The Best Entrepreneurs and Rising Stars: Awards Shortlist

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Greek deal
delayed as
fears rise
EUROZONE leaders put off a deal on
Greeces aid yet again yesterday, say-
ing that they could not decide
whether to pay out Athens next
12bn (10.6bn) tranche of aid until
the result of a no-confidence vote in
the drachma tonight.
If Greek MPs vote to depose their
new government and not to pass
another 28bn worth of cuts, the EU
will find its threat to withhold aid
tested in the face of a likely default by
the Eurozones weakest member.
Antonio Tajani, vice president of
the European Commission, told City
A.M.: Without a strong Greek project
to promote growth and reduce the
debt, its impossible to have a good
solution from Europe for Greece.
But there is now not likely to be a
deal on a new bailout until July.
After a revamp of his Cabinet and
the appointment of a new finance
minister Greek Prime Minister
George Papandreou is expected to
win the vote narrowly.
However, the uncertainty saw
3.9bn wiped off the market cap of
the UKs major banks on worries
about their Eurozone exposure.
Meanwhile Prime Minister David
Cameron vowed that Britain will not
pay more to fund a Greek bailout
than already pledged under the IMF.
City minister Mark Hoban told par-
liament that the Treasury is planning
for several scenarios, and would not
comment on the possibility of the
euros demise. ALLISTER HEATH: P2
BY JULIET SAMUEL
EUROZONE
EMI artists Coldplay (left) and Lily Allen

(right) look set to move to a new owner shortly.
Pictures: REUTERS/EMPICS
ICONIC music group EMI was put on
the block by its owner Citigroup yester-
day to drum interest in a sale that
could net the bank more than 3bn.
EMI, home to artists such as
Coldplay, the Beatles and Lily Allen,
said it had started a process to explore
and evaluate options including a sale
or initial public offering.
The announcement follows months
of speculation over the future of the
80-year-old music publisher after Citi,
its creditor bank, wrestled control of it
from Guy Hands private equity firm
Terra Firma in a deeply acrimonious
dispute last November.
It also comes hot on the heels of the
sale $3.3bn (2bn) of Warner Music,
EMIs US rival, to billionaire Len
Blavatnik in an auction that attracted
more than 70 interested bidders.
Warners sale leaves Citi with a
number of bidders still warm, a
music industry source told City A.M.
and gives Blavatnik the chance to com-
bine EMI and Warner in a merger that
has been considered a no-brainer since
2000.
Warner and Blavatnik are without
question interested in a merger of the
two brands, the source said. He will
be able to pay the most for EMI,
because of the millions of dollars of
synergies you can make between the
two, they added.
BY ALISON LOCK
ENTERTAINMENT
www.cityam.com Issue 1,407 Tuesday 21 June 2011 FREE

TORRANCE
ON MCILROY
THE BEST MAJOR
PERFORMANCE OF
ALL TIME P35
THE BEST ENTREPRENEURS
AND RISING STARS
AWARDS SHORTLIST P20
BUSINESS WITH PERSONALITY
In the announcement, EMI said it
had initiated a process to explore and
evaluate potential strategic alterna-
tives, including a possible sale, recapi-
talisation or initial public offering of
the company.
The news follows reports that Citi
had been canvassing potential buyers
for the worlds fourth-biggest record
label over recent weeks.
EMI has been profitable despite
huge debts and generated 330m in
earnings before interest, taxes, depre-
ciation and amortisation in the year to
March 2010, giving it a price tag of
2.6bn on a multiple of eight times
earnings.
But Citi may look to sell EMI for clos-
er to ten times its earnings placing
its price at 3.3bn or more.
Sources close to EMI played down
the announcement, saying it was yet
to send out the information memo-
randa for interested bidders.
An IPO is already viewed as highly
doubtful, while a private equity buyer
is seen as unlikely after Terra Firmas
disastrous ownership, which saw EMI
saddled with 3.4bn of debt supplied
by Citi until the bank declared it
unsustainable.
But one banking source said the
announcement seemed bizarre and
suggested Citi may not have received
the bid interest or price it was looking
for in its discussions to date.
Certified Distribution
02/05/11 till 29/05/11 is 103,467
CITI FIRES GUN
ON SALE OF EMI
News
2 CITYA.M. 21 JUNE 2011
Private sector
in jobs boost
THE private sector remains on course
to create more than enough jobs to
offset planned government sector
cuts, with highly-trained people most
in demand, a leading business group
will announce today.
Nearly a third (31 per cent) of pri-
vate sector companies expect to boost
their permanent recruitment over the
next six months, a survey from the
Confederation for British Industry
(CBI) revealed.
In 2011 and 2012, private sector job
creation is forecast at 85,000 and
180,000 respectively, the CBI fore-
casts, despite sluggish economic
growth.
People with higher level skills, pro-
fessional, technical and sales experi-
ence are most in demand,
commented Albert Ellis of recruiter
Harvey Nash, which helped conduct
the survey.
The commercial sector added
520,000 jobs in the year to March, sep-
arate data from the Office for National
Statistics showed last week.
Yet the UK has become a less attrac-
tive place to invest, according to 61 per
cent of employers asked by the CBI.
Over three-quarters (77 per cent)
cited employment regulation as their
primary concern. Regulation is harm-
ing the relationship between employ-
ers and employees, the CBI said.
BY JULIAN HARRIS
UK ECONOMY
Greece: bad news whatever happens

IT was cruel but brutally effective. In
1487, John Morton, the Lord
Chancellor, devised a new way of col-
lecting taxes. If he spotted somebody
who was living in luxury, he assumed
he had enough wealth to spare some
for his King, Henry VII, and hit him
with higher taxes. If he encountered
somebody living modestly, he
assumed that he was a prudent indi-
vidual quietly building up vast sav-
ings, and also hit him with higher
taxes. We face a similarly depressing
Mortons Fork with Greece: whatever
we do, whether we bail it out or not,
we will be hit. Those who support
bailouts claim that the taxpayer needs
to shell out to avoid contagion, a col-
lapse of the Eurozone house of cards
and a massive recession. They are
broadly right about the consequences
but what they fail to see is that we
will end up with a variant of this
doomsday scenario whatever we do.
Chucking billions at the problem
wont make it go away.
Greeces net government debt is 140
per cent of GDP. As Lombard Street
Research points out, under any likely
cost of borrowing its interest pay-
ments will be well over 10 per cent of
GDP. To achieve the 3 per cent deficit
limit laughably set down in the
Maastricht Treaty yes, there was a
time when nave City folk actually
thought such constitutional limits on
borrowing meant something would
involve extreme belt-tightening.
Excluding interest payments, the
Greek government would have to run
a surplus of 7-10 per cent of GDP,
against a deficit of 4-5 per cent last
year, also excluding interest. To believe
Greece and its ever shrinking econo-
my will ever bring its deficit back
under enough control to meet debt
payments is to accept Alice in
Wonderland economics. It is com-
pletely, utterly impossible.
The choice is not between handouts
or a default. The real options are
either a massive, uncontrolled default
today, triggering contagion and panic;
or a managed, organised massive
default involving some temporary
assistance and a proper plan to show
how other countries will be dealt
with; or an even larger default in the
future, together with social unrest
from a population that rejects eco-
nomic reality. Option two will be
tough to pull off, may still trigger con-
tagion, could end up costing UK tax-
payers but it is the least bad one.
Bailouts with no real strings attached
will only buy time and eventually lead
to the disastrous option three.
It gets worse. For Greece to become
viable again, it needs to slash its unit
labour costs by at least a third. The
efficient way of doing so would be to
cut wages or at least allow them to
stagnate for a decade, implying zero
growth in consumer spending, as hap-
pened in Germany. Athens establish-
ment will never deliver such a policy
so Greece needs to quit the euro,
devalue, adopt a new currency and
deregulate and open its economy.
The EU and IMF need to find a way
to manage its bankruptcy and with-
drawal from the euro in an orderly
fashion a tough task which will take
months of work if we are to have a
chance of avoiding an Argentinean-
style implosion, hyperinflation in
Greece and chaos around Europe.
There is no good solution, just a range
of more or less bad ones. The UK gov-
ernments job is to try and minimise
the contagion, reduce the hit to the
UK economy and limit the cost to tax-
payers. It will be a thankless task but
one which it must focus on urgently.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
SUPERMARKET giant Wal-Mart yester-
day won a case to dismiss a massive
class-action sex discrimination law-
suit, after the US Supreme Court
unanimously ruled in its favour.
The court said more than 1m
female Wal-Mart employees from
across the US could not proceed in
their multi-billion dollar case, which
accused the grocer, which owns Asda,
of paying women less and offering
them fewer promotions.
The Supreme Court agreed with
Wal-Mart, the largest private US
employer, that the class-action certifi-
cation violated federal rules as its indi-
vidual claimants do not have enough
in common to come together in a joint
legal case.
Shares in Wal-Mart bounced more
than one per cent after the firm said
the case, which trundled through the
courts for almost ten years, is over. The
US Chamber of Commerce also
cheered the ruling as key for all firms.
BY HARRY BANKS
RETAIL
Wal-Mart sex case fails

Wal-Mart, run by chief executive Mike Duke, has seen off a sex discrimination case
NEWS | IN BRIEF
BP settles with Weatherfield
BP is to be paid $75m (46m) by oil
products and services provider
Weatherfield International to shield the
company from private claims in relation
to last years Deepwater Horizon disas-
ter. The company provided BP with cas-
ing components for the deep-water well
and wanted indemnity for the storm of
litigation that has followed the explo-
sion. Yesterdays agreement is the sec-
ond indemnity settlement BP has
reached. Japans Mitsui, which held a 10
per cent stake in the lease where the
Deepwater Horizon rig was drilling, last
month agreed to pay BP nearly $1.1bn
for clean up efforts.
ING in talks to sell car lease unit
Dutch financial services group ING said
yesterday it has put its car leasing busi-
ness up for sale, in a deal reportedly-
worth 4bn (3.5bn). ING is in the
throes of a huge restructuring, forced on
it as a condition of its 10bn state
bailout in the 2008 financial crisis.
It has sold several assets already to
raise money to repay the state, but the
car leasing unit had not been earmarked
previously as a possible divestment.
EDITORS LETTER
ALLISTER HEATH
7
th
Floor, Centurion House,
24 Monument Street, London, EC3R 8AJ
Tel: 020 7015 1200 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
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Chancellor George
Osborne is banking on
the private sector to
offset the public sector
job cuts
ASTRAZENECA TO OFFLOAD SWEDISH
DIVISION
AstraZeneca is in final talks to sell
Astra Tech, the Swedish healthcare
and dental business, to Dentsply
International in a deal that could
value the group at about $1.8bn
(1.1bn). The US dental equipment
maker has outbid other potential
buyers, including private equity
group EQT Partners and medical
company Biomet and has been
granted exclusivity in the negotia-
tions in recent days, several people
familiar with the situation said.
PRIVATE SECTOR BACKTRACKS ON
OFFSHORING
Moves this month by Birmingham
city council and Hewlett-Packard,
contractor for the Department for
Work and Pensions, to shift work to
India have raised the hackles of
trade unions amid fears of further
job losses in the UK. Ironically, the
public sectors rising interest in off-
shoring services such as call-cen-
tres and IT operations comes at a
time when the private sector is
reconsidering the benefits of taking
support functions to lower-wage
economies.
SMALL BUSINESSES WARNED ON NEW
JUSTICE BILL
Small businesses ability to pursue
bad debts and other commercial liti-
gation will be hurt by provisions in
the justice bill expected to be pub-
lished today, the head of the Law
Society has warned.
CLEGG SETS OUT ON MISSION TO BEEF
UP BRAZIL TRADE LINKS
Nick Clegg will pledge to double
British exports to Brazil by the end
of this parliament as the deputy
kicks off a trade trip to Sao Paulo
today by acknowledging that Britain
has failed to nurture ties with the
South American powerhouse.
MOTHERCARE ENTERS INTO WAR-
SCARRED IRAQ
Mothercare is boldly going where
other retailers fear to tread by taking
its prams, buggies and rattles to war-
scarred Iraq. The intrepid mother and
baby equipment chain hopes to make
its first tentative steps into the trou-
bled region later in the year. Its
Middle East franchise partner has
signed a lease on a site in Arbil, the
capital of Iraqs Kurdish north.
SUPERFAST MISSILE KNOWS WHEN IT
IS OFF-TARGET
Plans for a missile designed to be the
fastest weapon over sea were
announced today by a defence compa-
ny that provides many of the bombs
being dropped on Libya. The Perseus
will fly three times faster than the
speed of sound, with the ability to hit
aircraft carriers, destroyers and war-
ships and targets on land.
HERMITAGE CAPITAL CALLS FOR
RUSSIAN INQUIRY INTO $330M TAX
FRAUDS UNCOVERED BY SERGEI
MAGNITSKY
Lawyers for the London-based hedge
fund Hermitage Capital Management
have applied to the Russian authori-
ties for an inquiry to be opened into
the alleged involvement of a senior
state official in suspected tax frauds
worth more than $330m (204m). The
alleged frauds were discovered by
Sergei Magnitsky, Hermitages inves-
tigative lawyer who died in custody on
allegedly trumped-up charges.
MOBILE REVENUES INCREASE AS
USERS SURF THE WEB INSTEAD OF
TALKING TO OTHER PEOPLE
Mobile phone revenues in Northern
Europe grew in the year to March
2011, despite a decline in income from
voice calls, because more customers
use mobiles to surf the web.
POPOLARE OFFLOADS CZECH BANK
A London private-equity firm is buy-
ing the Czech banking business of
Italys Banco Popolare in the latest
example of troubled European banks
scrambling to shed peripheral assets
and business lines. The buyout firm,
AnaCap Financial Partners, is team-
ing up with asset-management arms
of Morgan Stanley and Goldman
Sachs Group Inc. on the roughly 48
m ($68.7m) deal.
UNIONS FEAR AN AREVA SHAKE-UP
Workers at nuclear-engineering giant
Areva are bracing for a shake-up after
the departure of their chief executive,
amid speculation the French govern-
ment could reorganise the countrys
atomic-energy sector in the wake of
the nuclear disaster in Japan. Last
week the government said Areva
would replace CEO Anne Lauvergeon
when her contract expires in June.
WHAT THE OTHER PAPERS SAY THIS MORNING
SWISS bank UBS has hired more than
1,000 new employees for its invest-
ment banking operations in Greater
China in the past 18 months.
UBS is keen to expand in China and
Asia to tap growth potential in the
region.
The new hires are in Beijing, Hong
Kong and Taiwan, and include
around 100 employees to produce
research in Mandarin.
The news came as it emerged that
UBS deputy head of investment bank-
ing in China, Joe Zhang, is to leave the
bank to join a Chinese micro-loan
company.
THE one-time boss of an Aim-listed
cash shell has been jailed for 12
months for making misleading state-
ments that ended up losing investors
millions of pounds.
Stuart Pearson of Langbar
International (formerly Crown
Corporation Limited) falsely claimed
that the firm had assets worth 365m,
both in stock market statements and
in talks with investors ahead of a
4.4m share placing, the court found.
As well as a year in jail, Pearson is
also disqualified from acting as a com-
pany director for five years and faces
losing his own assets under the
Proceeds of Crime Act.
His sentence is the latest in a string
of criminal and civil cases linked to
Langbar, which collapsed in 2005 after
the company could not independently
verify its ownership of its assets and
said it had likely been subject to a
serious fraud.
One of Langbars biggest investors,
Delaware-registered Lambert
Financial Investments, paid for its
207m (183m) worth of shares dur-
ing Langbars float in 2003 with a
promissory note ostensibly issued by
Banco do Brazil. This note, along with
others used by Lambert to buy con-
tracts from Langbar, turned out to be
nonexistent.
But when Langbar discovered the
worthless notes, the firm continued to
make statements to the market about
its value based on the nonexistent
assets until October 2005, when its
shares were suspended and advisers
could not sign off its accounts.
Former Baker Tilly partner Pearson,
who became chief executive when
founder Mariusz Rybak stepped down
in June 2005, told the markets in
September 2005 that the false assets
had been transferred successfully to a
Langbar bank account, helping to
prop up its share price.
Rybak himself paid 30m in 2008 to
settle a civil recovery lawsuit linked to
the firms collapse, while Langbars
nominated adviser Nabarro Wells was
fined 250,000 in 2007 for failing to
make proper checks ahead of the com-
panys float on Aim.
The Serious Fraud Office said the
fraud on a grand scale took in vic-
tims ranging from institutional
investors to individuals, who have lost
millions of pounds.
THE US credit union regulator filed
lawsuits yesterday against Royal
Bank of Scotland and JP Morgan
Chase, alleging misrepresentation of
investment vehicles backed by mort-
gages.
The National Credit Union
Administration said the lawsuits
seek damages in excess of $800m
(493m) and are related to the fail-
ure of five corporate credit unions.
The lawsuit against RBS Securities
involves about $565m in claims, the
agency spokesman said.
The move came as staff at state-
owned RBS yesterday cashed in
138m worth of stock handed out as
part of bonuses in 2009, the largest
one-day sale since its bail-out.
The sell-off helped send RBS shares
down four per cent to 38.5p.
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US regulators sue
RBS and JP Morgan
BLACKBERRY maker Research In
Motion has lost its second marketing
executive in four months, highlight-
ing the difficulties RIM faces in keep-
ing pace with innovative market
leader Apple.
Brian Wallace, who headed RIMs
digital marketing efforts, has taken a
job at Samsung, one of the companies
that is stealing RIMs smartphone
market share.
The departure brings into sharp
focus the pressure on co-chief execu-
tive Jim Balsillie, who took on more
promotional duties after marketing
head Keith Pardy left RIM in March.
RIM top boss
leaves company
UBS in hiring
spree in China
BY MARION DAKERS
ENFORCEMENT
BANKING
TECHNOLOGY
BY KASMIRA JEFFORD
BANKING
News
DUNCAN SMITH FENDS OFF PENSIONS REVOLT
PENSIONS secretary
Iain Duncan Smith
(pictured) averted a
revolt over retirement
ages last night, after
MPs approved the sec-
ond reading of a gov-
ernment bill to raise
the age a woman can
take her pension to 66
by the year 2020, by a
majority of 70, follow-
ing a debate in the
House of Commons.
More than 170 MPs
had signed an early
day motion called on
the coalition to review
the policy.
Langbar boss
gets twelve
months in jail
News

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4
EUROZONE efforts to avoid a credit
event in Greece have thrown the
regions credit default swap (CDS) mar-
ket into confusion and ramped up the
cost of insuring the sovereigns debt.
According to data from Markit,
Greek CDSs are now the most expen-
sive in the world, with a five-year swap
costing 2,000 basis points, meaning it
costs 2m to insure 10m of Greek
debt.
That compares to a cost of 1,100 basis
points to insure equivalent Venezuelan
debt, the next most expensive.
But observers say that the extraordi-
nary pricing of Greek CDSs is being
driven not just by Athens debt levels
but by the nature of the burden-shar-
ing under consideration.
The EU is keen to avoid any action
that ratings agencies would classify as
a default, since European Central
Bank (ECB) rules forbid the bank from
accepting as collateral any debt from a
bankrupt sovereign.
But in order to share the cost of a
new bailout with private investors, the
EU is considering asking bondholders
to voluntarily roll over their bonds, or
to maintain their exposure by buying
new bonds as their holdings mature.
Given that it is voluntary it should
not trigger CDS under current (indus-
try) documentation, say analysts at
Deutsche Bank.
But depending on precisely what
formulation Brussels uses, CDS hold-
ers could receive a payout or could find
themselves out of pocket.
The uncertainty around the CDS
market has been a major source of
volatility in recent weeks, says Markit
credit analyst Gavan Nolan.
The Greek sovereign CDS market is
relatively small estimated at $5bn
but a voluntary rollover that does not
trigger CDS pay-outs could have knock-
on effects throughout the region, rais-
ing the cost of insuring other
peripherals debt.
What policymakers are concerned
about is a contagion effect, says
Nolan.
SPAIN has kicked off the privatisa-
tion of its airports and related assets
by appointing RBS to advise on its
sale.
The mandate includes offloading
the states 49 per cent stake in AENA
Aeropuertos, a holding company
established for the privatisation that
is valued at around 5bn (4.4bn).
Among AENAs assets, which
include 47 airports, are Madrids
Barajas airport and Barcelonas El
Prat airport. RBS fought off competi-
tion from eight other investment
banks to win the advisory role.
The government also announced
that it has received bids from six
companies to take over the running
of its air traffic control towers, a
licence sale that is expected to bring
in around 18.9m.
The issue has proved explosive,
with a strike by air traffic controllers
over the sale causing Spain to
declare a state of emergency earlier
this year and put its airports under
military control.
The sales will help Madrid towards
its target of cutting its budget deficit
down to six per cent of GDP this year,
compared to 9.2 per cent last year.
However, the government has
faced weeks of sustained protests
against its austerity measures and
labour market reforms, with 100,000
coming on to the streets yesterday.
The countrys unemployment rate
is over 20 per cent.
Spain kicks off 2.6bn
sale of airport assets
EUROZONE
CDS confusion
grips market
BY JULIET SAMUEL
EUROZONE
A TECHNICAL change in the rules of

the EUs new permanent bailout fund
announced yesterday will make it eas-
ier for Ireland to return to the markets
for cash, according to Irish finance
minister Michael Noonan.
EU policymakers had previously dis-
cussed giving the 500bn (441bn)
European Stability Mechanism (ESM),
a permanent bailout fund that will be
created in June 2013, preferred credi-
tor status in the event of a default by
Ireland, Portugal or Greece.
That would have put the ESM at the
front of the queue of creditors if any of
the bailed-out nations fails to pay back
their rescue loans. The proposal was
set to raise its borrowing costs because
private investors were worried at being
put to the back of the line.
But Eurogroup president Jean-
Claude Juncker said yesterday: The
ESM will not have preferred status as
regards loans for countries that are
already in the support programme, in
other words Portugal, Ireland and
Greece. This should make it easier for
those countries to come back to the
markets.
Noonan agreed, saying: The change
makes it possible now for Ireland to go
back into the markets and be sure that
there are people there who will lend
us money.
Ireland welcomes new
bailout fund rule change
EUROZONE
EUROZONE PERIPHERALS | TOTAL FOREIGN EXPOSURE

