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Speculation
hots up over
eurobonds
ITALIAN politicians stepped up pres-
sure for closer fiscal union across the
Eurozone over the weekend, as a
report emerged that German minis-
ters were considering caving in on
demands for eurobonds.
Speaking ahead of a crucial Franco-
German summit this week, Italian
economy minister Giulio Tremonti
said: “We would not have arrived
where we are if we had had the
eurobond,” describing the measure as
a “master solution”.
Bonds would spread the burden of
debt from troubled member states
across the whole of the 17-nation sin-
gle currency area.
The proposal was vehemently reject-
ed on Saturday by Wolfgang
Schaeuble, “for as long as member
states conduct their own financial
policies”.
Yet despite publicly denouncing the
scheme, one German newspaper
claims that senior German officials
are considering the case for eurobonds
behind closed doors.
“Preserving the Eurozone with all
its members has absolute top priority
for us,” according to a government
source quoted in the newspaper under
the headline: “Government no longer
excludes European transfer union and
joint eurobonds as last resort.”
Former hedge fund legend George
Soros waded into the debate yesterday,
calling for Greece and Portugal to quit
both the Eurozone and the European
Union as a whole.
BY JULIAN HARRIS
EUROZONE ECONOMY

Prime Minister David Cameron will this morning promise a widespread shake-up of UK social policy Picture: GETTY
DAVID Cameron will today pledge a
sweeping review of the UK’s
approach to social policy in the wake
of last week’s devastating riots.
The prime minister will use a
speech this morning to announce a
“social fightback” to match last
week’s security operation.
He will pledge to “review every
aspect of our work to mend our bro-
ken society, on schools, welfare, fami-
lies, parenting, addiction,
communities, on the cultural, legal,
bureaucratic problems in our society;
from the twisting and misrepresent-
ing of human rights that has under-
mined personal responsibility, to the
obsession with health and safety that
has eroded people’s willingness to act
according to common sense.”
With 97 per cent of City
A.M./PoliticsHome.com’s Voice of the
City panel of business and financial
professionals saying that the riots
have damaged London’s internation-
al business reputation, Cameron will
have his work cut out to reassure
investors and tourists. He will talk of
reforms “big enough and bold
enough to deliver the change I feel
this country now wants to see”.
Of the 470 business and finance
professionals that took part in our
latest survey, 35 per cent thought last
week’s riots had been “very damag-
ing” to London’s international repu-
BY ELIZABETH FOURNIER
POLITICS

www.cityam.com Issue 1,446 Monday 15 August 2011 FREE
COCKTAIL
HOUR P10
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FOR READERS AT
THE ANTHOLOGIST
IT’S CRUNCH TIME FOR
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FRESH TURMOIL LOOMS P3, 4, 15
BUSINESS WITH PERSONALITY
tation for investors and tourists, with
a further 38 per cent calling the vio-
lence and looting “quite damaging”
and 24 per cent “a little damaging”.
Just three per cent felt that no dam-
age had been done.
Though chancellor George
Osborne insisted over the weekend
that planned cuts to the UK’s police
budget would go ahead, 60 per cent
of our panel say the cuts should be
rethought – echoing Boris Johnson’s
call. The Mayor reiterated his stance
yesterday in a move bound to raise
hackles among the coalition, saying
of police numbers in the capital:
“The general movement has got to be
static or upwards, and that is vital for
policing London.”
The Metropolitan police has made
more than 1,400 arrests in connec-
tion with the riots. Courts remain
open round the clock.
Go to www.cityam.com/panel to apply
to join our panel.
ALLISTER HEATH: P2
Certified Distribution
04/07/2011 till 31/07/2011 is 93,093
Quite damaging
Very damaging
Alittle damaging
Not at all damaging
How damaging do you believe the rioting
has been to London's international
reputation for investors and tourists?
35%
38%
24%
3%
60%
Yes
No
Don’t know
In light of the recent rioting in London,
should the Government review their
planned cuts to the Metropolitan Police?
37%
3%
In partnership with
Apply to join today at www.cityam.com/panel
PoliticsHome.com PoliticsHome.com
CAMERON PLEDGES
RADICAL REFORMS
News
2 CITYA.M. 15 AUGUST 2011
BP to offload
North Sea rig
BP is set to continue the trend of oil
and gas firms exiting North Sea
assets with the sale of its minority
stake in the Shearwater field.
Sources close to the deal told City
A.M. the 27.5 per cent stake in the
Shell-run gas field could net BP more
than £150m. GDF Suez is also under-
stood to have put its stake in the West
Franklin field on the market.
Norwegian energy giant Statoil
halted $10bn (£6.2bn) worth of proj-
ects following the surprise Budget-
day announcement by George
Osborne of a 12 per cent tax hike on
the profits of companies operating in
the region. It later resumed prepara-
tory work, saying it will make a final
decision next year.
Japanese trading conglomerate
Marubeni Corporation also put up
for sale all but one of its North Sea
oilfields in June, adding to a list
that includes ExxonMobil and
Chevron.
Many oil and gas firms are keen to
offload their mature assets while the
price of oil is high but have been set
back by the March tax levy.
Last month the Treasury performed
a partial U-turn, saying it will raise the
annual rate of Ring Fence Expenditure
Supplement from six to 10 per cent to
support firms working in less prof-
itable fields.
BY STEVE DINNEEN
OIL AND GAS

Cameron’s police and euro blunders
EVERY so often, a confluence of events
forces a country to choose a new direc-
tion. Britain is at such a crossroads: we
need radical reform in virtually all
areas of domestic policy as well as new
trading relationships and security
alliances internationally.
The riots and the crisis in the
Eurozone ought to serve as catalysts
for change. But so far the government
remains hopelessly in hook to vested
interests. The job description for the
new Metropolitan Police commission-
er bars non-UK nationals and stipu-
lates that only serving UK chief
constables or people of equivalent UK
ranks may apply. These non-merito-
cratic, discriminatory clauses are
there to prevent the appointment of a
US chief such as Bill Bratton, the
world’s greatest expert on vanquish-
ing crime and gangs while boosting
community relations. It’s a closed
shop, a job-creation scheme for UK
police bosses, signed off by Theresa
May, our hapless home secretary. Why
doesn’t David Cameron stop this non-
sense? Bratton is keen; he would even
consider switching nationalities to get
the job. Cameron is right to want to
make the police more efficient and
redeploy more resources to actual
policing – but overall budgets should-
n’t be cut. It would be suicide for the
UK to give up on austerity. But instead
of massively increasing foreign aid,
why not spend the money on more
front-line, street-based police?
There may be light at the end of the
tunnel. Cameron will diagnose the
problem correctly today:
“Irresponsibility. Selfishness. Behaving
as if your choices have no conse-
quences. Children without fathers.
Schools without discipline. Reward
without effort. Crime without punish-
ment. Rights without responsibilities.
Communities without control. Some
of the worst aspects of human nature
tolerated, indulged – sometimes even
incentivised – by a state and its agen-
cies that in parts have become literally
de-moralised.” It’s much better than
Ed Miliband’s constant attempts at
drawing moral equivalences between
the looters and the City, a philosophi-
cally absurd parallel which fails to dis-
tinguish between legal wealth
acquisition by mutual consent and
grabbing money and property
through theft and the illegal breach
of others’ property rights. We shall
soon find out whether Cameron’s
words are matched by actions.
As to the Eurozone, the UK now sup-
ports the creation of a fiscal union
with tax raising powers and the ability
to transfer unlimited wealth from
some countries to others. Of course,
the euro as currently constituted does-
n’t work. The one-size-fits all interest
rates are inappropriate for most mem-
bers, countries can’t devalue any more
– and yet they cannot readjust in any
other way because they have failed to
deregulate their economies, including
their labour markets, to allow them to
respond to shocks.
This will never change. But that
doesn’t mean that forcing Germans to
pay for the errors of Greeks or Italians
is the answer either. A giant pan-
European welfare state would merely
reward failure and fuel nationalism
and bitter resentment. Short-term,
Eurobonds, federalised debt and cen-
tral bank purchases of toxic bonds will
prevent a catastrophic, uncontrolled
break-up of the euro which would trig-
ger another recession. Long-term, the
backlash will be cataclysmic. The only
sustainable solution is a controlled,
managed break-up of the euro. The UK
is backing the wrong horse.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
TRANSPORT campaigners have
warned train fares will rise by four
times the rate of inflation come
January thanks to government plans.
Transport secretary Philip
Hammond will cut the £5bn annual
train subsidy and has upped the
amount rail operators can increase
their fares from RPI plus one to RPI
plus three. The plans will see fares
rise by as much as a third by 2014,
with an eight per cent hike in the
most popular fares as soon as
January. Some fares will rise by even
more thanks to a “flex system” which
allows price rises to be averaged
across a basket of routes.
The government says it is keen to
shift the burden of the struggling
train network from the taxpayer to
rail users.
Critics from the Campaign for
Better Transport last night warned
commuters will voice their anger in
the ballot box.
BY STEVE DINNEEN
TRANSPORT

Rail fees to soar in January
Transport secretary Philip Hammond faces the wrath of commuters
NEWS | IN BRIEF
Rebels in Libya breakthrough
Libyan rebels raised their flag over a
strategic town near Tripoli yesterday after
their most dramatic advance in months
cut off Muammar Gaddafi’s capital from
its main link to the outside world. The
swift advance on the town of Zawiyah,
about 50 km (30 miles) west of Tripoli,
will deal a psychological blow to Gaddafi's
supporters and severs the coastal high-
way to Tunisia that keeps the capital sup-
plied with food and fuel. Previous rebel
advances have often been reversed,
despite help from NATO warplanes.
Merkel party hit by scandal
German chancellor Angela Merkel’s con-
servative Christian Democrats suffered a
setback last night when a regional leader
was forced to resign over his affair with a
16-year-old girl. Christian von Boetticher
announced he was stepping down as
chairman of the CDU in Schleswig-
Holstein state, in a further blow to
Merkel's conservatives. Boetticher had
been the designated successor to CDU
state premier Peter Harry Carstensen ,
who is not running in an election in
Germany’s northernmost state in May
2012.
EDITOR’S LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
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Sources say BP chief
executive Bob Dudley
will put the firm’s
North Sea Shearwater
field on the market
4th Floor, 33 Queen Street, London, EC4R 1BR
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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
FEARS RAISED AS “LACK OF CAUTION”
FUELS COMMERCIAL PROPERTY VALUES
Commercial real estate values have
been spurred by a “lack of caution”
on the back of an “astonishing”
rebound in lending to the sector,
according to one of the largest global
fund managers. LaSalle Investment
e, which manages $45bn (£27bn) of
real estate assets across the world,
will this week warn that the recov-
ery in commercial real estate is well
ahead of what fundamental econom-
ic activity in some markets should
support.
DOUBTS CAST ON FSA’S NEW PAY CODE
FOR BANKS
Only one in three bank executives
based in London believes that the
Financial Service Authority’s tough
new pay code will curb risk-taking
while four in five think it will harm
the City’s competitiveness, a survey
by PA Consulting Group has found.
The survey of top human resources
executives at 50 UK banks and UK
offices of global banks comes two
years after the FSA began reviewing
banker pay with an eye to promoting
financial stability.
PURE GYM RAISES CASH TO BEEF UP
A low-cost UK fitness chain catering
to commitment-phobes has secured
funding to double in size. Pure Gym,
which offers access to its facilities
without a monthly contract, raised
£9m from Barclays and private
investors to expand from 15 gyms to
28 by the end of next year.
FRENCH SOLE STEPS OUT IN ASIA
French Sole, which sells ballet-style
shoes beloved of the Duchess of
Cambridge, is opening its first
franchised stores in Asia in a prel-
ude to further international expan-
sion for the privately owned UK
business. It has opened a store in
Kuala Lumpur.
DRIVERS SETTLE FOR NEW PARTS
INSTEAD OF NEW CARS
Sales of new cars in Britain may be
under pressure but the market for
parts is in ruder health. Euro Car
Parts, the largest distributor of
replacement components for cars
and vans, reported profit up by a
third in the first six months of the
year. Sales increased by 30 per cent to
£164 million with sales to large cus-
tomers rising 150 per cent.
HERE’S THE DEAL ... NOW WE WANT 25
PER CENT OF THE PROFITS
The developer who brought New York
style “loft living” to Britain is being
sued by a property agent over the
restoration of the Victorian Gothic St
Pancras Hotel. Charles Lissack has
filed a lawsuit against Manhattan
Loft Corporation at the High Court in
London, claiming a quarter of the cor-
poration’s profit on the project.
DUCATI REVS UP FOR A £900M HONG
KONG IPO
Luxury motorcycle maker Ducati is
poised for a £900m Hong Kong flota-
tion as China becomes its main mar-
ket for selling bikes. The 85-year-old
Italian company, which made £79m of
profits last year, has launched an
informal beauty parade for banks as it
draws up plans for a possible 2012 IPO.
The listing will follow IPOs from other
luxury goods companies such as
Samsonite and Prada that have also
debuted on the Hong Kong bourse.
COMMODITY BULLS IN $21BN SELL-OFF
The extent of the panic that gripped
financial markets last week has been
laid bare by figures that showed spec-
ulators slashed their bets in US com-
modity markets by record margins.
Positions were cut by $21bn (£13bn)
during the week to August 9.
HONG KONG POSTS SURPRISE
ECONOMIC CONTRACTION
Softening demand for exports and
weakness in the financial sector
threaten a deeper slowdown for Hong
Kong after a surprise contraction in
the territory’s economy in the second
quarter. Waning global demand and
supply-chain disruptions following
the March earthquake and tsunami
in Japan led to a 11.1 per cent drop in
exports from the first quarter, a dra-
matic reversal from a 14.4 per cent
rise in the previous quarter.
PANEL SEEKS AN UPGRADE FOR AIR-
LINE PILOT TRAINING
Commercial pilots need enhanced
manual flying skills, improved leader-
ship abilities and greater access to
advanced simulators, according to a
group of experts asked by Congress to
recommend safety improvements for
US airlines.
WHAT THE OTHER PAPERS SAY THIS MORNING
POLITICIANS in Europe and the US
must wake up to the severe loss of mar-
ket confidence in their economic lead-
ership, the head of the World Bank
said last night in Australia.
Recent events “have pushed us into
a new danger zone,” Robert Zoellick
(pictured) warned, arguing that sub-
stantial reforms to government spend-
ing commitments are required.
There were few real fears
that the US was facing a fis-
cal crisis, Zoellick said, yet
added: “frankly that markets
are used to the US playing a
key role in the economic sys-
tem and leadership.”
He said efforts to cut US gov-
ernment spending have so far
been focused on discre-
tionary spending as
opposed to the entitlement
programme such as social
security. “Until they make
an effort on those programmes, there
is going to be continued scepticism
about dealing with long-term spend-
ing.”
Zoellick said the process of dealing
with the sovereign debt problem and
some of the competitive issues in the
Eurozone have tended to be done “a
day late”, leaving markets worried that
authorities may not be ahead of the
problem or moving in the right direc-
tion.
“That (worry) has accumulated
and so we’re moving from drama
to trauma for a lot of the
Eurozone countries,” he said.
On a more positive note,
Zoellick added: “What is differ-
ent from the world of the past is
now emerging markets
are sources of growth
and opportunity.
About half of glob-
al growth is repre-
sented by the
d e v e l o p i n g
world.”
World Bank
chief hits out
at politicians
SWISS and Japanese authorities are
simultaneously threatening to take
action to halt their currencies’ appre-
ciations against the greenback.
Japan’s finance minister, Yoshihiko
Noda, pledged “bold action” over the
weekend if it becomes necessary to
anchor down the yen.
Throughout the world investors are
seeking refuge from risk amid height-
ening uncertainty over the global eco-
nomic outlook and governments’
debt crises.
The yen strengthened to 76.31 to
the dollar last Thursday; a similar
spike earlier in the month prompted
Japanese authorities to intervene, sell-
ing the currency.
“Although the Bank of Japan has
only recently expanded its asset-pur-
chase scheme, we would not rule out
further monetary easing, particularly
in combination with government
action to reduce the value of the yen,”
commented Capital Economics.
The Swiss National Bank (SNB),
meanwhile, indicated last week that
it could peg its currency to the euro,
to prevent further escalation.
The Swiss franc lost ground against
the Eurozone’s single currency as a
result of the speculation, yet the cen-
tral bank is still expected to announce
some form of intervention this week.
ITALY’S second austerity package in
less than a month met with a chorus
of criticism a day after becoming law,
with the largest union federation
threatening a general strike over the
“injustice” of the measures.
President Giorgio Napolitano on
Saturday signed the emergency
decree introducing sweeping austeri-
ty measures to cut the fiscal deficit by
some €45.5bn (£40bn) and balance the
budget in 2013, a year ahead of its pre-
vious schedule.
“A missed opportunity,” was the
comment by the chief economist of
the OECD, Pier Carlo Padoan.
Padoan said the plan was positive in
the pledge to bring forward the bal-
anced budget but it lacked measures
to boost growth and tackle tax eva-
sion. Employers’ lobby Confindustria
estimates Italy’s tax evasion totals
€120bn.
Central reserves
step in over yen
and Swiss franc
Berlusconi faces criticism
over Italian austerity plan
Prime minister Silvio Berlusconi announced spending cuts over the weekend Picture: REUTERS
BY JULIAN HARRIS
WORLD ECONOMY

WORLD ECONOMY

Markets in focus
CITYA.M. 15 AUGUST 2011
BY HARRY BANKS
EUROZONE

3
Markets in focus
4 CITYA.M. 15 AUGUST 2011
TUMBLING equities have hammered
many pension schemes this month,
a group of pensions advisers
announced yesterday.
An equivalent of £100bn has been
added to pension deficits, with
national funding levels falling by
around 10 per cent in recent weeks,
Bucks Consultants’ has found.
And it is not just equity markets
that have hit pension funds. “Gilt
yields have fallen steadily as demand
for lower risk assets has risen, while
maturing pension schemes seek to
de-risk, further increasing scheme
liabilities,” the report stated.
In a bearish note, Bucks
Consultants described the collapse
in equity markets early last week as
“a more meaningful retrenchment
and not a short-term correction.”
“Equity markets are more realisti-
cally pricing in the significant struc-
tural difficulties that still lie ahead,
as economies adjust to the long term
implications of the current financial
crisis that began four years ago,” it
said.
“Volatility and nervousness will
remain elevated, even if equities
bounce back.”
Nonetheless, Bucks propose that
trustees “suspend planned de-risk-
ing into fixed income assets.”
TRADERS will return to work this
week hoping for a calmer start than
last Monday, when the downgrade of
the US credit rating sparked the high-
est levels of volatility seen in years in
US and European markets.
Traders were described as “shell
shocked” and investors “scared and
nervous” after a week in which the
FTSE 100 broke through the critical
5,000 level twice in five sessions amid
massive positive and negative
swings.
Both traders and for-
mer City minister Lord
Myners (pictured) also
criticised European gov-
ernments’ decision to try
to calm markets by ban-
ning short selling of bank-
ing stocks in four countries.
“While bans such as
these usually generate
a brief pop higher, in
the longer term they
don’t address the
underlying prob-
lems and merely
serve to delay the
inevitable, and we could well see fur-
ther volatility,” said CMC Markets ana-
lyst Michael Hewson.
Lord Myners said shorting had not
been a contributory factor to share
price falls seen by institutions such as
France’s number two bank Societe
Generale, which lost more than 20 per
cent during Wednesday’s trading as
investors panicked over its health.
Instead, he called for action by both
the Financial Services Authority and
the Treasury to address high-frequen-
cy trading, an electronic system that
places trades in micro-seconds that he
believes exacerbated volatility.
“High-frequency trading appears so
detached from the true function of
capital markets, but is potentially
fraught with hazard. It definitely
deserves more attention than either
the FSA or the Treasury has given it,”
Myners told the Sunday Telegraph.
The FSA said it was contribut-
ing to a Europe-wide consul-
tation into guidelines for
HFT launched by the
European Securities
and Markets
Authority.
MARTIN SLANEY:
P15
Fears focus on
volatility as
markets open
Billions shed from pension funds
by plummeting equity stocks
BY ALISON LOCK
CAPITAL MARKETS

PENSIONS

8Aug 9Aug 10Aug 11 Aug 12Aug
5,300
5,400
5,200
5100
5000
4,800
4,900
Wednesday 10 August
A pledge by US Federal Reserve chairman Ben
Bernanke (below) to keep US interest rates low
sparks a relief rally – but that evaporates as markets
seize on unfounded rumours over France’s sovereign
rating and French banks’ financial health. The FTSE
closes at a recent low of 5,007.
Monday 8 August
Trading screens fill with red in the
first session of the week after S&P
strips the US of its triple-A credit
rating. Mass selling leaves the FTSE
down 3.4 per cent at 5,105 after a
day traders liken to 2008.
Thursday 11 August
FTSE drops briefly below 5,000
as French banks again fend off
rumours over their strength, but
rallies to close 3.1 per cent up
after French president Nicolas
Sarkozy schedules talks with
Angela Merkel (below right) for
this Tuesday to find a fix for the
Eurozone.
Tuesday 9 August
FTSE 100 slumps below the
5,000 mark for the first
time since July 2010 as the
confidence crisis deepens,
but after huge volatility the
index closes up one per cent
for the day.
Friday 12 August
France, Italy, Spain and
Belgium ban short selling
of their banks overnight
on Thursday. The FTSE
rallies to a second
positive close at 5,320.

