due to the
impact of tax and VAT increasess.
A strong performance in the
emerging markets of eastern Europe,
north Africa and Russia, helped lift
overall sales by 3.7 per cent to 29.2bn
for the year.
The group increased its annual div-
idend by 13 per cent to 95.1p a share
and raised its payout ratio from earn-
ings to 50.6 per cent.
Shares closed unchanged at 2,275p.
Imperial ups
dividend as
profits rise
Rathbones adds
307m in funds
BY KASMIRA JEFFORD
CONSUMER
FUND MANAGEMENT
MEDIA group Thomson Reuters yes-

terday posted results ahead of fore-
cast as its professional information
business offset sluggish growth in its
markets division.
Sales to legal, tax and accounting
professionals jumped 10 per cent,
buoyed by strong sales of its
WestlawNext software. But growth
was subdued in the unit that caters to
banks and other financial institu-
tions, with sales rising one per cent.
Overall third quarter revenues rose
five per cent to $3.26bn (2.04bn),
while operating profit jumped 12 per
cent to $717m.
Reuters beats
results forecast
FUND MANAGEMENT
Imperial Tobacco, led by Alison Cooper, raised its dividend by 13 per cent
News
ANALYSIS l Imperial Tobacco Group PLC
p
2,280
2,260
2,240
2,320
2,300
2,275.00
1 Nov
WERE IMPERIALS FIGURES IN LINE WITH EXPECTATIONS? By Kasmira Jefford
TINA COOK | CHARLES STANLEY

Imperial Tobacco continues to demon-
strate resilience with strength in emerging mar-
kets helping to offset headwinds in Spain and the
UK. The main positive surprise is a continuation of
shareholder friendly actions with a 13 per cent
increase in the dividend on a slightly larger
than expected hike in the payout ratio to
50.6 per cent.
MARTIN DEBOO | INVESTEC

With the numbers well-guided, Imperial's
full year has come in very close to our and consen-
sus expectations.... At the divisional level, it's hard to
put a cigarette paper between the out-turn num-
bers and our forecasts, if one will excuse the phrase.
Spain was weaker than we thought on the
top line...UK was almost entirely in line with
our forecasts.
JONATHAN JACKSON | KILLIK & CO

Imperial Tobacco released its results for the year ending 30 September 2011, which were in line with market expecta-
tions. The numbers support our positive view on the shares, which are proving to be very resilient at a time of economic uncer-
tainty and market volatility...The business remains highly cash generative.
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News
OFFICES in Londons Square Mile offer
one of the best defensive plays for
property investors seeking to safe-
guard total returns if the pan-
European sector is dragged into a
second recession by the Eurozone debt
crisis, research by DTZ claims.
The property consultancy carried
out research based on a worst-case
scenario, with the 20 per cent possi-
bility of a Eurozone debt crisis unfold-
ing.
Total returns for City offices from
2011-16 would be 6.6 per cent, against
7.7 per cent if the economy continued
its current muted rebound.
HOUSE prices nudged up last month,
beating expectations for no change,
driven by sales in more affluent
areas, data from mortgage lender
Nationwide showed yesterday.
House prices rose 0.4 per cent in
October having risen 0.1 per cent in
September, pushing them 0.8 per
cent higher than a year ago, the first
time annual house price growth has
been in positive territory for six
months, Nationwide said.
Given the challenging economic
backdrop, Octobers data is encourag-
ing, but it doesnt fundamentally
change the picture of a housing mar-
ket that is treading water, said
Robert Gardner, chief economist at
Nationwide.
Data released on Monday showed a
slowdown in mortgage lending with
approvals of home loans -- a gauge of
house prices six months down the
line -- and net mortgage lending
weakening in September, pointing to
a further softening in the housing
market.
Howard Archer, an economist at
IHS Global Insight said the underly-
ing trend remains soft.
He added: We maintain the view
that house prices are likely to fall by
around five per cent from current lev-
els by mid-2012 in the face of low con-
sumer confidence, persistently weak
economic activity, rising unemploy-
ment and muted earnings growth.
He said these factors would likely
outweigh the boost to the housing
market coming from the extension of
very low interest rates.
Meanwhile, the average price of a
London home slipped by 1.9 per cent
in the three months to the end of
September to 295,024, according to
Nationwide. although prices are still
up 0.5 per cent compared to this time
last year.
Although the capital is still the
most expensive region in the country
to buy a house, there are large differ-
ences between boroughs, Nationwide
said.
In Hammersmith and Fulham, one
of the most expensive areas in
London, prices have gone up by 12 per
cent compared to last year, while
Ealing homes are five per cent cheap-
er on average.
The average UK price is 165,650,
Nationwide said.
House prices
edge up in a
soft market
Sign up at cityam.com
SWEDISH Fashion retailer H&M yes-
terday signed for the first UK stand-
alone stores for its Monki and Cheap
brands on Londons Carnaby Street.
West End property company
Shaftesbury has let its two newly-
built stores for a ten year term,
which will produce a total rental
income of 965,000 per year.
Last month H&M took full control
of FaBric Scandinavien, the owner of
the girlswear brand Monki and
Cheap Monday, a jeanswear brand
which is sold in almost 40 countries
and 1,800 stores, including
Selfridges.
H&M swoops
on Carnaby St
DTZ says City
offices resilient
BY HARRY BANKS
ECONOMICS
PROPERTY
RETAIL
KUWAITI property firm St Martins

Corporation is close to buying 60
Threadneedle Street at the heart of
the City from Hammerson in a deal
said to be worth more than 175m.
The offices, which were completed
in 2009, are 99 per cent let, producing
8.8m of rent a year from tenants
including Talbot Underwriting and
the Toronto Dominion Bank.
The deal will see St Martins, the
property investment arm of Kuwaits
sovereign wealth fund, begin to deploy
some of the more than 750m it raised
from the sale of non-core assets over
the last year into prime assets, accord-
ing to reports yesterday.
The group this year sold more than
750m of secondary retail, office space
in UK and Europe, in a process nick-
named Project Blue.
St Martins declined to comment.
Kuwaitis to buy up
Hammerson asset
PROPERTY
Year-on-year house
price growth has hit
positive territory for
the first time in six
months
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Capital thinking #5
Buy the rumour.
Sell the fact.
Or should you? Fear and rumours often
drive the markets. Facts only conrm them.
News
ADVERTISING giant Aegis yesterday
outperformed the industry, smashing
analyst growth forecasts.
The UK firm was buoyed by a
strong performance in the US, where
rivals including WPP have struggled
in the last three months.
It posted organic revenue growth
of 11.2 per cent, compared with ana-
lyst forecasts of 7.5 per cent.
Aegis said it expects organic rev-
enue growth to slow in the fourth
quarter and noted that, as is histori-
cally the case, revenue will be weight-
ed towards that period. It also said
some staff costs had risen, which
would keep underlying operating
profit in line with forecasts.
The firm, which this month closed
the sale of its Synovate market
research unit for 529m, now expects
to fend off any potential suitors after
proving itself as a smaller outfit.
Havas has long been seen as a
potential bidder for Aegis, a position
that was strengthened by the sale of
Synovate. Havas chairman Vincent
Bollor, who is also the biggest share-
holder in Aegis, is a long-term admir-
er of the company.
Chief executive Jerry Buhlmann
said: Were making good progress on
all fronts at Aegis and the business
has considerable momentum.
He said the group was benefiting
from new systems and management
put in place, which had energised the
firm. He said he also expected its abil-
ity to take work off rivals and its pres-
ence in faster-growing regions to help
it through 2012.
It also has a lengthy list of acquisi-
tions that it is working on after com-
pleting 15 deals this year.
WPP last week cut its 2011 outlook
after slowing growth in the US.
Omnicom posted third quarter organ-
ic growth of 7.2 per cent, Publicis 6.4
per cent, Havas 7.3 per cent, WPP 4.7
per cent and IPG 8.7 per cent.
ONLINEgaming firm 888 expects 2011
earnings to be significantly ahead of
estimates as squeezed consumers
opted to stay home and gamble
instead of venturing outside.
Third-quarter sales grew 42 per cent
to $86m (54m), the highest quarterly
revenue ever achieved in its history. It
said it has more than 10m registered
casino, poker and sport customer
accounts, up 24 per cent from last year.
Deputy chairman Brian Mattingley
said: Trading has continued to be
strong into the fourth quarter, and we
expect that clean Ebitda for the finan-
cial year will be significantly ahead of
current market expectations.
In August, 888 had said trading
across all its business lines for the tra-
ditionally weaker third quarter was
likely to remain robust.
Rival Bwin.party, meanwhile, saw
its shares rocket 12.4 per cent yester-
day after it announced a partnership
with casino operators MGM Resorts
International and Boyd Gaming.
Online gaming firm 888 cashes in as
customers stay at home and gamble
OLYMPUS yesterday announced a plan
it hopes will help put an end to the
scandal that threatens to drag the
business to its knees.
The endoscope and camera maker
named six men, including a former
Japanese supreme court justice, to
investigate past M&A deals, which
have been under intense scrutiny
after record-breaking advisory fees
were brought to light.
None of the six, including lawyers
and an accountant with experience
investigating governance at a bank,
have had any previous association
with the company.
The all-Japanese committee will
look into $687m (430m) in fees paid
to a financial adviser over the $2bn
purchase of British medical equip-
ment maker Gyrus in 2008 the
biggest such payment ever and the
acquisition of three companies that
Olympus, under chairman Tsuyoshi
Kikukawas decade-long reign at the
company, later largely wrote off.
Olympus lays out plans it
hopes will quell scandal
TECHNOLOGY
ARM Holdings yesterday snapped up

US design software firm Prolific, as
chief executive Warren East reiterated
his belief that the firm would suffer if
it was subject to a US takeover.
And Easts bullish attitude appeared
justified later in the day, as Hewlett-
Packard unveiled plans to develop
extremely low-energy servers, utilising
ARM technology.
The Silicon Valley giant is working
with Austin-based start-up chipmaker
Calxeda -- which uses the ARM technol-
ogy in its microprocessors -- to create
servers aimed at companies running
large-scale remote computing opera-
tions such as Twitter and Facebook.
Meanwhile, it was confirmed yester-
day that ARM has bought privately-
held Prolific for an undisclosed
understood to be relatively low sum.
It hopes the company will enable it
to design chips that are easier for its
semiconductor manufacturer cus-
tomers to produce. Ease of manufac-
ture is an increasing concern as ARM
designs ever smaller and more energy
efficient chips to power the worlds
smartphones.
Yesterday morning East said ARMs
status as a British company is benefi-
cial to the business and a takeover by a
larger US rival would hamper it.
He told the Today programme:
ARMs business model works on us
being independent.
ARM snaps
up American
design firm
WOLFSON yesterday swung to a $10m
(6.3m) third-quarter loss and said
weak demand meant it would not
return to profitability until well into
next year.
The firm, whose audio chips are in
Samsung handsets, also slashed its
revenue forecast for the final quarter
to $35-$40m, down from $46.1m.
Chief executive Mike Hickey said
order intake has stabilised after a
sharp slowdown in the summer but
at lower levels than expected, reflect-
ing muted consumer demand for
electronic products apart from smart-
phones. He added that the groups
standalone audio chips, which deliver
better quality sound than that provid-
ed by a central processor, should help
drive a recovery in 2012.
Investors, however, are losing
patience, with the Edinburgh-based
companys shares, which have lost 60
per cent of their value since the start
of the year, falling 3.75 per cent.
A host of chipmakers, including
Texas Instruments and
STMicroelectronics , have said the key
Christmas period will disappoint this
year. Wolfson took a $3.5m hit on
some of its discrete and power man-
agement chips as customers scrapped
products due to lack of demand. It
also faced a separate $3.5m restruc-
turing charge.
Wolfson swings to $10m loss
BY STEVE DINNEEN
TECHNOLOGY
A strong US
performance
boosts Aegis
BY STEVE DINNEEN
ADVERTISING
BY STEVE DINNEEN
GAMING
Warren East says ARM is stronger as an independent company Picture: Laura Lean / CITY A.M.
PERFORM yesterday continued its
long journey to restore investor confi-
dence after its disastrous IPO this year
with a solid set of results.
The media rights company posted
year-on-year revenue growth of 55 per
cent to 27.4m and said it is on track
to hit full-year forecasts.
Joint chief executive Oliver Slipper
said: We are very pleased to report
that our strong performance has con-
tinued through the third quarter,
with further growth across all our
businesses and geographies. The
funds raised on listing give us a sub-
stantial platform to growth through
acquisition and this pipeline remains
promising... We are on track to deliver
strong growth in 2012.
Perform listed in April for 260p a
share, giving it a market cap of more
that 500m. However, it plunged as
low as 150p a share over the summer
before recovering to yesterdays price
of 200p.
Perform Group reassures
investors with solid results
BY STEVE DINNEEN
MEDIA
ANALYSIS l Aegis Group PLC

p
137.5
135.0
132.5
142.5
140.0
135.40
1 Nov
ANALYSIS l Wolfson Microelectronics PLC
p
110.00
107.50
105.00
117.50
112.50
115.00
113.25
1 Nov
BY STEVE DINNEEN
TECHNOLOGY
ANALYSIS l 888 Holdings

p
34.50
34.00
33.50
33.00
32.50
35.50
35.00
35.25
1 Nov
News
WWW.SGMARKETMASTER.CO.UK
7
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NOVEMBER 5
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TRANSPORT firms Stagecoach and
National Express reported rising tick-
et sales yesterday as commuters look-
ing to avoid the high cost of cars turn
to buses and trains.
Underlying revenue at Stagecoachs
domestic rail business, which
includes South West Trains, grew 8.7
per cent in the 24 weeks to 16
October, while Virgin Rail Group, a
joint venture in which Stagecoach
owns 49 per cent, saw a 9.7 per cent
sales jump.
National Express, which operates
the c2c and East Anglia routes, said
third-quarter revenue at its UK rail
division grew six per cent.
The firm said a jump in passengers
using Oyster cards on its routes more
than offset the lower yields from
Oyster-discounted journeys.
Sales at the UK bus businesses of
National Express and Stagecoach
grew around two per cent.
But both firms performed better
overseas, with Stagecoachs US coach
operations posted a 12 per cent leap
in like-for-like revenue while revenue
at National Expresss America school
bus business rose 10 per cent.
Shares in National Express closed
down 1.9 per cent to 225.8p yesterday,
faring slightly better than the rest of
the FTSE 250, while Stagecoach
dropped four per cent to 238.3p.
Rail and bus
firms deliver
revenue gains
BY MARION DAKERS
TRANSPORT
MULTINATIONAL car dealer

