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UBS rogue
costs rise
to $2.3bn
UBS was forced to admit yesterday that
it has lost $300m (190m) more from
the actions of a rogue trader than it
previously thought.
The revision sees the cost of the inci-
dent swell to $2.3bn, equivalent to
more than 90 per cent of the maxi-
mum annual cost-savings the bank had
hoped to make by laying off 3,500 staff.
Switzerlands biggest lender also
suggested yesterday that the trades in
question involved unauthorised spec-
ulative bets on various S&P 500, Dax
and Eurostoxx index futures, rather
than on the Swiss franc, as some had
thought.
The bank said that although the
trades were within the normal busi-
ness flow of its equities operation,
the true magnitude of the risk expo-
sure was distorted because the hedges
that traders are required to put in
place had been fabricated.
UBS claims that the non-existent
hedges entered into its records were
fictitious, forward-settling, cash ETF
[exchange-traded fund] positions,
trades that had never actually been
executed.
It says that the irregularities came to
light last Wednesday during a review of
Kweku Adobolis trading book, which it
has now unwound. Adoboli is then
alleged to have revealed the extent of
his trading activity.
On Friday police brought charges
against Adoboli: the 31-year-old trader
is accused of fraud by abuse of posi-
tion by the bank. MORE: P6-7
BY JULIET SAMUEL
BANKING
Bank of England governor Mervyn King has said it is open to another phase of quantitative easing Picture: REX
THE BANK of England will this morn-
ing talk up the success of its original
quantitative easing programme, in a
move which will be interpreted as
increasing the chances of further
asset buying to boost the economy.
The Banks 200bn asset-purchases
made in 2009 may have raised the
level of real GDP by 1.5 per cent to two
per cent, the Banks latest quarterly
report states concluding that the
effects of the policy have been eco-
nomically significant.
The report also estimates that QE
hiked consumer price inflation by
between 0.75 to 1.5 percentage points.
The Banks QE was kicked off in
early 2009 after its monetary policy
committee judged that without addi-
tional measures nominal spending
would be too weak to meet the two per
cent CPI inflation target in the medi-
um term.
Yet since then CPI inflation has bal-
looned to over two and a half times the
target rate. CPI hit 4.5 per cent in
August, and is widely expected to top
five per cent in the coming months
due to rising energy bills.
The Banks failure to forecast the
inflationary pressures that have hit UK
households was criticised by econo-
mists at its monetary policy round-
table, according to minutes of the
meeting published today.
BANK: QE KEPT UK
ECONOMY GOING
BY JULIAN HARRIS
UK ECONOMY
www.cityam.com Issue 1,470 Monday 19 September 2011 FREE

THE FORUM: OUR NEW COMMENT PAGES
TODAY: ED BALLS SLAMS OSBORNE; THE LORD MAYOR
DEFENDS THE CITY; SAM BOWMAN ON CAPITALISMP24-25
BUSINESS WITH PERSONALITY
Inflation had been high, had con-
sistently surprised on the upside and
was a key factor in eroding real
incomes, the minutes state.
Economists at the event also
warned of a risk that additional exter-
nal price shocks would erode dispos-
able income further.
Stubbornly high price pressures
could dampen the Banks prospects of
a second phase of quantitative easing
(dubbed QE2), analysts have said.
The minutes of Septembers meet-
ing of the monetary policy committee
(MPC), released this Wednesday, are
expected to reveal whether the nine-
man rate-setting group is moving clos-
er to loosening policy.
The first phase of QE could have
been the equivalent of a further 1.5 to
three percentage point cut in interest
rates, according to an estimate in
todays report. Bank rate has been kept
at 0.5 per cent since March 2009.
Bank governor Mervyn King
dropped strong hints last month that
more easing could be on the agenda.
The case for QE2 was endorsed over
the weekend by business secretary
Vince Cable. Speaking at the Liberal
Democrats party conference in
Birmingham, Cable cited the UKs
demand problem, saying that more
QE should commence quite soon.
LIB DEM CONFERENCE: P3, P17
BANK OF ENGLAND REPORT: P12-13
Certified Distribution
01/08/11 till 28/08/11 is 92,745
News
2 CITYA.M. 19 SEPTEMBER 2011
Greece braces
for more cuts
GREECE was bracing itself yesterday
as the government pledged to take
tough action to avoid default follow-
ing an emergency cabinet meeting.
Prime Minister George Papandreou
cancelled a visit to the US to hold the
meeting, a day before EU and
International Monetary Fund inspec-
tors hold a conference call with
finance minister Evangelos Venizelos
to hear how Greece will plug this
years budget shortfall.
But Papandreou did not announce
any specific new austerity measures
last night that some had expected as
part of the conditions attached to the
next tranche of Greeces bailout.
The 8bn (6.96bn) loan install-
ment forms part of a 110bn bailout
secured last year, which Greece needs
by October before it runs out of
money.
Paymaster nation Germany yester-
day exerted pressure on Greece to face
up to its financial responsibilities.
German finance minister Wolfgang
Schaeuble told Bild am Sonntag:
Membership in a monetary union is
an opportunity, but also a heavy bur-
den. Measures for alignment are very
difficult. The Greeks must decide
whether they want to bear this bur-
den.
He added that Greece must prove it
is living up to its existing austerity
plan before the IMF loan will be
released.
Reports in Greek newspapers
claimed that the government has
offered to cut 20,000 more public sec-
tor jobs in order to get its hands on
the next payment.
But as Greeces finances headed
towards dire straits, Germany voted to
move towards the political left.
Germanys Social Democrats beat
Chancellor Angela Merkels conserva-
tives in a regional vote in Berlin yester-
day, handing Merkel her sixth
election defeat this year ahead of a
key Eurozone vote in parliament in
two weeks time.
Merkels centre-right coalition suf-
fered a further setback when their
junior coalition partners at the
national level, the Free Democrats,
failed to clear the five per cent thresh-
old needed to win seats for the fifth
time this year.
Their eroding support could desta-
bilise Merkels coalition, analysts
warned.
The G20 is due to meet on Thursday
and Friday in a bid to stop the bur-
geoning debt crisis centred around
Greece spilling out to imperil banks
around the world.
BY MARION DAKERS
EUROZONE
Poverty of debate is holding us back

IT is obvious that companies need to
work harder to make sure that all
their employees deliver the goods.
This must apply to everybody, includ-
ing CEOs, who are hired by sharehold-
ers to maximise their value. They
should be paid a lot if they do well and
fired without massive payoffs if they
fail. It should be written into contracts
that rewards incurred for profits that
turned out to be little more than a
mirage can be clawed back. It should
be made as easy as possible for share-
holders in a Plc to rein in their CEOs if
they are doing badly; capitalism only
works when owners are able to, and
do, exercise their property rights.
But by the same token, successful
business leaders who create billions in
value should not be criticised for earn-
ing a lot. The aim must be to align
incentives with performance, root out
rewards for failure, make sure high
pay is approved by shareholders, and
improve corporate governance not
embrace the failed egalitarian policies
of the past. This should not be about
curbing pay it should be about
curbing undeserved pay, as deter-
mined by the owners of the business.
It is a shame, therefore, that every-
thing Vince Cable touches becomes an
exercise in class war and inflaming
sentiment against fat cats. The good
news is that a lot (though not all) of
his proposals are sensible; as ever, the
proposed action doesnt match the
rhetoric. But the damage caused each
time politicians such as Cable deliber-
ately stir up envy and anti-business
sentiment is huge; it keeps eroding
support for capitalism and makes it
harder to have a constructive discus-
sion on how to reform the system to
make it better and to create more
wealth for as many people as possible.