Gold tops
$1,800
an ounce

Societe Generale
closes
15%
down

FTSE finishes
178
points lower
Analysis: A long week in the markets
News
6 CITYA.M. 15 AUGUST 2011
TWO bulge-bracket investment banks
are in talks with the bank lenders to
troubled medical staff provider
Healthcare Locums over buying its
debt pile, City A.M. has learned.
The plan is the latest twist in
the company’s efforts to repay
£135m of debt as it struggles to
unpick accounting irregulari-
ties, over which its founding
chief executive Kate Bleasdale
(pictured) resigned in February.
The two investment banks
are negotiating with two
Australian banks,
National Australia Bank
and Commonwealth
Bank, which provided
the debt last December,
weeks before HCL’s
board announced a
probe of its accounts.
City A.M. understands the talks may
conclude in the next week and would
see the investment banks buy the debt
at close to its full value.
Permian Investment Partners, a 6.5
per cent shareholder, said it “like other
shareholders, is supportive of the
investment banks’ negotiations
to acquire Healthcare Locums’
debt, since these negotiations
appear to recognise the compa-
ny’s value as an operating busi-
ness and its bright commercial
future.”
The talks overtake another
plan to repay debt by raising
£60m through a share place-
ment to a group of investors.
That appears not to have
been concluded by the
named close date of 11
August. HCL denied it
had to pull a fundrais-
ing but would not
comment further.
Banks plan to
buy HCL debt
BY ALISON LOCK
SERVICES

CONAGRA Foods said last night it will
consider its options after the rejection
on Friday of its sweetened $5.2bn
(£3.19bn) offer to buy private-label food
company Ralcorp Holdings.
ConAgra had raised its offer to $94 a
share from its previous unsolicited bid
of $86 a share. Its original offer for
Ralcorp was $82 a share. Ralcorp has
rejected all of ConAgra’s offers and
said there is “nothing further to dis-
cuss”. Shares of Ralcorp closed on
Friday at $79.02. Its market capitalisa-
tion is roughly $4.36bn.
Last month, Ralcorp decided to sep-
arate its Post-brand cereals unit from
its predominantly private-label busi-
ness to create two companies.
ConAgra said in a statement that
Ralcorp’s spin-off plan “does not pro-
vide competitive value to Ralcorp’s
shareholders relative to ConAgra
Foods’ proposal”. ConAgra said its
offer provides Ralcorp shareholders
with “certainty and upfront value”.
Ralcorp’s spin-off plan would not
deliver comparable value, would take
at least four to six months to complete
and poses potential risks, ConAgra
said. ConAgra added its $94-per-share
proposal marks a 44 per cent premi-
um to Ralcorp’s closing price on 21
March, the last business day prior to
ConAgra’s initial approach.
ConAgra signals plan to play the
long game after Ralcorp bid fails
M&A

Shell’s Gannet Alpha platform has been leaking oil since last Wednesday
INVESTORS will be watching oil giant
Royal Dutch Shell closely this morn-
ing after the company said that the
oil leak from its Gannet Alpha plat-
form in the North Sea was “under
control”.
Shell, which detected a leak in a
flow line on Wednesday last week,
stressed that an inspection by a
remote-operated vehicle (ROV) on
Saturday night “shows the leak rate
has reduced further”.
The leak spilled between 12 to 120
barrels, much less than the prelimi-
nary estimate of 1,000 barrels. The
sheen – located 112 miles east of
Aberdeen in Scotland – is estimated
to be around 37 square feet.
The company said that the plat-
form will continue to operate and
that they do not expect the oil slick to
reach the shore.
“We are using ROVs and preparing
divers as we continue to take action
to reduce the leak as the weather
allows, and where it is safe to do so,”
Shell said.
The spill contrasts to the Gulf of
Mexico oil slick, where the well was
not contained and covered an area of
around 5,200 square kms. Shell has
shut in the North Sea well and the
flow line has been depressurised so no
further oil should flow out.
Shell closed at 2,008p in London on
Friday night, up 2.95 per cent.
Shell says rate of North Sea
oil leak has reduced further
BY KASMIRA JEFFORD
OIL & GAS

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Gold goes from strength to
strength; its reputation never
tarnishes. Do you:
a) Remember Gordon Brown dumping our UK
reserves at a paltry price and weep.
b) Join in the merry-go-round and buy, buy, buy
(not forgetting your stop, stop, stop!)
MICHELE Bachmann scraped to victo-
ry in the weekend’s Iowa straw poll
of Republicans, with the race to chal-
lenge President Barack Obama set to
heat up.
Bachmann narrowly pipped liber-
tarian Ron Paul to the post, winning
with nearly 29 per cent of the vote --
just 152 votes ahead of Paul.
Supporters of the more-ideological
Paul swarmed the grounds and
jammed the arena when he spoke.
Americans will go to the polls in
November 2012 to decide whether
Democrat President Obama is elected
to a second term in the White House.
Yet Bachmann could face a sterner
contest from right-wing Texan gover-
nor Rick Perry, who stormed into the
contest only this weekend.
Perry replaces previous second-
favourite Tim Pawlenty, who sensa-
tionally dropped his campaign after
coming a disappointing third place
in Iowa, with less that 14 per cent of
the vote. Sarah Palin – running mate
to John McCain in 2008 -- looks
unlikely to enter the race after
Bachmann stormed ahead. It is
thought she was hoping for a weak
performance from Bachmann to
pave the way for her own candidacy.
Outsider Ron Paul surprised ana-
lysts by coming second in Iowa. “Dr
Paul is surging in this race, and
today’s results show the strength of
his grassroots support and top notch
organisation”, his spokesperson said.
Paul endorses “low taxes, free mar-
kets, and a return to sound monetary
policies”.
Republicans
battle it out
for 2012 race
LONDON’S house prices have col-
lapsed in August, yet a leading analyst
has said that global financial worries
will not impact the housing market
across the UK.
Asking prices were down in all 32
London boroughs this month, plum-
meting 3.4 per cent across the capital,
according to the Rightmove index
released this morning.
Prices in London had been defying
the UK-wide slump this year, yet this
index shows they are “now falling
back more sharply than in the rest of
the country”.
“The renewed turmoil in global
financial markets may be starting to
hit home with London buyers who
have thus far been insulated from the
worst of the downturn,” the report
said – yet Rightmove insisted that
financial worries will not hit prices
across the country as a whole.
Low transaction levels mean that
prices in the UK are already “bumping
along the bottom”, Rightmove said.
Asking prices for the UK as a whole
were down 2.1 per cent in August.
House prices drop
throughout London
BY LYDIA ELLIS AND JULIAN HARRIS
US POLITICS

News
8 CITYA.M. 15 AUGUST 2011
WHICH REPUBLICAN WILL STAND AGAINST OBAMA?
MITT ROMNEY
DESPITE performing
poorly at the Iowa
straw pool with 3.37
per cent of the vote,
Mitt Romney is a seri-
ous contender. The for-
mer governor of
Massachusetts is no
novice to presidential
candidacy campaigning. Coming third to
McCain in 2008, Romney’s campaign saw
wins in 11 primaries and caucuses, funded
by $45m out of his own pocket. With a
background in management consultancy
and private equity investment, Romney’s
real life experience is his key strength.
MICHELE BACHMANN
UNDERVALUED by
bookmakers,
Bachmann is one to
watch. Narrowly seiz-
ing victory in Iowa’s
straw poll, Minnesota’s
first Republican con-
gresswoman is more
than a match for any
challenge by Palin. Palin is the bigger brand,
but Bachmann is the bigger personality.
As a traditional conservative with Tea Party
support, PoliticalBetting.com’s Mike
Smithson told City A.M. that Bachmann “has
a better than 50 per cent chance of winning
the first primary”.
SARAH PALIN
PALIN’S failure to
announce her candida-
cy by this late stage,
coupled with rival
Bachmann’s strong
performance, effec-
tively rules out any
hopes she may hold
for the contest. One
speculator expressed the view that the
Alaskan governor would have entered the
running yesterday following a poor result
for her rival Minnesotan congresswoman.
Despite having not even entered the contest
yet, the infamous Palin is tipped as the
bookies’ fourth favourite to win.
RICK PERRY
PERRY came sixth in
the Iowa straw poll
with 4.26 per cent of
the vote, yet remains
the bookies’ favourite
to win. Cited as the
American public’s
favourite by Mike
Smithson of
PoliticalBetting.com, some reckon that
Perry’s support will eat into the Bachmann
vote. Overtaking Romney as the market’s
favourite, the ten years governor of Texas
has overseen around 200 executions by
electric chair, the most controversial of
which may return to haunt his campaign.
RON PAUL
COMING a close sec-
ond to Bachmann in
yesterday’s poll with
27.74 per cent of the
vote, Ron Paul is con-
testing the presiden-
tial candidacy a
second time. Having
come fourth to John
McCain (and behind Romney) in 2008, the
bookies place the 75-year-old Texas con-
gressman four places below Romney as the
sixth placed favourite to win. Libertarian
Paul, originally from Pittsburgh, is an out-
spoken critic of current American economic
and foreign policy.
JON HUNTSMAN
WITH a measly 0.41
per cent of votes at
the straw poll, Jon
Huntsman’s refusal to
compromise policies
may alienate the mid-
dle-ground conserva-
tives. A career
politician, Huntsman
worked as staff assistant to Reagan, deputy
assistant secretary of commerce and US
trade representative to Bushes senior and
junior respectively. The former governor of
Utah achieved tax cuts of more than
$400m while maintaining a budget surplus.
Huntsman is also a Mormon.
NEWS | IN BRIEF
Think tank attacks green taxes
Green taxes are imposing “excessive”
costs averaging £500 per year for every
British family, the Taxpayers’ Alliance
will argue today. The social costs of car-
bon emissions total £16.9bn, according
to government estimates – around
£13bn less than the £30.1bn net amount
raised by domestic green taxes, the TPA
has calculated.
Wages rise in motoring sector
Pay in the automotive industry is rising
for the first time since before the reces-
sion, according to the latest data from
Incomes Data Services (IDS), released
this morning. Figures for the year to
June show that median pay rises across
the industry grew to 3.4 per cent this
year, up from zero growth the previous
year. The median basic salary for skilled
grade positions in the automotive indus-
try is now £475.49 a week, the figures
revealed.
BY JULIAN HARRIS
HOUSING

15/1 10/1
17/1 20/1 15/8
TESCO today reduced its fuel prices by
up to two pence per litre (ppl). The
price cut covers both unleaded and
diesel and is in addition to the price
cut of up to 1ppl announced earlier in
the week.
Yesterday Morrisons took two
pence off the price of a litre of unlead-
ed and diesel. The supermarket had
already slashed the price of a litre of
unleaded by 2p on Tuesday. ASDA also
said it would cut prices nationwide
tomorrow by up to 2ppl.
Supermarkets
kick off price
war over petrol
BUSINESS morale has slumped again
this month, according to research
released this morning by account-
ants’ group BDO.
Economic growth in the UK has
been “profoundly hampered by ongo-
ing fragility in the manufacturing
sector”, the group’s business trends
report said.
The factory sector has been in con-
traction for two straight months, BDO
said, with the risk of falling into
recession. Its inflation index, mean-
while, has hit a 35-month high.
UK confidence
dips on ailing
factory sector
UK ECONOMY

BY LYDIA ELLIS
FUEL

2/1
Research by Lydia Ellis
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FREE RUSSIAN ROSE MARTINI FOR EVERY
READER AT THE ANTHOLOGISTBAR
Located in the heart of the
City, The Anthologist offers a
seasonal all day menu, wines
from across the globe, skinny
cocktails, a mixology table,
deli, two cocktail lounges, a
private room complete with
1950’s kitchen and an
alfresco terrace.
The Anthologist is inviting
readers to enjoy a fabulous
cocktail on the house. Drop
by from 12 noon to close on
Monday to Thursday this
week to claim a Russian Rose
Martini, which has been
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stirred with lychee liqueur
and ginger syrup and
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HAYWARD
RETURNS TO
DEEP WATER
OFF COWES
HOW TIME flies. Barely one year on from
the Deepwater disaster in the Gulf of
Mexico, former BP boss Tony Hayward is
out of his depth again – only this time he
is steering Bob, his Farr 52 yacht, around a
treacherous rock off the coast of Ireland.
Hayward, who spent last week compet-
ing at Cowes, is currently on board one of
the 318 competing yachts in the Rolex
Fastnet Race – a 608-mile sprint from
Cowes to Plymouth via Fastnet Rock, the
outcrop that was the last sight of Ireland
for emigrants to the US.
As the fleet set sail yesterday, the
favourite to win the race was Mike Slade,
the seafaring chief executive of property
developer Helical Bar, who is racing ICAP
Leopard. Slade, who set the race record in
2007, is being given a run for his money by
“the fastest boat on the water”, the tri-
maran Maxi Banque Populaire V, which is
in turn being chased by Ran, the 72-footer
owned by Skype founder Niklas Zennström
and Rambler 100, the 100-foot Maxi piloted
by former United Technologies
Corporation chief executive George David.
Meanwhile, Julian Metherell, the
finance director of Vallares, the cash shell
Sailing close to the wind: US businessman George David and his crew racing Rambler 100 yesterday
WHEN the world has gone
mad, stick to what you know,
thought six asset managers as
they chose Green’s on Cornhill
for a nerve-restoring lunch in
the week the markets went
into meltdown. The soothingly
traditional venue delivered
comfort food including fish
and chips, Dover sole and
rump of lamb as clients’
stocks plunged, served with a
reinforcing double G&T for
one financier and a large
vodka for another. Even the
wine came in doubles: two
bottles of Puligny Mont
Bitouzet disappeared faster
than you can say “October
2008”, then chasers of
Chateau Lynch Bages,
Chateau Talbot, Fonseca
1985 port and a magnum of
Laurent Perrier Rosé fol-
lowed. If only the FTSE
expanded at the same rate
as the group’s drinks bill,
their problems would be
over…
founded by Hayward with financier Nat
Rothschild, is racing the Class 40 yacht
MAX VMG, with former BP executive John
Manzoni also on board.
High stakes indeed as the contest moves
into its closing leg, with the fastest boat
expected to finish in Plymouth late this
evening. “If they are lucky with the weath-
er,” said a race spokesperson ominously, no
doubt mindful of the 1979 competition
when stormy conditions claimed 15 lives.
GUESSING GAME
ARE Arki Busson and Uma Thurman an
item once more? The glamorous pair have
RSVP’d as a couple for a party for “the elite
of the elite” on 8 September, organised by
hedge fund tycoon Lord Stanley Fink and
his business partner David Johnstone.
No “Arki Busson plus one”; the advance
list of confirmed attendees for The World
Wide Launch Party – a launch extravagan-
za for The Global Party the following week
– clearly states: “Arki Busson and Uma
Thurman, financier and actress.”
Of course, the Swiss philanthropist may
be bringing Thurman as his date out of a
shared commitment to raise the profile of
his charity Ark, one of the beneficiaries of
the event. Or the old friends may simply
want to catch up on past times.
Whatever – with hotelier Sir Sol Kerzner,
Virgin boss Sir Richard Branson, Diageo
CEO Paul Walsh and retail mogul Sir Philip
Green also expected to show up at the
Natural History Museum fundraiser for
2,000 guests, the evening won’t be short on
surprises. “A lot of things will be secret
until the night,” said a mysterious mole.
BILL OF THE WEEK
News
11 CITYA.M. 15 AUGUST 2011
UNITED Biscuits, which makes tea-
time favourites including Digestives
and Jaffa Cakes, could be broken up as
its owners plan to renew efforts to sell
the company.
Private Equity owners Blackstone
and PAI Capital will hold fresh talks in
coming months that may see the
savoury brands, which include KP
Peanuts, spun off from its biscuits divi-
sion.
The two firms bought United
Biscuits, Britain’s largest biscuit pro-
ducer, in 2006 for £1.6bn.
Last summer, they hired JP Morgan
and Goldman Sachs to conduct a
strategic review of the business, with a
view to selling it for more than £2bn,
but they have failed to deliver a deal,
despite big food multinationals,
such as China’s Bright Foods
Kraft and Campbell Soup
Company, being linked as poten-
tial purchasers.
A new attempt to sell the
firm would see Britain’s largest
biscuit producer split into two,
in a move that echoes Kraft’s
announcement last week to
divide itself into two listed
companies.
In accounts published last
months, United Biscuits UK
saw its operating profits
jump by 10.4 per cent to
£218.5m last year, showing that
Britons’ hunger for biscuits held up
despite a tough year for cash-strapped
UK consumers.
The accounts also
showed that the UK suf-
fered most from a drive to
cut costs across the compa-
ny, with a headcount crum-
bling by five per cent to 6,169.
Campbell Soup Company is
expected to renew its interest
in UB’s biscuit arm, which
accounts for 26 per cent of the
UK’s biscuit market.
PAI Partners declined to com-
ment while City A.M was unable
to reach Blackstone for com-
ment.
United Biscuits nears
break-up of brands
BY KASMIRA JEFFORD AND ALISON LOCK
COMSUMER