Inchcape yesterday posted a rise in
third-quarter revenue with an
uneven global recovery in the car
industry showing strong growth in
Asia Pacific and the emerging mar-
kets, and a further weakening of
consumer confidence across the UK
and Europe.
The British-based firm, which
sells and distributes cars for manu-
facturers such as Toyota, Mercedes-
Benz and BMW in 26 countries, said
yesterday it was maintaining its
guidance for the full-year.
Inchcapes revenue increased by
2.2 per cent to 1.46bn in the three
months to 30 September, with like-
for-like revenue up 4.1 per cent.
That took revenue to 4.39bn in
the nine months to 30 September,
down three per cent on last year.
Inchcape turnover gets lift from
Asia Pacific as Europe weakens
TRANSPORT
Stagecoach, led by Sir Brian Souter, said it trains were doing well Pic: GETTY, Inset: Micha
Theiner / CITY A.M.
ANALYSIS l Stagecoach Group PLC
p
244
242
240
248
246
238.30
1 Nov
CITY VIEWS: HAS YOUR TRAIN CARRIAGE BEEN GETTING BUSIER?Interviews by Phoebe Torrance
Yes, they have become so busy that it is
unbearable. The new fast trains on my route
have been allowed to increase fares
more than others. There also seem to be
more houses being built along the line,
presumably because of such expensive
housing closer to the City.
RON BARNES | MILES SMITH
Yes, they have become noticeably busier. I've
taken to travelling first class because it is getting
harder to get a seat. I know they have cut
back on the number of carriages, and
also the fact that fuel is still so expen-
sive means people prefer to commute
by train.
CLIVE GILBERT | INCEPTA
Not particularly. Personally I think they have always been a busy, slow and inefficient serv-
ice and I havent seen any obvious changes. I have noticed an increase in prices, but it is
understandable why.
RISHI CHOUDHURY | TINDALL RILEY MARINE
* These views are those of the individuals above and not necessarily those of their company.
Xchanging
The technology services provider has
appointed Geoff Unwin, the former
chairman of United Business Media and
executive chairman of Hoskyns, as chair-
man. He will join the board on 1
December, initially as a non-executive
director, before replacing Nigel Rich as
chairman on 1 January 2012 after Rich
stands down on 31 December. Unwin is
currently chairman of Taptu, RD Card
Holdings, OpenCloud and Halma.
Intertain
The parent company of the Walkabout
bar chain has appointed David Myers
as its new chairman, succeeding
Stephen Lambert. Myers, the former
chief executive of Avebury Taverns, will
retain his current positions as non-
executive chairman of Premium Bars &
Restaurants and La Tasca.
Carmignac Gestion
The fund manager has hired Mark Dunn,
previously head of strategic business
development at LV Asset Management,
as sales director.
HgCapital
The European-focused private equity
investor has appointed Andrew Land as
a senior member of its services sector
team and a director of the firm. Land
was formerly a managing director with
Och-Ziff Capital Management.
Sun European Partners
Sun Capital Partners has made three
senior hires to its European arm:
Jerome Nomme joins from Ernst &
Young as a principal on the transac-
tion team, Tim Stubbs joins from the
Sapa Group as a managing director
on the operations team, and David
Finnigan relocates from the Florida
office to become a managing director
on the operations team.
Eversheds
The law firm has appointed senior
Hogan Lovells M&A partner Richard
Lewis as a partner in its London M&A
practice. Lewis, who has been a partner
since 2001, specialises in M&A and cor-
porate finance deals.
Saffron Building Society
Jon Hall has been confirmed as Saffrons
chief executive. Hall, who was previously
finance director, replaces Andy Golding,
who resigned earlier this month.
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
Torrent of EU news
batters Wall Street
U
S stocks tumbled yesterday
after investors were blindsided
by a surprise call for a Greek
referendum on an EU bailout
plan, casting doubt on the sustain-
ability of the recent market rally.
The S&P 500 has slid more than
five per cent so far this week in
moves reminiscent of the stomach-
churning market swings seen over
the past two months and after
investors thought the worst of the
Eurozone debt crisis was over.
The speedy pullback comes after
stocks rebounded to post their best
month in 20 years in October. The
gains were fueled by hope for an
eventual deal to rescue Greece, final-
ly agreed upon at last weeks
European Union summit.
The fact that we gave it back as
quick as we did in two days is very
concerning, said Ari Wald, an ana-
lyst at Brown Brothers Harriman.
It looks very much as though it
was a lot of short-covering, a lot of
bears found themselves on the wrong
side of the trade, he said of the
October rally.
Analysts said if Greek voters reject
the unpopular bailout in a vote pro-
posed by Greek Premier George
Papandreou, it would likely result in
a hard default by Greece, causing
bigger losses for banks and raising
the threat of systemic risk.
The news slammed European
stocks, particularly the region's
banks, which slumped six per cent.
US banks were also hit hard. Morgan
Stanley, which investors worry has
heavy exposure to Europe, fell eight
per cent.
The Dow Jones industrial average
fell 297.05 points, or 2.48 per cent, at
11,657.96. The Standard & Poors 500
Index lost 35.02 points, or 2.79 per
cent, at 1,218.28. The Nasdaq
Composite Index dropped 77.45
points, or 2.89 per cent, at 2,606.96.
The selloff came on sharp spike in
volume with 10.3bn shares traded on
the NYSE, the Amex, and the Nasdaq,
22 per cent above its 20-day moving
average, while the CBOE volatility
index jumped 16 per cent to 34.77, its
highest since around mid-October.
Nearly six stocks fell on the NYSE
for every one that rose.
Adding to the gloom, factory activ-
ity in Asias big export economies
slowed to the weakest rate in nearly
three years in October, while UK
manufacturing suffered a sharp
decline, reigniting fears of a global
slowdown.
The S&P 500 traded below its 14-
day moving average for the first time
since 7 October, pointing to a possi-
ble shift in short-term momentum.
F
INANCIAL stocks led Britains
FTSE 100 sharply lower yester-
day, after the Greek Prime
Ministers call for a referendum
on the bailout package agreed last
week sent shockwaves through mar-
kets and heightened tensions over
debt contagion.
Londons blue chips fell 122.65
points or 2.2 per cent to 5,421.57,
echoing similar falls across the globe
as investors deserted riskier assets on
concerns a Greek no vote could be
catastrophic for the euro and the
banking system.
By calling a referendum,
Papandreou has given 12m Greeks a
decision that has massive and poten-
tially devastating ramifications for
the 500m inhabitants of the
European Union, Louise Cooper,
markets analyst at BGC Partners, said.
The Greek government faced possi-
ble collapse after Prime Minister
George Papandreou shocked investors
and angered fellow EU leaders by let-
ting Greeks vote on the 130bn
($178bn) bailout package, with many
voters already deeply disenchanted
with austerity measures.
Expressing concern at
Papandreous snap decision to call a
referendum, Jean-Claude Juncker, the
chairman of the Eurogroup countries
said Greece could face bankruptcy if
the population ends up voting
against the bailout.
German and French leaders are
due to meet their Greek counterparts
ahead of the G20 summit tomorrow.
Having gained just over eight per
cent in October, the UKs benchmark
has fallen 5.1 per cent in three trad-
ing days and back into the range --
5,000 to 5,450 -- that it had previously
struggled to breakout of between
August and October, when investors
were baying for politicians to bring
an end to the Eurozone debt crisis.
With gains having been capped at
the 200-day moving average of
around 5,710 on Thursday, the FTSE
is now attacking the 50-day moving
average support level of around
5,310.
Investors responded to the uncer-
tainty brought on by Greece by ditch-
ing risky equities and piling their
cash into safer assets such as German
and UK government bonds.
Yields, however, in 10-year Greek
and deeply indebted Italy and Spain
government bonds rose as the risk
that the countries would be unable to
repay their debts grew.
The FTSE volatility index, a gauge
of investor fear, which had stabilised
after the announcement of the EU
rescue plan last week, shot up 25 per
cent.
Those with the most to lose should
EU countries begin defaulting fell fur-
thest. Banks fell 3.5 per cent and
insurers shed 7.2 per cent.
Hedge fund firm Man Group,
which has been struggling to retain
client money amid relentless volatili-
ty, fell 9.3 per cent.
Sentiment among financials was
further dented as investors fretted
over potential exposure to MF Global,
which filed for bankruptcy protection
on Monday.
And the mood further darkened as
Credit Suisse said it was cutting a fur-
ther 1,500 jobs and scaling back its
capital-guzzling investment banking
business, as it dealt with tougher
banking regulations and the impact
from the Eurozones problems.
Europes debt woes weighed too on
global factory activity, which slowed
down in October on weak demand for
exports, raising the risk that the debt
crisis could drag the global economy
into recession.
Shock of Greek referendum
sends financial stocks down
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 Xchanging
95
90
85
80
75
70
Aug Sep Oct
p
68.00
01 Nov
XCHANGING
Panmure Gordon has upgraded the outsourcing company from sell to hold
with a target price of 70p, seeing long-term value in the business, whose
shares have lost more than 30 per cent in the last three months. The broker
says good progress has been made this year since the appointment of Ken
Lever as chief executive, which should result in cleaner, more visible cash gen-
erative earnings.
ANALYSIS l Dixons Retail
14
13
12
11
Aug Sep Oct
p
10.73
01 Nov
DIXONS RETAIL
Nomura rates the electronics retailer as neutral with a target price of
16p, and says the challenging first quarter, when it saw UK like-for-like
(LFL) sales fall 10 per cent, has been followed by an uncertain trading envi-
ronment due to squeezed consumer spending. Despite a forecast for a 7.3
per cent drop in first half LFL sales, the broker expects stable losses before
interest and tax of 12.2m.
ANALYSIS l Wm Morrison Supermarkets
300
290
280
270
Aug Sep Oct
p
301.1
01 Nov
WM MORRISON
JP Morgan rates the supermarket group as underweight with a target price
of 302p ahead of its third quarter trading update on 10 November. The broker
says WM Morrison should maintain its position at the top of the leader board
among food retailers on like-for-like sales, but says the gap is flattered by its
limited non-food exposure. JP Morgan sees like-for-like sales growth of 2.3
per cent excluding food and VAT, and expects space growth of 2.4 per cent.
1 Aug 31 Aug 29 Sep 28 Oct
5,200
5,000
5,400
5,600
5,800
ANALYSIS l FTSE
4,800
5,421.57
01 Nov
Marsh
The insurance broker and risk adviser has
appointed David Batchelor as head of its inter-
national division, comprising all operations out-
side North America. Batchelor, who will relocate
to New York from London early next year, will
remain chief executive of Marshs EMEA region
throughout 2011. Batchelor began his career in
1976 at Bowring, which was acquired by Marsh
& McLennan Companies in 1980. He took up his
most recent role as chief executive of Marshs
EMEA region in April 2008.
News
extent of site
102ha
of created habitat
45ha
0.5miles
N
STRATFORD
Position of stadium
LEYTON
Planned green
areas
Contaminated
Browneld site
A12
A12
River Lea
River Lea
industrial neglect
200yrs
bore-hole based investigations
3000
of soil retained and reused
80%
1. THE SITE 2. CONTAMINATION 3. ANALYSIS 4. REMEDIATION
Source: Atkins, first appeared in NCE. Paul Weston
7. PLANT TYPES 6. COIR MATTING 5. ECOLOGY
102ha browneld
site criss-crossed
with neglected
waterways and
bound by
railway lines.
Occupied by
industrial
activity prior
to aquisition
Teams were sent in as each of the
businesses left. They carried out full
investigation of the ground below
adding to historic information already
known about the site. Eventually 3000
borehole based investigations had
been conducted
Contamination from over 200 years of
industrial neglect. Previous business uses
including; waste tip, chemical works, glue
factory, landll site and bus depot. All
giving rise to an accumulation of diverse
contaminants which had penetrated both
soil and groundwater
The remediation strategy was to keep as
much material onsite as possible. With
both soil washing and bio remediation
techniques used. 95% of demolition
materials were reclaimed and reused
with an overall cut and ll balance
achieved across the site
Despite having more than 200 buildings
this browneld site also contained many
wildlife havens. There were many
interesting habitat sites for ora and
fauna containing many invertebrates.
Where ever possible these species were
collected and relocated
Individual plants
380,000
After exhaustive testing coir pallet
planting was found to be the most
successful way of delivering native
wetland plants back to this challenging
River Lea and Thames estuary area.
Seedlings are delivered to site ready
planted in coir mats
of planting
15,000
m
2
Trails identied which species coped best
with the sites tough conditions. These
consisted mainly of emergent grasses,
yellow irises and purple loosestrife.
These should ower during the games