UNITED KINGDOM
1,003bn
14bn
GERMANY
1,239bn
30bn
FRANCE
1,315bn
49bn
ITALY
584bn
4bn
BELGIUM
196bn
2bn
USA
P
O
R
T
U
G
A
L
IRELAND
Source: Bank Internatinal Settlements data, Fatham consulting
GREECE
2,799bn
31bn
SPAIN
636bn
1bn
KEY
Total foreign claims
and other exposure
to the sovereigns
and banks of France,
Italy, Germany,
Greece, Portugal,
Ireland, Spain and
the UK.
Total foreign claims
and exposure to
Greek banks and
sovereign.
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AGGREKO, the temporary power sup-
plier that provides energy for the
Glastonbury festival, yesterday
announced plans to boost investment
in its fleet of equipment by 30m.
The higher spending, which comes
on top of a 70m increase announced
in April, is intended to soothe fears
that principal rival APR could steal
market share.
Despite reporting accelerated
growth over the last six months,
shares in the FTSE 100 company fell
3.7 per cent, suggesting that investors
remain cautious following the acqui-
sition of APR by entrepreneur Hugh
Osmond.
Aggrekos share price has been in
decline since the 527m deal was
announced last week, on fears that
Osmond will invest to make APR a
more serious threat.
Group revenue for the first half of
the year was nine per cent higher
than in 2010 and the 30m spending
boost means capital expenditure will
jump this year by 100m to 420m.
Underlying profit is expected to be
a little higher than the firm fore-
cast in April, although the weakness
of the US dollar, which is the compa-
nys preferred currency worldwide,
will hamper growth.
Mike Murphy, analyst at Numis,
estimates that this factor will reduce
profit growth by three per cent.
Aggreko adds
30m to fleet
spend budget
BY MADELEINE DAVIES
SUPPORT SERVICES
SHARES in property consultant DTZ

jumped yesterday after the company
said it was reviewing a takeover bid
from majority shareholder Saint
George Participations (SGP).
French SGP which owns 54 per
cent of the company made an initial
approach in May, causing shares in
DTZ to shoot up by more than 30 per
cent to 51p. At the time SGP was said
to be offering 60p per share. Shares in
DTZ closed up 2.4 per cent at 42p yes-
terday
SGP is supported by BNP Paribas and
there are suggestions that it may sell
DTZ to the French banks real estate
arm should the takeover bid prove suc-
cessful.
BNP Paribas Real Estate would not
be able to acquire DTZ directly with-
out buying out SGP, which could get a
better return by buying out the other
shareholders and selling the entire
firm to the French bank.
DTZ says it is considering a bid
from majority shareholder SGP
PROPERTY
News
Aggreko provides power for the Glastonbury festival Picture: PA
ANALYST VIEWS: WHAT DO YOU MAKE OF AGGREKOS RESULTS?
By Madeleine Davies
MIKE MURPHY | NUMIS

While we are great admirers of the man-
agement and business model we are conscious of
value. The stock is priced for high growth and high
returns. There is nothing that ought to send the
share price higher; a lot of the good news is
already out there. We leave our forecasts
for 2011 and 2012 unchanged.
ANDREW NUSSEY | PEEL HUNT

In light of the strong management,
excellent global positions and inherent cash gen-
eration capabilities, we consider a premium is
justified. However, despite the confident outlook,
there are few catalysts to further medium term
re-rating and we believe some investors
were expecting upgrades today.
KEVIN LAPWOOD | SEYMOUR PIERCE

The increased capital expenditure was the key thing in the announcement. It is a very, very positive state-
ment and none of it would be built unless they knew that they could put it on hire straight away. This share price is
not going to go down.
ANALYSIS l Aggreko
p
21 Mar 8Apr 4May 24May 14Jun
2,000
1,800
1,600
1,874.00
20 Jun
REXAM, the FTSE 100
packaging maker, has
signed a deal to sell its clo-
sures business, which
makes bottle lids, to US
manufacturer Berry
Plastics for $360m (222m).
The deal was announced
to markets yesterday follow-
ing a report in City A.M. on
Friday that Berry, owned by
US private equity giant Apollo,
had been in exclusive talks
with Rexam for weeks and was
poised to sign for the closures unit.
Berry paid cash for the business,
which recorded a pre-tax loss of
177m. Rexam is believed to have
made a loss on the assets, which it
bought as part of a $1.83bn acquisition
from Owens Illinois in 2007.
Nicholas Mockett, a partner at
Moorgate Capital and specialist in the
industry, said: Its unusual for a com-
pany like Rexam to sell a business so
soon after the acquisition but its new
chief executive has taken the decision
following the impact of
the recession on that par-
ticular business unit.
Rexam, which was
advised on the deal by
Barclays Capital, said it
now plans to right-
size that is, cut
down its plastic
packaging operations.
Despite analysts
broadly welcoming
the deal, Rexams
shares closed down
2.8 per cent.
Apollo firm
buys 220m
Rexam assets
The 185m takeover of Chi-X Europe,
Europes largest alternative equity
trading platform, by its rival BATS
Global Markets, was yesterday referred
to the UK competition regulator for
investigation.
The Office of Fair Trading said com-
bining the two trading platforms, the
largest for UK equities after the
London Stock Exchange, could reduce
the number of trading suppliers.
The Competition Commission
probe will take at least six months,
derailing plans to conclude the deal
this year.
The OFT said it had referred the
deal on despite seeing only mixed
evidence that the takeover would
affect competition and receiving few
objections from market participants.
We cannot rule out the prospect
that such a structural shift in the mar-
ketplace would lead to a substantial
lessening of competition, said OFT
senior director Ali Nikpay.
It raises questions over whether Chi-
X, the larger and more profitable of
the two exchanges, would be better
left independent. Chi-X Europe chief
executive Alasdair Haynes said it
would speak to shareholders about
the probe. We will engage with our
board and shareholders to ascertain
next steps, he said.
BATS and Chi-X
tie-up delayed
by regulators
BY JULIET SAMUEL
M&A
FINANCIAL MARKETS
News
ANALYSIS l Rexam
p
400
390
380
370
366.80
20 Jun
A
pollo set for
20
0
m
deal
BERRY Plastics, a manufacturer major-
ity-owned by US private equity giant
Apollo, is on the cusp of signing a
200m deal to acquire a bottling unit
owned by FTSE 100 packaging firm
Rexam, City A.M. has learned.
Rexam is in exclusive talks with
Berry Plastics and is poised to sign the
deal to sell a lids-manufacturing busi-
ness that it bought four years ago for
some 200m.
Those familiar with the industry
believe the sale will crystallise a loss for
Rexam on the unit, which it purchased
from Owens Illinois, an American rival,
alongside a collection of other assets
that drew a total price of $1.8bn.
Rexam updated shareholders on its
plans to sell the unit at its annual gen-
eral meeting and said it was in talks,
but did not disclose with whom.
Berry and Rexam have had discus-
sions over the sale for some months
but a source familiar with the matter
says that the deal was delayed by due
diligence issues.
Berry and Rexam were embroiled in
a legal dispute over an employee in
2008, but the case was settled out of
court. Rexam has a turnover of some
$4.6bn and derives most of its rev-
enues from selling drinks cans. Its
share price was down 0.58 per cent yes-
terday to 376p.
Rexam declined to comment.
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executive Graham
Chipchase (pictured), is
selling a bottle lid
manufacturing unit.
BY JULIET SAMUEL EXCLUSIVE
gulators
HENS BOND
OTHER PAPERS SAY THIS MORNING
THE LONDON Stock Exchanges
agreed merger with Toronto bourse
operator TMX Group received back-
ing from an independent adviser
yesterday, in a damaging blow to a
hostile bid from a consortium of
Canadian financial institutions.
Institutional Shareholder
Services (ISS), the biggest sharehold-
er advisory service in the world,
backed the LSEs friendly C$3.2bn
(2bn) deal with the Toronto Stock
Exchange operator.
The adviser said no issues had
been identified with the bid, or
with the shape of the board follow-
ing the merger, and urged LSE
shareholders to vote in favour of the
deal.
TMX shareholders are currently
weighing a C$3.6bn hostile
approach from the Maple group of
Canadian financial institutions.
Adviser throws its weight
behind London bid for TMX
LSE chief Xavier Rolets bid has received support Picture: Micha Theiner/CITY A.M.
BY RICHARD PARTINGTON
FINANCIAL MARKETS
THE .com web address suffix that has

become synonymous with online
activity could lose its prominence
after regulators waved through pro-
posals to allow companies to use their
own branding instead.
The looser regulation will allow
firms to use addresses such as
www.news.cityam or www.ipad.apple.
The changes have been brought in
as it becomes increasingly difficult for
new companies to find web addresses,
with so-called cyber squatters often
buying up thousands at a time and
charging sky high prices for them.
The Internet Corporation of
Assigned Names and Numbers (Icann)
says the new proposals will take the
number of generic top-level domain
names from 22 including .net, .org
and .edu to hundreds. A recent addi-
tion to the roster was the inclusion of
the .xxx suffix for pornographic web-
sites. There are also around 250 coun-
try-level domain names such as co.uk
and .ca.
Companies including Apple and
Google are thought to be amongst
the first to apply for the new
domains. Experts say the shake-up is
the biggest since .com was intro-
duced 26 years ago.
However, the process is likely to
only affect global brands, with the
application process costing an eye-
watering $185,000 (114,000), regard-
less of success. The window will be
open for a limited time starting 12
January next year. Firms will have to
prove they have a legitimate claim to
the domains they want to buy.
Dotcom loses
top billing in
web shake-up
SATELLITE communications firm
Inmarsat surged five per cent yester-
day after a deal between its US partner
LightSquared and network operator
Sprint was announced.
The deal means LightSquared is
almost certain to honour a deal to pay
Inmarsat $115m (71m) a year over the
next five years, which some analysts
had questioned. Inmarsat has been
enlisted by LightSquared to help it pre-
pare radio waves for a new 4G mobile
network. Analysts had cast doubt on
the partnership, with some asking
whether the US firm would be able to
extend the venture without more
financial backing.
However, a source close to Inmarsat
told City A.M. yesterdays contract
announcement means Sprint will
effectively rely on Inmarsat to roll out
part of its hybrid satellite and terrestri-
al network. This means that even if
LightSquared were to fail, the deal
would probably still be honoured by
another party. Inmarsats shares have
fallen more than 11 per cent since
April.
LightSquared also said it has been
forced to use a different block of wire-
less airwaves than it had originally
planned because of interference prob-
lems with GPS systems.
Vodafones Indian branch
nears 140m subscribers
0800 819 9393
www.bowcrosswest.co.uk
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VODAFONES Indian unit, the coun-
trys third-biggest mobile carrier,
added 2.45m subscribers in May, tak-
ing its total to an eye-watering
139.4m.
The worlds largest network opera-
tor by revenue has seen the business
surge despite being dogged by an
ongoing tax dispute with Indian
authorities.
Once the dispute, which focuses on
the $11.2bn (6.9bn) purchase of
Hutchison Telecoms Indian business
in 2007, is settled, Vodafone has sig-
nalled it will seek to list a stake in the
venture to bring it in line with Indian
foreign ownership rules. Vodafones
partner Essar Group opted to exercise
an option to sell a 33 per cent stake in
the venture, pushing Vodafone over
the limit.
The telecoms group was boosted
yesterday by more speculation that its
relations with US joint venture part-
ner Verizon have thawed and that an
elusive dividend could resume next
year. Analysts at JP Morgan also said
they expect Vodafones first quarter
results, due next month, to support
its forecasts for full year profits. The
note is also bullish about the per-
formance of Verizon.
Inmarsat surges after its US
partner signs major contract
BY STEVE DINNEEN
TECHNOLOGY
News
NEWS | IN BRIEF
Google to digitise British Library
Google plans to digitise 250,000 books
from the British Library's collections as
part of its ambitious books project. The
search engine giant has already scanned
13m books through partnerships with
libraries around the world, which it
makes available through its search
results. Google will bear the costs of
digitisation. The company said the items
will then be available free for full-text
search, download and reading through
Google Books.
Spectrum sale gets go-ahead
Ofcom yesterday gave the go-ahead for
mobile phone operators to trade the
rights to the radio spectrum they hold.
Ofcom says the new regulations are
aimed at giving operators added flexibil-
ity, which could help them to meet the
increasing demands for mobile internet.
The changes have ben mooted for years
but are understood to have been spurred
by the merger between Orange and T-
Mobile.
Euromoney to buy Ned Davis
Euromoney, the financial information
unit of media group Daily Mail & General
Trust, has agreed to buy American com-
pany Ned Davis Research Group to
strengthen and expand its product
range. Euromoney said it expected to
pay $112m (70m) to acquire an initial
87 per cent holding in Ned Davis, which
provides independent financial research
to institutional investors.
CITY VIEWS:WILL THE CHANGES AFFECT ONLINE
SALES? Interviews by Phoebe Torrance and Cora Gardiner
I don't think it will make a difference. People
can adapt to change very easily. For example
when the telephone numbers changed people
got used to it quickly and it didn't cause any
problems.
CLIVE GILBERT | INCEPTA
With .com and .co.uk people find it very trustworthy
as it has been used for so long, although it doesn't
even prove that it is a trusted site. With the
resource which Google offers, people don't
tend to look at the suffix when they use a
site.
I think it will definitely work with the younger
generation, as it will be easier for them to get
directly what they are looking for. I think peo-
ple used to .com and .co.uk wont change
because they are both frequently associated
with trustworthy websites.
TRISH TAYLOR | WELLS FARGO
DAVID PHILLIPS | JRB UNDERWRITING
ANALYSIS l Inmarsat
p
630
610
590
570
590.50
20 Jun
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TECHNOLOGY
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HEDGE funds failed to post positive
returns during May, as poor US eco-
nomic data and fears over Chinese
growth hit the performance of fund
managers.
Managed futures and global macro
funds saw the steepest falls in growth
in May as short US dollar and long
commodity positions weighed heavily
on performance, a monthly survey by
British hedge fund giant Man Group
found.
The Newedge CTA Index, a bench-
mark for managed futures, was down
-4.7 per cent in May as a result.
Global macro strategies also suf-
fered, with the benchmark HFRI
Macro Index down -2.6 per cent.
Relative value managers and even-
driven strategies offered some conso-
lation to the overall poor
performance of the hedge fund sector
in May. The benchmark HFRI Relative
Value Index was up 0.1 per cent.
Hedgies fail to
find growth in
May trading
RUSSIAN port operator Global Ports
has received enough orders for 75 per
cent of the shares it plans to offer in its
up to $572m (355m) London listing.
The container terminal operator, a
unit of Russian freight group N-Trans,
began a roadshow to drum up interest
in the company amongst investors just
three days ago.
Global Ports had been priced at
between $14.70 and $16.10 per global
depository receipt (GDR).
The list price puts shares in the com-
pany at a deep 28 per cent discount to
the mid-point of a recent valuation
made by analysts, which could have
attracted investors to the company.
Investors are said to be keen on the
float, given the track record of Global
Ports owners and the reasonable price
of its shares.
N-Trans has successfully listed in
London before, having floated its rail
freight unit Globaltrans in 2008.
Londons market for new share
offers has faltered in recent months
and has dashed the listing plans of sev-
eral Russian firms.
Just four companies from the coun-
try, including private bank Nomos and
real estate developer Etalon, have suc-
ceeded in listing this year.
N-Trans will sell existing shares in
its sale, while Global Ports itself is eye-
ing proceeds of about $100m in new
shares to be sold in the float.
The owners of the company, which
runs five container terminals across
Russia and Finland, also hold an over-
allotment option to take the total pro-
ceeds of the share sale up to $629m.
Books are due to close on the Global
Ports IPO as early as 23 June.
Deutsche Bank, Goldman Sachs,
Morgan Stanley and Troika Dialog are
joint global coordinators and joint
bookrunners.
Investors flock to
cheap Russian IPO
HEDGE FUNDS
BY RICHARD PARTINGTON
CAPITAL MARKETS
News
THE FATE OF RUSSIAN IPOS IN LONDON THIS YEAR
COMPANY DEAL OUTCOME
HMS Hydraulic $360m Listed at a cut
Pump maker price in February
Etalon $575m Successfully listed, although at the
Real estate developer bottom end of its range in April
Nomos $718m Successfully floated in April
Private bank
Rusagro $330m Successfully floated at the
Sugar and pork producer lower end of its range in April
PULLED FLOATS DEAL OUTCOME
Nordgold $1bn Pulled in February after investors
Gold miner demanded it cut its price range
Chelpipe $688m Postponed the
Pipe maker IPO in February
KOKS $520m Pulled float in February
Coking coal producer citing market conditions
Euroset $1.25bn Pulled the float in April,
Mobile phone retailer citing market volatility
Russian Helicopters $500m Pulled IPO in May to give investors more
State defence firm time to reflect upon the true value of the firm
Domodedovo $1bn Dropped plans to
Moscowairport float in May
SUEK $1bn Planned for June, the IPO has now
Coal miner been postponed by a month or two
SHARES in Charter International,
the tool and equipment maker, fell
by as much as 28 per cent yesterday
after it issued a profit warning.
Charter said full-year results
would likely fall short of expecta-
tions, hurt by weakness at its core
welding tools unit ESAB.
The firm said rising input costs
combined with more competition
hurt ESAB, which accounts for
more than 60 per cent of total
group revenue.
Charter said it expects the units
first-half trading performance to be
in line with the second half of
2010.
The FTSE 250 company said it
has identified cost savings of 30m,
which it expects to achieve within
12 to 18 months. It will take a 25m
charge in relation to the cost cuts.
But the firm said trading at its
other unit, Howden, which makes
air and gas handling equipment,
was somewhat ahead of previous
expectations.
Analysts at Investec said they
expected to cut their annul profit
forecast by 10 per cent to 152m-
155m.
Shares in Dublin-based Charter
recovered slightly in later trading
to close 25 per cent down at 538.5p
yesterday, valuing the business at
1.2bn.
Charter shares tank
after profit warning
BY HARRY BANKS
MANUFACTURING
ANALYSIS l Charter International

p
800
650
750
600
700
550
500
538.50
20 Jun
News
ROLLS-ROYCE has inked a $2.2bn
(1.36bn) deal with Brazils TAM
airlines to provide engines for its
Airbus A350 airplanes.
The aerospace and engines
giant said in a statement yester-
day that it will provide the
Brazilian domestic airline with
its fuel-efficient Trent XWB
engines for a fleet of 27 aircraft
ordered from Airbus.
The contract also includes an
agreement to service the
engines for 12 years.
Rolls announced a string of
deals on the opening day of the
Paris Air Show including $310m
worth of new contracts with
Bahrains Gulf Air and China
Southern Airlines.
It has also won a deal with
Saudi Arabia to repair and over-
haul the engines powering the
Royal Saudi Air-Forces C130
transport aircraft.
Meanwhile, Bodycote has
signed a 10-year contract renew-
al with Rolls to process metals
used in its aircraft engines.
Bodycote has a facility at the
Rolls-Royce factory in Derby and
the deal will also generate work
for five more Bodycote sites.
European planemaker Airbus
bagged a total of $14.4bn of
orders on the first day of the air
show, outselling US rival
Boeings $9.3bn haul.
Airbus dominated orders for
single-aisle planes, the largest
aircraft segment, luring airlines
with a new version of its top-
selling model. The A320neo has
been re-fitted with engines
which will save airlines 15 per
cent in fuel costs, according to
the company.
Shares in Rolls-Royce fell 3.5
per cent yesterday, closing at
595p. Boeing closed 0.5 per cent
up on the NYSE.
Rolls-Royce signs up
1.4bn engine deal
BY KASMIRA JEFFORD
AVIATION
ANALYSIS l Rolls Royce

