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HEWLETT-PACKARD is buying the
UKs most valuable software compa-
ny Autonomy for $10.2bn (6.2bn),
in the latest takeover of a major
British company by an American
firm.
The deal was announced last
night as HP unveiled its third quar-
ter earnings and is part of a massive
shake-up at the US computing giant,
which is also exploring a spin-off its
struggling PC business.
Chief executive Leo Apotheker,
who recently joined from German
rival SAP, said bringing Autonomy
into the HP world will be seamless
and highly complementary. He
expects to complete the acquisition
by the end of the calendar year.
We are building a strong HP soft-
ware business... The acquisition of
Autonomy will build on that
momentum and accelerate our soft-
ware strategy, he said.
Autonomy has recommended the
all-cash deal to its shareholders. Its
founder and chief executive Mike
Lynch, who will continue to head
up the company, still owns 8.2 per
cent of the firm and stands to make
around $820m.
Autonomys intelligent software
is designed to make sense of human
conversation. It allows companies to
search huge audio and video data-
bases such as phone logs and
quickly retrieve relevant informa-
tion.
The software was used in the
recent case against French rogue
trader Jrme Kerviel, of Socit
Gnrale, where it analysed thou-
sands of hours of taped phone con-
BY STEVE DINNEEN AND
KASMIRA JEFFORD
TECHNOLOGY

www.cityam.com
Issue 1,450 Friday 19 August 2011 FREE
BUSINESS WITH PERSONALITY
versation and selected the most
important extracts.
The bid will also come as a person-
al validation for Lynch, who used to
carry a card in his pocket reading
its different over here to brandish
every time he was spoken down to
by his US counterparts.
Since then Autonomy has flour-
ished in North America, establishing
a joint head quarters in San
Fransisco and boasting Coca-Cola
and the SEC among its clients.
Before the bid was announced
after the bell in the US, Autonomy
closed down in London by 8.3 per
cent with a market cap of $5.7bn,
meaning HP is offering a premium
of almost fifty per cent.
HP has struggled against intense
competition from Dell and Apple in
the laptop and desktop markets and
its latest tablet offering has failed to
set the market alight.
As part of its overhaul, HP
announced plans to axe its tablets
and smartphone business, after its
products failed to gain traction in
the market.
The company, which lowered its
fourth quarter guidance for the
third time this year, reported diluted
earnings per share of 93 cents on
revenue of $31.19bn, compared with
75 cents and $30.7bn a year earlier.
The challenges and the transfor-
mation we are undertaking will take
several quarters to fully resolve,
Apotheker said.
Certified Distribution
04/07/2011 till 31/07/2011 is 93,093
HP TO PAY 6BN
FOR AUTONOMY
Markets in
meltdown
as global
fears grow
STOCKS nose-dived in the opening
minutes of trading in Japan this morn-
ing, mirroring another disastrous day
for markets in Europe and the US yes-
terday.
The Nikkei lost over two per cent in
initial trades, dropping to 8,756.
Earlier in the month the index hit a
low of 8,656.
The FTSE suffered its biggest fall in
over two years yesterday, losing 4.5 per
cent to end the day perilously close to
the 5,000 mark, at 5,092.23.
After economists at Morgan Stanley
said the US and Eurozone are danger-
ously close to recession, stocks in the
US also collapsed. The Dow Jones
industrial average fell 3.68 per cent,
while the Nasdaq slumped even fur-
ther, closing down 5.22 per cent.
As investors fled equities, the New
York Stock Exchange and NYSE Amex
Cash Markets invoked the rarely-used
Rule 48 rule to smooth trading at the
open.
Banks were among the worst-hit
stocks on both sides of the pond, with
double-digit percentage losses at
Barclays, which fell 11.5 per cent and
RBS, which tumbled 11.3 per cent. On
Wall Street, Citigroup lost 6.3 per cent
and Morgan Stanley shed 4.8 per cent.
Meanwhile, it emerged that some
European banks are being forced to
pay more for access to short-term US
dollar loans as fresh fears surface over
the Eurozone fiscal crisis spreading
through the financial sector.
The Federal Reserve is taking a clos-
er look at the US units of Europes
biggest banks on worries that the
regions debt crisis could spread to the
US banking system, the Wall Street
Journal reported.
BY JULIAN HARRIS
WORLD ECONOMY

The amount
wiped off
Britains blue
chip companies
yesterday
Autonomy founder and chief
executive Mike Lynchs stake
is worth an estimated $820m
Picture: Micha Theiner
City AM
62bn
SHOCKINGLY negative economic
data rattled markets in New York yes-
terday, adding to an ultra-bearish
day for equities.
Claims for US unemployment ben-
efits rose; home sales dropped; infla-
tion picked up; and a Philadelphia
factory index collapsed to worse
than a two year low.
The gauge of factory activity in the
Mid-Atlantic region fell off a cliff,
printing minus 30.7 in the index for
August, from a positive reading of
3.2 in July. Economists had expected
a reading in positive territory.
There are lots of phrases you
could use to describe the figures,
none of them printable, said Drew
Matus of UBS. It was a very weak
report.
Throughout the US, the number
of people joining the dole queue
rose by 9,000 to a seasonally adjusted
408,000. In the week ending 13
August, 7.34m Americans were
claiming unemployment benefit.
The ailing US housing market also
appears to be stuck in the mud, with
existing home sales unexpectedly
falling by 3.5 per cent in July, com-
pared to June considerably worse
than expectations.
And despite the apparent econom-
ic downturn, prices spiked in July,
with the consumer price index (CPI)
rising 0.5 per cent compared to the
previous month.
The annual rate of inflation (CPI)
held up at 3.6 per cent. Strong price
pressures could prevent the Federal
Reserve from engaging in a further
round of quantitative easing until
early next year, Capital Economics
said in a note.
Meanwhile, weak economic
prospects throughout the world
have seen American mortgage rates
tumble to historic lows, as investors
turn to bonds that guide loans for
house purchase, the state-backed
lender Freddie Mac said yesterday.
News
2 CITYA.M. 19 AUGUST 2011
EDITORS LETTER
DAVID CROW
There is nothing so
bad that politicians
cant make it worse
IT was Thomas Sowell, the American
economist, who said there is noth-
ing so bad that politics cannot make
it worse. In recent weeks, politicians
have tested that maxim to destruc-
tion. From horse-trading over the US
debt ceiling to cack-handed policy-
making in Europe, almost every polit-
ical intervention has served only to
fan existing fears over the global
recovery.
As they downgraded their global
growth forecasts yesterday, analysts at
Morgan Stanley blamed Europes
slow and insufficient response to the
sovereign debt crisis and the drama
around lifting the US debt ceiling for
an erosion in business and consumer
confidence. At every turn, politicians
have poured fuel on the flames.
Yesterday, it was the effect of the
short-selling ban in four European
countries that exacerbated the sell-off
in equities. Traders who were unable
to hedge against a variety of long posi-
tions decided to sell out of those
stocks instead, causing liquidity to
dry up.
Clearly politicians and regulators
havent learnt anything from the del-
uge of evidence that shows short-sell-
ing bore no responsibility for the last
financial crisis, nor the fact that the
2008 ban did nothing to stop bank
stocks plummeting. It is as if policy-
makers are watching an action replay
in the hope that the finale will some-
how play out differently.
Plans for a Tobin tax on all transac-
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
Code of Practice, a copy of which can be found at
www.pcc.org.uk
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
tions in the European Union, backed
by France and Germany, weighed on
financial stocks earlier in the week.
Markets had hoped that Nicolas
Sarkozy and Angela Merkel would
outline a way of dealing with the sov-
ereign debt crisis; it beggars belief
that the best they could come up
with was a spiteful 200bn tax that
only served to push sentiment even
lower.
The irony is that markets need
politicians now more than ever,
because Europe has to find a way of
solving the debt crisis. One can debate
the pros and cons of the various solu-
tions an orderly break-up of the
euro, fiscal integration of the
Eurozone or bigger bailout funds
but one cant ignore them.
As the financial turmoil unfolded,
Britains leaders were sunning them-
selves in Tuscany and Los Angeles. It
took the worst rioting in a generation
to force them to return, and even
then only after the worst was over.
When the country was in crisis, there
was a vacuum at the top.
Politicians across the pond are
hardly setting an example. The dis-
graceful stand-off over the debt-ceil-
ing, and the messy compromise and
downgrade that followed, set the tone
for a truly awful August.
As the Democrats and the Grand
Old Party squabbled, China
Americas biggest creditor flexed its
muscles, issuing a hectoring state-
ment through state-owned news
agency Xinhua.
The US government has to come to
terms with the painful fact that the
good old days when it could just bor-
row its way out of messes of its own
making are finally gone, it said.
When the only people talking
sense are Chinese propagandists, its a
sure sign that things are not as they
should be.
david.crow@cityam.com
Allister Heath is away

-4.49%
Gloomy American data
fuels recovery doubts
BY JULIAN HARRIS
US ECONOMY

MORE fears about the global econo-


my drove prices of safe-haven US gov-
ernment bonds up yesterday, as both
US and UK yields fell.
Ten-year US Treasury yields dipped
below two per cent during the day as
negative data provoked a frenzy of
buying.
Benchmark 10-year note yields
touched 1.97 per cent, while 30-year
bond yields also plunged as low as
3.34 per cent, the lowest since
January 2009.
Some analysts yesterday estimated
that US 10-years could drop as low as
1.75 per cent in the coming weeks.
UK 10-year gilt yields sank below 2.3
per cent, with the yields on German
10-year bunds under 2.1 per cent.
Dart to safe havens sees yields drop to fresh lows
ECONOMY

TRADERS PREPARE FOR CHVEZ GOLD


TRANSFER
Bullion traders are preparing for one
of the largest transfers of physical
gold in recent history after Hugo
Chvez, Venezuelas president,
ordered the countrys gold reserves to
be returned to Caracas.
WHAT THE OTHER PAPERS
SAY THIS MORNING
GADDAFI TURNS TO ILFORD LAW FIRM
TO UNLOCK HIS FROZEN ASSETS
Colonel Gaddafis regime has turned
to a law firm in East London in an
attempt to regain control of its frozen
assets. Small high street practice
Edwards Duthie has been instructed.
EXXONMOBIL SUES US GOVERNMENT
OVER SEIZURE OF OIL LEASES
Oil major ExxonMobil is suing the US
government for cancelling some of its
deepwater exploration permits in the
Gulf of Mexico. US authorities took
away three out of five of Exxon's leases
for the Julia field.
Equities plunge
Oil drops on
economic
worries
CRUDE
OIL

4.82%
UK banks feel the pain...

ANALYSIS l Gold Future


Mar Apr May Jun Jul Aug
1,700
1,600
1,800
1,500
1,400
1824.50
18 Aug
Dollars
per
ounce
ANALYSIS l Silver Future
Dollars
per
ounce
18Aug 17Aug 16Aug 15Aug 12Aug
40.8000
39.8000
38.8000
40.65
18 Aug

-6.94%

-11.31%
Fear index surges
Jun Jul Aug
16
18
20
22
26
28
30
32
34
36
38
40
42
44
46
24
43.56
18 Aug
FTSE
100
EURO
STOXX
50
DOW
JONES
industrial average

-5.34%

-3.68%
Safe haven precious
metals surge
Gold soars to fresh record high
of almost $1,825 an ounce
-11.47%
-9.25%
VIX
index jumps
38%
FEAR RETURNS TO STALK MARKETS
News
3 CITYA.M. 19 AUGUST 2011
FRANCES financial regulator had to
rush out an amendment to its short
selling ban yesterday after traders
complained it had stopped them
shorting European stock index
futures.
Amid another round of panic sell-
ing on European stock markets,
traders said the ban left them
unable to short futures on the
Eurostoxx 50 index, which includes
French banks Societe Generale, BNP
Paribas and Credit Agricole.
The Autorit des Marchs
Financiers put out a clarification
after markets closed to allow anyone
with a short position on a bank stock
or related derivative to continue it
by buying new options to replace
expiring ones.
Traders warned that the shorting
ban in Italy, France, Spain and
Belgium could raise volatility and
cut liquidity on stock markets across
Europe as investors are less able to
hedge long positions with short ones
on the affected stocks.
Confusion reigns
over a short ban
BY ALISON LOCK
CAPITAL MARKETS

SEVERAL European countries are


demanding collateral on bailout
loans they provide to Greece, after it
emerged that Finland had secured a
commitment earlier this week.
Austria, the Netherlands and
Slovakia added their voices to the
demand for collateral to secure their
commitments to Greece via the
European Financial Stability Facility,
despite senior Greek government
sources saying no discussions had
taken place with countries other
than Finland.
If there is to be a model for collat-
eral, Austria would also make a
claim, a spokesman for the countrys
finance ministry said.
But other Eurozone countries have
been quick to criticise the idea of
demanding collateral, amid fears it
could undermine the bailout agree-
ment made last month, which pro-
vides 109bn (95bn) in emergency
funding through the EFSF.
Francois Cabau, an economist at
Barclays Capital, said Finlands insis-
tence on collateral could threaten the
process.
By agreeing to [collateral] ... you
actually do the opposite of what you
originally set out to do, withdrawing
cash from ... somewhere that doesnt
have any, he said. This is likely to
provoke some annoying political
noise in the market.
European countries demand
collateral for loans to Greece
BY ELIZABETH FOURNIER
EUROZONE CRISIS

... Europe and US follow suit


15
12
9
6
3
Investors pile into Treasuries and Gilts

Yield on Greek
10yr bonds
14.73%
Yield on Spanish
10yr bonds
4.68%
Yield on US
10yr Treasuries
2.09%
Yield on UK
10yr Gilts
2.29%
THE US department of justice is inves-
tigating the ratings that Standard &
Poors gave to dozens of mortgages in
the run up to the financial crisis,
amid concerns pressure was put on
analysts to hike the ratings.
Though the investigation is said to
have been underway since before the
rating agency downgraded US debt
from AAA to AA+ earlier this month,
news of the probe has sparked talk of
a government backlash against S&P
so far the only agency to change its
US outlook.
The enquiry hinges on whether
analysts ratings of mortgage-based
loans were influenced or overruled
by business managers within the
agency.
US announces probe into S&P
EUROZONE

-7.41
-9.26%
-4.08%
-6.26%
-4.76%
-6.03%
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trolled Investments for the purposes of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended) and as such are not subject to regulation
by the Guernsey Financial Services Authority (GFSC). However Stanley Gibbons (Guernsey) Limited has registered with the GFSC under the Registration of
Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (as amended) as a fnancial services business and therefore is regulated by the
GFSC in respect of Anti-Money Laundering and Countering Financial Crime and Terrorist Financing matters.
THE WEAKNESS of the UKs con-
sumer recovery was underscored yes-
terday, after official figures revealed
retail sales rose by just 0.2 per cent
in July.
Clothing sales were particularly
weak as cash-strapped households
reined in their spending, the figures
from the Office for National
Statistics (ONS) showed. Analysts had
pencilled in a 0.3 per cent rise com-
pared to a month ago, after retail
sales grew 0.8 per cent in June.
Consumer spending is being hit by
the worst squeeze on take-home pay
in recent times. Earlier this week,
the Bank of England said consumer
price inflation jumped to 4.4 per
cent in July and is likely to rise fur-
ther still.
Nomura analyst Philip Rush said:
With large utility price hikes being
implemented between August and
October, the squeeze on household
budgets still has further to run. Poor
confidence, exacerbated by global
pressures, is also likely to urge
spending restraint by households.
The ONS said volume sales of
clothing and footwear fell 0.3 per
cent in July with household goods
declining by the same amount. Food
sales were up 0.7 per cent.
Since the start of the year a num-
ber of well-known retailers have
gone into administration, including
fashion chain Jane Norman, interior
designer Habitat and wine seller
Oddbins.
Stephen Roberston, director of the
British Retail Consortium, said:
This confirms the painful picture
painted by our own figures last
week. Conditions are increasingly
difficult for customers and retailers.
CINEWORLD CHEERS POTTER: P12
High inflation
hits UK retail
sales in July
BY JOHN DUNNE
RETAIL

PRIVATE investigator Glenn Mulcaire


is to sue Rupert Murdochs News Corp
after it stopped paying his legal fees
over the phone hacking scandal.
Murdoch told a parliamentary
select committee last month he
would cease the payments, which
have so far exceeded 246,000.
Mulcaire claims the organisation
has a contractual obligation to pay
the legal bills.
Meanwhile the News of the Worlds
former Hollywood reporter James
Desborough has been arrested on
suspicion of conspiring to intercept
communications.
He is the 13th journalist arrested
and the first based in the US,
although it is understood the charges
relate to before he left the UK.
Desborough wrote for the News of
the World until it closed last month.
Private investigator Mulcaire to
sue News Corp over legal fees
MEDIA

RUSSIAS largest sports equipment


and clothes retailer Sportmaster is
considering an initial public offering
in London next year, financial market
sources said yesterday.
Sportmaster could attract up to
$700m (424m) in the IPO based on
its own valuation of between $2.5bn
and $3bn, the sources said, adding
the retailer has not yet picked organ-
isers for the issue.
The group is set to unveil revenues
of $1.3bn for the year to the end of
August, according to forecasts by
Renaissance Capital, and report earn-
ings before taxes, interest payments,
depreciation and amortisation of
$306m.
Sportmasters plans are being
formed at a time of turbulent finan-
cial markets not suited to floats, as
investors rush to exit risky assets
including Russian equities.
Just yesterday, market turmoil
prompted fellow Russian retailer
Centrobuv to rule out an IPO this
year.
And the only scheduled float on
the US markets this week, online
video company Tudeo on Wednesday,
saw its shares sink almost 12 per cent
on the first day of trading as the firm
was swept up in market turmoil.
Sportmaster looks to float in
London in spite of turbulence
BY HARRY BANKS
CAPITAL MARKETS