g
r
a
p
h
ic
: w
w
w
.p
a
u
lw
e
s
t
o
n
.in
f
o
Yellow iris
Earth
The Archeae bug,
used for bio remediation
Insitu remediation Onsite borehole
investigation
Coir
mat
Mesh Preplanted
grasses
Purple losestrife
Emergent
grasses
Soil
hospital
for worst
contamination
London 2012 OLYMPIC REPORT
The Olympic Park uncovered: The secrets
that lie hidden beneath its green surface
Atkins has used engineering expertise to transform a wasteland into a destination, says Marc Sidwell
V
ISITORS to Stratfords
Olympic Park next year will
be too busy attending mag-
nificent sporting spectacles
to give much thought to
the work that was required to turn
an East London industrial waste-
land into a venue fit to receive the
whole worlds attention. But
Atkins, the engineering partner for
the London 2012 Olympic and
Paralympic Games, has been work-
ing on the project almost since the
deal was signed in 2005. Mike
McNicholas, Atkins 2012 Project
Director, says that the immense
effort to reclaim a contaminated
site in Stratford stretching over 2
and half square kilometres is the
biggest show in my career and is
understandably proud of the
results. The work Atkins has com-
pleted has been responsible for
creating the largest park since
Victorian times.
It wasnt always that way. Atkins
has overseen the demolition of over
200 buildings and undertaken over
1.3m square metres of site clear-
ance to make the park. What once
was an area of breaking yards, run-
down industrial sheds and highly
contaminated ground is now
unrecognisable.
GREEN PLAYGROUND
Old photographs are the only sign
now of the decaying cars and tow-
ers of old tyres, the buildings with
every window smashed, the forlorn
railway car streaked with graffiti
left in a jumble of weeds. Now the
site has been returned to
Londoners as a new green play-
ground, and one not just for the
spectacle of next year but for the
long-term future.
Organisers boast that 75 pence in
every pound is being spent on lega-
cy, and in Atkinss work on the
foundations of the Olympic Park
that is especially true.
It is visible in even the smallest
details, such as helping to create
footbridges that can be temporary
people motorways during the
bustle of next summer but then
revert to thinner footways for the
future so that people can meander
over at their leisure and stop to
enjoy the view. Its true too in many
important engineering works that
lie out of sight. Atkins has designed
and overseen the installation of a
new culvert that intercepts the
overland flood route, putting
almost 4,000 fewer houses at risk of
flooding.
LIFTING LIZARDS
While attention naturally focuses
on the area around the Olympic sta-
diums, part of the project has been
to develop the northern end of the
park as an eco-realm with wild-
flower meadows and woodland. As
well as all the heavy lifting, ecolo-
gists and archaeologists have been
going over the ground by hand, the
ecologists literally lifting lizards
into their new territory. As well as
lizards, some 4,000 newts and 100
toads call this biodiverse habitat
home.
Subtle details of the new ecosys-
tem such as creating a living river
edge not reinforced with concrete
and metal are evidence that on this
project Atkins brought people from
many disciplines together, helping
to create new ways of working for
the next generation of construction
professionals, integrating land-
scape design with infrastructure
planning and environmental con-
cerns.
HEROIC SCALE
But above all it is the scale that
astonishes. Working within a living
corner of the city and to very tight
deadlines, Atkins had to construct
temporary roads and utilities just
to support the more than 11,000
construction workers involved at
the peak of construction. Yet it also
managed to hold itself to strict
standards on reuse of the material
on the site. Of the 500,000 tons of
demolition material, 97 per cent
has been reused. And thanks to an
elaborate system of soil washing
and decontamination, 80 per cent
of the soil in the area has been
replaced now fresh and ready for
the next thirty years.
To those who do notice the
Olympic Parks skilfully-construct-
ed foundations, perhaps it will help
spark new interest in the industry
which is, after all, one of the UKs
historic exports. Its certainly a
wonderful showcase for the global
audience that the 2012 Games is
bringing to London. Mike
McNicholas says: Im immensely
proud of the work that Atkins has
done and the role that thoughtful
engineering has played in deliver-
ing on the ambition of London
2012, and everyone who has
worked on the project will also be
able to take the lessons theyve
learned and apply them elsewhere,
creating an even greater legacy.
29
267 DAYS TO GO
COUNTDOWN
TO THE LONDON
OLYMPIC
GAMES
2012
T
HE crisis spawned in 2007 has in many
ways come to resemble Hydra the myth-
ical many-headed serpent of Ancient
Greece, which grew two new heads every
time one was cut off already last Wednesdays
Brussels Summit shows no sign of marking a
true turning point for the Eurozone. And while
the euro-crisis commands attention, lurking just
behind it is a growing and almost unseen
trade crisis.
Protectionism the murky art of closing mar-
kets to foreign goods or services is raising its
head in some familiar places. In France, the sur-
prise result in the Socialist primaries was that a
candidate who advocates protectionism knocked
former presidential candidate Segolene Royal
into fourth place. In Washington, a bill currently
sits before Congress which proposes to intro-
duce punitive charges on Chinese
imports unless Beijing re-values the ren-
minbi. In Brazil, after months of com-
plaining that currency movements
were working to Brazils disadvantage,
the new Brazilian government flexed
its muscles by introducing preferential
terms for local manufacturers compet-
ing for government contracts.
Business is already feeling the very
real effects of these shenanigans. Those
trying to get into foreign markets are fac-
ing new obstacles to trade not just high-
er tariffs, but opaque regulations,
discriminatory procurement practices, hid-
den export subsidies, and the biased tax
treatment of foreign investments.
The reasons for this creeping protection-
ism are understandable: we have been pass-
ing through a time of almost unprecedented
economic uncertainty, coupled with closely-
fought electoral cycles in some key countries.
For international business, its a danger-
ous concoction. Its all-too-tempting for a
politician on the campaign trail to add
another glug of protectionism, maybe
with a dash of nationalist rhetoric.
The problem is that what works on
the campaign trail has disastrous effects
in practice. And if anyone needs reminding of
the risks: it was precisely the rise of protection-
ism which tipped the financial crisis of the 1930s
into a global depression.
Whats particularly worrying here is that key
global institutions are not gripping this risk. The
World Trade Organisation (WTO) languishes,
picking over the entrails of the nearly dead Doha
round, and wondering what on earth govern-
ments will do when they turn up in Geneva for
the WTOs big jamboree in December. The G20
meeting in Cannes later this week risks being
stuck with last years agenda when real life has
moved a long way on. Add some buck-passing
between the two and you have a good recipe for
further global paralysis on trade.
So of course, it is tempting, as Anthony
Browne did in last weeks City A.M., to give up on
the multilateral approach to trade liberalisation
and join the chorus of voices arguing for more
bilateral free trade negotiations.
But bilaterals are easier to talk about than to
deliver. They turn out quite often to be no easier
to negotiate than multilateral agreements. It is
not unusual for a bilateral deal to take close to
ten years to complete and these are mostly the
easy ones. Worse, looking ahead, if you give up
on the goal of a truly global trade deal there is
the fundamental risk that the world will break
down into regional trading blocs which have no
real success talking to each other. Fine, if all your
business is with the EU. But if you really want to
go global you need something more powerful to
open the doors.
Doha may be dead or at best comatose for
the foreseeable future. But that doesnt mean we
should give up. We need fresh thinking about
how to use the multilateral machinery to count-
er immediate protectionist threats and to max-
imise future global growth. The answer should
start at this weeks G20 Summit, with three sim-
ple steps.
One, policy makers need to grasp that the
dynamics of international trade have undergone
a significant transformation over the past
decade. The focus on collecting import-export
statistics doesnt really do justice to the complex-
ities. For all the political huffing and puffing,
the US and China might be in a symbiotic rela-
tionship which quite suits them.
Two, the World Trade Organisation urgently
needs to be given a new role to monitor coun-
tries trade policies to keep protectionist excesses
in check. Three, the major global powers should
recommit to new trade talks starting with
coalitions of the willing on issues of fundamen-
tal importance to business. Prime candidates
could include agreements on investment protec-
tion, e-commerce and services.
The process of global trade liberalisation is
impossible without clear leadership. This role
has usually fallen to America, but nothing is like-
ly to come out of Washington until after the
presidential elections next year. But someone
needs to step up to the plate right now. Maybe
the G20 this week and the WTO Ministerial later
in the year will show us just who.
Stephen Pattison is the director of the International
Chamber of Commerce UK.
30
The Forum
CITYA.M. 2 NOVEMBER 2011
If anyone needs reminding,
in the 1930s protectionism
turned crisis into depression.
Its not just the Eurozone: A
trade crisis is growing. The
G20 must show leadership
cityam.com/forum
STEPHEN PATTISON
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
31
We need to teach
financial literacy
in all UK schools
I
T IS significant the e-petition calling for
compulsory financial education in
schools has this week become one of the
first petitions to reach the threshold of
100,000 signatures and that the All Party
Parliamentary Group (APPG) on Financial
Education for Young People is the largest in
parliament, with 224 cross-party MPs.
We are a financially illiterate nation. The
UK has the highest levels of personal debt per
capita of any country in the G20 and the UKs
personal debt crisis has deepened by over 350
per cent in the last 10 years. We need to make
fundamental changes to the way individuals
manage their money, and we now have the
popular support of both the public and parlia-
mentarians to take this forward.
Financial education is a long-term solution
to the national problem of irresponsible bor-
rowing and personal insolvency. It is time to
teach people about budgeting, good and bad
debt, and personal finance so that they are
able to manage their money more effectively
in an increasingly complex financial world.
Ensuring that every child in the country gets a
basic understanding of personal finance and
consumer rights before leaving school would
enable the next generation of consumers to
make informed decisions. It will equip the
workforce with skills to succeed in business
and drive forward economic growth.
Some schools already provide personal
finance education, but provision is at best ad
hoc. Schools face significant barriers to teach-
ing personal finance education, including
pressures on curriculum time, no statutory
mandate, lack of teacher training, lack of
teacher subject knowledge and confidence,
and lack of awareness of suitable resources. It
needs to be given curriculum time by govern-
ment to guarantee that every child leaves
school with at least a basic understanding of
the financial decisions they will need to make
as they embark on independent living, and
the impact that these decisions will have on
their wellbeing and future.
The APPG on Financial Education for Young
People has undertaken a nine-month inquiry
into how financial education can be provided
in the national curriculum. We have conduct-
ed an online survey of over 850 teachers,
received 41 written submissions from the edu-
cation sector, financial services industry, stu-
dent representation bodies, and individuals,
and examined 38 witnesses from the educa-
tion sector across the UK, the financial servic-
es industry, and independent commentators.
The inquirys report, to be launched on 12
December, will provide conclusions and rec-
ommendations intended to help the govern-
ment and schools build a sustainable model of
personal finance education that equips young
people with the skills and knowledge they
need to become intelligent and responsible
managers of their money.
We have the support for financial educa-
tion, we have a framework of how it can be
delivered, now is the time to debate this issue
on the floor of the House and for the govern-
ment to take this forward.
Justin Tomlinson MP is the chair of the Financial
Education for Young People APPG.
Simply complex
In response to Gemma Godfrey
[The EUs decision process: Its not
rocket science, on Monday], I
think weve outlived a time where
the world economy worked most-
ly in a linear fashion thats easy to
grasp and extrapolate (e.g. if
exports grow by X per cent, and
unemployment falls by Y per cent,
GDP will rise by Z percent).
Instead, thanks to globalisation
and an ever faster pace, the world
economy has grown into an
incredibly complex and complicat-
ed system where non-linear
effects dominate.
We could spend years building
complex and expensive models for
the world economy, mimicking
weather forecasting and always
lagging the fast pace of the econ-
omy itself. Or we could use physi-
cists, economists and
psychologists to scrutinise regula-
tion and make sure that it
addresses root causes, rather than
symptoms, thus reducing the
complexity of the entire
system.
Gemmas quote of Einstein saying
we can't solve problems by using
the same kind of thinking we used
to create them is a very valuable
reminder. All politicians (and other
decision-makers) should have to
recite this quote every morning
before being allowed into their
office. In that spirit, physicists,
meteorologists, economists and
psychologists unite and educate
decision-makers.
Tony Scott
RAPID RESPONSES
JUSTIN
TOMLINSON
BY JAMIE WHYTE
CITYA.M. 2 NOVEMBER 2011
The Forum
M
ANY of those
occupying Wall
Street and the
City of London
object to corporate greed.
Yet greed is usually harm-
less.
For example, I may
well be greedy. I would
like to earn more despite already earning what many
of the protesters would consider more than enough.
But my greed is harmless because I cannot force peo-
ple to give me their money; I must persuade them to
part with it. And I can do that only by offering them
something they want in return. Given my impotence,
my greed is beneficial to others. It inspires me to come
up with valuable things to offer them.
The anti-capitalists must really be worried about
corporate power. And their language suggests they
are. They claim that large multi-national companies
exploit workers and force other firms out of busi-
ness. They speak as if corporates use coercion to satis-
fy their greedy desires.
Sometimes companies do wield coercive power but,
ironically, never in the free markets that anti-capital-
ists despise.
Imagine a subsistence farmer in a third world coun-
try working 70 hours a week to provide himself with
about $5 worth of food and shelter a day. A clothes-
making factory opens nearby offering jobs that pay $1
per hour and a 70 hour week. He will probably take
the job, since it doubles his income.
If the factory had been opened by a local man using
a subsidised micro-loan, those occupying the City
would celebrate. If started by an American firm, how-
ever, they will claim the worker is being exploited. But
where is the exploitation? If working for $1 an hour
benefits the man when he is paid by a poor local, it
benefits him when he is paid by a rich American. And,
in both cases, the job is taken voluntarily.
Or take the greatest crime in the imagination of
British anti-capitalists: a supermarket chain such as
Tesco forcing a high-street butcher out of business.
Where is the force? The supermarkets scale allows it
to offer shoppers lower prices than the butcher. They
voluntarily switch suppliers and the butcher goes out
of business. No one has been coerced.
Sex may make the matter clearer. Tim is a local boy
who all the local girls think is gorgeous and who enjoys
the attendant benefits. One day a handsome American
named Brad moves into town. Brad uses his superior
pulling power to seduce the women Tim used to get.
This is disappointing for Tim. But Brad has wielded
no power from which people must be protected.
Coercion is involved only when someone acts involun-
tarily. Deny this and you cannot distinguish seduction
from rape, employment from slavery, or buying some-
thing from stealing it.
It is, in fact, those who wish to protect the victims
of free markets who would employ force. Tim and the
local butcher can be protected from their disappoint-
ments only by preventing consumers from acting on
their preference for Brad and Tesco.
Anti-capitalists complain about cronyism but they
do not object to it in principle. They merely dislike the
most successful cronies of recent times: namely, those
bankers that received bailouts. Propose that the gov-
ernment use its coercive powers to bestow gifts on
school teachers, nurses or local shopkeepers and few
occupying the City will complain. Like any greedy
banker or corrupt politician, they are keen to replace
voluntary exchange with state-compelled transfers
when doing so benefits people they like.
Jamie Whyte is a senior fellow of the Cobden
Centre and author of Crimes Against Logic
(McGraw Hill 2004).
Forcing others to obey
is the issue, not greed
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
32
Wealth Management | Foreign Exchange
T
HE yen will continue to strengthen
against major currencies. No matter
the actions of Japans authorities,
attempts to bring it down are des-
tined to fail. It is not as though Japans
leaders havent been trying the economy
has been mismanaged for decades. But
interventions and gargantuan govern-
ment debt have done nothing to dissuade
the forex market from its instinct that in
adversity, the yen is the place to be.
THE COST OF INTERVENTION
On Monday, the Bank of Japan (BoJ) man-
aged to dig the yen out of its record 75.35
against the dollar, but at an estimated cost
in the region of $100bn (64bn). This was a
short-term fix and has since been trading
in a tight channel just above 78. It wont
stay there for long.
Chris Towner of HiFX thinks the tim-
ing of the intervention was intentional.
He says they patiently waited for the
Europeans to come up with their plan and
as risk-on returned to the market on the
last day of October, they intervened.
Interventions have failed on its two pre-
vious attempts this year and the latest
move will follow suit. Back in August,
says FairFXs Rishi Patel, the 77 handle
in dollar-yen was simply ineffectual. The
markets returned back to that level with-
in a few days. He thinks although
Mondays intervention was significantly
Interventions wont
stop the yen rising
against the dollar,
writes Philip Salter
Japan cant scare off
L
OOKING at the carnage that is the Eurozone
today from the comfort of a Canary Wharf office,
it is easy to feel superior. After all, the UK
appears to be relatively immune to the chaos
thats currently occurring in European capital markets.
With Greece circling the drain as some of my fellow
analysts have so indelicately put it, and with shorts
primed to skewer Italy next, euro-dollar is facing an all
out assault from every angle. Meanwhile cable has
remained above the fray, trading within the $1.5500-
$1.6000 range for the past two months.
The pound has been the beneficiary of two critical
trends. First, economic data over the past few
months has been relatively stable, with business
activity in the third quarter enjoying a rebound. In
fact, the latest GDP reading released yesterday
showed that the UK economy grew at 0.5 per cent,
versus a 0.3 per cent forecast. Secondly, UK debt has
been afforded a remarkable measure of respect in the
credit market. The standard five year CDS contract
costs only 91 basis points for UK less than the much
larger and arguably much more stable German econ-
omy, which was trading at 97 basis points. Contrast
that with the 513 basis points that the market now
charges for Italian debt and the question that you
must ask is is UK credit really five times as safe as
Italian credit?
I believe the answer is no. The UK economy
remains laden with debt and is still very heavily
reliant on the finance sector for growth. Furthermore,
the latest economic data is signalling another stall in
activity. Yesterdays massive miss in the PMI
Manufacturing report, which printed at 47.7 versus
50 eyed, caused a sell-off in cable, as traders were
more concerned about decline in forward demand
than the backward leaning GDP surprise. Therefore,
this Thursdays PMI Services report could be the tip-
ping point for the pound. If the data prints below 50,
signalling contraction in the critically important serv-
ices sector, investor attitudes towards sterling could
change in a heartbeat, as the rosy credit assumptions
and growth prospects are challenged threatening
to send the pair to $1.50 by year end.
DONT TOE THE
LINE OF CABLE
COMPLACENCY
BORIS SCHLOSSBERG
DIRECTOR OF CURRENCY RESEARCH, GFT
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79.50
79
78
77
76
78.50
77.50
76.50
75.50
ANALYSIS l Mondays dramatic intervention (dollar-yen)
A stimulus to nowhere Picture: GETTY