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JOY Seppala’s secretive hedge fund
Sisu Capital posted a £434,000 net loss
for the year to the end of March after
being hit by a huge tax charge by
HMRC, accounts show.
Sisu Capital, co-founded 14 years ago
by Seppala and business partner
Dermot Coleman, posted a £272,300
loss before tax, slightly better than the
£376,300 loss it made in the year to
March 2010. This second consecutive
loss is a far cry from the £10.6m
pre-tax profit Sisu made in
the year to March 2008
and £17m profit in
2007.
The high
post-tax fig-
ure was
caused by a
£161,752 tax charge from the conclu-
sion of an HMRC probe into Sisu’s tax
payments from 2006 to 2008.
Sisu, a low-profile fund with
Mayfair headquarters and no website,
specialises in buying distressed debt
and has a reputation for aggressive tac-
tics to recoup funds when it invests.
It took control of Coventry City foot-
ball club in 2007 after unsuccessfully
bidding for Southampton, Derby and
Manchester City. But while
it has spent a reported
£25m on the club, City’s
debt remains at £40m and
is growing by £500,000 per
month.
The firm paid
£1.493m in salaries
to 25 employees
over the year,
down from
£1.723m in 2010.
Sisu Capital sees
second annual loss
as fee income falls
BY ALISON LOCK
FUND MANAGEMENT

NEWS | IN BRIEF
Ben Sherman hires Burberry man
UK menswear label Ben Sherman has
hired Burberry’s head of marketing Adrian
Ward-Rees as the company’s new com-
mercial director. Ward-Rees has previous-
ly held positions at Nike and Speedo, and
joined Burberry in 2007. Ben Sherman is
run by ex-WDT chief executive Pan
Philippou, and was bought by US clothing
retailer Oxford Industries in 2004.
Apes film tops US box office
Sci-fi movie Rise of the Planet of the Apes
hung on to the top spot at the weekend
box office for the second week in a row,
according to studio estimates. The revival
of the Planet of the Apes franchise pulled
in an estimated $27.5m (£16.9m) at US
and Canadian theatres over three days,
distributor 20th Century Fox, a unit of
News Corp, said. Civil Rights-era drama
The Help finished a strong second with
$25.5m in domestic ticket sales over three
days. Horror flick Final Destination 5 land-
ed in third place with $18.4m.
Evonik plans real estate sale
German unlisted chemicals maker Evonik
wants to sell the majority of its real estate
business’ apartments. Through focusing
on its core chemicals business, Evonik
hopes to bolster itself for a planned initial
public offering (IPO). Evonik’s residential
real estate operations, Evonik Immobilien
GmbH and THS GmbH jointly hold around
130,000 residential apartments.
GREAT NORTHERN HOTEL FREEHOLD SOLD
THE freehold on the 157-year-old Grade-II listed Great Northern Hotel, which will form
part of the new King’s Cross station redevelopment, has been bought by US real estate
investor Pramerica for £12m. A pedestrian arcade that links the station and the hotel
has already been completed, and the renovated hotel is slated to reopen in 2012, in time
for the London Olympic Games.
@
@
@
MORE NEWS
ONLINE
www.cityam.com
ALGY Cluff, the 71-year old mining
tycoon who once said that his ven-
ture Cluff Gold would be “the last
throw of the dice” is returning to the
market with plans to list a new min-
ing company on the London Stock
Exchange next year.
Cluff Africa Associates, the fifth in
a line of companies to bear his name,
was set up last year for exploring
copper and coal deposits in African
and has raised £2.5m so far through
two fundraisings.
Cluff’s attachment to Africa stems
back to his time serving as a
Grenadier Guard in the 1960s, when
he told one paper the mysterious
place “got under his skin.”
After spending three decades in
oil and gas exploration, he
embarked on his first mining ven-
ture in Africa with Cluff Resources
in the 1980s, which made one of the
largest postwar gold finds in 1994
before being taken over a year later
for £80m by Ashanti, much to
Cluff’s dismay.
This was followed by Cluff
Mining – now Ridge Mining – in
2000, which specialises in platinum
extraction and Cluff Gold, which list-
ed on the Alternative Investment
Market in 2005 and received a
takeover bid last
year.
Cluff, who
once described
himself as
a “romantic Tory”,
o w n e d
the Spectator
ma g a z i n e
for four
years in the
1980s and
was chair-
man for
more than 20
years.
Algy Cluff sets his sights on listing
self-named coal mining firm
BY KASMIRA JEFFORD
MINING

ALGY CLUFF
TAKE-UP of office space in the City
remained at its lowest level since
2009 in the last quarter, according to
new research by Equipe.
There have been no moves to
offices larger than 50,000 sq ft in the
last six months, with take-up of office
space at just 834,000 sq ft, slightly
down on the previous quarter. The
number of deals also fell by three per
cent quarter-on-quarter.
However, tech and media firms
have driven a remarkable spike in
the uptake of space in east central
London. Farringdon saw an
increase of 125 per cent in the
three months to the end of
June and the EC1 area
jumped 30 per cent.
A spokesman told
City A.M. this is
largely due to
c o mp a r a -
t i v e l y
c h e a p
r e n t a l
pri ces
CLIVE Jackson, the serial entrepreneur
behind digital marketing firms includ-
ing Autotorq and Global Reach, has
launched a private jet-share business,
which aims to make luxury travel
more accessible to the wider market.
Victor, the new jet broking business,
allows members to book spare seats on
private flights already chartered by
other travellers through its website.
Jackson, who devised a similar con-
cept for the automotive industry with
Autotorq, has already subscribed 240
members and has a contracted fleet of
over 120 private jets across Europe,
through 22 partner aircraft operators.
Office space
take-up in the
City stays flat
Dual Core Processor
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The multi-award winning* Galaxy S II smartphone.
Still Faster. Slimmer. Brighter.
Read the reviews: it’s all in black and white at samsung.com/uk/galaxys2
THE UK’S biggest book publisher is
taking steps to address a £35m pen-
sion black hole and could see some of
its top editors leave in the process.
Hachette is closing its remaining
final salary pension schemes to new
accruals this autumn, affecting some
250 long-serving workers.
Negotiations are understood to
have dragged, with sources suggest-
ing top staff are now considering
their position at the company.
Hachette last year struck a deal
with Google to control the scanning
and electronic sale of 50,000 out-of-
print French language titles.
Pension deficit
troubles Hachette
Jackson sets up
private jet firm
BY STEVE DINNEEN
PROPERTY

AVIATION

PUBLISHING

News
12 CITYA.M. 15 AUGUST 2011
Time to choose: Fiscal union or euro break-up
I
T’S all getting a bit Cheryl and
Ashley Cole in the Eurozone
recently. To quote Cheryl’s no.1 hit,
the EU seems to think that “if it’s
worth having, it’s worth fighting for”.
Well, I beg to differ. If you’re in a sit-
uation that clearly doesn’t work, then
get out and don’t look back.
Even after all the bailouts and sup-
port schemes, contagion is still the
name of the game. Every time a coun-
try gets in trouble and the authorities
take measures to try and deal with it,
attention invariably turns to who will
come unstuck next.
Frankly, I’m finding this tedious.
The only point to these expensive
patching-up exercises, in Europe and
elsewhere, is to return confidence to
markets and get the various parties
spending, investing and lending again.
If the fundamentals or the system
are so obviously rotten that no
amount of patching up will do it, then
surely it’s time to start again.
Bailout upon bailout, QE, short-sell-
ing bans, central bank intervention of
various kinds... None of it changes the
fact that there’s still tonnes of debt, lit-
tle growth and an ongoing mismatch
between economic, fiscal and political
accountability in the Eurozone that
leaves Europe impotent when it comes
to the core issues.
Recently, a growing number of our
viewers have emailed and tweeted to
tell us they’re losing patience with
repeated intervention. Many are call-
ing upon governments on both sides
of the Atlantic to unleash the power of
the markets to reset the system once
and for all.
The question is, are we prepared to
take the consequences? Unbridled
market forces, ripping off the plaster,
purging the system and various other
cliches sound very statesmanlike from
the comfortable surroundings of your
office sipping a latte.
But what about the unemployment,
the home repossessions, the bankrupt-
cies, the protests, the political unpopu-
larity?
I think we need to remember why
Europe opted for closer economic inte-
gration to start with. Surely the goal
wasn’t monetary union in its own
right.
It was supposed to bring great pros-
perity and stability for us all. That’s
worth fighting for.
The debt crisis has shown faults in
the system. Rather than blindly
defending a flawed system we must go
full steam in one direction – either full
European integration or full national
fiscal, monetary and political sover-
eignty.
And in the meantime I promise that
I’m going to read less celebrity gossip
magazines and more City A.M.
Beccy Meehan is an anchor at CNBC.
Twitter @BeccyMeehan
CNBC COMMENT
BECCY MEEHAN
and an up-shoot in the number of
new business start-ups taking advan-
tage of the smaller spaces available in
these areas.
Central London take up increased
by 10 per cent in the second quarter,
buoyed by a 22 per cent increase in
take up in the West End.
This largely comprised of Google’s
move to the Central St Giles develop-
ment (pictured) and Double
Negative’s move to 160 Portland Place,
without which take up would have
been flat.
Midtown  take‐up  was  five
per cent ahead  to  240,000
sq ft, driven by demand
in Holborn.
The number of deals
in  Central London in
total was up six per
cent, with real
estate adviser
Equipe saying
that, despite
occupier cau-
tion, the
market is
s t i l l
resilient.
SHAVING paraphernalia firm King of
Shaves has been valued at almost
£25m after selling an increased stake
to Japanese investor Kai Industries.
The blade manufacturer tripled its
holding from seven per cent to 21 per
cent, according to the Sunday
Telegraph.
Kai and King of Shaves have had a
successful relationship in the past,
with Kai helping to develop the popu-
lar Azor manual razor.
King of Shaves also announced a
licensing agreement with Remington
to sell a new range of branded electri-
cal products through Argos.
TOTAL revenues at the UK’s top 100
law firms hit £14.27bn in 2010-11, a
four per cent increase from the previ-
ous year and a return to growth after
declining turnovers since 2008.
Profit at the biggest firms hit £4.3bn
– also up four per cent from the
£4.15bn in 2009-10, while the overall
profit margin remained flat at 30 per
cent, according to The Lawyer’s latest
UK 100 survey.
Magic circle firm Clifford Chance,
which in the past year has worked on
London listings for both Glencore and
DP World, retained its top spot as the
UK’s largest firm by revenue, reporting
a three per cent increase in income for
the past year to hit £1.2bn.
The firm, run by managing partner
David Childs, also re-entered the mil-
lion club with profits per equity part-
ner (PEP) topping £1.005m, up from
last year’s £933,000.
But it wasn’t enough to knock City
favourite Slaughter and May off its
perch as home to the UK’s top-earning
lawyers, with PEP at the firm hitting
£1.9m – up 0.5 per cent from 2009-10.
Due to the lockstep pay system, where
partners are paid according to their
length of service, the highest earners
at the firm took home £2.1m last year.
Though Clifford Chance’s revenues
topped the table, rival firm Freshfields
Bruckhaus Deringer’s impressive 47.7
per cent margin means it holds the
title for richest firm in the City, despite
an eight per cent drop in profits since
last year. Net profit at the firm fell
from £589m to £544m, but on rev-
enues that remained flat at £1.14bn.
The Lawyer survey also covers barris-
ters’ chambers, with Temple-based
Brick Court Chambers heading up the
list of the country’s biggest earners as
revenues rose from £42.5m in 2009-10
to £47m over the last year.
But the barristers with the largest
paychecks are the residents of
Wilberforce Chambers, where average
earnings per lawyer were £800,000.
New entrants to the solicitors’ list
include volume insurance firm
Parabis Law and Yorkshire firm
Minster Law.
Parabis raced up the charts, debut-
ing in the top 100 at number 29 with
revenues of £100m. It also posted PEP
of £3.1m, but is structured in such a
way that it cannot be compared to the
more traditional corporate firms.
Magic Circle
law firms rule
UK’s top 100
headline sponsor champagne reception sponsor
official venue partner
sponsors
The Square Mile’s
event of the year.
Book your place for the City A.M. Awards
on Wednesday 21 September at the
Grange St Paul’s Hotel, London.
Visit www.CityAMAwards.com
For more information, contact Jo Pead I 020 8267 4043 I jo.pead@cityamawards.com
BUDGET hotel chain Travelodge yester-
day announced plans to open 37 hotels
near to the UK’s 15 national parks in a
£135m expansion drive
The group, which currently has 475
hotels in the UK, Ireland and Spain,
said the move came in response to
high customer demand for hotels close
to the UK’s top rural locations.
Travelodge said its existing hotels
near to the main national parks,
including Snowdonia and the Lake
District, achieved high occupancy lev-
els far earlier than normal this year.
The expansion is expected to create
more than 500 jobs.
Travelodge eyes
National Parks
King of Shaves
valued at £25m
BY ELIZABETH FOURNIER
LEGAL SERVICES

RETAIL

LEISURE

News
13 CITYA.M. 15 AUGUST 2011
Slaughter and May, whose senior partner is Chris Saul,
reported average profits per equity partner of £1.9m
Clifford Chance, led by David Childs, is the UK’s largest
firm by revenue
Mark Rawlinson heads up Freshfields Bruckhaus
Deringer, the UK’s richest firm by profits
Brick Court Chambers, where Nicholas Green is joint
managing partner, is the UK’s biggest by revenue
London 2012 TIME TO GET READY
Don’t take freight – reduce, rethink and retime
The Transport for London and London 2012 Travel Advice
for Business team answers your Olympic readiness questions
Q.
WE ARE BASED IN THE CITY,
AND WE USE A NUMBER OF
FREIGHT SUPPLIERS TO
DELIVER PERISHABLE GOODS TO
OUR OFFICE EACH DAY. WE HAVE
LIMITED STORAGE SPACE, SO WHAT
ARE OUR OPTIONS?
A.
The City is a hotspot, and
deliveries to this area are like-
ly to be affected during Games
time. While access to businesses will
be maintained and your firm will be
able to receive deliveries, you should
start to plan now to minimise dis-
ruption to your deliveries.
Businesses should review the per-
ishable goods they require during
the Games and reduce freight traffic
where possible.
While some sectors, such as the
hospitality industry, are expecting
an increase in activity during the
Games, others may be aiming to
reduce the level of staff at their site.
It is important to consider the sup-
plies you require during the Games
period and whether demand is likely
to change.
Many businesses are planning to
stockpile non-perishable goods dur-
ing the Games. For businesses with
limited storage space, it may be pos-
sible to work collaboratively with
neighbouring businesses.
Transport for London and London
2012 are working with both freight
and business trade associations,
business forums and business inter-
mediaries to raise awareness of the
impacts the Games will have on
deliveries, collections and servicing.
To ensure your suppliers are aware
of the impacts of the Games, it is
important to have early conversa-
tions with them. Find out how they
are preparing for the Games, and
plan ahead to avoid disruption.
Make your suppliers aware of your
needs during the Games and discuss
any changes to your normal opera-
tions or those of your suppliers.
There are several actions business-
es can take to reduce the impact the
Games has on deliveries. Your busi-
ness may want to consider reducing
deliveries by pre-ordering and stock-
piling non-perishable items and
coordinating deliveries with neigh-
bours who share the same suppliers.
Other options are retiming deliver-
ies to avoid peak hours and rerout-
ing deliveries around road hotspots
in your area – if necessary identify-
ing different delivery points or load-
ing/unloading locations.
Over the next two months, your ques-
tions on Olympic preparedness will be
answered in City A.M. every Monday by
the Transport for London and London
2012 team. For more information, visit
london2012.com/traveladviceforbusiness.
Stock up on
stationery in
advance
Picture:
Reuters
News
14 CITYA.M. 15 AUGUST 2011
Q A
&
The City will tighten security – inside and out
W
ITH rioting spreading
throughout the country last
week, a number of other sig-
nificant stories were relegat-
ed to the back the newspapers.
There is no doubt that in any other
week a ban on short-selling in four
major European countries and the
downgrading of the United States’
credit rating after months of political
brinksmanship would have been
front page news in every publication.
In some ways – given its central
location and the high-density of inter-
national businesses and well-paid
workers – it was surprising that the
City remained untouched by the
mindless criminality we witnessed
last week in parts of London and the
rest of the UK.
However, for people looking to
cause such disruption, the City repre-
sents a daunting prospect. Doubtless
the presence of one of the world’s
densest security and surveillance net-
works played a part – bolstered by the
Square Mile’s own police force, large
numbers of in-house security guards,
and an alertness honed over decades
of being a potential terrorist target.
And while the Square Mile’s physi-
cal security remained intact, moves
were also afoot to bolster the security
of the banks and investment houses
that form such an important part of
the its business community.
Last week, the FSA released a con-
sultation paper outlining proposals
for more than 250 banks and build-
ing societies, as well investment firms
with more than £15bn in assets, to
draw up “living wills”.
These documents will outline the
measures each institution would take
in order to try to prevent collapse –
including cutting bonuses and selling
off substantial assets – or to safeguard
investors and deposit holders were
such an eventuality to transpire.
Inevitably, there are concerns;
many institutions feel that they may
be left vulnerable to takeovers and
hostile bids and that they will have to
commit huge amounts of time and
money in order to produce docu-
ments that the FSA will deem to be
satisfactory.
However, such concerns would be a
small price to pay in order to reduce
the possibility of future taxpayer
bailouts. No longer could any UK-
based institutions or UK subsidiaries
be deemed “too big to fail”.
The FSA is setting the agenda for
the formulation of recovery and reso-
lution plans internationally; a course
of action to which our global partners
are already committed and which
will be the focus of a worldwide plan
from the international Financial
Stability Board later in the year.
Hopefully, once implemented,
these plans will help to ensure that it
is not just the City’s streets and
offices that are secure, but the finan-
cial institutions that operate within
them.
Stuart Fraser is the policy chairman at
the City of London Corporation
DONGFANG Shipbuilding will list on
the AIM market later this week in a
bid to boost its European profile.
The Chinese firm will not initially
raise new funds through the listing,
although finance director AKM Ismail
told City A.M. this will be a considera-
tion in the coming months.
Around 29 per cent of the firm’s
stock will be listed, with chief execu-
tive Chen Tongkao maintaining his
71 per cent stake.
The stock to be listed, which is cur-
rently held by retail investors, has a
value of around £10m.
Finance director AKM Ismail said:
“Thursday’s listing is primarily an
introduction to the market, to give
investors a feel for the company.
There will probably be a fundraising
in the future.
“We want to differentiate us from
all the other shipbuilders in China. A
large proportion of our customers are
based in Europe so this will help
being us closer to them.”
Dongfang Shipbuilding manufac-
tures small and medium size vessels
such as chemical tankers and multi-
purpose container ships from two
shipbuilding yards in Anhui and
Zhejiang provinces in China.
Tongkao said: “The admission to
AIM is a significant step in our devel-
opment, as it will raise Dongfang’s
profile to potential customers across
Europe and enhance the Group’s
standing with its partners.
“There are considerable opportuni-
ties in our sector, and with access to
capital markets the group will be well
placed to make acquisitions in the
future. The board looks forward to
working with its shareholders to
drive our businesses forward.”
China’s Dongfang Shipbuilding plans AIM
listing this week to boost Europe appeal
KUWAIT’S Agility, the logistics firm
facing US fraud charges, posted a 57
per cent drop in second-quarter net
profit, but still slightly beat forecasts.
Net profit in the last three months
was 7.83m dinars (£17.6m), the compa-
ny said in a statement, down from
18.09m dinars a year earlier.
Analysts had forecast Agility’s sec-
ond-quarter earnings would fall to an
average of 7.4m dinars.
Agility blamed the drop in earn-
ings and a 23 per cent fall in quarter-
ly revenue to 331m dinars on “lost
defence and government business.”
The company said it expects “solid
gains” in 2012 as its investments in
emerging markets were helping the
growth of its core business, and its
customer base was expanding while
operations were being streamlined.
“Fresh initiatives intended to grow
revenue and reduce costs should pro-
duce solid gains in 2012,” Agility said
without giving details.
Last month, a US district judge
ordered the arraignment of Agility in
the latest step of the prosecution of
the logistics company over charges
that it defrauded the US Army in
multibillion-dollar contracts.
Kuwait’s Agility sees its second
quarter profits fall 57 per cent
LOGISTICS