p
650
630
610
595.00
20 Jun
l
NEWS FROM THE PARIS AIR SHOW
QATAR AIRWAYS IN $1.7BN 777 BUY-UP
Qatar Airways announced yesterday a $1.7bn (1.05bn) order for six Boeing 777-300ER
aircraft. The airline at present operates 25 Boeing aircraft. The order, announced at the
Paris Air Show, comes a day after European planemaker Airbus revealed plans to extend
the range of the A350-XWB a rival to the Boeing 777 of which Qatar Airways is the
biggest customer.
BOEING has admitted that its domi-
nance over the market for large
commercial aircraft it has shared
with its rival Airbus will soon come
to an end.
Speaking at the Paris Air Show
yesterday, Jim Albaugh, head of
Boeings civil jet division said: the
days of the duopoly with Airbus are
over as emerging global competi-
tion prepares to enter the market.
For decades the two companies
have dominated the market for
commercial planes in the 100-200
seat range. However new players
from China, Russia and Brazil are
expected to launch their own jets
over the next five years.
His comments were made as the
industry waits to see what changes
Boeing will make to its 737 family
of aircraft. The group said it is con-
sidering either putting new engines
into the 737 or developing an all-
new aircraft.
Boeing admits end
of duopoly in sight
BY KASMIRA JEFFORD
AVIATION
NEWS | IN BRIEF
Boeing gets mystery bids
Boeing announced orders for 17 of
its 747-8 Intercontinental air-
planes. The orders, placed by two
undisclosed customers, are valued
at a combined $5.4bn (3.3bn).
One customer has committed to
15 of the new passenger version
of the 747-8 while the other
placed an order for two.
SAS orders 30 Airbus neos
Airbus won orders for 30 narrow-
body A320neo planes from
Scandinavian airline SAS and 60
from the commercial aircraft leas-
ing and financing arm of General
Electric, totalling $7.7bn (4.75bn)
at list prices. Air Lease Corp also
signed a memorandum of under-
standing for 36 A320 neo-family
planes.
SUPERGROUP yesterday moved to
reassure investors that its growth
plans were on target, with a market
update reporting strong sales in the
past three weeks, although its shares
still slumped 4.1 per cent.
The companys stock has dropped
in recent weeks on worries about its
growth prospects.
It had admitted that it was short of
some summer stock after it was
caught unawares by the early hot
weather.
But yesterday it said it had
exchanged contracts for a new flag-
ship store on Regent Street and was
seeing strong sales growth.
It plans to open six to ten new
stores in the first half, and is also
building up internet sales, which cur-
rently represent around eight per
cent of total sales.
Arden analyst Nick Bubb said: So
far the SuperGroup trading state-
ment has not reassured investors as
much as wed have expected, with the
bears dwelling on the vibes about a
weak May rather than a strong June...
The key news is that they have seen a
marked improvement in UK Retail
trading in the last three weeks.
SuperGroup had an impressive
debut on the FTSE 250 after its public
offering at the beginning of 2010.
Within a year it had almost
quadrupled in value, from 500p at
IPO to 1,899p by February this year.
Shares closed down 37p at 863p yes-
terday.
Collins Stewart analyst Wayne
Brown said: If SuperGroup manage
to achieve growth targets then the
shares look cheap, but the current
rating sets expectations high.
ITS THE LITTLE THINGS THAT
jeep.co.uk
BY JOHN DUNNE
RETAIL
News
SuperGroup chief executive Julian Dunkerton said the retailer was on track Picture: REX
Shareholders should expect bumpy ride
SUPERGROUP was one of the few
IPOs of 2010 that managed to live up
to its boastful moniker. Merlin failed
to inspire any magic and pulled its
planned flotation; potential
investors in New Look decided the
shares were old rope; and while
Promethean titled after a wily
Greek god managed to get away,
early investors are nursing big losses
(although maybe its name is more
appropriate: Prometheus also came
to a sticky end) .
So shareholders who bought
shares for 5 at SuperGroups IPO
will have been feeling pretty smug
in February, when the stock hit
18.99 almost quadrupling their
investment. Alas, it couldnt last.
Nagging doubts over the companys
optimistic growth projections, based
on an ambitious store opening pro-
gramme, have come home to roost.
Yesterdays update, which was
light on numbers, did little to
soothe jittery nerves. Trading has
been much better over the last three
weeks, said management, leaving
investors fretting about a below-par
May.
The biggest worry is that consen-
sus estimates rely on SuperGroup
opening between 20 and 25 stores by
the end of the year. We are not sure
there are enough punters in austeri-
ty Britain willing to spend 75 on a
hoodie to justify that rate of expan-
sion. But even if there are, the retail-
er will open between just six and ten
new shops in the first half of the
year leaving it an uphill task in the
second half if it is going to hit its tar-
gets.
SuperGroup might not belong in
the graveyard of 2010 IPOs, but we
still think expectations are far too
high.
Shareholders who disagree
should expect a bumpy ride over the
next six months.
BOTTOMLINE
Analysis by David Crow
SuperGroup
fails to ease
growth fears
NEWS | IN BRIEF
Tesco Bank admits glitch
Some of Tesco Banks 6.5m customers
have been unable to access their
accounts during an update of computer
systems, the bank has confirmed. The
bank, which operates in stores, online and
by telephone, said problems occurred
when transferring savings and loans
products in-house, from its previous joint
operation with RBS. It apologised to cus-
tomers and said the problem was fixed.
Capita win 100m DVLA contract
Business services group Capita has won
a 100m, five-year contract with the
Driver and Vehicle Licensing Agency
(DVLA) to enforce vehicle tax and insur-
ance evasion rules. Capita will manage
vehicle excise duty and continuous insur-
ance enforcement notifications and
immobilise, remove, store and dispose of
unclaimed vehicles through a network of
23 regional impoundment centres.
Westminster hires ex-SAS man
Security firm Westminster has hired a
former SAS soldier as chief operating
officer for its homeland security division
Longmoor. Major Keith Wright passed
the SAS selection course aged 20 in
1976, making him one of the youngest
ever soldiers to join the regiment.
ANALYSIS l SuperGroup
p
1,600
1,200
800
863.00
20 Jun
jeep.co.uk
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MOSS Bros yesterday said it was on
the road to a return to profit after
reporting a 13.4 per cent rise in sales.
The lift, for the 20 weeks to 18 June,
comes in the middle of the retailers
turnaround plan under chief execu-
tive Brian Brick.
Under the revamp Moss has opened
new bespoke stores and is concentrat-
ing on breathing new life into the
Moss brand, including its traditional
hire business.
The plan included selling of its Boss
franchise business earlier this year.
Moss Bros said it anticipates that
the out turn for the full year will be
ahead of current market forecasts.
Gross margins have improved
slightly but the rising cost of raw
materials, especially cotton, is prov-
ing a challenge, the firm said.
Brick told City A.M.: We are on our
way to returning to profit although we
arent saying when that will happen.
We are concentrating on our core
brand and pleased with the progress
we are making.
In 2009 Moss lost 5m and brokers
are forecasting a 2m loss for the last
year.
However, analysts say they are
expecting the company to return to
profit by 2013.
Altium Securities analyst John
Cummins said: Whilst the market
backdrop will remain challenging for
some time to come, we believe Moss
Bros to be an interesting recovery
play, which should benefit from both
further self-help measures.
Shares in Moss jumped 20 per cent
after yesterdays announcement.
JD Sports Fashion has bought a slice
of Spanish chain Sprinter and Moss
Bross eight Cecil Gee stores.
The company now has holds 50.1
per cent of Sprinter, which include 47
shops in the Andalusia and Levante
regions.
JD Sports has invested 20m
(17.7m) into Sprinter through a sub-
scription for shares.
The retailer bought the Cecil Gees
stores from Moss Group for 1.7m.
It said it will continue to trade
these stores under the Cecil Gee
name.
We are very pleased to announce
these two acquisitions, which both
result from our strategy of selectively
expanding our European retail pres-
ence and increasing our exposure to a
broader portfolio of premium
brands, said JD Sports chairman
Peter Cowgill.
...as JD Sports Fashion
buys its Cecil Gee brand
Fashion stalwart Cecil Gee opened in London in 1929, merging with Moss Bros in 1988
BY JOHN DUNNE
RETAIL
News
CITYA.M. 21 JUNE 2011
BY JOHN DUNNE
RETAIL
13
ANALYSIS l Moss Bros
p
28
29
30
31
32
27
26
25
31.38
20 Jun
Moss Bros in
pledge to see
profit again...
NEWS | IN BRIEF
Asda exec King in shock exit
Chief operating officer at supermarket
giant Asda, Simon King, has quit after
only six months. King joined Asda on 10
January this year, moving from Saudi
Arabia where he was chief executive of
supermarket operator Panda Retail, a
subsidiary of The Savola Group. Prior to
that he was chief executive of Tesco
Kipa in Turkey, and has also worked for
Tescos operations in South Korea and
eastern Europe. He was also previously
at Safeway. At Asda, King took up the
role vacated by Andy Clarke when he
moved up to become chief executive. It
is understood Asda will announce a
replacement for King at the end of June.
His responsibilities covered retail, supply
chain, distribution, customer service as
well as the Walmart-owned chains
internal communications. Asda said in a
statement: Sometimes, it just doesnt
work out. Clearly whilst Simon has con-
siderable talents and retail experience,
we felt his impact wasn't being realised
as quickly as we hoped. We wish him
well for the future and appreciate all his
hard work over the past five months.
easyBus drives to first profit
EasyBus, the low-cost travel business
founded by Sir Stelios Haji-Ioannou, has
posted its first annual profit since it was
founded eight years ago. The bus opera-
tor, established in 2003 and part of Sir
Stelioss easyGroup venture, reported
post-tax profits of 1.4m in the year to
30 September 2010, compared with a
loss of 1.5m the previous year. EasyBus
is eyeing a potential stock market listing
to fund European expansion but this is
not likely to happen until 2012, after the
company has secured a second vehicle
manufacturer to supply its bus fleet.
FREE INVESTMENT SEMINARS
WITH THE FINANCIAL TIMES JOURNALIST DAVID STEVENSON
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To sign up to these events, visit our website sglistedproducts.co.uk/education
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MILLION
EURO WIN
FOR SILVER
SPECULATOR
SILVER is the stock of the moment just
ask the Slovakian kindergarten teacher
who has become a euro millionaire by
transacting heavily on the commodity
to win a trading contest run by European
brokerage house XTB.
The 30-year-old teacher, known only
by her trading name of Rudinka,
surged ahead in the late stages of the
XTB Trading Cup to make the biggest
overall rate of return of 637,000 to win
the life-changing cheque for 1m, pre-
sented at Bloombergs HQ last Friday.
When others were selling, Rudinka
took advantage of lower prices to take
long positions and close them at mar-
ket peaks, and she didnt let herself get
distracted by trading on too many mar-
kets, said Alexander Orban, managing
director of XTB UK.
The brokers trading competition ran
from 2 to 27 May, when thousands of
professional and novice traders across
Europe used XTBs Contest Demo soft-
ware to speculate on 30,000 each of vir-
tual funds, with the trading returns
monitored by Ernst & Young.
The three runners-up, who each won a
Mercedes SLK, were a Polish biotechnolo-
TENNIS HAWK-EYE
SPOTTED enjoying the first day of
Wimbledon, wearing his committee
members badge with panache: Bank of
England governor Sir Mervyn King.
No doubt the seasoned Wimbledon visi-
tor was keeping an eye on the rate of infla-
tion of strawberries which, for the record,
are selling for a modest 2.50 this year.
EASTERN PROMISE
SCOTLAND met the Lebanon at Boisdale
in Canary Wharf, when the Scottish
restaurants head chef Andy Rose pre-
pared a Lebanese feast served with
Massaya wine from the Lebanons top viti-
culturist Sami Ghosn.
The sub-plot of the evening was the pro-
posed joint venture between Ghosn and
Boisdales owner Ranald Macdonald
about opening a branch of Boisdale 30
miles outside Beirut in a site in the moun-
tains, where Ghosn has a vineyard.
We would build the restaurant as part
of the winery and have spent many hours
taking about this, Macdonald told The
Capitalist. You read it here first.
gy scientist known as Wlodeka;
Farciarz, who had a disciplined
approach to risk; and Champion20, a 20-
something Austrian soldier who put
large positions on silver.
THE LINKS EFFECT
THERE are keen golfers in the City and
then there is Patrick Claridge, chief execu-
tive of Merchant Securities, who loves the
game so much he practises his swing at
6am in the fields of his agricultural farm
near Epping before driving to work.
Not only that, but he also owns a sec-
ond home on the course of The Links at
Fancourt, the exclusive South African golf
resort owned by software millionaire
Hasso Plattner that has only 60
members worldwide.
Perhaps Claridge needs
to spend more time out
there though, as the
weekend golfer was
disappointed to finish in twen-
ty-fifth place in the three-day amateur
tournament at his local Chigwell
course at the weekend.
Functioning on less sleep
than usual after staying up late to
watch Rory McIlroy (right) win his first
major tournament at the US Open on
Sunday night, Claridge, who currently
plays on a handicap of eight,
told The Capitalist: I will be back next
year to win.
A 30-year-old
Slovakian
kindergarten
teacher has
won 1m by
going long on
commodities
in the XTB
Trading Cup
15
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 21 JUNE 2011
Middle Eastern promise: Boisdale Canary Wharf
Euro millions: Racing driver Lewis Hamilton, Rudinka and XTB chief executive Jakub Zablocki
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THE UKs new insurance regulator will
treat the sector differently to the banks,
but will be heavily focused on enforcing
new Solvency II capital requirements,
authorities said yesterday.
The Prudential Regulation Authority,
due to launch by the end of 2012, will
supervise firms business models and
financial strength using a forward-
looking, judgement-based approach.
To be headed by current FSA chief
executive Hector Sants (pictured), the
PRA will regulate
636 general
insurers, 123
life insurers
and 132
L o n d o n
m a r k e t
firms, the
Financial Services Authority and Bank
of England said in a paper on its role.
While insurers are not systemic in
the same way as banks, their behaviour
or failure nevertheless has the potential
to pose risk to the stability of the finan-
cial system, it said.
Firms deemed highest
risk will be required to
provide detailed data and
accept external audits of
their systems.
However, experts
warned the PRAs model
was too close to that of
the banks. The PRA blue-
print for each sector looks
very similar which is wor-
rying, said Paul
Edmondson, a
partner at CMS
C a m e r o n
McKenna.
New insurance
body outlined
BY ALISON LOCK
INSURANCE
News
16
INSURERS FACE MORE NZ QUAKE LOSSES
THE earthquake that hit Christchurch in New Zealand last week will leave Australias largest
insurers including Insurance Australia Group, Suncorp and Lloyds insurer QBE exposed to
rising reinsurance costs, rating agency Fitch said. The first quake, which devastated the city
in March (pictured), has already caused around $8bn (4.9bn) of insured losses. Pic: REUTERS
News
NEWS | IN BRIEF
UK wealth rms fear new rules
Wealth managers in the UK believe their
prots are more likely to take a hit due
to regulation than their counterparts
across the world, a new survey has
found. Almost 50 per cent of private
banks and wealth managers felt regula-
tion would have a signicant impact on
prots, in a study of top rms by
PricewaterhouseCoopers. Increased
regulation and the associated cost were
cited as the number one challenge to
business growth worldwide, yet rms in
other countries were found to be less
concerned about the impact. Only 20
per cent of rms surveyed in the US
expect their protability to be impacted
by regulation, whilst 30 per cent of
rms in Asia Pacic and 37 per cent of
companies in Europe and the Middle
East said their prots could be hit by
regulation.
Vallares defies gravity in new issues market
S
EBASTIAN Grigg looked even
more ebullient than usual
when I bumpedinto him at the
weekend. The Credit Suisse
investment banker was as pleased as
could be about the manner in which
Nat Rothschilds new acquisition
vehicle Vallares had managed to raise
1.3bn in funds, with Griggs bank as
the lead adviser.
Grigg is not the man leading the
deal. That is George Maddison. But
the bank, which was also one of the
many involved in the Glencore flota-
tion, has now raised funds for three
so-called acquisition companies;
Vallares, Vallar (also Rothschild) and
Hugh Osmonds Horizon, and there is
a lot of collective kudos being shared
out as a consequence of its involve-
ment in such deals.
But why, when the market for new
companies is so nervy amidst talk
that the IPO market is effectively
closed, has Vallares managed to raise
1.35bn, 35 per cent more than it
intended, so quickly and so easily?
Obviously the personalities
involved play a large part. Rothschild
himself is fast gaining a fan club,
with shares in Vallar more than 20
per cent ahead of their flotation price.
He is also supported in this venture
by former BP chief Tony Hayward and
ex-Goldmanite Julian Metherell.
The board is full of heavy-hitters
too, such as Jim Leng, the man who is
widely credited with scuppering Rios
planned shareholder exchange with
Chinalco, which he thought gave too
much power to the Chinese.
Paradoxically, the very problems
affecting the IPO market in Europe
are perhaps playing a larger part in
making acquisition vehicles attrac-
tive.
We know that when we want to
make an acquisition, we are in a good
position to buy companies because
they will find it very tough to IPO,
said one source close to the deal. We
can offer a readymade structure.
Meanwhile, Goldman Sachs had
something to celebrate yesterday
after the bank won the joint broker-
ship to Balfour Beatty.
The win is the latest sign that
Goldman, who poached top corporate
broker Phil Shelley from UBS in
December, is taking even the mid cap
broking market in London seriously.
Joint brokers to the company,
which was previously advised by Bob
Pringle at RBS and JP Morgan
Cazenove, are Bank of America
Merrill Lynch.
Corporate broking in itself is not
the most profitable activity for invest-
ment banks but it creates a relation-
ship and can lead to other business.
Goldmans intent is clear. Expect
more brokership wins shortly.
david.hellier@cityam.com
INSIDE TRACK
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Your home may be repossessed if you do not keep up repayments on your mortgage.
THE government will stick to its plans to
raise the state pension age for women
despite growing opposition, secretary of
state Iain Duncan Smith insisted last
night.
Duncan Smith has no plans to
make changes to the policy that will see
the pension age for women rise to 65 by
2018, bringing it in line with men, then
increase to 66 by 2020.
Opposition to the plans grew in
Westminster yesterday, with several MPs
throwing their weight behind efforts to
amend the bill.
The scheme risks penalising a specific
group of women who were born around
1953 and 1954, coalition backbenchers
Jenny Willott (Liberal Democrat) and
James Gray (Conservative) said in parlia-
ment yesterday.
More than 20 Liberal Democrat MPs
had already signed parliamentary
motions opposing the proposal, ahead
of yesterdays second reading.
In later readings, MPs will have the
chance to vote against specific parts of
the bill, raising the chance of dissent
among the governments benches. The
bill is also set to face strong opposition
from the House of Lords.
Around half a million women will
face an increase in their expected pen-
sion age of more than a year, critics said,
while men have not faced an increase of
more than a year.
It is simply wrong to punish women
by moving the goal posts at this late
stage, said Labours shadow pensions
minister Rachel Reeves.
Labour estimated that 300,000
women born between 6 December 1953
and 5 October 1954 would have to wait a
further 18 months for the state pension.
Labour has said it would delay hiking
the state pension age until 2020, to give
people the time they need to prepare.
The rise in the pension age would
then have to come even faster than in
the coalitions plans, Labour conceded.
Most women would like to retire at 61
years and four months of age, according
to a survey released yesterday by
Scottish Widows. Yet over half do not
think they are financial prepared for
retirement, the report said.
Tories stick to
pensions plan
Work and pensions secretary Iain Duncan Smith defended the proposals Picture: REUTERS
BY JULIAN HARRIS
PENSIONS
News
18
BRITAIN needs more houses to avoid
shortages in the near future, a group
of economists is expected to
announce tonight.
Even if net migration levelled out,
the UK would still require more
housing, the Centre for Economic
Performance will state at a lecture in
London.
Unfairly perhaps, migrants will
nevertheless get a lot of blame, the
group expects, unless authorities are
presented with strong financial
incentives to allow development.
The news comes as house prices
appear to have bottomed out, accord-
ing to a separate survey.
House prices held firm in May,
despite sluggish activity in the mar-
ket, ending seven consecutive
months of price falls, according to a
study by the Centre of Economics
and Business Research.
The average house price stands at
173,379 across the UK, and 371,540
in London, said Chesterton
Humberts, which sponsored the
research.
Prices in the capital are up 1.2 per
cent compared to the same time last
year, the research found.
Mortgage lending in the UK rose
in May after a slump in April, the
Council of Mortgage Lenders (CML)
revealed in a separate statement yes-
terday.
Distorting effects from Easter and
bank holidays cloud the current pic-
ture, said CML chief Michael
Coogan, but the likelihood seems to
be for essentially flat levels of lend-
ing over the next couple of months.
A total (gross) of 11.3bn was lent
in May up 12 per cent from Aprils
sluggish rate, yet only one per cent
higher than in May 2010.
Gross mortgage lending includes
lending for both house purchase and
remortgage, the report explained.
Despite a modest pick-up in over-
all lending activity during May, lend-
ing for house purchase is running
below year earlier levels.
Calls for more
UK housing as
prices hold up
BY JULIAN HARRIS
HOUSING
News
NEWS | IN BRIEF
Eurozone current account widens
The Eurozones current account gap
widened in April, official figures revealed
yesterday. The deficit grew to 5.1bn
(4.5bn), from a downwardly revised
3bn in March. This is the fifteenth con-
secutive monthly current account