This poverty of debate is why City
A.M. is today launching The Forum, a
new daily comment section in our
newspaper (see p24-25) and on our
website. Our aim is to help debate,
inform and provide a platform for
voices interested in building a
stronger, more prosperous free mar-
ket economy. We will be inviting a
range of guest contributors to pen arti-
cles for this section, including com-
mentators, City figures, analysts,
think-tankers, economists, business
leaders, and MPs; crucially, we are also
keen to publish the best articles,
emails and tweets from readers. The
City and Westminster are now talking
a completely different language; The
Forum will help bridge the gap. We
are grateful to CityJet, the airline, for
sponsoring our new pages.
Todays contributions include a col-
umn by Ed Balls, the shadow chancel-
lor, telling us why he thinks George
Osborne is wrong; a provocative com-
mentary by Sam Bowman, a brilliant
young writer, on why we need more
capitalism, not less; and a pithy op-ed
by Michael Bear, the Lord Mayor of the
City of London, on three policies he
thinks would help the Square Mile.
We also have a short, tweet-length
note by Alan Miller, one of Londons
top fund managers, arguing that
exchange traded funds were wrongly
blamed for the trading scandal that
has cost UBS $2.3bn. Last but not least,
we have a short tweet arguing that the
euro must be saved.
You may not agree with some or all
of these views. Neither do I. But that is
the whole point. The Forum is about
debating and discovering the solu-
tions that will help us return to sus-
tainable growth, create jobs,
strengthen the market economy,
boost personal freedom and help
build a better world. Do join in.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Greek finance minister Evangelos Venizelos speaks after an unscheduled cabinet meeting
NEWS | IN BRIEF
United Tech eyeing Goodrich
US diversified manufacturer United
Technologies Corp is exploring a
takeover of aerospace company
Goodrich but the two sides are not yet
close to a deal, according to a source.
Reports last week said United
Technologies was lining up $10bn to
$20bn in financing for a US acquisition
that could shape up as its biggest
takeover in a decade. A move by United
Tech could mark the start of a more
aggressive phase of consolidation in the
aerospace sector to prepare for cuts in
defence spending in the United States
and Europe.
Bank chief: Italy may default
Italy cannot rule out the risk of default
though it can weather the crisis if its
economy returns to growth, the head of
Italy's largest retail bank Intesa
Sanpaolo was quoted as saying yester-
day. "We should know the risk of default
is there," Corrado Passera told Italian
television channel La7, news agencies
reported. "We shouldn't take it for
granted that we can make it without
courageous choices," he said, citing high
public debt and low economic growth.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Acting Art Director Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
FEARS OVER RETREAT ON VOLCKER
BANK RULES
The Volcker rule, which bans US
banks from trading for their own
account, is set to include exemptions
that some officials fear will weaken
its impact, people familiar with the
situation have warned. In the wake of
UBSs $2.3bn (1.4bn) loss last week,
alleged to have been caused by the
actions of a lone trader, proponents
of a tough rule to constrain banks
proprietary trading are concerned
that dangerous activity will continue
under the guise of customer-related
transactions.
LOGJAM FOR LISTINGS IN US CREATES
LONGEST WAITING LIST SINCE 2007
A logjam of US initial public offerings
has stretched to its longest in four
years while the number of companies
withdrawing deals has increased.
Anxiety over the Eurozone debt crisis
and the economic slowdown has hit
equity fundraising, dashing hopes of
a revival that followed strong debuts
for internet companies such as
LinkedIn and Pandora.
LLOYDS BRACED FOR RECORD 1.5BN
HIT
Lloyds of London looks set to report
losses of more than 1.5bn on
Wednesday, its worst first-half loss on
record, after a strong of disasters left
the insurance market facing estimat-
ed claims of $3.8bn (2.4bn). London-
listed insurer with operations at
Lloyds have already reported hefty
first-half losses on the back of a six-
month period that made 2010 the
most expensive for natural catastro-
phes on record.
NAILS INC POLISHES PERFORMANCE
Nails Inc, the privately owned nail bar
and nail polish brand, has tripled
profits, showing that women are
splashing out on brightly coloured
nails despite the economic climate.
JOBS AND GROWTH STIFLED BY
FAILED PLANNING LAWS
Britains creaking planning system
is driving investors away and threat-
ening economic recovery, a group of
leading businessmen declare today.
They have thrown their weight
behind ministers controversial plan-
ning reform, arguing that it is vital to
simplify the process in favour of new
retail, technology and pharmaceuti-
cal ventures. In a letter to The Times,
they say that the changes bitterly
opposed by countryside groups and
environmentalists are essential to
providing jobs and growth.
LONDON HAS AN OFFICE BLOCK GLUT
BUT IS IT BOOM OR BUST?
Research by The Times shows that
more than 5bn of office property is
up for sale in the City and Canary
Wharf. More than a fifth has come to
market in the past ten days.
HORNBY TO USE PRINCE HARRY MODEL
FOR BRITISH ARMY IN AFGHANISTAN
Hornby, the toy train and model com-
pany, is to bring out a range of tanks,
helicopters and soldiers based on the
British Army in Afghanistan next year,
with one of the plastic soldiers mod-
elled on Prince Harry. The range of
models on a 1:48 scale include six dif-
ferent soldiers on patrol and will be
sold under the Airfix brand.
IKEA FOUNDER PLEDGES 1BN TO
CHARITY FOLLOWING NAZI PAST
REVELATIONS
IKEAs billionaire founder Ingvar
Kamprad has pledged 1bn to charity
in a move which follows revelations
about his Nazi past. The 85-year-old
businessman has instructed the IKEA
foundation, which has owned the
company since 1982, to more than
double its charitable spending to close
to 100m a year.
SAMSUNG COUNTERSUES APPLE IN
AUSTRALIA
Samsung Electronics widened a glob-
al patent dispute with Apple by filing
a countersuit in Australia, while also
appealing a key ruling in Germany.
The South Korean company said it
has filed a lawsuit in Australia alleg-
ing Apples iPhone and iPad 2 tablet
violate a number of wireless-technol-
ogy patents held by Samsung.
THAI AIRWAYS TO SCRAP JOINT
VENTURE WITH TIGER AIRWAYS
Thai Airways International PCL
Chairman Ampon Kittiampon said
the carrier is scrapping its plan to
establish a low-cost airline with
Singapores Tiger Airways Holdings.
But Tiger Airways Chief Executive
Chin Yau Seng said Thai Airways has
informed the Singapore-based low-
cost carrier there is no change in the
status of their joint venture.
WHAT THE OTHER PAPERS SAY THIS MORNING
BUSINESS secretary Vince Cable will
today kick off a government consulta-
tion on how to cut down on those
executive pay packets that he says are
undeserved.
Speaking at the Liberal Democrat
conference in Birmingham, Cable will
suggest that there is a market break-
down when it comes to pay for execs.
I want to call time on payouts for
failure, he will say, adding: The dis-
connect between pay and long-term
performance suggests that there is
something dysfunctional about the
market in executive pay or a failure in
corporate governance arrangements.
It is not clear what data the consul-
tation will draw upon to evaluate the
link between long-term performance
and executive pay and whether there
is a disconnect.
The paper will ask respondents to
evaluate a range of measures to curb
some remuneration.
These include the possibility of
making shareholder votes on the mat-
ter binding, rather than merely rec-
ommendations as they are in many
cases at present.
Cable will also suggest that compa-
nies remuneration committees, who
are in charge of deciding on execs
pay, could have some form of employ-
ee representation.
And the consultation will ask
whether companies should have to
improve the way they disclose pay to
make it easier for shareholders to
understand.
Cable will also preemptively hit
back at critics who say he is anti-busi-
ness, saying: There is absolutely
nothing wrong with generous
rewards for those who build up suc-
cessful businesses... Our goal is
absolutely not to set limits on pay.