BY STEVE DINNEEN
SHIPPING

CITY COMMENT
STUART FRASER
News
15 CITYA.M. 15 AUGUST 2011
PwC
The professional services firm has hired
Steven Dicker, an expert in pensions risk
management, as a pensions partner.
Dicker joins from Goldman Sachs, prior
to which he spent a decade as a pen-
sions partner with Watson Wyatt.
Travelzest
The online travel group has appointed
James Brooke as a non-executive direc-
tor. Brooke, an investment manager at
Henderson Global Investors, Travelzest’s
largest single shareholder, will receive
no remuneration for the role.
SWIP
Scottish Widows Investment
Partnership has strengthened its UK
Institutional Sales team by appointing
Peter Clarke as institutional sales direc-
tor. Clarke joins from placement agency
Calimere Point Advisors. Prior to that,
he was head of UK and Ireland credit
sales at Nomura International.
Lombard
The asset financier has appointed Ian
Isaac as MD of Lombard Business &
Commercial. Isaac returns to the firm
from the Royal Bank of Scotland Group,
where he was head of strategy, market-
ing and communications for the
Business & Commercial Banking team.
First State Investments
The asset manager has hired Helene
Williamson to lead its new Emerging
Markets Debt team. Williamson, who
will start in September, joins from F&C
Asset Management, where she was
head of emerging market debt.
Cushman & Wakefield
The property firm has appointed Calum
Ewing as a partner in its central
London retail team. Ewing will join
Cushman & Wakefield in September
after spending five years at Knight
Frank, where he was a partner.
CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys
LSL
Martyn Alderton has been appointed as man-
aging director for asset management in the
property services firm’s Corporate Client
Department (CCD). He replaces David Brown,
formerly managing director of LSL CCD and
commercial director of LSL Property
Services, who will retain his commercial
director position. Alderton was previously
operations director at the company.
+44 (0)20 7557 7245
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 STREET WEEK AHEAD
Modest gains forecast after a rollercoaster ride
I
AM not really sure where to start
this week... and I think many
traders feel the same; we know
there are opportunities out there,
some markets are looking over-val-
ued, some looking cheap, but the
sheer scale of the volatility swings
witnessed in the past two weeks – the
most severe since the collapse of
Lehmans in 2008 – takes its toll, leav-
ing us weary, frazzled and rather
bemused.
FTSE RISE FORECAST TO CONTINUE
The FTSE 100 somehow closed the
week over 150 points higher than
where it started, and the Dow also
made healthy gains on Friday after
the release of positive US retail sales
data.
The very short term outlook fore-
cast is for that momentum to contin-
ue on the open this morning.
GFT quotes two-way prices on
stock indices around the clock, even
when the underlying markets are
closed.
The FTSE 100 index is called to
open up approximately around 15
points at 5,335. The German DAX is
forecast to open back up above the
6,000 level – up 25 points at 6,022 –
and the French CAC 40 is quoted to
up 11 points at 3,224.
A complete contrast then to the
near-apocalyptic state of the markets
last Monday. After the brief respite of
the weekend, it is expected that
investors will go with the momen-
tum, buying on the dips and taking
advantage of some cheap-looking
financial stocks.
Federal Chairman Ben Bernanke
gave another impetus to those brave
enough to buy in to these markets,
saying that the Fed had “discussed
the range of policy tools available”.
OPTIMISTS THINK QE3 IS COMING
The optimists out there took this to
mean that a further round of quanti-
tative easing – QE3 as the programme
would be known – is on the cards.
But this week I believe we may see
that assumption tested as traders
reconsider the context of Bernanke’s
statement as really little more than a
carefully-timed reassurance to the
markets – coming as it did the day
after the Dow had fallen over 600
points.
While everyone will be looking for
some return of stability this week,
watch out for earnings from Hewlett
Packard (Thursday) and Dell (tomor-
row); after Cisco’s better-than-expect-
ed Q4 earnings pushed those shares
up 16 per cent on Friday, many will
be hoping for moe of the same from
these two tech-heavyweights.
Martin Slaney is director of Global
Dealing Operations at GFT
MARTIN ON
THE MARKETS
W
ITH the blow from the 5
August credit rating down-
grade behind them,
investors will focus on the
outlook for the US economy as well as
signs that European policymakers
may be able to contain the Eurozone
debt crisis.
Widespread investor panic put the
market on a rollercoaster ride last
week, with steep losses followed by
nearly-as-steep gains in high-volume
trading. It was the busiest week for
volume since October 2008.
Though investors are still searching
for a bottom in the sell off that has
taken the benchmark Standard &
Poor’s index down 12.4 per cent since
22 July, indexes rose both Thursday
and Friday – the index’s first two-day
rally since mid-July – and volatility
eased.
The move could set stocks up for a
calmer week this week, especially if
economic data shows the United
States is not headed for another reces-
sion, strategists said.
“Every bit of data that shows the
economy not slipping into recession
is going to be the basis for the market
to begin to calm down in the weeks
ahead,” said Peter Cardillo, chief mar-
ket economist at Rockwell Global
Capital in New York.
While Wall Street stocks ended
higher on Friday, the market fell for
the week. The Dow fell 1.5 per cent
and the Nasdaq lost 1 per cent. The
S&P 500 fell on 11 of the past 15 days.
Housing and manufacturing
reports are among indicators on tap
this week, including the New York
and Philadelphia Federal Reserve
regional manufacturing surveys and
existing home sales.
MARTIN SLANEY
ANALYSIS l FTSE
16May 324Jun 6Jun 14Jul 3Aug
6,200
5,800
5,400
5,000
5320.03
12 Aug
ANALYSIS l DAX
16May 3Jun 23Jun 13Jul 2Aug
7,500
7,000
6,500
6,000
5,997.74
12 Aug
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Shire Pharmaceutical
2,100
2,000
1,900
1,800
Jun Jul Aug
p
1,949.00
12 Aug
SHIRE PHARMACEUTICAL
UBS upgrades the pharma group to “buy” from neutral and increases its tar-
get price to 2,400p from 1,850p. The broker sees a recent retreat in the com-
pany’s share price as an ideal buying opportunity, and think the consensus
2013 earnings per share are too low. UBS says that consensus prospects on
Shire’s ADHD drug Vyanase are overly cautious and expects growth in the
market to continue, with a 17.9 per cent market share for Vyanase in 2013.
ANALYSIS l ARM Holdings
600
550
500
450
Jun Jul Aug
p
526.00
12 Aug
ARM HOLDINGS
Goldman Sachs adds the chipmaker to its consensus “buy” list with a
target price of 800p, seeing its recent pullback as an attractive entry
point into the company’s shares. The broker says near-term demand in
consumer electronics may be mixed and depress ARM’s royalty growth
in the second half of 2011, but remains positive on growth in smart-
phones and tablets.
ANALYSIS l Swisscom
390
370
350
330
Jun Jul Aug
CHF
351.80
12 Aug
SWISSCOM
Nomura reiterates its “buy” rating on the Swiss telecoms provider with a tar-
get price of CHF430 (£339), despite weak second quarter results that saw
group revenue and earning around two per cent below forecasts. The broker
says Swisscom is still one of its top defensive picks, and is one of the key win-
ners in the appreciation of the Swiss franc against the dollar and the euro, as
25 per cent of its domestic cost base is denominated in foreign currency.
THE WEEK AHEAD in association with
U.S. now running on AA+ since
S&P downgrade. Do you:
a) Wonder how a whole country can
keep going on those itty bitty batteries.
b) Guess that markets will enter a period of
total chaos and clean up in the aftermath.
Apply now at capitalspreads.com
Spread betting and CFD trading carry a
high level of risk to your capital and you
can lose more than your initial deposit.
Capital Spreads is a trading name of London Capital Group, which is authorised and regulated
by the Financial Services Authority.
COMPANY NEWS
l Today, Michael Page
International announces. Michael
Page is an expert in professional
services recruitment, itself
employing more than 3,800 peo-
ple in over 152 offices and 32
countries worldwide.
l Resolution announces tomor-
row. It is led by founder Clive
Cowdery and John Tiner, who was
chief executive of the FSA
between September 2003 and
July 2007. Ocean Wilsons also
announces on Tuesday. It is a lead-
ing supplier of maritime services
in Brazil and holds a portfolio of
internationally listed investments
– shareholders will hope every-
thing is going swimmingly.
l On Wednesday, Eurasian
Natural Resources, Balfour Beatty
and Henderson announce. All have
invested their reputations on
unearthing good results.
COMPANY NEWS
l London Capital Group also
announces on Wednesday. It was
founded in London in 1996 as a
proprietary trading business and
in 2003 underwent a major
restructuring to become a leading
player in financial spread betting
with the launch of Capital
Spreads.
l On Friday, Jupiter Fund
Management will be hoping for
astronomical results when it
announces. Jupiter is a UK fund
management group, managing
equity and bond investments for
private and institutional investors.
l Anglo-Eastern Plantations also
announces on Friday. It was
formed and floated on the LSE in
1985 to acquire and develop four
estates in North Sumatra, a
province of Indonesia, previously
owned by several UK based plan-
tation companies.
ECONOMICS NEWS
l Tomorrow, the Eurozone’s second
quarter GDP results will be
released. In the first quarter they
came in at 0.8 per cent quarter-on-
quarter and 2.5 per cent year-on-
year. Bad results would worry the
markets greatly.
l The UK will release RPI and CPI
inflation figures tomorrow. Last
month RPI was running at 5 per
cent, while CPI was at 4.2 per cent.
The Bank of England has largely
given up on its 2 per cent target,
but Mervyn King will still have fin-
gers crossed that they are lower.
l The Bank of England will release
its minutes on Wednesday. Minutes
from the MPC meetings are always
published two weeks after the
interest rate decision. They give an
account of the policy discussion,
including differences of view,
recording the votes of the individ-
ual members of the committee.
POLITICAL NEWS
l A lot is happening tomorrow.
Nicholas Sarkozy and Angela
Merkel will meet in Paris to discuss
the economic governance of the 17-
nation Eurozone. Collaboration has
so far proved unsuccessful.
l US Vice President Joe Biden will
depart on a tour of China, Japan
and Mongolia tomorrow. He will
meet both Chinese Premier Wen
Jiabao and President Hu to discuss
a range of bilateral, regional and
global issues.
l Also on Tuesday, two more recall
elections for the Wisconsin state
senate will occur. After last week’s
challenge against Republican
incumbents, next Tuesday will see
two Democrat senators facing chal-
lenges. The small election has
attracted attention across America
after governor Walker’s anti-union
legislation brought in thousands of
protesters.
W
ITH Balfour Beatty reporting
half-year results on
Wednesday, investors will be
hard pushed to draw their
attention away from the technicals, which
don't ooze excitement. The stock appears
to be in a lasting downtrend with an RSI
level below 30, and the fact that it has
penetrated its lower daily Bollinger band
only backs up the view that sellers should
be eyeing up this stock. Capital Spreads
quotes 255.0p-256.4p.
Like the stock market currently, the
property market doesn’t seem to have
much direction, and this is going to be a
big factor for the earnings figures of
Savills on Thursday. Not only are people
doubtful about the direction of property
prices in the short term – with the possi-
bility of a double dip looming – but the
recent riots won’t be good news for their
future. And to add fuel to the fire, the
summer months are well known for
being dry when it comes to property
buyers. Come Thursday, investors should-
n’t be surprised to see the lasting down-
trend continue for the advisory property
company. Capital Spreads quotes
323.2p-326.4p.
Since the announcement that Hong
Kong tycoon Li Ka-Shing has agreed to
buy Northumbrian Water, the shares of
Pennon Group have taken a bit of a
beating. The fact that it has an interim
management statement out on Tuesday
should draw a bit of attention to the
share price, and although it has been
under pressure since dipping below
698p, if it can claw its way back above
that level then there is an appealing
upside, with levels of 738p in reach, and
also great potential for more interest in
the sector. Capital Spreads quotes
652.0p-654.3p.
Philip Salter
Craig Drake
THE TIPSTER
BALFOUR SELL
COULD BE A
GOOD BEATTY
swings will occur? A good method is
to use indicators such as the relative
strength index (RSI) or the moving
average convergence divergence
(MACD). The RSI helps to identify
when a stock is overbought when it is
above 70 or oversold when below 30.
In current markets, traders must of
course pay attention to their use of
stop losses. Not to put them in place
would be foolhardy, but under
volatile conditions, stops shouldn’t
be set too tight to avoid being
stopped out too early.
STRADDLE OPTIONS
As well as swing trading, Azbel sug-
gests that traders unsure of which
way the price will go can employ a
straddle option strategy, where an
investor holds a position in both a
call and put with the same strike
price and expiration date. “If the
trader knows the point at which
volatility will occur (for example a
news release) then straddle-options
can be highly effective – but of
course such strategies reduce upside
for the sake of risk mitigation.” This
is because on stocks that are to see
large movements, the market tends
to price options at a higher premi-
um, meaning that the stock needs to
move significantly to see any returns.
And if all else fails? According to
Azbel: “The last option is of course to
stay out of the market – a trader is
sure not to lose any money, but won’t
make any either.”
A
FTER the last few weeks,
traders could be forgiven for
wanting to shut themselves in
a dark room and hide under
the duvet. We have had a downgrade
of the government debt of a financial
superpower, talks of Switzerland
resorting to pegging its currency to
the euro, and French and Italian
authorities banning short-selling.
Among other “lowest in decades”
and “record high” news, US con-
sumer sentiment is at its lowest since
May 1980. But for those who do not
want to cower beneath the bedding,
how should you approach trading in
current market conditions?
According to Autochartist chief
executive Ilan Azbel: “My favourite is
to use chart patterns in a swing trad-
ing strategy.” That is, not to trade
breakouts through support or resist-
ance, but rather to trade movements
between support and resistance lev-
els. “If pursuing such a strategy, it is
vitally important that one is not trad-
ing in a trend. So one’s outlook as to
the duration of the volatile market is
important.”
SWING TRADING
The pioneer of swing trading was
William Gann in the 1930s, racking
up huge profits using swing charts.
Swing traders try to profit from the
upswings and downswings of the
markets, identifying the top of a rally
and then selling at troughs. Of
course this is easier said than done.
So how do you identify when these
Avoiding a wipeout when
trading in volatile markets
Those traders who choose to
head into choppy financial
waters will want to profit
even when the tide is against
them, writes Craig Drake
Riding the waves to
profit
Picture: REUTERS
Wealth Management | Spread Betting
16 CITYA.M. 15 AUGUST 2011
ANALYSIS l Spotting the peaks and troughs
p
Oct Nov Dec 2011 Feb
93
89
85
81
77
73
10-day moving average
A dip in Northumbrian water Picture: PA
CITYA.M. 15 AUGUST 2011 17
LON GD ONCE FIX AM...........1755.00 -31.00
SILVER LDN FIX AM ..................38.58 0.31
MAPLE LEAF 1 OZ ....................65.00 2.50
LON PLATINUM AM................1790.00 9.00
LON PALLADIUM AM...............737.00 1.00
ALUMINIUM CASH .................2367.00 -41.00
COPPER CASH ......................8800.00 -53.00
LEAD CASH...........................2300.00 -38.00
NICKEL CASH......................21220.00 -830.00
TIN CASH.............................23275.00 -500.00
ZINC CASH ............................2125.00 -25.00
BRENT SPOT INDEX................106.58 0.99
SOYA .....................................1333.75 33.00
COCOA..................................2856.00 9.00
COFFEE...................................240.85 6.00
KRUG.....................................1791.20 -23.30
WHEAT ....................................163.32 -0.30
AIR LIQUIDE........................................87.44 1.16 100.65 80.00
ALLIANZ..............................................76.51 3.86 108.85 67.82
ALSTOM ..............................................32.63 1.38 45.32 29.24
ANHEUS-BUSCH INBEV ....................38.37 2.32 46.33 33.85
ARCELORMITTAL...............................16.06 0.47 28.55 14.60
AXA......................................................10.92 0.49 16.16 9.27
BANCO SANTANDER...........................6.40 0.39 9.86 5.54
BASF SE..............................................54.15 1.92 70.22 40.74
BAYER.................................................45.64 1.22 59.44 41.33
BBVA......................................................6.43 0.38 10.33 5.52
BMW ....................................................59.34 1.68 73.85 40.16
BNP PARIBAS.....................................37.23 1.51 59.93 32.93
CARREFOUR ......................................19.07 1.14 36.06 16.68
CREDIT AGRICOLE..............................6.52 0.13 12.92 5.63
CRH PLC .............................................12.10 0.35 17.40 10.87
DAIMLER.............................................38.88 1.23 59.09 35.28
DANONE..............................................46.34 1.04 53.16 41.00
DEUTSCHE BANK..............................30.29 1.18 49.94 27.29