more than the August intervention, so far
the impact has been limited and there has
been no follow through.
A HARD RAIN
The Eurozones leaders are forever claim-
ing that its economies are better than the
markets give them credit for. In contrast,
Japan is in the rather peculiar position of
trying to convince investors that they
have too much faith in them. In reality,
both are in a significantly worse state
than most are willing to admit but for
now, the Eurozones liquefaction takes
centre stage. As Markos Solomou, risk
manager at Easy-Forex explains, the seem-
ingly never-ending Eurozone crisis and all
of the ongoing uncertainty leads
investors to seek safe havens. Towner
thinks the Eurozone has caught Japan
2008 2007 2009 2010 2011
125
120
115
110
105
100
95
90
85
80
ANALYSIS l A blip against a long-term trend (dollar-yen)
33
FOREX ANALYST PICKS
FOREX STRATEGIST
JOEL KRUGER
My pick: Sell Australian dollar-dollar at $1.0310
Expertise: Technical analysis
Average time frame of trades: 1 day to 1 week
FOREX STRATEGIST
ILYA SPIVAK
My pick: Stay short euro-dollar
Expertise: Global macro
Average time frame of trades: 1 week to 6 months
I sold euro-dollar at $1.4328 on 29 July. Prices soared last week in the
wake of the EU debt crisis summit, taking out my revised stop-loss at
$1.3975 for a small profit. With the euphoria fading and the many gaps
in the now third comprehensive crisis containment plan emerging, euro
is on the defensive once again. I will look for a compelling new entry
point to re-establish the position in the days ahead. Ideally on a bounce
from support at $1.3707 back toward the $1.39 figure.
We continue to classify the latest market rally as corrective, with the move
putting in a lower top below the September high. The market is now rolling
back over to keep the downtrend intact and open a bearish resumption.
While selling rallies is probably too aggressive, we recommend being slightly
more cautious and looking for confirmation on a break back below $1.0315.
Look for the break below $1.0315 to then expose a fresh drop back towards
$0.9385. Only a sustained break back above $1.0750 would negate.
FOREX STRATEGIST
JOHN KICKLIGHTER
My pick: Long dollar-Canadian dollar, short sterling-dollar
Expertise: Fundamental analysis with risk management
Average time frame of trades: 1 day to 1 week
We witnessed an incredible swing in risk trends preventing both my ster-
ling-yen and Aussie-dollar setups from triggering. The dollar-Canadian
dollar managed to hit the Ca$0.9970 short, but it was best to bail with a
small take. Volatility and event risk is a big threat this week. Im looking
for a short-term long dollar-Canadian dollar above Ca$1.0025 if risk
aversion sets in. There are a lot of options for that scenario, including
sterling-dollar reversing trend below $1.5950. Its high risk though.
A
FTER a month long rally against
the dollar, the euro wiped out
almost half the gains falling 440
pips in one day, with the news of
a Greek referendum and the European
Central Banks consideration in cutting
rates looming large. The euro-dollar
pair is in freefall and will take a strong
bit of positive news for the pair to
bounce back any time soon. Capital
Spreads quotes $1.3685-$1.3586.
The risk aversion so far this week has
seen a mass sell off in the riskier cur-
rencies. The Aussie dollar has retraced
from almost touching $1.0800 back to
$1.0300. Since breaching the 23.6 per
cent Fibonacci retracement level, the
pair could go lower to the 38.2 per cent
level, which is at $1.0235. Capital
Spreads quotes a price of $1.0300-
$1.0301 for Australian dollar-dollar.
The market has been testing the
Bank of Japans resolve since their dra-
matic intervention in the small hours of
Monday morning. $78 is the battle
ground for now, but there seems to be
strong resistance once it heads towards
$79. Look to sell on approaches to $79
and look to buy back again around $78,
or below, should the market pressure
buckle the Bank of Japan. Spread Co
offers a spread on dollar-yen of
78.179-78.199.
The euro plummeted yesterday on
news that Greece was to hold a refer-
endum on the latest euro debt bailout
proposal. Euro-dollar dropped by
around 500 points. Euro-sterling was-
nt quite as dramatic, falling around
200 points, before recovering to rise
back above 0.8600. Spread betters
were buying with limit orders set at
0.8700 and stops at 0.8550.
Spreadex quotes 0.8606-0.8609.
It was a ghoulish Halloween for
cable as it whipsawed between
$1.6130 to $1.5965, back to $1.6160
and back down to $1.6065, all in the
space of 24 hours. Despite stronger
than expected UK GDP figures on
Tuesday, cable plunged to test the
$1.590 support area, a break which
opens a run at $1.570. Spread Co offer
a spread on sterling-dollar of $1.5908-
$1.5910.
Philip Salter
THE TIPSTER
EURO FALL LOOKING
FOR TENDER LANDING safe haven status
between a rock and a hard place:
We have seen the Japanese yen
strengthen due to risk aversion and
then when risk aggression returns
to the market, the US dollar weak-
ens and by default the yen strength-
ens.
Deflationary Japan holds some
security for forex traders. Yannick
Naud of Glendevon King notes that
as long as the inflation gap between
Japan (year-on-year expected 2011
CPI of -0.2 per cent) and the US (3.2
per cent) remains wide, we should
expect the yen to appreciate further
in the medium term. Kathleen
Brooks thinks the authorities will
fail not only because the dollar-yen
is a highly liquid trade in a $4 tril-
lion market, but also due to the size
of its economy, currency manipula-
tion of the sort required would
become a serious diplomatic matter.
As Michael Derks, chief strategist
at FxPro surmises: In a world where
many of the major currencies have
serious doubts attached to them as a
reliable store of value and with ques-
tion-marks over the safety and secu-
rity of their banking systems, it is
hardly surprising that the yen has so
many friends.
ON A DIME
Traders had been speculating and
guessing an intervention was com-
ing says Spreadcos Ian OSullivan.
BoJ mutterings tipped off traders,
however, he says when it did hap-
pen, it caught most traders com-
pletely off guard. For some this was
no bad thing: Anyone who had
been buying dollar-yen in the last
week of October just below 76,
with a stop loss below 75.50, found
themselves in a lovely position, as
the stop escaped, just, before it
launched over 300 pips skywards.
OSullivan says traders are willing
now to close out and take the oppo-
site trade expecting the BoJ to
eventually succumb to the pressure.
Even though it is destined to fail
in the long-term, traders need to
beware, as the BoJ is serious about
interventions, which could upset
trading conditions. Towner warns
that Japan, in protecting its curren-
cy from strengthening, has unlimit-
ed reserves. It can print its own
money to buy the dollars for the
intervention.
Derks advises that although
intervention always complicates
trading, it is never a reason to avoid
trading a particular currency. The
answer, he says, lies in attempting
to determine at what level the cen-
tral bank will intervene, and neu-
tralise positions beforehand. Derks
thinks Australian dollar-yen is also
an interesting pair to keep an eye
on: If we now revert to risk aversion
like we did through August and
September, it is hard to see how this
pair would not fall further.
Japans fiscal and monetary
authorities are in a game of snakes
and ladders, in which the snakes are
out to get them and the ladders lead
to nowhere.
BAE Systems . . . . . .271.4 -5.2 361.1 248.1
Chemring Group . . . .495.7 -14.3 736.5 484.7
Cobham . . . . . . . . . . .175.3 -4.7 236.5 168.5
Meggitt . . . . . . . . . . . .371.9 -12.7 397.6 304.9
QinetiQ Group . . . . . .117.5 0.7 136.3 96.7
RoIIs-Royce Group . .685.0 -17.5 726.0 557.5
Senior . . . . . . . . . . . . .160.5 -5.5 190.6 131.1
UItra EIectronics . . .1592.0 0.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .184.3 -6.0 245.0 157.0
BarcIays . . . . . . . . . . .176.8 -18.6 333.6 138.9
HSBC HoIdings . . . . .532.4 -12.5 730.9 473.6
LIoyds Banking Gr . . .30.6 -1.9 70.3 27.6
RoyaI Bank of Sco . . .22.3 -2.0 49.0 19.7
Standard Chartere .1438.5 -20.5 1950.0 1169.5
AG Barr . . . . . . . . . .1205.0 -5.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .317.0 -12.9 503.5 289.9
Diageo . . . . . . . . . . .1297.0 8.0 1344.0 1112.0
SABMiIIer . . . . . . . . .2222.0 -49.5 2354.5 1979.0
AZ EIectronic Mat . . .246.0 -1.8 338.1 206.1
Croda Internation . .1713.0 -44.0 2081.0 1367.0
EIementis . . . . . . . . . .136.6 -7.6 187.4 104.8
Johnson Matthey . .1790.0 -89.0 2119.0 1523.0
Victrex . . . . . . . . . . .1243.0 -27.0 1590.0 1025.0
YuIe Catto & Co . . . . .163.8 -6.5 253.0 148.0
LON GD ONCE FIX AM...........1702.00 -16.00
SILVER LDN FIX AM ..................32.84 -1.36
MAPLE LEAF 1 OZ ....................35.52 -1.33
LON PLATINUM AM................1581.00 -25.00
LON PALLADIUM AM...............635.00 -16.00
ALUMINIUM CASH .................2186.00 -35.00
COPPER CASH ......................7900.00 -81.00
LEAD CASH...........................1980.00 -5.50
NICKEL CASH......................19220.00 -475.00
TIN CASH.............................21870.00 -40.00
ZINC CASH ............................1918.00 12.00
BRENT SPOT INDEX................110.61 -1.13
SOYA .....................................1207.50 -9.50
COCOA..................................2696.00 -52.00
COFFEE...................................226.95 0.00
KRUG.....................................1764.70 -8.20
WHEAT ....................................149.50 -1.50
AIR LIQUIDE........................................91.13 -2.62 100.65 80.90
ALLIANZ..............................................74.75 -6.46 108.85 56.16
ANHEUS-BUSCH INBEV ....................40.00 -0.22 45.83 33.85
ARCELORMITTAL...............................14.14 -0.90 28.55 10.47
AXA......................................................10.30 -1.47 16.16 7.88
BANCO SANTANDER...........................5.88 -0.29 9.20 5.05
BASF SE..............................................50.85 -2.34 70.22 42.19
BAYER.................................................43.38 -2.92 59.44 35.36
BBVA......................................................6.30 -0.26 9.20 4.94
BMW ....................................................56.58 -2.48 73.85 43.49
BNP PARIBAS.....................................28.56 -4.29 59.93 22.72
CARREFOUR ......................................18.78 -0.46 34.27 14.66
CRH PLC .............................................12.07 -1.02 17.40 10.28
DAIMLER.............................................34.81 -2.19 59.09 30.52
DANONE..............................................48.52 -1.78 53.16 41.92
DEU.BOERSE OFFRE ........................37.59 -2.42 55.75 35.46
DEUTSCHE BANK..............................27.93 -2.42 48.70 20.79
DEUTSCHE TELEKOM.........................8.89 -0.31 11.38 7.88
E.ON.....................................................16.39 -1.13 25.54 12.50
ENEL......................................................3.23 -0.18 4.86 2.81
ENI .......................................................15.27 -0.72 18.66 11.83
FRANCE TELECOM............................12.43 -0.61 17.45 11.12
GDF SUEZ ...........................................19.68 -0.84 30.05 18.32
GENERALI ASS...................................12.44 -0.59 17.05 10.34
IBERDROLA..........................................4.97 -0.29 6.50 4.29
INDITEX ...............................................63.94 -1.82 69.40 50.92
ING GROEP CVA...................................5.36 -0.90 9.50 4.21
INTESA SANPAOLO.............................1.09 -0.20 2.47 0.85
KON.PHILIPS ELECTR.......................14.83 -0.27 25.45 12.01
L'OREAL..............................................77.78 -2.03 91.24 68.83
LVMH..................................................114.85 -5.40 132.65 94.16
MUNICH RE.........................................91.90 -5.56 126.00 77.80
NOKIA....................................................4.62 -0.25 8.49 3.33
REPSOL YPF.......................................20.72 -1.18 24.90 17.31
RWE.....................................................28.66 -2.29 55.88 21.22
SAINT-GOBAIN...................................31.29 -2.40 47.64 26.07
SANOFI ................................................49.62 -2.34 56.82 42.85
SAP......................................................42.86 -0.77 46.15 32.88
SCHNEIDER ELECTRIC.....................39.73 -2.92 61.83 35.94
SIEMENS .............................................73.58 -2.64 99.39 62.13
SOCIETE GENERALE.........................17.68 -3.43 52.70 14.32
TELECOM ITALIA..................................0.85 -0.05 1.16 0.70
TELEFONICA ......................................14.86 -0.53 19.69 12.50
TOTAL..................................................36.67 -1.15 44.55 29.40
UNIBAIL-RODAMCO SE...................138.80 -5.70 162.95 124.05
UNICREDIT............................................0.74 -0.11 2.03 0.64
UNILEVER CVA...................................24.76 -0.21 25.09 20.90
VINCI ....................................................33.67 -2.03 45.48 29.49
VIVENDI ...............................................15.50 -0.76 22.07 14.10
VOLKSWAGEN VORZ ......................120.00 -6.80 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5421.57 -122.65 -2.21
FTSE 250 INDEX . . . . . . . 10167.60 -312.14 -2.98
FTSE UK ALL SHARE . . . . 2795.56 -65.30 -2.28
FTSE AIMALL SH . . . . . . . . 708.21 -18.95 -2.61
DOWJONES INDUS 30 . . 11657.96 -297.05 -2.48
S&P 500 . . . . . . . . . . . . . . . 1218.28 -35.02 -2.79
NASDAQ COMPOSITE . . . 2606.96 -77.45 -2.89
FTSEUROFIRST 300 . . . . . . 961.76 -34.25 -3.44
NIKKEI 225 AVERAGE. . . . 8835.52 -152.87 -1.70
DAX 30 PERFORMANCE. . 5834.51 -306.83 -5.00
CAC 40 . . . . . . . . . . . . . . . . 3068.33 -174.51 -5.38
SHANGHAI SE INDEX . . . . 2470.02 1.77 0.07
HANG SENG. . . . . . . . . . . 19369.96 -494.91 -2.49
S&P/ASX 20 INDEX . . . . . . 2554.60 0.00 0.00
ASX ALL ORDINARIES . . . 4297.20 0.00 0.00
BOVESPA SAO PAOLO. . 57322.75-1015.64 -1.74
ISEQ OVERALL INDEX . . . 2608.19 -116.47 -4.27
STI . . . . . . . . . . . . . . . . . . . . 2778.97 34.80 1.27
IGBM. . . . . . . . . . . . . . . . . . . 863.68 -37.50 -4.16
SWISS MARKET INDEX. . . 5588.57 -142.70 -2.49
Price Chg %chg
3M........................................................76.53 -2.49 98.19 68.63
ABBOTT LABS ...................................52.76 -1.11 55.61 45.07
ALCOA ................................................10.40 -0.36 18.47 8.45
ALTRIA GROUP..................................27.10 -0.45 28.14 23.20
AMAZON.COM..................................212.11 -1.41 246.71 156.77
AMERICAN EXPRESS........................48.99 -1.63 53.80 40.91
AMGEN INC.........................................55.54 -1.73 61.53 47.66
APPLE...............................................396.51 -8.27 426.70 297.76
AT&T....................................................28.70 -0.61 31.94 27.20
BANK OF AMERICA.............................6.40 -0.43 15.31 5.13
BERKSHIRE HATAW B.......................75.52 -2.34 87.65 65.35
BOEING CO.........................................63.17 -2.62 80.65 56.01
BRISTOL MYERS SQUI ......................31.31 -0.28 33.27 20.05
CATERPILLAR....................................91.63 -2.83 116.55 67.54
CHEVRON.........................................102.08 -2.97 110.01 80.41
CISCO SYSTEMS................................17.59 -0.94 24.60 13.30
CITIGROUP.........................................29.17 -2.42 51.50 21.40
COCA-COLA.......................................67.04 -1.28 71.77 61.03
COLGATE PALMOLIVE......................88.09 -2.28 94.89 74.86