Despite fiery rhetoric in the past
that has seen the business secretary
refer to City traders as spivs and call
for banks to cut down their excess
profits, in practice he appears ready
to consider a more conciliatory line
on pay.
Cable to look
at worker say
on bosses pay
TIM Tookey is leaving Lloyds Banking
Group, where he is finance director,
to join the insurance group Friends
Life, a part of Clive Cowderys
Resolution Group.
Tookey, who is believed to have
been in talks with Friends Life for sev-
eral weeks, will team up with Andrew
Briggs, a former Lloyds colleague over
five years, who is chief executive.
Lloyds Banking Group played down
the suggestion that Tookeys move
comes after a falling out with chief
executive Antonio Horta-Osorio. But
there are now few senior people left
at the bank from the reign of former
chief executive Eric Daniels.
There is said to be tension within
the bank caused by the large number
of new head managers, who have
been brought in from Osorios former
bank Santander.
Tookey was a key figure in negotiat-
ing the recapitalisation of Lloyds
Banking Group. The intention is to
float Friends on the stock market in
2014 and the group has earmarked
potential transactions ahead of that
point. This is a massive opportunity
for Tim. Its a big challenge, said a
source last night.
Friends Life is expected to confirm
the appointment today.
Lloyds loses finance director
in latest change of the guard
BY JULIET SAMUEL
POLITICS
The business secretary Vince Cable is on the war-path again

BY DAVID HELLIER
BANKING
News
BINDING VOTES
The government will look at whether
shareholders could be given a binding
vote on approving executive pay
REPRESENTATION
One option being examined is having
employees represented on the remuner-
ation panel, to ensure that decisions can
be challenged
STRUCTURE
The government will also consult on
how to simplify and improve the struc-
ture of incentive schemes and the like
DISCLOSURE
A requirement for companies to publish
the total pay for each individual director
could be introduced
EXPLANATION
The government is looking at forcing
firms to give reasons when they pay
bonuses when performance targets
have not been met
REMOVAL
The consultation isnt just looking to add
new rules it will also look at disclosure
requirements that could be removed
ANALYSIS | WHAT THE CONSULTATION WILL ASK
REPORTS that Joe Lewis enjoyed
games of cards with JP McManus
and John Magnier on board his
yacht Aviva over the summer, as
revealed in City A.M. on 15
September, have prompted the
Takeover Panel to re-open their files
on alleged collusion between the
two parties to seize control of pubs
chain Mitchells & Butlers.
City A.M. understands The
Takeover Panel has asked both par-
ties for records of all contact in
recent months, as M&Bs independ-
ent directors become increasingly
concerned Lewis is preparing to
form a concert party with the Irish
tycoons who hold
more than 20 per cent
of the company to
buy the business on
the cheap.
M&Bs independ-
ent directors first
accused Lewis, who
owns a 22.8 per cent
stake in the ONeills
and All Bar One
owner, of secretly
acting in concert with the Irish
tycoons to gain control of the pub
groups board at the end of 2009.
At the time, The Takeover Panel
dismissed the allegations that a
number of shareholders were seek-
ing to gain control of the board and
of the company to advance the
interests of a small group of share-
holders at the expense of others.
But concerns that Lewis plans to
seize M&B for far below its market
value have re-emerged after the
forex billionaire announced last
Wednesday that he wanted to meet
his fellow investors McManus and
Magnier within 48 hours.
If Lewis joins forces with the Irish
horseracing and property mag-
nates, the trio would together own
almost half the company, putting
Lewis in a strong
position to secure
backing from other
investors to give him
a controlling stake.
Piedmont was last
night unavailable to
comment, while the
Takeover Panel said it
would not comment
on individual cases.
Card games
trigger Panel
probe at M&B
BY HARRIET DENNYS
LEISURE
M&B suitor Joe

Lewis (left) hopes to
meet with JP
McManus (right)
and John Magnier
to discuss a bid
Picture: NEWS-
CAST
News
CONCERT PARTIES EXPLAINED
Q.
WHAT IS A CONCERT PARTY?
A.
A concert party is a group of peo-
ple acting together to take over a
target company. For example, when
two major shareholders, perhaps
owning about 15 per cent of the busi-
ness each, attempt to replace a man-
agement team they believe is
incompetent. The 30 per cent thresh-
old at which a mandatory offer must
be made is considered to have been
reached when a concert party jointly
hold 30 per cent of the shares.
Q.
WHY IS THE ISSUE SO CRITICAL
TO THE M&B TAKEOVER?
A.
If Lewis secures the Irish
tycoons support, they will joint-
ly hold about 43 per cent of the busi-
ness. This would make it extremely
hard for the remaining shareholders,
who include Standard Life, to reject
any takeover offer
the two parties sub-
sequently make, how-
ever low. So the rules protect
minority stakeholders, who lose out
on receiving the price their invest-
ment deserves if the company is sold
for less than its market price.
Q.
WHAT HAPPENS NEXT?
A.
The City is waiting for the next
move from Lewiss investment
vehicle Piedmont, which has until 17
October to come back with a firm
bid, or from a statement from
Elpida, the investment vehicle
owned by McManus and Magnier.
But some commentators have sug-
gested Lewis is not planning to take
control of M&B, just to put it in play
to attract a third-party counterbid to
secure a better return on his stake.
Q A
&
As part of our You are the
Big Picture campaign, were
not only giving people
like Laura the chance to see
their picture projected live
on to Londons National Theatre,
were also giving them the opportunity
to tell the world what matters to them.
In return, well donate 2 to
Save the Children projects helping street
children in India.
Upload your photo at
facebook.com/Aviva
Laura Seddon, Coventry
UBS chief Oswald Grbel has denied
that he feels guilty about the
$2.3bn (1.5bn) loss suffered by his
bank over the actions of a rogue
trader and insists that there is no rea-
son he should quit over the matter.
If someone acts with criminal
intent, you cant do anything That
will always exist in our job. If you ask
me whether I feel guilty, then I say
no, he told a Swiss newspaper.
However, former UBS chairman
Nikolaus Senn has remarked that it
is unlikely he will hang on to his job.
The embattled chief executive is
expected to send out a second plea
to clients this week urging them not
to lose confidence in the bank,
which he declares is one of the
worlds best-capitalised banks.
On Friday he wrote to reassure
wealth management clients in a bid
to stem any potential asset outflows.
Your assets are safe with us, he
insisted.
The bank is also at pains to
emphasise that it discovered the loss-
es, rather than being informed of
them by the alleged rogue trader
himself.
It claimed yesterday that Kweku
Adoboli, the man accused of unau-
thorised trading, came forwards
following inquiries directed to him
by UBS control functions that were
reviewing his positions, after which
the trader revealed his unautho-
rized activity.
The bank has also convened a
special committee to investigate
rogue trading, to be chaired by for-
mer Morgan Stanley banker and
independent UBS director David
Sidwell. Independent director Ann
Godbehere and Joseph Yam will also
sit on the committee.The scandal
has prompted calls for UBS's invest-
ment bank to be split into a separate
unit.
News
-UBS employee
Kweku Adoboli
has been accused
of unauthorised
trading
Picture: GETTY
BY JULIET SAMUEL
BANKING
ANALYSIS l UBS
p
13Sep 12Sep 14Sep 16Sep 15Sep
11.2
11.0
10.8
10.6
10.4
10.2
10.0
9.8
10.26
16 Sept
Grbel clings
on to his job
THE impact of new regulations on
banks returns could choke off the
global recovery in the developed
world, McKinsey & Co warns in a new
report today.
In a survey of data from 300 banks
in 79 countries, the consultancy says
that banks inability to get their
returns above their cost of capital will
deter new investment, cutting down
the availability of credit on which
growth depends.