DEUTSCHE TELEKOM.........................9.53 0.29 11.38 8.80
E.ON.....................................................14.81 0.68 25.54 13.19
ENEL......................................................3.63 0.13 4.86 3.27
ENI........................................................13.11 0.50 18.66 11.83
FRANCE TELECOM............................13.04 0.47 17.45 11.97
GDF SUEZ ...........................................20.76 1.13 30.05 18.32
GENERALI ASS...................................11.79 0.70 17.05 10.34
IBERDROLA..........................................5.21 0.22 6.50 4.66
ING GROEP CVA...................................6.16 0.35 9.50 5.31
INTESA SANPAOLO.............................1.25 0.04 2.53 1.07
KON.PHILIPS ELECTR.......................14.52 0.39 25.45 12.85
L'OREAL..............................................79.05 1.83 91.24 71.00
LVMH..................................................114.75 3.45 132.65 89.12
MUNICH RE.........................................92.14 3.11 126.00 84.67
NOKIA....................................................3.75 0.22 8.49 3.33
REPSOL YPF.......................................19.39 1.10 24.90 17.31
RWE.....................................................27.92 1.71 55.88 24.53
SAINT-GOBAIN...................................34.68 1.88 47.64 27.81
SANOFI ................................................48.49 2.86 56.82 42.85
SAP......................................................37.24 0.99 46.15 34.13
SCHNEIDER ELECTRIC.....................95.39 7.44 123.65 81.30
SIEMENS .............................................74.10 1.82 99.39 67.82
SOCIETE GENERALE.........................24.30 1.30 52.70 20.16
TELECOM ITALIA..................................0.85 0.01 1.16 0.77
TELEFONICA ......................................14.34 0.59 19.69 13.01
TOTAL..................................................33.09 0.87 44.55 30.34
UNIBAIL-RODAMCO SE...................142.80 2.85 162.95 124.50
UNICREDIT............................................1.06 0.06 2.09 0.90
UNILEVER CVA...................................22.53 0.62 24.08 20.68
VINCI ....................................................35.70 1.24 45.48 32.08
VIVENDI ...............................................15.55 0.55 22.07 14.10
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5320.03 157.20 3.04
FTSE 250 INDEX . . . . . . . 10432.05 292.31 2.88
FTSE UK ALL SHARE . . . . 2763.81 80.15 2.99
FTSE AIMALL SH . . . . . . . . 765.68 14.06 1.87
DOWJONES INDUS 30 . . 11269.02 125.71 1.13
S&P 500. . . . . . . . . . . . . . . . 1178.81 6.17 0.53
NASDAQ COMPOSITE . . . 2507.98 15.30 0.61
FTSEUROFIRST 300 . . . . . . 968.21 33.37 3.57
NIKKEI 225 AVERAGE. . . . 8963.72 -18.22 -0.20
DAX 30 PERFORMANCE. . 5997.74 200.08 3.45
CAC 40 . . . . . . . . . . . . . . . . 3213.88 124.22 4.02
SHANGHAI SE INDEX . . . . 2593.17 11.67 0.45
HANG SENG. . . . . . . . . . . 19620.01 24.87 0.13
S&P/ASX 20 INDEX . . . . . . 2522.90 12.60 0.50
ASX ALL ORDINARIES . . . 4237.90 34.40 0.82
BOVESPA SAO PAOLO. . 53464.80 121.69 0.23
ISEQ OVERALL INDEX . . . 2520.44 71.20 2.91
STI . . . . . . . . . . . . . . . . . . . . 2850.59 54.37 1.94
IGBM. . . . . . . . . . . . . . . . . . . 874.85 40.94 4.91
SWISS MARKET INDEX. . . 5252.81 220.06 4.37
Price Chg %chg
3M........................................................82.54 1.32 98.19 78.01
ABBOTT LABS ...................................49.63 0.25 54.24 45.07
ALCOA ................................................12.26 0.01 18.47 9.92
ALTRIA GROUP..................................25.20 0.24 28.13 22.15
AMAZON.COM..................................202.30 3.94 227.45 122.46
AMERICAN EXPRESS........................44.89 -0.18 53.80 37.33
AMGEN INC.........................................50.00 0.36 61.53 47.66
APPLE...............................................376.99 3.29 404.50 236.78
AT&T....................................................28.22 -0.22 31.94 26.20
BANK OF AMERICA.............................7.19 -0.06 15.31 6.31
BERKSHIRE HATAW B.......................71.52 -0.22 87.65 66.51
BOEING CO.........................................61.75 2.90 80.65 56.01
BRISTOL MYERS SQUI ......................27.97 0.17 29.73 20.05
CATERPILLAR....................................89.81 2.56 116.55 63.34
CHEVRON...........................................95.86 1.79 109.94 72.57
CISCO SYSTEMS................................15.99 0.07 24.60 13.30
CITIGROUP.........................................29.85 -0.44 51.50 26.25
COCA-COLA.......................................67.14 0.67 69.82 54.92
COLGATE PALMOLIVE......................85.34 1.17 89.43 73.12
CONOCOPHILLIPS.............................66.05 0.53 81.80 52.00
DU PONT(EI) DE NMR........................47.36 0.40 57.00 38.71
EXXON MOBIL....................................72.00 0.42 88.23 58.05
GENERAL ELECTRIC.........................15.88 0.20 21.65 14.25
GOOGLE A........................................563.77 1.64 642.96 448.00
HEWLETT PACKARD.........................32.32 1.27 49.39 29.75
HOME DEPOT.....................................30.58 0.53 39.38 27.10
IBM.....................................................168.20 1.47 185.63 122.28
INTEL CORP .......................................20.65 -0.11 26.78 17.60
J.P.MORGAN CHASE.........................35.91 -0.78 48.36 33.69
JOHNSON & JOHNSON.....................63.36 -0.08 68.05 56.99
KRAFT FOODS A................................34.40 0.30 36.30 24.30
MC DONALD'S CORP ........................86.50 0.22 89.57 71.04
MERCK AND CO. NEW......................31.34 0.14 37.68 29.47
MICROSOFT........................................25.10 -0.09 29.46 23.32
OCCID. PETROLEUM.........................85.12 0.32 117.89 72.13
ORACLE CORP...................................27.39 -0.31 36.50 21.66
PEPSICO.............................................63.18 0.31 71.89 60.10
PFIZER ................................................17.86 0.05 21.45 15.66
PHILIP MORRIS INTL .........................66.63 1.08 72.74 50.54
PROCTER AND GAMBLE ..................61.14 0.69 67.72 56.57
QUALCOMM INC ................................50.50 0.95 59.84 37.54
SCHLUMBERGER ..............................77.99 0.46 95.64 52.91
TRAVELERS CIES..............................51.13 -0.26 64.17 48.46
UNION PACIFIC ..................................92.72 0.74 107.89 70.34
UNITED TECHNOLOGIE ....................72.45 2.71 91.83 64.57
UNITEDHEALTH GROUP...................44.81 0.88 53.50 30.82
VERIZON COMMS ..............................34.30 -0.32 38.95 29.10
WAL-MART STORES..........................49.75 0.02 57.90 48.31
WALT DISNEY CO ..............................33.09 0.97 44.34 29.60
WELLS FARGO & CO.........................24.13 -0.16 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.852 -0.02
LIBOR Euro - 12 months ................2.051 0.00
LIBOR USD - overnight...................0.142 0.00
LIBOR USD - 12 months.................0.772 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.720 -0.07
European repo rate.........................0.748 -0.05
Euro Euribor ....................................1.161 -0.02
The vix index ...................................36.62 -2.54
The baItic dry index ........................1.277 0.01
Markit iBoxx...................................227.86 -0.93
Markit iTraxx..................................151.72 -2.07
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4251 0.0013
C/£ 0.8751 0.0017
C/¥ 109.51 0.0900
/C 1.1427 0.0082
/$ 1.6280 0.0041
/¥ 125.11 0.2443
FTSE 100
5320.03
157.20
FTSE 250
10432.05
292.31
FTSE ALLSHARE
2763.81
80.15
DOW
11269.02
125.71
NASDAQ
2507.98
15.30
S&P 500
1178.81
6.17
RPC Group . . . . . . . .329.5 17.0 384.8 207.6
Smiths Group . . . . . .970.0 22.0 1429.0 931.0
Brown (N.) Group . . .266.5 1.4 311.2 221.0
Carpetright . . . . . . . . .583.0 -4.5 835.5 564.0
Debenhams . . . . . . . . .60.9 1.4 77.4 56.1
Dignity . . . . . . . . . . . .768.0 -7.5 833.0 633.0
Dixons RetaiI . . . . . . .13.0 0.5 28.5 11.8
DuneImGroup . . . . . .448.3 -1.7 550.0 371.3
HaIfords Group . . . . .299.6 10.5 504.5 283.8
Home RetaiI Group . .141.4 7.4 235.0 118.1
Inchcape . . . . . . . . . .344.5 17.5 425.4 253.2
JD Sports Fashion . .880.0 -16.5 1030.0 723.5
Kesa EIectricaIs . . . .115.4 3.4 174.0 109.0
Kingfisher . . . . . . . . .236.2 13.2 287.1 198.5
Marks & Spencer G . .339.8 7.9 427.5 325.4
Mothercare . . . . . . . .378.0 3.2 627.5 367.5
Next . . . . . . . . . . . . .2261.0 57.0 2426.0 1868.0
Sports Direct Int . . . .211.4 5.5 266.2 101.9
WH Smith . . . . . . . . . .463.7 9.0 523.0 398.2
Smith & Nephew . . . .554.0 13.0 742.0 521.0
Synergy HeaIth . . . . .878.5 6.5 981.0 660.0
Barratt DeveIopme . . .81.8 3.4 119.0 70.1
BeIIway . . . . . . . . . . . .611.5 29.0 753.5 511.0
YuIe Catto & Co . . . . .182.6 8.0 253.0 135.5
BaIfour Beatty . . . . . .262.4 7.4 357.3 234.6
KeIIer Group . . . . . . .394.7 4.7 698.5 373.6
Kier Group . . . . . . . .1202.0 62.0 1418.0 970.0
Drax Group . . . . . . . .480.8 19.1 535.0 353.6
Scottish & Southe . .1249.0 35.0 1423.0 1108.0
Domino Printing S . .585.0 1.0 705.0 440.0
HaIma . . . . . . . . . . . . .366.1 10.9 429.6 270.0
Laird . . . . . . . . . . . . . .161.9 2.5 207.0 121.1
Morgan CrucibIe C . .286.3 15.4 357.1 189.1
Renishaw . . . . . . . . .1335.0 45.0 1886.0 835.0
Spectris . . . . . . . . . .1349.0 60.0 1679.0 869.5
Aberforth SmaIIer . . .607.5 10.5 714.0 507.0
AIIiance Trust . . . . . .344.8 9.9 392.7 307.6
Bankers Inv Trust . . .384.0 16.0 428.0 353.6
BH GIobaI Ltd. GB .1103.0 3.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 -0.0 11.6 10.4
BH Macro Ltd. EUR . . .18.3 0.5 18.3 15.8
BH Macro Ltd. GBP 1860.0 1.0 1875.0 1630.0
BH Macro Ltd. USD . . .18.2 0.2 18.2 15.8
BIackRock WorId M .702.0 14.0 815.5 554.5
BIueCrest AIIBIue . . .165.3 1.7 176.2 162.4
British Assets Tr . . . .121.5 2.9 140.5 113.0
British Empire Se . . .478.0 -5.2 533.0 422.5
CaIedonia Investm .1638.0 48.0 1928.0 1543.0
City of London In . . .273.0 8.2 306.9 249.3
Dexion AbsoIute L . .140.4 1.9 151.0 135.2
Edinburgh Dragon . .223.1 -3.9 262.1 215.0
Edinburgh Inv Tru . . .447.5 13.6 492.2 392.4
EIectra Private E . . .1522.0 29.0 1755.0 1289.0
F&C Inv Trust . . . . . .285.0 6.4 327.9 263.8
FideIity China Sp . . . . .87.5 2.8 128.7 80.0
FideIity European . .1089.0 32.0 1287.0 937.5
FideIity SpeciaI . . . . .500.5 8.5 595.0 469.0
HeraId Inv Trust . . . . .464.5 4.5 545.5 383.5
HICL Infrastructu . . . .115.1 0.1 121.3 112.0
Impax Environment .106.2 3.7 130.5 98.0
JPMorgan American .778.5 8.5 916.0 673.0
JPMorgan Asian In . .207.3 -1.6 250.8 195.3
JPMorgan Emerging .524.0 -2.5 639.0 505.5
JPMorgan European .795.0 35.0 983.5 641.0
JPMorgan Indian I . . .387.0 -8.0 502.0 365.6
JPMorgan Russian .515.0 -14.0 755.0 510.0
Law Debenture Cor . .350.0 13.5 385.0 295.1
MercantiIe Inv Tr . . . .972.0 20.5 1137.0 895.0
Merchants Trust . . . .373.5 12.0 431.8 345.0
Monks Inv Trust . . . .332.0 9.0 367.9 291.3
Murray Income Tru . .612.0 16.0 673.0 553.5
Murray Internatio . . .876.5 12.0 991.5 824.0
PerpetuaI Income . . .251.0 6.5 276.0 218.0
PoIar Cap TechnoI . .321.5 6.6 391.2 275.6
RIT CapitaI Partn . . .1292.0 -10.0 1334.0 1107.0
Scottish Inv Trus . . . .452.8 10.8 524.0 409.0
Scottish Mortgage . .695.0 20.0 781.0 566.0
SVG CapitaI . . . . . . . .249.6 7.7 279.8 148.9
TempIe Bar Inv Tr . . .864.0 35.0 952.0 754.0
TempIeton Emergin .580.5 8.5 689.5 539.0
TR Property Inv T . . .177.5 5.6 206.1 142.0
TR Property Inv T . . . .78.9 0.9 94.0 64.5
Witan Inv Trust . . . . .457.0 15.0 533.0 426.1
3i Group . . . . . . . . . . .226.8 5.5 340.0 212.6
3i Infrastructure . . . .120.6 0.5 125.2 112.9
Aberdeen Asset Ma .184.8 5.0 240.0 132.3
Ashmore Group . . . .378.6 13.2 414.5 282.8
Brewin DoIphin Ho . .133.0 8.0 185.4 117.0
CameIIia . . . . . . . . . .9250.0 70.010950.0 8050.0
CharIes TayIor Co . . .151.6 4.6 234.0 122.0
City of London Gr . . . .77.5 0.0 93.6 76.0
City of London In . . .382.8 18.3 461.5 278.5
CIose Brothers Gr . . .705.0 14.0 888.5 656.5
CoIIins Stewart H . . . .69.0 -1.0 90.8 69.0
EvoIution Group . . . . .82.0 1.0 92.0 62.3
F&C Asset Managem .65.5 0.9 92.9 50.5
Hargreaves Lansdo .475.0 10.8 646.5 382.0
HeIphire Group . . . . . . .3.2 0.1 39.0 2.4
Henderson Group . . .140.5 6.4 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .429.9 13.9 570.5 380.2
IG Group HoIdings . .428.4 12.7 553.0 397.4
Intermediate Capi . . .233.7 7.5 360.3 204.8
InternationaI Per . . . .272.0 9.0 388.8 228.6
InternationaI Pub . . . .116.3 0.7 118.3 108.6
Investec . . . . . . . . . . .412.0 4.5 538.0 387.5
IP Group . . . . . . . . . . . .44.4 2.4 54.5 27.9
Jupiter Fund Mana . .210.9 9.5 337.3 188.7
Liontrust Asset M . . . .82.5 7.1 95.3 72.0
LMS CapitaI . . . . . . . . .63.0 0.5 64.8 40.8
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .859.5 22.5 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.0 0.5 19.8 10.5
Man Group . . . . . . . . .198.5 5.8 311.0 178.0
Paragon Group Of . .159.0 5.6 206.1 126.4
Provident Financi . .1040.0 20.0 1116.0 728.5
Rathbone Brothers .1045.0 15.0 1257.0 815.0
Record . . . . . . . . . . . . .29.0 1.4 52.0 20.3
RSM Tenon Group . . .27.0 0.5 66.3 21.3
Schroders . . . . . . . .1484.0 9.0 1922.0 1330.0
Schroders (Non-Vo .1219.0 39.0 1554.0 1071.0
TuIIett Prebon . . . . . .364.8 5.3 428.6 334.5
WaIker Crips Grou . . .45.8 0.0 51.5 44.0
BT Group . . . . . . . . . .179.5 10.3 204.1 130.6
CabIe & WireIess . . . .33.9 2.5 61.3 30.8
CabIe & WireIess . . . .38.0 1.7 78.4 35.0
COLT Group SA . . . . .116.8 0.8 156.2 109.0
TaIkTaIk TeIecom . . .128.5 1.6 168.3 123.6
TeIecomPIus . . . . . . .625.0 19.0 700.0 352.5
Booker Group . . . . . . .68.2 -0.2 77.9 43.3
Greggs . . . . . . . . . . . .463.6 17.6 550.5 427.6
Morrison (Wm) Sup .280.2 1.2 308.3 262.7
Ocado Group . . . . . . .125.4 -7.1 285.0 123.5
Sainsbury (J) . . . . . . .299.9 3.0 395.0 280.4
Tesco . . . . . . . . . . . . .381.0 13.8 440.7 360.1
Associated Britis . .1018.0 32.0 1182.0 940.0
Cranswick . . . . . . . . .619.0 -2.0 896.0 606.0
Dairy Crest Group . . .350.3 10.9 424.9 334.1
Devro . . . . . . . . . . . . .276.1 19.1 296.9 218.0
Premier Foods . . . . . . .14.2 0.7 35.1 13.0
Tate & LyIe . . . . . . . . .588.0 22.5 656.0 409.1
UniIever . . . . . . . . . .2004.0 72.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .535.5 9.5 664.0 447.0
Centrica . . . . . . . . . . .305.5 9.5 346.1 287.3
InternationaI Pow . . .293.8 8.7 448.6 279.4
NationaI Grid . . . . . . .594.0 15.0 632.5 529.5
Northumbrian Wate .461.1 2.6 469.5 295.5
Pennon Group . . . . . .660.0 7.0 737.5 560.0
Severn Trent . . . . . .1477.0 45.0 1517.0 1288.0
United UtiIities . . . . .601.5 17.5 632.0 543.5
Cookson Group . . . . .537.0 15.5 724.5 412.3
DS Smith . . . . . . . . . .205.5 13.1 266.2 125.8
Rexam . . . . . . . . . . . .361.9 10.0 400.0 293.0
GIencore Internat . . .406.7 24.0 531.1 363.0
BAE Systems . . . . . .260.9 8.2 369.9 248.1
Chemring Group . . . .505.0 18.3 736.5 481.0
Cobham . . . . . . . . . . .179.5 3.6 245.6 172.5
Meggitt . . . . . . . . . . . .341.8 8.2 397.6 261.7
QinetiQ Group . . . . . .117.2 4.2 136.3 96.7
RoIIs-Royce Group . .603.5 35.0 665.0 553.0
Senior . . . . . . . . . . . . .164.7 6.6 190.6 111.2
UItra EIectronics . . .1409.0 38.0 1895.0 1353.0
GKN . . . . . . . . . . . . . .197.5 10.9 245.0 135.6
BarcIays . . . . . . . . . . .187.2 9.4 333.6 163.7
HSBC HoIdings . . . . .551.8 16.0 730.9 516.2
LIoyds Banking Gr . . .33.8 1.6 77.6 30.9
RoyaI Bank of Sco . . .26.5 1.2 50.2 24.3
Standard Chartere .1442.5 35.0 1950.0 1371.5
AG Barr . . . . . . . . . .1147.0 49.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .319.7 7.7 503.5 308.7
Diageo . . . . . . . . . . .1178.0 23.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2090.0 50.5 2340.0 1841.0
AZ EIectronic Mat . . .243.0 13.7 338.1 216.0
Croda Internation . .1770.0 62.0 2081.0 1230.0
EIementis . . . . . . . . . .153.5 0.5 187.4 86.0
Johnson Matthey . .1790.0 14.0 2119.0 1550.0
Victrex . . . . . . . . . . .1272.0 15.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1131.0 59.0 1299.0 789.5
Bovis Homes Group .360.2 11.8 464.7 326.6
Persimmon . . . . . . . .420.6 17.5 502.5 336.5
Reckitt Benckiser . .3279.0 90.0 3648.0 3015.0
Redrow . . . . . . . . . . . .121.9 10.0 139.0 97.6
TayIor Wimpey . . . . . . .33.5 1.4 43.3 22.3
Bodycote . . . . . . . . . .316.5 7.0 397.7 214.5
Charter Internati . . . .697.5 18.0 853.5 538.5
Fenner . . . . . . . . . . . .341.5 11.5 422.5 198.0
IMI . . . . . . . . . . . . . . . .860.0 34.0 1119.0 657.5
MeIrose . . . . . . . . . . .312.0 6.0 365.4 205.4
Northgate . . . . . . . . . .295.3 24.5 346.7 180.8
Rotork . . . . . . . . . . .1625.0 60.0 1895.0 1450.0
Spirax-Sarco Engi . .1746.0 81.0 2063.0 1499.0
Weir Group . . . . . . .1907.0 117.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .368.9 17.7 499.0 278.0
TaIvivaara Mining . . .342.0 -0.3 622.0 313.1
BBAAviation . . . . . . .175.0 3.0 240.8 167.8
Stobart Group Ltd . . .134.4 1.8 163.6 124.1
AdmiraI Group . . . . .1510.0 49.0 1754.0 1397.0
AmIin . . . . . . . . . . . . .329.0 9.0 433.0 315.5
Huntsworth . . . . . . . . .64.0 2.3 86.0 59.8
Informa . . . . . . . . . . . .361.4 17.7 461.1 337.0
ITE Group . . . . . . . . . .187.1 0.7 258.2 150.3
ITV . . . . . . . . . . . . . . . . .59.5 2.2 93.5 49.8
Johnston Press . . . . . . .5.2 -0.1 16.8 4.4
MecomGroup . . . . . .189.0 -1.0 310.0 185.8
Moneysupermarket. .103.0 2.5 120.4 70.3
Pearson . . . . . . . . . .1097.0 20.0 1207.0 926.0
PerformGroup . . . . .170.0 6.2 234.5 160.0
Reed EIsevier . . . . . .483.9 15.5 590.5 459.9
Rightmove . . . . . . . .1126.0 68.0 1250.0 596.5
STV Group . . . . . . . . .110.0 6.3 168.0 83.5
Tarsus Group . . . . . .150.0 5.0 165.0 112.5
Trinity Mirror . . . . . . . .45.0 6.8 124.0 37.5
United Business M . .478.6 28.6 725.0 439.6
UTV Media . . . . . . . . .110.0 -4.5 151.0 102.5
WiImington Group . .100.0 -5.0 183.0 100.0
WPP . . . . . . . . . . . . . .637.0 23.5 846.5 598.0
YeII Group . . . . . . . . . . .5.7 0.4 20.0 5.1
African Barrick G . . .527.0 -13.0 638.0 393.5
AngIo American . . .2431.0 45.0 3437.0 2254.0
AngIo Pacific Gro . . .291.9 11.9 369.3 249.0
Antofagasta . . . . . . .1259.0 41.0 1634.0 977.5
Aquarius PIatinum . .239.0 3.4 419.0 216.9
BHP BiIIiton . . . . . . .2018.0 52.0 2631.5 1767.0