deficit, said BNP Paribas in a note.
Labour costs rise across Euro area
Labour costs in the Eurozone rose by 2.6
per cent in the first three months of the
year, data showed yesterday. The figure
was higher than expected, and a sharp
jump from the 1.5 per cent increase in
labour costs seen in the fourth quarter of
2010. Wage inflation climbed to 2.3 per
cent from 1.4 per cent, while non-wage
inflation doubled to 3.6 per cent from 1.8
per cent. While this may not be suffi-
cient to conclude that second round
effects are evident, the risk is certainly in
that direction, commented Ken Wattret
of BNP Paribas. Eurozone interest rates
are expected to rise next month.
German producer prices stagnate
Producer prices in Germany rose by 6.1
per cent in the year to May, slightly slow-
er than the 6.4 per cent rise measured in
April. Prices remained stagnant on the
month, fresh data revealed, below expec-
tations of a modest rise.
Disappointing Japanese exports
Japanese export figures disappointed
yesterday, denting the governments
more upbeat assessment of the econom-
ic performance and outlook. Exports
edged up 2.5 per cent in May compared
with April, yet this was below forecasts
and a warning sign that overseas
demand for Japanese good may prove
weaker than earlier thought.
MORE THAN six out of 10 investors
expect persistent inflation to still be
hitting the UK in six to 12 months
time, according to research seen by
City A.M.
Only half of the surveyed fund man-
agers expect interest rates to rise with-
in three to six months, the study from
Capital Spreads showed.
With no action from the Bank, the
cheap money scenario looks to be
continuing for a good while yet, and
there are even fears that the Treasury
will agree to further quantitative eas-
ing, said Capital Spreads chief Simon
Denham. A story with this strapline
has stagflation written all over it.
Despite this threat, investors are
cautiously optimistic over UK eco-
nomic prospects, while 84 per cent
think the Bank of England will be
forced to tighten policy in six to 12
months from now.
Inflation pressures are
set to stick, survey says
Consumer price index inflation has hit 4.5 per cent in the UK Picture: REX
BY JULIAN HARRIS
UK ECONOMY
News
L
UCKILY for all of us the City is
full of rising stars, people we all
think will make it to the top.
This years selection includes
Sam Smith, who has been making
waves as head of the small cap broker
finnCap. Weve chosen two high-fly-
ing lawyers, one investment analyst
and a fast rising star from the world
of financial public relations.
Dont miss the City event of the
year get online and book your table
for the City A.M. Awards on September
21 at Grange St Pauls Hotel, London
EC4. www.CityAMAwards.com
Sam Smith established finnCap in
August 2007, leading the buyout of
JM Finn small cap corporate
finance advisory and institutional
broking businesses with some of
her own money and cash invested
by her team.
After qualifying as a chartered
accountant with KPMG in 1998,
Smith joined JM Finn to set up its
corporate finance division.
She has worked on over 60 trans-
actions, mostly IPOs and secondary
fund raisings. She commands huge
respect from staff and clients alike
and during the downturn has
grown market share to make the
firm the second largest broker and
adviser on the alternative invest-
ment market (Aim) by client num-
bers. She is fun and interesting, as
well as knowledgeable, said a rival.
SAM SMITH
FINNCAP
Billy Clegg joined the consumer
industries team at Financial
Dynamics (FD) in July 2004, where
he works on a growing number of
clients. He has really come into his
own this year.
Clegg joined FD after spending
six years at Bell Pottinger Financial,
where he worked for BAE Systems,
P&O, Reg Vardy, Durlacher and
many Aim clients.
He founded the Aim team at BPF
and has undertaken eight Aim IPOs
there. He has this year worked on
the planned flotation of Ophir
Energy. He also advised Edward
Bramson on the EGM requisition to
become chairman of F&C Asset
Management in February 2011.
He is married with two
daughters and is widely considered
to be one to watch in financial PR.
BILLY CLEGG
FINANCIAL
DYNAMICS
Leanne Hoares performance for
Scottish clients Standard Life
(on its demutualisation and IPO)
and Bank of Scotland (on its Savoy
Hotel and Fairmont Monte Carlo
investments) attracted City atten-
tion and, since joining Linklaters,
LEANNE
HOARE
LINKLATERS
Leannes star has continued in the
ascendancy.
Playing a key role in disentan-
gling RBS from the ABN AMRO
Group and, more recently, com-
pleting Linklaters first transaction
for Alliance Boots and global dis-
posals for Schlumberger and
Scotts Miracle-Gro, Leanne has
excelled in the Magic Circle. Her
recent representation of De Beers
rounds off a sparkling year. A for-
mer national gymnast, clients
praise her focus, flexibility and
commitment. Irrespective of her
stellar reputation, she also stands
out for her down-to-earth
approach to getting big deals
done. Oliver Holbourn has had a fantasti-
cally productive year at BoA Merrill
Lynch, where he is responsible for
execution of equity capital
markets. He has been at the firm
for over 11 years and joined
straight from Oxford University,
where he studied for a BA (Hons) in
Jurisprudence. Since Holbourn took
over responsibility for running the
desk in 2007, he has overseen the
successful execution of over 175
deals raising total equity capital of
circa $310bn.
Recent landmark transactions in
the last 12 months include the IPO
of Glencore where the bank was a
joint bookrunner; the $7.2bn
Intesa San Paolo rights issue; the
National Grid rights issue and the
$5bn Danske Bank rights issue. He
is widely regarded by colleagues.
OLIVER
HOLBOURN
BOA
MERRILL
LYNCH
Alex Ham, a managing director in
corporate broking at the invest-
ment bank and broking firm
Numis, has been especially active in
deals this year.
Ham, 28, has worked at Numis
since 2005, and ran the brokers
ALEX HAM
NUMIS
involvement in the flotations of
Horizon and Betfair last year as
well as securing the 10 per cent
Ocado cornerstone investor in the
online grocers IPO fundraising.
He is currently advising
Investcorp in their announced bid
for Opsec, as well as Hugh
Osmonds Horizon in its 527m bid
for power firm APR, where he sits
on the deal alongside senior col-
league Oliver Helmsley.
He is also a senior adviser on cor-
porate broking and equity capital
markets to online fashion retailer
Asos, global software firm Micro
Focus, student accommodation
group Unite and Zooplus, the
German online retailer.
E
NTREPRENEURSHIP has hogged
the political limelight over the
last year. David Cameron called
on the nations doers and
grafters to roll up their sleeves and
fix our broken economy. The compa-
nies on our list have been pushing
ahead, creating the jobs and wealth
we desperately need. We are all the
winners from their enterprise.
Weve chosen one publicly-quoted
retailer, Asos, and two firms, Lovefilm
and Tweetdeck, that have been
bought out during the year. Mind
Candy and Spotify make up the list.
Chief executive Simon Calver kept
his job when LoveFilm was bought
out by Amazon in January this year
for 200m. The deal saw Amazon
snap up the remaining 58 per cent
of the company that it didnt
already own. LoveFilm is keen to
expand its digital streaming opera-
tions, which are understood to rep-
resent roughly 20 per cent of its
movie consumption. Amazons
extensive studio relations and pow-
erful cloud computing tools will be
a boon for LoveFilm as digital
streaming accelerates with the
growing popularity of internet TV.
Already, LoveFilm has struck new
streaming deals with Disney in the
UK and Germany. The company has
more than 1.4m members and a
catalogue of over 67,000 films and
games.
SIMON
CALVER
LOVEFILM
Daniel Ek, the co-founder of Spotify
alongside Martin Lorentzon, raised
$100m (61m) in a funding round
last week. The Swedish music
streaming company launched in
2008 and moved its commercial
team to London in 2010. It has now
been valued at $1bn ahead of its US
expansion, which could begin as
soon as 5 July. The companys
launch in the States has been long
anticipated, and the new funding
follows a successful licensing nego-
tiation with Universal Music,
although talks with Warner Music
continue. There are also rumours of
deeper integration with Facebook
in the future. The service currently
offers online access to millions of
music tracks, either ad-supported,
or by premium subscriptions. It has
over 10m users in Europe.
DANIEL EK
SPOTIFY
London-based TweetDeck founder
Iain Dodsworth became an
overnight millionaire last month
after selling the firm to Twitter for
around $40m (25m) in cash and
shares. Dodsworth, who founded
TweetDeck in 2008, has said that he
will continue to head up
IAIN
DODSWORTH
TWEETDECK
TweetDeck within Twitter.
Dodsworth, a former developer for
BSkyB and Prudential Financial,
founded the company in 2008 and
grew it into a team of fifteen with
millions of devoted users. It was the
first non-US company to be featured
by Google on its Chrome internet
browser application store.
TweetDeck is a third-party app
designed to integrate with Twitter.
TweetDeck organises Twitter and
other social media feeds into easy to
navigate columns and filters con-
versations based on keywords and
groups, while allowing users to
write tweets in excess of the default
140-character limit through a serv-
ice called Deck.ly.
Nick Robertsons Aim-listed fashion
innovator has come a long way since
it was founded in 2000 by Robertson
and his business partner Quentin
Griffiths. Asos stands for as seen on
screen and the online retailer helps
customers to capture the looks of
the stars on a budget, with own-
brand items and bargains on major
labels. Now the third most visited
fashion site globally, June results
showed a 41 per cent rise in year on
year profit, with an underlying net
profit of 28.6m. International
expansion is expected to drive sales
to 1bn by 2015. Its share price has
trebled over the past year and
although its stock is seen as overval-
ued by some, Asos has a shot at
becoming the Facebook of fashion
in the words of a Morgan Stanley
analyst.
NICK
ROBERTSON
ASOS
Michael Acton Smith founded the
multiplayer games company Mind
Candy in 2003, after getting his
entrepreneurial career off to a good
start by creating online retailer hot-
box.co.uk, later firebox.com, in the
1990s.
MICHAEL
ACTON SMITH
MIND CANDY
In 2008, Mind Candy released
Moshi Monsters, a website designed
with children in mind. It combines
gameplay (caring for a pet monster)
with social networking in a secure,
child-friendly space. It caught on
spectacularly; Mind Candy is now
one of the worlds fastest-growing
online games companies, with a
global fanbase. On 6 June, registered
users were announced to have
topped 50m, and a new monster is
adopted every second. Mind Candy
is now using licensing deals to
extend the brand. Gross revenues
around 60m are estimated for
2011, thanks to monthly subscrip-
tions and merchandise sales.
Sponsored by
OF THE YEAR
|
ENTREPRENEUR
Headline sponsor
Sponsored by OF THE YEAR
|
The Shortlist day 2
RISING STAR
News
Jefferies
The investment bank has hired Ian
Rennardson as a managing director and
senior analyst and Andrew Lee as a sen-
ior vice president and senior analyst to
lead the firms equity research coverage
of the lodging, gaming, travel, cruise and
food service industries. Both join from
Bank of America Merrill Lynch.
Linklaters
The law firm has appointed Paul Kreijger
as a counsel to lead its new competition
practice in Amsterdam. Kreijger joins
from Freshfields Bruckhaus Deringer.
Pathfinder Minerals
The natural resources company has
appointed Major-General Jacinto Veloso
as a non-executive director. Veloso, who
owns 13.5 per cent of Pathfinders issued
share capital, is an adviser to the presi-
dent of the Republic of Mozambique and
a member of the countrys National
Defence and Security Council.
Squarestone Brasil
The Anglo-Brazilian real estate and
investment firm has appointed Neil
Varnham as non-executive chairman.
Varnham is currently head of retail funds
at Cadena Holdings, the holding compa-
ny of Pradera Asset Management.
EFAMA
The European Fund and Asset
Management Association has elected
Claude Kremer, a founding partner at
Arendt & Medernach, to succeed Jean-
Baptiste de Franssu as president for a
two-year term. The body has also elected
Christian Dargnat, the chief executive of
BNP Paribas Asset Management, and
Massimo Tosato, the executive vice chair-
man of Schroders, as vice-presidents.
ICAP
The interdealer broker has appointed
Brigitte Trafford, formerly group com-
munications director for Lloyds Banking
Group, as director of corporate affairs.
Addington Capital
The property asset manager has
appointed Alex Wagstaff, formerly of
Spectrum Property Management, as a
partner to lead its retail asset division.
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 closes up
on weak volumes
U
S stocks rose yesterday, as the
latest development to reduce
Greeces debt helped draw buy-
ers and the S&P 500 touched a
key support level, but anaemic vol-
ume signalled the recent weakness
may not be over.
Stocks erased early losses as the
S&P 500 dipped toward 1,259.78, its
200-day moving average, which is
often viewed as a pivotal point in
determining the markets direction.
A drop below that level would be the
first since September 2010.
When youre in the midst of a bull-
ish trend since July of last year
thats when the bottom was I think
people tend to look for places to buy
dips, and this is just an obvious place
to expect some buying to come into
the market, said John Kosar, director
of research at Asbury Research in
Chicago.
The moves higher may have been
slightly exaggerated due to thin vol-
ume. Just 5.66bn shares traded on the
New York, Nasdaq and NYSE Amex
exchanges, compared with a daily
average of 7.58bn.
Eurozone finance ministers gave
Greece two weeks from yesterday to
approve stricter austerity measures in
return for another 12bn in emer-
gency loans, piling pressure on
Athens to get its ragged finances in
order.
The Eurozone finance ministers
expect the money, the next tranche
in a 110bn bailout of Greece by the
European Union and the
International Monetary Fund, to be
paid by mid-July. Greece needs the
loans by then to avoid a debt default.
Despite the development, finan-
cials were the S&P 500s weakest sec-
tor. Shares declined after Citigroup
cut price targets on a number of
banks, including Goldman Sachs, cit-
ing a tough regulatory environment.
Goldmans shares slipped 1.5 per cent
to $135.14, while Morgan Stanley
shares dropped 1.9 per cent to $22.39.
The Dow Jones industrial average
climbed 76.02 points, or 0.63 per cent,
to end at 12,080.38. The Standard &
Poors 500 Index rose 6.86 points, or
0.54 per cent, to 1,278.36. The Nasdaq
Composite Index gained 13.18 points,
or 0.50 per cent, to 2,629.66 at the
close.
The US Food and Drug
Administration approved a tamper-
resistant pain drug from Pfizer and
Acura Pharmaceuticals. Acura shares
jumped 16.3 per cent to $4.50, while
shares of Pfizer rose 0.05 per cent to
$20.27.
In the consumer discretionary sec-
tor, which was also among the top-
performing groups, Wal-Mart Stores
gained 0.4 per cent to $53.04.
B
ANKS and commodity stocks-
dragged Britains top index
lower yesterday, as Greeces lin-
gering debt crisis looks likely to
stall the FTSEs progress near-term,
analysts said.
Investors reacted negatively after
European finance ministers post-
poned a final decision on extending a
further 12bn in emergency loans to
Greece.
The International Monetary Fund
weighed in, saying it needed to be
sure Greek reforms are on track and
will be financed by the Eurozone,
before the lender can pay out its part
of the next aid tranche for Athens.
The FTSE 100 closed down 21.55
points, or 0.4 per cent, at 5,693.39,
having shed 0.9 per cent overall last
week, its fourth straight week of loss-
es, on concern about global economic
growth and the Eurozone debt crisis.
There is clearly a shortage of good
news about and the factors we see in
front of us indicates that we are going
to be in negative territory on and off
for some considerable time, Howard
Wheeldon, strategist at BGC Partners,
said.
Wheeldon, however, noted the
FTSE has not moved far from levels of
18 months ago and he said the index
will bob around like a cork in a
rough sea for a long time yet, fore-
casting the FTSE 100 to close around
5,800 by year-end.
Part state-owned lenders Royal
Bank of Scotland and Lloyds Banking
Group were among the biggest fallers
on the FTSE 100, off 4.4 per cent and
2.5 per cent respectively.
Insurers fell, with RSA Insurance
off 1.6 per cent as UBS cut its rating
on the stock to neutral in a down-
beat review of the sector on concerns
over exposure to government and
banking debt.
Energy stocks and miners , track-
ing commodity prices lower, fell as
investors became more risk averse on
the back of the Greece concerns.
ENRC, however, rose 1.5 per cent,
buoyed by a Goldman Sachs initiation
at buy with a 1,100 pence target
price, citing its product mix, emerg-
ing market exposure and low cost
base.
Engineers took a bashing, led by
mid cap Charter International, which
was down 25 per cent after saying
full-year results will be below expecta-
tions. Peel Hunt downgraded its rat-
ing for the stock to hold.
Blue-chip peer IMI shed 1.3 per
cent, while mid-cap Cookson Group
lost 4.6 per cent.
Among blue-chip gainers, satellites
operator Inmarsat was the top riser,
up 4.6 per cent, on media reports of a
contract between its US partner
LightSquared and telecoms firm
Sprint.
Investec Securities said the con-
tract could be worth up to 150 pence
per Inmarsat share.
Market heavyweight Vodafone
added 1.7 per cent, also on potential
US catalysts as the Financial Timess
Lex column highlighted a thawing of
relations between the British compa-
ny and US partner Verizon.
International Airlines Group
extended Fridays gains, which fol-
lowed an upgrade from broker Davy,
rising 2.1 per cent, boosted by falling
oil prices.
Londons blue chip index bounced
off a session low of 5,647.23, helped
by Wall Street rising at the UK close.
Atif Latif, director of trading at
Guardian Stockbrokers, said: The
FTSE 100 held at 38.2 per cent
Fibonacci retracement of the rally
from last summer at 5,593.72. If this
holds again then we see upside poten-
tial.
Banks and commodities fall
as Greek debt crisis lingers
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 Premier Farnell
310
300
290
280
270
260
250
240
p 243.20
20 Jun
PREMIER FARNELL
UBS raises the electronic components distributor to neutral after weak
first quarter results now leave less room for valuation downside. US slow-
down and company-specific problems in Asia Pacific, where organic sales
growth slowed from 11 per cent in the fourth quarter to fivr per cent, lead
the broker to think growth will struggle to remain positive in the second
quarter. The brokers target price falls from 275p to 260p.
ANALYSIS l Marks & Spencer Group
410
400
390
380
370
360
350
340
330
p 360.10
20 Jun
MARKS & SPENCER
Nomura rates the retailer neutral with a target price of 460p. The broker
thinks the new remuneration plan for M&S directors should help bolster its
growth rate as well as sustaining focus on the firms Plan A environmental
plans. However, Nomura notes that the companys earnings margins have
been volatile over the past decade, with little long-term improvement in
profitability thanks to its mature UK markets falling away.
ANALYSIS l Carillion
410
400
390
380
370
360
p
363.60
20 Jun
CARILLION
Investec sees the support services companys rating held back by its expo-
sure to the construction sector. However, the broker equally believes too
much emphasis is being placed on the UK construction business rather than
the main profit drivers of support services, the Middle East and Canada. It
has initiated coverage with a buy recommendation and a 450p price tar-
get.
HSBC
Ian Henley has been appointed as head of corpo-
rate & structured banking in the UK commercial
banking team at HSBC, which supports business-
es with a turnover above 25m. He succeeds
Stuart Grant, who is moving to Hong Kong to
take up a new role of global head of corporate
for the commercial banking division. Henley
joined HSBC in 2011 as deputy head of corporate
and structured banking, following senior roles at
the CBI, Deutsche Bank and RBS.
6,100
5,900
5,700
4May 24May 14Jun 8Apr 21 Mar
ANALYSIS l FTSE 100
5,693.39
20 June
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T
HE equity market sell-off which began in May has
seen most major global stock indices break below
significant technical support levels. The S&P 500
and Russell 2,000 are now both trading near their
200-day moving averages (MA). For the S&P, this comes
in at 1,260, with a break below here suggesting a test of
1,246 the 2011 low-point hit back in March. For the
broader-based Russell, the 200-day MA comes in at 776,
with the next significant support at 735. The tech-heavy
Nasdaq 100 closed below its own 200-day MA last
Wednesday, and so far it has been unable to make back
this lost ground. The UKs FTSE 100, Chinas Shanghai
Composite, Japans Nikkei and Spains Ibex are also look-
ing vulnerable from a technical standpoint.
Given the protracted nature of the sell-off, traders
may try to engineer a bounce from here to get a correc-
tive rally going. However, they will be wary of taking on
too much long-side exposure given the deterioration in
market fundamentals. Global growth is slowing; eco-
nomic sentiment is turning negative, while inflationary
pressures continue to raise costs and curb consumption.
In the US, unsustainably high levels of public and private
debt are weighing on the economy and pushing the
prospect of an improvement in unemployment and hous-
ing well into the future. China continues to tighten mon-
etary policy as it fights inflation imported through its
dollar peg. In Europe, the debt crisis continues unabated.
But one bright spot is the ongoing sell-off in oil prices.
This pull-back in crude should result in lower fuel prices
and consequently lower costs for companies and con-
sumers alike. The imminent conclusion to the Feds sec-
ond round of quantitative easing (QE2) is therefore
providing some benefit, as investors continue to head
back to the relative safety of the US dollar, putting pres-
sure on speculators who have sold/borrowed the dollar
as part of a yield-seeking, risk-on carry-trade.
Hopefully the pull-back wont prove to be transitory.
But while a fall in crude should help to stimulate eco-
nomic activity, it is worth noting that average prices still
remain elevated. To completely unwind the damage
done since QE2 was announced back in August, Brent
would need to drop by 33 per cent and WTI by 25 per
cent from current levels.
OIL PULLBACK
BRIGHTENS A
GLOOMY VISTA
DAVID MORRISON
CFD MARKET STRATEGIST, GFT
gered a run on the Argentine banking sys-
tem and a revolution on 26 July.
Much like current worries that abound
of UK banks over-exposure to a Greek bond
tragedy, Barings Bank went into difficulties
having over-lent to Argentina. Fearing a run
on the bank in London following a Barings
default, William Lidderdale, governor of
the Bank of England, set up a consortium
to guarantee Barings debts. Containing