The report says: If... the banking
industry in the developed world can-
not achieve dramatic performance
improvement, then it will not earn a
sufficient [returns] to attract the
required level of equity and long-term
debt capital needed to support lending
to the real economy.
It adds: Economic growth will be
constrained by credit shortages that
will particularly hit households and
small businesses without access to cap-
ital markets.
The report calls the new onslaught
of regulation the single largest driv-
er of the profit conundrum for banks
in the developed world.
Historically, only nine per cent of
banks have managed adjustments on
the scale necessary to succeed,
McKinsey says, such as mass lay-offs
and closing branches.
McKinsey: low
bank returns
will hit recovery
BY JULIET SAMUEL
BANKING
Every day over 5,000 people open a savings account with us.
It could be the 406 Best Buy appearances weve already had this
year or the way we reward our savers. Talk to us today; we could help
you make the most of your savings.
Were helping 10 million
people save for the future.
Find out more in branch
Visit nationwide.co.uk
Best Buy information collated from national newspapers between January and August 2011. Average daily savings account openings June to August 2011 is 5,321.
Nationwide Building Society, Nationwide House, Pipers Way, Swindon, Wiltshire SN38 1NW.
News
CITYA.M. 19 SEPTEMBER 2011 7
TRADER Kweku Adoboli spent the
weekend in custody after being
charged over the $2.3bn (1.46bn)
fraud at UBS.
The 31-year-old former public
schoolboy, who wept when he
appeared at City of London
Magistrates Court on Friday, has
appointed Kingsley Napley, the law
firm that previously represented
former Barings banker Nick Leeson,
to conduct his defence against accu-
sations of fraud and false account-
ing going back to 2008.
Yesterday Louise Hodges, a part-
ner at Kingsley Napley, based near
Farringdon, told City A.M. it was too
early to speak about the case but
indicated she would say more at a
later date.
Adoboli, a former back office
trader, was yesterday reported to
have placed bets worth $10bn before
his losses were detected.
Hodges colleague Stephen
Pollard, a partner who is currently
on a sabbatical, represented Leeson
in the 1990s.
The disgraced banker was given a
six-and-a-half year sentence in a
Singaporean jail in 1995 but served
little more than half of the term,
later being diagnosed with cancer.
Adoboli hires
Nick Leesons
legal advisers
BANKING
AS a partner at niche law firm

Kingsley Napley, an expert in
financial crime, writer, editor
and military adviser, Louise
Hodges is a woman of wide expe-
rience. She may need to call on all
her skills when representing
Kweku Adoboli.
She may also turn for advice to
her colleague, Stephen Pollard,
who represented Nick Leeson in
the 1990s.
Hodges, who attended
Walthamstow High School before
going up to Oxford University in
1985, joined Kingsley Napley as a
trainee in 1997. She went on to
develop a reputation for repre-
senting people suspected by the
Financial Services Authority or
police of market abuse, insider
dealing or misconduct.
A former vice-chair of the
European Criminal bar associa-
tion, Hodges online profile lists
her specialities as white collar
crime, fraud, bribery and finan-
cial regulatory defence work.
Her career has taken her
beyond the confines of the City,
however. This year she has been
the lead partner in a team repre-
senting a number of military wit-
nesses in the public inquiry into
the death of Baha Mousa, the
Iraqi hotel worker who was
abused by British soldiers in 2003.
She was also a contributor and
co-editor of Kingsley Napley: Serious
Fraud, Investigation and Trial which
was published in April 2009.
Hodges, who was at work yes-
terday, told City A.M. it was too
early for her to answer questions.
Pollard, who represented sol-
diers in the Bloody Sunday
inquiry the longest-running
and most expensive public
inquiry in British history
declined to comment yesterday
on the lessons learned from the
Leeson case.
BY PETER EDWARDS
BANKING
LOUISE HODGES
City lawyer faces her
biggest challenge yet
News
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TRILLIONS of yen will be raised in tax
over the next decade to pay for post-
earthquake reconstruction work, the
Japanese governments tax commis-
sion has announced.
The proposed supplementary budg-
et will bring in 11.2 trillion (92.4bn).
Either higher income and corporate
taxes, or a combination including
higher tobacco taxes, are expected to
be used.
The tax commission, which report-
ed at the end of last week, suggested
an alternative of hiking consumption
taxes. That was rejected by prime min-
ister Yoshihiko Noda, however.
This is the third supplementary
budget of the year. The first used
emergency reserves and cut spending
on other areas to reallocate around 4
trillion to the reconstruction effort fol-
lowing Marchs earthquake and tsuna-
mi. The second was passed in July,
using almost 2 trillion from unex-
pectedly high tax receipts in 2010.
The largest element of the third sup-
plementary budget is a 3 trillion
fund which is to be given to regional
governments. They will be able to use
it as they see fit for local projects.
Nomura estimates suggest a further
500bn will be spent on support for
domestic investment by supply-chain
related companies, and 350bn on sea
embankments and roads.
The economy as a whole should
receive a boost from the reconstruc-
tion, according to analysts.
We have estimated that 2.9 tril-
lion will go towards public works, 1.8
trillion towards boosting corporate
earnings and 2.1 trillion towards
boosting personal incomes, said
Nomuras Takahide Kiuchi. The cabi-
net offices short-run econometric
models indicate a substantial boost to
GDP of 1.1 per cent over one year.
Around 2.5 trillion is to be used to
plug the pension funding shortfall.
Consultations with opposition par-
ties are set to begin on 20 September.
Multi-trillion
yen boost to
rebuild Japan
THE UKs statistics office is exploring
new measurements of the effect of ris-
ing prices on struggling Britons, as the
government comes under pressure to
alter the way it calculates millions of
pensions and benefit payments.
The Office for National Statistics
(ONS) says it is investigating the cost of
living for new demographics, yet
insists its work is not influenced by the
impending political furore.
We are looking into different ways
of measuring inflation for various peo-
ple, a spokesperson told City A.M. But
we do not answer to any [government]
department.
The coalition government has
moved to peg many benefits and pen-
sion payments to the consumer price
index (CPI). The CPI is on average lower
than the retail price index (RPI), which
was previously used. Trades unions are
calling on the government to use dif-
ferent measures of living costs for
inflation-linked payments.
The Trades Union Congress has
argued that the CPI does not accurate-
ly reflect increases in prices faced by
pensioners or benefit-recipients.
The ONS already produces an index
for pensioners, ex-Treasury statistician
Simon Briscoe told City A.M., yet the
index is not used in the governments
welfare calculations.
ASKING prices have barely moved in
the country as a whole, but a lack of
new sellers in London pushed prices
up this month, according to todays
Rightmove house price index.
Prices are up 2.4 per cent month-on-
month in the capital, and 7.2 per cent
compared with last September.
That translates to a cash increase of
9,881 in one month, and 28,870
over the past 12 months.
Nationwide, prices increased by 0.7
per cent on Augusts level, and 1.5 per
cent since September 2010.
A lack of new sellers is blamed for
the rising asking prices in London.
This month last year 20,496 properties
were put up for sale; this September
only 17,966 entered the market.
Sutton saw the highest monthly
increase at 5.2 per cent. Augusts
largest fall, of 2.4 per cent, came in
Hounslow.
Trade unions in
call for fairer
inflation stats
Housing shortage sends
Londons prices rocketing
Fewer of these signs are in sight in London this September Pic: Micha Theiner/City AM
BY TIM WALLACE
JAPAN ECONOMY
POLITICS
BY TIM WALLACE
HOUSING
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
BEAR TURNS
REGENT FOR
PERIOD BALL
WHEN YOU live in Londons last remain-
ing Georgian palace, you may as well
throw a Georgian Ball, thought Lord
Mayor Michael Bear as he threw open his
grace-and-favour home last Thursday for a
night of minuet dancing.