CONOCOPHILLIPS.............................67.92 -1.73 81.80 58.37
DU PONT(EI) DE NMR........................46.88 -1.19 57.00 37.10
EXXON MOBIL....................................75.94 -2.15 88.23 63.47
GENERAL ELECTRIC.........................16.02 -0.69 21.65 14.02
GOOGLE A........................................578.65 -13.99 642.96 473.02
HEWLETT PACKARD.........................25.64 -0.97 49.39 19.92
HOME DEPOT.....................................35.54 -0.26 39.38 28.13
IBM.....................................................181.35 -3.28 190.53 140.75
INTEL CORP .......................................23.90 -0.64 26.78 19.16
J.P.MORGAN CHASE.........................32.71 -2.05 48.36 27.85
JOHNSON & JOHNSON.....................63.38 -1.01 68.05 57.50
KRAFT FOODS A................................34.56 -0.62 36.30 24.30
MC DONALD'S CORP ........................91.91 -0.94 93.84 72.14
MERCK AND CO. NEW......................34.06 -0.44 37.65 29.47
MICROSOFT........................................25.99 -0.64 29.46 23.65
OCCID. PETROLEUM.........................90.55 -2.39 117.89 66.36
ORACLE CORP...................................31.69 -1.08 36.50 24.72
PEPSICO.............................................62.23 -0.72 71.89 58.50
PFIZER ................................................19.33 0.07 21.45 16.25
PHILIP MORRIS INTL .........................68.76 -1.11 72.74 55.85
PROCTER AND GAMBLE ..................62.71 -1.28 67.72 56.57
QUALCOMM INC ................................50.14 -1.46 59.84 44.55
SCHLUMBERGER ..............................71.13 -2.34 95.64 54.79
TRAVELERS CIES..............................56.43 -1.92 64.17 45.97
UNION PACIFIC ..................................96.83 -2.74 107.89 77.73
UNITED TECHNOLOGIE ....................75.19 -2.79 91.83 66.87
UNITEDHEALTH GROUP...................46.22 -1.77 53.50 34.50
VERIZON COMMS ..............................36.47 -0.51 38.95 31.60
WAL-MART STORES..........................56.23 -0.49 57.96 48.31
WALT DISNEY CO ..............................33.60 -1.28 44.34 28.19
WELLS FARGO & CO.........................24.77 -1.14 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 ..................0.840 0.00
LIBOR Euro - 12 months ................2.073 -0.01
LIBOR USD - overnight...................0.142 0.00
LIBOR USD - 12 months.................0.939 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 .........................3.750 0.00
European repo rate.........................0.727 0.00
Euro Euribor ....................................1.134 0.00
The vix index ...................................36.31 6.35
The baItic dry index ........................1.965 -0.05
Markit iBoxx...................................238.25 3.77
Markit iTraxx..................................162.00 11.86
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.3757 0.0089
C/ 0.8605 0.0011
C/ 107.71 0.6323
/C 1.1619 0.0014
/$ 1.5992 0.0077
/ 125.16 0.5937
FTSE 100
5421.57
122.65
FTSE 250
10167.60
312.14
FTSE ALLSHARE
2795.56
65.30
DOW
11657.96
297.05
NASDAQ
2606.96
77.45
S&P 500
1218.28
35.02
RPC Group . . . . . . . .348.3 -5.2 384.8 215.4
Smiths Group . . . . . .939.0 -18.0 1429.0 907.5
Brown (N.) Group . . .252.0 -12.1 311.2 245.9
Carpetright . . . . . . . . .442.5 -18.1 835.5 425.0
Debenhams . . . . . . . . .64.5 -0.6 76.5 51.2
Dignity . . . . . . . . . . . .808.5 -8.0 854.5 640.0
Dixons RetaiI . . . . . . .10.7 -1.1 27.3 10.6
DuneImGroup . . . . . .495.9 -2.1 550.0 383.9
HaIfords Group . . . . .320.1 -7.0 459.7 268.6
Home RetaiI Group . . .94.9 -5.2 235.0 93.8
Inchcape . . . . . . . . . .306.0 -20.3 425.4 268.1
JD Sports Fashion . .810.0 -25.0 1030.0 753.5
Kesa EIectricaIs . . . . .97.7 -5.8 174.0 80.0
Kingfisher . . . . . . . . .256.3 -2.6 287.1 217.0
Marks & Spencer G . .312.0 -9.9 427.5 301.8
Mothercare . . . . . . . .163.0 -5.3 627.5 160.5
Next . . . . . . . . . . . . .2557.0 1.0 2668.0 1868.0
Sports Direct Int . . . .238.0 8.5 266.2 125.5
WH Smith . . . . . . . . . .533.5 -14.5 567.0 433.8
Smith & Nephew . . . .558.0 -12.5 742.0 521.0
Synergy HeaIth . . . . .815.5 -18.0 981.0 747.5
Barratt DeveIopme . . .82.8 -6.1 119.0 67.5
BeIIway . . . . . . . . . . . .693.5 -16.5 753.5 511.0
BaIfour Beatty . . . . . .245.4 -6.5 357.3 228.6
GaIIiford Try . . . . . . . .460.5 -5.5 530.0 276.5
Kier Group . . . . . . . .1377.0 -31.0 1445.0 1097.0
Drax Group . . . . . . . .525.0 -18.0 565.5 353.6
SSE . . . . . . . . . . . . . .1328.0 -16.0 1423.0 1111.0
Domino Printing S . .542.0 -32.0 705.0 434.3
HaIma . . . . . . . . . . . . .324.3 -10.7 429.6 306.3
Laird . . . . . . . . . . . . . .147.0 -2.4 207.0 127.9
Morgan CrucibIe C . .269.2 -13.9 357.1 222.3
Oxford Instrument . .786.5 18.5 1010.0 495.0
Renishaw . . . . . . . . . .916.5 -60.5 1886.0 862.0
Spectris . . . . . . . . . .1217.0 -55.0 1679.0 1039.0
Aberforth SmaIIer . . .519.0 -15.0 714.0 508.5
AIIiance Trust . . . . . .332.2 -6.8 392.7 310.2
Bankers Inv Trust . . .384.0 -1.0 428.0 346.5
BH GIobaI Ltd. GB .1188.0 3.0 1210.0 1058.0
BH GIobaI Ltd. US . . . .11.9 0.2 12.2 10.4
BH Macro Ltd. EUR . . .19.0 -0.3 20.1 15.8
BH Macro Ltd. GBP 1993.0 31.0 2070.0 1630.0
BH Macro Ltd. USD . . .18.9 -0.1 20.1 15.8
BIackRock WorId M .637.0 -19.0 815.5 574.5
BIueCrest AIIBIue . . .168.5 -0.4 176.2 162.4
British Assets Tr . . . .118.4 -1.7 140.5 109.0
British Empire Se . . .452.0 -10.6 533.0 409.9
CaIedonia Investm .1516.0 -46.0 1928.0 1470.0
City of London In . . .276.8 -6.3 306.9 257.0
Dexion AbsoIute L . .133.2 -0.9 151.0 130.0
Edinburgh Dragon . .223.0 -6.4 262.1 201.4
Edinburgh Inv Tru . . .455.2 -11.6 492.2 414.9
EIectra Private E . . .1519.0 5.0 1755.0 1287.0
F&C Inv Trust . . . . . .282.2 -6.0 327.9 261.5
FideIity China Sp . . . . .76.5 -2.9 128.7 70.0
FideIity European . . .975.0 -52.0 1287.0 912.0
HeraId Inv Trust . . . . .452.5 -15.5 545.5 419.0
HICL Infrastructu . . . .118.0 -0.1 121.3 112.7
Impax Environment . .93.9 1.8 130.5 88.5
JPMorgan American .823.0 -20.5 916.0 721.5
JPMorgan Asian In . .193.7 -3.3 250.8 170.1
JPMorgan Emerging .521.5 -13.0 639.0 480.1
JPMorgan European .720.0 -26.0 983.5 692.5
JPMorgan Indian I . . .369.7 -10.5 502.0 350.0
JPMorgan Russian .518.0 -13.0 755.0 415.1
Law Debenture Cor . .349.5 -8.6 385.0 309.8
MercantiIe Inv Tr . . . .896.0 -35.0 1137.0 856.5
Merchants Trust . . . .372.0 -4.5 431.8 347.0
Monks Inv Trust . . . . .311.7 -14.3 367.9 298.1
Murray Income Tru . .613.5 -12.5 673.0 568.0
Murray Internatio . . .877.0 -8.0 991.5 818.5
PerpetuaI Income . . .248.0 -2.1 276.0 234.8
PersonaI Assets T .33430.0-250.0 33725.030210.0
PoIar Cap TechnoI . .345.5 -8.0 391.2 299.5
RIT CapitaI Partn . . .1306.0 -14.0 1348.0 1131.0
Scottish Inv Trus . . . .448.0 -4.0 524.0 417.0
Scottish Mortgage . .637.0 -21.0 781.0 586.5
SVG CapitaI . . . . . . . .201.3 -9.1 279.8 187.9
TempIe Bar Inv Tr . . .853.0 -2.5 952.0 791.0
TempIeton Emergin .551.0 -13.0 689.5 497.0
TR Property Inv T . . .165.4 -3.6 206.1 150.0
TR Property Inv T . . . .74.5 0.1 94.0 69.5
Witan Inv Trust . . . . .444.4 -8.9 533.0 401.5
3i Group . . . . . . . . . . .198.2 -7.4 340.0 184.1
3i Infrastructure . . . . .118.3 -2.0 125.2 113.1
Aberdeen Asset Ma .189.5 -3.0 240.0 167.8
Ashmore Group . . . .331.4 -13.6 420.0 301.5
Brewin DoIphin Ho . .122.5 -4.1 185.4 113.7
CameIIia . . . . . . . . . .8900.0 0.010950.0 8800.0
CharIes TayIor Co . . .127.0 -5.0 190.5 122.0
City of London Gr . . . .70.0 0.0 93.6 68.0
City of London In . . .355.0 -17.0 461.5 321.3
CIose Brothers Gr . . .693.5 -16.0 888.5 656.5
CoIIins Stewart H . . . .60.5 -0.3 90.8 59.0
EvoIution Group . . . . .80.5 -5.5 94.0 62.3
F&C Asset Managem .73.0 -0.6 92.9 56.1
Hargreaves Lansdo .478.6 -22.9 646.5 402.5
HeIphire Group . . . . . . .3.0 0.1 21.5 2.2
Henderson Group . . .114.4 -6.2 173.1 95.1
Highway CapitaI . . . . .12.5 -2.0 21.0 6.5
ICAP . . . . . . . . . . . . . .387.6 -16.5 570.5 370.8
IG Group HoIdings . .454.1 -12.0 539.0 393.6
Intermediate Capi . . .228.4 -16.2 360.3 197.9
InternationaI Per . . . .240.1 -34.1 388.8 196.5
InternationaI Pub . . . .115.9 -0.2 118.3 108.6
Investec . . . . . . . . . . .357.2 -21.2 538.0 331.8
IP Group . . . . . . . . . . . .69.0 -1.0 71.5 29.9
Jupiter Fund Mana . .218.2 -16.3 337.3 184.9
Liontrust Asset M . . . .60.0 0.3 94.3 57.8
LMS CapitaI . . . . . . . . .61.8 2.8 64.8 44.8
London Finance & . . .23.0 0.0 23.5 16.5
London Stock Exch .853.0 -47.0 1076.0 717.0
Lonrho . . . . . . . . . . . . .13.8 0.0 19.8 12.5
Man Group . . . . . . . . .136.0 -13.9 311.0 132.9
Paragon Group Of . .156.2 -5.8 206.1 134.6
Provident Financi . .1090.0 -19.0 1124.0 728.5
Rathbone Brothers .1090.0 -60.0 1257.0 891.0
Record . . . . . . . . . . . . .23.4 -0.4 45.0 20.3
RSM Tenon Group . . .26.3 -2.0 66.3 20.3
Schroders . . . . . . . .1362.0 -67.0 1922.0 1183.0
Schroders (Non-Vo .1193.0 -60.0 1554.0 970.0
TuIIett Prebon . . . . . .333.8 -18.0 428.6 327.8
WaIker Crips Grou . . .46.0 0.0 51.5 45.0
BT Group . . . . . . . . . .180.6 -7.5 204.1 155.7
CabIe & WireIess . . . .36.2 -0.0 54.1 31.3
CabIe & WireIess . . . .26.3 -1.7 76.9 26.2
COLT Group SA . . . . .99.0 -2.0 156.2 91.6
KCOM Group . . . . . . . .71.0 -2.0 84.0 47.5
TaIkTaIk TeIecom . . .125.8 -4.0 168.3 119.8
TeIecomPIus . . . . . . .726.5 -15.5 750.5 379.8
Booker Group . . . . . . .75.8 0.7 80.0 54.5
Greggs . . . . . . . . . . . .506.5 -6.0 550.5 429.1
Morrison (Wm) Sup .301.1 -1.1 309.6 262.7
Ocado Group . . . . . . . .90.5 -3.2 285.0 84.8
Sainsbury (J) . . . . . . .290.3 -8.8 391.5 263.5
Tesco . . . . . . . . . . . . .398.0 -3.8 439.0 356.3
Associated Britis . .1088.0 -18.0 1182.0 940.0
Cranswick . . . . . . . . .689.0 -4.0 883.5 588.5
Dairy Crest Group . . .339.6 -6.4 424.9 325.0
Devro . . . . . . . . . . . . .254.0 8.0 296.9 218.0
Premier Foods . . . . . . . .3.7 -0.3 35.1 3.5
Tate & LyIe . . . . . . . . .641.0 -11.5 668.0 490.2
UniIever . . . . . . . . . .2070.0 -16.0 2114.0 1777.0
Mondi . . . . . . . . . . . . .448.1 -26.9 664.0 446.1
Centrica . . . . . . . . . . .291.5 -5.2 345.8 282.6
InternationaI Pow . . .326.6 -11.6 448.6 279.4
NationaI Grid . . . . . . .616.0 -1.5 649.5 530.0
Pennon Group . . . . . .688.5 -7.0 737.5 584.5
Severn Trent . . . . . .1483.0 -33.0 1571.0 1368.0
United UtiIities . . . . .594.0 -12.5 631.5 543.5
Cookson Group . . . . .455.0 -25.6 724.5 395.8
DS Smith . . . . . . . . . .202.9 -10.1 266.2 164.4
Rexam . . . . . . . . . . . .332.8 -13.3 400.0 299.8
Price Chg High Low
BerkeIey Group Ho .1219.0 -32.0 1299.0 789.5
Bovis Homes Group .465.2 -5.4 479.9 326.5
Persimmon . . . . . . . .487.8 -9.9 518.5 336.5
Reckitt Benckiser . .3255.0 57.0 3648.0 3015.0
Redrow . . . . . . . . . . . .111.9 -4.7 139.0 98.4
TayIor Wimpey . . . . . . .34.9 -2.0 43.3 22.9
Bodycote . . . . . . . . . .266.2 -16.1 397.7 225.6
Charter Internati . . . .888.0 -9.0 897.0 538.5
Fenner . . . . . . . . . . . .325.7 -15.5 422.5 259.3
IMI . . . . . . . . . . . . . . . .785.5 -39.0 1119.0 636.5
MeIrose . . . . . . . . . . .319.0 -10.8 365.4 265.7
Northgate . . . . . . . . . .240.3 -17.7 346.7 202.0
Rotork . . . . . . . . . . .1677.0 -7.0 1858.0 1501.0
Spirax-Sarco Engi . .1869.0 -49.0 2063.0 1649.0
Weir Group . . . . . . .1799.0-120.0 2218.0 1375.0
Ferrexpo . . . . . . . . . . .301.7 -21.5 499.0 238.7
TaIvivaara Mining . . .213.8 -17.8 622.0 205.0
BBAAviation . . . . . . .172.6 -5.4 240.8 156.0
Stobart Group Ltd . . .117.5 -1.3 163.6 114.5
AdmiraI Group . . . . .1126.0 -53.0 1754.0 1111.0
AmIin . . . . . . . . . . . . .280.0 -7.7 427.0 270.6
Huntsworth . . . . . . . . .59.5 -2.8 85.0 55.3
Informa . . . . . . . . . . . .359.1 -3.3 461.1 313.9
ITE Group . . . . . . . . . .186.3 -1.8 258.2 157.7
ITV . . . . . . . . . . . . . . . . .60.4 -3.7 93.5 51.7
Johnston Press . . . . . . .4.6 -0.1 12.8 4.1
MecomGroup . . . . . .148.0 -7.0 310.0 134.5
Moneysupermarket. .105.8 -1.2 120.4 75.7
Pearson . . . . . . . . . .1109.0 -36.0 1207.0 926.0
PerformGroup . . . . .200.0 -3.0 234.5 150.0
Reed EIsevier . . . . . .525.5 -9.0 590.5 461.3
Rightmove . . . . . . . .1284.0 -21.0 1351.0 736.5
STV Group . . . . . . . . .108.3 -1.8 168.0 90.3
Tarsus Group . . . . . .126.5 -2.0 165.0 114.0
Trinity Mirror . . . . . . . .48.0 -0.5 106.3 37.5
UBM . . . . . . . . . . . . . .488.0 -20.0 725.0 416.0
UTV Media . . . . . . . . .119.3 -2.5 150.0 101.0
WiImington Group . . .87.3 -0.8 183.0 82.5
WPP . . . . . . . . . . . . . .639.0 -7.0 846.5 578.0
YeII Group . . . . . . . . . . .3.5 -0.1 16.1 3.5
African Barrick G . . .526.0 -14.0 618.5 393.5
AIIied GoId Minin . . .158.5 1.5 281.3 34.4
AngIo American . . .2244.5 -49.0 3437.0 2138.5
AngIo Pacific Gro . . .270.9 1.4 369.3 237.9
Antofagasta . . . . . . .1114.0 -53.0 1634.0 900.5
Aquarius PIatinum . .170.0 -16.0 419.0 163.1
BeazIey . . . . . . . . . . . .124.4 -1.4 139.2 109.6
CatIin Group Ltd. . . .381.6 -15.5 421.4 331.5
Hiscox Ltd. . . . . . . . . .375.0 -6.5 424.7 340.5
Jardine LIoyd Tho . . .730.0 9.5 760.5 571.5
Lancashire HoIdin . . .709.0 -8.0 747.5 529.0
RSA Insurance Gro . .105.8 -5.9 143.5 104.8
Aviva . . . . . . . . . . . . . .318.3 -22.5 477.9 275.3
LegaI & GeneraI G . . .102.6 -7.9 123.8 89.8
OId MutuaI . . . . . . . . .104.8 -5.2 144.8 98.1
Phoenix Group HoI . .497.2 -24.8 688.0 451.1
PrudentiaI . . . . . . . . .614.0 -33.5 777.0 509.0
ResoIution Ltd. . . . . .261.5 -13.5 316.1 211.3
St James's PIace . . . .343.1 -10.9 376.0 236.2
Standard Life . . . . . . .206.0 -9.8 244.7 172.0
4Imprint Group . . . . .243.8 -11.3 295.0 200.0
Aegis Group . . . . . . .135.4 -1.8 158.5 115.7
BIoomsbury PubIis . . .97.0 -1.3 138.0 95.1
British Sky Broad . . .709.5 5.5 850.0 618.5
Centaur Media . . . . . . .40.0 1.0 73.0 36.0
Chime Communicati .198.0 -4.0 298.5 173.0
Creston . . . . . . . . . . . .89.0 -0.5 121.0 72.0
DaiIy MaiI and Ge . . .399.0 -18.7 594.5 343.4
Euromoney Institu . .690.5 12.5 736.0 522.5
Future . . . . . . . . . . . . . .10.5 -0.1 30.0 9.8
Haynes PubIishing . .225.0 0.0 257.0 203.5
BHP BiIIiton . . . . . . .1915.0 -52.5 2631.5 1667.0
Centamin Egypt Lt . .105.1 -4.7 197.1 89.7
Eurasian NaturaI . . .622.0 -36.0 1125.0 522.0
FresniIIo . . . . . . . . . .1656.0 -42.0 2150.0 1257.0
GemDiamonds Ltd. .210.0 -12.0 306.0 179.8
GIencore Internat . . .416.5 -21.5 531.1 348.0
HochschiId Mining . .440.9 -6.8 680.0 397.0
Kazakhmys . . . . . . . .861.5 -66.0 1671.0 730.0
Kenmare Resources . .38.1 -2.4 59.9 20.4
Lonmin . . . . . . . . . . .1047.0 -41.0 1983.0 974.5
New WorId Resourc .481.3 -39.7 1060.0 410.5
PetropavIovsk . . . . . .694.0 -42.5 1165.0 543.5
RandgoId Resource 6735.0 -60.0 7215.0 4425.0
Rio Tinto . . . . . . . . .3252.5-132.5 4712.0 2712.5
Vedanta Resources 1213.0 -65.0 2559.0 948.0
Xstrata . . . . . . . . . . . .976.1 -69.4 1550.0 764.0
Inmarsat . . . . . . . . . . .447.4 -21.8 719.5 389.7
Vodafone Group . . . .171.8 -1.1 182.8 155.1
Genesis Emerging . .462.8 -7.5 568.0 430.0
Afren . . . . . . . . . . . . . . .90.0 -9.0 171.2 73.6
BG Group . . . . . . . . .1331.5 -25.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .444.0 -17.0 509.0 363.2
Cairn Energy . . . . . . .282.5 -12.1 469.7 261.4
EnQuest . . . . . . . . . . .100.4 -7.6 158.5 86.6
Essar Energy . . . . . .296.4 -11.2 589.5 235.1
ExiIIon Energy . . . . . .286.5 -13.5 469.7 184.2
Heritage OiI . . . . . . . .211.0 -7.7 486.0 190.0
Ophir Energy . . . . . . .260.0 -7.4 299.0 184.5
Premier OiI . . . . . . . . .353.9 -13.4 535.0 310.0
RoyaI Dutch SheII . .2178.5 -27.5 2326.5 1883.5
RoyaI Dutch SheII . .2230.5 -5.0 2336.0 1890.5
SaIamander Energy .190.5 -8.3 317.6 182.3
Soco Internationa . . .318.9 -11.3 400.0 279.8
TuIIow OiI . . . . . . . . .1345.0 -58.0 1493.0 945.5
Amec . . . . . . . . . . . . .882.0 -43.5 1251.0 740.5
Hunting . . . . . . . . . . .650.0 -16.0 817.0 530.0
Kentz Corporation . .456.8 -29.2 508.0 275.5
LampreII . . . . . . . . . . .232.8 -8.3 395.2 220.7