most of the major London banks, the con-
sortium stumped up 17m worth of capi-
tal. On 15 November, the news of Barings
difficulties became publicly known, but
there was no run on the pound or on
London banks. The event had only a small
effect on the financial markets. Following
the events, Barings was liquidated and
refloated as a limited company. It went
bust again in 1995, but that is another
story.
In light of past sovereign debt crises,
Wood says that the ECB, rather than throw-
ing money into the Athenian abyss, should
instead address the predicament of other
Eurozone countries with exposure to Greek
debt, especially Ireland, Portugal and
Belgium.
ALL HANG TOGETHER
Whereas the Argentine crisis exposed other
countries to the risk of contagion, in the
case of the sovereign debt crisis hitting
Greece and the Eurozone as a whole, the
current woes are exacerbated by the
European single currency experiment.
The euro is fundamentally flawed, says
Wood. Beyond the issue of lenders treating
the countries within the Eurozone as being
of equal risk, the current crisis highlights
another glitch in the system. The big dif-
ference between the euro and the USs fed-
eral fiscal union is a willingness to lend.
A taxpayer in Delaware is more willing to
lend to Maryland than a German to
Ireland.
Traders will be interested in positioning
themselves for the fallout. Sadly, no two
crises are the same. You can get some idea
but the difference here is the single curren-
cy, says Michael Hewson, market analyst at
CMC Markets. The straitjacket of the euro
complicates a scenario massively, so what
worked in Argentinas case [referring to
Argentinas sovereign default in 2002]
wont work in Greece or Irelands case.
Though it is difficult to predict the exact
effects of Greeces inevitable implosion, the
reaction to the event will provide plenty of
opportunity to trade on the volatility, and
perhaps to book some profits on over-
exposed banks.
W
ITH Greece teetering on the
precipice, and Greek default not
being a case of if but when,
traders will be looking to pile in
when the crash happens. But can you look
at past financial crises to predict the
future?
Geoffrey Wood is professor of economics
at Cass Business School and a former spe-
cial adviser on financial stability to the
Bank of England. While some have drawn
parallels to Argentinas 2002 default, he
points to the Argentinean panic of 1890,
and the Barings crisis that it triggered, as
an echo of the current Greek predicament.
In 1890, Argentina went into a severe reces-
sion. In April, the government had difficul-
ty paying its debt. Following this, the
Argentinean national bank suspended
interest payments on its debts. This trig-
Craig Drake looks at
responses to debt
crises in history and
their effects on the
financial markets
Argentina takes to the street following its 2002 default Picture: REUTERS
Lessons from the past
CITYA.M. 21 JUNE 2011 23
* Investment Trends 2010 UK Spread Betting/CFD Report. Apple, the Apple logo, iPod, iPod touch, and iTunes are trademarks of Apple Inc., registered in
the U.S. and other countries. iPhone is a trademark of Apple Inc. App Store is a service mark of Apple Inc.
THE TIPSTER
IMAGINATION
HAS GOT OFF TO
A BAD START
the end of the bad news,. Some
suspect it will drop as low as
400p before trying to recover.
Spread Co offers 429.4p-430.3p.
The FTSE 250-listed
Supergroup has had a bit of a
fall from grace recently. It came
onto the market in January
2010 at 500p before moving to
nearly touch 1,900p in February
this year. The company remains
ambitious to expand. But in just
over a month, its interim figures
have caused them to fall from
1,588p to their current price at
840p. Although sales were up
61 per cent, the previous quarter
was significantly higher (up by
87 per cent). Traders have possi-
bly seen this stock as overvalued
and acted accordingly. Capital
CFDs is quoting 835.2p-840.3p.
Transport stocks are generally
struggling to make any headway
at the moment thanks to high
fuel prices and a faltering global
economy. Earnings news from
FedEx on Wednesday will be
closely watched and any surpris-
es here could end up weighing
heavily on the stock price.
However, some think the outlook
for 2012 will be better. Current
IG Markets price on FedEx is
$86.90-$86.98.
Donata Huggins
I
MAGINATION Technologies
reports its earnings on
Wednesday, but it has got off
to a bad start this week, plung-
ing some 8 per cent after analysts
had it downgraded. The shares
have fallen through the 100-day
moving average and support, to
around 450p. This might not be
E
VERYTHING about trading is dif-
ferent when you have your own
money on the line, says IG
Markets David Jones. Far too
many people think they need to find a
magic trading formula, but really their
time would be better spent learning
from their mistakes. Indeed, Amplify
Tradings Will de Lucy trains his
traders to do just this: Everyone
addresses risk in a different way, so
identifying your trading personalitys
strengths and weaknesses is funda-
mental to improving your strategy. To
help you spot yours, we consulted Dr.
Van Tharps and de Lucys research and
put together this guide.
NO. 1: THE THEORIST
Theorist traders are the scientific
types, usually chartists who like plan-
ning out strategies in advance. These
are the kids that always got As at
school and feel most comfortable
when they can go back to the books.
They put their stop losses wide and are
willing to wait until the right market
circumstances arise. The main prob-
lem with this approach is that they
execute too few trades and are often
inflexible when patterns change. De
Lucy says theorists should try to break
this cycle by doubling the number of
trades they do on an average day.
NO. 2: THE PRAGMATIST
Pragmatists are goal-driven folk. They
will flip from one strategy to the next
when circumstances change. They
often dont have a theory, reacting
mainly to news and momentum.
These guys are probably the most suc-
cessful, but would benefit from keep-
ing a trading journal, regularly
looking back and checking to see if
they were reacting to the right signs.
Jones says: Trades often look very dif-
ferent when you come back to look at
them with a fresh pair of eyes.
NO. 3: THE REFLECTOR
The reflector constantly looks for situa-
tions they have seen before. These
traders want to predict, control and
explain markets, which rarely works
because they are so slow to react. To
remedy this sort of behaviour, traders
should throw themselves into a fast-
moving market to force themselves to
react more intuitively. De Lucy recom-
mends picking a day full of data releas-
es to do this: These sorts of traders just
need to build up their confidence.
NO. 4: THE ACTIVIST
Activists are fast movers, often called
scalpers who dive in and out of
trades. They are impatient and easily
distracted, but great at spotting
momentum. This group has strong
intuition, but will really benefit from a
bit of reflective thinking. They should
pledge to reduce their daily trades by
half to slow themselves down.
Relaxed? Now, let
us discover your
trading persona
Understanding yourself could unlock
profit potential, says Donata Huggins
Fear not, this analysis could actually make you money Picture: GETTY
TRADE FTSE 100
POINT
SPREAD 1
1 Point Spreads available during market hours on rolling and daily future spread
bets and CFDs (excluding futures).
Spread betting and CFD trading can result in losses that exceed your initial deposit.
Trade today at
www.cityindex.co.uk/value-indices
WALL ST | FTSE 100 | GERMANY 30 | FRANCE 40
Wealth Management | Contracts for Difference
Traders are better
at managing risk
than the regulators
Financial authorities in both the UK and EU need not be
overly wary of Contracts for Difference, writes Philip Salter
U
NEASE about the information
provided to some Contracts for
Difference (CFD) customers has
caused concern to the financial
authorities in Ireland. This has no
direct implication for UK traders, but
it is worth revisiting the current regu-
lations and risks of CFD trading.
Ultimately, all good traders must take
responsibility for their own risk expo-
sures.
Last Thursday, the Central Bank of
Ireland raised concerns about the
compliance of a small number of CFD
providers with the EUs Markets in
Financial Instruments Directive
(MiFID). The banks head of consumer
protection Sharon Donnery criticised
a few firms for failing to fully inform
and provide adequate warnings to
consumers of the risks that CFD and
financial spread betting carries before
they begin trading. It is not yet clear
what, if any consequences, will be
faced by the companies involved.
THE UK REGULATORY ENVIRONMENT
In the UK, CFDs are regulated by the
Financial Services Authority (FSA),
which has incorporated MiFID regula-
tions on the organisational require-
ments and operating conditions for
investment firms into its rules and
guidance. The aim of MiFID is to
increase competition and to establish
better rules for investor protection,
requiring CFD providers to pass on the
best execution and best executable
prices to customers. David Norman in
CFDs: The Definitive Guide to
Contracts for Difference writes: CFD
providers are required to establish a
formal best execution policy and pro-
vide regular reports as to the effective-
ness and performance of that policy.
Most participants appear content
with the current state of regulation.
In an FSA consultation paper under-
taken in November 2007, leading
investment banks and CFD market
participants asserted that they were
not in favour of a new regime being
introduced specifically for Contracts
for Differences (CFDs), and did not
agree that it would improve trans-
parency or bring any benefit to the
market. It also found that the majori-
ty also thought that, should such a
regime be introduced, it would
increase confusion in interpretation
of market movements, would lead to
double counting, would not solve the
initial problem and would increase
costs and complexity without clear
benefits.
MANAGE YOUR OWN RISK
Of course, regulators shouldnt be the
only people worried about risk
traders should too. Risk management
is arguably the most important skill
for success. Malcolm Pryor of
www.spreadbettingcentral.co.uk iden-
tifies three categories of risks. Firstly,
he says there is the predefined risk of
the trade the difference between
the stop and entry. Associated with
this is the double-edged nature of any
leveraged product. As such, traders
need to manage the risk of both indi-
vidual trades, as well as the total risk
of all trades. The second category of
risk according to Pryor is additional
market risk the risk of a market
event causing a larger loss than the
predefined risk to occur. This can
impact upon any asset class, but can
be easily mitigated against if CFD
traders always set stops. Finally, there
is the danger of counterparty risk.
However, on this front it should be
pointed out that over-the-counter
(OTC) CFD providers are required by
law to segregate client funds, thus
protecting client balances in the event
of a company default.
Despite the concern from the
Central Bank of Ireland, it would
already be impossible for a potential
trader to open a CFD account in either
country without being aware that
there are risks associated with trad-
ing. Also, given the plethora of infor-
mation available on the internet
both on CFD providers websites and
external to them there certainly
isnt the need for any additional legis-
lation. Caveat emptor should be the
order of day. Regulation is a growth
industry, but authorities in the UK
and EU need to hold back. Due to the
concealed nature of the unintended
consequences of trying to control
risks outside of the market process, it
is impossible to understand the nega-
tive impacts of most regulations. Yet
the financial crisis makes it clear that
bad regulations can, as if guided by an
unseen hand, homogenise the actions
of market participants, increase
moral hazard and contribute to over-
all market instability.
Regulators risk tying themselves up in rules Picture: GETTY
LON GD ONCE FIX AM...........1537.00 10.75
SILVER LDN FIX AM ..................35.78 0.06
MAPLE LEAF 1 OZ ....................54.00 0.00
LON PLATINUM AM................1746.00 -1.00
LON PALLADIUM AM...............742.00 -2.00
ALUMINIUM CASH .................2518.00 3.00
COPPER CASH ......................9101.00 90.00
LEAD CASH...........................2460.00 -11.00
NICKEL CASH......................21905.00 195.00
TIN CASH.............................25090.00 350.00
ZINC CASH ............................2199.50 6.50
BRENT SPOT INDEX ................111.74 -1.46
SOYA .....................................1333.00 -17.50
COCOA..................................2917.00 3.00
COFFEE...................................249.55 -8.35
KRUG.....................................1593.40 -3.10
WHEAT ....................................172.25 -2.00
AIR LIQUIDE........................................93.16 -0.44 100.65 79.85
ALLIANZ..............................................93.35 -0.34 108.85 78.99
ALSTOM..............................................41.97 -0.11 45.32 30.78
ANHEUS-BUSCH INBEV ....................39.84 -0.17 46.33 38.68
ARCELORMITTAL...............................22.11 -0.05 28.55 20.26
AXA......................................................15.00 -0.20 16.16 10.88
BANCO SANTANDER...........................7.87 -0.09 10.23 7.00
BASF SE..............................................62.80 -0.49 70.22 40.74
BAYER.................................................57.39 -0.17 59.44 43.27
BBVA......................................................7.83 -0.11 10.71 6.75
BMW....................................................63.90 -0.28 65.49 37.80
BNP PARIBAS.....................................51.75 -0.45 59.93 43.13
CARREFOUR ......................................26.86 -0.43 41.28 25.95
CREDIT AGRICOLE............................10.00 -0.10 12.92 8.13
CRH PLC .............................................14.30 -0.11 19.92 11.51
DAIMLER.............................................47.56 0.22 59.09 37.03
DANONE..............................................52.28 -0.44 52.84 41.00
DEUTSCHE BANK..............................40.24 -0.09 51.61 35.93
DEUTSCHE BOERSE .........................51.82 -0.12 62.48 46.33
DEUTSCHE TELEKOM.......................10.51 0.03 11.38 9.50
E.ON.....................................................19.06 -0.20 25.54 18.25
ENEL......................................................4.30 -0.23 4.86 3.42
ENI .......................................................15.72 -0.27 18.66 14.62
FRANCE TELECOM............................14.37 -0.05 17.45 14.01
GDF SUEZ ...........................................24.14 -0.29 30.05 22.64
GENERALI ASS...................................14.16 -0.26 17.05 13.31
IBERDROLA..........................................5.99 -0.04 6.50 4.38
ING GROEP CVA...................................8.08 -0.11 9.50 5.92
INTESA SANPAOLO.............................1.80 -0.02 2.53 1.65
KON.PHILIPS ELECTR.......................17.72 -0.18 26.87 17.35
L'OREAL..............................................86.39 0.53 90.00 75.03
LVMH..................................................113.15 0.40 129.05 84.85
MUNICH RE.......................................102.75 -0.60 126.00 99.62
NOKIA....................................................4.05 -0.18 8.49 4.03
REPSOL YPF.......................................22.27 -0.16 24.90 16.30
RWE.....................................................37.33 -0.59 58.10 36.87
SAINT-GOBAIN...................................41.42 -0.32 47.64 27.81
SANOFI ................................................52.00 -0.37 56.50 44.01
SAP......................................................42.34 0.01 46.15 34.13
SCHNEIDER ELECTRIC...................109.60 -1.15 123.65 79.70
SIEMENS .............................................91.65 -0.36 99.39 70.02
SOCIETE GENERALE.........................38.77 -0.33 52.70 32.50
TELECOM ITALIA..................................0.91 -0.02 1.16 0.89
TELEFONICA ......................................16.39 -0.11 19.69 14.95
TOTAL..................................................38.06 -0.08 44.55 35.66
UNIBAIL-RODAMCO SE...................152.70 -0.65 159.30 111.60
UNICREDIT............................................1.49 -0.04 2.24 1.41
UNILEVER CVA...................................22.35 0.02 24.11 20.68
VINCI ....................................................41.90 -0.67 45.48 33.01
VIVENDI ...............................................18.46 -0.21 22.07 16.25
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5693.39 -21.55 -0.38
FTSE 250 INDEX. . . . . . . . 11537.84 -123.94 -1.06
FTSE UK ALL SHARE . . . . 2971.26 -14.31 -0.48
FTSE AIM ALL SH . . . . . . . . 844.66 -10.39 -1.22
DOWJONES INDUS 30 . . 12080.38 76.02 0.63
S&P 500 . . . . . . . . . . . . . . . 1278.36 6.86 0.54
NASDAQ COMPOSITE . . . 2629.66 13.18 0.50
FTSEUROFIRST 300 . . . . . 1081.19 -5.54 -0.51
NIKKEI 225 AVERAGE. . . . 9354.32 2.92 0.03
DAX 30 PERFORMANCE. . 7150.21 -13.84 -0.19
CAC 40 . . . . . . . . . . . . . . . . 3799.66 -24.08 -0.63
SHANGHAI SE INDEX . . . . 2621.25 -21.57 -0.82
HANG SENG. . . . . . . . . . . 21599.51 -95.75 -0.44
S&P/ASX 20 INDEX . . . . . . 2678.10 -17.20 -0.64
ASX ALL ORDINARIES . . . 4512.50 -38.60 -0.85
BOVESPA SAO PAOLO. . 61168.24 108.26 0.18
ISEQ OVERALL INDEX . . . 2872.92 -13.71 -0.47
STI . . . . . . . . . . . . . . . . . . . . 3013.60 8.32 0.28
IGBM. . . . . . . . . . . . . . . . . . 1020.56 -10.64 -1.03
SWISS MARKET INDEX. . . 6113.70 -31.46 -0.51
Price Chg %chg
3M........................................................92.56 0.78 97.95 76.85
ABBOTT LABS ...................................52.02 0.34 54.24 44.59
ALCOA ................................................14.78 0.06 18.47 9.81
ALTRIA GROUP..................................27.32 0.24 28.13 19.53
AMAZON.COM..................................187.72 1.35 206.39 105.80
AMERICAN EXPRESS........................48.88 0.38 51.97 37.33
AMGEN INC.........................................58.45 0.44 61.53 50.34
APPLE...............................................315.32 -4.94 364.90 236.78
AT&T....................................................30.96 0.19 31.94 23.88
BANK OF AMERICA...........................10.60 -0.08 16.10 10.40
BERKSHIRE HATAW B.......................76.10 0.59 87.65 73.23
BOEING CO.........................................74.52 0.36 80.65 59.48
BRISTOL MYERS SQUI ......................27.81 0.29 28.99 24.22
CATERPILLAR....................................98.18 2.23 116.55 58.06
CHEVRON...........................................99.91 0.74 109.94 66.83
CISCO SYSTEMS................................15.14 0.17 26.00 14.78
CITIGROUP.........................................38.16 -0.14 51.50 36.20
COCA-COLA.......................................65.83 0.21 68.77 49.47
COLGATE PALMOLIVE ......................89.11 1.23 89.28 73.12
CONOCOPHILLIPS.............................72.27 0.34 81.80 48.06
DU PONT(EI) DE NMR........................50.39 0.82 57.00 33.73
EXXON MOBIL....................................79.71 0.69 88.23 55.94
GENERAL ELECTRIC.........................18.48 -0.01 21.65 13.75
GOLDMAN SACHS GRP..................135.10 -2.19 175.34 129.50
GOOGLE A........................................484.58 -0.44 642.96 433.63
HEWLETT PACKARD.........................34.99 -0.01 49.39 33.95
HOME DEPOT.....................................34.77 0.24 39.38 26.62
IBM.....................................................165.02 0.58 173.54 120.61
INTEL CORP .......................................21.33 0.14 26.78 17.60
J.P.MORGAN CHASE.........................40.48 -0.32 48.36 35.16
JOHNSON & JOHNSON.....................66.51 0.22 67.37 56.86
KRAFT FOODS A................................34.80 0.32 35.44 24.30
MC DONALD'S CORP ........................82.69 0.17 83.08 65.31
MERCK AND CO. NEW......................35.79 0.40 37.68 31.06
MICROSOFT........................................24.47 0.21 29.46 22.73
OCCID. PETROLEUM.......................101.50 -0.69 117.89 72.13
ORACLE CORP...................................31.91 0.73 36.50 21.24
PEPSICO.............................................68.98 0.26 71.89 60.32
PFIZER ................................................20.27 0.01 21.45 14.00
PHILIP MORRIS INTL .........................69.08 0.60 71.75 44.95
PROCTER AND GAMBLE ..................65.09 0.40 67.72 56.57
QUALCOMM INC ................................53.48 0.79 59.84 31.63
SCHLUMBERGER ..............................82.13 0.34 95.64 52.91
TRAVELERS CIES..............................57.57 -0.35 64.17 48.17
UNITED TECHNOLOGIE ....................85.54 0.97 90.67 63.62
UNITEDHEALTH GROUP...................51.27 1.31 51.65 27.13
VERIZON COMMS ..............................35.65 0.14 38.95 25.80
WAL-MART STORES..........................53.04 0.22 57.90 47.77
WALT DISNEY CO ..............................38.23 0.19 44.34 30.72
WELLS FARGO & CO.........................26.95 -0.38 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.545 0.00
LIBOR Euro - overnight ..................1.308 0.05
LIBOR Euro - 12 months.................2.116 0.00
LIBOR USD - overnight...................0.128 0.00
LIBOR USD - 12 months.................0.727 0.00
Halifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.250 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US long bond yield .........................4.020 0.03
European repo rate.........................1.302 0.01
Euro Euribor ....................................1.304 0.01
The vix index ...................................20.05 -1.80
The baltic dry index ........................1.423 0.00
Markit iBoxx...................................220.79 -0.22
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
/$ 1.4305 0.0003
/ 0.8830 0.0004
/ 114.88 0.3650
/ 1.1326 0.0003
/$ 1.6201 0.0008
/ 130.11 0.4369
FTSE 100
5693.39
-21.55
FTSE 250
11537.84
-123.94
FTSE ALLSHARE
2971.26
-14.31
DOW
12080.38
76.02
NASDAQ
2629.66
13.18
S&P 500
1278.36
6.86
Rexam . . . . . . . . . . . .366.8 -10.8 400.0 290.4
RPC Group . . . . . . . .340.8 4.2 361.1 199.9
Smiths Group . . . . .1103.0 -7.0 1429.0 1043.0
Brown (N.) Group . . .266.2 -0.2 311.2 221.0
Carpetright . . . . . . . . .692.5 -1.5 835.5 631.0
Debenhams . . . . . . . . .68.1 -0.9 77.4 53.0
Dignity . . . . . . . . . . . .741.0 -6.0 785.0 627.5
Dixons Retail . . . . . . .15.4 -0.8 28.5 11.8
DunelmGroup . . . . . .400.0 1.2 550.0 325.3
Halfords Group . . . . .396.4 2.0 550.0 348.2
Home Retail Group . .166.5 -6.4 244.5 165.1
Inchcape . . . . . . . . . .387.2 -3.4 414.0 237.1
JD Sports Fashion . .886.5 16.5 1005.0 683.0
Kesa Electricals . . . .137.1 -1.4 174.0 109.8
Kingfisher . . . . . . . . .264.6 -0.1 287.1 198.5
Marks & Spencer G . .360.1 -3.9 427.5 327.2
Mothercare . . . . . . . .386.5 -7.3 627.5 382.0
Next . . . . . . . . . . . . .2225.0 6.0 2326.0 1868.0
Sports Direct Int . . . .230.0 3.0 234.1 101.1
WH Smith . . . . . . . . . .464.4 -6.6 523.0 398.2
Smith & Nephew . . . .644.0 -9.5 742.0 537.5
Synergy Health . . . . .906.0 -3.5 948.0 640.0
Barratt Developme . .108.1 0.1 119.0 70.1
Yule Catto & Co . . . . .227.4 -2.7 240.5 112.7
Balfour Beatty . . . . . .296.7 -4.0 357.3 229.8
Keller Group . . . . . . .450.4 -4.6 698.5 449.0
Kier Group . . . . . . . .1370.0 -15.0 1418.0 886.5
Drax Group . . . . . . . .479.9 -3.2 488.3 353.6