Spotted among the wigs, fans and ruf-
fles were Jimmy Choo, the founder of the
shoe empire that was bought by Labelux
for 500m in May; BBC newsreader Fiona
Bruce; and Stylo International CEO Nancy
Yeoh; who all processed to Mansion House
by candlelight before sitting down to an
eighteenth-century banquet followed by
drinks in the gin and gaming room.
Throw in a performance from Johnny
Cash, Elvis Presley, Carl Perkins and Jerry
Lee Lewis well, the actors playing them
in the musical Million Dollar Quartet
and you have one of the absolute high-
lights of the Lord Mayors Appeal calen-
dar. It was entertainment on a grand
scale, said Martina King, chair of the
balls organising committee and a gover-
nor at Coram, the beneficiary charity for
the evening alongside disaster relief
organisation Redr.
LORD MAYORS COLUMN, PAGE 25
PARTYS ON TRACK
MEANWHILE, hedge fund godfather Lord
Stanley Fink celebrated turning 57 on a
Costume drama: guests in Regency period dress at the Lord Mayors Mansion House Georgian ball
SIX SQUARE Mile brokers spent last
Tuesday afternoon locked in back-to-
back meetings a lengthy lunch
meeting at The Door Oyster Bar &
Grill on Cornhill, that is, where the
party remained until 6.30pm in the
evening. The steak and oyster spe-
cialist is a new addition to the
Square Mile dining scene, so the
diners wasted no time trying pretty
much everything on the menu:
Blackwater, Mourne Rock and rare
Japanese Kumomoto oysters; scal-
lops, smoked salmon, lobster salad
and Atlantic cod ceviche; and
steaks of Waygu beef, cut from
cows the restaurant claims have
been raised on a daily diet of beer.
One bottle of Dom Perignon, two
bottles of Chateau Montrose, one
bottle of Chateau Yquem and nine
rounds of Remy Martin cognac
later, the well-fed group trotted
off into the September night
3,000 the poorer.
BILL OF THE WEEK
champagne-fuelled cocktail party aboard
The Orient Express, one of the 80 events
last Thursday and Friday that made up the
first-ever international Global Party.
I dont know where we went; no-one
was really paying much attention, said
one partygoer, as the train set off from
Victoria and returned three hours later via
somewhere in the countryside.
On board to help the former Man Group
CEO celebrate were Finks business part-
ner and Global Party co-organiser David
Johnstone; Lady Helen Taylor; and Matt
Hermer, the founder of Boujis owner
Ignite Group. No special performance of
Happy Birthday from singer Katie Mehlua
though that honour went to motor rac-
ing tycoon Eddie Jordan, who performed
with his band Eddie & The Robbers.
TURNING TURTLE
THEY HAVE already traded their former
lives to attempt to become a successful trad-
er under the eye of Mike Baghdady, and at
1pm today the novice turtle traders take
their positions for their first live deals.
The programme is the biggest-ever trad-
ing experiment the City has ever seen: a
2011 tribute to Chicago trader Richard
Dennis, who visited a turtle farm in
Singapore 30 years ago and announced he
would breed an elite set of traders the
same way. But the turtles wont make a
loss if the markets move against them,
says Baghdady, as long as they follow his
rules analysing the psychology of how
people perceive price and value in the
market. Note absolutely no mention of a
double-or-quits Texan hedge
HOUSEHOLDS finances are still get-
ting worse but the decline has
slowed since August, according to
research released today by Markit.
The household finance index (HFI)
rose to 35.1 in September, up from
33.2 in August. Any number below 50
shows a decline over that month.
The figures are still grim, however,
as 37 per cent of respondents told
Markit their finances had deteriorated
in the last month, while only seven per
cent saw an improvement.
Over the next year, the picture is
substantially better, with the future
index rising to 42.2 its highest for 17
months.
That indicates the worst may be
over, according to Markits chief econ-
omist Chris Williamson.
Nonetheless, 47 per cent still expect
finances to deteriorate over the next
12 months while 31 per cent expect to
see an improvement.
Although long-term outlooks have
improved over the month, consumers
may just be pushing the tough times
further into the future. Savings fell
and borrowing rose, as households
maintained consumption levels
despite lower incomes and higher
prices, which particularly hit the low-
est paid, Williamson said.
Markit says decline in
family finances is easing
Household finances have been getting tighter, but the drop has slowed Pictures: GETTY
BY TIM WALLACE
UK ECONOMY
News
NEWS | IN BRIEF
Targeted charity could save cash
Huge social issues blighting Britain can
best be solved by well-targeted philan-
thropy, claims study out today from
Barclays Wealth and think-tank New
Philanthropy Capital (NPC).
The report identifies three categories of
social problem costing the taxpayer
100bn per year: children with conduct
problems and the crimes they commit in
later life; adults out of work due to men-
tal health problems; and chaotic families.
Targeting each of these issues as soon as
they arise can create enormous savings
for the public purse, and benefit society
more widely, said Iona Joy from the NPC.
Diverting a young person from crime
and into a job not only improves the lives
of potential victims, members of the
community, and indeed the young person
in question it can also reduce the costs
of policing, courts and custody.
THE BANK of England is working on
plans to carve up failing banks into
good and bad banks, but has so far
shown little interest in the concept of
a ringfence dividing wholesale and
retail activities, as proposed by Sir
John Vickers Independent
Commission on Banking (ICB).
The Banks quarterly report provides
an update on its plans for how to wind
up teetering lenders without resorting
to taxpayer bail-outs, but there is no
suggestion that a firewall between
high street and investment banks
would be useful or necessary.
Last week, the ICB unveiled a dra-
matic plan for restructuring lenders to
protect retail banking, which George
Osborne has vowed to implement.
The ICB argued: In general, resolu-
tion requires the separation of differ-
ent banking functions. Without ex
ante separability, which ring-fencing
would provide, it is doubtful that this
could be done ex post.
However, the Banks report lays out
a plan to divide up banks assets on the
basis of their solvency, rather than
their business line. It proposes placing
retail deposits in the good bank
without any suggestion that a ring-
fence would ease the process.
The update also outlines how cur-
rent contract law makes it necessary to
compensate bondholders for extra
losses that would not occur during a
normal insolvency procedure.
IF YOURE FOCUSED
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Vickers sidelined in Bank
resolution regime plans
BY JULIET SAMUEL
BANKING
News
ANALYSTS VIEWS: IS THE BANK OF ENGLAND
LEANING TOWARDS MORE QE? Interviews by Tim Wallace
PHILIP SHAW | INVESTEC

We envisage the MPC restarting QE and see little reason to wait until
Novembers forecasting round. Expect the go ahead next month.
Adam Posen, arch-dove of the MPC, is leading the call for further QE.
SAMUEL TOMBS| CAPITAL ECONOMICS

This weeks public debt figures should show the fiscal consolidation
process being hampered by weak growth. That underlines the need for QE.
PHILIP RUSH | NOMURA

MPC members who are closest to backing QE are still talking about it in
terms of a response to risks crystallising, rather than as a base case scenario.
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required reading.
THE HOUSING boom and other
changes in asset prices could have led
statisticians to overestimate the contri-
bution of financial services to GDP,
according to the Bank of Englands
quarterly bulletin, out today.
As the sector grew twice as fast as
the economy as a whole, its position as
a driver of growth is not in question,
but the exact pace is debatable.
A difficulty with rising house prices
comes when indirectly measuring
banks output. One main measure,
financial intermediation services indi-
rectly measured (FISIM), is based on
deposits and loans. It assumes that the
value added is represented by the mar-
gin banks make.
This is never going to give perfect
results, and the report suggests it may
have become less accurate when house
prices boomed. There was no increase
in the number of loans approved in
the boom years, but the size of those
loans increased. That suggests little
change in output, but the stock of
mortgage lending rose by almost 60
per cent which could artificially
inflate the value added by the sector.