BeazIey . . . . . . . . . . . .114.3 1.8 139.2 110.1
CatIin Group Ltd. . . .397.1 18.6 421.4 325.0
Hiscox Ltd. . . . . . . . . .352.7 1.0 424.7 341.5
Jardine LIoyd Tho . . .602.0 13.5 709.0 561.0
Lancashire HoIdin . . .666.0 20.0 700.0 518.5
RSA Insurance Gro . .118.0 3.6 143.5 109.5
Aviva . . . . . . . . . . . . . .355.0 13.5 477.9 328.4
LegaI & GeneraI G . . .103.1 4.9 123.8 87.9
OId MutuaI . . . . . . . . .112.6 3.2 145.2 103.2
Phoenix Group HoI . .515.0 3.0 758.0 458.0
PrudentiaI . . . . . . . . .629.5 28.0 777.0 547.0
ResoIution Ltd. . . . . .259.7 7.1 316.1 211.3
St James's PIace . . . .345.4 18.0 376.0 236.2
Standard Life . . . . . . .202.0 11.1 244.7 172.0
4Imprint Group . . . . .230.0 1.5 295.0 195.0
Aegis Group . . . . . . .137.0 9.7 163.5 110.7
BIoomsbury PubIis . .105.0 0.5 138.0 98.8
British Sky Broad . . .670.0 16.0 850.0 645.0
Centaur Media . . . . . . .40.5 0.5 73.0 39.0
Chime Communicati .210.0 6.0 298.5 165.8
Creston . . . . . . . . . . . .89.0 0.5 121.0 78.5
DaiIy MaiI and Ge . . .391.3 17.1 594.5 363.3
Euromoney Institu . .615.0 30.5 736.0 578.0
Future . . . . . . . . . . . . . .12.8 0.1 30.0 11.8
Haynes PubIishing . .226.0 4.0 262.5 202.5
Centamin Egypt Lt . .107.4 -0.3 197.1 89.7
Eurasian NaturaI . . .625.0 8.0 1125.0 585.5
FresniIIo . . . . . . . . . .1725.0 84.0 1907.0 990.0
GemDiamonds Ltd. .182.4 -4.6 306.0 179.8
HochschiId Mining . .461.0 4.4 680.0 311.0
Kazakhmys . . . . . . .1015.0 60.5 1671.0 918.0
Kenmare Resources . .44.4 2.1 59.9 15.3
Lonmin . . . . . . . . . . .1166.0 13.0 1983.0 1096.8
New WorId Resourc .557.0 1.5 1060.0 543.5
PetropavIovsk . . . . . .744.5 26.5 1252.0 676.0
RandgoId Resource 6170.0 -15.0 6655.0 4425.0
Rio Tinto . . . . . . . . .3688.5 157.0 4712.0 3105.0
Vedanta Resources 1403.0 47.0 2559.0 1287.0
Xstrata . . . . . . . . . . .1071.0 18.5 1550.0 969.8
Inmarsat . . . . . . . . . . .441.0 39.1 725.0 389.7
Vodafone Group . . . .166.3 4.6 181.9 149.4
Genesis Emerging . .461.4 -5.7 568.0 445.5
Afren . . . . . . . . . . . . . .110.8 5.8 171.2 92.5
BG Group . . . . . . . . .1280.5 55.5 1564.5 1013.0
BP . . . . . . . . . . . . . . . .404.9 8.3 509.0 375.2
Cairn Energy . . . . . . .317.5 11.4 493.2 284.4
EnQuest . . . . . . . . . . .114.7 6.7 158.5 98.0
Essar Energy . . . . . .300.7 17.8 589.5 262.1
ExiIIon Energy . . . . . .341.4 9.9 469.7 167.0
Heritage OiI . . . . . . . .212.2 11.1 486.0 190.0
JKX OiI & Gas . . . . . .209.2 2.3 335.1 198.1
Premier OiI . . . . . . . . .360.3 9.7 535.0 327.3
RoyaI Dutch SheII . .2008.0 57.5 2326.5 1703.0
RoyaI Dutch SheII . .2018.0 70.0 2336.0 1642.0
SaIamander Energy .235.6 3.1 317.6 210.0
Soco Internationa . . .301.0 6.0 484.2 279.8
TuIIow OiI . . . . . . . . .1057.0 12.0 1493.0 951.5
Amec . . . . . . . . . . . . .905.5 9.5 1251.0 834.0
Hunting . . . . . . . . . . .675.0 0.0 817.0 519.0
John Wood Group . .559.0 14.0 715.8 346.0
LampreII . . . . . . . . . . .333.0 20.5 395.2 223.9
Petrofac Ltd. . . . . . .1226.0 41.0 1685.0 1110.0
Burberry Group . . . .1382.0 27.0 1600.0 820.5
PZ Cussons . . . . . . . .353.0 2.0 409.0 320.5
Supergroup . . . . . . . .921.5 26.5 1820.0 818.5
AstraZeneca . . . . . .2779.5 90.0 3385.0 2543.5
BTG . . . . . . . . . . . . . .272.9 19.1 309.7 200.1
Genus . . . . . . . . . . . . .900.0 6.0 1046.0 710.5
GIaxoSmithKIine . . .1272.0 25.5 1385.0 1127.5
Hikma Pharmaceuti .680.5 37.5 900.0 561.5
Shire PIc . . . . . . . . . .1949.0 73.0 2136.0 1376.0
CapitaI & Countie . . .172.0 5.5 203.7 113.7
Daejan HoIdings . . .2537.0 27.0 2954.0 2282.0
F&C CommerciaI Pr .102.5 0.6 108.0 88.0
Grainger . . . . . . . . . . .100.0 -0.3 133.2 86.3
London & Stamford .122.7 2.8 140.0 110.3
SaviIIs . . . . . . . . . . . . .322.0 1.9 427.1 296.6
St. Modwen Proper . .142.0 1.6 196.2 135.4
UK CommerciaI Pro . .78.9 2.5 85.5 70.4
Unite Group . . . . . . . .164.9 -2.5 229.8 162.8
Big YeIIow Group . . .254.2 9.2 353.3 237.4
British Land Co . . . . .561.5 10.5 629.5 447.5
CapitaI Shopping . . .335.7 8.9 424.8 312.5
Derwent London . . .1754.0 47.0 1880.0 1364.0
Great PortIand Es . . .390.3 14.3 445.0 308.0
Hammerson . . . . . . . .430.5 12.5 490.9 352.2
Hansteen HoIdings . . .78.5 2.3 89.5 62.4
Land Securities G . . .803.0 14.5 885.0 598.0
SEGRO . . . . . . . . . . . .251.0 6.0 331.3 239.8
Shaftesbury . . . . . . . .493.0 8.4 539.0 396.0
Autonomy Corporat 1599.0 24.0 1857.0 1271.0
Aveva Group . . . . . .1541.0 10.0 1799.0 1338.0
Computacenter . . . . .418.1 27.7 490.0 265.0
Fidessa Group . . . . .1590.0 0.0 2109.0 1350.0
Invensys . . . . . . . . . . .255.7 7.8 364.3 230.2
Kofax . . . . . . . . . . . . .317.0 11.0 535.0 231.0
Logica . . . . . . . . . . . . .92.6 3.6 147.2 83.7
Micro Focus Inter . . .305.7 15.4 426.2 239.4
Misys . . . . . . . . . . . . .279.7 11.7 420.2 249.2
Sage Group . . . . . . . .257.4 7.0 302.0 236.7
SDL . . . . . . . . . . . . . . .656.5 14.0 711.5 510.0
TeIecity Group . . . . . .531.0 14.5 559.5 428.5
Aggreko . . . . . . . . . .1879.0 111.0 2034.0 1351.3
Ashtead Group . . . . .118.5 3.6 207.9 77.0
Atkins (WS) . . . . . . . .622.0 -2.5 820.0 582.0
Babcock Internati . . .617.0 12.5 733.0 492.8
Berendsen . . . . . . . . .453.7 -1.3 568.0 363.1
BunzI . . . . . . . . . . . . .723.5 23.0 801.0 676.5
Capita Group . . . . . . .703.5 23.0 794.5 635.5
CariIIion . . . . . . . . . . .329.9 12.5 403.2 291.2
De La Rue . . . . . . . . .797.0 32.0 853.5 549.5
EIectrocomponents .209.0 8.0 294.9 190.5
Experian . . . . . . . . . . .728.5 25.0 833.5 606.0
FiItrona PLC . . . . . . . .336.0 22.4 385.5 227.5
G4S . . . . . . . . . . . . . . .255.0 8.6 291.0 237.7
Hays . . . . . . . . . . . . . . .77.0 1.6 133.6 69.4
Homeserve . . . . . . . .462.5 17.3 532.0 408.0
Howden Joinery Gr . .101.0 2.3 127.5 63.0
Intertek Group . . . . .1899.0 60.0 2148.0 1646.0
MichaeI Page Inte . . .400.4 10.0 567.0 368.0
Mitie Group . . . . . . . .217.3 7.2 242.5 188.7
Premier FarneII . . . . .184.5 7.6 308.8 168.4
Regus . . . . . . . . . . . . . .81.4 0.8 119.0 66.1
RentokiI InitiaI . . . . . . .77.5 0.5 107.1 74.5
RPS Group . . . . . . . . .200.2 0.2 253.0 169.8
Serco Group . . . . . . .526.0 13.0 633.0 495.7
Shanks Group . . . . . .117.5 4.1 130.9 96.5
SIG . . . . . . . . . . . . . . .115.1 5.9 153.5 90.7
SThree . . . . . . . . . . . .275.6 -0.1 447.6 231.1
Travis Perkins . . . . . .831.5 40.5 1127.0 727.5
WoIseIey . . . . . . . . . .1611.0 74.0 2261.0 1223.0
ARM HoIdings . . . . . .526.0 6.0 651.0 307.0
CSR . . . . . . . . . . . . . .242.9 4.2 447.0 229.3
Imagination Techn . .334.6 5.5 502.0 303.5
Pace . . . . . . . . . . . . . . .94.2 2.2 231.8 91.0
Spirent Communica .128.6 4.5 160.3 119.8
British American . .2721.5 68.5 2871.0 2166.0
ImperiaI Tobacco . .2031.0 41.0 2231.0 1784.0
Avis Europe . . . . . . . .312.5 0.0 313.0 184.0
Betfair Group . . . . . . .611.5 17.0 1550.0 567.0
Bwin.party Digita . . .104.0 -0.2 297.9 101.4
CarnivaI . . . . . . . . . .1898.0 68.0 3153.0 1792.0
Compass Group . . . .542.5 5.5 612.0 501.0
Domino's Pizza UK . .462.8 15.6 586.0 377.0
easyJet . . . . . . . . . . . .342.6 12.0 479.0 301.0
Enterprise Inns . . . . . .39.0 1.0 122.7 38.0
FirstGroup . . . . . . . . .343.5 11.3 412.6 311.3
Go-Ahead Group . . .1424.0 60.0 1598.0 1073.0
Greene King . . . . . . .431.5 14.3 518.0 398.0
InterContinentaI . . .1043.0 16.0 1435.0 963.0
InternationaI Con . . .190.2 5.2 305.0 177.3
JD Wetherspoon . . . .424.7 13.5 468.3 389.9
Ladbrokes . . . . . . . . .128.0 3.1 155.3 122.7
Marston's . . . . . . . . . . .94.4 2.9 117.1 88.9
MiIIennium& Copt . .450.0 5.0 600.5 437.9
MitcheIIs & ButIe . . . .246.5 13.2 361.0 229.1
NationaI Express . . .241.1 8.1 270.2 220.1
Rank Group . . . . . . . .123.8 1.8 153.7 103.3
Restaurant Group . . .270.8 7.8 335.0 226.0
Spirit Pub Compan . . .46.7 6.7 55.0 37.0
Stagecoach Group . .241.9 11.5 268.5 160.7
Thomas Cook Group .55.6 3.2 204.8 45.5
TUI TraveI . . . . . . . . . .163.3 8.3 271.9 153.0
Whitbread . . . . . . . .1481.0 46.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .222.1 5.2 237.3 155.5
Abcam . . . . . . . . . . . .351.3 13.3 460.0 303.4
AIbemarIe & Bond . .375.5 5.5 400.1 221.0
Amerisur Resource . .17.5 0.0 29.0 11.5
Andor TechnoIogy . .582.0 23.0 685.0 311.0
ArchipeIago Resou . . .73.0 -2.0 79.0 32.3
ASOS . . . . . . . . . . . .1865.0 36.0 2468.0 840.0
AureIian OiI & Ga . . . .42.5 -0.3 92.0 41.4
Avanti Communicat .330.0 5.5 735.0 288.8
Avocet Mining . . . . . .229.5 -6.0 253.5 112.0
BIinkx . . . . . . . . . . . . . .98.0 1.5 148.8 63.3
Borders & Souther . . .51.0 2.5 93.0 44.8
BowLeven . . . . . . . . .135.0 0.0 398.0 116.3
Brooks MacdonaId 1059.5 59.5 1372.5 837.5
CaIedon Resources .111.0 0.0 111.8 44.3
Conygar Investmen . .96.5 0.1 120.0 95.4
Cove Energy . . . . . . . .66.5 1.5 112.8 57.0
Daisy Group . . . . . . . .110.9 0.0 127.0 88.0
EMIS Group . . . . . . . .540.3 2.8 580.0 303.5
Encore OiI . . . . . . . . . .48.5 3.3 151.5 40.8
Faroe PetroIeum . . . .136.0 3.0 218.3 133.0
GuIfsands PetroIe . . .188.8 1.8 401.5 179.0
GWPharmaceuticaI .102.4 -3.1 130.0 83.0
Hamworthy . . . . . . . .588.5 35.0 705.0 328.0
Hargreaves Servic . .920.0 1.0 1076.0 605.0
HeaIthcare Locums . . . .0.0 0.0 0.0 0.0
Immunodiagnostic .1042.0 32.0 1218.0 710.0
ImpeIIamGroup . . . .295.8 3.3 387.5 122.0
James HaIstead . . . . .457.5 14.9 495.0 306.0
KaIahari MineraIs . . .225.0 1.0 301.0 142.0
London Mining . . . . .312.8 -1.0 436.5 240.3
Lupus CapitaI . . . . . .104.5 6.5 150.0 78.0
M. P. Evans Group . .398.0 12.1 500.5 343.0
Majestic Wine . . . . . .421.0 1.0 510.0 306.0
May Gurney Integr . .263.0 5.0 295.0 177.0
Monitise . . . . . . . . . . . .33.5 0.0 39.0 18.5
MuIberry Group . . . .1575.0 158.0 1920.0 330.0
Nanoco Group . . . . . . .69.5 4.0 115.8 57.5
NauticaI PetroIeu . . .283.0 8.0 547.0 151.0
NichoIs . . . . . . . . . . . .541.0 2.5 579.0 410.0
Numis Corporation . . .97.5 -2.3 146.5 93.9
Pan African Resou . . .12.3 0.0 13.8 6.0
Patagonia GoId . . . . . .61.8 2.8 68.0 15.3
Prezzo . . . . . . . . . . . . .61.1 4.1 71.5 41.5
Pursuit Dynamics . . .227.8 23.8 700.0 160.5
Rockhopper ExpIor .217.8 9.3 510.0 141.0
RWS HoIdings . . . . . .420.0 -2.4 472.0 239.0
Songbird Estates . . .126.0 7.0 160.3 110.3
VaIiant PetroIeum . . .540.0 20.0 761.5 504.0
Young & Co's Brew . .640.5 -4.5 712.0 525.0
Spirit Pub Company . .46.7 16.7
Inmarsat . . . . . . . . . . .441.0 9.7
Northgate . . . . . . . . . .295.3 9.1
Redrow . . . . . . . . . . . .121.9 8.9
CabIe & WireIess C . . .33.9 8.1
Aegis Group . . . . . . .137.0 7.6
BTG . . . . . . . . . . . . . .272.9 7.5
Devro . . . . . . . . . . . . .276.1 7.4
FiItrona PLC . . . . . . .336.0 7.1
Computacenter . . . . .418.1 7.1
Ocado Group . . . . . . .125.4 -5.4
JPMorgan Russian S 515.0 -2.7
Gem Diamonds Ltd. .182.4 -2.5
African Barrick Go . .527.0 -2.4
JPMorgan Indian In . .387.0 -2.0
JD Sports Fashion . .880.0 -1.8
Edinburgh Dragon T .223.1 -1.7
Unite Group . . . . . . . .164.9 -1.5
Genesis Emerging M 461.4 -1.2
British Empire Sec . .478.0 -1.1
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
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FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
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PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
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AUTOMOBILES & PARTS
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OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.86 -0.17 103.5 100.7
Tsy 2.500 11 . . . . .306.37 -0.01 310.0 306.5
Tsy 5.000 12 . . . .102.50 -0.09 106.8 102.5
Tsy 5.250 12 . . . .103.77 -0.10 108.1 103.7
Tsy 9.000 12 . . . .108.05 -0.37 107.8 107.8
Tsy 4.500 13 . . . .106.00 -0.15 109.2 105.8
Tsy 2.500 13 . . . .284.81 -0.07 287.7 277.5
Tsy 8.000 13 . . . . .115.34 -0.14 121.3 115.3
Tsy 5.000 14 . . . . .112.51 -0.20 114.1 109.2
Tsy 7.750 15 . . . .103.14 -0.59 104.3 102.6
Tsy 8.000 15 . . . .128.62 -0.26 131.6 123.7
Tsy 4.750 15 . . . . .114.29 -0.23 114.7 108.6
Tsy 2.500 16 . . . .338.70 0.17 340.1 310.2
Tsy 4.000 16 . . . . .112.45 -0.26 112.9 104.9
Tsy 12.000 17 . . .125.76 0.00 126.0 126.0
Tsy 1.250 17 . . . . .113.73 0.28 114.4 106.7
Tsy 8.750 17 . . . .140.84 -0.58 142.2 132.9
Tsy 5.000 18 . . . . .119.62 -0.29 120.1 109.7
Tsy 4.500 19 . . . . .116.58 -0.26 117.0 105.4
Tsy 3.750 19 . . . . .110.90 -0.27 111.3 99.4
Tsy 4.750 20 . . . . .118.28 -0.31 118.8 106.6
Tsy 2.500 20 . . . .350.67 0.36 350.6 312.4
Tsy 8.000 21 . . . .147.92 -0.44 148.7 133.8
Tsy 4.000 22 . . . . .110.41 -0.42 111.0 99.0
Tsy 1.875 22 . . . .121.25 0.49 121.6 111.3
Tsy 2.500 24 . . . .309.79 0.49 310.6 273.4
Tsy 5.000 25 . . . . .119.52 -0.44 120.2 107.4
Tsy 1.250 27 . . . . .114.92 0.75 115.3 104.6
Tsy 4.250 27 . . . .109.12 -0.44 109.8 97.9
Tsy 6.000 28 . . . .132.38 -0.44 133.2 119.5
Tsy 4.750 30 . . . . .114.56 -0.52 115.5 103.0
Tsy 4.125 30 . . . .291.99 0.55 292.8 259.7
Tsy 4.250 32 . . . .107.25 -0.62 108.3 96.0
Tsy 4.250 36 . . . .105.85 -0.78 107.4 95.0
Tsy 4.750 38 . . . . .114.53 -0.87 116.5 102.8
Tsy 4.500 42 . . . . .110.16 0.00 111.2 111.2
% %
Wealth Management | Markets
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The King of Clubs
tells Donata Huggins
his views on freedom,
money and motivation
I
T’S HOT and the big beasts of the corpo-
rate jungle are getting desperate for easy
prey. Gathering around the entrepreneur-
ial watering holes, they are hungrily
eyeing up one species in particular, the gazelles.
In business parlance being a gazelle is
about as good as it gets. Often found on the
open plains around London’s Silicon
Roundabout, these are fast-growth young
businesses with the fitness to leap over the
competition and live the entrepreneurial
dream.
But not so fast. According to research by
SAP UK & Ireland and Delta Economics, these
young bucks should beware the perils of
growth. Many of them are set to be culled
because of the speed of their success.
Business failure is a very real risk, but this
set piece of summer season silliness misses
the point. Apparently 33 per cent of business-
es that disappear do so because they are
acquired. What a disaster, except, hold on, I
thought that selling your business was the
point for many entrepreneurs. Tell Iain
Dodsworth, who sold his business Tweetdeck
for £25m, that selling after three years was
the worst mistake he made.
This sort of message says a lot about the
mindset of many large corporates struggling
to find a theme that works with the small
business market. That when in doubt, the best
way to win is to scare the market half to
death.
But that’s not my overwhelming objection.
It is more that the negative message to small,
fast growth companies is such a siren call of
folly. Most companies don’t have a realistic
choice about controlling their pace of growth,
and while a reputation for being dull but
dependable might sound good in a corporate
ivory tower, on the street it’s an ingredient to
be ignored and a recipe for failure.
The pursuit of growth is great. Two years
ago, the business I co-founded was an idea on
the kitchen table. A big part of our thinking
was that if people believed we could grow
then we would grow. The strategy was all
about momentum and so far the good news is
that the strategy works.
Our business is known as a fast-growth
business because we have the aspiration,
ambition and optimism to excite our clients.
Maybe we will fall off the curve at some point
but we also might get right back on it because
of these very same character assets.
Growth most certainly has its challenges
but we wouldn’t change the direction for a
second. It provides the lifeblood that drives
the business, develops the people, and delivers
better results for clients.
For the vast majority of businesses it’s not
too much growth that is the problem; it’s that
they don’t have enough of it. So rather than
read extinct research, my advice to aspiring
gazelles is to get hold of the Jungle Book, and
heed the lyrics of King Louie’s song, I wanna
be like you: “I've reached the top and had to
stop and that's what botherin' me.” And that
really is the problem of growth.
Michael Hayman is
co-founder of the public relations
consultancy Seven Hills. You can
follow Michael on Twitter
@michaelhayman
OUTRUNNING
THE CORPORATE
COMPETITION
MICHAEL HAYMAN
ENTREPRENEUR
A
RE you really 100 per cent liber-
tarian?” Peter Stringfellow asks a
room of Adam Smith Institute
supporters. “I consider myself a
libertarian but I do question myself occa-
sionally. I want the freedom to compete,
but I don’t necessarily want other people
to have the freedom to compete with
me.” The audience laughs. He is speaking
to a room of professed libertarians about
freedom of choice and enterprise. I was
given the chance to speak to him, before
his talk.
We sit in the airy downstairs bar at the
St Stephen’s Club in Westminster, a regu-
lar stomping ground for think tankers
and politicos. The bar is quiet and he is
concerned that we might be interrupting
the couple silently nursing their drinks
in the corner. Surprising, for a man
known for his brash style.
I persuade him that we’re not and ten-
tatively ask him how he got started in the
club business. “You’ve started a book
with that question. I mean, I’m 70 years
old. I’ve been in clubs nearly 50 years,” he
warns. But before I try to reassure him
that we have time, he interrupts “but to
put it bluntly, I started to make money
and that was my motivation.”
He pulls out a scrappy bit of paper
from his back pocket and scribbles “moti-
vation” on it. “Sorry,” he says putting the
paper back into his pocket, “I’ve been try-
ing to think of that word all day.” He sud-
denly appears more relaxed. The note is a
prompt for his speech later.
“There was this club in Sheffield, you
see,” he begins to explain, “where a band
called Johnny Tempest and the Cadillacs
used to play. It took 800 people and it was
run by this little old lady and little old
man. And one day I said to them that I
was thinking of booking this group. I
asked how much they paid for the group
and the hall and they threatened to kick
me out.” Later, he discovered that they
were making £67 profit a night, and that
was an awful lot of money in those days.
“It was like – click. My best wage ever at
that point had been £20 in a week.”
So a few weeks later he rented out a
town hall, found a band and launched