Scottish & Southe . .1365.0 -3.0 1410.0 1108.0
Domino Printing S . .664.0 15.0 705.0 433.0
Halma . . . . . . . . . . . . .387.2 -3.8 395.8 265.4
Laird . . . . . . . . . . . . . .199.5 2.2 201.9 98.8
Morgan Crucible C . .293.8 -13.6 333.0 179.5
Renishaw . . . . . . . . .1706.0 -33.0 1819.0 709.0
Spectris . . . . . . . . . .1521.0 -34.0 1581.0 740.5
Aberforth Smaller . . .694.0 -3.5 714.0 506.0
Alliance Trust . . . . . .367.8 -2.1 385.0 293.5
Bankers Inv Trust . . .415.0 1.5 428.0 337.0
BH Global Ltd. GB .1104.0 2.0 1174.0 1058.0
BH Global Ltd. US . . . .10.9 -0.1 11.6 10.4
BH Macro Ltd. EUR . . .17.1 0.0 17.2 15.8
BH Macro Ltd. GBP 1775.0 6.0 1776.0 1630.0
BH Macro Ltd. USD . . .17.0 0.1 17.1 15.8
BlackRock World M .719.0 -5.5 815.5 533.0
BlueCrest AllBlue . . .174.1 0.1 176.2 163.8
British Assets Tr . . . .131.0 1.4 140.5 105.0
British Empire Se . . .505.0 -6.0 533.0 404.1
Caledonia Investm .1696.0 -7.0 1928.0 1539.0
City of London In . . .290.5 -0.6 303.2 235.0
Dexion Absolute L . .145.0 -0.4 151.0 131.2
Edinburgh Dragon . .234.2 -1.6 262.1 205.3
Edinburgh Inv Tru . . .467.9 -2.1 492.2 372.2
Electra Private E . . .1732.0 8.0 1755.0 1177.0
F&C Inv Trust . . . . . .308.2 -1.8 317.5 251.4
Fidelity China Sp . . . . .94.4 -0.1 128.7 93.2
Fidelity European . .1229.0 -26.0 1287.0 916.0
Fidelity Special . . . . .562.5 2.5 595.0 503.0
Herald Inv Trust . . . . .522.0 0.0 541.0 352.5
HICL Infrastructu . . . .115.4 0.2 121.3 112.0
Impax Environment .116.2 0.7 130.5 106.5
JPMorgan American .852.0 -1.0 909.0 673.0
JPMorgan Asian In . .224.3 -0.9 250.8 187.1
JPMorgan Emerging .572.5 -5.5 639.0 479.5
JPMorgan European .900.0 -10.0 983.5 618.0
JPMorgan Indian I . . .402.4 -9.6 502.0 394.1
JPMorgan Russian .642.0 -5.5 755.0 502.0
Law Debenture Cor . .361.0 -3.9 372.4 273.3
Mercantile Inv Tr . . .1067.0 -3.0 1137.0 840.0
Merchants Trust . . . .410.4 -0.6 431.8 320.0
Monks Inv Trust . . . .340.1 -3.8 367.9 275.5
Murray Income Tru . .637.0 -10.0 672.0 518.0
Murray Internatio . . .934.5 -3.5 966.0 805.5
Perpetual Income . . .263.7 -2.0 276.0 212.0
Polar Cap Technol . .341.1 -3.8 391.2 275.6
RIT Capital Partn . . .1309.0 8.0 1328.0 1107.0
Scottish Inv Trus . . . .485.5 -6.5 517.0 401.5
Scottish Mortgage . .712.5 0.0 764.0 533.0
SVG Capital . . . . . . . .257.0 1.0 279.8 140.0
Temple Bar Inv Tr . . .918.0 -4.0 947.5 717.0
Templeton Emergin .617.0 -9.0 689.5 515.0
TR Property Inv T . . .190.1 -2.4 201.0 132.3
TR Property Inv T . . . .88.2 0.1 91.0 59.5
Witan Inv Trust . . . . .498.9 -3.6 528.0 409.9
3i Group . . . . . . . . . . .266.9 -3.1 340.0 254.1
3i Infrastructure . . . . .119.4 0.2 125.2 108.9
Aberdeen Asset Ma .213.6 -2.0 240.0 123.0
Ashmore Group . . . .379.5 -8.5 393.9 236.5
Berkeley Technolo . . . .4.3 0.0 9.0 2.2
Brewin Dolphin Ho . .147.0 -2.1 185.4 114.0
Camellia . . . . . . . . .10700.0-100.010950.07600.0
Charles Taylor Co . . .138.8 3.8 234.0 122.0
City of London Gr . . . .83.5 0.0 93.6 70.7
City of London In . . .412.8 2.5 461.5 273.5
Close Brothers Gr . . .759.0 -5.0 888.5 664.0
Collins Stewart H . . . .75.0 1.3 90.8 67.3
Evolution Group . . . . .66.0 0.0 92.0 65.0
F&C Asset Managem .73.0 0.0 92.9 47.5
Hargreaves Lansdo .596.0 -18.0 646.5 317.4
Helphire Group . . . . . . .3.9 -0.0 44.0 3.2
Henderson Group . . .141.5 0.6 173.1 118.1
Highway Capital . . . . .15.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .443.3 -9.4 570.5 380.2
IG Group Holdings . .425.7 -4.3 553.0 420.0
Intermediate Capi . . .302.5 -5.2 360.3 240.4
International Per . . . .332.9 -4.0 386.6 183.3
International Pub . . . .115.0 -1.0 118.3 108.6
Investec . . . . . . . . . . .478.1 -3.7 538.0 429.2
IP Group . . . . . . . . . . . .47.0 -1.5 53.8 27.9
Jupiter Fund Mana . .255.3 -5.4 337.3 180.3
Liontrust Asset M . . . .82.0 -0.6 95.3 70.0
LMS Capital . . . . . . . . .61.3 -1.8 64.8 40.0
London Finance & . . .21.0 -0.5 23.5 16.5
London Stock Exch .940.0 -9.0 990.0 544.0
Lonrho . . . . . . . . . . . . .18.5 -1.3 20.3 10.0
Man Group . . . . . . . . .221.5 -8.3 311.0 206.4
Paragon Group Of . .192.8 -1.2 206.1 114.4
Provident Financi . . .977.5 -14.0 1033.0 728.5
Rathbone Brothers .1091.0 -24.0 1257.0 762.5
Record . . . . . . . . . . . . .35.0 0.3 53.5 20.3
RSM Tenon Group . . .25.3 -1.5 66.3 21.3
Schroders . . . . . . . .1483.0 -37.0 1922.0 1154.0
Schroders (Non-Vo .1244.0 -39.0 1554.0 950.5
Tullett Prebon . . . . . .343.4 -9.9 428.6 307.5
Walker Crips Grou . . .49.0 -1.0 50.0 46.5
BT Group . . . . . . . . . .195.7 0.7 201.9 126.3
Cable & Wireless . . . .37.8 -0.1 61.4 37.6
Cable & Wireless . . . .49.0 1.6 92.0 46.6
COLT Group SA . . . .143.9 1.9 156.2 109.0
TalkTalk Telecom . . .148.5 0.3 168.3 114.3
TelecomPlus . . . . . . .700.0 42.0 705.3 327.0
Booker Group . . . . . . .67.0 -1.1 70.3 39.5
Greggs . . . . . . . . . . . .507.5 -5.5 542.0 418.7
Morrison (Wm) Sup .294.8 -1.3 308.3 261.2
Ocado Group . . . . . . .207.0 -2.7 285.0 123.5
Sainsbury (J) . . . . . . .323.6 -1.4 395.0 317.2
Tesco . . . . . . . . . . . . .403.9 2.1 440.7 377.5
Associated Britis . .1063.0 2.0 1182.0 940.0
Cranswick . . . . . . . . .759.0 -9.0 907.5 735.0
Dairy Crest Group . . .378.4 4.4 424.9 339.7
Devro . . . . . . . . . . . . .268.7 3.9 296.9 181.5
Premier Foods . . . . . . .25.3 -1.9 35.1 16.0
Tate & Lyle . . . . . . . . .642.0 -14.0 656.0 409.1
Unilever . . . . . . . . . .1948.0 -6.0 2000.0 1688.0
Mondi . . . . . . . . . . . . .590.5 -9.0 630.0 367.6
Centrica . . . . . . . . . . .317.1 -3.2 346.1 292.8
International Pow . . .311.0 -1.7 448.6 295.9
National Grid . . . . . . .585.0 -4.0 632.5 485.0
Northumbrian Wate .378.6 -1.0 387.0 295.5
Pennon Group . . . . . .649.0 -4.5 675.0 545.5
Severn Trent . . . . . .1436.0 -9.0 1517.0 1216.0
United Utilities . . . . .600.0 5.5 632.0 520.0
Cookson Group . . . . .625.0 -30.0 724.5 367.4
DS Smith . . . . . . . . . .213.2 -0.3 226.0 116.0
Glencore Internat . . .479.2 -2.9 531.1 467.4
BAE Systems . . . . . .307.5 -2.4 369.9 294.7
Chemring Group . . . .637.0 -14.5 736.5 519.6
Cobham . . . . . . . . . . .204.7 -1.8 247.6 192.3
Meggitt . . . . . . . . . . . .353.4 -5.5 380.9 261.7
QinetiQ Group . . . . . .115.7 -2.8 136.3 96.7
Rolls-Royce Group . .595.0 -3.5 665.0 535.0
Senior . . . . . . . . . . . . .163.6 -3.5 167.1 111.2
Ultra Electronics . . .1589.0 -20.0 1895.0 1522.0
GKN . . . . . . . . . . . . . .204.1 -1.0 237.1 109.3
Barclays . . . . . . . . . . .252.6 -4.7 344.0 250.0
HSBC Holdings . . . . .603.5 -3.8 730.9 596.2
Lloyds Banking Gr . . .47.2 -1.2 77.6 46.7
Royal Bank of Sco . . .38.5 -1.8 52.1 37.6
Standard Chartere .1562.5 2.5 1950.0 1525.0
AG Barr . . . . . . . . . .1348.0 6.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .396.9 -2.0 518.0 364.5
Diageo . . . . . . . . . . .1252.0 -1.0 1301.0 1033.0
SABMiller . . . . . . . . .2182.0 30.0 2306.0 1827.0
AZ Electronic Mat . . .303.0 -9.0 338.1 248.5
Croda Internation . .1861.0 -36.0 1962.0 971.0
Elementis . . . . . . . . . .159.7 -0.9 169.8 58.8
Johnson Matthey . .1931.0 -18.0 2119.0 1460.0
Victrex . . . . . . . . . . .1444.0 -13.0 1525.0 1049.0
Price Chg High Low
Bellway . . . . . . . . . . . .706.5 -10.5 753.5 511.0
Berkeley Group Ho .1161.0 20.0 1163.0 763.5
Bovis Homes Group .423.6 -6.1 464.7 326.6
Persimmon . . . . . . . .457.4 1.5 502.5 336.5
Reckitt Benckiser . .3372.0 6.0 3648.0 3015.0
Redrow . . . . . . . . . . . .119.1 0.3 139.0 97.5
Taylor Wimpey . . . . . . .36.0 0.2 43.3 22.3
Bodycote . . . . . . . . . .338.3 -13.8 397.7 185.0
Charter Internati . . . .538.5-179.5 853.5 516.0
Fenner . . . . . . . . . . . .374.5 -1.8 393.8 192.2
IMI . . . . . . . . . . . . . . . .997.5 -13.5 1112.0 657.5
Melrose . . . . . . . . . . .330.2 -3.5 355.5 203.4
Northgate . . . . . . . . . .308.0 -6.2 346.7 152.3
Rotork . . . . . . . . . . .1585.0 -8.0 1895.0 1254.0
Spirax-Sarco Engi . .1901.0 6.0 2063.0 1346.0
Weir Group . . . . . . .1991.0 -31.0 2056.0 1024.0
Ferrexpo . . . . . . . . . . .422.5 -9.2 499.0 235.0
Talvivaara Mining . . .402.6 -14.8 622.0 352.3
BBAAviation . . . . . . .207.0 -2.0 240.8 175.0
Stobart Group Ltd . . .141.1 -8.4 163.6 124.1
Admiral Group . . . . .1675.0 -14.0 1754.0 1390.0
Haynes Publishing . .245.0 0.0 262.5 202.5
Huntsworth . . . . . . . . .75.0 -1.3 87.5 65.0
Informa . . . . . . . . . . . .414.7 -7.4 461.1 342.1
ITE Group . . . . . . . . . .217.0 -8.3 258.2 136.2
ITV . . . . . . . . . . . . . . . . .65.2 -1.2 93.5 48.3
Johnston Press . . . . . . .5.4 0.3 20.0 4.4
MecomGroup . . . . . .230.0 3.8 310.0 162.0
Moneysupermarket. .102.0 -2.9 109.3 64.6
Pearson . . . . . . . . . .1150.0 0.0 1175.0 864.0
Reed Elsevier . . . . . .535.0 -1.5 590.5 490.2
Rightmove . . . . . . . .1118.0 -1.0 1120.0 596.5
STV Group . . . . . . . . .126.9 2.6 168.0 66.0
Tarsus Group . . . . . .150.0 1.0 165.0 112.5
Trinity Mirror . . . . . . . .42.0 0.8 124.3 41.0
United Business M . .526.0 -4.0 725.0 483.8
UTV Media . . . . . . . . .125.0 -4.0 151.0 106.0
Wilmington Group . .120.0 -4.0 183.0 114.0
WPP . . . . . . . . . . . . . .740.0 -1.0 846.5 614.5
Yell Group . . . . . . . . . . .5.7 -0.2 30.3 5.6
African Barrick G . . .397.9 2.5 651.0 390.2
Anglo American . . .2816.0 -20.0 3437.0 2254.0
Anglo Pacific Gro . . .303.0 -0.8 369.3 249.0
Antofagasta . . . . . . .1210.0 -12.0 1634.0 761.0
Aquarius Platinum . .298.0 -5.8 419.0 227.1
BHP Billiton . . . . . . .2258.5 -5.5 2631.5 1684.5
Amlin . . . . . . . . . . . . .405.2 -3.3 433.0 375.3
Beazley . . . . . . . . . . . .121.9 -1.1 139.2 109.1
Catlin Group Ltd. . . .420.4 0.6 421.4 325.0
Hiscox Ltd. . . . . . . . . .422.2 1.3 424.7 336.1
Jardine Lloyd Tho . . .680.5 2.0 709.0 521.5
Lancashire Holdin . . .644.0 -16.0 661.0 491.1
RSA Insurance Gro . .131.9 -2.2 143.5 117.9
Aviva . . . . . . . . . . . . . .416.6 -3.1 477.9 305.8
Legal & General G . . .111.5 -1.6 123.8 75.6
Old Mutual . . . . . . . . .125.0 -1.5 145.2 102.0
Phoenix Group Hol . .614.0 3.5 758.0 584.5
Prudential . . . . . . . . .701.5 -6.5 777.0 489.2
Resolution Ltd. . . . . .299.8 -4.2 316.1 211.3
St James's Place . . . .326.5 -11.1 360.4 204.2
Standard Life . . . . . . .201.9 -2.7 244.7 173.0
4Imprint Group . . . . .257.0 -3.0 295.0 195.0
Aegis Group . . . . . . .147.0 0.4 152.0 103.6
Bloomsbury Publis . .126.0 0.3 138.0 108.5
British Sky Broad . . .830.0 2.5 849.0 693.5
Centaur Media . . . . . . .53.4 0.6 73.0 45.8
Chime Communicati .282.0 -6.3 298.5 158.0
Creston . . . . . . . . . . . .112.0 0.0 121.0 78.5
Daily Mail and Ge . . .441.6 -1.8 594.5 433.0
Euromoney Institu . .642.0 7.0 736.0 575.5
Future . . . . . . . . . . . . . .17.8 0.0 30.0 15.8
Centamin Egypt Lt . .116.7 0.3 197.1 114.5
Eurasian Natural . . .726.5 10.5 1125.0 706.5
Fresnillo . . . . . . . . . .1307.0 -22.0 1682.0 950.0
GemDiamonds Ltd. .239.5 -7.5 306.0 186.3
Hochschild Mining . .428.0 -22.7 680.0 289.4
Kazakhmys . . . . . . .1231.9 -29.1 1671.0 965.0
Kenmare Resources . .48.6 0.7 50.3 11.5
Lonmin . . . . . . . . . . .1384.0 -20.0 1983.0 1355.0
New World Resourc .918.0 -12.0 1060.0 890.0
Petropavlovsk . . . . . .678.0 -19.0 1365.0 671.0
Randgold Resource 4637.0 -42.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4095.0 10.0 4712.0 2880.5
Vedanta Resources 1904.0 -21.0 2583.0 1839.0
Xstrata . . . . . . . . . . .1258.0 1.5 1550.0 845.8
Inmarsat . . . . . . . . . . .590.5 26.0 762.0 564.5
Vodafone Group . . . .162.3 2.7 181.9 136.5
Genesis Emerging . .509.5 -1.5 568.0 439.1
Afren . . . . . . . . . . . . . .157.0 -1.6 171.2 79.2
BG Group . . . . . . . . .1311.0 -11.0 1564.5 1002.0
BP . . . . . . . . . . . . . . . .429.7 -3.6 509.0 302.9
Cairn Energy . . . . . . .394.1 -5.9 493.2 366.0
EnQuest . . . . . . . . . . .121.4 -3.5 158.5 96.0
Essar Energy . . . . . .413.9 -5.8 589.5 387.1
Exillon Energy . . . . . .409.9 -0.2 469.7 166.5
Heritage Oil . . . . . . . .215.5 -10.0 486.0 210.0
JKX Oil & Gas . . . . . .265.2 0.1 335.1 228.0
Premier Oil . . . . . . . . .464.7 -6.8 535.0 292.8
Royal Dutch Shell . .2114.5 -8.0 2326.5 1624.0
Royal Dutch Shell . .2120.5 -7.5 2336.0 1554.0
Salamander Energy .257.0 -2.9 317.6 210.0
Soco Internationa . . .363.1 -0.9 484.2 292.0
Tullow Oil . . . . . . . . .1242.0 -22.0 1493.0 991.5
Amec . . . . . . . . . . . .1067.0 -19.0 1251.0 805.5
Hunting . . . . . . . . . . .726.5 -25.0 817.0 439.4
John Wood Group . .623.5 -6.0 706.0 308.4
Lamprell . . . . . . . . . . .333.5 -0.6 364.4 186.3
Petrofac Ltd. . . . . . .1485.0 -15.0 1685.0 1141.0
Burberry Group . . . .1327.0 10.0 1365.0 739.5
PZ Cussons . . . . . . . .364.5 -3.5 409.0 317.9
Supergroup . . . . . . . .863.0 -37.0 1820.0 673.5
AstraZeneca . . . . . .3030.0 -17.5 3385.0 2801.5
BTG . . . . . . . . . . . . . .270.2 -4.9 282.5 191.0
Genus . . . . . . . . . . . .1005.0 4.0 1046.0 704.5
GlaxoSmithKline . . .1275.5 -5.0 1348.5 1095.0
Hikma Pharmaceuti .757.5 -6.0 900.0 683.0
Shire Plc . . . . . . . . . .1836.0 4.0 1961.0 1341.0
Capital & Countie . . .181.7 -1.3 183.0 104.1
Daejan Holdings . . .2687.0 87.0 2919.0 2251.0
F&C Commercial Pr .106.0 0.8 108.0 88.0
Grainger . . . . . . . . . . .122.1 -0.6 128.2 86.3
London & Stamford .131.5 -0.5 140.0 110.3
Savills . . . . . . . . . . . . .392.7 -6.2 427.1 273.1
St. Modwen Proper . .185.7 -3.6 192.0 135.4
UK Commercial Pro . .82.2 1.2 85.5 74.3
Unite Group . . . . . . . .212.0 2.0 229.8 170.5
Big Yellow Group . . .310.0 -0.5 353.3 287.1
British Land Co . . . . .571.0 -5.5 604.5 429.0
Capital Shopping . . .374.5 -7.3 424.8 301.3
Derwent London . . .1794.0 -37.0 1871.0 1208.0
Great Portland Es . . .427.8 -6.7 442.2 281.0
Hammerson . . . . . . . .464.9 -7.0 486.3 336.3
Hansteen Holdings . . .87.5 0.1 89.3 59.4
Land Securities G . . .842.5 5.0 848.0 545.0
SEGRO . . . . . . . . . . . .310.4 -4.8 331.3 250.2
Shaftesbury . . . . . . . .512.0 -3.0 539.0 349.3
Autonomy Corporat 1688.0 -24.0 1964.0 1271.0
Aveva Group . . . . . .1669.0 -5.0 1743.0 1127.0
Computacenter . . . . .455.0 2.0 489.7 260.0
Fidessa Group . . . . .1930.0 -8.0 1971.0 1300.0
Invensys . . . . . . . . . . .307.9 0.8 364.3 230.2
Kofax . . . . . . . . . . . . .467.0 2.5 535.0 231.0
Logica . . . . . . . . . . . .128.4 0.0 147.2 101.7
Micro Focus Inter . . .354.9 -5.1 541.5 276.0
Misys . . . . . . . . . . . . .384.5 -1.4 392.0 232.8
Sage Group . . . . . . . .278.0 -2.1 302.0 222.7
SDL . . . . . . . . . . . . . . .689.5 6.5 711.5 450.0
Telecity Group . . . . . .544.5 4.5 548.5 377.0
Aggreko . . . . . . . . . .1874.0 -37.0 1935.0 1346.0
Ashtead Group . . . . .168.1 -2.4 207.9 77.0
Atkins (WS) . . . . . . . .760.0 -18.5 820.0 650.0
Babcock Internati . . .690.0 -5.5 704.5 492.8
Berendsen . . . . . . . . .483.0 -2.5 519.5 360.2
Bunzl . . . . . . . . . . . . .746.5 -13.5 783.0 658.0
Capita Group . . . . . . .741.5 -10.0 794.5 635.5
Carillion . . . . . . . . . . .363.6 0.2 403.2 291.2
De La Rue . . . . . . . . .753.0 -14.5 966.0 549.5
Electrocomponents .269.9 -4.1 294.9 205.7
Experian . . . . . . . . . . .775.0 -5.0 819.0 578.0
Filtrona PLC . . . . . . . .361.8 -5.7 385.5 209.2
G4S . . . . . . . . . . . . . . .279.3 -3.0 291.0 237.7
Hays . . . . . . . . . . . . . .102.5 -2.3 133.6 88.4
Homeserve . . . . . . . .519.5 -10.0 532.0 398.6
Howden Joinery Gr . .102.5 -1.6 127.5 56.8
Intertek Group . . . . .1921.0 -48.0 2148.0 1437.0
Michael Page Inte . . .523.5 -2.0 567.0 349.4
Mitie Group . . . . . . . .236.0 -6.5 243.3 188.7
Premier Farnell . . . . .243.2 -8.5 308.8 210.2
Regus . . . . . . . . . . . . .105.1 -2.0 119.0 66.1
Rentokil Initial . . . . . . .93.8 -1.5 121.7 84.3
RPS Group . . . . . . . . .237.2 -4.3 251.4 169.8
Serco Group . . . . . . .561.0 -13.0 633.0 529.5
Shanks Group . . . . . .122.0 -2.2 130.9 96.5
SIG . . . . . . . . . . . . . . .138.2 -3.1 153.5 90.7
SThree . . . . . . . . . . . .377.7 -3.8 447.6 231.1
Travis Perkins . . . . . .995.5 -26.5 1127.0 709.0
Wolseley . . . . . . . . .1884.0 -18.0 2261.0 1223.0
ARM Holdings . . . . . .551.0 -5.0 651.0 270.5
CSR . . . . . . . . . . . . . .305.5 -7.5 447.0 280.9
Imagination Techn . .428.0 -9.7 502.0 273.0
Pace . . . . . . . . . . . . . .105.7 -0.7 231.8 93.0
Spirent Communica .149.1 -0.4 160.3 107.6
British American . .2649.0 -0.5 2745.5 2091.0
Imperial Tobacco . .2023.0 7.0 2231.0 1784.0
Avis Europe . . . . . . . .311.1 0.6 313.4 184.0
Betfair Group . . . . . . .820.0 -30.0 1550.0 753.0
Bwin.party Digita . . .136.4 3.2 309.5 127.5
Carnival . . . . . . . . . .2192.0 -19.0 3153.0 2037.0
Compass Group . . . .582.5 -1.0 598.5 501.0
Domino's Pizza UK . .380.0 -8.9 586.0 373.9
easyJet . . . . . . . . . . . .350.4 3.2 479.0 322.3
Enterprise Inns . . . . . .66.0 -1.8 122.7 64.6
FirstGroup . . . . . . . . .327.0 -2.6 412.6 311.3
Go-Ahead Group . . .1480.0 10.0 1504.0 1042.0
Greene King . . . . . . .485.9 -4.4 502.5 392.1
InterContinental . . .1167.0 2.0 1435.0 982.0
International Con . . .237.4 4.9 305.0 186.5
JD Wetherspoon . . . .432.4 -3.5 468.3 386.5
Ladbrokes . . . . . . . . .146.8 -1.4 152.2 122.7
Marston's . . . . . . . . . . .99.1 -0.9 117.1 90.4
Millennium& Copt . .469.1 -4.4 600.5 392.0
Mitchells & Butle . . . .316.8 -4.8 361.0 274.0
National Express . . .250.5 -1.3 270.2 213.4
Punch Taverns . . . . . .69.3 -1.8 90.4 58.0
Rank Group . . . . . . . .150.7 0.6 153.0 94.8
Restaurant Group . . .286.6 -0.9 335.0 208.2
Stagecoach Group . .241.8 -1.2 249.8 160.7
Thomas Cook Group 129.4 -1.6 204.8 128.7
TUI Travel . . . . . . . . . .214.0 -2.2 271.9 190.0
Whitbread . . . . . . . .1485.0 -42.0 1887.0 1361.0
WilliamHill . . . . . . . . .214.9 -1.9 223.5 155.5
Abcam . . . . . . . . . . . .419.0 -1.0 428.5 241.0
Albemarle & Bond . .333.0 -1.0 352.0 218.0
Amerisur Resource . .25.8 -1.3 29.0 11.5
Andor Technology . .628.0 8.0 640.0 253.0
Archipelago Resou . . .57.0 -2.0 66.8 32.3
ASOS . . . . . . . . . . . .2394.7 -5.3 2468.0 801.0
Aurelian Oil & Ga . . . .56.8 -1.8 92.0 35.8
Avanti Communicat .350.2 -18.3 735.0 350.0
Avocet Mining . . . . . .177.5 -1.8 253.5 112.0
Blinkx . . . . . . . . . . . . .114.0 -5.3 148.8 33.5
Borders & Souther . . .52.3 -1.8 93.0 51.8
BowLeven . . . . . . . . .318.8 2.0 398.0 126.3
Brooks Macdonald 1333.5 -26.5 1372.5 767.5
Caledon Resources .108.5 -0.3 108.8 23.3
Conygar Investmen .110.5 -1.9 120.0 101.3
Cove Energy . . . . . . . .83.5 0.3 112.8 47.5
Daisy Group . . . . . . . .115.0 -1.6 118.7 86.0
EMIS Group . . . . . . . .515.5 0.5 555.5 303.5
Encore Oil . . . . . . . . . .55.5 -3.0 151.5 30.8
Faroe Petroleum . . . .149.0 0.0 218.3 115.0
Gulfsands Petrole . . .231.3 -13.0 401.5 230.0
GWPharmaceutical .122.8 5.5 132.0 83.0
Hamworthy . . . . . . . .620.0 -10.0 684.5 293.0
Hargreaves Servic .1030.0 7.0 1051.0 556.5
Healthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic . .950.0 -10.0 980.0 594.0
ImpellamGroup . . . .352.0 -4.3 387.5 84.0
James Halstead . . . . .462.0 9.6 485.0 306.0
Kalahari Minerals . . .231.9 11.9 301.0 142.0
London Mining . . . . .340.0 -7.0 436.5 211.0
Lupus Capital . . . . . .112.0 0.0 150.0 72.0
M. P. Evans Group . .430.3 -3.9 500.5 334.0
Majestic Wine . . . . . .450.0 -7.3 470.3 292.0
May Gurney Integr . .279.9 -1.6 285.0 177.0
Monitise . . . . . . . . . . . .27.3 -0.5 29.5 17.8
Mulberry Group . . . .1483.0 -17.0 1610.0 207.5
Nanoco Group . . . . . . .82.0 -3.0 115.8 68.0
Nautical Petroleu . . .305.0 -7.5 547.0 128.0
Nichols . . . . . . . . . . . .549.0 -4.8 578.0 390.0
Numis Corporation . .103.0 0.0 146.5 94.0
Pan African Resou . . .10.8 0.0 12.3 5.9
Patagonia Gold . . . . . .49.5 -2.5 59.3 12.5
Prezzo . . . . . . . . . . . . .69.9 -0.2 71.5 37.8
Pursuit Dynamics . . .293.0 5.8 700.0 196.0
Rockhopper Explor .273.0 4.8 510.0 202.5
RWS Holdings . . . . . .440.0 -0.3 472.0 239.0
Songbird Estates . . .157.0 -1.0 160.3 135.0
Valiant Petroleum . . .592.5 -21.0 761.5 504.0
Young & Co's Brew . .659.5 8.0 685.0 510.0
Telecom Plus . . . . . . .700.0 6.4
Inmarsat . . . . . . . . . . .590.5 4.6
Cable & Wireless W . .49.0 3.4
Daejan Holdings . . .2687.0 3.4
Bwin.party Digital . . .136.4 2.4
Domino Printing Sc .664.0 2.3
International Cons . .237.4 2.1
JD Sports Fashion . .886.5 1.9
Berkeley Group Hol 1161.0 1.8
Vodafone Group . . . .162.3 1.7
Charter Internatio . . .538.5 -25.0
Premier Foods . . . . . . .25.3 -6.9
Stobart Group Ltd. . .141.1 -5.6
Hochschild Mining . .428.0 -5.0
Dixons Retail . . . . . . .15.4 -4.9
Cookson Group . . . . .625.0 -4.6
Heritage Oil . . . . . . . .215.5 -4.4
Morgan Crucible Co .293.8 -4.4
Royal Bank of Scot . . .38.5 -4.4
Supergroup . . . . . . . .863.0 -4.1
Risers Fallers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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Tsy 2.500 11 . . . . .307.44 -0.01 310.0 307.4
Tsy 3.250 11 . . . . .101.28 -0.01 103.8 101.3
Tsy 9.000 11 . . . . .100.49 -0.01 108.8 100.5
Tsy 9.000 12 . . . .109.22 0.00 116.7 108.6
Tsy 5.000 12 . . . .103.15 0.00 107.2 103.1
Tsy 5.250 12 . . . .104.40 -0.02 108.5 104.4
Tsy 4.500 13 . . . .106.32 -0.04 109.2 105.8
Tsy 2.500 13 . . . .287.14 -0.08 287.7 274.9
Tsy 8.000 13 . . . . .115.90 -0.08 121.3 115.8
Tsy 5.000 14 . . . . .111.48 -0.04 114.1 109.2
Tsy 7.750 15 . . . .104.17 0.00 110.8 76.0
Tsy 8.000 15 . . . .126.63 -0.06 131.6 123.7
Tsy 4.750 15 . . . . .112.15 -0.06 114.7 108.6
Tsy 4.000 16 . . . .109.38 -0.05 111.4 104.9
Tsy 2.500 16 . . . .332.78 -0.16 334.1 304.4
Tsy 12.000 17 . . .126.72 0.00 185.9 126.0
Tsy 1.250 17 . . . . .111.61 -0.21 112.1 104.9
Tsy 8.750 17 . . . .136.82 0.25 142.2 132.9
Tsy 5.000 18 . . . . .115.13 -0.05 117.6 109.7
Tsy 4.500 19 . . . . .111.35 -0.09 113.8 105.4
Tsy 3.750 19 . . . .105.49 -0.09 107.7 99.4
Tsy 2.500 20 . . . .340.17 -0.22 341.2 303.8
Tsy 4.750 20 . . . . .112.70 -0.12 115.9 106.6
Tsy 8.000 21 . . . .141.26 -0.11 147.1 133.8
Tsy 4.000 22 . . . .104.93 -0.13 108.4 99.0
Tsy 1.875 22 . . . . .117.22 -0.30 117.8 108.5
Tsy 2.500 24 . . . .297.44 -0.50 298.9 262.1
Tsy 5.000 25 . . . . .113.42 -0.26 118.5 107.4
Tsy 4.250 27 . . . .103.63 -0.26 108.8 97.9
Tsy 1.250 27 . . . . .110.07 -0.57 111.2 100.5
Tsy 6.000 28 . . . .125.82 -0.26 132.7 119.5
Tsy 4.750 30 . . . . .109.11 -0.34 115.0 103.0
Tsy 4.125 30 . . . .281.93 -0.52 283.9 248.7
Tsy 4.250 32 . . . .102.07 -0.34 107.8 96.0
Tsy 4.250 36 . . . .101.34 -0.37 107.4 95.0
Tsy 4.750 38 . . . .109.87 -0.39 116.5 102.8
Tsy 4.500 42 . . . .106.10 0.00 112.8 98.9
% %
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Seductive scents by
hot Paris perfumer
S
EDUCTION, surrender,
forbidden. Youd be for-
given for thinking
youd been plunged
into the depths of a torrid
French romance novel but
these are, in fact, descrip-
tors for perfume. Kilian, the
Paris-based fragrance
house founded by per-
fumer Kilian Hennessy, is
rapidly getting male and
female fans hot under
the collar with its collec-
tion of luxurious evoca-
tive scents. The
fragrance house only
launched in 2007 and
already its expanded
from a shelf to an
entire concession at
Harvey Nichols where it
is sold exclusively and is, according to
HN chief fashion buyer Avril Oates,
our top-selling scent. Fans are cur-
rently awaiting the final chapter:
Sweet Redemption: The End, due for
launch in September.
Its about capturing that emotion
in a scent, explains Hennessy.
Indeed fragrances include the likes
of Prelude to Love: Invitation, with
Seville orange and intense ginger; and
Love and Tears: Surrender, a heady
scent made with Mediterranean jas-
mine and citrus, which expresses the
beginning of love mixed with excite-
ment, the fear of the unknown and,
ultimately, the surrender to love.
Kilian spends nothing on market-
ing, investing everything on the best
quality ingredients and essential oils.
Our product is our marketing, says
Hennessy. Everything goes on that.