The report believes up to 0.1 per
cent of GDP each year may have been
wrongly attributed to the sector,
which could knock total GDP slightly.
Bank: asset bubbles may
have skewed GDP figures
BY TIM WALLACE
UK ECONOMY
News
The Citys contribution to GDP may be distorted Picture: Micha Theiner/City AM
ANALYSIS l Output growth in financial services
% changes
on year earlier
GDP
Financial services output
1995 1999 2003 2007 2011
15
10
5
0
-5
-10
ALMOST two years after Krafts unso-
licited bid for Cadbury, changes are
being introduced today designed to
strengthen the hand of companies
that find themselves the subject of
unwanted advances.
But critics fear the changes will fur-
ther damage the UKs stalled M&A
market, proving onerous for bidders
and diverting investment away from
the UK economy.
Shortly after Kraft won control of
the British confectioner in January
2010, then-business secretary Lord
Mandelson used the annual Mansion
House dinner to urge changes to the
UKs Takeover Code largely
unchanged since it was brought into
line with the EC Takeovers Directive
in 2006.
While nobody believes that poorly
performing companies should be pro-
tected, said Mandelson, he argued
that there was a strong case for
throwing some extra grit in the sys-
tem.
Now that grit has arrived, in the
form of four significant amendments
to the Code, affecting bid deadlines,
notifications and deal protections,
and formalising any employment
promises a bidder makes during its
approach.
The key change that has companies
worried is the new deadline for a bid
to be made after initial interest is
declared. Subject to the Takeover
Panels discretion until now, from
today bidders will only have 28 days
to make a formal offer. The potential
bidder must now also be named in
the first announcement related to a
bid as from 5 oclock today.
The new regime could have affect-
ed how Entertainment One the
media distributor that owns the
rights to Peppa Pig informed the
market last week that it was consid-
ering its strategic options, which may
include a sale of the company in
response to interest it has received
from various parties.
While the company insisted that all
New takeover
rules set to
test the City
FORMER head of the IMF Dominique
Strauss-Kahn apologised to his coun-
try last night for a sexual encounter
with a hotel maid he said was a
moral error he would regret all his
life, and vowed to stay out of the
Socialist Partys 2012 election cam-
paign in France.
In his first interview since a New
York sex assault case derailed his IMF
career and wrecked his chances of
running for president, Strauss-Kahn
said he was angry with himself for
what he called an ill-judged but con-
sensual liaison that had let down his
country and hurt his family.
It was a moral error, and I am not
proud of it, Strauss-Kahn said in a
French TV interview watched by mil-
lions. I regret it, infinitely, and I
dont think I am finished with regret-
ting it.
Sounding repentant but also defen-
sive over the rush to judge him as a
criminal for a private act he said
involved no violence, the former
International Monetary Fund head
said he had lost everything over the
incident.
He also briefly spoke about the
Eurozone debt crisis, warning that
governments and banks must shoul-
der inevitable losses stemming from
Greeces financial problems.
Strauss-Kahn
says sorry for
moral error
Peter Mandelson called for rule changes for takeovers Picture: Micha Theiner/City AM
BY ELIZABETH FOURNIER
M&A
POLITICS
News
discussion were preliminary and no
firm offers has been received, specu-
lation swirled through the market as
to who the interested parties could
be.
The change will mean confidential-
ity surrounding early talks is likely to
increase, with market leaks impact-
ing deals in a way that they wouldnt
have until now. It would also rule out
so-called virtual bids, where a poten-
tial bidder sounds out the target to
gauge interest and put pressure on
management without launching a
formal offer.
There are concerns that this may
discourage bidders from making
approaches, or may lead bidders to
decide to break off talks rather than
be named, says Alan Diamond, a
partner at McGrigors.
Private equity buyers are particu-
larly concerned. Leveraged financing,
often used by private equity to fund a
buyout, requires lengthy due dili-
gence that would be curtailed by a
four-week deadline.
Reforming fee transparency is also
in the Panels sights, with payments
made to everyone from the acquirer
and target to the financial advisers,
lawyers and PR companies disclosed
under the new rules.
And in the wake of Kraft closing
Cadburys Somerdale factory despite
pledging to keep it open, employees
interests are also tackled, with pro-
posals to discipline companies that
renege on employment promises
made during negotiations.
But despite concerns that the
appetite for UK companies could be
hit, others are sure that the market
worth 40bn in the first half of this
year will survive.
We remain confident that the UK
M&A market will remain strong, said
Deloittes head of M&A Richard Lloyd-
Owen.
A more pressing issue is the cur-
rent uncertainty surrounding the
European debt markets, which will
undoubtedly have a far more adverse
effect on investor confidence.
Spread beting losses can exceed
your initial deposit.
LUXURY carmaker Jaguar Land
Rover (JLR) is today set to confirm a
newly-formed enterprise zone in
Wolverhampton as the site of its
new engine plant.
Jaguar Land Rover, owned by
Indian conglomerate Tata, is expect-
ed to confirm the development at
an event today with business secre-
tary Vince Cable.
It is estimated that the plant will
bring hundreds of jobs and up to
400m of investment to the
Midlands.
Last October, the firm reversed a
decision to move three of its facto-
ries out of the UK.
The high-end carmaker currently
has plants in Coventry,
Birmingham, Warwickshire and
Liverpool. However, the firm buys
its engines from previous owner
Ford a deal that will continue in
the medium-term while the new
plant is built.
Ford sold the Jaguar and Land
Rover groups to Mumbai-based Tata
in 2008 for 1.15bn as it struggled
to keep a lid on losses at its US oper-
ations.
The companies have since deliv-
ered remarkable gains for the new
owner, posting a record pre-tax prof-
it of 1.1bn in the year to the end of
March.
The i54 business park in
Wolverhampton was named as an
enterprise zone in August, under
the governments plan to encourage
investment in certain regions.
Companies in the zones will be
given cheaper business rates, super-
fast broadband and more relaxed
rules on planning.
Wolverhampton appears to have
beaten off competition from sites in
south Wales, which were mooted as
possible destinations for the new
Jaguar plant earlier this year.
Tata did not respond to a request
for comment last night.
Jaguar picks
Midlands for
engine plant
PRIVATE equity house Cinven could
sell Partnership Assurance for around
750m but a deal is unlikely to be
struck soon.
Sources have indicated a deal is pos-
sible in 2013, but not certain, after
Cinven received a number of
approaches for the insurer.
The buyout group acquired
Partnership, which provides pension
plans, long-term care plans and life
cover, for around 200m (174.79m)
three years ago.
Cinven is reported to be narrowing
down a group of four banks Morgan
Stanley, Goldman Sachs, Lexicon
Partners and Deutsche Bank in
order to appoint a single advisor.
Last month Cinven agreed to buy
Dutch insurer Aegons UK-based
Guardian Life unit for 275m but
declined to comment yesterday on
the prospect of another deal.
Partnership reported a 35.39m
pre-tax profit from continuing opera-
tions in 2010, up 27 per cent, as retire-
ment sales continued to grow and it
returned to the equity release mar-
ket, which is set to expand as Britains
ageing population considers how to
pay for care costs in later life.
No one from Partnership Assurance
could be reached for comment last
night.
Cinven mulls
sale of insurer
Partnership
Jaguar, led by Dr Ralf Speth, will open a new plant in Wolverhampton Picture: REX
BY MARION DAKERS
INDUSTRY
PRIVATE EQUITY
News
For how long can JLR commit?
J
AGUAR Land Rovers commit-
ment to the Midlands has
appeared wavering at best
recently something the car-
maker hopes to improve by spend-
ing up to 400m on a new engine
plant, aided by government invest-
ment via its enterprise zone
scheme.