News
5 CITYA.M. 19 AUGUST 2011
US retailer Gap beat forecasts last night with second-quarter net income that fell less
than expected to $189m, from $234m a year ago. Net sales rose two per cent to $3.39bn,
though same store sales fell two per cent. Profit margins also came in slightly above
expectations, at 36.9 per cent. Picture: Rex Features
GAP BEATS FORECASTS
GLOBAL economic and social prob-
lems could hit property broker Savills,
its chief executive warned yesterday,
despite seeing values for the best prop-
erties hold up in London and Asia.
Jeremy Helsby shrugged off the
commercial impact of the recent riots
on Savills and said the firm had won
new work for London properties
worth more than 5m. The capitals
prime market has strengthened, cre-
ating a two-tier Britain, he added.
Speaking the week after riots devas-
tated parts of London, Birmingham
and Manchester, Helsby warned that
the firm would not completely escape
the impact of the unrest, here or over-
seas.
We currently see no material
change in the outlook for our busi-
ness although the potential effects of
the current economic and social
volatility are likely to have some
impact on both commercial and resi-
dential transaction markets across
our regions.
Values for the best property in
Hong Kong and Singapore were also
resilient, the company said. Profit
before tax for the six months to 30
June rose 39 per cent to 20m, which
meant a 20 per cent rise to 20.6m on
an underlying basis. Turnover rose by
ten per cent to 335.8m.
Analysts at Numis wrote: Savills
first half results are strong and ahead
of expectations. However, we are leav-
ing estimates unchanged to reflect
the uncertain outlook.
Yesterday the firm said fee income
at Cordea Savills, its fund manage-
ment arm, rose 25 per cent to 10.5m.
Savills employs around 20,000 peo-
ple in 200 offices in more than 40
countries.
It has long had a reputation for
upmarket residential work and last
year it enjoyed a 4m boost from mar-
keting the Candy brothers One Hyde
Park flats. PROPERTY: P16
THE COST of building schools and
hospitals using the controversial pri-
vate finance initiative (PFI) should be
included on the governments bal-
ance sheet, a group of influential MPs
will say today.
In a highly critical report, the
Treasury select committee will say
that PFI does not provide taxpayers
with good value for money and rec-
ommend that tough new rules be
introduced to reduce the govern-
ments reliance on the funding mech-
anism.
Former chancellor Gordon Brown
signed off hundreds of public con-
struction projects using PFI, which
allows the government to borrow
from the private sector to finance
schemes while keeping the liabilities
off of its books.
But the funding method has
proved incredibly costly, according to
official figures. More than 900
schemes have been completed with a
total capital value of 56bn yet the
amount the taxpayer will have to
repay stands at 229bn and is rising.
Andrew Tyrie MP, chairman of the
committee, said: We cant carry on
as we are, expecting the next genera-
tion of taxpayers to pick up the tab.
PFI should only be used where we can
show clear benefits for the taxpayer.
Despite dismissing PFI as discred-
ited before the election, chancellor
George Osborne has backed over 60
projects worth almost 7bn since
entering the Treasury.
MPs slam private finance initiative and
call for liabilities to go on balance sheet
BANKS must overcome psychological
scarring induced by the financial cri-
sis and start taking more risk, a senior
Bank of England official said yesterday.
Andrew Haldane said banks should
pay smaller dividends to shareholders
in order to meet capital requirements
while also increasing risk.
Yet he also suggested that capital
requirements could be relaxed.
The Financial Policy Committee,
like the Monetary Policy Committee,
needs to act ... in response to these
developments, he said, referring to
the recent downturn. Its job is to
cushion the fall as well as arrest the
rise in credit and debt.
Risk is likely to be over-priced due
to current market jitters, Haldane
said, calling for action to the authori-
ties to counter-act market sentiment.
Memories of financial disaster are
now fresh, as after the Great
Depression [of the 1930s], causing an
over-estimation of the probability of a
repeat disaster, said Haldane.
Banks should take more
risk, says Banks Haldane
UK ECONOMY

LONDON rent rises are outstripping


those in the regions as frustrated
would-be homebuyers turn to short-
term sources of accommodation.
Rents in England and Wales rose for
the sixth month in a row in July with
the capital seeing the largest gains,
according to the Buy-to-Let Index from
LSL Property Services, which is pub-
lished today.
Average prices soared 7.1 per cent to
a new high of 1,009 per month. Rents
rose 5.5 per cent in the north east and
4.8 per cent in the east and west
Midlands.
The average rent in England and
Wales rose 0.6 per cent to 705 per
month, following to the previous high
of 701 in June.
The average rent is now 29 per cal-
endar months higher than in July last
year. The average yield reached 5.2 per
cent in July, up from 4.8 per cent a year
ago.
David Newnes, estate agency man-
aging director of LSL, which owns Your
Move and Reeds Rains, said rising
rents meant it was becoming harder
for first-time buyers to save deposits.
Rents are on an upward trajectory,
and it is unlikely that tenants will gain
respite any time soon. Demand from
thousands of frustrated buyers each
month is underpinning buoyant com-
petition for rental homes, enabling
landlords to increase prices.
This is the peak summer season,
with more renters on the move, the
market will continue to heat up. Such
strong demand and high rental
incomes has forced lenders to take
notice, and more are returning to the
sector.
Competition in the buy-to-let mar-
ket means the range of affordable
products is expanding, he added.
Rents fell in the West Midlands,
Yorkshire and the North West.
Rents in capital still soaring
BY PETER EDWARDS
PROPERTY

London prices
help to boost
Savills profit
BY PETER EDWARDS
PROPERTY

BY DAVID CROW
POLITICS

News
6 CITYA.M. 19 AUGUST 2011
ANALYSIS l Savills
p
16Aug 15Aug 12Aug 17Aug 18Aug
330
320
314.10
18 Aug
Five star: prices soar in London boroughs
3
1
2
4
5
Camden 1
The borough best-known as
the birthplace of Britpop
saw average prices go from
532,243 in 2009 to
663,426 in 2010 before
dipping to 623,936 this
year.
Westminster 2
Westminster remained
untainted by its association
with the manure parlia-
ment as prices rose from
746,050 in 2009 to
781,438 in 2010 and
866,777 this year.
Islington 3
The spiritual home of New
Labour has enjoyed a pros-
perity of which politicians
could only dream. Prices
rose from 386,726 in
2009 to 452,832 in 2010
and 471,405 this year.
Hammersmith
and Fulham
4
The borough that serves as
a home to technology giant
Sony Ericsson has seen a
steady rise in prices from
459,676 in 2009 to
587,277 in 2010 and
628,728 last year.
5
Prices in Roman
Abramovichs adopted
home borough have stayed
in seven figures: 1.03m in
2009, rising to 1.12m in
2010 and dipping slightly to
1.09m this year.
Camden
Westminster
Hammersmith
& Fulham
Islington Kensington
& Chelsea
Kensington
and Chelsea
NEWS | IN BRIEF
Mortgage lending slows in UK
The rate of UK house-buying is set to
fall again in the next few months,
experts warned yesterday, after new
data showed the faltering recovery in
UK mortgages ground to a halt in July.
Bob Pannell, chief economist of the
Council of Mortgage Lenders (CML),
said Britain had been hit by the
effects of the sovereign debt crisis in
the Eurozone, which has slowed activi-
ty in the wholesale funding markets.
He warned that the market could
drift lower in the coming months.
He was speaking as CML figures
showed gross mortgage lending in
July hit 12.6bn, down a single per-
centage point from 12.68bn in June
and six per cent below the 13.3bn
recorded in July last year.
CEBR: house values will rise
House prices will rise by nearly a sixth
by 2015, according to the Centre for
Economics and Business Research
(CEBR). It forecast a 14 per cent rise
by the middle of the decade with the
depressed rate of housebuilding lead-
ing to an increasing shortage of
accommodation. The level of home
ownership is currently 68 per cent,
compared to 71 per cent in 2000.
Shehan Mohamed, CEBR economist,
said an average of 110,000 homes will
be built each year, but 225,000 are
needed annually to meet changes in
the UK population and social make-up.
Douglas McWilliams, CEBR chief exec-
utive, said that while a return to the
housing boom is unlikely, shortages
could push prices gently upwards.
IT is not just Arab sheikhs and
Russian oligarchs snapping up the
best of Londons residential property.
Estate agency Marsh & Parsons
received interest from would-be buy-
ers in 193 countries over the last
month, according to chief executive
Peter Rollings.
The firms website had the most vis-
its from potential investors from the
US, France, Italy, Germany, Spain,
Australia, Ireland, Greece, Switzerland
and Hong Kong.
Chinese buyers are typically looking
for small units in Kensington and
Knightsbridge in which their adult
children can live while studying at
Imperial College, Rollings added.
London remains an attractive desti-
nation for overseas buyers, with
Rollings saying many investors still see
it as a safe haven for their assets.
Prices at 1 June averages. Source:
LSL Property Services.
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THE MALIBAR
CEMENT maker Holcim yesterday said
the record strength of the Swiss franc
combined with soaring raw material
and energy costs to hit its second-quar-
ter profits.
Holcims operating earnings fell
more than a fifth in the three months
to the end of June, to 1.1bn francs
(843m) and net income dropped 14.9
per cent to 464m francs, despite steadi-
ly growing demand for cement.
The worlds second-biggest cement
producer said it was struggling to off-
set higher coal, diesel and oil prices,
which had added to its production and
transportation costs.
It said an appreciable number of
its subsidiaries such as Mexico and
Ecuador had improved their results in
local currency terms but these suc-
cesses were cancelled outby the
strength of the Swiss franc.
It also became the latest large corpo-
rate to take a cash flow hit from the
strong franc its cash from operating
activities almost halved in the quarter
to 609m francs.
Its shares closed seven per cent
lower on the news.
But it said cost cuts and further
price rises should put it on track to
make about the same like-for-like oper-
ating earnings before interest, tax,
depreciation and amortisation as last
year.
Holcim raised prices by 3.6 per cent
in the second quarter, and its chief
financial officer Thomas Aebischer
said further increases were planned.
Were going to have to keep raising
prices to balance out cost inflation, he
told a conference call.
But analysts said its Latin America
and Asia operations were actually a
drag on profitability due to the cost
inflation and currency effects.
Higher...costs could not be compen-
sated for sufficiently through price
increases, ZKB analyst Martin Huesler
said.
GOOGLE will be forced to pay
Motorola a staggering $2.5bn (1.5bn)
if it fails to clear regulatory hurdles
with its $12.5bn takeover bid.
The mammoth break fee repre-
sents 20 per cent of the proposed
price, compared to AT&Ts fee of $3bn
in its planned $39bn takeover of T-
Mobile USA, which is just seven per
cent.
If Motorola pulls out of the transac-
tion it will be liable to pay Google
$375m.
Googles bid, which is driven by a
desire to take control of Motorolas
portfolio of 17,000 patents, already
comes at a premium of 63.5 per cent
to Motorolas pre-bid closing price.
The deal will catapult Google to the
top of the pile in the patent arms
race, which has become increasingly
intense in recent months, with hand-
set manufacturers threatening a
litany of costly and time consuming
lawsuits against each other.
Meanwhile, Nokia chief executive
Stephen Elop has warned that other
handset manufacturers could be dis-
advantaged as a result of the bid.
He said: If I happened to be an
Android manufacturer or an opera-
tor, or anyone with a stake in that
environment, I would be picking up
my phone and calling certain execu-
tives at Google and saying I see signs
of danger ahead.
Nokia rejected Googles Android
software to work exclusively with
Microsofts WP7 earlier this year.
Googles $12.5bn Motorola bid includes
an eye-watering break fee of $2.5bn
OFCOM has handed out a 3m fine to
telecoms provider TalkTalk after it
incorrectly billed tens of thousands of
consumers for services they had not
received.
TalkTalk yesterday said it was dis-
appointed by the size of the fine a
record for a telecoms company but
said it will not appeal it.
After a year-long investigation
Ofcom concluded TalkTalk had wrong-
ly charged some 65,000 customers as it
integrated Tiscali into its operations.
Of these, 3,000 were wrongly billed
after the matter had come to the
attention of Ofcom in July 2010.
TalkTalk has since paid out 2.5m in
refunds and goodwill payments to its
customers and says it has moved on
from the difficult transition.
The fine, which will be given to
Ofcom and passed on to the Treasury,
must be paid within 30 days.
An Ofcom spokesman said: We con-
sider this to be a serious breach of the
rules. However, we are issuing a lower
penalty than might otherwise have
been given, had the company not
taken action to remedy the harm they
caused to consumers.
A TalkTalk spokesman said: We are
of course disappointed at the scale of
the fine and feel it is a disproportion-
ate penalty. TalkTalk shares tumbled
4.5 per cent in a choppy market.
Ofcom fines TalkTalk 3m
BY STEVE DINNEEN
TELECOMS

APPLES sales have taken over those of


Lenovo in China for the first time.
As the third-largest personal com-
puter company in the world by ship-
ment volume, the Chinese firm holds
the top spot as the industrys fastest-
growing firm for the seventh quarter
consecutively.
It announced yesterday that its
China sales rose 23.4 per cent to
$2.8bn (1.7bn), compared to Apples
second quarter sales of $3.8bn, six
times the last years figure. Lenovo
saw total revenue rise 15 per cent in
the second quarter to a record $5.9bn.
Analysts said that Lenovo would
need to have increased sales in
Taiwan and Hong Kong by at least
$1bn to match Apples revenues for
the region. Despite a four per cent
overall decline in the market, Lenovo
saw success in the US, with ship-
ments rising 30.8 per cent from a year
ago, when the firm made losses of
$9m in the US.
Lenovo cedes ground to
Apple in its native China
Holcim hit by
strong franc
and cost rises
BY ALISON LOCK
MANUFACTURING

BY STEVE DINNEEN
TELECOMS

News
9 CITYA.M. 19 AUGUST 2011
DOLLARS DOWN: WHO LOSES FROM FRANC RISE
OSWALD GRBEL, CEO OF UBS
Swiss banks have seen profits hammered by
the strong franc. UBS blamed the franc in
part for a 49 per cent fall in first-half profit to
1bn francs (766m), while rival Credit Suisse
cited it as a factor in cutting 2,000 jobs.
HOLCIM is just the latest in a long line of major corporates citing Switzerlands record-high safe
haven currency as a factor behind a dip in their fortunes. The strength of the currency has depre-
ciated dollar and euro-denominated revenues and profits, while input costs and local production
costs have rocketed, and output prices have to be raised to compensate. As firms from pharma-
ceuticals giant Roche to household goods maker Procter & Gamble feel the strain, who else gets
hurt from the strength of the franc?
PAUL BULCKE, CEO OF NESTLE
It isnt just banks suffering from Emmentaal
cheese to chocolatiers, Swiss exporters are
hurting. Nestle said the franc helped make
2011 one of its toughest ever years, cutting
almost 14 per cent from first-half revenues.
TRADERS - VARIOUS
Pity the commodity and hedge fund traders
hit by the swissies strength. Most salaries are
paid in francs but bonuses are understood to
be paid in dollars, and the franc is up 24 per
cent against the dollar in the past 12 months.
ROGER FEDERER - TENNIS CHAMPION
The tennis ace has a home in Oberwil, near
Basel, but his income is international, from win-
nings and sponsorships. That makes being at
home expensive, though he is worth an estimat-
ed $150m so may not feel it too deeply.
Firms feel Swiss
pain now but
more is coming
THE franc was steady yesterday
thanks to a decision by the Swiss
central bank to add massive liq-
uidity to the market.
But it has been a very different
story for the year so far as mar-
kets have worsened, investors
have piled into francs with an
appetite mirrored only in their
buying of gold.
Deemed a safe haven thanks to
its distance from the euro and
other crisis-addled currencies
such as the dollar and pound,
the franc has risen 9.5 per cent
against the euro so far this year
and 15 per cent in the past 12
months while against the dol-
lar, it has gained 15.5 per cent in
2011 and a whopping 24 per cent
since last August.
That is causing real pain to
companies and individuals earn-
ing money in international cur-
rencies but spending it in
Switzerland. Holcim is just the
latest large corporate to note the
strong franc as a factor in its
poor results.
The Swiss National Bank is cur-
rently stopping short of pegging
the franc to the euro or establish-
ing a floor to limit its strength.
But after another day of stock
market selling, it faces an uphill
battle to avoid still greater rises.
BOTTOMLINE
Analysis by Alison Lock
ANALYSIS l Holcim
CHF
16Aug 15Aug 12Aug 17Aug 18Aug
50
48
46
44.03
18 Aug
ANALYSIS l Talk Talk
p
16Aug 15Aug 12Aug 17Aug 18Aug
132
128
124
121.70
18 Aug
Ant and Dec's Saturday
Night Takeaway
3m*
Soapstar Superstar
1.2m*
(UK)
3m
2m*
OFCOMS BIGGEST FINES
BY LYDIA ELLIS
TECHNOLOGY

* fines linked to
Ofcoms probe into
the fairness of
phone-in quizzes in
2007-8
Ant and Dec's
Gameshow Marathon
1.2m*
1.1m*
time, the lease on the property can-
not legally be cut short before its
expiry date in 2056.
No chance of Brocket, 59, reclaim-
ing his ancestral home then, if
Klostermann has anything to do with
it. Our interest remains long term,
he said. Brocket and I will both have
joined the big club in the sky by the
time the lease on the Hall runs out.
TYCOON WOMEN
THE NAME of the event alone is worth
a diary story: How to Become a
Tycoon Woman, a seminar designed
to let the Citys power ladies join the
ranks of Burberrys Angela Ahrendts
and Net-a-Porters Natalie Massenet.
Exactly how to achieve that will be
revealed by Olamide Agbaimoni, who
specialises in helping women become
the creators of their own wealth.
Free to all, the talk will be held from
2.30-4.30pm on 12 September at the
City Business Library in the Guildhall
Complex at 5 Aldermanbury. Form an
orderly queue.
THERE IS NO BATTLE:
KLOSTERMANN DENIES
FRAUD LORD FEUD
DONT BELIEVE the tittle tattle you
read in the gossip columns, says
Brocket Hall owner Dieter
Klostermann, who yesterday turned
to this gossip column to put the
record straight about that feud with
Lord Charlie Brocket.
Klostermanns leisure group CCA
International bought Brocket Hall in
1996, after Brocket was jailed for a
4.5m classic cars insurance scam.
So relations between the two men
were never going to be easy and
they were tested still further when
rumours surfaced that Brocket,
reportedly appalled by the deteriora-
tion of the estate, intends to win back
his ancestral home. But Klostermann
insists there is no battle.
For starters, he said, there is noth-
ing wrong with the grand piano a
reference to Steinway-gate, after
Brocket claimed the antique show-
piece had been damaged by the new
landlords. Our finance director Jim
Moore said he was not aware of any
damage to the quality of the sound,
and there is nothing wrong with the
appearance.
The estate is a showcase, contin-
ued the chief of CCA International,
reeling off a list of his companys
12m investments in Brocket Hall,
including refurbished bathrooms,
the new 18-hole golf course and the
Michelin-starred Auberge du Lac.
And what of the reports that CCA
International is experiencing cash-
flow difficulties? Matters have
improved since the last published
accounts for 2009, which showed a
900,000 pre-tax loss, insisted
Klostermann, pointing out that the
firm was back in the black in 2010
and ahead of budget for 2011.
Which brings The Capitalist to the
final point: as long as CCA has
enough money to pay its rent on
Straight talking:
Dieter Kloster-
mann, chairman
and CEO of CCA
International
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Brocket and
I will both
have joined
the big club
in the sky by
the time the
lease on
Brocket Hall
runs out
The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 19 AUGUST 2011
London 2012
IMAGE OF THE WEEK
This week saw the first event in the Olympic Park:
the London Invitational in the new basketball arena.
In the run-up to 2012, City A.M. is publish-
ing its Olympic Image of the Week. If you
have a shot you think our readers will like,
please email pictures@cityam.com with
IOW2012 in the subject line. Full details:
www.cityam.com/london-2012.
BASKETBALL | OLYMPIC PARK
Picture: Mansoor Ahmed
News
11 CITYA.M. 19 AUGUST 2011
AUSTRALIAN brewer Fosters yester-
day rejected a $10bn (6.1bn) offer
from rival SABMiller for the second
time as shareholders hold out for a
better offer from the global brewing
giant.
SABMiller announced on
Wednesday it would go directly to
shareholders to gain about half of
Australias beer market, with a
repeated offer of A$4.90 a share.
But Fosters said yesterday the
offer significantly undervalues the
company. Shares in the brewer,
which is expected to report flagging
profits on Tuesday, rose as high as
A$5.03 yesterday before closing at
A$5.00.
They are doing the right thing.
They probably will get a better price
sometime down the track and this
strategy is probably the right one,
said Craig Young, portfolio manager
at Tyndall Investment
Management.
The market thinks that a better
price will be forthcoming. It expects
something above A$5 and decently
above A$5. So youre talking A$5.10,
A$5.20, maybe even as high as
A$5.30, he said.
SABMiller, which makes Peroni,
Grolsch and Miller Lite, has long
been seen as the favourite to take
over Fosters since rivals such as
Heineken are struggling with debt
or lack adequate funding.
Fosters boasts high margins and
a dominant position in Australia,
although beer volumes have sagged
recently with a poor summer and
consumer downturn.
SABMiller could have strength-
ened its hand by waiting longer to
make a direct offer in the absence of
a rival, shareholders said, signalling
an improved bid may emerge.
Fosters turns down
new SABMiller bid
BY HARRY BANKS
M&A