Petrofac Ltd. . . . . . .1358.0 -78.0 1685.0 1108.0
Wood Group (John) .578.0 -40.5 715.8 442.2
Burberry Group . . . .1273.0 -68.0 1600.0 996.0
PZ Cussons . . . . . . . .362.8 -5.2 409.0 320.5
Supergroup . . . . . . . .591.0 -33.0 1820.0 580.0
AstraZeneca . . . . . .2960.0 -26.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .268.7 -7.8 309.7 210.1
Genus . . . . . . . . . . . .1013.0 -13.0 1111.0 800.0
GIaxoSmithKIine . . .1378.5 -21.5 1400.5 1127.5
Hikma Pharmaceuti .650.5 -24.0 900.0 555.5
Shire PIc . . . . . . . . . .1942.0 -9.0 2136.0 1480.0
CapitaI & Countie . . .172.5 -7.3 203.7 142.5
Daejan HoIdings . . .2695.0 -63.0 2954.0 2282.0
F&C CommerciaI Pr .103.5 0.9 108.0 88.0
Grainger . . . . . . . . . . . .83.1 -1.2 133.2 77.3
London & Stamford .111.6 -3.9 140.0 111.6
SaviIIs . . . . . . . . . . . . .308.3 -2.0 427.1 256.2
UK CommerciaI Pro . .77.2 -0.4 85.5 70.4
Unite Group . . . . . . . .173.1 -3.7 224.1 152.9
Big YeIIow Group . . .262.5 0.9 352.2 234.2
British Land Co . . . . .492.2 -18.3 629.5 452.0
CapitaI Shopping . . .316.1 -13.2 424.8 296.4
Derwent London . . .1647.0 -51.0 1880.0 1400.0
Great PortIand Es . . .359.1 -13.3 445.0 317.4
Hammerson . . . . . . . .390.5 -16.6 490.9 353.0
Hansteen HoIdings . . .74.1 -3.4 89.5 70.0
Land Securities G . . .663.0 -21.0 885.0 616.0
SEGRO . . . . . . . . . . . .234.9 -8.9 331.3 210.1
Shaftesbury . . . . . . . .486.5 -17.5 539.0 431.7
Aveva Group . . . . . .1535.0 -46.0 1799.0 1298.0
Computacenter . . . . .379.6 -1.5 490.0 354.8
Fidessa Group . . . . .1600.0 -27.0 2109.0 1409.0
Invensys . . . . . . . . . . .208.4 -17.1 364.3 199.6
Logica . . . . . . . . . . . . .89.5 -4.4 147.2 73.9
Micro Focus Inter . . .336.5 -3.1 426.2 239.4
Misys . . . . . . . . . . . . .285.1 -6.7 420.2 214.9
Sage Group . . . . . . . .271.8 -6.3 302.0 231.7
SDL . . . . . . . . . . . . . . .649.0 -10.0 711.5 555.0
TeIecity Group . . . . . .590.0 -7.5 600.0 430.0
Aggreko . . . . . . . . . .1676.0 -36.0 2034.0 1394.5
Ashtead Group . . . . .155.0 -0.1 207.9 99.4
Atkins (WS) . . . . . . . .547.5 -25.5 820.0 490.2
Babcock Internati . . .682.5 -22.0 733.0 513.5
Berendsen . . . . . . . . .456.5 -6.5 568.0 391.3
BunzI . . . . . . . . . . . . .795.5 -10.5 820.5 676.5
Cape . . . . . . . . . . . . . .463.8 -18.4 591.5 358.3
Capita Group . . . . . . .714.5 -12.0 786.5 635.5
CariIIion . . . . . . . . . . .326.1 -20.3 403.2 298.8
De La Rue . . . . . . . . .844.5 0.0 859.5 549.5
DipIoma . . . . . . . . . . .324.5 2.5 414.3 258.0
EIectrocomponents .207.3 -12.2 294.9 182.2
Experian . . . . . . . . . . .784.0 -26.5 833.5 665.0
FiItrona PLC . . . . . . . .379.7 -17.4 398.0 227.5
G4S . . . . . . . . . . . . . . .245.2 1.0 291.0 219.9
Hays . . . . . . . . . . . . . . .76.0 -3.3 133.6 66.6
Homeserve . . . . . . . .338.0 -12.0 532.0 330.6
Howden Joinery Gr . .112.4 -5.3 127.5 78.5
Interserve . . . . . . . . . .327.0 -3.7 341.3 183.5
Intertek Group . . . . .1960.0 -95.0 2148.0 1715.0
MichaeI Page Inte . . .380.9 -20.9 567.0 338.7
Mitie Group . . . . . . . .241.7 -9.9 257.5 194.1
Premier FarneII . . . . .165.4 -9.6 308.8 144.5
Regus . . . . . . . . . . . . . .74.4 -1.5 119.0 64.0
RentokiI InitiaI . . . . . . .68.2 -3.9 104.9 64.8
RPS Group . . . . . . . . .181.2 1.1 253.0 156.6
Serco Group . . . . . . .507.5 -12.0 618.5 490.9
Shanks Group . . . . . .107.1 -3.2 130.9 103.0
SIG . . . . . . . . . . . . . . . .92.3 -3.8 153.5 83.8
SThree . . . . . . . . . . . .271.7 -13.4 447.6 213.2
Travis Perkins . . . . . .816.5 -44.0 1127.0 715.0
WoIseIey . . . . . . . . .1741.0 -57.0 2261.0 1404.0
ARM HoIdings . . . . . .572.0 -12.5 651.0 338.9
CSR . . . . . . . . . . . . . .173.5 -7.0 447.0 171.2
Imagination Techn . .435.0 -23.7 502.0 296.9
Pace . . . . . . . . . . . . . . .71.5 -7.8 231.8 70.7
Spirent Communica .122.0 -3.0 160.3 109.5
British American . .2866.0 1.5 2939.5 2282.5
ImperiaI Tobacco . .2275.0 1.0 2314.0 1784.0
Betfair Group . . . . . . .729.0 -48.0 1490.0 567.0
Bwin.party Digita . . .123.3 13.6 257.6 100.6
CarnivaI . . . . . . . . . .2158.0-125.0 3153.0 1742.0
Compass Group . . . .556.0 -10.0 612.0 512.5
Domino's Pizza UK . .451.0 -6.5 586.0 377.0
easyJet . . . . . . . . . . . .343.1 -12.9 479.0 301.0
FirstGroup . . . . . . . . .331.6 -2.4 412.6 301.8
Go-Ahead Group . . .1386.0 -4.0 1598.0 1203.0
Greene King . . . . . . .440.5 -8.3 518.0 410.0
InterContinentaI . . .1076.0 -73.0 1435.0 955.0
InternationaI Con . . .154.7 -12.0 305.0 141.6
JD Wetherspoon . . . .425.0 -6.2 468.3 380.5
Ladbrokes . . . . . . . . .135.8 -2.3 155.3 114.0
Marston's . . . . . . . . . . .94.1 -2.8 117.1 84.6
MiIIennium& Copt . .429.4 -16.5 600.5 375.6
MitcheIIs & ButIe . . . .233.7 -6.3 361.0 216.4
NationaI Express . . .225.8 -4.4 270.2 219.6
Rank Group . . . . . . . .136.0 -2.9 153.7 109.5
Restaurant Group . . .291.0 -9.0 335.0 254.9
Stagecoach Group . .238.3 -9.8 272.4 200.0
Thomas Cook Group .46.9 -5.1 204.8 33.7
TUI TraveI . . . . . . . . . .161.4 -9.3 271.9 137.2
Whitbread . . . . . . . .1635.0 -22.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .209.6 -6.4 244.1 155.5
Abcam . . . . . . . . . . . .370.8 0.8 460.0 307.0
AIbemarIe & Bond . .306.0 -1.8 400.1 272.0
Amerisur Resource . .13.0 0.3 29.0 9.5
Andor TechnoIogy . .518.0 -2.0 685.0 370.0
ArchipeIago Resou . . .63.3 -0.8 79.0 40.3
ASOS . . . . . . . . . . . .1479.0 -77.0 2468.0 1234.0
AureIian OiI & Ga . . . .20.8 1.5 92.0 16.0
Avanti Communicat .295.0 -15.3 735.0 248.5
Avocet Mining . . . . . .228.0 -1.8 286.8 175.8
BIinkx . . . . . . . . . . . . .140.5 -9.8 158.0 70.5
Borders & Souther . . .46.0 -2.5 72.3 43.5
BowLeven . . . . . . . . .100.0 -8.5 398.0 74.5
Brooks MacdonaId 1290.0 -22.5 1372.5 940.0
Cove Energy . . . . . . . .85.3 -7.3 112.8 61.0
Daisy Group . . . . . . . .95.5 -7.3 127.0 88.0
EMIS Group . . . . . . . .537.5 -10.0 580.0 406.0
Encore OiI . . . . . . . . . .75.0 -3.0 151.5 40.8
Faroe PetroIeum . . . .153.8 -6.3 218.3 130.0
GuIfsands PetroIe . . .186.3 -1.3 401.5 142.5
GWPharmaceuticaI . .92.0 5.0 130.0 83.0
H&T Group . . . . . . . . .320.0 9.0 395.0 277.0
Hamworthy . . . . . . . .582.0 -3.0 705.0 373.8
Hargreaves Servic . .1110.0 -15.0 1180.0 685.0
HeaIthcare Locums . . . .5.8 -0.3 6.2 5.8
Immunodiagnostic . .911.0 -15.0 1218.0 768.5
ImpeIIamGroup . . . .280.0 -7.5 387.5 180.5
James HaIstead . . . . .465.0 -8.0 495.0 345.5
KaIahari MineraIs . . .223.5 -5.8 301.0 181.0
London Mining . . . . .302.0 -17.3 436.5 283.0
Lupus CapitaI . . . . . .103.0 0.5 150.0 86.0
M. P. Evans Group . .394.0 -18.0 500.5 371.0
Majestic Wine . . . . . .426.0 1.0 510.0 352.0
May Gurney Integr . .287.0 -7.8 300.0 211.0
Monitise . . . . . . . . . . . .37.5 -0.5 39.0 18.5
MuIberry Group . . . .1475.0 -49.0 1920.0 530.0
Nanoco Group . . . . . . .38.0 -1.0 114.3 38.0
NauticaI PetroIeu . . .280.0 -16.0 547.0 223.5
NichoIs . . . . . . . . . . . .538.3 -13.8 579.0 410.0
Numis Corporation . . .92.0 -2.8 137.8 89.0
Pan African Resou . . .12.8 -0.3 14.5 9.4
Patagonia GoId . . . . . .50.0 0.5 70.0 20.3
Prezzo . . . . . . . . . . . . .58.3 1.3 71.5 53.3
Pursuit Dynamics . . .182.8 -8.5 700.0 160.5
Rockhopper ExpIor .206.8 -7.3 386.0 141.0
RWS HoIdings . . . . . .433.5 0.5 479.8 266.5
Songbird Estates . . .115.3 -3.8 160.3 110.3
VaIiant PetroIeum . . .489.5 2.3 672.0 435.0
Young & Co's Brew . .675.0 10.0 712.0 537.5
Bwin.party DigitaI . . .123.3 12.4
Sports Direct Inte . . .238.0 3.7
Devro . . . . . . . . . . . . .254.0 3.3
Oxford Instruments .786.5 2.4
BH GIobaI Ltd. USD . .11.9 2.1
Impax Environmenta .93.9 2.0
Euromoney Institut . .690.5 1.8
Reckitt Benckiser . .3255.0 1.8
BH Macro Ltd. GBP 1993.0 1.6
Jardine LIoyd Thom .730.0 1.3
InternationaI Pers . . .240.1 -12.4
Thomas Cook Group .46.9 -9.9
Pace . . . . . . . . . . . . . . .71.5 -9.8
BarcIays . . . . . . . . . . .176.8 -9.5
Dixons RetaiI . . . . . . .10.7 -9.5
Man Group . . . . . . . . .136.0 -9.3
Afren . . . . . . . . . . . . . .90.0 -9.1
Aquarius PIatinum . .170.0 -8.6
RoyaI Bank of Scot . . .22.3 -8.1
TaIvivaara Mining . . .213.8 -7.7
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
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AUTOMOBILES & PARTS
BANKS
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.13 -0.14 102.9 100.1
Tsy 9.000 12 . . . .106.00 -0.36 114.2 105.8
Tsy 5.000 12 . . . .101.54 -0.04 105.8 101.5
Tsy 5.250 12 . . . .102.81 -0.03 107.2 102.8
Tsy 4.500 13 . . . .105.34 0.00 108.5 105.3
Tsy 2.500 13 . . . .284.77 -0.04 287.7 277.6
Tsy 8.000 13 . . . . .114.07 0.00 120.2 114.0
Tsy 5.000 14 . . . . .112.18 0.08 113.6 109.2
Tsy 4.750 15 . . . . .114.59 0.28 114.8 108.6
Tsy 8.000 15 . . . .128.35 0.30 130.5 123.7
Tsy 7.750 15 . . . .101.15 -0.50 108.5 101.0
Tsy 4.000 16 . . . . .113.42 0.51 113.6 104.9
Tsy 2.500 16 . . . .342.14 0.29 342.7 310.2
Tsy 8.750 17 . . . .140.68 0.46 141.9 132.9
Tsy 12.000 17 . . .123.74 0.00 133.3 122.5
Tsy 1.250 17 . . . . .115.41 0.70 115.7 106.7
Tsy 5.000 18 . . . .121.17 0.93 121.3 109.7
Tsy 4.500 19 . . . . .119.18 1.31 119.2 105.4
Tsy 3.750 19 . . . . .113.86 1.43 113.9 99.4
Tsy 2.500 20 . . . .358.42 1.37 359.2 312.4
Tsy 4.750 20 . . . .121.63 1.55 121.6 106.6
Tsy 8.000 21 . . . .150.70 1.85 151.8 133.8
Tsy 1.875 22 . . . .124.62 1.81 125.4 111.3
Tsy 4.000 22 . . . . .116.22 2.05 116.3 99.0
Tsy 2.500 24 . . . .318.86 1.83 320.1 273.5
Tsy 5.000 25 . . . .128.00 2.20 128.4 107.4
Tsy 4.250 27 . . . . .118.89 2.33 118.9 97.9
Tsy 1.250 27 . . . . .118.86 2.21 121.0 104.6
Tsy 6.000 28 . . . .143.71 2.30 143.7 119.5
Tsy 4.750 30 . . . .126.12 2.49 126.2 103.0
Tsy 4.125 30 . . . .302.05 2.07 305.4 261.2
Tsy 4.250 32 . . . . .118.33 2.64 118.3 96.0
Tsy 4.250 36 . . . . .118.76 2.80 118.8 95.0
Tsy 4.750 38 . . . .128.55 2.86 128.6 102.8
Tsy 4.500 42 . . . .125.10 2.87 125.1 98.9
% %
ALTERNATIVE ENERGY
Wealth Management
l Shared Tables Society, sharedtables.com
Arranges dinners where four single men and four sin-
gle women meet. Members are invited by existing
members: each time you sign up to a dinner or table
you have to recommend four other singles. Attracts a
high-calibre, international crowd of late-20s, early 30s
professionals. Website is truly cool.
Upsides: Almost always good fun, and takes all pres-
sure off the one-to-one format. Chance to meet several
people at once.
Downsides: In the shared table format, it can be hard
to form a connection with one person, and the night
can end up feeling more friend-y than date-y.
l Picnic Project, thepicnicproject.com
An interview process determines eligibility that, and
the ability to pay a sizeable fee for membership. Lots of
time-poor, cash-rich highflyers apply: women tend to
be aged 30-40, men go up to 48. People are match-
made and sent on dates according to the co-founder
Suze Cooks intuition. Bills itself as a members club.
Upsides: Youll meet people you might never have cho-
sen online and theyll all be successful. Cooks strategy
for matchmaking seems solid and fresh.
Downsides: Very expensive and there are likely to be
some tricky customers, particularly the men, who will
be rich and therefore potentially impossible to please.
l Social Concierge, socialconcierge.co.uk
A more party-focused matchmaking service for twen-
ty-somethings who feel theyve run out of dating
options and dont fancy going online. Would-be daters
are hand-picked by the eccentric, larger than life
founder, Nana Wereko Brobby and then hit the town
together, probably in Shoreditch or Soho.
Upsides: There is a selective element, and its all imbued
with a sense of fun nothing dowdy or stiff here.
Downsides: The hand-picked aspect is a bit of an
unknown quantity, and if youre looking for a super
hard-working professional to date, this may not be
quite right.
lDrawing Down the Moon,
drawingdownthemoon.co.uk
The name refers to a contemporary Wiccan practice,
but the service is anything but witchy, charging a sub-
stantial fee for membership following interview. Billed
as the introduction agency for thinking people, mem-
bers are said to be well-educated and successful.
Upsides: You probably wont end up with a hippie and
may well meet people who are both interesting and
successful.
Downsides: Founded in 1984, it lacks the contemporary
image, and the founder and MD pictured in a video
still on the homepage looks a bit eccentric.
BEYOND THE INTERNET | MATCHMAKING THROUGH PEOPLE, NOT ALGORITHMS BY ZOE STRIMPEL
Lifestyle
THE CLOUD
EXPLAINED
IN GADGETS
TOMORROW
35
I
Ts been a long day and youre tired.
But when you get home you have
another job to do: search through
thousands of faces for your potential
life partner and reply to a half-dozen or so
relevant messages from fellow cyber love-
seekers.
Internet dating is no longer considered
weird or sad roughly 5.2m Brits set up
dates this way but it has lost some of its
sheen. Despite the success stories (everyone
has a friend that found The One online),
there is a growing sense of exhaustion
among digital daters. The term online dat-
ing fatigue has become de rigueur and an
increasing number of relationship experts
are discussing the exhaustion that is
leading people to bin their profiles. A
recent Wall Street Journal article was head-
lined: Scary New Dating Site: The Real
World. Chicago-based psychologist and
author of Relationships for Dummies Kate
Wachs noted therein that people were find-
ing internet dating exhausting and that
they burn out really fast.
Certainly, people have been at it for a
while now. Its 15 years since online dating
hit the mainstream Match.com, the first
of the biggies, launched in 1994 in the US.
The market has matured, allowing time for
its exciting novelty, as well as its stigma, to
fade. We all have friends who we encourage
to go online without a single twinge
heck, many of us have given it a whirl our-
selves. But as well as concerns over how
tiring it is there is a growing cynicism
about just how effective internet match-
making is. In the last year, there has been a
surge in criticism of the figures pumped
out by websites, which are thought to be
hugely inflated. Web dating services claim-
ing so-and-so numbers of marriages per day
do not invite peer review of their data,
unlike in the scientific community. Nor are
the figures balanced against the far greater
numbers of internet daters who quit before
finding anyone. And, as people are begin-
ning to admit, despite sleek and cheerful
TV ads and posters full of images of happy
domestic endings, successful outcomes are
the exception, not the rule.
Internet dating is far from over, of course
it is still one of the most lucrative busi-
nesses online. But a new wave of entrepre-
neurs is stepping into the disillusioned
abyss enveloping web daters, offering
something better and, quite frankly, nicer.
Whereas traditional internet dating is all
about choice, algorithms, photo perusal
and messaging, the new format is far more
personal and sells selectivity, exclusivity
and less time behind a screen.
Suze Cook, founder of The Picnic Project,
a new luxury matchmaking service, got
the idea for her company from her own
experience of internet dating while work-
ing and travelling a lot as a high-flyer at
Microsoft. I did a bit of online dating and
had a lot of fun, but there was a real discon-
nect between day life and evening life Id
be busy all day and then going home and
sitting in my bedroom chatting to randoms
online. Also, it was very hit and miss
there were some really bad dates. The fun
began to really wear off. Then I just
thought Christ, if theres a way of paying
someone to help make the process more
selective, it would be great.
Cook tried a range of upmarket match-
making agencies but felt they were sorely
out of date: The emphasis on you as a
woman was all about the biological clock,