All bottles are designed in crystal and
can be refilled in-store at its sleek
black lacquered counter. I want them
to be the opposite of throwaway.
Theyre objets darts, explains
Hennessy.
Hennessy knows a thing or two
about luxury. The grandson of the
founder of the LVMH Group, he grew
up among the family cellars in
Cognac. Hes worked for most of
Frances top fragrance houses, includ-
ing Dior, Paco Rabanne and Alexander
McQueen and LOreal. It was after the
explosion of the fragrance industry
that the idea struck him to go it alone.
I became disillusioned. The perfume
world had all come down to this
impossible equation. You had to make
a luxury perfume, for very little
money. Everything was devoted to the
ad budget. The perfume had to appeal
to the entire planet within a month of
launching from Osaka to Dallas and if
it didnt it had failed. Towards the end
I couldnt tell one scent from the
other, says Hennessy. I thought:
What would happen if I did it my way?
Kilian was the result.
www.bykilian.com. Scents from 145 at
Harvey Nichols.
Lucie Greene meets Frances hottest
fragrance maker, Kilian Hennessy
Above, Kilian Hennessy. Right, a bottle of Kilian fragrance.
Lifestyle| Beauty
EPISODE 15:
SIZZLING AT
THE BARBEQUE
O
VER the years Ive had lunches with
the types of people whose personal
wealth would make a material dent
in the US national debt. Im actually
pretty good at lunch. But right now Im
fighting the urge to turn tail and head for
the hills.
Wow dad, look at all the Porsches,
says Noel, from the back of the ageing
hatchback Emma usually drives to school
and which were using today because its
key was the only one I could find this
morning. But its not the cars. Nor the peo-
ple. Well, not most of them. Its Caroline.
And Emma. Theyve never met but they
know of one another. And with Emma
four months pregnant, expanding uncom-
fortably but not yet in the full bloom of
her second trimester, sensitivities are
razor sharp.
We slip around the side of Carolines
weekend cottage, a 2m, Grade II-listed
Lutyens country house. Feigning fascina-
tion with Carolines roses, I drag Emma
and Noel into the garden, where Emma
enjoys the flowers and I surreptitiously
survey the scene. But Noel wants to eat,
so we head to the fully staffed barbeque.
Im grateful for the distraction.
A voice booms: The king is dead. Long
live the king. I turn to see Sandy striding
towards me, hand in hand with Juliette.
As he bows before me, Caroline bursts
through the French doors. Oh, you naugh-
ties, she says. I wanted to be here when
you saw one another. Sandy and Caroline
embrace. Juliette, this is my wife, Emma.
Noel tugs at my sleeve. And Noel. Yes
says Juliette. Weve already met.
Continued next Tuesday.
For previous City Dad episodes, see
www.cityam.com.
CITY DAD
feature actually records every single thought
that dances through your twisted mind, selects
the most incriminating and emails them to
prospective employers.
Of course, this might not be true. Facebook
doesnt really care about you. Its soon-to-be-
700m users may as well be a gigantic herd of
braying donkeys, mindlessly mashing their key-
boards with their hooves, as long as they gener-
ate advertising clicks. No, people are leaving
because they are bored. Some of them might
even be tweeting. So is this the beginning of the
end for Facebook, the moment it realises the
rest of its existence will be spent as a social-net-
work fluffer to a newer, sleeker rival? No.
Because Facebook has no serious rivals.
People left MySpace because they got sick of
the flashing, beeping, fit-inducing design and all
the links to some guys brothers band. People
left Bebo because it was rubbish. They saw
Why Mark Zuckerberg is still watching you shower
SO were all deserting Facebook. Millions of us
are packing our virtual suitcases and migrating
to vast digital refugee camps. Why? Because
Facebook is evil, of course. It watches you in the
shower. Mark Zuckerberg personally owns pic-
tures of you on the toilet (he browses them as
he paddles through a swimming pool filled with
the freshly squeezed entrails of puppies). A new
GEEK
SPEAK
@steve_dinneen
People may be tired
of Facebook but there
is nowhere else for
them to go.
Facebook and thought: Ill have a bit of that.
Sorry love, Im leaving you. For Mark
Zuckerberg. Suck it up. But the tedium of
uploading flattering photos of yourself eventual-
ly becomes overpowering, no matter how slick
the interface. So you think: I dont need this. I
quit. This is where Facebook is right now. Every
business has a saturation point in Facebooks
case it just happens to be half of the population.
But rather than the start of a terminal
decline, Facebook has entered a gradual ebb and
flow of users. And for those who leave, it will
always be there, waiting for you to log back in
and waste more of your life browsing the holi-
day photos of people you have never met.
It will hit a billion users. No serious rivals will
emerge. Zuckerberg will continue to watch you
sponge yourself every morning and all will
remain good in the world. Just dont count on
getting that job you had your eye on.
Expert festival beauty tips
How does a girl look gorgeous despite
the mud? Lucie Greene asked the gurus
I
Ts here! Glastonbury ground
zero music-wise on many a
Londoners calendar opens this
weekend. And as we all know,
camping and grooming dont mix.
But, say experts, its easier than you
think to achieve a nice festival glow.
City A.M. rounded up their top tips.
lGET A MANI PEDI: It immediately
makes you look groomed, especially if
you want to wear sandals. Wear a
bright coral to highlight a tan, says
Karen Alder, celebrity makeup artist
who counts Pixie Lott, Kylie Minogue
and Anna Friel among her clients.
lTINT YOUR LASHES: These are
great, says Alder. No need to worry
about mascara, makeup remover or
any of that hassle. Youll have great
maximised lashes that last all week-
end.
lSPRITZ: Get a great water spray to
gently spritz your face and keep skin
hydrated in the heat, says Nathalie
Eleni, beautician to Jessica Alba,
Carey Mulligan and Julianne Moore.
lREFRESH MASCARA: If you are
going to use mascara, dont bother
taking it off and reapplying, says
Eleni. You can refresh it by dabbing
some water on eyelash curlers and
curling them with the original layer
on. It makes makes them pop again.
lSPRAY TAN: This immediately
makes you look healthier and lessens
the need for concealer products to
correct your complexion, says Alder.
Just make sure you wear sun block
so you dont get burnt! Not chic.
lUSE MINERAL MAKE-UP: Mineral
make-up doesnt damage your skin so
its ok to leave overnight if you end up
sleeping in it, says Eleni.
l A SPLASH OF LIPSTICK: Its all you
need, says Alder. Stylish French girls
have known for ages that a swipe of
red lipstick can complete a look with-
out any other makeup.
lTAKE ANTI-BACTERIAL HAND-
WASH: Essential before you apply
any makeup to your eyes particular-
ly, says Alder.
Red lipstick
Add a splash of va
va voom with this
Tom Ford scarlet
beauty. Tom Ford,
35, harrods.com
Mascara
This bold-as-brass
waterproof mascara
wont run in a
downpour. Giorgio
Armani, 23.50.
www.selfridges.com
ASTON MARTIN
CYGNET
IN MOTORING
TOMORROW
Sunscreen
wipes
SPF 30+ wipes
with Zinc for
sensitive skin.
Supergoop, 8,
selfridges.com
Lifestyle | Travel
in association with
Ronda
BEST EXCURSION
The quaint village of Ronda retains
much of its historic charm, particularly
its old town. Growing in popularity
thanks to the dramatic scenery, Ronda
is now firmly on the map as one of
Spains must-sees. The El Tajo gorge
was created by the Guadalvein River,
its 120 m deep and up to 68 m wide
and divides Ronda in two. The Puente
Nuevo Bridge which connects the two
sides of the gorge bridge is still strong
enough for people to cross and is one
of Spains most photographed loca-
tions.
BEST ART AND CULTURE
The 18th Century La Ronda bullring is
one of the largest, oldest and most
beautiful in all of Spain. The bullrings
60 metres in diameter and supported
by 68 huge stone columns and arches
with a stunning Arabian tiled saddle
roof with capacity for up to 6000
spectators. Its central location and
only 6 entry fee makes this attraction
a must see. Audio guides are available.
Youll see that its not for nothing that
writers including Ernest Hemingway
and Orson Welles made it their sum-
mer home for many years. George
Eliots most famous male character,
Daniel Deronda, is named after the city.
BEST NIGHTLIFE
Wandering the streets of the Old Town
and sampling one of the many tapas
bars is an idyllic way to enjoying long
summer evenings. La Gota de Vino on
Calle Sevilla has rave reviews as a good
tapas and wine bar with glasses of
wine from just 1.80. Look for venues
that seem busy and popular with locals
as this is a sure sign of great food and
an authentic Spanish atmosphere.
BEST FAMILY ACTIVITIES
Guided walks are available around
Ronda and are highly recommended as
a relaxed way to appreciate and learn
about the surrounding nature. La
Sierra de las Nieves national park is
close to the town and walks in the
region offer spectacular views of
Ronda, the Genal valley, the Costa del
Sol and sometimes as far as Morrocco!
Spot wild mountain goats, explore the
forests or stop for a refreshment in
picturesque local villages.
CULTURAL ATTRACTOIONS
During the first week of September
Ronda best known festival, the Feria
Goyesca de Pedro Romero takes place.
The main attraction of the fiesta week
is a parade on the first Saturday of the
month which includes a procession of
horse drawn carriages through the
streets. A lively atmosphere is created
by both participants and spectators
who dress in traditional 18th century
costumes.
British Airways offer flights to Malaga
from 75 (one way). Terms and condi-
tions apply. See ba.com/cityoffer for
details.
Praia da Rocha
BEACH HEAVEN
Praia da Rocha (Rock Beach) is one of
the most popular beaches in the
Algarve. With an area of sand stretch-
ing over one kilometre, holidaymakers
are assured plenty of space, even in
peak times. The name Rock Beach
comes from the beautiful, warm-
coloured cliffs that surround the beach.
High viewing points can be found at
either end of the beach, with Trs
Castelos to the west and Fortaleza de
Santa Catarina de Ribamar to the east.
Here visitors can enjoy a fabulous
panoramic view over the coastline
between the scenic rock formation of
Ponta Joo dArens and the lighthouse
of Ponta do Altar. The landscape is also
marked by the mouth of the River
Arade itself and the nearby hills of
Serra de Monchique. The beach has
undergone a recent facelift making it
even more appealing and accessible.
There is now a network of wide, wood-
en footpaths that cover the beach and
host a number of different facilities for
sunbathers. Further, the avenue that
runs along the seafront of Praia da
Rocha has a succession of hotels, bars,
open-air cafs and restaurants, discos,
and a casino, finally culminating in
Portimo Marina.
BEST NIGHTLIFE
Toms Cabreira Avenue follows the
seafront of Praia da Rocha and is filled
with hotels, bars, restaurants,
esplanades and discotheques. This
along with the Hotel Algarve Casino
gives the resort a night-time buzz.
For those looking to get away from the
English and Irish bars, try Cloque Bar.
Located on the cliffside of Toms
Cabreira Avenue, this bar offers excel-
lent views of the Algarve sunset. There
is a restaurant and grill as well with a
range of dishes to suit all tastes for
those who need a bit of grub before
sampling the cocktails.
BEST VIEW
With one of the best coastlines in
Portugal, the views are stunning here.
At the end of Toms Cabreira Avenue is
the Fortress of Santa Catarina de
Ribamar. Nearly 400 years ago, this
fortress was built to defend the town
and port from corsairs and pirates. Now
it acts as a place to take in some of best
views of Ferragudo, the Beach and the
Portimo marina. There is a small
chapel inside devoted to Santa Catarina
along with a cafe.
BEST FOR SPORTING ACTIVITY
A short trip along the A22 motorway
before the village of Guia will take you
to Algarve Shopping Mall near Guia.
There are more than one hundred shops
over two levels. The upstairs level has a
food hall with a number of restaurants.
Theres even a cinema and a bowling
alley.
British Airways offer flights to Faro
from 75 (one way). Terms and con-
ditions apply. See ba.com/cityoffer
for details. Picture: Turismo do Algarve
Picture: Turespaa
Travel | Lifestyle
Granada
Praia de Armao de Pra
ATMOSPHERE
The bustling Spanish city of Granada
offers the perfect combination of his-
tory, breathtaking views of the
Alhambra and the snow capped
Sierra Nevada as well as nearby
mountain villages steeped in tradition
and culture. Soak up the atmospheres
at Granadas Plaza Nueva or Plaza
Bib-Rambla, the ideal settings to
enjoy a romantic evening or head into
the Albayzn, Granadas old Muslim
quarter which offers a labyrinth
of cobblestone streets and many
great eateries.
BEST ART AND CULTURE
Alhambra Palace is a unique fortress
dating back to the 9th Century. With
its fairytale turrets and snow capped
surroundings, the Alhambra Palace is
fantastically preserved and one of
Spains most beautiful sites. The
buildings and gardens are drenched in
Moorish culture and offer a fascinat-
ing insight into Granadas turbulent
history.
Tip: Make sure to reserve tickets in
advance and get there early to avoid
the queues!
BEST NIGHTLIFE
This atmospheric university city is
alive all day and night with the now
unique free tapas culture and the
hundreds of busy cafes, Moorish tete-
rias and more modern cervecerias.
For those that want to enjoy the
nightlife in true student style late
night venue El Camborio is located in
Sacromonte (a pretty ten minute
walk from Plaza Nueva) and offers
panoramic views over the Alhambra
as well as outdoor terraces, dark tun-
nels and a pretty courtyard on arrival.
Food here is a big attraction: typical
dishes are based around fish and
strong flavours: think fritura de
pescado (fish fry), boquerones adoba-
dos (fresh marinated anchovies),
cazuela de pescado frito (fried fish
casserole) and moraga de sardinas,
sardines prepared with white wine.
BEST ACTIVITIES/SPORT
During the winter months the nearby
Sierra Nevada offers skiing until
March. In summer months, the val-
leys of Las Alpujarras offer a network
of pretty walking routes through tra-
ditional mountain villages and
panoramic mountain views. Guests
should not miss the typical Plato
Alpujarreo, a heavy meat and potato
dish but well deserved after a long
mountain hike. Alternatively the
beaches are within easy reach.
BEST KEPT SECRET
The bathhouses of Granada.
Alhambra-like luxury can be found at
Granadas Hammams de Al-Andalus
(Calle Santa Ana).
British Airways offer flights to
Malaga from 75 pp (one way).
Terms and conditions apply. See
ba.com/cityoffer for details.
BEACH TOWN
Praia de Armao de Pra is one of the
largest and busiest beaches of the
Algarve. Once a small town which
served the Algarves fishing industry
(the name Armao means fishing
equipment and nets), it is now bustling
with bars, restaurants, holiday homes
and tourists, particularly in the summer
months. The fishing industry still thrives
and the east (and most touristy area)
flourishes with fishing boats and huts,
as well as a number of charming fish
restaurants serving only the freshest
catches made that day. Once you head
west away from the tourist-end of the
beach, you begin to see the real beauty
of the Algarve, with jagged limestone
cliffs and endless dunes, and the marsh-
lands formed by the mouth of the
Ribeira de Alcantarilha that are the
home to the countless species of birds
that migrate to the Algarve each year.
WATER ACTIVITIES
For those looking for a bit of adventure
on the sea, Armao de Pra has a con-
siderable amount to offer. Tourists can
hire fishing and pedal boats and explore
the hidden coves and caves along the
coastline. There are also areas reserved
for snorkelling, windsurfing, scuba
diving and fishing.
FOOD AND DRINK
The waterfront houses a number of
restaurants to suit every palate. If you
want to sample the best of Armao de
Pra, then the restaurants the old town
serve the very best of local cuisine.
Grilled sardines and mackerel are sta-
ple. The locals like a good after dinner
liqueur and relax with a glass of
Aguardente de Medronho. Aguardente
is a liqueur made from the strawberry-
like fruit called the medronho (which lit-
erally stands for strawberry tree). If
you do try some, do note it is quite
potent and there are a number of
different versions to suit your budget
so do check.
WALKING
Take some good walking shoes because
the countryside around Armao de
Pra is definitely worth a visit. Venture
inland for colourful pomegranate
orchards and orange groves along with
almond, fig and carob trees. You can
also get a feel for the charming Algarve
architecture.
HEALTHY BREAKS
Wellness holidays in the Algarve are
becoming increasingly popular due to
the warm climate and five-star resorts
offering a variety of Spa treatments. In
fact, 20 new spas are due to be com-
pleted in 2012. A range of alternative
therapies are available in the Algarve
ranging from Tai-Chi, Reiki,
Homeopathy, Shiatsu, Anti-stress thera-
py, Meditation and Reflexology.
British Airways offer flights to Faro
from 75 pp (one way). Terms and con-
ditions apply. See ba.com/cityoffer for
details.
Picture: Turespaa
Picture: Turismo do Algarve
MAHIKI
COCONUT LIQUEUR
The hottest new tipple, from Londons hippest Mayfair
nightclub, lands exclusively at Selfridges
Mahiki Coconut
Pina Colada
lHalf a handful of fresh pineapple
lHalf a freshly squeezed lime
l 30ml of fresh pineapple juice
l30ml of coconut cream
l30ml of Mahiki Coconut
l30ml of dark rum
HOW TO MAKE: Blend with a small cup of crushed
ice until liquid. Serve in a tall glass with a straw.
It just says holiday. says Georgi.
Tongue Twister
G
OODBYE London, Hello Tiki para-
dise! Mahiki Coconut the latest
new liqueur from Londons hottest
nightclub Mahiki lands exclusively
at SELFRIDGES this week and already were
getting into the holiday spirit.
Mahiki Coconut is a delicious coconut
liqueur made with a blend of Caribbean
Rum, fine spirits and real coconut. (In
other words, just the thing for sipping on
balmy summer evenings.)
The best thing about it is that its com-
pletely versatile. It tastes great on its
own, poured over ice, or as a partner to
cola and a range of fruit juices. It also
makes a fabulous addition to any cocktail.
(Read right to see some of the clubs top
mixologist Georgi Radevs cocktail
recipes.)
To celebrate Mahiki Coconuts launch,
three different bottle designs have been
created. One is adorned with a Hawaii-
style shirt print, another is a black and
white textile print, the third meanwhile
features blue skies and tropical blooms.
Over time, these sleeves will change with
new fresh designs. All 70cl bottles will be
21% vol priced at 24.99.
Mayfairs Mahiki nightclub has become
a landmark in London in recent years,
serving the citys glitterati (not to mention
the odd passing royal, A-list celebrity and
supermodel Kate Moss) with cocktails and
music.
The club is famed for its Tiki Polynesian
themed interiors, including jungle and
beach themed lounges, each lit with an
atmospheric glow. Its cocktails, mean-
while served in ceramic Tiki glasses,
fresh cut pineapples, watermelons and
coconuts are as delightful to hold as they
are to drink.
Mahiki Coconut is the latest addition to
its blossoming spirits line, which also
includes Mahiki Rum, and perfectly encap-
sulates the spirit of the club which is all
about fun, escapism and partying. Now
fans will be able to enjoy all this from
home. Bottoms up!
Mahiki Coconut is available exclusively at the
Wine Shop (Ground floor, Selfridges London)
and online at Selfridges.com.
l20ml Cachaa
l 110ml Mahiki Coconut
l20ml lime juice
l20ml passion fruit syrup
l20ml coconut cream
l100ml each: guava and
apple juice
HOW TO MAKE: Pour everything in to
the tumbler (all the better
if you can find a conch shell!) and
slowly stir until its all muddled
together. Decorate with orchids and
fruit. It looks great, especially with
some tropical flowers. says
Georgi. Enjoy!
Lifestyle | Selfridges & Mahiki
In association with
Bikini Blast with Mahiki Coconut
K
rakatoa w
ith M
ahiki Coconut
Zombie with Mahiki Coconut
l100ml Mahiki
Coconut
l100ml dark rum
l 50ml each of
raspberry,
strawberry and
cranberry juice
ljuice from one lime
HOW TO MAKE: Mix the juices and spirit together in a shaker. Pour over ice into four glasses. Light some dark rum in a glass and
pour over, sprinkling cinnamon over the glass at the same time. This is perfect for a bit of
theatre. says Georgi.
lHandful of fresh
watermelon and
pineapple
ljuice of one lime
l 30ml sugar syrup
l50ml tequila and 50 ml
Mahiki Coconut
HOW TO MAKE: Put everything in a blender
with some crushed ice. Once its in the cup,
put a fresh raspberry on top. This is
totally refreshing because everything is
made with fresh ingredients. says Georgi.
Drink Responsibly
l60ml strong dark
rum and 20ml
Mahiki Coconut
l 10ml each of:
absinthe, grenadine,
sugar syrup and
maraschino liqueur
l 30ml grapefruit juice
l1 lime (half juice,
save the other half.)
HOW TO MAKE: Shake the liquid
ingredients thoroughly and pour
over ice. To serve, cut the remain-
ing lime wedge in half and put a
sugar cube inside. Rest it at the
top of the glass. Add a sprig of
mint to protect it from the straw.
Light a shot of strong dark rum
and pour it over (avoiding the
straw). This cocktail is only for
the brave. says Georgi.
Selfridges & Mahiki | Lifestyle
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LUTHER
BBC1, 9PM
Jennys ruthless boss seeks revenge
against Luther, but the detective is
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has been abducted by a serial killer.
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Rhys Jones head for Venice, beginning
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Destroyed in Seconds
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Size Brainiac 3.55amFringe
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Sell Me the Answer
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TVPICK
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Further live coverage from the
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8pmToday at Wimbledon:
Highlights of the second days
play at the All England Club.
9pmCHOICE Three Men Go to
Venice: Rory McGrath, Dara O
Briain and Griff Rhys Jones
head for the Italian city.
10pmLead Balloon: Rick hosts
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11.20pmCoast
12.20amThe Tudors
1.15amBBC News
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Headlines
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10
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
3 Ask advice from (7)
6 Transmitting live (2-3)
7 Skilled craftsman (7)
8 Prophets (5)
9 A few (4)
11 Compass point (4)
14 English ower (4)
17 Skating area (4)
19 Decree (5)
20 Lose hope (7)
21 Plant used in the
making of tequila (5)
22 Light spear thrown
in a competitive
sport (7)
DOWN
1 Foam used in
hair styling (6)
2 Stroke tenderly (6)
3 Uncouth (5)
4 Tremble with cold (6)
5 Goes (6)
10 Possess (3)
12 Mrs Merkel,
Chancellor of
Germany (6)
13 Threefold (6)
15 Pass (3,3)
16 Deserved by ones
eforts (6)
18 Holy book of Islam (5)
E
L
S
H
E O
L
W
A