PRIVATE equity firms Pacific


Equity Partners and Unitas were
yesterday toasting the sale of
their drinks group Independent
Liquor to Japanese brewer Asahi
for $1.3bn (787m).
Asahi, the maker of Super Dry
beer, will buy all the outstanding
shares of Flavoured Beverages
Group, the parent company of
New Zealand-based Independent.
PEP and Unitas, formerly
known as CCMP, bought
Independent for more than $1bn
in a 50-50 split back in 2006.
Independent Liquor is New
Zealands top-ranked ready-to-
drink cocktail maker and is the
third-largest in Australia.
Asahi aims to earn six per cent
of its sales from overseas markets
this year, which is below a target
of 30 per cent set by Japanese
rival Kirin Holdings.
Shigeo Sugawara, senior invest-
ment manager at Sompo Japan
NipponKoa Asset Management,
said: With domestic demand
weak, I have absolutely no dis-
agreement with Asahis strategy
of seeking growth overseas.
The real issue is whether or
not Asahi will be able to speed up
profit growth at the companies it
has bought.
Asahi was advised during the
deal by Rothschild and Nomuras
team of Koji Nagai, Kimizo
Hayakawa, Kentaro Okuda and
Peter Meurer.
Meurer was hired as Nomuras
chairman of investment banking
in Australia two years ago. He
was previously the vice-chairman
of Citi Australia.
Asahi toasts acquisition as private
equity firms sell Independent Liquor
M&A

GLOOMY sentiment among investors


bolstered the return on hedge funds
driven by short-selling strategies but
hurt merger arbitrage managers last
month, according to research
released yesterday.
The strongest average returns in
July were Commodity Trading
Advisors (CTAs) with a 2.70 per cent
return and short-sellers at 2.21 per
cent, the EDHEC-Risk Institute report-
ed.
The worst returns were from merg-
er arbitrage funds, which suffered an
average 0.46 per cent loss, with event
driven hedgies typically dropping in
value by 0.36 per cent.
The 1.01 per cent return on global
hedge fund-of-fund strategies out-
paced the Standard & Poors 500
index by more than three per cent.
Meanwhile it was revealed some
major names in European hedge
funds have suffered heavy losses.
Funds managed by Lansdowne
Partners were among those hit. The
Lansdowne UK Equity fund dropped
4.3 per cent in the month to 12
August, and is down 15.8 per cent
this year. The Lansdowne European
Equity fund is down 3.6 per cent this
month to 12 August, and is down 9.4
per cent in the year.
The Lansdowne Global Financials
fund is down 3.6 per cent in the
month to 12 August, and down 12.5
per cent this year.
The Henderson European Absolute
Return fund, managed by Stephen
Peak, dropped 15.64 per cent in the
month to 5 August, and is down 32.46
per cent this year to 5 August.
Both groups declined to comment.
Shorting hedgies
outpace the S&P
500 during July
BY PETER EDWARDS
HEDGE FUNDS

SPREAD better London Capital Group


bucked yesterdays downward stock
market trend to close up 0.7 per cent
after reporting a 3m first-half profit.
LCG said profits fell 28 per cent
compared with a year ago when busi-
ness was boosted by extreme volatility
around events such as the flash
crash and Greek bailout. Revenues
fell 12 per cent to 18.3m.
Keefe Bruyette & Woods analyst
Justin Bates said the figures were a
tepid result in a difficult market but
its outlook gave cause for optimism.
LCG said new accounts opened
were up almost 20 per cent on a year
ago, while funds in accounts were
more than a fifth higher at 24.6m.
It also said the spread betting mar-
ket, where it makes 61 per cent of its
revenue, was robust.
Chief executive Simon Denham
warned that regulation, costs and
very low spreads remained risks but
said the outlook for the rest of 2011
was very good.
London Capital
bets on profit
rise to come
FINANCIAL SERVICES

The Gannet Alpha platform is still leaking oil into the North Sea Picture: REUTERS
ANALYSIS l SABMiller
p
16Aug 15Aug 12Aug 17Aug 18Aug
2,140
2,100
2,060
2,020
2,010.00
18 Aug
ROYAL Dutch Shell said it was continu-
ing to make good progress fixing a
pipeline that is still leaking into the
North Sea from its Gannet Alpha plat-
form, as Britains biggest oil spill for a
decade ran into its eighth day.
Shell estimates that around 1,300
barrels have escaped into the water
180km off the Scottish coast so far,
with the risk in the worst case sce-
nario of another 4,000 barrels leak-
ing from the isolated flowline
between the well and the platform.
Shell, which co-owns the field with
Exxon Mobil, said an area on the sea
surface of around 500 square metres
was currently affected by the spill.
Environmental charity the Royal
Society for the Protection of Birds
Scotland made calls yesterday for the
group to make public its most recent
pipeline inspection report.
But Shell insisted that its surveys
showed the leak had not had a signif-
icant impact on the environment.
Shell said divers have been sent
down to inspect the faulty valve and
lay down concrete weights to secure
the pipeline to the seabed.
Shell pipeline still leaking
BY KASMIRA JEFFORD
ENERGY

CINEWORLD yesterday said it had


started the second half strongly, with
the latest Harry Potter film fuelling
an increase in ticket sales.
The group has hiked its dividend
despite a drop in first-half profit, trig-
gered by one-off costs.
Revenues rose one per cent to
163.6m in the six months to the end
of June.
Operating profits fell by 1.8m to
13m, due in part to the cost of cine-
ma conversions to cope with digital
and 3D films.
The first-half costs include a provi-
sion of 1.1m for conversions in the
second half and next year.
Cineworld saw 2.2 per cent rise in
admissions in the first half while the
second half figure will reflect the suc-
cess of The Deathly Hallows Part 2
the final instalment in the Harry
Potter series.
However a lack of 3D releases took
some steam out of the groups per-
formance, which had previously been
boosted by blockbusters like Avatar.
A total of 478 screens across 78 sites
are now digital and 400 of those sup-
port 3D technology.
Steve Weiner, the companys
founder and chief executive, said he
hoped the ongoing conversion... will
enable us to further capitalise on the
strong line-up of 3D releases in the
fourth quarter.
Mission Impossible 4, Sherlock
Holmes 2 and the latest in the
Twilight series were part of a strong
set of non-3D films coming to the-
atres in the second half, the firm said.
Cineworld also said its search con-
tinued for a new chief financial offi-
cer after Richard Jones, a 15-year
veteran of the company, resigned in
June. The companys purchase of
Spains Cinesur has not yet complet-
ed, the company said, adding We
believe that the Spanish cinema mar-
ket has certain attractions.
AIR Berlin founder and chief execu-
tive Joachim Hunold quit yesterday
after the low-cost carrier posted a
quarterly loss and cut its network in
the quest for its first annual profit
since 2007.
If the board accepts Hunolds sug-
gestion, Hartmut Mehdorn, the for-
mer head of state-owned rail operator
Deutsche Bahn, would take over as
interim chief executive from 1
September.
Shares in the carrier, Germanys
second-biggest airline after Lufthansa
briefly turned positive after the
announcement, rising as much as 4.4
per cent, but then dipped.
The debt-laden carrier said it was
suffering from a German air travel
tax and high fuel costs that it was
unable to pass on to customers.
It said it would focus on profitable
routes by cutting more than one mil-
lion seats from capacity, though it
does not expect any positive impact
on earnings before next year, when it
aims to break even. Hunold launched
Air Berlin in 1991 and took it public
in 2006.
From record levels of over 20 in
2007, the shares slumped to below 4
the following year and have never
really recovered.
Air Berlin warned that low-cost car-
riers would suffer disproportionately
from the air travel tax levied in
Germany since the start of the year.
At the end of June, Air Berlins net
debt stood at 616m (535m).
Air Berlin chief quits after a quarterly
loss and plans for drastic network cuts
MORE than 750,000 tourists watched
a Premier League football match last
year, splashing out an eye-watering
595m.
Big spending football fans part
with an average of 776 each, well
above the average for all inbound vis-
itors of 563.
Norwegians are most likely to
come to watch Premier League foot-
ball, with one in thirteen of their
tourists going to a match during their
stay, followed by visits from the UAE.
The most popular grounds are Old
Trafford, with 15 per cent of the total,
followed by Anfield and the Emirates
Stadium.
Around 40 per cent of those going
to a football match said that watch-
ing sport was the main reason for vis-
iting the UK.
Football tourism also attracts peo-
ple to the UK outside of the usual hol-
iday period, with the majority of
visits taking place between January
and March.
VisitBritain says the research, car-
ried out by the national tourism
agency, is the first demonstration of
the Premier Leagues ability to drive
tourism in the UK.
Premier League chief executive
Richard Scudamore said the number
of football tourists is very encourag-
ing.
Patricia Yates, director of strategy
at VisitBritain added: Not only do
some of the best players in the world
want to play in Britain, but their
international fans want to follow
them here.
Our partnership with the Premier
League has enabled us to use football
to connect with fans all around the
world.
Football tourists flock to UK
BY STEVE DINNEEN
BUSINESS OF SPORT

Harry Potter
magic lifts
Cineworld
BY JOHN DUNNE
LEISURE

BY JOHN DUNNE
AVIATION

News
12 CITYA.M. 19 AUGUST 2011
The Emirates Stadium is the third most-visited ground in the country Picture: REX
NEWS | IN BRIEF
Tracinda offloads MGM shares
Billionaire investor Kirk Kerkorians
Tracinda Corp has sold 20m shares in
gambling and resort operator MGM
Resorts International, leaving it with a
22.8 per cent interest. Tracinda dis-
closed in a filing yesterday with the US
Securities and Exchange Commission
that it still held 111,173,744 shares after
the sale. In April, Tracinda, which is
based in Beverly Hills, California, had
26.8 per cent of shares. It remains
MGMs largest shareholder, ahead of
Paulson & Co, which owns 8.5 per cent
of shares. Despite selling 20m shares,
Tracinda said in the filing that it contin-
ues to believe that there is substantial
value in the assets of MGM Resorts and
that the company is a good long-term
investment.
TJ Hughes creditors lose 400m
Discount chain TJ Hughes collapsed with
total debts of 433.5m, administrators
at Ernst & Young have said, and most
creditors have little hope of recovering
much of their money. The group, which
collapsed in June despite investment
from turnaround specialist Endless LLP,
heard from 156 interested parties over a
takeover or sale of the business, but no
concrete offers have emerged. Ernst &
Young said there will not be sufficient
funds to enable any distribution to non-
preferential creditors, who are set to
lose up to 409m. The firm has man-
aged to make a net 35.6m in sales since
calling in the administrators, but this will
be swallowed by preferred creditors. A
further 12 TJ Hughes shops will be
closed soon, bringing the total to 42.
RETAILER Sears Holdings, which is
controlled by billionaire investor
Eddie Lampert, reported a wider-
than-expected quarterly loss on weak
sales, bigger discounts and higher
costs yesterday.
In the second quarter, sales fell 1.2
per cent to $10.3bn (6.2bn), while
analysts expected $10.5bn.
Sales at US stores open at least a
year fell 0.7 per cent, with those at
the namesake stores down 1.2 per
cent and Kmart staying flat.
Sears net loss widened to $146m,
and the firm plans to cut 250 jobs.
RETAIL

BOOKINGS for Holidaybreaks range


of school trips, adventure tours,
camping and hotel breaks fell in the
five months to August.
Superbreak, The Luxury Hotel
Collection and Holidaybreaks other
hotels businesses are seeing sales trail
ten per cent below the same time last
year.
The company, which is being taken
over by Cox & King for 312m,
blamed that on the ongoing diffi-
cult consumer environment.
But revenues at its outdoor educa-
tion business rose.
Holidaybreak
bookings drop
LEISURE

ANALYST VIEWS: IS CINEWORLD COPING


WELL IN THE TOUGH MARKET? By John Dunne

GEETANJALI SHARMA | ESPIRITO SANTO


This is a very encouraging set of results from Cineworld. It is encourag-
ing to note that despite Avatar and Alice in Wonderland being in the first half
2010 comparatives and Harry Potter not included in first half 2011, Cineworlds
admissions are up 2.2 per cent year on year.

NIGEL PARSON | EVOLUTION


The company is up against tough comparatives. Strategically, the digi-
tal roll-out continues well (70 per cent complete by year end), and it has refi-
nanced successfully. We reiterate our buy recommendation and 245p target price;
the stock remains excellent value.

WAYNE BROWN | COLLINS STEWART


Theres an element of resilience in the business model itself here.
Cinema-going is a very resilient recession activity. And the first half hasnt really
had any blockbusters. One thing that separates Cineworld from Vue and Odeon is
that it does have a much wider audience, driving its market-share.

Cineworld admissions are seeing a lift from The Deathly Hallows Part 2
ANALYSIS l Cineworld
16Aug 15Aug 12Aug 17Aug 18Aug
190.00
185.00
180.00
p
183.00
18 Aug
750,000
tourists watch
football
in UK
Sears reports
surprise losses
595m
total spend
by football
tourists
213
each spent
over the
tourist average
BUSINESS leaders yesterday said the
number of students studying A-Level
maths and science is still too low,
despite an upswing in the number of
candidates taking A-Levels in these
subjects since 2010.
The number of UK students sitting
A-Level maths rose 7.8 per cent since
last year, according to yesterdays pro-
visional data released by the Joint
Council for Qualifications, while the
number of students sitting further
maths rose 5.2 per cent.
The number of candidates sitting
the biology, chemistry and physics A-
Level exams rose 7.2 per cent, 9.2 per
cent and 6.1 per cent respectively.
However, the number of candi-
dates taking further maths repre-
sents just 1.4 per cent of the total
A-Levels sat, or 12,287 students, with
physics candidates representing 3.8
per cent, or 32,860 students.
This compares to 50,897 students
taking A-level history, or 5.9 per cent
of the total, and 89,980 students, or
10.4 per cent, taking English.
Overall, 97.8 per cent of candidates
gained at least an E grade, up from
97.6 per cent last year. One in twelve
exams were given the top A* grade.
Dr Neil Bentley, deputy director-
general of the CBI, said: Were
encouraged more people have heed-
ed the call from businesses to study A-
Level maths and science, but overall
numbers are still far too low and
must increase further to meet
employer demand.
However, Bentley welcomed the
increase in the number of candidates
taking A-Level Chinese, up from 2,372
in 2010 to 3,237 this year. He said:
Strong exports performance in
emerging markets will be crucial to
driving our economic recovery, so its
positive news.
Meanwhile, PwC reported applica-
tions for its A-Level job programme
have doubled since last year to 1,600
candidates (see profile below).
The professional services scheme
gives school leavers on-the-job and
college-based training, leading to a
professional qualification.
DESPITE the jump in students tak-
ing mathematics at A-Level, the UK
risks falling further behind
other nations unless
the qualification
becomes more pop-
ular, an education
charity claims.
[A]s recent reports
have highlighted, the
UK still lags well
behind its industrial competitors in
terms of participation in mathemat-
ics education beyond GCSE level,
said Mathematics in
Education and Industry.
City A.Ms financial liter-
acy campaign, backed by
education secretary
Michael Gove, is working
to boost the number of
people studying mathe-
matics beyond GCSE. To
donate to MEIs further maths
support programme, please visit
www.mei.org.uk.
The UK is lagging behind
despite growth in maths
FINANCIAL LITERACY

OIL and gas producer Noble Energy


will pay $3.4bn (2.06bn) to Consol
Energy to form a partnership to devel-
op Consols assets in the Marcellus
shale.
The move is S&P 500-listed Nobles
first into the Marcellus shale deposit
in the eastern US, one of the largest
natural gas fields ever discovered, and
comes amid a natural gas price slump.
Under the agreement announced
yesterday, Noble will pay $1.07bn for a
50 per cent stake in coal and gas pro-
ducer Consols 663,350 undeveloped
acres and fund $2.13bn of Consols
drilling costs over eight years.
That spending will be capped at
$400m per year, and drops off when
wholesale gas prices fall.
Oil giants Exxon Mobil and
Chevron Corp have both entered the
Marcellus shale in the past two years,
spending billions to get a share of the
field that some analysts reckon could
hold a centurys worth of gas for the
United States.
Noble Energy inks $3.4bn
deal to develop shale gas
ENERGY

ANGLO American, Xstrata and BHP


Billiton have approved a $1.3bn
(789m) expansion of the Cerrejon
mine, home to one of the worlds
largest coal deposits, in Colombia.
The diversified miners said yester-
day they would invest equal amounts
in the project that will increase pro-
duction and export capacity by 8m
tonnes per annum (mtpa) to 40 mtpa
by the end of 2015.
Construction is set to start in the
third quarter and be completed by
2013. The project will expand the
mine, coal handling facilities and the
port.
Cerrejon contains an estimated
5bn tonnes of coal, of which 2.1bn
tonnes are at a measured and indicat-
ed export quality status.
Last year, Cerrejon exported 31.5m
tonnes but produced only 30.3m
tonnes due to heavy rains that bat-
tered the nation.
Todays announcement highlights
our commitment to invest in growth
throughout the cycle and to continue
to produce at maximum volumes to
take advantage of the strong demand
for energy coal, said BHP energy coal
president Jimmy Wilson.
Cerrejon president Leon Teicher
said in an interview that he hoped
the 32m tonne exports would fetch
the firm $3.2bn this year.
We have almost all the 2011 pro-
duction sold, and external prices are
high. For 2012, we dont see a substan-
tial fall in prices, he said yesterday.
Miners eye Colombia growth
BY HARRY BANKS
MINING

Science still
below par as
passes rise
BY HARRIET DENNYS
EDUCATION

Colombia's coal industry is currently domi-


nated by big thermal producers such as
Cerrejon, Glencore and Drummond.
Cerrejon, owned by BHP, Anglo American
and Xstrata, exported 31.5m tonnes last year
FAST FACTS | COLOMBIAN COAL
News
13 CITYA.M. 19 AUGUST 2011
FOCUS ON: A-LEVEL RESULTS
CITY VIEWS: DO YOU THINK EXAMS ARE GETTING EASIER OR STANDARDS
ARE GETTING HIGHER? Interviews by Lydia Ellis and Eshe Nelson
I do think that students are working harder.
But I think that results are being driven by
the government trying to ensure pass rates
get higher year on year, which makes
me quite cynical of the statistics we
are seeing.
MICHAEL WATTS | BERENBERG BANK
I don't think the increase in pass rate is because
students are getting clever. A head of sixth form
I know says it's common for students who aren't
likely to pass to be kicked off their
course. Schools and colleges are all
about league tables now.
PAUL MILLER | TARDIS GROUP
"I don't pretend to be an expert on the subject but I do think the exams are getting easier over the years. The
perception you get from the media clearly suggests that A-Levels are not as hard to pass as they used to be."
STEVE MARSHALL | KELTEC
A-Level students celebrate receiving their grades yesterday, as pass rates soared to a record high Picture: REUTERS
PEOPLE always assumed Jasmine Cope, a
high achiever who skipped a year at the Sir
Henry Floyd Grammar School in Aylesbury,
would go on to university.
But Cope, who turns 17 tomorrow, turned
her back on higher education after the
tuition fees increase left her unable to justi-
fy finishing her studies with so much debt,
instead becoming the youngest-ever person
recruited to PwCs school leaver programme.
Before the fees increase I was aiming for
the best universities, so I aimed for the best
in professional services, Cope told City A.M.
I wanted a job that was logical for my
maths and science skills that also
involved getting out of the office to
meet clients.
Cope, who was yesterday celebrat-
ing her A* in English Literature, B in
Biology and C in Maths well above
the 260 UCAS points required for the
PwC scheme started the tax training
option on 1 August, where she is paid
a competitive entry-level salary.
Im really enjoying it so far, said
Cope, who plans to work her way
up to a leading role at the
firm after she qualifies as a
chartered tax advis-
er in four years
time.
BY HARRIET DENNYS
PROFILE