things you should be doing to snare a hus-
band and so on. Plus, the people I was
meeting were quoting 80s books and had
poodle hairstyles.
So Cook struck out on her own, follow-
ing the application-based, personal match-
maker model used by agencies such as the
high-end Berkley International and
Drawing Down the Moon. We have to con-
sider you interesting and presentable, she
says. You could be stunning but have no
personality we wouldnt select you. If you
werent well groomed or had no interests,
you wouldnt make it. All our clients are
attractive.
Fundamentally, Cooks service chal-
lenges box-ticking. We try to take people
away from their lists the starting point
for any internet profile. You cant do wild-
cards online, but sometimes those are the
best. In essence, were acting like friends of
friends. Personal recommendation is the
way things are going if you can afford it
and youre busy. After all, people have per-
sonal yoga teachers, nutritionists and now
dating managers.
A consultant who prefers to go un-
named is yet another dating entrepreneur
trading on exclusivity, whose business, the
Shared Tables Society, launched in
September. Its an invite-only service that
hosts dinner parties of four single women
and four single men, with no browsing of
members at all: the websites only pur-
pose is to enable you to invite new mem-
bers and book dinners.
The founder set up shop after years of
cajoling friends to find love online
and hearing them moan about how
time-consuming, inefficient and patchy
it was. I absolutely think internet dating
is not working for some people, the
London Business School graduate says. For
a lot of people it does work, of course, if
theyre prepared to go out there and say
what I really want to find is a soul-
mate and they answer those 180 ques-
tions or whatever is required.
Personally, though, I find it all a bit
too sticky; a person changes all the
time.
Like The Picnic Project, Shared
Tables challenges not just the process
but the fundamental structure of inter-
net dating. I dont think it provides a good
representation of people, the founder says.
People arent very good at knowing what
they want and they may not describe them-
selves in the best way. For example, many
people would say their partner is nothing
like the person theyd have described
before they met.
And for the busy professional, internet
dating can be a false friend. Its a great way
to access a large pool of single individuals
but you may not like them and then youve
wasted time. The solution? You need to
meet more people at once, says the Shared
Tables founder.
Jon Harris, a technology consultant and
dating entrepreneur, agrees. He is in the
process of creating a service that combines
a hand-picked, CV-based application
process with an online browsing func-
tion and a real-life speed-dating ele-
ment. Its the most efficient format
possible: if you dont find a date,
youll probably find a good person
to network with. My idea is that
you get to meet six or eight great
people in the amount of time you
would normally take to meet one,
says Harris. Either there's chemistry
or a professional contact.
As for that sense of alienation that
arises from endless dates with people who
seem one way but turn out quite another,
Harris says: The matchmaking trend now
is kinship people are finally thinking
about how they meet and form relation-
ships with people in real life. I personally
like to develop relationships through
friends of friends. Its far safer from a time-
saving point of view.
Internet dating works for many peo-
ple. But for the vast amount of busy,
professional singletons whom it only
confuses and tires, the dawn of a
new matchmaking era has arrived
not a moment too soon.
Zoe Strimpels book, The Man
Diet: One Womans Quest to End
Bad Romance, is out as e-book on 30
Nov, paperback January 2012 (Avon).
A fresh wave of matchmakers is reinventing
the way we search for love, says Zoe Strimpel
The pressurised, poten-
tially awkward meet-
ings arranged through
traditional sites are not
everyones cup of tea.
Below: the new breed
of services are more
hip.
Life beyond the
web for a new
age of daters
A SPOT OF VW EMOTION
Volkswagen's prototype electric Golf blue-e-motion is competing in
the second RAC Future Car Challenge on Saturday. The challenge
measures the energy used by participant vehicles between Brighton
and Londons Pall Mall. The 113bhp EV has a 0-62mph time of 11.8
seconds and looks like a regular Golf, minus exhaust pipes.
Production models are planned for 2013.
CAR TALK BY RYAN BORROFF
MAZDAS VERY CLEVER CONCEPT
This is the Takeri concept car, a preview of Mazdas new 6 which
will be shown at the 42nd Tokyo Motor Show at the end of
November. The new mid-sized saloon will feature a regenerative
braking system which converts kinetic energy to electricity during
deceleration, then uses it to power the cars electrical equipment
saving fuel. Clever stuff.
FORDS YOUNG-DRIVER PROTECTION TECHNOLOGY
Ford has introduced technology which helps parents to prevent
young drivers from receiving calls while driving. The feature, which
is part of Fords MyKey technology, is called Do Not Disturb and
blocks incoming phone calls or text messages from a Bluetooth-
paired mobile phone. Calls are diverted to voicemail and text mes-
sages saved for later viewing instead.
The Q3: Audis likeable compact SUV
I
NTERNALLY, Audi calls it the prod-
uct firework. With 12 new models
introduced in the last five years and
seven more planned for introduc-
tion by 2015, it seems the Four Rings can
do no wrong. The Ingolstadt manufactur-
er seems to have an almost alchemic abil-
ity to find success in whatever niche it
enters.
But it is a bit late to the party with its
latest Q3 compact SUV. Premium rivals
have beaten Audi to the segment includ-
ing BMW with its X1 and Range Rover
with its excellent Evoque. Good then that
the Q3 is a very worthy rival.
Prettier by a country mile than the
Bimmer, if not as sassy as the Evoque,
Audis take on compact soft roader posh
may be predictable in terms of its styling
but is genuinely surprising in terms of its
character. Ingolstadt may not be known
for creating the most emotionally engag-
ing of cars but I find I warm to the Q3
quickly. Maybe thats because it is aimed
at people like me it may be an SUV, but
the primary audience for the Q3 is clear-
ly City urbanites.
At just over four metres long, the Q3 is
essentially the same size as the Audi A3
Sportback. The most surprising thing is
how spacious it feels inside when outside
it neither looks nor seems that big. I
found I could jump in the back behind
the drivers seat when it was set up for
me and still had plenty of space
between my knees and the seat in front.
At 59 I may only be averagely tall, but
the Q3 passed this quick, if crude, real-
world measure of rear passenger
legroom.
I was driving Audis Q3 on roads of
questionable quality. Avoiding potholes,
pheasants and sheep was the order of the
day, a not inconsequential task when you
are lost in dense fog somewhere on top of
the North Yorkshire Moors near Witby.
But the crappy roads showed just how
refined the Q3 is. I drove the 208bhp 2.0
TFSI Quattro S tronic petrol model and
the 170bhp 2.0 TDI Quattro S tronic
diesel. I found both cars to be quiet and
refined at speed and the ride despite
such tricky tarmac very comfortable, in
all but the sportiest dynamic setting.
Though quicker and more powerful,
the petrol version wasnt a patch on the
diesel. Its 4-cylinder engine felt distant
and detached to me. In the less powerful
diesel car, I found I could carry more
speed in and out of the corners thanks to
better gearing. In the 2.0 TFSI the car felt
The petrol model
lacks verve, but the
diesel edition is
predictably impressive
THE VERDICT:
DESIGN hhhhi
PERFORMANCE hhhhi
PRACTICALITY hhhhi
VALUE FOR MONEY hhhhi
THE FACTS: AUDI Q3 2.0 TDI
QUATTRO S TRONIC
PRICE: 27,650
0-62MPH: 8.2secs
TOP SPEED: 132mph
CO2 G/KM: 156g/km
MPG COMBINED: 47.9mpg
like it was constantly too high or too low
revving, as if the engine was a little flus-
tered. This resulted in too frequent gear
changes and a driving experience that
lacked the more satisfying fluidity of the
torquier diesel model which was a lot
more fun to drive.
Inside, the car has the same premium
quality that we have come to expect of
Audi. The two models I drove certainly
felt luxurious and were packed with the
kind of in-car tech that the Audi brand
has become synonymous with. One word
of warning though, the options list was
long on both cars with list prices inflated
to a wallet-shrinking 40k for each.
Despite this, the Q3 comes with some
generous kit as standard including air
conditioning, alloy wheels, an energy
recuperation system and a start-stop sys-
tem. Which means you might find you
Lifestyle | Motoring
Audi Q3: not quite as exciting as it could be.
WORDS BY
RYAN BORROFF
need to spend little more than the basic
price. Which makes the car a bit of a
steal.
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WATERLOO ROAD
BBC1, 7.30PM
Michael discovers his tormentors
identity, and Emilys rebellious streak
threatens to land Scout back in foster
care.
LIVE UEFA CHAMPIONS LEAGUE
ITV1, 7.30PM
Villarreal v Manchester City (Kick-off
7.45pm). Coverage of the matchday
four Group A clash at the Estadio El
Madrigal.
STEVE JOBS: ICHANGED THE
WORLD CHANNEL4, 11.05PM
The life story of the late co-founder of
Apple, including a never-before-
broadcast interview where the entre-
preneur explains his philosophy of life.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmSoccer Special 10.30pm
Youre on Sky Sports! 11.30pm
Footballs Greatest 12amFIFA
Futbol Mundial 12.30amUEFA
Champions League Goals 1.30am
Youre on Sky Sports! 2.30am
A League Football 3am-6amLive
World Golf Championship
SKY SPORTS 2
6pmUEFA Champions League
Pre-Game Show7.30pmLive
UEFA Champions League 10pm
UEFA Champions League Goals
11pmNFL: Total Access 12am
International Judo World Circuit
1amF3 Euroseries 2amTrans
World Sport 3amInternational
Judo World Circuit 4am-5am
UEFA Champions League Goals
SKY SPORTS 3
7pmInside the PGA Tour 7.30pm
European Tour Weekly 8pmF3
Euroseries 9pmAngling
9.30pmInternational Judo World
Circuit 10pmCage Fighter
10.30pmTrans World Sport
11.30pmCage Fighter 12am
Inside the PGA Tour 12.30am
European Tour Weekly 1am
Watersports World 2am-2.30am
Total Rugby
BRITISH EUROSPORT
6.45pmEquestrian 8.45pm
Riders Club 8.50pmPGA Tour
Golf 9.50pmEuropean Tour Golf
10.20pmGolf Club 10.25pm
Sailing 10.55pmYacht Club
11.05pmTennis: Mats Point
11.35pm-12.35amTen Pin
Bowling
ESPN
6.45pmNHRA Drag Racing
9.45pmESPN Kicks: Extra 10pm
Premier League World 10.30pm
ESPN Press Pass 11pmWorld
Series of Poker 12amESPN Game
of the Week 12.30amGoal Show
1amPremier League World
1.30amESPN Kicks: Serie A
1.45amESPN Kicks: Extra 2am
Live Major League Soccer
4.30am-6amPremiership Rugby
Union
SKY LIVING
7pmCriminal Minds 8pmThe
Secret Circle 9pmPushy & Proud:
Junk Food Mums 10pm
Supernatural 11pmBones 12am
Criminal Minds 1amCSI: Crime
Scene Investigation 2.40am
Maury 3.30amBones 4.20am
Nothing to Declare UK
5.10am-6amJerry Springer
BBC THREE
7pmThe Worlds Strictest Parents
8pmWorlds Strictest Parents Top
10 Tantrums 9pmHot Like Us
10pmFILMLesbian Vampire
Killers 2009. 11.20pmFamily Guy
12.05amAmerican Dad! 12.50am
Hot Like Us 1.50amThe Worlds
Strictest Parents 2.50amHim &
Her 3.20amLee Nelsons Well
Good Show4.20am-5.20amThe
Real Hustle: New Recruits
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmFILMFantastic
Four 2005. 10pmRude Tube 11pm
Misfits 12.10amThe Big Bang
Theory 1.05amScrubs 2amHow I
Met Your Mother 2.20amRude
Tube 3.15amRules of Engagement
3.35amDesperate Housewives
4.20am-6amSwitched
HISTORY
7pmHeir Hunters 8pmAx Men
9pmSwamp People 10pm
Mounted in Alaska 11pmSeven
Deadly Sins 12amSwamp People
1amAx Men 2amSeven Deadly
Sins 3amHeir Hunters 4amPawn
Stars 5am-6amAncient
Discoveries
DISCOVERY
7pmMythbusters 8pmFactory
Line 9pmAlone in the Wild 10pm
End of the World Cult 11pm
Wheeler Dealers 12amBear Grylls:
Born Survivor 1amAlone in the
Wild 2amEnd of the World Cult
3amDeadliest Catch 3.50am
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Top 10 Mysteries and Conspiracies
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
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7pmBirth Days 8pmTwins by
Surprise 9pmUntold Stories of
the ER 10pmA&E 11pmHospital
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ER 1amA&E 2amHospital Sydney
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A Baby Story 5am-6amBringing
Home Baby
SKY1
8pmThe Middle 8.30pmModern
Family 9pmTrollied 10pmFringe
11pmChris Ryans Strike Back
1amBrit Cops 1.50amUK Border
Force 2.40amMental 4.20am
Paul McKenna: I Can Change Your
Life 5.10am-6amLiza and Hueys
Pet Nation
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show
7.30pmCHOICE Waterloo Road:
BBC News: Regional News 8.30pm
The Impressions Show with
Culshaw and Stephenson 9pm
Frozen Planet 10pmBBC News
10.25pmRegional News 10.35pm
The National Lottery Wednesday
Night Draws 10.45pmAsk Rhod
Gilbert 11.20pmFilm 2011 with
Claudia Winkleman: National
Lottery Update 12amFILMDead
Ringers. 1988. 1.50am
Weatherview1.55amSign Zone:
See Hear 2.25amPlanet Dinosaur
2.55amMade In Britain 3.55am
Sign Zone: Reel History of Britain
4.25am-6amBBC News
6pmEggheads
6.30pmStrictly Come Dancing
It Takes Two
7pmCelebrity Antiques Road
Trip: Phil Tufnell and Chris
Hollins compete for the best
deals.
8pmGreat British Food Revival
9pmSecret Pakistan
10pmRab C Nesbitt
10.30pmNewsnight: Weather
11.20pmJames Mays Man
Lab: James May tames his
fears in a ghost hunt.
12.20amDamages
1amBBC News 4am-6amBBC
Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCHOICE Live UEFA
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10pmITV News at Ten
10.30pmLondon News
10.35pmUEFA Champions
League: Extra Time
11.35pmLadette to Lady:
Australia
12.30amThe Zone; ITV News
Headlines
2.35amFILMThe Nuns Story:
Drama, starring Audrey Hepburn.
1959. 5.10am-5.30amITV
Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmKirsties Handmade
Britain
9pmGrand Designs 10pmTop Boy
11.05pmCHOICE Steve Jobs:
iChanged the World 12.10am
Random Acts 12.15amMusic on 4:
On Track 12.50amMusic on 4:
4Play: Summer Camp 1.05am
Music on 4: The Album Chart Show:
Spotlight 1.15amFILMOHorten:
2009. 2.45amHallo Panda 3.20am
FILMAnimal Farm. 1955. 4.30am
Willies Chocolate Revolution
5.25am-6.10amCountdown
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmHighland Emergency:
5 News Update
8pmDangerous Drivers
School: 5 News at 9
9pmPaul Mertons Adventures
10pmBig Brother: Daily
round-up of highlights.
11pmBanged Up Abroad
12amPoker: The Big Game
12.55amSuperCasino
4amThe Family Recipe 4.10am
The Gadget Show5amCounty
Secrets 5.10amHouse Doctor
5.35am-6amHouse Doctor
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Leapt (6)
6 Person who handles
equipment for travelling
entertainers (6)
7 Void (4)
8 Dash a liquid upon
or against (7)
12 Elf or fairy (5)
13 (They) exist (3)
14 Manipulate in a
fraudulent manner (3)
15 Hostel (3)
17 Mass of eggs deposited
by frogs (5)
18 Drop a hint (7)
21 Presidential
assistant (4)
22 Psychiatric hospital (6)
23 One who transmits
a message (6)
DOWN
1 Sketchy summary
of the main points
of a theory (8)
2 Taking it easy (8)
3 Wire hairpin (4)
4 Decoy, lure (4)
5 Large natural stream
of water (5)
8 Twilled woollen
fabric (5)
9 Acute but unspecic
feeling of anxiety (5)
10 Tropical tree with
yellow owers
and long brown
seed pods (8)
11 Arctic ruminants (8)
16 Dentists assistant (5)
19 Fte (4)
20 Adds together (4)
B
O
N
E
D W
R
K
A
4