JLRs parent company Tata has a
complicated relationship with UK
industry as ongoing job cuts and
closures at Tata-owned parts of
what once was British Steel
demonstrate.
But the same issue that has
pummelled the UK steel industry
increasing focus on the emerging
economies has already delivered
a welcome boost at JLR.
The firm is targeting 1bn of
sales in China alone this year, and
its this revenue that really fuels
the new plant in Wolverhampton.
How long it takes before it
becomes more cost-efficient to
build the cars closer to their huge
target market, UK enterprise zone
subsidies or no, is another matter
altogether though.
BOTTOMLINE
Analysis by Marion Dakers
News
You can still be a millionaire despite volatility
T
HIS column starts with market
volatility and ends up with me
accompanying you on a free hol-
iday. Bear with me.
Markets around the world have
been incredibly volatile recently. Risk
seems to come on and off on a whim,
with markets reacting wildly to
rumours of financial salvation and
Armageddon.
Sovereign debt has dominated the
headlines for months, but whats
going on in the real economies
around Europe? Are people still set-
ting up businesses? Are companies
innovating? And where can investors
make money?
Long term people are ready to
invest and expand, Patrick Legland,
Societe Generales Global Head of
Research said last week. Short term
its all on hold.
Some investors, at least, agree.
There are value opportunities in
tough markets said Scott Lothian,
head of multi-asset at BEA Union
Investment Management. Hes under-
weight in Europe, but still keen to get
into it once we have more visibility.
Specifically hes waiting for the
chance to jump into European insur-
ers, large cap quality stocks and even
peripheral debt at the right price.
The question is, what is the water-
shed? How can Lothian get his visibil-
ity and what transforms Leglands
short term to long term?
The jury is out on that one, but in
the meantime some businesses are
forging ahead with expansion
nonetheless. Kingfisher, which owns
B&Q, Castorama and Brico Depot, is
adding 1,200 jobs in the UK, despite
warning that the environment for
retail will remain tough.
Even in flat markets you can
progress as a business, Kingfishers
CEO Ian Cheshire says.
Meanwhile other investors are bat-
tening down the hatches as proven by
golds recent all-time record high of
$1,920. Those investors seem to
believe there is plenty of risk to come.
Think you know better? Heres a
way to prove it why dont you have a
whizz at CNBCs new trading compe-
tition? It opens today. Its called the
Million Dollar Portfolio Challenge.
And, as you might expect, the first
prize is $1m plus you can also win a
luxury car and one of 10 holidays.
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exchange traded funds (ETFs) and see
how you can grow your portfolio. You
have to be a resident of the UK, US or
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employee of CNBC. So if you win the
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that would be fine.
Beccy Meehan is an anchor at CNBC.
Follow her on Twitter @BeccyMeehan. Play
the CNBC Million Dollar Portfolio challenge
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CNBC COMMENT
REBECCA MEEHAN
OIL giant BP remains committed to
reaching its oil production targets at
Iraqs huge Rumaila field and is not
renegotiating contract terms, the
companys chief executive Bob
Dudley said at a conference yesterday.
BP one of the biggest players in
the push to increase Iraqi oil produc-
tion hopes Rumaila will reach its
production target of 2.85m bpd by
2017 despite infrastructure and
export problems in the country.
"There is a lot of work to do but
there is a lot of potential," he told
reporters at a conference.
We remain committed to heading
towards that plateau and we are not
in any discussions around changing
the terms of our contract, he said,
adding that limits on exporting
crude from the warn-torn country
were the biggest obstacle.
Dudley also said the firm has still
not found a buyer for the California
and Texas refineries it put on the
market early this year, adding that
we have always said it would take
well into 2012.
He declined to comment on
whether the firm was in talks with
US authorities over a possible out of
court settlement after the latest
report into the Macondo well blow-
out put most of the blame on BP.
US President Barack Obama is expect-
ed to unveil plans for a new tax on
millionaires today but political
rivals are already calling the proposal
class warfare.
Obama is preparing to set out an
extra levy on those earning more
than $1m a year, dubbed the Buffett
Tax following billionaire investor
Warren Buffetts recent call for the
government to tax the richest
Americans more.
The President will propose the new
charge to a congressional super com-
mittee that is looking at ways to trim
the United States eye-watering
deficit, which in July passed a $14.3
trillion ceiling set by Congress.
The committee has been tasked
with finding at least $1.2 trillion in
deficit savings before the end of the
year to avoid painful automatic cuts,
and is mandated to seek savings of
up to $1.5 trillion.
Paul Ryan, chairman of the House
of Representatives budget commit-
tee, and Mitch McConnell, Senate
Republican leader, said the proposal
would limit growth and hurt corpo-
rate investment in an already stag-
nating economy.
It adds further instability to our
system, more uncertainty and it pun-
ishes job creation and those people
who create jobs, Ryan told Fox News
Sunday. Class warfare may make for
good politics but it makes for rotten
economics.
McConnell said the move would
throw a wet towel over the private
sector economy.
The proposal is expected to face
heavy opposition in Congress, and
some Republicans said yesterday the
move appeared to be an attempt to
curry favour with the Democrat
faithful ahead of the 2012 elections
rather than a serious legislative pro-
posal.
I just think thats a political move
by the president, South Carolina
senator Lindsey Graham said of the
tax. When you pick one area of the
economy and you say, Were going to
tax those people because most peo-
ple are not those people, thats class
warfare, he said, repeating the most
prominent Republican complaint
about the plan.
Obama looks
to raise cash
from the rich
BP says it will stay the course in
Iraq as US asset disposals stall
BY MARION DAKERS
POLITICS
ENERGY
BUSINESS secretary Vince Cable has

suggested Liberal Democrats could
allow the 50p rate of tax on top earn-
ers to be dropped if the Tories agree to
impose a mansion tax in return.
Cables solution to what has become
a difficult impasse for the coalition
parties is to replace the 50p tax with a
levy on homes worth more than 2m.
Hinting at a potential deal, he said
the idea was out there as a proposal
as it was important to be pragmatic
about the issue.
His suggestion at the Liberal
Democrat conference in Birmingham
was less strident than the rhetoric of
party leader Nick Clegg, who has been
quoted saying any cut to the 50p rate
would be utterly incomprehensible
to voters.
Meanwhile chancellor George
Osborne has made no secret of his
wish to end the 50p rate, which was
imposed by the Labour government.
Cable, said: The argument for that
[the mansion tax] has increased
because of the way the property mar-
ket has worked, particularly in high
value areas like London.
So that is out there as a proposal. It
is not in the coalition agreement but if
the Conservatives were willing to run
with that then one could be more flex-
ible with the 50p rate.
THE LIBERAL Democrats should
fight to cut out income tax for
anyone earning less than
12,500, said Danny Alexander.
Speaking at the Birmingham
party conference, the chief secre-
tary to the Treasury said the tax
issue should be top of the
partys manifesto.
An income tax thresh-
old of 10,000 was the
first priority in our mani-
festo. Now its the first tax
priority of the govern-
ment.
In the next parlia-
ment, I want us to go
further; our aspiration
should be that some-
one working full time
on the minimum wage
should pay no income
tax at all.
Alexanders empha-
sis on low earners
allowed him to step
away from the thorny
issue of whether the
coalition government should drop
the 50p tax rate on high earners.
But he added: Some people have
argued that we should change
our tax priorities and focus our
limited resources on cutting
taxes for the wealthiest instead.
At a time of austerity, this
argument simply beggars belief.
If we are all in this together,
those with the broad-
est shoulders must
bear the greatest
burden.
Alexander said
that, compared to
last year, the aver-
age workers
income tax bill
has been reduced
by 200 this year
and will be 700
less by the end of
parliament.