* These views are those of the individuals above and not necessarily those of their company.
JASMINE COPE
Tax programme lures high achiever
News
14 CITYA.M. 19 AUGUST 2011
Skyscap
The independent finance provider has
appointed Steven Dunne as chief finan-
cial officer. Dunne was previously
financial director of Credit Solutions,
where he led the sale of the business to
Arvato, the outsourcing division of
media giant Bertelsmann.
China Food Company
The Chinese manufacturer has hired
Tang Lin as chief financial officer. Lin
joins from Shandong Haoxin, where she
was a founding partner.
Stanmore Implants
The medical technology manufacturer
has appointed Eric Dodd as group chief
financial officer. Dodd joins Stanmore
from biotechnology firm Antsoma,
where he was chief financial officer.
Next Fifteen
The digital communications group has
appointed Margarita Auguste
Wennmachers as a non-executive
director. Wennmachers is a partner at
Andreessen Horowitz and co-founded
OutCast Communications Corp, which
became a subsidiary of Next Fifteen
Communications Group in 2005.
Cushman & Wakefield
Douglas Harman has been appointed
as a partner to the real estate services
firms EMEA capital markets team.
Harman joins from the Frankfurt office
of DTZ, where he was a director.
Paddy Power
Brody Sweeney will retire from the
board as a non-executive director on 1
September. Cormac McCarthy, the chief
executive of Ulster Bank from 2004 to
2011, will join the board as non-execu-
tive director on the same date.
Jefferies
The investment bank has appointed
James Seagrave as a managing direc-
tor in the global financial sponsors
investment banking group. Seagrave
joins from JP Morgan, where he was
most recently a managing director in
the financial sponsor coverage group.
Ernst & Young
Hywel Ball, previously EMEIA sector
leader for energy, chemicals and utili-
ties at the professional services firm,
has been promoted to UK & Ireland
head of assurance.
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
Wall St slammed
by recession fears
R
ISING fears of another recession
hammered US stocks yesterday,
sending major averages sharply
lower in a return to the extreme
fluctuations investors endured a
week ago.
New worries about the health of
European banks set the tone before
the markets open, and a dismal
report on regional US manufacturing
fueled a downward spiral in which
the Dow dropped as much as 528
points, spurring a flight to safe-haven
assets like gold.
The Nasdaq ended more than five
per cent lower, the S&P 500 more
than four per cent and the blue-chip
Dow off more than three per cent.
Thursday marks the sixth time in the
past two weeks that the S&P 500 has
moved by four per cent or more.
Are we going to go into recession?
Most market participants were look-
ing for slow and steady growth, but
the statistics and the financial situa-
tion here and in foreign economies
have disturbed that view, said
Richard Weiss, a Mountain View,
California-based senior money man-
ager at American Century
Investments.
The Dow Jones industrial average
fell 419.63 points, or 3.68 per cent, to
10,990.58, while the Standard &
Poors 500 Index declined 53.24
points, or 4.46 per cent, to 1,140.65,
and the Nasdaq Composite Index
dropped 131.05 points, or 5.22 per
cent, to 2,380.43.
The losses resumed a slide in stocks
that began in late July and seemed to
moderate in the last few days. In a
more worrisome sign, volume was
heavier than on recent positive days,
with 11.4bn shares changing hands,
the highest so far this week.
It almost feels as though the floor
in its entirety is clearly engaged in
executions, but the overall theme is
resignation, said Peter Kenny, man-
aging director at Knight Capital in
Jersey City, New Jersey.
Kenny said that traders are increas-
ingly resigned to the idea the market
trend is downward.
What can you do about a trend
that seems to be well established? It's
the new -- I hate to say it -- it is the new
normal, he said.
Volatility jumped, with the CBOE
Volatility Index or VIX, a barometer of
Wall Street anxiety, up 38 per cent at
43.56. More investors were taking out
protective positions against declines
in the market.
The S&P 500 is now off 16.4 per cent
from its April 29 closing high, but the
benchmark index still ended above its
slump on 9 August, when it fell to
1,101.54.
B
RITAINS top shares dropped
yesterday in their worst one-
day fall since March 2009, led
by banks on concern the
growth outlook for global
economies was slowing and worries
about contagion in the Eurozone
debt crisis.
Stocks extended falls after August
factory activity in the US Mid-
Atlantic region dropped to its low-
est level since March 2009, adding
to earlier worries the US economy
was slowing down following higher
than expected weekly jobless
claims.
Not a single FTSE 100 stock closed
up after yesterdays trading.
Banks tumbled to become the
worst performers, with the down
6.9 per cent also its biggest daily
drop since late March 2009.
Barclays, Royal Bank of Scotland
and Lloyds Banking Group dropped
9.3 to 11.5 per cent.
The banks are plugged into the
Eurozone sovereign debt crisis,
said Mike Lenhoff, chief strategist at
Brewin Dolphin.
But it is not just worries about
the Eurozone, it is growth in the
United States as well.
The concern is that global
economies will go back into reces-
sion, and downgrades to economic
growth are likely to translate into
cuts to earnings.
The UK benchmark index closed
down 239.37 points, or 4.5 per cent
at 5,092.23, knocking about 60bn
off the index, with volume 132 per
cent of its 90-day daily average.
The index has slumped 16.3 per
cent since the July to August sell-off
began and made its biggest one-day
drop since 2 March 2009.
It also dropped below both the
38.2 per cent retracement or
5,284.96 and 23.6 per cent retrace-
ment or 5,096.17 of its July to
August sell-off, with the next sup-
port level seen at the psychological
5,000 mark.
Investors had early yesterday
been concerned about a slowdown
in the United States and Europe
after Morgan Stanley cut its global
growth forecast for 2011 and 2012
citing both regions as dangerously
close to a recession.
The anaemic post-recession
recovery and the pronounced mar-
ket volatility indicate that both the
US and parts of Europe are on an
unsustainable path, said Jack
Malvey, chief global market strate-
gist for BNY Mellon Asset
Management.
The worst case would be a mild,
brief recession, but we are more
likely to experience a low-growth
recession over the next three to six
months.
Also compounding the worries
early on that the global recovery
was losing steam was news that
Deutsche Bank had cut its expecta-
tions for Chinese GDP growth due
to the slowing economic environ-
ment in the United States and
Europe.
Commodity stocks, whose per-
formance is strongly correlated to
global growth, were also among the
worst performers, tracking crude
and base metal prices lower.
Of the mining stocks Xstrata was
the hardest hit, losing 10.2 per cent,
while Cairn Energy fell the most
among the oils, down 8.7 per cent.
Glencore also dropped 10 per cent.
Strong orporate results did little
to cushion stocks from the wider
market fall Cineworld, for exam-
ple, fell one per cent despite
progress on its refurbishment plan
and a rosy outlook for the year.
Biggest one-day FTSE 100
fall in more than two years
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 Henderson
160
140
Jun Jul Aug
p
130.00
18 Aug
HENDERSON
UBS rates the asset manager neutral and has trimmed its target price by
10p to 145p following Wedensdays first half results figures. The broker has
also cut its earnings forecast for the year by six per cent and now expects
modest outflows from the groups retail segment. UBS also sees signs that
integration with Gartmore is going well, with management indicating that
the firm is out of the danger zone in terms of outflows linked to the merger.
ANALYSIS l Resolution
300
260
Jun Jul Aug
p
260.40
18 Aug
RESOLUTION
Citigroup rates the insurance vehicle buy with a target price of 367p. The
broker reckons the group is switching gears into an acquisitions phase, fol-
lowing moves to exit some of its UK businesses. Citi estimates that it shares
could soar to 414p once the exit plan is complete, based on recent transac-
tion multiples, and notes that Resolutions share price is more resilient than
some peers thanks to a low asset gearing.
ANALYSIS l Persimmon
500
460
420
380
Jun Jul Aug
p
378.2
18 Aug
PERSIMMON
Brewin Dolphin rates the property group buy with a target price of 505p.
Brewin expects the firm to report a 24 per cent uplift in profitability in its
interim results next Tuesday, though completions are expected to be 4.9 per
cent lower than last year. Brewin expects a pre-tax profit of 120.2m for the
year, and adds that Persimmons 32 per cent discount to its net asset value
gives the shares plenty of space to rise.
ANALYSIS l FTSE
23May 1 Jul 12Jun 21 Jul 10Aug
6,200
5,800
5,400
5,000
5,092.23
18 Aug
Mercer
The HR group has appointed Michael Dempsey
as head of the investment management division
for EMEA and a member of the firms EMEA
executive team and its global investment man-
agement leadership team. Dempsey most
recently led Mercers investment management
business in Ireland, where he launched the
Dynamic De-Risking Solution. Dempsey replaces
Tom Murphy, who is relocating to the US to
become regional head of investment manage-
ment, based in Mercers Boston office.
LON GD ONCE FIX AM...........1794.50 2.50
SILVER LDN FIX AM ..................40.58 0.60
MAPLE LEAF 1 OZ ....................64.50 0.00
LON PLATINUM AM................1841.00 12.00
LON PALLADIUM AM...............777.00 18.00
ALUMINIUM CASH .................2346.00 8.00
COPPER CASH ......................8869.50 110.00
LEAD CASH...........................2395.00 41.00
NICKEL CASH......................21600.00 25.00
TIN CASH.............................24275.00 305.00
ZINC CASH ............................2161.50 33.50
BRENT SPOT INDEX................110.81 1.36
SOYA .....................................1356.75 16.75
COCOA..................................3017.00 56.00
COFFEE...................................263.20 11.65
KRUG.....................................1887.70 40.70
WHEAT ....................................162.75 -1.5
AIR LIQUIDE........................................85.96 -2.13 100.65 80.00
ALLIANZ..............................................71.76 -4.21 108.85 67.82
ALSTOM ..............................................30.00 -2.35 45.32 29.24
ANHEUS-BUSCH INBEV ....................38.17 -1.08 46.33 33.85
ARCELORMITTAL...............................14.28 -1.23 28.55 14.25
AXA......................................................10.56 -0.81 16.16 9.27
BANCO SANTANDER...........................6.28 -0.27 9.80 5.54
BASF SE..............................................50.52 -2.98 70.22 40.74
BAYER.................................................43.87 -2.21 59.44 41.33
BBVA......................................................6.10 -0.37 10.21 5.52
BMW ....................................................54.15 -4.61 73.85 40.16
BNP PARIBAS.....................................34.21 -2.48 59.93 32.93
CARREFOUR ......................................18.79 -1.19 36.06 16.68
CREDIT AGRICOLE..............................6.23 -0.49 12.92 5.63
CRH PLC..............................................11.45 -0.95 17.40 10.87
DAIMLER.............................................35.66 -2.34 59.09 35.13
DANONE..............................................46.87 -1.73 53.16 41.00
DEU.BOERSE OFFRE ........................38.55 -2.55 55.75 38.39
DEUTSCHE BANK..............................27.96 -2.11 48.70 27.29
DEUTSCHE TELEKOM.........................9.17 -0.37 11.38 8.80
E.ON.....................................................14.18 -1.03 25.54 13.19
ENEL......................................................3.34 -0.19 4.86 3.27
ENI .......................................................12.80 -0.65 18.66 11.83
FRANCE TELECOM............................12.73 -0.52 17.45 11.97
GDF SUEZ ...........................................19.41 -1.31 30.05 18.32
GENERALI ASS...................................11.63 -0.59 17.05 10.34
IBERDROLA..........................................4.91 -0.29 6.50 4.66
ING GROEP CVA...................................5.63 -0.52 9.50 5.31
INTESA SANPAOLO.............................1.20 -0.12 2.53 1.07
KON.PHILIPS ELECTR.......................13.52 -0.85 25.45 12.85
L'OREAL..............................................79.39 -2.61 91.24 71.00
LVMH..................................................110.85 -6.00 132.65 89.12
MUNICH RE.........................................88.89 -3.91 126.00 84.67
NOKIA....................................................3.89 -0.25 8.49 3.33
REPSOL YPF.......................................18.19 -1.01 24.90 17.31
RWE.....................................................25.65 -1.98 55.88 24.53
SAINT-GOBAIN...................................31.94 -2.91 47.64 27.81
SANOFI ................................................48.41 -1.51 56.82 42.85
SAP......................................................34.26 -2.13 46.15 33.76
SCHNEIDER ELECTRIC.....................86.54 -7.47 123.65 81.30
SIEMENS .............................................69.79 -4.46 99.39 67.82
SOCIETE GENERALE.........................21.60 -3.04 52.70 20.16
TELECOM ITALIA..................................0.83 -0.04 1.16 0.77
TELEFONICA ......................................13.90 -0.70 19.69 13.01
TOTAL..................................................32.63 -1.23 44.55 30.34
UNIBAIL-RODAMCO SE...................138.80 -5.60 162.95 124.50
UNICREDIT............................................0.96 -0.08 2.05 0.90
UNILEVER CVA...................................23.21 -0.35 24.08 20.68
VINCI ....................................................33.87 -2.30 45.48 32.08
VIVENDI ...............................................15.29 -0.67 22.07 14.10
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5092.23 -239.37 -4.49
FTSE 250 INDEX . . . . . . . . 9860.22 -509.20 -4.91
FTSE UK ALL SHARE . . . . 2643.01 -124.07 -4.48
FTSE AIMALL SH . . . . . . . . 744.28 -31.09 -4.01
DOWJONES INDUS 30 . . 10990.58 -419.63 -3.68
S&P 500. . . . . . . . . . . . . . . . 1140.65 -53.23 -4.46
NASDAQ COMPOSITE . . . 2380.43 -131.05 -5.22
FTSEUROFIRST 300 . . . . . . 925.19 -46.68 -4.80
NIKKEI 225 AVERAGE. . . . 8943.76 -113.50 -1.25
DAX 30 PERFORMANCE. . 5602.80 -346.14 -5.82
CAC 40 . . . . . . . . . . . . . . . . 3076.04 -178.30 -5.48
SHANGHAI SE INDEX . . . . 2559.47 -41.79 -1.61
HANG SENG. . . . . . . . . . . 20016.27 -272.76 -1.34
S&P/ASX 20 INDEX . . . . . . 2561.20 -24.80 -0.96
ASX ALL ORDINARIES . . . 4319.40 -52.40 -1.20
BOVESPA SAO PAOLO. . 53012.50-2060.52 -3.74
ISEQ OVERALL INDEX . . . 2454.64 -111.58 -4.35
STI . . . . . . . . . . . . . . . . . . . . 2824.96 -3.57 -0.13
IGBM. . . . . . . . . . . . . . . . . . . 843.45 -40.69 -4.60
SWISS MARKET INDEX. . . 5196.00 -225.21 -4.15
Price Chg %chg
3M........................................................77.42 -3.51 98.19 76.74
ABBOTT LABS ...................................48.87 -1.28 54.24 45.07
ALCOA.................................................11.51 -0.75 18.47 9.92
ALTRIA GROUP..................................25.70 -0.30 28.13 22.26
AMAZON.COM..................................182.52 -13.41 227.45 122.46
AMERICAN EXPRESS........................44.28 -1.58 53.80 37.33
AMGEN INC.........................................51.44 -0.28 61.53 47.66
APPLE...............................................366.05 -14.39 404.50 236.78
AT&T....................................................28.46 -0.71 31.94 26.20
BANK OF AMERICA.............................7.01 -0.45 15.31 6.31
BERKSHIRE HATAW B.......................69.56 -2.82 87.65 66.51
BOEING CO.........................................58.93 -3.25 80.65 56.01