4

4
C T R A N S L A T E
A A Z C W
M A C A U R O A M S
E I R U E R E
M E T R E W A D E R
B Y S E
E N T E R C H A I N
R O H O E M G
T A R R Y A L I C E
S M S S T
C L O S E N E S S I
2 8 6 7 1 1 4
6 7 9 3 8 5 4 9
1 3 4 2 6 7 3 8
3 9 4 9 7 8 6
9 1 8 9 5 7
5 9 7 6 2 1
2 7 8 1 1 2
4 5 2 1 3 3 8
9 8 6 5 8 4 7 9
7 6 7 3 2 1 5 4
1 3 9 7 2 1 5
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
SECONDARY
Lifestyle | TV&Games
CITYA.M. 21 JUNE 2011 32
ENGLAND captain Andrew Strauss
failed to mastermind a 2-0 series victo-
ry over Sri Lanka after a rain-hit fifth
day before announcing he will take
the unprecedented step of switching
counties in a bid to rediscover his
form ahead Indias upcoming tour.
Strauss, who averaged just 6.75
from four innings against the tourists,
has represented Middlesex for the
best part of 13 years, but will turn out
for Somerset next month in their tour
match against the world No1 ranked
side.
The 34-year-old was particularly vul-
nerable to Sri Lankas left-arm seamer
Chanaka Welegedara in a series ulti-
mately decided by a manic couple of
hours in Cardiff. And with
Indiasattack likely to boast the skills
of Zaheer Khan, Strauss is keen to
familiarise himself with the chal-
lenges that lie ahead.
He said: Andy Flower and saw that
Somerset had a tour match against
India and we approached them.
They were very keen on the idea
and were very grateful for them to
give me the opportunity as it helps
my preparation.
Ill be doing a lot of work in the
nets over the next few weeks but you
cant replicate what happens in a
match in the nets.
Strauss was left frustrated, mean-
while, as his side failed to extend their
winning margin over Sri Lanka. They
were held up by a partnership of 141
between Kumar Sangakkara (119) and
Thilan Samaraweera (no 87), before
the rain, which started during the tea
break, prevented any further play.
He added: We didnt make the
inroads we needed to make and were
a little frustrated not to take it 2-0.
Strauss takes
drastic action
to find form
BY JAMES GOLDMAN
CRICKET
Strauss has just one century in his last 21 Tests Picture: ACTION IMAGES
Sport
33
CHELSEA CLOSE IN ON
MOURINHO MARK II
PORTOS VILLAS-BOAS SET
TO EMULATE MENTOR: P33
Results
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email sport@cityam.com
Sport 34 CITYA.M. 21 JUNE 2011
BRITISH No1 Andy Murray admits
hes still to acclimatise to life
under the Wimbledon roof after
overcoming a scare to defeat first
round opponent Daniel Gimeno-
Traver in four sets.
Rain meant no play was possi-
ble on the outside courts from
5.30pm onwards, but the 100m
Centre Court roof ensured a rau-
cous crowd were afforded the
chance to roar on the home
favourite upon the completion of
F r a n c e s c a
Schiavones win
over Jelena
Dokic.
M u r r a y
(right), how-
ever, was
unable to
repay his
support-
ers with
the sort of stylish per-
formance which charac-
terised his victory at the
AEGON championships a
week ago.
Indeed, he gave signifi-
cant cause for concern
when he dropped the
first set before regaining
his composure and rat-
tling off the next three
to oust his Spanish
opponent, ranked 59 in
the world, 4-6, 6-3, 6-0,
6-0.
He was hitting the
ball very big and I did
well to hang in there in the sec-
ond set. The conditions are differ-
ent. Its only the second time in
my life Ive played on an indoor
grass court, said Murray, whose
previous experience of such an
environment came in the fourth
round two years ago, when he and
Stanislas Wawrinka set the record
for the latest ever Wimbledon fin-
ish in a near five hour epic.
It does change. Theres no
wind or elements to contend with.
Its good conditions to play in and
he was hitting the ball so cleanly
at the start of the match but I did
well.
Ive played against him before
and Ive practised with him and
Ive seen him play some great
matches. He can be quite up and
down but he started great.
I was a little bit sur-
prised he hasnt had
great results on the
grass before.
Elsewhere on the
opening day world
No1 Rafael Nadal got his
title defence under-
way with a rou-
tine 6-4, 6-2, 6-2
victory over his
tenacious but
l i m i t e d
A m e r i c a n
o p p o n e n t
M i c h a e l
Russell.
Last years
r u n n e r - u p
Tomas Berdych
started his
campaign in
impressive fash-
ion as he wasted
little time in
crushing Filippo
Volandri in
straight sets 6-
2, 6-2, 6-1 on
Court One.
Murray through but acknowledges
he must be ruthless under the roof
Chelsea turn to
the new Mourinho
FROM ST PANCRAS
TO ST GEORGES
GOLFS GREATEST PRIZE IS CLOSER THAN YOU THINK.
Once a decade The Open is played in Englands South East. A high
speed rail link is operating from central London direct to Sandwich.
Championship tickets purchased in June are available from 55, with
ne dining packages from 220. Experience The Open for yourself
at Royal St Georges, Sandwich, Kent. From 1017 July 2011.
THE OPEN. ITS ON YOUR DOORSTEP.
www.opengolf.com
Special Ones former protege Villas-Boas set to follow in his
mentors footsteps by swapping Porto for Stamford Bridge
OUTSIDE COURT | WEATHER,
GOSSIP AND TODAYS HIGHLIGHTS
TUESDAY FORECAST
Sunny intervals
HIGH
LOW
20
0
13
0
BRIT WATCH
It took just 64 minutes for the first
Brit to fall by the wayside and even
by homegrown standards, this was
a pretty lame capitulation. Japans
Kimiko Date-Krumm, the oldest
player in the womens draw at 40
years and 277 days, took just 17
minutes to claim the first set 6-0
against Katie OBrien. The British
No4, 15 years younger than her
opponent, showed stereotypical
pluck in the second which she even-
tually lost 7-5 to complete her mis-
erable experience. Compatriot Dan
Cox was trailing Ukraines Sergiy
Stakhovsky 6-3 0-1 when rain
stopped play.
JUST ZIP IT, VENUS
Wimbledon wouldnt be the same
without a daring fashion statement
from one of the Williams sisters.
With Serena not due to begin her
defence until today, elder sibling
Venus donned an adventurous
baggy playsuit, so revealing that
spectators on Court Two were
made only too aware of the colour
of her hotpants. Afterwards
Williams clarified shes very into
zippers which are very now.
DAY TWO HIGHLIGHT
With the rain already causing a
backlog, organisers will hope that
John Isner and Nicolas Mahut, due
to be the fourth match on Court
Three take less than the 11 hours
and five minutes in took to separate
them in last years first round.
BY JAMES GOLDMAN
TENNIS
CHELSEA have turned to the man

dubbed The New Jose Mourinho as
they seek a manager capable of repli-
cating the glorious era of the Special
One.
Andre Villas-Boas, the Treble-win-
ning Porto boss and former protege of
Mourinho, is expected to be installed
at Stamford Bridge before the end of
the week.
The Blues are believed to be ready to
meet the 13m release clause in the
33-year-olds contract, paving the way
for him to continue his meteoric rise.
Turkey coach Guus Hiddink, the
previous favourite to succeed Carlo
Ancelotti, is thought likely to arrive as
well and take up the role of director of
football.
Chelsea refused to comment on
individuals but said last night: We
hope to be able to make an announce-
ment regarding the new manager in
the next few days or so.
Porto earlier denied Portuguese
reports that his release fee had
already been paid, but confirmed the
clause existed. They are thought keen
to ensure Villas-Boas cannot take his
star players such as Colombian strik-
er Falcao with him to London, as
Mourinho did seven years ago.
Villas-Boas has only completed one
full season as a manager, but is
already one of the hottest properties
in Europe and is tipped to earn more
than 4m a year at Chelsea.
The former scout, who worked with
Mourinho at Chelsea as well as Porto
and Inter Milan, has closely followed
in his mentors managerial footsteps.
Like Mourinho, Villas-Boas did not
succeed as a player but studied coach-
ing early and got his first job with a
down-at-heel Portuguese club.
Having saved struggling Academica
de Coimbra from relegation he was
given a shot at boyhood club Porto last
summer and promptly delivered the
Treble just as Mourinho had in 2003.
His career path may be similar but
his character is different to Mourinho,
more modest and reflective than the
cocksure Real Madrid boss.
The fluent English speaker is only
months older than Blues stars Didier
Drogba and Frank Lampard.
BY FRANK DALLERES
FOOTBALL
I
REMEMBER a 14-year-old friend of
my sons came to stay with us a
few years ago. The pair of them
had some great games and you
could see then that this lad was a
class player. He wasnt long at all but
he was the straightest hitter you
could imagine.
That boy won the US Open on
Sunday night.
Im delighted for Rory
McIlroy getting his maid-
en Major win. There
just arent enough
superlatives in the
dictionary to do it
justice. It couldnt
have been better;
he was fantastic
from start to finish.
It was also another
wonderful result for
Northern Ireland, fol-
lowing Graeme
McDowells triumph last
year. All in all, it was nothing
short of the best Major Ive ever seen.
HUGE HEART
Tiger Woods won the tournament by
a record 15 shots at Pebble Beach in
2000, although that was under
extreme conditions. Congressional
was a golf course set up as fairly as
you can get it and conditions were
perfect throughout the four days.
Everyone played well but McIlroy
ran away with it by eight shots.
He played every bit as brilliantly as
he did for the first three days of the
Masters earlier this year, but this time
he didnt let it slip through his fin-
gers. That is testament not only to his
skill, but also to his huge heart.
Rory (inset) is still just 22. Its
incredible that a boy as young as him
can come back so quickly from the
immense disappointment he suffered
at Augusta and produce golf of that
standard for four days. It was as good
as it gets.
WEIGHT OFF HIS MIND
Comparisons have been drawn with
Tiger, who was 21 when he won the
first of 14 Majors at the Masters by 12
shots.
But this is Rory McIlroy;
to hell with anyone
else. Hes the
youngest winner of
the US Open for 78
years and hes led
three of the four
Majors already in
his short career.
I wouldnt com-
pare him with any-
one; hes his own
entity and will make
his own mark on the
game.
That 14-year-old boy has
added length to his game and has
now got everything in his armoury.
We all thought it would only be a
matter of time before he won his first
Major and now hes got it. It should
be a weight off his mind and I expect
he will find it easier to win the next
ones now.
Sport
A

D
a
i
m
l
e
r

B
r
a
n
d
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youve got every chance of winning.
If only winning The Open was that simple.
Ditto.
GOLF COMMENT
SAM TORRANCE
McIlroy victory
is best Major win
Ive ever seen
1994: Villas-Boas, 16, writes
to Porto boss Sir Bobby
Robson, who lives in the same
apartment block, to query his
tactics. Robson is so
impressed by the youngsters
detailed analysis that he takes
him on as a trainee.
1995: On Robsons advice
Villas-Boas heads to Britain
and earns his Uefa C coaching
licence before turning 18.
1996: Robson and sidekick
Jose Mourinho leave for
Barcelona but Villas-Boas
stays to cut his teeth.
2000: Has a brief spell as
coach of the British Virgin
Islands only telling them his
age when he leaves to return
to Portos Under-19 team.
2002: Mourinho takes charge
at Porto and asks Villas-Boas
to set up a top secret scouting
department. In Joses first full
season they win the league,
cup and Uefa Cup.
2004: A shock Champions
League win later, Mourinho
takes Villas-Boas to Chelsea,
where they begin the clubs
most glorious spell.
2008: Again assisting
Mourinho, Villas-Boas helps
Inter Milan win the league
and cup double.
2009: Takes first managerial
role, with Portuguese top
flight side Academica de
Coimbra, who he drags off the
bottom to the safety of mid-
table, and the cup semi-finals,
all with attractive play.
2010: Impressed, Porto hire
the 32-year-old and he takes
Europe by storm, losing just
one match all season on his
way to repeating Mourinhos
2003 Treble: league, cup and
Europa League.
A MANAGERIAL PRODIGY | RISE AND RISE OF ANDRE VILLAS-BOAS
SPORT | IN BRIEF
Warner resigns from Fifa
FOOTBALL: Fifa vice-president Jack
Warner has resigned before the conclu-
sion of an inquiry into bribery allegations
made against him. Warner, who was sus-
pended pending the investigation, and fel-
low Fifa member Mohamed Bin
Hammam are alleged to have paid bribes
of 600,000 to Caribbean associations.
His resignation means the probe into his
conduct has been dropped and the 68-
year-old will leave his post presumed
innocent. Warner insists hes quitting to
put the interests of his country, Trinidad
& Tobago, first. Defending the alleged gift
culture that exists within Fifa, Warner
said: Payments throughout the Concacaf
over the last 30 years have been done for
all kinds of things. But Im not saying I
have seen Bin Hammam make payments
at this meeting. If he did, its not unusual
for such things to happen and gifts have
been around throughout the history of
Fifa. Whats happening now for me is
hypocrisy at the highest level.
Stevens named in England squad
RUGBY UNION: England manager Martin
Johnson has included Saracens prop
Matt Stevens in his 45-man preliminary
training squad for the Rugby World Cup.
The 28-year-old, who completed a two-
year ban in January after testing positive
for cocaine, is the headline inclusion
alongside five uncapped players
Manusamoa Tuilagi, Thomas Waldrom,
Joe Simpson, Charlie Sharples and
Stevens Sarries team-mate Mouritz
Botha. Johnson said: Every one of these
players has the chance to be in that final
30 going to New Zealand. The camp is
going to be intense and competitive.
Fulham set for Faroe Islands
FOOTBALL: Fulham will take on Faroe
Islands side NSI Runavik in the first qual-
ifying round of the Europa League. The
Cottagers will play the first leg at home
on 30 June, with the return match played
on 7 July. If new Fulham boss Martin Jol
passes his first assignment, his new side
will face Belfast club Crusaders in the
second qualifying round.
Pearce set for England extension
FOOTBALL: Stuart Pearce is expected to
sign a new two-year contract to remain
as England Under-21 head coach, despite
their first round exit from the European
Championship on Sunday.
V i l l a s - B o a s
worked under
Mourinho as a
scout at Chelsea
Picture: GETTY
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