himself into the club night business. “I
had two unsuccessful weeks and by the
third week I was borrowing money off
friends and I thought this is my water-
shed moment, I can’t lose money again, I
have to make this work.” He booked
Johnny Tempest and the Cadillacs and
stepped up his marketing. It paid off. “I
made £64 that night,” he laughs, “and
that was it, I never worked for anyone
else again.”
He moved from Sheffield to Leeds run-
ning club nights, losing everything he
had got four or five times over, before
deciding to move to London. “I decided
to move to London, because I was rich,
but I wasn’t famous.” In 1984, he set up
the Hippodrome in the West End, before
expanding into New York, Miami and
Beverly Hills.
“But then the big recession hit and
cost me everything, but it was just then
that I came across the girls business.” On
a trip to Florida he discovered a club
called Pure Platinum. “It was like
nothing I’d ever seen before, all these
beautiful girls taking their clothes off
with no argument. So I thought I’ve got
to bring in girls. It took me three years to
get the applications through, get the
licenses and find the girls.”
So Stringfellow’s Presents Pure
Platinum Girls was born. It was a taxing
experience for him though: “It took six
weeks to find the girls and it was very
dispiriting to see so many people naked
that I didn’t necessarily want to see
naked.”
But he eventually found them – many
of them struggling dancers and students.
“They’re real entrepreneurs. Smart, sassy
girls. They don’t get a salary. One night
they might earn nothing, the next night,
nothing. Then on the third night earn
£4,000.”
The business is highly profitable. “Each
club is more than capable of turning over
a million pounds net profit. And, of
course, I take a lump for me. I’m in busi-
ness to make my living standard what I
want it to be.”
“I earn £500,000. Am I happy? I’m sev-
enty. Trust me, it’s fabulous.”
Business Features| Entrepreneurs
18
CITYA.M. 15 AUGUST 2011
Age: 70
Born: Sheffield
Studied: Left school at 15
Family: Two adult children; now married to
former Royal Ballet dancer Bella Wright (29).
Clubs: Angels, Soho; Stringfellow’s, Covent
Garden; Stringfellow’s, Paris.
No. of staff: 165, employed directly, and 300-
400 female entertainers and various support
staff.
CV | PETER STRINGFELLOW
Stringfellow speaks out
on his naked ambition
Seventy and still going strong Picture: Micha Theiner/City AM
ENTREPRENEURS NEWS | IN BRIEF
ENTREPRENEURIAL FESTIVAL LINE-UP
MADE: The Entrepreneur Festival announced its
headline speakers this week: government minis-
ters Vince Cable and Mark Prisk, venture capi-
talists Julie Meyer, Luke Johnson and Dragons’
Den’s Peter Jones. They will be speaking on
entrepreneurial inspiration, market disruption
and business growth. Over 2,000 entrepreneurs
will come to the city to share their knowledge
and ideas. Prisk says the festival will be “a great
showcase of entrepreneurial culture.” It will take
place on 21-24 September in Sheffield. For more
information go to www.madefestival.com
MINISTER GIVES AWAY START UP MONEY
Business minister Mark Prisk has launched a
£5m start-up fund for local enterprise partner-
ships. The regional agencies were asked to bid for
start-up cost funding. Out of 32 bids, 18 received
their full bid while 14 were offered a reduced
amount. The fund was a one-off pot of money for
those who had innovative ways of using the cash.
Prisk said: “This financial support will help the
partnerships move up a gear. It will allow them
to pay for things such as training for the board
members, as well as support their work engaging
with the wider business community.”
JUMP ABOARD THE SMALL BUSINESS BUS
The StartUp Britain team are busing them-
selves around the UK on a tour of entrepre-
neurial hot spots. The bus will visit 14 locations
in a bid to inspire Brits to start their own busi-
nesses. Experts, mentors, entrepreneurs and
small business authors will be aboard the bus.
Emma Jones of StartUp Britain says: “We’ll be
visiting employees moving from employment
into self-employment. I look forward to wel-
coming hundreds of start-ups and small busi-
nesses on board.” For more information go to
www.startupbritain.org/summerbustour
Above: the bay of
Calvi. Below: Ajaccio,
Napoleon’s birthplace.
Right: chestnuts are a
major part of
Corsican cuisine.
Lifestyle | Travel
Sun, flowers and history in Corsica
Sunbathers
were out
bronzing in
30C heat
while snow
gleamed on
the serrated
ridges of
mountains
over
8,000 feet
CITY’S HOTTEST
NEW EATERIE
THE DOOR REVIEWED
TOMORROW
19
as they slice into the sea for fish. At the
water’s edge, sea urchins, anemones and
mussels cling to the rocks. Higher up, a
yellow shrub – euphorbia dendroides to
give it its Latin name – blazes yellow. As
we sailed into Ajaccio’s harbour, the
breeze filled the spinnakers of a flotilla of
large vintage yachts competing in a regat-
ta. Tucked away in a side street we found
the Maison Bonaparte – Napoleon’s birth
place. When the British briefly seized
Ajaccio in 1794, they used the house as an
arsenal before partially destroying it but
Napoleon’s mother Letizia restored it.
Ajaccio is certainly a fine place for
Napoleon aficionados.
His statue is everywhere. In the
Cathedral you can see where he was bap-
tised while the Salon Napoleonien in the
Hotel de Ville houses Bonaparte family
paintings and artefacts. A fine art collec-
tion including works by Botticelli, Titian
and other Renaissance masters assembled
by Cardinal Fesch – Napoleon’s uncle – is
exhibited in the arcaded palace he built
for himself. Nine members of the family
including Napoleon’s parents are buried
in the adjacent Imperial Chapel.
Exploring Corsica is like reading an adven-
ture story. Even in the quietest places you
come across stories of drama and violence.
In the village of Calenzana – a short drive
up into the mountains from Calvi – a
plaque commemorates how long ago the
locals killed 5,000 German mercenaries in
the pay of the Genoese. They first dropped
bee hives on their enemies then, wearing
protective garments to protect themselves
from the angry bees, poured from their
houses to finish off their enemies with
clubs. Today Calenzana is the point of
departure for hikers tackling the famous
high-altitude GR 20 trail running
124 miles along the spine of the
island from north-west to
south-east. The walk is
strenuous but fixed lad-
ders and chains help in
the trickiest places.
HOT AND LUSH
Being lazy, we preferred
to drive around the
island along its dramatic,
twisting roads. In late May,
sunbathers were bronzing
on soft-sand beaches in 30C
heat while snow still gleamed
on the serrated ridges of moun-
tains rising over 8,000 feet. The coast
feels southern European lush with olean-
ders, palms, citrus and olive trees. In the
garden of our villa lemon trees bowed
under the weight of fruit. In surrounding
lanes, sticky yellow flowers were forming
on the patches of prickly pear reputedly
brought to the island from America by the
Genoese Christopher Columbus. (Some
claim Columbus was born in an ancient
house within Calvi’s citadel).
Along the coast, low dense bushes of
sweet-scented pink and white rock roses –
the maquis plant that gave its name to the
French WWII Resistance – flowered
among scarlet poppies and yellow broom.
Switching off the air conditioning we
wound down the car windows to breathe
in the herb scented air, catching the fra-
grance of wild rosemary, sage, juniper and
fennel. Drive up into the mountains and
the vegetation changes to forests of oak,
silver-barked eucalyptus and chestnut
trees with shiny pointed bright green
leaves. Ascending higher, we smelled the
tang of the graceful parasol-shaped
Corsican pines.
CHESTNUTS AND CHEESE
Corsican cooking – earthy and robust –
reflects the island’s produce. Corsicans
have been making flour from chestnuts
since the sixteenth century. Today they
use the chestnut in everything from
breads, cakes, beers and mousses to honey.
Order a kir and the waiter might ask
you whether you’d like it with
chestnut liqueur instead of
cassis The free-roaming
pigs you see rooting
about in the forests
also scoff on the
chestnuts, giving
the charcuterie a
d i s t i n c t i v e
flavour. The
island’s sheep
and goats pro-
duce milk for
many fine cheeses.
We enjoyed a typi-
cal Corsican meal
beginning with an
assiette de charcuterie –
thin slices of salamis and
hams. Next came a copper pan of
wild boar stewed with olives and herbs and
finally fiadone (a baked cheesecake made
with Brocciu), a mild Ricotta-like white
cheese accompanied by fritelli (fritters
made of chestnut flour). The robust and
full-bodied Corsican wines – made on the
island since the days of the Greeks and
Romans – go well with this style of food. So
does Corsican beer like La Pietra to which
chestnut flour is added, or the pale-gold
and myrtle-flavoured wheat beer, Colomba.
On our last night we sat in a bar on
Calvi’s waterfront. Glitter balls sparkled
above a pair of black and white images of
Audrey Hepburn as light shone from the
yachts in marina and we reflected on our
week in Corsica. As befits the birthplace of
Napoleon – a small man with big ambi-
tions – it’s a small-scale island but with big-
scale possibilities.
Diana Preston went to Corsica with Travelzest’s
VFB holidays, staying at the Casa Cassaninca.
Prices from £322 pp based on six sharing and
including flights from Gatwick and car hire.
Napoleon’s birthplace is small but dynamic, mixing
ancient beauty with natural splendour, says Diana Preston
T
HE blue Corsican sky rained men as
we breakfasted on warm baguettes
and chestnut flavoured honey on
the terrace of our villa overlooking
the bay of Calvi on the island’s north-west
coast. As they leapt from their plane the
parachutists from the nearby Foreign
Legion base distracted us from another
arresting sight – Calvi’s ancient citadel,
perched Camelot-like on a granite
promontory. The Genoese built the
citadel, with its narrow alleys and red-
roofed houses, in the thirteenth century
before seizing the entire island a few years
later and constructing the protective
citadels and coastal towers that still char-
acterise Corsica. Even though the island
has been French since 1768, its towns and
villages, with their tall, wooden-shuttered
houses in sun-faded pinks, yellows and
peaches, still feel and look Italian.
In Calvi’s restaurant and bar-lined har-
bour, fishing boats jostle with pleasure
vessels from expensive catamarans to
smaller yachts and the zodiacs that speed-
wet-suited divers to the many local dive-
sites. As in much of the Mediterranean,the
British have a history in these waters. In
1794, during the wars with revolutionary
France, the sailors of a British fleet disem-
barked with their cannon and bombarded
Calvi. During the action Horatio Nelson
was blinded in the right eye. (Contrary to
common belief he didn’t wear a patch to
hide this sightless eye but a green shade to
protect his left eye from the sun.)
NAPOLEON’S LAND
But it’s Nelson great enemy – “the
Corsican Monster” as the British called
Napoleon Bonaparte – who most people
associate with the island. From Calvi we
took a boat trip southwards to Ajaccio
where he was born. During the three hour
journey, we explored the dramatic coast-
line of the Scandola Nature Reserve where
jagged red granite cliffs plunge into the
transparent crystalline waters of this
World Heritage Site. Ospreys circle the
peaks and cormorants perform aerobatics
T
E
R
R
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S
T
R
I
A
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SHOWME THE FUNNY
ITV1, 9PM
The remaining contenders head to
South Wales, where they have to
organise a night of entertainment for
locals at a pub in Pontypridd.
CONCRETE CIRCUS
CHANNEL4, 9PM
Five of the world’s best urban sports
stars team up with young directors to
make new online films. Part of Street
Summer season.
ULTIMATE POLICE INTERCEPTORS
CHANNEL5, 8PM
Helicopters and police cars chase a
reckless driver across two counties,
and rain causes trouble at the scene
of a crash on the M1.
BBC1
SKY SPORTS 1
7pmLive Monday Night Football
10.30pmNetbusters. Action
from the Football League. 11pm
SPL Round-Up 11.30pmThe Sky
Sports Years 12.30amMonday
Night Football 2.30amSoccer
AM: The Best Bits 3.30am
Watersports World 4.30am
Max Power 5.30am-6amFIFA
Futbol Mundial
SKY SPORTS 2
4.30pmLive ECB 40 League
Cricket 10pmNASCAR 11pm
Boots ’n’ All 12amElite League
Speedway 2amPowerboating
2.30amTrilby Tour Golf 3.30am
Wonderful World of Golf
5am-6amShow Jumping
SKY SPORTS 3
7pmPowerboating 7.30pmLive
Elite League Speedway 9.30pm
Wild Spirits 10pmShow
Jumping 11pmWWE: Late
Night – Bottom Line 12am
WWE: Late Night – Afterburn
1amWWE: NXT 2am-4.15am
Live WWE: Late Night – Raw
BRITISH EUROSPORT
4pmLive WTA Tennis 9.45pm
WTA Tennis 11.15pmEurogoals
11.30pm-12.30amCycling
ESPN
6.30pmTalk of the Terrace 8pm
NFL 11pmBetween The Lines
11.30pmESPN Pardon the
Interruption 12amLive NFL
Countdown 1amLive NFL
4.15amBundesliga Review
Show5.30am-6amBetween
The Lines
SKY LIVING
7pmCriminal Minds 8pmFour
Weddings US 9pmBritain &
Ireland’s Next Top Model 10pm
Hairy Women 11pmCriminal
Minds 12amSex Change
Soldiers 1amCSI: Crime Scene
Investigation 2.40amMaury
3.30amNothing to Declare
4.20amCharmed 5.10amJerry
Springer 5.35am-6amThe
Jerry Springer Show
BBC THREE
7pmDon’t Tell the Bride 8pm
Snog, Marry, Avoid? 8.30pm
Underage and Pregnant 9pm
Cherry’s Cash Dilemmas 10pm
EastEnders 10.30pmLittle
Britain 11pmFamily Guy
11.45pmCherry’s Cash
Dilemmas 12.45amGary: Tank
Commander 1.45amLittle
Britain 2.15amUnderage and
Pregnant 2.45amDon’t Tell the
Bride 3.45amSnog, Marry,
Avoid? 4.15am-5.15amYoung,
Dumb and Living Off Mum
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmOne Tree Hill 10pmDirty
Sexy Things 11pmBalls of Steel
Australia 12.05amMy Name Is
Earl 1.05amHow I Met Your
Mother 1.30amBalls of Steel
Australia 2.25amGlee 3.30am
Smallville 4.15amHeartland
4.55am-6amSwitched
HISTORY
7pmThe Roman Invasion of
Britain 8pmPawn Stars
9.30pmAmerican Restoration
10pmAmerican Pickers 12am
Pawn Stars 12.30amAmerican
Restoration 1amAmerican
Pickers 3amThe Roman
Invasion of Britain 4amAncient
Discoveries 5am-6amThe
Universe
DISCOVERY
7pmMythbusters 9pmRise of
the Jellyfish 10pmWalking the
Amazon 11pmMutant Planet
12amBear Grylls: Born Survivor
1amRise of the Jellyfish 2am
Walking the Amazon 3am
Deadliest Catch 3.50amInside
Planet Earth 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmLittle
People, Big World 9pmTrauma
Unit 10pmCritical Condition
11pmA&E 12amTrauma Unit
1amCritical Condition 2am
A&E 3amLittle People, Big
World 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmSafebreakers 9pmCop
Squad 10pmSpartacus: Gods of
the Arena 11.15pmTrollied
11.45pmWall of Fame 12.45am
Border Invasion USA 1.45am
Caribbean Cops 2.40am
Stargate Universe 4.20amOops
TV 5.10am-6amThe Filth Files
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmBang Goes the Theory
BBC News
8pmEastEnders 8.30pmThe
August Riots – Panorama 9pmNew
Tricks 10pmBBC News 10.25pm
Regional News 10.35pmA
Question of Sport 11.05pmThe
Celebrity Apprentice USA 11.50pm
The Celebrity Apprentice USA:
Weatherview12.40amSign Zone:
Raymond Blanc’s Kitchen Secrets
1.10amSign Zone: A Farmer’s Life
for Me 2.10amSign Zone: Animal
24:7 2.55amSign Zone: Antiques
Road Trip 3.40am-6amBBC News
6pmEggheads: Quiz show,
hosted by Jeremy Vine.
6.30pmCelebrity Eggheads
7pmWonderstuff
7.30pmVictorian Pharmacy
8pmUniversity Challenge
8.30pmAntiques Master
9pmHorizon: Pioneering
astronomers and their new
super-telescopes.
10pmShooting Stars
10.30pmNewsnight: Weather
11.20pmTorchwood: Miracle
Day
12.15amThe Tudors
1.10amBBC News 3.40am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmCountrywise Kitchen
8.30pmCoronation Street
9pmCHOICE Show Me the
Funny
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMThe Shadow
1994.
12.30amThe Zone; ITV News
Headlines
2.35amNightwatch with Steve
Scott 3.25amITV Nightscreen
4.30am-5.30amJeremy Kyle
6pmThe Simpsons 6.30pm
Hollyoaks 7pmChannel 4 News
7.55pm4thought.tv 8pmThe
Secret Life of Buildings
9pmCHOICE Concrete Circus
10.40pmOne Man Walking
11pmComing Up: Magic
11.35pm24 Hours in A&E 12.35am
Music on 4: Calvin Harris: 360
Sessions 1.05amMusic on 4: 4Play:
The Kooks 1.20amMusic on 4:
Abbey Road Debuts: Lower Dens
1.35amMusic on 4: The Album
Chart Show: Hard-Fi 2amFILM
Beneath the Planet of the Apes
1969. 3.40amBrothers & Sisters
4.25amWogan’s Perfect Recall
4.55amGrudge Match
5.05am-6amCookery School
6pmMeerkat Manor
6.25pmOK! TV
7pm5 News at 7
7.30pmHow Do They Do It?
8pmCHOICE Ultimate Police
Interceptors: 5 News at 9
9pmFILMWar: Thriller,
starring Jet Li. 2007.
11.10pmFILMI Spy: Comedy,
starring Eddie Murphy. 2002.
12.55amSuperCasino
3.55amMeals in Moments: With
guest Charley Boorman. 4.05am
HouseBusters 4.30am
HouseBusters 4.55amRough Guide
to Weekend Breaks 5.10am
Wildlife SOS 5.35am-6amHouse
Doctor
1 2 3 4 5 6
7 8 9
10
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20
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37
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10
14
19
30
9
30
17
11
11
7
28
34
11
24
15
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 ISSUE’S
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to find as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Heals, makes better (5)
4 Coat with fat during
cooking (5)
7 Protective metal outfit (6)
9 Basic unit of money
in South Africa (4)
10 Small rodents (4)
11 Elastic straps that
hold up trousers (6)
13 Grew older (4)
15 Flat floating platform
for swimmers (4)
17 Fictional character, a
comic book superhero (6)
20 Alone, unaccompanied (4)
21 Presidential assistant (4)
22 Inferior substitute
or imitation (6)
23 Native American tent (5)
24 Illegal setting of fires (5)
DOWN
1 Climb awkwardly (7)
2 Dance of Cuban
origin (5)
3 Foam or froth
on the sea (5)
5 Alongside each
other (7)
6 Subdued colour (5)
8 Arousing or
provoking
laughter (7)
12 Reflective road
stud (4-3)
14 Inhabitant (7)
16 Similar (5)
18 Largest artery
of the body (5)
19 How a result is
obtained or an
end achieved (5)
C
M
R
C
E O
A
D
R
4