BRISTOL MYERS SQUI ......................27.85 -0.66 29.73 20.05
CATERPILLAR....................................83.33 -4.31 116.55 63.34
CHEVRON...........................................93.24 -4.44 109.94 72.57
CISCO SYSTEMS................................15.01 -0.84 24.60 13.30
CITIGROUP.........................................27.98 -1.87 51.50 26.25
COCA-COLA.......................................67.76 -1.52 69.82 54.92
COLGATE PALMOLIVE......................85.04 -1.27 89.43 73.12
CONOCOPHILLIPS.............................63.79 -3.03 81.80 52.00
DU PONT(EI) DE NMR........................44.40 -2.33 57.00 38.71
EXXON MOBIL....................................70.92 -3.24 88.23 58.05
GENERAL ELECTRIC.........................15.34 -0.89 21.65 14.25
GOLDMAN SACHS GRP ..................113.14 -4.07 175.34 110.04
GOOGLE A........................................504.88 -28.27 642.96 448.00
HEWLETT PACKARD.........................29.48 -1.91 49.39 28.64
HOME DEPOT.....................................32.16 -1.25 39.38 27.10
IBM.....................................................163.83 -7.65 185.63 122.28
INTEL CORP .......................................19.77 -0.90 26.78 17.60
J.P.MORGAN CHASE.........................35.19 -1.38 48.36 33.69
JOHNSON & JOHNSON.....................63.16 -1.10 68.05 56.99
KRAFT FOODS A................................33.81 -0.72 36.30 24.30
MC DONALD'S CORP ........................85.61 -1.89 89.57 71.74
MERCK AND CO. NEW......................31.06 -1.14 37.68 29.47
MICROSOFT........................................24.67 -0.58 29.46 23.32
OCCID. PETROLEUM.........................82.75 -4.86 117.89 72.13
ORACLE CORP...................................25.19 -2.28 36.50 21.66
PEPSICO.............................................63.09 -1.53 71.89 60.10
PFIZER ................................................17.71 -0.78 21.45 15.66
PHILIP MORRIS INTL .........................68.50 -0.56 72.74 50.54
PROCTER AND GAMBLE ..................60.86 -0.81 67.72 56.57
QUALCOMM INC ................................47.95 -3.06 59.84 37.65
SCHLUMBERGER ..............................74.41 -5.11 95.64 52.91
TRAVELERS CIES..............................49.79 -2.41 64.17 48.46
UNITED TECHNOLOGIE ....................68.12 -3.93 91.83 64.57
UNITEDHEALTH GROUP...................43.89 -1.64 53.50 30.82
VERIZON COMMS ..............................35.07 -0.54 38.95 29.10
WAL-MART STORES..........................51.79 0.24 57.90 48.31
WALT DISNEY CO ..............................32.52 -0.85 44.34 29.60
WELLS FARGO & CO.........................23.71 -1.17 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 ..................0.831 0.00
LIBOR Euro - 12 months ................2.049 0.00
LIBOR USD - overnight...................0.141 0.00
LIBOR USD - 12 months.................0.780 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 .........................3.440 -0.12
European repo rate.........................0.694 0.00
Euro Euribor ....................................1.123 -0.01
The vix index ...................................42.05 10.53
The baItic dry index ........................1.371 0.02
Markit iBoxx...................................231.21 1.85
Markit iTraxx..................................141.23 -0.06
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4323 0.0103
C/ 0.8689 0.0032
C/ 109.55 0.9680
/C 1.1510 0.0048
/$ 1.6482 0.0059
/ 126.09 0.5976
FTSE 100
5092.23
239.37
FTSE 250
9860.22
509.20
FTSE ALLSHARE
2643.01
124.07
DOW
10990.58
419.63
NASDAQ
2380.43
131.05
S&P 500
1140.65
53.23
RPC Group . . . . . . . .309.2 -19.3 384.8 209.2
Smiths Group . . . . . .916.5 -53.0 1429.0 904.5
Brown (N.) Group . . .259.4 -3.6 311.2 221.0
Carpetright . . . . . . . . .531.5 -44.0 835.5 530.0
Debenhams . . . . . . . . .56.9 -3.5 77.4 55.3
Dignity . . . . . . . . . . . .756.0 -7.0 833.0 633.0
Dixons RetaiI . . . . . . .12.3 -0.6 28.5 11.8
DuneImGroup . . . . . .438.8 -7.2 550.0 371.3
HaIfords Group . . . . .285.3 -15.9 504.5 282.9
Home RetaiI Group . .124.7 -8.5 235.0 118.1
Inchcape . . . . . . . . . .308.8 -19.6 425.4 253.2
JD Sports Fashion . .821.0 -43.0 1030.0 726.0
Kesa EIectricaIs . . . .107.1 -4.8 174.0 105.9
Kingfisher . . . . . . . . .223.2 -12.3 287.1 198.5
Marks & Spencer G . .325.9 -13.8 427.5 324.6
Mothercare . . . . . . . .370.5 -8.2 627.5 362.6
Next . . . . . . . . . . . . .2181.0 -61.0 2426.0 1868.0
Sports Direct Int . . . .210.1 -7.6 266.2 103.5
WH Smith . . . . . . . . . .471.3 -8.5 523.0 398.2
Smith & Nephew . . . .550.0 -21.5 742.0 521.0
Synergy HeaIth . . . . .889.0 -26.0 981.0 660.0
Barratt DeveIopme . . .70.9 -6.8 119.0 70.1
BeIIway . . . . . . . . . . . .552.5 -33.5 753.5 511.0
YuIe Catto & Co . . . . .165.1 -15.8 253.0 136.5
BaIfour Beatty . . . . . .239.6 -9.4 357.3 234.6
KeIIer Group . . . . . . .359.0 -23.7 698.5 354.4
Kier Group . . . . . . . .1124.0 -67.0 1418.0 970.0
Drax Group . . . . . . . .467.0 -18.0 535.0 353.6
Scottish & Southe . .1217.0 -53.0 1423.0 1108.0
Domino Printing S . .544.0 -43.0 705.0 440.0
HaIma . . . . . . . . . . . . .342.7 -19.9 429.6 270.0
Laird . . . . . . . . . . . . . .151.2 -12.7 207.0 121.1
Morgan CrucibIe C . .246.0 -31.1 357.1 189.1
Renishaw . . . . . . . . .1267.0-100.0 1886.0 835.0
Spectris . . . . . . . . . .1338.0 -66.0 1679.0 869.5
Aberforth SmaIIer . . .575.0 -30.5 714.0 507.0
AIIiance Trust . . . . . .326.2 -14.3 392.7 307.6
Bankers Inv Trust . . .363.8 -16.8 428.0 353.6
BH GIobaI Ltd. GB .1121.0 1.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.2 0.1 11.6 10.4
BH Macro Ltd. EUR . . .18.4 -0.1 18.6 15.8
BH Macro Ltd. GBP 1913.0 7.0 1923.0 1630.0
BH Macro Ltd. USD . . .18.6 0.1 18.7 15.8
BIackRock WorId M .653.0 -33.5 815.5 557.0
BIueCrest AIIBIue . . .168.3 -1.7 176.2 162.4
British Assets Tr . . . .116.4 -5.2 140.5 113.0
British Empire Se . . .468.4 -15.6 533.0 422.5
CaIedonia Investm .1555.0 -63.0 1928.0 1530.0
City of London In . . .262.2 -10.3 306.9 249.3
Dexion AbsoIute L . .137.3 -2.8 151.0 135.2
Edinburgh Dragon . .213.4 -8.0 262.1 209.5
Edinburgh Inv Tru . . .435.9 -9.1 492.2 392.4
EIectra Private E . . .1432.0 -73.0 1755.0 1289.0
F&C Inv Trust . . . . . .269.9 -14.3 327.9 263.8
FideIity China Sp . . . . .83.0 -3.1 128.7 80.0
FideIity European . .1020.0 -65.0 1287.0 937.5
FideIity SpeciaI . . . . .474.0 -23.9 595.0 469.0
HeraId Inv Trust . . . . .454.2 -18.1 545.5 383.5
HICL Infrastructu . . . .115.1 -0.7 121.3 112.0
Impax Environment . .99.0 -4.4 130.5 98.0
JPMorgan American .735.0 -31.0 916.0 673.0
JPMorgan Asian In . .200.5 -11.3 250.8 195.3
JPMorgan Emerging .499.3 -25.2 639.0 498.5
JPMorgan European .748.0 -32.0 983.5 641.0
JPMorgan Indian I . . .359.9 -21.4 502.0 356.9
JPMorgan Russian .518.0 -25.5 755.0 510.0
Law Debenture Cor . .331.4 -14.1 385.0 295.1
MercantiIe Inv Tr . . . .908.5 -33.0 1137.0 895.0
Merchants Trust . . . .355.7 -20.3 431.8 345.0
Monks Inv Trust . . . .315.0 -13.9 367.9 292.1
Murray Income Tru . .589.0 -21.0 673.0 553.5
Murray Internatio . . .848.5 -29.5 991.5 824.0
PerpetuaI Income . . .242.1 -8.4 276.0 218.0
PoIar Cap TechnoI . .308.9 -15.2 391.2 275.6
RIT CapitaI Partn . . .1238.0 -42.0 1334.0 1110.0
Scottish Inv Trus . . . .424.4 -25.7 524.0 409.0
Scottish Mortgage . .637.5 -41.0 781.0 566.0
SVG CapitaI . . . . . . . .248.0 -9.0 279.8 148.9
TempIe Bar Inv Tr . . .813.0 -43.0 952.0 754.0
TempIeton Emergin .560.0 -26.0 689.5 539.0
TR Property Inv T . . .167.9 -5.7 206.1 142.0
TR Property Inv T . . . .75.5 -2.8 94.0 64.5
Witan Inv Trust . . . . .435.3 -24.2 533.0 426.1
3i Group . . . . . . . . . . .204.3 -16.8 340.0 203.2
3i Infrastructure . . . . .119.0 -2.5 125.2 112.9
Aberdeen Asset Ma .187.9 -4.5 240.0 132.3
Ashmore Group . . . .350.0 -16.2 414.5 282.8
Brewin DoIphin Ho . .126.1 -6.8 185.4 117.0
CameIIia . . . . . . . . . .8950.0-350.010950.08050.0
CharIes TayIor Co . . .131.9 -8.6 198.3 122.0
City of London Gr . . . .77.5 0.0 93.6 77.1
City of London In . . .355.0 -21.3 461.5 278.5
CIose Brothers Gr . . .665.5 -30.5 888.5 656.5
CoIIins Stewart H . . . .69.8 -0.8 90.8 68.0
EvoIution Group . . . . .86.5 0.5 92.0 62.3
F&C Asset Managem .66.0 -1.7 92.9 58.0
Hargreaves Lansdo .434.8 -8.5 646.5 386.0
HeIphire Group . . . . . . .3.1 0.1 39.0 2.4
Henderson Group . . .130.0 -8.5 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .402.0 -26.0 570.5 391.3
IG Group HoIdings . .394.3 -16.6 553.0 391.8
Intermediate Capi . . .211.8 -18.5 360.3 204.8
InternationaI Per . . . .234.0 -27.2 388.8 228.6
InternationaI Pub . . . .115.2 -2.4 118.3 108.6
Investec . . . . . . . . . . .378.7 -23.7 538.0 375.7
IP Group . . . . . . . . . . . .47.0 2.3 54.5 27.9
Jupiter Fund Mana . .196.2 -16.3 337.3 188.7
Liontrust Asset M . . . .77.0 -5.1 95.3 72.0
LMS CapitaI . . . . . . . . .61.0 -0.9 64.8 41.5
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .804.0 -42.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.0 0.0 19.8 10.5
Man Group . . . . . . . . .185.6 -13.6 311.0 178.0
Paragon Group Of . .142.2 -12.4 206.1 126.4
Provident Financi . .1040.0 -10.0 1116.0 728.5
Rathbone Brothers . .977.0 -49.0 1257.0 815.0
Record . . . . . . . . . . . . .30.5 1.0 52.0 20.3
RSM Tenon Group . . .27.5 0.3 66.3 21.3
Schroders . . . . . . . .1426.0 -63.0 1922.0 1330.0
Schroders (Non-Vo .1147.0 -63.0 1554.0 1071.0
TuIIett Prebon . . . . . .340.0 -14.3 428.6 334.5
WaIker Crips Grou . . .46.5 0.5 51.5 45.0
BT Group . . . . . . . . . .166.9 -9.3 204.1 130.6
CabIe & WireIess . . . .31.8 -0.5 61.1 31.3
CabIe & WireIess . . . .35.1 -2.9 78.4 34.9
COLT Group SA . . . . .112.1 -1.9 156.2 109.0
TaIkTaIk TeIecom . . .121.7 -6.2 168.3 120.8
TeIecomPIus . . . . . . .625.0 -11.5 700.0 352.5
Booker Group . . . . . . .67.0 -1.9 77.9 43.3
Greggs . . . . . . . . . . . .477.0 -12.3 550.5 429.1
Morrison (Wm) Sup .285.0 -5.9 308.3 262.7
Ocado Group . . . . . . .113.8 -10.0 285.0 113.5
Sainsbury (J) . . . . . . .298.0 -6.3 395.0 280.4
Tesco . . . . . . . . . . . . .371.6 -12.7 440.7 360.1
Associated Britis . .1035.0 -3.0 1182.0 940.0
Cranswick . . . . . . . . .617.0 -20.0 896.0 606.0
Dairy Crest Group . . .345.0 -12.0 424.9 334.1
Devro . . . . . . . . . . . . .250.1 -10.1 296.9 218.0
Premier Foods . . . . . . .14.8 -0.4 35.1 13.0
Tate & LyIe . . . . . . . . .567.5 -26.0 656.0 409.1
UniIever . . . . . . . . . .2025.0 -47.0 2083.0 1688.0
Mondi . . . . . . . . . . . . .492.8 -21.2 664.0 447.0
Centrica . . . . . . . . . . .296.2 -4.4 346.1 287.3
InternationaI Pow . . .289.3 -9.9 448.6 279.4
NationaI Grid . . . . . . .590.0 -14.0 632.5 529.5
Northumbrian Wate .458.5 -1.0 469.5 295.5
Pennon Group . . . . . .631.0 -18.0 737.5 560.0
Severn Trent . . . . . .1418.0 -46.0 1517.0 1288.0
United UtiIities . . . . .580.0 -15.0 632.0 543.5
Cookson Group . . . . .474.3 -52.2 724.5 412.3
DS Smith . . . . . . . . . .183.8 -11.7 266.2 125.8
Rexam . . . . . . . . . . . .348.0 -10.5 400.0 293.0
GIencore Internat . . .355.5 -39.6 531.1 353.5
BAE Systems . . . . . .253.8 -10.6 369.9 248.1
Chemring Group . . . .489.5 -14.5 736.5 481.2
Cobham . . . . . . . . . . .175.9 -6.4 245.6 173.2
Meggitt . . . . . . . . . . . .323.0 -22.0 397.6 261.7
QinetiQ Group . . . . . .112.0 -2.0 136.3 96.7
RoIIs-Royce Group . .582.5 -27.5 665.0 553.0
Senior . . . . . . . . . . . . .145.8 -15.0 190.6 111.2
UItra EIectronics . . .1320.0 -73.0 1895.0 1312.0
GKN . . . . . . . . . . . . . .188.3 -14.2 245.0 138.5
BarcIays . . . . . . . . . . .154.0 -20.0 333.6 151.8
HSBC HoIdings . . . . .509.6 -32.4 730.9 502.2
LIoyds Banking Gr . . .29.8 -3.0 77.6 29.4
RoyaI Bank of Sco . . .22.0 -2.8 50.2 21.6
Standard Chartere .1331.5 -73.0 1950.0 1300.5
AG Barr . . . . . . . . . .1160.0 -72.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .310.6 -9.4 503.5 308.0
Diageo . . . . . . . . . . .1152.0 -31.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2010.0-129.0 2340.0 1841.0
AZ EIectronic Mat . . .218.1 -15.4 338.1 209.1
Croda Internation . .1694.0 -87.0 2081.0 1230.0
EIementis . . . . . . . . . .140.3 -10.4 187.4 86.0
Johnson Matthey . .1644.0-116.0 2119.0 1550.0
Victrex . . . . . . . . . . .1260.0 -71.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1053.0 -70.0 1299.0 789.5
Bovis Homes Group .330.1 -21.0 464.7 326.6
Persimmon . . . . . . . .378.2 -31.0 502.5 336.5
Reckitt Benckiser . .3247.0 -77.0 3648.0 3015.0
Redrow . . . . . . . . . . . .110.6 -11.3 139.0 97.6
TayIor Wimpey . . . . . . .29.0 -2.7 43.3 22.3
Bodycote . . . . . . . . . .283.9 -23.6 397.7 214.5
Charter Internati . . . .660.0 -40.0 853.5 538.5
Fenner . . . . . . . . . . . .314.3 -32.2 422.5 198.0
IMI . . . . . . . . . . . . . . . .774.5 -58.0 1119.0 657.5
MeIrose . . . . . . . . . . .296.0 -18.9 365.4 205.4
Northgate . . . . . . . . . .275.1 -16.2 346.7 180.8
Rotork . . . . . . . . . . .1525.0 -77.0 1895.0 1507.0
Spirax-Sarco Engi . .1667.0 -82.0 2063.0 1532.0
Weir Group . . . . . . .1810.0-125.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .324.3 -41.8 499.0 278.0
TaIvivaara Mining . . .312.9 -20.6 622.0 307.6
BBAAviation . . . . . . .161.0 -12.3 240.8 158.8
Stobart Group Ltd . . .126.9 -6.2 163.6 124.1
AdmiraI Group . . . . .1492.0 -56.0 1754.0 1397.0
AmIin . . . . . . . . . . . . .324.9 -9.7 432.7 317.7
Huntsworth . . . . . . . . .66.3 0.3 86.0 59.8
Informa . . . . . . . . . . . .328.0 -17.1 461.1 322.5
ITE Group . . . . . . . . . .167.3 -16.6 258.2 150.3
ITV . . . . . . . . . . . . . . . . .54.7 -4.3 93.5 52.4
Johnston Press . . . . . . .5.1 -0.1 16.3 4.4
MecomGroup . . . . . .171.8 -10.8 310.0 171.8
Moneysupermarket. .102.6 -6.1 120.4 70.3
Pearson . . . . . . . . . .1038.0 -34.0 1207.0 926.0
PerformGroup . . . . .150.0 -10.0 234.5 150.0
Reed EIsevier . . . . . .461.3 -22.6 590.5 457.1
Rightmove . . . . . . . .1070.0 -51.0 1250.0 596.5
STV Group . . . . . . . . .108.4 -1.3 168.0 83.5
Tarsus Group . . . . . .150.1 0.1 165.0 112.5
Trinity Mirror . . . . . . . .45.5 -1.5 124.0 37.5
United Business M . .432.6 -27.5 725.0 429.5
UTV Media . . . . . . . . .104.8 -4.0 151.0 102.5
WiImington Group . . .95.3 -3.6 183.0 94.5
WPP . . . . . . . . . . . . . .601.0 -24.0 846.5 590.0
YeII Group . . . . . . . . . . .5.3 -0.3 18.4 5.1
African Barrick G . . .536.5 -13.0 638.0 393.5
AngIo American . . .2299.0-172.0 3437.0 2254.0
AngIo Pacific Gro . . .284.2 -8.8 369.3 249.0
Antofagasta . . . . . . .1170.0 -92.0 1634.0 977.5
Aquarius PIatinum . .234.0 -25.8 419.0 216.9
BHP BiIIiton . . . . . . .1890.0-132.0 2631.5 1767.0
BeazIey . . . . . . . . . . . .109.6 -3.7 139.2 108.9
CatIin Group Ltd. . . .370.4 -15.4 421.4 325.0
Hiscox Ltd. . . . . . . . . .349.3 -11.2 424.7 341.5
Jardine LIoyd Tho . . .596.5 -19.0 709.0 561.0
Lancashire HoIdin . . .640.0 -20.0 700.0 518.5
RSA Insurance Gro . .112.6 -5.3 143.5 109.5
Aviva . . . . . . . . . . . . . .322.0 -27.8 477.9 320.0
LegaI & GeneraI G . . . .95.4 -7.1 123.8 89.4
OId MutuaI . . . . . . . . .110.5 -4.6 145.2 103.2
Phoenix Group HoI . .506.0 -4.0 758.0 458.0
PrudentiaI . . . . . . . . .590.0 -31.0 777.0 547.0
ResoIution Ltd. . . . . .260.4 -11.2 316.1 211.3
St James's PIace . . . .318.4 -16.6 376.0 236.2
Standard Life . . . . . . .191.6 -9.9 244.7 172.0
4Imprint Group . . . . .230.0 -6.5 295.0 195.0
Aegis Group . . . . . . .128.6 -8.2 163.5 110.7
BIoomsbury PubIis . .102.8 0.8 138.0 98.8
British Sky Broad . . .634.5 -32.0 850.0 631.5
Centaur Media . . . . . . .37.0 -2.0 73.0 36.5
Chime Communicati .210.5 3.5 298.5 168.8
Creston . . . . . . . . . . . .89.0 -1.5 121.0 78.5
DaiIy MaiI and Ge . . .368.6 -11.4 594.5 362.6
Euromoney Institu . .603.0 -3.0 736.0 578.0
Future . . . . . . . . . . . . . .13.5 0.0 30.0 11.8
Haynes PubIishing . .230.0 0.0 262.5 202.5
Centamin Egypt Lt . .104.5 -4.5 197.1 89.7
Eurasian NaturaI . . .629.5 -25.5 1125.0 585.5
FresniIIo . . . . . . . . . .1840.0-126.0 1966.0 990.0
GemDiamonds Ltd. .182.0 -6.1 306.0 179.8
HochschiId Mining . .434.9 -35.9 680.0 320.5
Kazakhmys . . . . . . . .958.0 -86.0 1671.0 918.0
Kenmare Resources . .39.2 -5.4 59.9 15.8
Lonmin . . . . . . . . . . .1127.0 -76.0 1983.0 1103.0
New WorId Resourc .514.5 -77.5 1060.0 500.0