4

C H A M P U M B R A
O A R A G
A S C O T G O R S E
T A R O S E R N
S C R I P T D I E T
N A S
B E A D S T I T C H
E T S H I R E U
F R I L L C A R O M
I O A T U
T A N G Y D E B T S
9 3 5 3 9 6 5
8 5 4 9 2 7 2 1
2 3 6 1 6 9
8 6 9 4 6 7 8 9
4 1 2 5 1 4 7 2
1 4 2 8
6 2 8 9 3 2 3 1
9 5 7 8 6 5 9 6
1 6 4 7 9 8
1 3 4 2 1 3 7 5
9 7 8 1 1 6 9
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
SELECTION
Lifestyle | TV&Games
Sport 38 CITYA.M. 2 NOVEMBER 2011
CHELSEA goalkeeper Petr Cech
admitted his side will have to seal
qualification for the knockout stages
of the Champions League the hard
way after they threw away a lead for
the second time in three days.
Ramires fired the visitors ahead in
the 26th minute and the Blues had
the opportunity to kill off their oppo-
nents five minutes before the break,
only for David Luiz to strike his
penalty too close to Genk goalkeeper
Laszlo Koteles.
The Belgian champions, beaten 5-0
in the reverse fixture a fortnight ago,
were far more competitive after the
interval and equalised just past the
hour mark through Jelle Vossen.
Chelsea must now pick up four
points from their remaining two fix-
tures, away at Bayer Leverkusen and
at home against Valencia, to book
their place in the next round, and
Cech knows that will represent no
MANCHESTER UNITED manager Sir
Alex Ferguson has warned defender
Rio Ferdinand that his days as an
automatic first-choice starter are no
more.
Uniteds recent success has been
built on the central defensive
partnership between
Ferdinand and Nemanja
Vidic.
But a series of
injuries, coupled with
the emergence of
Johnny Evans, Chris
Smalling and Phil Jones,
has seen the former
England skipper play a
reduced role this season.
Ferdinand was dropped to the
bench on Saturday against Everton
having struggled in the 6-1 defeat by
Manchester City a fortnight ago, and
ahead of tonights Champions
League clash against Otelul Galati,
Ferguson suggested the 32-year-old
may have to tailor his game in order
to lengthen his career.
He said: I explained to Rio the
other day is simply this: That we have
two young centre-halves coming
through and Im have very
happy to have four of them,
and I hope to keep the four
of them for a long time.
Rio is almost 33 now
and he has lost a yard of
pace he had five years
ago. That doesnt mean to
say he cant tailor his
game in a different way.
Whereas he used to rely
on his pace, he doesnt now.
Weve all faced that moment in your
career when you realise you have to
change your game. Rio will do the
same and hell be fine.
Ferguson: Rios lost his pace
so he must find a new way
BY JAMES GOLDMAN
FOOTBALL
1
1
GENK
CHELSEA
FOOTBALL
I
TS CERTAINLY no exaggeration
to hail yesterdays dramatic events
at Southwark Crown Court as a
watershed and landmark
moment in crickets rich history.
The guilty verdicts handed down to
Salman Butt and Mohammad Asif
allied to the news that Mohammad
Amir had admitted wrongdoing back
in September must surely act as the
ultimate deterrent to any cricketer
tempted to indulge spot-fixing.
Its one thing losing your livelihood
and being kicked ot of your profes-
sion, but another thing entirely to
risk a custodial sentence for financial
gain.
Sadly, however, I suspect this is
merely the tip of the iceberg and
rather than celebrate justice being
done, I sincerely hope it triggers a
more decisive approach from the
International Cricket Councils anti-
corruption unit to rooting out the
cancer eating away at the game.
I would suggest the ICC need to
become more pro-active and innova-
tive in their methods of catching the
culprits, after all its worth remem-
bering that the Pakistani trio have
been brought to justice largely as a
result of an undercover newspaper
investigation.
It would be wrong also to presume
this is a problem that extends only to
the subcontinent and I trust the
authorities will not be so parochial in
their ongoing attempts to make crick-
et a cleaner sport.
Guilty verdict must trigger change
CRICKET COMMENT
ANDY LLOYD
FOOTBALL
BELGIAN
STRUGGLE
BELGIAN
STRUGGLE
lChelsea condone Ferdinand fan chants
l Luiz misses penalty as Chelsea blow lead
l Cech admits Blues must qualify hard way
lChelsea condone Ferdinand fan chants
l Luiz misses penalty as Chelsea blow lead
l Cech admits Blues must qualify hard way
easy task. We could have put the
game beyond their reach but we did-
nt do and thats why they came back
into the game, he said.
For their comeback they
deserved a point. For them it was a
fantastic game and they had noth-
ing to lose.
When you get the opponent into
this sort of mood its difficult.
We could have done it the easiest
way possible and play four games
and be qualified so now we have to
do it the hard way.
Chelsea, meanwhile, condemned
chants by their own supporters
about QPR defender Anton
Ferdinand during last nights match.
The travelling fans repeatedly sang
about Ferdinand, who it is alleged
was racially abused by Blues captain
John Terry last month.
A Chelsea spokesman said in a
statement: The chanting was whol-
ly inappropriate and we dont con-
done it.
MANCHESTER CITY manager
Roberto Mancini has suggested
Carlos Tevez could figure in his plans
again if he apologises for his part in
the ongoing controversy.
Tevez has been frozen out of the
first-team picture since Mancini
claimed the Argentinian refused to
play in the Champions League game
at Bayern Munich back in September.
Mancini has spoken little about
the subject since the night in ques-
tion, but in an interview yesterday
ahead of tonights Champions
League clash against Villarreal, he
said: Everything depends on Carlos.
If he apologises to the squad and to
me then everything will be as before.
If he doesnt, then Tevez has a
value that everyone knows and
something will happen in January.
He is totally unprepared and
being badly advised. I dont want it
to be like this and I would be the first
to forgive him.
Mancini also revealed that the
club turned down the chance to sell
controversial 21-year-old striker
Mario Balotelli back to Italy this sum-
mer.
The former Inter Milan star
endured a turbulent debut cam-
paign in England, but has thrived
this time around and already has six
goals to his name, rewarding
Mancini for the faith he has shown
in him.
Sooner or later Balotelli will go
back to Italy, said the City boss.
However, it wont happen for a few
more years and it will do him good
to remain here.
We did receive offers for him
from Italian clubs over the summer,
but we dont sell anybody here.
Mancini willing to offer
Tevez a second chance
FOOTBALL
Sport
Chelsea 4 2 2 0 9 2 8
B Leverkusen 4 2 0 2 5 6 6
Valencia 4 1 2 1 5 4 5
Genk 4 0 2 2 1 8 2
GROUP E
TEAM PLD W D L F A PTS
SPORT | IN BRIEF
French win in Melbourne
HORSE RACING: A first ever
British victory in the Emirates
Melbourne Cup was prevented
by the narrowest possible
margin once again as Ed
Dunlops Red Cadeaux suc-
cumbed to well-fancied French
stayer Dunaden.I thought he
wouldnt like the ground and
with a little more juice hed
have beaten the other horse,
said Dunlop.
Rooney up for award
FOOTBALL: Manchester
United striker Wayne Rooney
is the only Englishman short-
listed for the Ballon DOr. Only
five players on the shortlist
have Premier League connec-
tions, two of which Cesc
Fabregas and Sergio Aguero -
spent only half of 2011 in
England compared to 15 in
Spain. European champions
Barcelona lead the way with
eight nominees, including
Lionel Messi, winner for the
last two years.
Djokovic back on course
TENNIS: Novak Djokovic
struggled to a three-set victo-
ry over Xavier Malisse at the
Swiss Indoors in Basel.
Djokovic beat the Belgian 6-2,
4-6, 7-5 in his first match since
winning the US Open in
September.
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Results
email sport@cityam.com
Chelsea have won
just one of their
last four games
Picture: GETTY
ARSENAL manager Arsene Wenger
admitted the emotional effects of
Saturdays win over Chelsea played a
part in his sides failure to secure
qualification to the knockout stages
of the Champions League following
last nights stalemate against
Marseille.
Wenger opted to rest captain and
top scorer Robin van Persie and the
move backfired as Arsenal strug-
gled, particularly in the second-half,
to carve out clear goalscoring oppor-
tunities.
The Dutchman was introduced
from the bench with half-an-hour
remaining, but even he couldnt
find a way past visiting goalkeeper
Steve Mandanda.
On his decision to rest a man who
had scored 28 goals in his previous
27 games, Wenger said: He was
tired, this was fatigue, thats why I
did that. You know we are playing 50
games in a year, he cannot play 50.
Emotionally more than physical-
ly maybe [Saturday had an impact].
It is difficult to be on a high three
days later again but we still had
opportunities.
Aaron Ramsey in the first half, he
had two great chances. Gervinho
had a chance, and in a game like
that you still expect to be able to
take one of these chances.
I felt it was a game where we were
not physically at our sharpest.
Marseille started stronger than us
and after that we got back in the
game.
Despite a failure to win at home
in Europe for the first time since
Barcelona visited Emirates Stadium
back in Mach 2010, Arsenal remain
top of their section with Borussia
Dortmund up next at home.
Wenger added: We wanted to
achieve qualification after this game
but you have to say as well to be fair
that we have taken four points
against Marseille in our two games.
If we win our next home game we
have a good chance.
Sport
0
0
ARSENAL
MARSEILLE
Arsenal 4 2 2 0 4 2 8
Marseille 4 2 1 1 4 1 7
Dortmund 4 1 1 2 3 7 4
Olympiacos 4 1 0 3 4 5 3
GROUP F
TEAM PLD W D L F A PTS
Former captain Butt and bowlers Asif and Amir face prison after being found guilty of spot-fixing offences
DISGRACED Pakistan cricketers
Salman Butt, Mohammad Asif and
Mohammad Amir face the prospect
of up to seven years behind bars after
they were all found guilty yesterday
of spot-fixing during last summers
tour of England.
Former Test captain Butt and fast
bowlers Asif and Amir, who pleaded
guilty on 16 September to charges of
conspiracy to cheat at gambling and
accepting corrupt payments, plotted
to bowl deliberate no-balls in the
Lords Test against England as
part of a betting scam.
Amir (right) issued a heart-
felt apology for his actions
through his barrister, Ben
Emmerson QC, who told the
court at an earlier hearing:
Amir wants to make it
clear he wants to take
full responsibility for
what he did.
This vulnerable 18-
year-old boy, as he was
then, was subjected to
extreme pressure from
those upon whom he
should have been able to rely.
He recognises the damage he
has caused Pakistan cricket.
and he wishes to do his best
to put that right.
By stark contrast, the
more experienced pair of
Butt and Asif, who
will be sentenced
today along with
Amir, both stren-
uously denied
any involve-
ment in match-
f i x i n g
throughout
the four-week trial.
International Crick Council chief
executive Haroon Lorgat believes yes-
terdays verdict will send a clear mes-
sage to anyone involved in
attempting to con cricket fans across
the world.
He said: I would reiterate, as I
have on every occasion that I have
spoken on this matter, that the ICC
has a zero-tolerance attitude towards
corruption. We will use everything
within our power to ensure that any
suggestion of corrupt activity within
our game is investigated and, where
appropriate, robustly prosecuted.
BY JAMES GOLDMAN
CRICKET
THE METROPOLITAN Police have

launched a formal investigation into
allegations Chelsea skipper John Terry
racially abused Anton Ferdinand after
spending a week assessing a com-
plaint from a member of the public.
The move means the Football
Associations own investigation into
the incident, which is alleged to have
taken place during QPRs win over
Chelsea last month, cannot be com-
pleted until the outcome of the police
probe. Terry has denied racially abus-
ing Ferdinand, insisting his own
response was actually a denial and not
racist in any way.
Police begin
Terry race
investigation
FOOTBALL
WASPS head coach Shaun Edwards is

set to leave the Premiership club
before the end of the week, putting
England and his other suitors on red
alert.
Edwards future at the club had
been in doubt after he recently
revealed that he expected to return
from the World Cup, where he helped
Wales to a fourth-place finish, as a
free agent.
WRU chief executive Roger Lewis is
known to be keen to ensure that
Edwards and the remainder of
Gatlands coaching set-up remain
with the national side. The RFU,
meanwhile, are to discuss Englands
poor World Cup performance at a
Twickenham board meeting today.
Edwards
puts RFU
on red alert
RUGBY UNION
FOOTBALL
PAKISTAN TRIO GUILTY

Van Persie gamble backfires as Gunners fire blanks
FERDINAND MUST
CHANGE HIS STYLE
FERGUSON HINTS AT
REDUCED RIO ROLE: P38
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