4
4


4


M L O S T E E P
E L O N G A T E D E
C N R O N E P
C A D R E P A N S Y
A L O E C S
I N C O G N I T O
S R T O N E
W I D E N P Y L O N
O E A U A E T
O A T T A I N D E R
P I L E S D O Y
7 6 8 9 3 7 1 2
1 2 6 3 7 8 2 9
4 9 2 8 9
3 1 8 5 9 5 9
9 3 2 6 4 5 8 1 7
8 9 1 4
2 5 1 3 8 6 9 7 4
8 7 1 9 2 6 3
1 2 3 1 8
7 1 2 4 8 4 9 6
9 8 5 7 3 2 4 1
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
PERFECTLY
Lifestyle | TV&Games
CITYA.M. 15 AUGUST 2011 20
Sport
21 CITYA.M. 15 AUGUST 2011
Paceman James Anderson helped wrap up victory on Saturday, and No1 spot in the Test rankings for the first time, by scything through India’s top order. Picture: PA
ENGLAND coach Andy Flower has
drawn up a new set of goals that he
believes his side must achieve if they
are to stand comparison with some of
the greatest of all time.
Another crushing victory over
India on Saturday elevated England
to No1 in the international Test rank-
ings for the first time in their history.
It also prompted further compar-
isons between Flower’s line-up and
other dominant teams of recent gen-
erations, such as the West Indies and
Australia.
But Flower insists those plaudits
are premature and has set his side the
challenge of winning upcoming
series against Pakistan and Sri Lanka,
the 2013 World Test Championship
and the 50-over World Cup in 2015.
“I don’t think we can compare our-
selves to those sides. They dominated
world cricket for lengthy periods. We
have been playing well for a little
while now, but only for a short time
in cricketing history terms,” he said.
“We are going to have to reset our
goals, and I’d like to do that not only
with the captain and the captains but
with the team.
“This winter we go to play against
two countries that, the last time
England toured, we lost. We want to
go away and play Pakistan and Sri
Lanka away from home and win
those series.
“We’ve also got the World Test
Championship for the first time in
2013, and that’s in our own country.
That is certainly something we are
striving for.”
Fast bowler James Anderson, who
devastated India’s celebrated top
order as England took a 3-0 series lead
at Edgbaston, underlined the scale of
Flower’s expectations.
“Every nation wants to be No1 in
all forms of the game but it very
rarely happens that way,” he said.
“We have conquered one step and we
are the best Test nation in the world
at the moment. Now we can push
everything else forward hopefully.”
Flower sets
England new
set of targets
BY FRANK DALLERES
CRICKET

CAVENDISH ON ROAD TO SUCCESS
BRITISH Tour de France star Mark Cavendish laid down the perfect marker for London
2012 by winning the road race test event yesterday. The Isle of Man rider claimed victory
with a trademark sprint finish at the Mall, where the one-off London-Surrey Cycle Classic
started and ended. Picture: ACTION IMAGES
Aug 2011 One more Test against India plus
an ODI in Ireland
Aug-Sep 2011 One T20 and five ODIs
against India followed by two T20s at home
to West Indies
Oct 2011 Five ODIs and a T20 in India
Feb-Mar 2012 Three Tests, four ODIs and
three T20 matches against Pakistan in Abu
Dhabi and Dubai
Mar-Apr 2012 Two Tests in Sri Lanka
May-Jun 2012 Three Tests, three ODIs and
one T20 at home to West Indies
Jun-Jul 2012 Five ODIs at home to Australia
Aug 2012 Three Tests, five ODIs and three
T20s at home to South Africa
Sep 2012 World T20 in Sri Lanka
Nov 2012-Jan 2013 Four Tests, seven ODIs
and one T20 in India
WHAT NOW? | ENGLAND’S DATES
ROOKIE Keegan Bradley claimed his
first Major title with victory in the
US PGA Championship last night
after a dramatic play-off with fellow
American Jason Dufner.
Bradley (right), 25, who only won
his first PGA Tour title earlier this
year, beat journeyman Dufner
by one stroke in the three-
hole play-off at Athletic Club
in Atlanta, after both fin-
ished on eight under par.
Dufner, who has never won
a title in 147 PGA Tour events,
had a five-shot lead at the 15th but
blew his advantage as Bradley gained
momentum.
Denmark’s Anders Hansen could
have been a third man in the play-
off, had his birdie putt at the 18th
dropped in, but took third after
carding a 66 to finish seven under.
Veteran Scott Verplank, fellow
American David Toms and Sweden’s
Robert Karlsson – who got to within
one shot of the lead after eagling the
12th but bogeyed his last three holes
– were tied for fourth on five under.
English pair Luke Donald and Lee
Westwood, ranked world No1
and No2, failed to mount a
serious challenge for a first
Major of their careers.
Donald crept to within
three shots of the lead after
playing his first 12 holes in
four under par, but found the
water on the 15th and bogeyed
the last to finish three under par.
Westwood ended on the same
score after a frustrating round in
which he only dropped one shot but
struggled to make his putts count.
Sport
22
BY FRANK DALLERES
GOLF

Bradley wins play-off
to claim US PGA title
MANCHESTER UNITED manager Sir
Alex Ferguson bemoaned “a torrid
few days” after the champions’ win-
ning start to their Premier League
title defence was tainted by injuries
to three key defenders.
A late Steven Reid own goal about
which the West Brom full-back
could do little handed United maxi-
mum points, after Shane Long’s
speculative shot embarrassed David
de Gea and cancelled out Wayne
Rooney’s opener.
But Ferguson was far from tri-
umphant as he defended another
blunder by young goalkeeper De
Gea and lamented the loss of first
choice centre-backs Rio Ferdinand
and Nemanja Vidic and full-back
Rafael da Silva.
Ferdinand has been ruled out for
six weeks with a hamstring injury,
meaning he will miss England Euro
2012 qualifiers against Bulgaria and
Wales, while Vidic is likely to be out
for a fortnight and Rafael 10 weeks
with a dislocated shoulder suffered
in training on Friday.
“We’ve had a torrid few days, but
at least Patrice [Evra] will be back
next week so we’ve got options,”
said Ferguson, referring to his pre-
ferred left-back.
Ferguson admitted new boy De
Gea, 20, who was criticised for his
display in last weekend’s
Community Shield, “should have
done better” on Long’s equaliser but
argued the slight Spaniard had been
buffeted throughout by West Brom
players. “The aerial assault on him
was ridiculous,” he added. “It’s a
learning process for him too. You
just give him a pat on the head and
say welcome to England.”
United, however, cannot be down-
hearted at already being two points
ahead of title rivals Chelsea,
Liverpool and Arsenal, and buzzed
from the start, summer signing
Young impressing on the left wing.
He was involved in the the first
goal on 13 minutes, which saw
Rooney engineer space on the edge
of the penalty area and fire a low
left-foot shot into the far corner.
Long equalised on his debut
before half-time, his drive slipping
under De Gea’s sluggish dive, but
Young created the winner when he
got to the byline and his cross rico-
cheted in off Reid.
Champions
quickly into
stride – and
injury crisis
Ferdinand, Vidic and Rafael sidelined as keeper
De Gea gives Ferguson further cause for concern
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ENGLAND fly-half Toby Flood has
admitted his shame at Saturday’s
World Cup warm-up defeat to
Wales, calling the performance
“embarrassing”.
The visitors were beaten 19-9 at
the Millennium Stadium in the
last match before Martin Johnson
picks his final 30-man squad,
despite enjoying the lion’s share of
possession.
Flood said: “I don’t want to use
the word embarrassing, but it is a
little bit embarrassing. It hurts,
the fact we couldn’t score a try. It
is shameful. We can use harsh
words because if you want to win a
World Cup, tries are massive.” The
Leicester No10 has borne much of
the criticism for England’s failure
to turn territorial dominance into
tries – an indictment he feels is
even more damning than the
scoreline.
“I am not too fazed about the
result. It is insignificant compared
to the fact we haven’t been able to
score a try,” Flood added.
“That is the hardest thing for
me. That left us in a position
where we think there is a lot of
work to do over the next two
weeks. We won’t get that many
opportunities in the World Cup.
We have got to be more clinical
there. There are a lot of things to
work on. We are really disappoint-
ed and frustrated.”
Johnson’s players are set for a
nervous week, with the manager
set to inform those in the current
40-man party who have not made
his final cut by the weekend. The
England manager will name his
final 30 in seven days’ time, before
a final warm-up against Ireland.
Flood castigates ‘shameful’ England
as Wales put huge dent in morale
BY FRANK DALLERES
RUGBY UNION

BY FRANK DALLERES
FOOTBALL

1
2
WEST BROM
MANCHESTER UTD
D Cole, A Corbisiero, A Sheridan, M
Stevens, D Wilson; D Hartley, L Mears, S
Thompson, L Deacon, C Lawes, T Palmer,
S Shaw, T Croft, N Easter, J Haskell, L
Moody, T Wood, D Care, B Youngs, T
Flood, J Wilkinson, R Flutey, S Hape, M
Tindall, M Tuilagi, C Ashton, M Banahan,
M Cueto; D Armitage, B Foden
LIKELY SQUAD | WORLD CUP
CHELSEA manager Andre Villas-Boas
labelled Stoke’s roughhouse tactics
“out of this world” after seeing his
Premier League debut end in the dis-
appointment of a scoreless stalemate.
An unusually zesty performance
from much-maligned £50m striker
Fernando Torres was the biggest posi-
tive for the young Portuguese coach,
who had to stomach just three draws
last season as he swept the board with
Porto.
Torres could not score, however,
and the nearest the Blues came
was with three penalty appeals
that were waved away, although
Villas-Boas felt more aggrieved
at the conduct of Stoke
players at set-pieces.
“A point I want to
make when you are
playing difficult games
like this one is the
amount of pushing
and grabbing in the
box, because it’s out of
this world,” said Villas-
Boas (right), who was
an animated pres-
ence on the touch-
line. “I think there’s a
limit to the pushing
and grabbing. It makes it
impossible.”
Villas-Boas would
have hoped for a win
from his opening
league game, not least to
quell doubts over the wisdom of
appointing a 33-year-old with less
than two seasons’ experience, but he
refused to be downcast.
“I can’t be pleased with a point but
it’s one of the most difficult grounds
to play at,” he said. “For our title chal-
lenge I would say one point at Stoke is
not bad.”
Villas-Boas gambled by preferring
Torres, who has just one goal since his
January arrival, to the evergreen
Didier Drogba but was largely vindi-
cated by the Spaniard’s sharpness.
Torres was at the centre of one of
the penalty claims when he fell under
a challenge from Stoke defender Ryan
Shawcross, but the strongest was per-
haps when Frank Lampard tumbled
over Marc Wilson’s leg.
Both were dismissed by Mark
Halsey, while Stoke goalkeeper
Asmir Begovic was equally intran-
sigent, if more athletic, in deny-
ing Chelsea when he tipped over
a rasping volley from John Obi
Mikel.
Villas-Boas threw on
Drogba, Nicolas Anelka
and Yossi Benayoun as
he strove in vain for a
winner, and the team’s
failure to find the goal
is only likely to increase
calls from fans for the
Blues to resume their
pursuit of £35m-rated
Tottenham playmaker
Luka Modric.
Stoke’s only
major negative was
an injury to winger
M a t t h e w
Etherington, who
was sent for an X-
ray on his shoul-
der.
Resolute Stoke
give Villas-Boas
the debut Blues
23
Rooney (left) and Young were
the architects of United’s suc-
cessful start to their Premier
League title defence.
Picture: ACTION IMAGES
FLOWER WON’T LET ENGLAND
REST ON THEIR LAURELS
COACH HAS RAFT OF NEW GOALS IN
MIND FOR NO1 TEST SIDE: PAGE 21
SPORT | IN BRIEF
Arsenal confirm Fabregas sale
FOOTBALL: Arsenal last night con-
firmed they have agreed to sell captain
Cesc Fabregas back to Barcelona in a
deal understood to be worth around
£35m. Fabregas, 24, will undergo a
medical in Spain today before signing a
contract with his hometown club.
Fernandes nears QPR takeover
FOOTBALL: Malaysian entrepreneur
Tony Fernandes could complete a deal
to become majority shareholder of QPR
as early as today. West Ham fan
Fernandes, owner of AirAsia, is expect-
ed to buy a 51 per cent stake from
Formula One chief Bernie Ecclestone.
City set for Swansea opener
FOOTBALL: Manchester City boss
Roberto Mancini admits his squad will
not be “100 per cent ready” until they
have played 10 games, as he prepares
for his side’s Premier League opener at
home to promoted Swansea tonight.
Results
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email sport@cityam.com
0
0
STOKE
CHELSEA
FOOTBALL

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