PetropavIovsk . . . . . .716.0 -47.5 1252.0 676.0
RandgoId Resource 6415.0 -25.0 6655.0 4425.0
Rio Tinto . . . . . . . . .3494.5-244.5 4712.0 3105.0
Vedanta Resources 1295.0-107.0 2559.0 1285.0
Xstrata . . . . . . . . . . . .972.0-110.0 1550.0 962.2
Inmarsat . . . . . . . . . . .430.2 -19.0 725.0 389.7
Vodafone Group . . . .162.5 -5.2 181.9 149.4
Genesis Emerging . .448.2 -20.8 568.0 445.0
Afren . . . . . . . . . . . . . . .96.4 -7.7 171.2 92.5
BG Group . . . . . . . . .1241.5 -66.0 1564.5 1030.0
BP . . . . . . . . . . . . . . . .400.0 -13.0 509.0 375.2
Cairn Energy . . . . . . .286.5 -27.2 479.7 284.2
EnQuest . . . . . . . . . . .105.0 -6.8 158.5 98.0
Essar Energy . . . . . .282.2 -11.4 589.5 262.1
ExiIIon Energy . . . . . .317.0 -25.0 469.7 167.0
Heritage OiI . . . . . . . .208.2 -19.3 486.0 190.0
JKX OiI & Gas . . . . . .193.0 -9.0 335.1 191.9
Premier OiI . . . . . . . . .344.2 -16.9 535.0 327.3
RoyaI Dutch SheII . .1929.0 -64.0 2326.5 1703.0
RoyaI Dutch SheII . .1924.0 -68.0 2336.0 1642.0
SaIamander Energy .226.3 -14.1 317.6 210.0
Soco Internationa . . .286.5 -16.8 484.2 279.8
TuIIow OiI . . . . . . . . . .994.0 -76.0 1493.0 951.5
Amec . . . . . . . . . . . . .928.5 -24.0 1251.0 834.0
Hunting . . . . . . . . . . .650.5 -34.5 817.0 554.0
John Wood Group . .526.5 -50.0 715.8 350.4
LampreII . . . . . . . . . . .296.9 -25.1 395.2 223.9
Petrofac Ltd. . . . . . .1133.0 -37.0 1685.0 1108.0
Burberry Group . . . .1245.0-102.0 1600.0 820.5
PZ Cussons . . . . . . . .348.7 -5.7 409.0 320.5
Supergroup . . . . . . . .962.0 -33.0 1820.0 818.5
AstraZeneca . . . . . .2743.5-106.5 3385.0 2543.5
BTG . . . . . . . . . . . . . .260.0 -12.5 309.7 200.1
Genus . . . . . . . . . . . . .855.5 -36.5 1046.0 710.5
GIaxoSmithKIine . . .1251.0 -28.0 1385.0 1127.5
Hikma Pharmaceuti .622.0 -34.5 900.0 561.5
Shire PIc . . . . . . . . . .1902.0 -81.0 2136.0 1376.0
CapitaI & Countie . . .169.3 -2.5 203.7 115.0
Daejan HoIdings . . .2510.0 -63.0 2954.0 2282.0
F&C CommerciaI Pr . .99.5 -3.9 108.0 88.0
Grainger . . . . . . . . . . . .95.0 -4.2 133.2 86.3
London & Stamford .120.1 -2.0 140.0 110.3
SaviIIs . . . . . . . . . . . . .314.1 1.6 427.1 296.6
St. Modwen Proper . .133.0 -10.0 196.2 130.0
UK CommerciaI Pro . .76.6 -3.5 85.5 70.4
Unite Group . . . . . . . .160.6 -4.4 229.8 159.3
Big YeIIow Group . . .239.9 -13.5 353.3 236.9
British Land Co . . . . .524.5 -18.0 629.5 447.5
CapitaI Shopping . . .317.6 -17.7 424.8 312.5
Derwent London . . .1630.0 -87.0 1880.0 1374.0
Great PortIand Es . . .366.9 -20.2 445.0 310.7
Hammerson . . . . . . . .397.0 -21.1 490.9 352.2
Hansteen HoIdings . . .73.6 -6.0 89.5 62.4
Land Securities G . . .763.0 -28.5 885.0 598.0
SEGRO . . . . . . . . . . . .237.3 -17.1 331.3 237.3
Shaftesbury . . . . . . . .463.3 -23.3 539.0 397.6
Autonomy Corporat 1429.0-129.0 1857.0 1271.0
Aveva Group . . . . . .1392.0 -82.0 1799.0 1380.0
Computacenter . . . . .388.8 -33.0 490.0 267.2
Fidessa Group . . . . .1546.0 -54.0 2109.0 1350.0
Invensys . . . . . . . . . . .230.0 -18.6 364.3 227.0
Kofax . . . . . . . . . . . . .304.0 -16.5 535.0 231.0
Logica . . . . . . . . . . . . .81.5 -3.9 147.2 79.9
Micro Focus Inter . . .254.0 -32.0 426.2 239.4
Misys . . . . . . . . . . . . .234.7 -16.5 420.2 234.7
Sage Group . . . . . . . .231.7 -13.9 302.0 229.6
SDL . . . . . . . . . . . . . . .610.5 -19.5 711.5 520.0
TeIecity Group . . . . . .510.0 -27.0 559.5 430.0
Aggreko . . . . . . . . . .1736.0-151.0 2034.0 1351.3
Ashtead Group . . . . .103.1 -12.3 207.9 77.0
Atkins (WS) . . . . . . . .554.5 -38.0 820.0 549.0
Babcock Internati . . .583.0 -31.5 733.0 492.8
Berendsen . . . . . . . . .468.9 -26.1 568.0 363.1
BunzI . . . . . . . . . . . . .696.0 -33.5 801.0 676.5
Capita Group . . . . . . .697.0 -22.0 794.5 635.5
CariIIion . . . . . . . . . . .307.7 -16.2 403.2 291.2
De La Rue . . . . . . . . .791.0 -13.5 853.5 549.5
EIectrocomponents .190.1 -10.9 294.9 186.5
Experian . . . . . . . . . . .679.0 -31.0 833.5 606.0
FiItrona PLC . . . . . . . .318.3 -16.4 385.5 227.5
G4S . . . . . . . . . . . . . . .243.6 -9.8 291.0 237.7
Hays . . . . . . . . . . . . . . .71.5 -2.9 133.6 69.4
Homeserve . . . . . . . .440.6 -14.4 532.0 408.0
Howden Joinery Gr . . .95.0 -5.8 127.5 63.0
Intertek Group . . . . .1855.0-105.0 2148.0 1675.0
MichaeI Page Inte . . .361.8 -8.6 567.0 359.8
Mitie Group . . . . . . . .210.6 -7.4 242.5 188.7
Premier FarneII . . . . .175.3 -8.1 308.8 168.4
Regus . . . . . . . . . . . . . .67.2 -12.6 119.0 66.1
RentokiI InitiaI . . . . . . .76.6 -2.5 107.1 74.5
RPS Group . . . . . . . . .196.1 -9.9 253.0 169.8
Serco Group . . . . . . .515.0 -15.0 633.0 495.7
Shanks Group . . . . . .112.5 -2.7 130.9 96.5
SIG . . . . . . . . . . . . . . .106.0 -8.3 153.5 90.7
SThree . . . . . . . . . . . .252.5 -17.1 447.6 231.1
Travis Perkins . . . . . .743.0 -59.0 1127.0 727.5
WoIseIey . . . . . . . . .1473.0 -90.0 2261.0 1223.0
ARM HoIdings . . . . . .478.7 -35.8 651.0 314.2
CSR . . . . . . . . . . . . . .222.6 -15.4 447.0 221.4
Imagination Techn . .296.9 -36.4 502.0 295.0
Pace . . . . . . . . . . . . . . .99.1 -6.9 231.8 91.0
Spirent Communica .118.8 -8.6 160.3 117.4
British American . .2676.5 -62.0 2871.0 2166.0
ImperiaI Tobacco . .2029.0 -28.0 2231.0 1784.0
Avis Europe . . . . . . . .313.0 0.5 313.0 184.0
Betfair Group . . . . . . .615.0 -25.0 1550.0 567.0
Bwin.party Digita . . .106.5 -8.5 297.9 101.7
CarnivaI . . . . . . . . . .1784.0-106.0 3153.0 1783.0
Compass Group . . . .515.0 -20.5 612.0 504.5
Domino's Pizza UK . .463.5 -23.3 586.0 377.0
easyJet . . . . . . . . . . . .323.0 -22.2 479.0 301.0
Enterprise Inns . . . . . .43.2 -2.6 122.7 38.0
FirstGroup . . . . . . . . .337.3 -13.1 412.6 311.3
Go-Ahead Group . . .1372.0 -61.0 1598.0 1073.0
Greene King . . . . . . .424.2 -13.2 518.0 398.0
InterContinentaI . . . .987.5 -64.5 1435.0 963.0
InternationaI Con . . .179.4 -8.4 305.0 177.3
JD Wetherspoon . . . .395.7 -13.9 468.3 389.9
Ladbrokes . . . . . . . . .120.5 -5.5 155.3 119.6
Marston's . . . . . . . . . . .88.6 -4.0 117.1 88.1
MiIIennium& Copt . .424.9 -21.7 600.5 422.5
MitcheIIs & ButIe . . . .235.5 -10.9 361.0 229.1
NationaI Express . . .224.4 -13.7 270.2 221.2
Rank Group . . . . . . . .109.5 -10.3 153.7 103.3
Restaurant Group . . .263.6 -11.2 335.0 229.2
Spirit Pub Compan . . .42.3 -2.7 55.0 37.0
Stagecoach Group . .231.9 -7.1 268.5 169.9
Thomas Cook Group .44.2 -8.5 204.8 43.9
TUI TraveI . . . . . . . . . .151.3 -11.4 271.9 149.8
Whitbread . . . . . . . .1445.0 -55.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .216.2 -5.9 237.3 155.5
Abcam . . . . . . . . . . . .320.0 -23.3 460.0 307.0
AIbemarIe & Bond . .375.4 -2.5 400.1 231.0
Amerisur Resource . .15.5 -1.5 29.0 11.5
Andor TechnoIogy . .559.5 -38.5 685.0 311.0
ArchipeIago Resou . . .74.0 1.0 79.0 32.3
ASOS . . . . . . . . . . . .1764.0 -94.0 2468.0 888.5
AureIian OiI & Ga . . . .44.0 -2.0 92.0 42.5
Avanti Communicat .303.8 -11.3 735.0 288.8
Avocet Mining . . . . . .237.3 -8.8 253.5 112.0
BIinkx . . . . . . . . . . . . . .90.8 -7.3 148.8 67.8
Borders & Souther . . .47.5 -4.5 93.0 44.8
BowLeven . . . . . . . . .118.0 -16.5 398.0 115.5
Brooks MacdonaId 1019.0 -33.5 1372.5 880.0
CaIedon Resources .111.5 0.0 111.8 46.0
Conygar Investmen . .97.0 -0.5 120.0 95.4
Cove Energy . . . . . . . .63.8 -3.0 112.8 57.0
Daisy Group . . . . . . .109.5 -0.3 127.0 88.0
EMIS Group . . . . . . . .533.8 1.0 580.0 303.5
Encore OiI . . . . . . . . . .43.3 -4.5 151.5 40.8
Faroe PetroIeum . . . .139.8 -11.0 218.3 133.0
GuIfsands PetroIe . . .180.0 -3.8 401.5 176.8
GWPharmaceuticaI . .98.5 2.5 130.0 83.0
Hamworthy . . . . . . . .536.5 -13.5 705.0 328.0
Hargreaves Servic . .861.0 -50.0 1076.0 605.0
HeaIthcare Locums . . . .0.0 0.0 0.0 0.0
Immunodiagnostic .1057.0 -53.0 1218.0 720.0
ImpeIIamGroup . . . .292.3 1.9 387.5 122.0
James HaIstead . . . . .434.3 -34.9 495.0 315.0
KaIahari MineraIs . . .230.0 -4.8 301.0 142.0
London Mining . . . . .290.0 -21.0 436.5 240.3
Lupus CapitaI . . . . . . .99.0 -3.5 150.0 80.0
M. P. Evans Group . .404.0 4.0 500.5 350.3
Majestic Wine . . . . . .430.3 -5.8 510.0 306.0
May Gurney Integr . .241.0 -13.3 295.0 177.0
Monitise . . . . . . . . . . . .32.3 -1.3 39.0 18.5
MuIberry Group . . . .1658.0 -55.0 1920.0 331.5
Nanoco Group . . . . . . .66.0 -1.9 115.8 57.5
NauticaI PetroIeu . . .246.0 -20.8 547.0 151.0
NichoIs . . . . . . . . . . . .528.0 -11.5 579.0 410.0
Numis Corporation . . .95.4 -0.3 146.5 93.9
Pan African Resou . . .12.0 -0.1 13.8 6.2
Patagonia GoId . . . . . .63.0 -1.0 68.0 15.3
Prezzo . . . . . . . . . . . . .62.0 -1.5 71.5 42.8
Pursuit Dynamics . . .210.0 -28.3 700.0 160.5
Rockhopper ExpIor .214.0 -17.3 510.0 141.0
RWS HoIdings . . . . . .442.6 -32.4 475.0 247.0
Songbird Estates . . .123.3 -5.0 160.3 110.3
VaIiant PetroIeum . . .516.5 -17.0 761.5 504.0
Young & Co's Brew . .637.5 -7.5 712.0 525.0
BH GIobaI Ltd. USD . .11.2 0.6
BH Macro Ltd. USD . .18.6 0.5
SaviIIs . . . . . . . . . . . .314.1 0.5
BH Macro Ltd. GBP 1913.0 0.4
Avis Europe . . . . . . . .313.0 0.2
BH GIobaI Ltd. GBP 1121.0 0.1
Northumbrian Water .458.5 -0.2
BH Macro Ltd. EUR . .18.4 -0.3
Associated British .1035.0 -0.3
RandgoId Resources6415.0 -0.4
Thomas Cook Group .44.2 -16.1
Regus . . . . . . . . . . . . . .67.2 -15.8
New WorId Resource 514.5 -13.1
Kenmare Resources . .39.2 -12.2
BarcIays . . . . . . . . . . .154.0 -11.5
Ferrexpo . . . . . . . . . .324.3 -11.4
RoyaI Bank of Scot . . .22.0 -11.3
Morgan CrucibIe Co .246.0 -11.2
Micro Focus Intern . .254.0 -11.2
Imagination Techno .296.9 -10.9
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.85 -0.01 103.5 100.7
Tsy 2.500 11 . . . . .306.37 0.00 310.0 306.4
Tsy 9.000 12 . . . .108.03 -0.09 115.8 107.8
Tsy 5.000 12 . . . .102.48 0.00 106.8 102.4
Tsy 5.250 12 . . . .103.77 0.00 108.1 103.7
Tsy 4.500 13 . . . .106.08 0.03 109.2 105.8
Tsy 2.500 13 . . . .285.64 -0.03 287.7 277.5
Tsy 8.000 13 . . . . .115.48 0.07 121.3 115.3
Tsy 5.000 14 . . . . .112.77 0.17 114.1 109.2
Tsy 4.750 15 . . . . .114.79 0.30 115.0 108.6
Tsy 7.750 15 . . . .103.09 0.44 342.1 102.5
Tsy 8.000 15 . . . .129.17 0.30 131.6 123.7
Tsy 4.000 16 . . . . .113.18 0.42 113.5 104.9
Tsy 2.500 16 . . . .340.97 0.16 342.0 310.2
Tsy 8.750 17 . . . .141.93 0.47 142.2 132.9
Tsy 12.000 17 . . .125.91 0.91 185.9 125.2
Tsy 1.250 17 . . . . .115.03 0.38 115.5 106.7
Tsy 5.000 18 . . . .120.86 0.63 121.3 109.7
Tsy 4.500 19 . . . . .118.26 0.84 118.8 105.4
Tsy 3.750 19 . . . . .112.59 0.91 113.1 99.4
Tsy 4.750 20 . . . .120.29 1.00 120.9 106.6
Tsy 2.500 20 . . . .355.61 0.67 357.6 312.4
Tsy 8.000 21 . . . .150.27 0.97 151.0 133.8
Tsy 1.875 22 . . . .122.92 0.56 123.8 111.3
Tsy 4.000 22 . . . . .112.89 1.34 113.5 99.0
Tsy 2.500 24 . . . .316.29 1.02 318.9 273.5
Tsy 5.000 25 . . . .122.84 1.71 123.6 107.4
Tsy 4.250 27 . . . . .112.64 1.94 113.5 97.9
Tsy 1.250 27 . . . . .118.43 1.42 119.6 104.6
Tsy 6.000 28 . . . .136.49 1.90 137.5 119.5
Tsy 4.750 30 . . . . .118.38 2.08 119.4 103.0
Tsy 4.125 30 . . . .299.28 1.22 302.4 260.0
Tsy 4.250 32 . . . . .110.97 2.16 112.0 96.0
Tsy 4.250 36 . . . .109.81 2.34 110.9 95.0
Tsy 4.750 38 . . . . .118.90 2.38 120.2 102.8
Tsy 4.500 42 . . . . .114.29 0.00 112.8 98.9
% %
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15
Wealth Management | Markets
London trends:
whos moving the
prime market higher?
Donata Huggins nds out the buyers
preferences to help you get a great sale
Living | Market Trends
16
T
HE headlines are clear: core
prime central London property
that is central London proper-
ty at the very top of the market
in places like Knightsbridge, Chelsea
and Belgravia is rocketing in value,
keeping pace with gold as an asset
class. Supply of these properties is now
chronically low, adding even more
upward price pressure. International
buyers are purchasing these top end
homes as investments. Last year, they
were responsible for a whopping 50
per cent of all the 2m plus properties
that were sold last year.
So who is buying what and where?
Europeans form the biggest single
bloc of the buyers, says Liam Bailey of
Knight Frank, although in terms of a
single country no-one comes close to
the Russians who are buying nearly 6
per cent of the all the 2m plus
homes. Buyers from Asia Pacific are
becoming more powerful too with
four countries dominating the buying
activity: Singapore, Hong Kong, China
and Malaysia. China, of course, is the
one to watch.
Interestingly, each nationality has a
particular taste. Ed Mead of Douglas &
Gordon says: Chelsea and South
Kensington is really more of a
European market. Middle Eastern and
Russian buyers are far more interested
in Knightsbridge and Belgravia. These
wealthy Eurozone punters are inter-
ested in red brick period homes and
old fashion mansion blocks. The more
quintessentially English, the better.
These folk are interested in good qual-
ity wood flooring and mouldings.
Middle Eastern buyers, however, are
very different. Cliff Gardiner, from
Buying Solution, says: These guys are
interested in turnkey properties: that
is those that dont require any work
and are entirely read to go. Jo Eccles,
from Sourcing Property, says shes had
clients in the past that wanted to buy
everything in a show apartment, right
down to the cutlery. That proved to
be an interesting inventory, she
quips.
Unfailingly ethereal, the Chinese
like to be beside the water for bal-
ance. Carl Davenport of Chesterton
Humberts Tower Bridge office says he
recently presided over a grizzly proper-
ty battle for a place close to Canada
Water, where a Chinese gentleman
came out on top.
Chinese buyers also like lucky
eights. Davenport says, I had an ori-
ental client recently who inisted that
he include two lucky eights in his
offer. This totted up to almost the ask-
ing price, so it was agreed straight
away.
When it comes to homes, Russians
have cast off any Soviet sympathies.
Gardiner says: Russians love high ceil-
ings and grand ballroom-style recep-
tions rooms.
Those with a property that suits the
tastes of these nationalities could you
sitting on a gold mine. Sell up quickly
and move somewhere to start a new
British buying trend.
Q.
I would like to liven up my
home with wallpaper. What
are the current trends?
A.
Wallpaper has had a revival in
the last few years after falling
out of fashion in favour of plain
painted walls. The use of wallpaper adds
detail to an interior and can also help to
soften a room. The trend over the last
few years has been to use wallpaper to
create a feature wall in the home, but
we are also now seeing a return to fully
wallpapered rooms.
This year, we have seen lots of colour
emerging in all aspects of design and
this is also true of wallpaper. There are
some wildly colourful wallpapers avail-
able now that will add impact to any
room, if you are slightly nervous of your
choice use the bold colours in a room
you dont often use a rich red wallpa-
per in a dining room is a good example
of this.
In addition to
colour, there is also
lots of new textures now
available in wallpaper. Osborne & Little
have recently introduced a great range
of flock wallpapers that add texture to
any interior. If you are feeling brave,
Timorous Beasties is a supplier with
some very daring large-scale designs.
Their London toile wallpaper looks initial-
ly like the Toile de Jouy wallpapers of the
early 1800s but actually features scenes
of modern urban London. This would be
a great choice for use in a cloakroom.
Floral patterns are still very big but often
in a more abstract larger scale than pre-
viously available.
Q.
I have just bought a period
property where all the archi-
tectural details have been
removed. How do I add them back
without it looking too false?
A.
The first choice you need to
make before choosing any deco-
rative features is just how
authentic you want to be. If your proper-
ty is listed, there are strict rules you need
to obey. If your property is not listed, the
level of authenticity is often decided by
your budget because using materials
true to the period of the home can be
very expensive. It pays to do some
research before you start to make
changes, although it is ok to mix some
styles if you are not aiming for period
authenticity.
CURRENT MORTGAGE DEALS BY DONATA HUGGINS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until apr Maximum Loan to
(per cent) (per cent) Value (per cent)
Skipton BS Flexible 1.98 2 years 4.8 60
Chelsea BS Flexible 1.99 August 2013 5.4 70
ING Direct Flexible 2.04 2 years 3.4 60
First Direct Flexible 2.09 2 years 3.6 65
Chelsea BS Fixed 2.39 August 2013 5.4 6
Skipton BS Fixed 2.48 November 2013 4.9 60
Santander Fixed 2.49 October 2013 4.2 60
Nationwide BS Fixed 2.89 3 years 3.8 70
Yorkshire BS Fixed 2.94 September 2014 4.6 75
PROPERTIES GOING FAST
IN WOODSIDE PARK
Half of the apartments at
the Wheston Lodge devel-
opment in Woodside Park
have sold in just three
months. The development
consists of 25 one and two
bedroom apartments.
Prices start at 275,000.
Contact: Wheston Lodge
on 020 8446 9136 or go
to www.thornsettgroup.
com.
PROPERTY NEWS
BY DONATA HUGGINS
EQUESTRIAN PROPERTY
BOLTING AHEAD
Hamptons International
research shows that in 2010,
equestrian properties sold
almost twice as fast as they
did in 2009. Last year, on aver-
age a horse-y home spent 119
days on the market, up from
an average of 225 days in
2009. In response, Hamptons
International has launched a
new equestrian property
department.
SCOTTISH LUXURY
HOTEL BOOM UNDERWAY
Hotels in Edinburgh had the
highest occupancy rates in
Europe at 92 per cent in
June this year. Edinburgh
not only beat other UK cities
on occupancy rate (includ-
ing London) but also the
established tourist centres
such as Paris and Rome.
Scottish Development
International says this could
generate huge returns for
investors.
Andrew Dunning
CREATIVE DIRECTOR
AT DESIGN CONSULTANCY
APD INTERIORS
Q A
&
17
COWBOYS &
ALIENS
READ THE REVIEW
ON PAGE 19
INTERIORS
Computer generated image of Caxton Apartments external and photograph of typical Telford Homes interior.
Times are approximate and are courtesy of www.tfl.gov.uk. Price correct at time of going to press.
0800 883 8953
or (out of hours) 0800 032 0077
www.caxtongaramond.co.uk
020 7791 7000
A development by:
CAXTON
APARTMENTS
CAXTON
APARTMENTS
LONDON E1
CITY OR CANARY WHARF?
EITHER DESTINATION IN
UNDER 15 MINUTES DOOR-TO-DOOR
EXCEPTIONALLY ZONE 1 APARTMENTS
High specification new apartments offering convenient City fringe living:
an easy walk to work in the Square Mile or 15 minutes
door-to-door commute (Shadwell DLR) to Canary Wharf.
STUDIO, ONE & TWO BEDROOM APARTMENTS.
Ready for occupation March 2012 (est.) PRICES FROM: 195,000
1
5
M
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N
s 1
5
M
I
N
s
14 A
P
A
R
T
M
E
N
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S
Selling Agents:
COBOURN STREET
Price: 1,395m
This Victorian terrace house retains many of its period features. It
has four bedrooms arranged across four floors. The interiors are well
designed throughout. Contact: Foxtons Shoreditch office on 020
7033 1414 or go to www.foxtons.co.uk
BOW | PRICES
Terrace Flats Houses All
Bow 463,515 243,536 462,778 283,626
London 448,423 340,317 476,985 408,242
Source: Savills
Commuting: Bow offers a short commute
to both the City and Canary Wharf. Canary
Wharf is just 18 minutes away on the DLR,
while the City is a 30-minute walk or 10
minute tube journey to either Liverpool
Street or Bank, using the District or
Metropolitan Line.
Education: The state school, the Central
Foundation Girls' School, on Harley Grove in
Bow gets reasonably good results with 77
per cent of its pupils scoring A*-C at GSCE.
For further options, parents should consid-
er the wide variety of independent schools
that central London provides.
NEED TO KNOW | BOW
MEDWAY ROAD
Price: 499,995
Located close to the Medway Conservation area, this four-bedroom
Victorian town house has a Birch style fitted kitchen, a master bed-
room with an en-suite bathroom and a double reception room. Contact:
Winkworth on 020 8981 6776 or go to www.winkworth.co.uk
FAIRFIELD ROAD
Price: 241,999
This one-bedroom flat sits inside a converted matchstick factory with
communal gardens. The development has a 24-hour porter, an on-site
gym, swimming pool, restaurant and convenience store. Contact:
Foxtons Shoreditch office on 020 7033 1414 or go to www.foxtons.co.uk
Living | Focus On
CITYA.M. 18 AUGUST 2011 18
FOCUS ON: BOW, E3 BY DONATA HUGGINS
Film
COWBOYS & ALIENS
Cert: 12A
hhhII
ITS the best film title since Snakes on a
Plane, and this would-be blockbuster also
has two huge stars Daniel Craig and
Harrison Ford on good form.
Craig is especially memorable, riding
into the dusty town of Absolution with no
name, a mysterious shackle on his wrist,
and then knocking the spurs off anyone
who crosses him. Ford is having fun too,
playing something close to a villain as
Colonel Dolarhyde, a Civil War veteran
who holds the reins of Absolution as tight
as his gold.
A solid supporting cast, stunning
Western scenery and malefic alien gizmos
all add to the mix, but mashed together
they end up tasting bland. Cross-genre
interplay can work brilliantly in books like
Abraham Lincoln: Vampire Hunter, but
a dodgy holiday a plotline they clearly
thought On the Buses, Kevin & Perry, Mr
Bean and the godforsaken Are You Being
Served film had yet to bleed dry. Wrong.
The chaps have pink T-shirts with Pussy
Patrol written on them. They chase
clunge, in the form of an unlikely quartet
of up-for-it girls. They mess up.
Thankfully, the strong performances of
the stars and the tone of wry, witty disdain
that drove the TV programme have sur-
vived, and some comic setpieces achieve
lift-off. But that isnt enough to make up
for a tiresome wet fish of a film and the
sense of another TV series vandalised by
the vanity of its makers. Timothy Barber
THE GUARD
Cert: 18
hhhhI
LOVELY stuff, this, starring two of the best
film actors around. Brendan Gleeson is
the titular small-town Irish cop, a dis-
solute, filthy-mouthed veteran who finds
himself paired with Don Cheadles by-the-
book FBI agent in the investigation of a
murder.
Written and directed by Irish writer
John Michael McDonagh, this gleefully
disgraceful film is chock full of funny
lines, strong characterisations and absurd
situations. The buddy-buddy mismatch of
Gleeson and Cheadle may not be original,
but its very effective, and more than
compensates for the sometimes uneven
plotting. TB
here the game falls flat, and the result is
less than the sum of its contributing
parts. The script carries the wounds of
writing-by-committee, the aliens are nei-
ther arrestingly original nor especially ter-
rifying and the pacing is torn between the
steady jog-trot of a cowboy epic and the
hammering intensity of an alien invasion
movie.
The playfulness promised in that
magnificent title is also missing. Ironman
director Jon Favreau has decided to play
the film as straight as possible, but its
premise is too silly and its dialogue and
plotting too weak to support that level of
emotional engagement. When we
break out the popcorn for two hours of
007 and Han Solo dressed in chaps
fending off bug-eyed monsters with
their six-shooters, we expect something a
bit closer to Back to the
Future III than Shane.
Its not a total
washout: you get
plenty of both cow-
boys and aliens;
Craig takes his
shirt off; theres
even a dog. Just
dont expect
to find the
di r ector s
tongue any-
where near
his cheek
it should
be.
Marc
Sidwell
THE INBETWEENERS MOVIE
Cert: 15
hhIII
TO say that this is, on balance, better than
Kevin & Perry Go Large and Ali G In Da
House is no ringing endorsement. It simply
means that, in the woeful tradition of
British sitcoms that fall flat in their big
screen adaptations, it has a bit more to
offer than its most recent predecessors.
For the uninitiated, the Inbetweeners is
the Channel 4 comedy that exposed the
swirling humiliations and frustrations of
teenage life through the misadventures of
four hapless lads.
In an act of almost wilful predictability
the filmmakers send the lads on
James Bond and Han
Solo fighting aliens in
the Old West should
be more fun than this
too-straightlaced film
Below, the lads hit the
Cretan resort of Malia
in the Inbetweeners
Movie
Great title, great stars, bland result
KIND HEARTS AND CORONETS Marvel at Alec
Guinness playing nine roles in this Ealing classic.
SPY KIDS 4: ALL THE TIME IN THE WORLD 4D
More kiddy-friendly action fun.
IN A BETTER WORLD Tremendous Danish drama,
winner of the Best Foreign Language Oscar.
FILM
SOURCE CODE This years Inception, an exhilirating
tech thriller with Jake Gyllenhal in the lead.
MARS NEEDS MOMS Sort-of-okay animated adven-
ture with the voice of Seth Green.
ANGRY BOYS First series of the Aussie sketch com-
edy and BBC3 hit.
DVD
JAY-Z AND KANYE Hip hops two biggest stars col-
laborate on mega-album Watch the Throne.
NERO Debut album from the electronica duo, titled
Welcome Reality. Sci fi-tastic stuff.
CHARLIE SIMPSON Big-eyebrowed former Busted
frontman with a strummy debut, Young Pilgrim.
MUSIC
TOY SOLDIERS: COLD WAR (X360) Retro sequel to
the game blending strategy and action.
XENOBLADE CHRONICLES (WII) Role-playing, sci-fi
swordfight actioner from Japan.
ANOMALY: WARZONE EARTH (PC, MAC OSX, IOS)
Strategy game set in the near future.
GAMES
ALSO OUT THIS WEEK
FILMS, MUSIC, GAMES
Daniel Craig and
Harrison Ford take on
the aliens in the Old
West. Right, Don
Cheadle in the Guard.
Lifestyle| Reviews
THE ALPS IN AN
ASTON MARTIN
IN MONDAYS
TRAVEL SECTION
19
T
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INDIA ON FOUR WHEELS
BBC2, 9.00PM
Part one of two. Justin Rowlatt and
Anita Rani embark on journeys around
India to discover the impact of the
countrys booming car industry.
THE INBETWEENERS
CHANNEL4, 11.30PM
Simon is eager to participate in Carlis
fashion show, and Jay continues to lie
about his sexual experiences. Comedy,
starring Emily Head.
THE BACHELOR
CHANNEL5, 10.00PM
New series. Twenty-five women
compete to win the heart of rugby
union star Gavin Henson in romantic
settings across Europe.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Super League 10pm
Take It Like a Fan 10.30pm
Premier League Preview11pm
Football League Weekend 12am
The Sky Sports Years 1amTest
Cricket 3amPremier League
Preview3.30amTake It Like a
Fan 4amFootball League
Weekend 5amPremier League
Preview5.30am-6amTake It
Like a Fan
SKY SPORTS 2
7pmRoad to London 7.30pm
Premier League Preview8pm
Test Cricket 10pmWWE: Late
Night Smackdown 12amWWE:
Late Night Bottom Line 1am
Super League 2.30amTight Lines
3.30amNFL: Total Access
4.30am-6amSuper League
SKY SPORTS 3
7pmTight Lines 8pmLive PGA
Tour Golf 11pmEuropean Seniors
Tour Golf 12amEuropean Tour
Golf 2amPGA Tour Golf 5am
Road to London 5.30am-6am
Kings of the Surf
BRITISH EUROSPORT
4.30pmLive WTA Tennis 8pm
Live WTA Tennis 9.45pmWTA
Tennis 11.30pm-12.30amTen Pin
Bowling
ESPN
7pmGoal! 7.30pmLive
Bundesliga 9.30pmWorld Rally
Championship 10pmESPN MMA
Live 10.45pmAustralian Rules
Football 1.15amESPN Kicks:
Extra 1.30amWorld Rally
Championship 2amLive Friday
Night Fights 4amESPN MMA
Live 4.45amESPN Kicks: Extra
5amWorld Rally Championship
5.30am-6amICC Cricket World
Magazine
SKY LIVING
7pmCriminal Minds 8pmNikita
9pmMedium10pmCSI: Miami
11pmCriminal Minds 12am
Britain & Irelands Next Top
Model 1amCSI: Crime Scene
Investigation 2.40amMaury
3.30amNothing to Declare
4.20amCharmed 5.10am-6am
Jerry Springer
BBC THREE
7pmDoctor Who 8.30pmThe
Real Hustle: Celebrity Scammers
9pmWilfred 9.45pmGreat
Movie Mistakes 2: The Sequel
10pmEastEnders 10.30pmThree
@ the Fringe 12amFamily Guy
12.45amRussell Howards Good
News 1.15amPranker 1.45am
Three @ the Fringe 3.15amThe
Real Hustle: Celebrity Scammers
3.40amRussell Howards Good
News 4.10amThe Pranker
4.40am-5.25amDoctor Who
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmSupersize vs Superskinny
10pmLily Allen: From Riches to
Rags 11.05pmEmbarrassing
Teenage Bodies 12.05amDirty
Sexy Things 1.10amMy Name Is
Earl 2amHow I Met Your Mother
2.20amSupersize vs Superskinny
3.15amGlee 4amHeartland
4.45am-6amSwitched
HISTORY
7pmRomes Lost Legion 8pm
Storage Wars 9pmAmerican
Pickers. Mike and Frank suffer
slow sales. 10pmAncient Aliens
11pmMysteryQuest 1amThe
True Story 2amWarriors 3am
Romes Lost Legion 4amExtreme
Trains 5am-6amThe Universe
DISCOVERY
7pmMythbusters 9pmSurviving
the Cut 10pmMan, Woman, Wild
11pmFlying Wild Alaska 12am
Bear Grylls: Born Survivor 1am
Surviving the Cut 2amPowering
the Future 3amDeadliest Catch
3.50amWildest Africa 4.40am
Treasure Quest 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmLittle
People, Big World 9pmLittle
Parents, Big Charlie 10pmLittle
People, Big World 11pm
Emergency 12amLittle Parents,
Big Charlie 1amLittle People, Big
World 2amEmergency 3am
Little People, Big World 4amA
Baby Story 5am-6amBringing
Home Baby
SKY1
8pmFuturama 9pmAn Idiot
Abroad 10pmTrollied 10.30pm
Wall of Fame 11.30pmBrit Cops:
Rapid Response 12.30am
Caribbean Cops 2.20amStargate
Universe 3.50amBody Language
Secrets 4.40amThe Filth Files
5.10am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show
7.30pmFake Britain: BBC News
8pmEastEnders 8.30pmA
Question of Sport 9pmMy Family
9.30pmMiranda 10pmBBC News
10.25pmRegional News 10.35pm
John Bishops Britain 11.05pmMy
Favourite Joke 11.35pmThe
National Lottery Friday Night
Draws 11.45pmFILMThe
Peacemaker 1997. Action thriller,
starring George Clooney and Nicole
Kidman; Weatherview1.45amSign
Zone: Natural World: Empire of the
Desert Ants 2.45amSign Zone:
Restoration Home 3.45amSign
Zone: Royal Upstairs Downstairs
4.15am-6amBBC News
6pmEggheads
6.30pmCelebrity Eggheads
7pmSouth Africa Walks
7.30pmThe Bear Family and
Me
8.30pmGardeners World
9pmCHOICE India on Four
Wheels
10pmThe Rob Brydon Show
10.30pmNewsnight
11pmThe Review Show at the
Edinburgh Festival: Weather
12amFILMRed Road: Thriller,
with Kate Dickie and Tony
Curran. 2006.
1.50amFILMChildren of Glory
2006. 3.45am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmDickinsons Real Deal:
From Chippenham, Wiltshire.
8.30pmCoronation Street
9pmSomeones Daughter,
Someones Son
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMJaws 1975.
12.50amThe Zone; ITV News
Headlines
2.50amFILMThe Door in the
Floor 2004. 4.45am-5.30am
ITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pm4thought.tv
7.35pmThe Perfect Murder
8pmCome Dine with Me
9pm8 Out of 10 Cats
9.35pmChris Moyles Quiz
Night
10.30pmInbetweeners Top 10
Moments
11.30pmCHOICE The
Inbetweeners 12amThe
Inbetweeners 2.25amHung
2.55amReal Housewives of New
Jersey 3.40amHill Street Blues
4.30amWogans Perfect Recall
5am-5.55amCookery School
6pmMeerkat Manor
6.25pmOK! TV
6.55pm5 News at 7
7pmCricket: 5 News Update
8pmThe Gadget Show:
5 News at 9
9pmCelebrity Big Brother:
Live
10pmCHOICE The Bachelor
11.05pmCelebrity Big
Brothers Bit on the Side
12amSuperCasino
4.05amMotorsport Mundial
4.30amThe Gadget Show5am
County Secrets 5.10amWildlife
SOS 5.20amRough Guide to Short
Breaks 5.35am-6amHouse Doctor
1 2 3 4 5 6
7 8
9
10 11
12 13 14 15 16
17 18
19
20
21 22
7 12 9
45
10 13
7 21
14 4 13
45
6 15 11
24 8
10 16
45
17 8 5
20
8
12
40
11
3
11
10
6
39
6
9
14
37
6
23
22
7
5
38
17
10
11
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 Rod which forms the
body of an arrow (5)
4 ___ Piaf, French cabaret
singer (1915-1963) (5)
7 Area for skating (3,4)
9 Fats ___, rhythm and
blues pianist, singer
and composer (6)
10 Feel sorrow (6)
12 Wound (4)
15 Small narrow pointed
missile that is thrown (4)
17 Body orbiting a star (6)
19 Third sign of the
zodiac (6)
20 Evergreen tree
or shrub (7)
21 Church building (5)
22 Raise to a higher rank
or position (5)
DOWN
1 Infrequently (6)
2 Letters and
packages
transported
by plane (7)
3 Object (5)
5 Mended by sewing,
as with socks,
for example (6)
6 Frail (6)
8 Funeral
procession (7)
11 Popular avour
of ice cream (7)
13 Great coolness and
composure (6)
14 Spite (6)
16 Saucepan stand (6)
18 Curt, brusque (5)
E
E
P
R
E M
T
I
R




4

4

4
C R U S H R E E D S
A T O R L
D Y K E A D M I R E
I L A M E T E
S A I L M D R I P
R C A L O R I E L
E W E R N L A T E
P C B I L E S
U T O P I A M A R S
T L R M U
E N D E D M A L T A
8 1 9 4 6 9 8
9 3 7 1 2 8 4 6 5
6 9 1 4 2 5 3
9 5 7 1
6 2 1 1 6 5 1
7 4 5 1 2 9 6 8 3
8 7 4 5 9 7 5
9 3 9 2
5 8 7 6 9 2 1
3 5 8 2 7 4 9 6 1
2 1 3 3 1 4 3
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
DENOUNCED
Lifestyle | TV&Games
CITYA.M. 19 AUGUST 2011 20
Punter | Sport
FOOTBALL TRADER BEN CLEMINSON TAKES A LOOK AT THE
BEST FOOTBALL BETS OF THE WEEKEND
21
A
RSENE Wenger is one of the most
experienced managers in the
Premier League, but the last few
weeks must still have been pretty
testing for him. The sale of Cesc Fabregas
to Barcelona clearly hurt and with Samir
Nasri heading off to Manchester City plus
a couple of other departures over the sum-
mer, it will be a case of rebuilding for the
Arsenal boss.
It was a fairly lacklustre start to the sea-
son at St James Park for the Gunners last
weekend, but a point wasnt a
terrible result and they will have taken
heart from their victory in midweek
against Udinese. They certainly werent
unbeatable at the Emirates last term, but
generally the top sides are very difficult to
beat at home.
Liverpool started with a disappointing 1-1
draw at home against Sunderland last
weekend, but they should be in the battle
for fourth spot this season, along with
Arsenal and Tottenham. They effectively
ended the Gunners title challenge last sea-
son due to an extremely late Dirk Kuyt
equalising penalty. It was a demoralising
blow for Arsenal and Wenger will be urging
his side to forget about it before Saturday.
I dont think there will be that much
between these sides at the end of the sea-
son, but home advantage should count for
plenty in this type of contest and the
Gunners are worth backing at 2.71 on
Betdaq. The draw is a definite runner,
with six of the last eight league contests
between these two ending in a stalemate,
but Arsenal should just have the edge.
Analysis from Football Form Labs sug-
gests there will not be anything to sepa-
rate the sides at the break, though, as the
Gunners have drawn the opening period
in six of their last eight home games
against top-six sides. The same is true in
seven of Liverpools last nine visits to top-
six opponents, so there seems plenty of
value in backing the draw HT / Arsenal FT
double result at 5/1 with William Hill.
There has only been one goal scored in
Arsenals first two games this campaign
across both competitions and Id expect
the defenders to dominate this encounter.
There have been two or fewer goals in six
of the last eight league meetings between
these two and also in 12 of Liverpools last
17 away matches at top-six sides.
In terms of a correct scoreline, if
pressed Id probably go for a 1-0 home win,
although a better bet is to sell total goals
at 2.45 with Sporting Index.
TOMORROW 12.45PM SKY SPORTS 2
LIVERPOOL
ARSENAL
POINTERS...
Arsenal at 2.71 on Betdaq
Draw HT / Arsenal FT at 5/1 with Paddy Power
Sell total match goals at 2.45 with Sporting Index
Gunners can notch their
first win at the Emirates
T
HE passionate fans of the North-East
dont have long to wait for their
biggest game of the season this time
around and if either side manages to
claim all three points, it will be a massive
morale booster. Newcastle, in particular,
could be set for a long, tough season, espe-
cially with the recent Joey Barton episode.
Their squad doesnt look very strong to me
and it will be interesting to see how Alan
Pardew gets on over the first few weeks.
Steve Bruce has brought in quite a few
players this summer and he will have
been pleased with his sides point at
Anfield last weekend. The Black Cats prob-
ably have a better overall squad than
Newcastle, but thats not to say that it
wont be a hard season for them as well.
Niall Quinn will be expecting a top ten fin-
ish at the very least and weve seen in the
past that Bruce doesnt always stick
around if things start to go wrong.
This game is likely to be cagey and tacti-
cal in the early stages and I wouldnt be at
all surprised if it was to be goalless at the
break. The Magpies managed to beat their
bitter rivals 5-1 at St James last October,
but it is very rare to get big derby games
like that. There have been three 1-1 draws
in the last six meetings between the sides,
but I fancy the Wearsiders to nick this and
they are worth backing at 2.2 on Betdaq.
There have been under 2.5 goals in 10
of Sunderlands last 18 home matches and
the same is true in eight of Newcastles
last 11 away games. The Magpies have also
conceded first in six of their last eight
away trips to top-half opponents, so Im
going to go with the 1-0 home win at 6/1
with William Hill. Spread bettors are
advised to sell Sporting Indexs goals pre-
diction at 2.4.
POINTERS...
Sunderland at 2.2 on Betdaq
Sunderland to win 1-0 at 6/1 with William Hill
Sell total goals at 2.4 with Sporting Index
TOMORROW 12.00PM
NEWCASTLE
SUNDERLAND
STLEUNI
Only one goal has been scored in Arsenals two games so far this season. Picture: GETTY
M
ANCHESTER United started the
season from where they left the
last one at the Hawthorns last
Sunday. It was not an altogether
convincing performance but they got the
job done and that is all that matters at
this stage of the campaign. Theyve
already opened up a gap on Chelsea,
Arsenal and Liverpool, and we all know
how strong they are at Old Trafford. Sir
Alex Fergusons side dropped just two
points last term, scoring 49 goals and con-
ceding only 12 in those 19 games. United
are 4/6 which really isnt a bad price at all.
Tottenham have yet to get their Premier
League season started after their home
game against Everton was called off last
weekend and there isnt a more difficult
place to go for your opening game. They
have lost their last five trips to Old
Trafford and their last victory at the
Theatre of Dreams was way back in 1989.
Harry Redknapp would be absolutely
delighted with a point, but I cant see that
happening with United having already
won the Community Shield and their
opening away fixture.
The Red Devils have won the first half in
17 of their last 20 home games, while
Spurs have lost the first half in seven of
their last 11 away matches against top-six
sides. The North London side have also
lost seven of their last 11 visits to top-six
opposition, so the HT / FT United victory is
worth backing at 7/5 with Paddy Power.
POINTERS...
Manchester United HT / FT at 7/5 with Paddy Power
MONDAY 8.00PM SKY SPORTS 1
TOTTENHAM
MANCHESTER UNITED
Ascot Racecourse, Saturday 15th October 2011
britishchampionsseries.com - 0870 727 1234
Punter | Racing
22 CITYA.M. 19 AUGUST 2011
appear in the going.
The final leg of the QIPCO British
Champions Series from the Knavesmire is
tomorrows Weatherbys Insurance
Lonsdale Cup (3.05pm) and brand ambas-
sador Frankie Dettori has a fantastic
chance with OPINION POLL. The son of
Halling, formerly trained by Michael
Jarvis, won this race last year and landed
the Goodwood Cup last time. He isnt a
superstar, but is mightily consistent and I
can see him having enough to beat Harris
Tweed, Duncan and Blue Bajan.
The big betting event of tomorrow, and
the entire meeting, is the Betfred Ebor
(3.40pm) and it looks a particularly open
renewal. Godolphins Lost In The Moment
has to have a huge chance based on his
second to Opinion Poll at Goodwood, but
he often finds one too good. Saptapadi is
another who has been running well in bet-
ter company, but he has only won once in
an 11-race career.
T
HIS afternoons Coolmore
Nunthorpe Stakes (3.40pm) is the
next stage of the QIPCO British
Champions Series and punters will
be hoping for a better result than last year
when the unheralded 100/1 shot
Sole Power landed the prize. Eddie
Lynams four-year-old will be back to
defend his crown and even though he has
disappointed the last twice, this has been
the target all year, so it would be unwise to
write him off.
Hoof It is the great hope of Yorkshire,
trained by legend Mick Easterby and
owned by Chubby Chandler and Lee
Westwood. He is certain to go off favourite
and absolutely loves the Knavesmire
where he has won three of his six starts. I
would definitely be backing him if he was
8/1, but hes a best-priced 3/1 and that is
just too short for a horse that doesnt nec-
essarily cry out Group One performer
quite yet. He has also been doing all his
running over six furlongs this season and
the drop back to five could find him out,
just as it did last years hot favourite
Starspangledbanner.
Another local trainer Kevin Ryan was
distraught when his long-term fancy for
this race Bapak Chinta was ruled out due
to injury on Wednesday. However, com-
pensation awaits as I expect his progres-
sive five-year-old MASAMAH to take all the
beating this afternoon. He is three from
three over course and distance, including
two victories this season, and that first vic-
tory back in May was achieved in a time of
56.58 seconds, 0.16 seconds quicker than
Sole Powers Nunthorpe win 12 months
ago. He then won a Group Two at
Goodwood last time and is exactly the
kind of battle-hardened sprinter you need
for this race. At a general 8/1 he is an
absolutely knocking each-way bet.
Requinto is the only two-year-old in the
line-up and he gets a massive weight
allowance from his elders. That said, he
will never have experienced a race like this
and is probably just a little too short at 8/1.
The final mention must go to the
French-trained Wizz Kid, who will be
extremely interesting if the rain comes.
She won a Group Two at Chantilly last
time, but would need the word soft to
T
HE York Ebor meeting is one of my
favourites of the whole year and I
was absolutely thrilled with Blue
Buntings win in the Darley
Yorkshire Oaks yesterday. She is an out-
standing filly, very gutsy and has given me
some fantastic days this season.
The next leg of the QIPCO British
Champions Series is this afternoons
Coolmore Nunthorpe Stakes and unfortu-
nately I dont have a ride in the race. Hoof
It is the favourite, but it looks wide open
and I have no idea who will win it.
Biondetti has a reasonable chance in
the Group Three Strensall Stakes this
afternoon. He ran a good race in France
last time, but just got reeled in.
The Convivial at 4.15pm is always
a strong maiden and Crying Wolf is a
horse we really like. He should give me a
good spin.
I ride Opinion Poll in the Lonsdale Cup
tomorrow and he has a decent chance. He
won this race last year, won well at
Goodwood last time and is very consistent.
Lost In The Moment was only just behind
Opinion Poll at Goodwood, so hes ahead
of the handicapper and Im hopeful of a
good run in the Betfred Ebor.
Of my other rides tomorrow, Yaa Wayl
won the opener last season and he did
well at Newbury last time, so has to be in
with a shout of winning it again. Parlour
Games (2.30pm) and My Propeller (4.15pm)
both have reasonable chances and I hope
to be celebrating a winner on the day.
l Frankie Dettori is an ambassador for
the QIPCO British Champions Series. For more
information, or to buy tickets, visit
www.britishchampionsseries.com or call 0870
727 1234.
Sir Michael Stoute has his team in fine
fettle and I fancy his MODUN to land this
valuable handicap. Hes a hold up horse,
so Im not too worried about his draw in
stall two and the form of his Goodwood
second behind Arlequin was franked on
Tuesday.
Im also very sweet on FORTE DEI
MARMI in the opener at Sandown
(2.15pm). He won this race last year and
looked like he was coming back into form
at Goodwood last time.
Its difficult to know what the weather
is going to do over the next couple of days,
so make sure you follow me on Twitter
@BillEsdaile for all my latest updates.
POINTERS...
MASAMAH e/w 3.40pm York (today)
FORTE DEI MARMI e/w 2.15pm Sandown (tomorrow)
OPINION POLL 3.05pm York (tomorrow)
MODUN e/w 3.40pm York (tomorrow)
Frankies
Thoughts
RACING TRADER BILL ESDAILE LOOKS AT YORKS REMAINING
QIPCO BRITISH CHAMPIONS SERIES RACES
Masamah has the speed to
burn off Nunthorpe rivals
STRIKER Jermain Defoe insists
Tottenham can get back into the top
four after all but booking their place
in the Europa League group stage.
Defoe, Rafael van der Vaart, Jake
Livermore, Gareth Bale and Aaron
Lennon all struck as Spurs romped to
victory in their first competitive
match of the season.
And he believes they can qualify for
the Champions League, despite what
is expected to be a fiercely contested
Premier League top six.
Its a big season for everyone, said
Defoe. Were looking at getting into
that top four and tonight was the
first game of the season. It was impor-
tant to be professional and weve
done that.
Tottenham might have been forgiv-
en rustiness in this play-off first leg,
but they took the lead in the fifth
minute, Van der Vaart capitalising on
pinball in the Hearts defence to slot
past goalkeeper Marian Kello.
Defoe doubled the lead when he
took Livermores pass in his stride
and finished low before returning the
favour to set up the youngster with a
one-two.
Bale continued the rout after half-
time, darting through the centre to
meet Tom Huddlestones pass and
round Kello, before Lennon tapped in
Defoes cross 13 minutes from time.
Spurs break Hearts to whet
Defoe appetite for top four
FULHAM boss Martin Jol praised his
sides discipline after taking a giant
stride towards the Europa League
group stage.
Aaron Hughes netted the opener
before Clint Dempsey struck twice to
earn the Cottagers a comfortable win
in the play-off first leg. Jol said: Even
2-0 at half-time we said we mustnt let
them score, because 2-1 is probably a
bad result. So we were happy to score
three goals and not concede. We
know theyre difficult to play away
from home.
Victory also granted Jol bragging
rights over Dnipro boss Juande
Ramos, who infamously replaced him
at Tottenham in 2007.
Young full-back Matthew Briggs
shone for Fulham, crossing for
Hughess goal and posing a threat
down the left. Dempsey was left
unmarked to finish Steve Sidwells
centre for the second and rounded off
the scoring with a header.
Fulham in box seat as Jol
defeats adversary Ramos
FOOTBALL

Strauss hit 38 as England made 75-0 before rain intervened. Pictures: ACTION IMAGES/PA
ENGLAND great Andrew Flintoff
admits he has been shocked by
Indias lack of sharpness and profes-
sionalism in the current series, which
was badly affected by rain yesterday
at The Oval.
Captain Andrew Strauss and fellow
opener Alastair Cook guided England
to 75-0 from 26 overs before down-
pours wiped out the rest of the first
days play in the fourth Test.
Indias injury-hit attack again
failed to worry the hosts, with seamer
RP Singh and Sreesanth particularly
toothless, even by the standards of a
hugely disappointing series for the
tourists.
They arrived as the No1 ranked Test
side but have been dethroned, out-
played and utterly demoralised and
former all-rounder Flintoff believes
their problems are evident even in
their warm-up routines.
I saw India, and they looked like
theyd got their kit out of the garage.
They were all in different gear.
England looked really professional
next to them. They just looked poles
apart, he said.
Watching the slip catching prac-
tise, you had England on one side div-
ing around, the ball fizzing through.
They [India] were clapping everything
down, the keeper was missing them,
the slips were dropping them. It just
looked shabby.
Having been knocked off the top of
the rankings by England in the third
Test at Edgbaston last week, India
might have been expected to set out
with a point to prove.
But there was precious little fire in
their bellies as Strauss racked up 38
and Cook 34 before rain arrived and
stopped any further play after lunch.
Flintoff slams
shabby India
as rain hits
BY FRANK DALLERES
CRICKET

Sport
23 CITYA.M. 19 AUGUST 2011
SPORT | IN BRIEF
Murray avenges Bogomolov loss
TENNIS: British No1 Andy Murray
earned revenge over Alex Bogomolov Jr
6-2, 7-5 to reach the last eight of the
Western and Southern Open. The
American enjoyed a shock win over
Murray in Miami earlier this year but the
Scot was much improved as he stepped
up his US Open preparations.
Stoke earn Europa League win
FOOTBALL: Midfielder Danny Pugh
scored as Stoke beat FC Thun 1-0 in the
first leg of their Europa League play-off
in Switzerland. Birmingham drew 0-0
with Nacional in Portugal.
Results
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email sport@cityam.com
BY FRANK DALLERES
FOOTBALL

0
5
HEARTS
TOTTENHAM
3
0
FULHAM
DNIPRO
CHELSEA could be without goalkeep-
er Petr Cech for next months crunch
trip to Manchester United after he
injured knee ligaments in training.
Cech has been ruled out for three
to four weeks, meaning he faces a
race to be fit for the Old Trafford
clash on 18 September.
Hilario looks likely to be selectedto
deputise ahead of Ross Turnbull,
starting on Saturday at home to West
Brom a match in which 20m
teenage striker Romelu Lukaku could
make his debut.
Midfielder John Obi Mikel has also
made himself available despite the
distress caused by his fathers kidnap-
ping in Nigeria.
Chelseas Cech
out for a month
QPRS new majority shareholder Tony
Fernandes has vowed to breathe life
into a club he calls a raw diamond
but warned he will not adopt a
Roman Abramovich approach and
flood Rangers with cash.
AirAsia chief Fernandes, who yes-
terday completed his takeover by
acquiring 66 per cent of the west
Londoners from Formula One
tycoons Bernie Ecclestone and Flavio
Briatore, has promised Neil Warnock
signings this month.
But the Malaysian insists it would
be dangerous for QPR to rely on regu-
lar injections of his money and is
adamant he wants to run the Premier
League newcomers as a profit-making
venture.
I think football is a fantastic busi-
ness if its run well. QPR is in a fantas-
tic location and has huge potential to
develop into something special, said
Fernandes, whose empire also
includes the Lotus F1 team.
I dont believe you can run any
venture be it sport or a business
that isnt profitable. I really believe
that. And I think you have to build a
proper structure for the business to
develop. Im not saying its going to
be profitable tomorrow, but that
would be the ambition.
You may have a rich benefactor
whos pouring tons and tons of
money into it. But one day they may
just decide to turn it off. And then
that drug has gone in and the club
doesnt know how to operate without
that huge cash.
English-educated Fernandes, who
is worth an estimated 250m, will
hand Warnock funds for targets
thought to include West Ham mid-
fielder Scott Parker and Manchester
City defender Nedum Onuoha,
although no arrivals are expected
before Saturdays trip to Everton.
He also pledged to consider reduc-
ing QPRs much-criticised ticket
prices, which have risen by around 40
per cent in some cases, before the
next home game, against Wigan on
27 August. My view is this is a club
for everybody so we have to take
account of everyones views, he said.
Fernandes is thought to have spent
35m on the takeover, with Britains
richest man, Lakshmi Mittal, retain-
ing 33 per cent. Amit Bhatia, who
resigned this year, returns as vice-
chairman, while former O2 chief
executive Phil Beard is to be CEO.
Fernandes: I
wont be QPR
Abramovich
Sport
24 CITYA.M. 19 AUGUST 2011
HEARTS BYPASSED
SPURS HIT FIVE IN
SCOTLAND: PAGE 23
BY FRANK DALLERES
FOOTBALL

BY FRANK DALLERES
FOOTBALL

Fernandes has pledged to review QPRs notorious ticket price hikes. Picture: GETTY
MANCHESTER UNITED have applied
for a listing on the Singapore Stock
Exchange and are understood to be
planning to use some of the proceeds
to pay down the clubs debts of
515m.
United owners the Glazer family
are thought to be preparing to sell off
between 25 and 30 per cent of the
Premier League champions in a share
offering in the fourth quarter of this
year.
The Glazers have been accused of
piling crippling debts onto United,
with annual interest payments of
around 70m. They paid off 220m of
costly payment-in-kind loans last year
but have never disclosed where the
funds for that move came from.
United float to
reduce debt pile
BY FRANK DALLERES
FOOTBALL

AirAsia boss vows


to fund signings
but insists club will
be profit-making
in long-term