The government is
also cracking down
on tax evasion and is
hiring an affluent
team to inspect the
350,000 earning
over 2.5m a year.
Alexander:
zero tax for
low earners
Cable offers to swap 50p rate for
a levy on most expensive homes
POLITICS
Lib Dem Conference

PoliticsHome.com
PoliticsHome.com
Apply to join today at www.cityam.com/panel
In association with PoliticsHome.com
In partnership
with
THE Liberal Democrat party is under-
performing, with only Danny
Alexander surging ahead in populari-
ty stakes, according to our poll of
influential City figures.
Respondents were asked to rate the
partys performance, compared to
their expectations when the coali-
tion came to power. Overall, the 356
people polled ranked the partys per-
formance as 29 per cent below their
expectations, with only 20 per cent
billing the Lib Dems as better than
they had thought they would be.
Business secretary Vince Cable
came in for the most scorching criti-
cism, with an overall net score of -51
per cent and claims from respon-
dents that he was anti business.
Party leader Nick Clegg and Chris
Huhne received negative ratings of
-13 per cent and -41 per cent respec-
tively, while Danny Alexander got a
positive net score of 21 per cent.
Asked how much influence the Lib
Dems have in shaping government
policy, 76 per cent said it had a lot
or some influence. Most respon-
dents (56 per cent) said they thought
the economy is at least somewhat
likely to recover before the next elec-
tion, but 70 per cent think the Lib
Dems would get little or no credit.
BY JENNY FORSYTH
POLITICS
ANALYSIS l PERFORMANCE VS EXPECTATIONS

Compared to how you felt when the Coalition was
agreed, how has the performance of the Liberal
Democrat party compared with your expectations?
30%
17%
3%
18%
Much better
Somewhat better
As expected
Somewhat worse
Much worse
%
31%
City says Lib Dems not up to scratch
BY JENNY FORSYTH
POLITICS
DEBENHAMS will issue its first

results under new boss Michael
Sharp tomorrow with an added
emphasis expected to be placed on
online growth.
The figures for the fourth quar-
ter come as UK retailers face head-
winds as household budgets are
squeezed.
Analysts are expecting the chain
to focus on its international
growth particularly at its Danish
Magasin du Nord operation as
well as a move towards online
sales.
Keith Bowman, equities analyst
at Hargreaves Lansdown said:
Michael Sharp is likely to see exist-
ing growth strategies reiterated.
A drive online may lead the
way, while store optimisation and
international growth still provide
potential.
In the third quarter Debenhams
saw like-for-like sales excluding
VAT rising by 1.5 per cent, with
online and mobile sales contribut-
ing to the lift.
Other retailers updating the
market this week include Ocado
today and JD Sports Fashion on
Wednesday.
The group has been pushing its
online delivery service by setting
up a virtual shop window at
Londons One New Change shop-
ping centre by St Pauls Cathedral
with feature images and barcodes
of Ocados most popular items.
Customers will be able to scan
items, add them to their basket
and book a delivery date and time
using the On The Go smartphone
app.
Meanwhile JD Sports could
reveal more details about its
efforts to expand in France, having
announced the plan last month.
Debenhams eyeing
web sales growth
BY JOHN DUNNE
RETAIL
News
NEWS | IN BRIEF
Lion King tops US box office
A 3D release of animated classic The
Lion King ruled the weekend box
office, trouncing virus thriller
Contagion, according to estimates yes-
terday. The Lion King 3D sold a
stronger-than-expected $29.3m
(18.6m) over three days at US and
Canadian theatres. First released in
1994, the Disney film is one of the top-
grossing animated movies of all time.
Small firms bleak on loans
Four in ten small to medium sized busi-
nesses needed to increase their access
to loans and other financing over the
last three months, yet three quarters
complain that bank lending margins
are too high, according to research out
today. Thirty-three per cent of smaller
firms think access to loans has got
worse in the last year, compared with
eight per cent that think it has gotten
better, the survey by Syscap showed.
MORE NEWS
ONLINE AT
@
@
www.cityam.com
Top retailers lose out on
500m in online market
SOME of the UKs retail giants are
missing out on millions in online
sales as they fail to grasp the poten-
tial of new technology, a survey shows
today.
The UKs best known brands were
found to have squandered a potential
500m in sales between 2007 and
2010.
According to research from Oxford
Economics, supermarket giant
Morrisons was the worst offender, los-
ing out on 314m in sales. Meanwhile
Dixons could have boosted its figures
by 32.6m with a better online pres-
ence and Homebase by 9.6m
Sports Direct missed out on 9.5m
and DFS 5.9m. Phones 4U was found
to have missed the opportunity to
make 17.5m.
The best performing company was
Tesco, which added at least 255m in
additional sales over the same period.
Paul Jervis-Heath, of digital agency
Head, which commissioned the
report, said: Too many retailers are
behind the digital curve.
RETAIL
Morrisons loses out online

WITH FXCM YOU CAN
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LAST EVENT BOOKED OUT IN 3 DAYS -1000 PLACES.
Introduction by City AM Editor, Allister Heath
LONDON workers save an average of
60 per cent on house prices by living
an hours rail journey away from the
capital.
New research shows the typical
4,400 annual cost of a 60-minute
commute to the centre of London is
dwarfed by the money saved from
lower property costs.
The Halifax study showed average
house prices in these towns, such as
Peterborough, Braintree and Oxford,
are 245,000. The average cost of a
property in the area defined as cen-
tral London is 620,000.
Prices are typically 275,000 in
towns on average 30 minutes away
from the capital, including
Chelmsford, Milton Keynes, Reading
and Stevenage, where rail season tick-
ets cost an average of 3,100 a year.
In areas just 15 minutes travel
away, such as Wimbledon, Ilford,
Watford and Bromley, the average
house price is 320,000 with rail trav-
el coming in at 1,400 on average.
Nitesh Patel, housing economist at
Halifax, said workers were lured out
of the capital by an improved quality
of life, better schools and a different
environment, even if they face higher
travelling costs to reach their work-
place.
The longer you commute, the larg-
er the difference in house prices.
Commuters to London tend to get a
lot more for their money than in cen-
tral London; bigger houses for lower
prices.
Nonetheless, the decision to com-
mute is not simply a trade-off
between financial costs and journey
times.
The research also showed that com-
muters to some major British cities
are paying more for living further
out.
Workers 30 minutes away from
Birmingham, in areas such as Walsall
and Coventry, paid an average of
160,000 and those the same distance
outside Manchester, in Chorley and
Warrington, typically paid 175,000.
House prices
60pc lower
in suburbia
HALF of the houses on the market in
commuter town Beaconsfield, Bucks,
are valued at over 1m, a survey out
today from primelocation.com
reveals.
At 47 per cent, the town has the
highest proportion of seven-figure
homes in the country.
Indeed, the top fifteen towns with
the highest percentage of million
pound houses are all in Londons
commuter belt.
The top five are rounded off with
Virginia Water in Surrey, with 44 per
cent of houses on sale valued at over
1m; Much Hadham, Herts, with 38
per cent; Radlett, Herts, at 37 per
cent; and Cobham, Surrey, with 33
per cent.
London as a whole comes in at
number 41, with 13 per cent of homes
for sale valued at over 1m.
The first non-London commuter
town in the survey is Haddington,
near Edinburgh, which comes in at
number 16 on the list.
Nationally, 3.5 per cent of houses
for sale are valued at over 1m.
All of the towns on this list man-
age to combine the best of both
worlds, offering a spacious, quiet
environment while still being an easy
commute to a major city, said Nigel
Lewis, analyst at primelocation.com.
The millionaire
towns in capital
commuter belt
BY PETER EDWARDS
PROPERTY
HOUSING
News
London 2012 TIME TO GET READY
The Transport for London and London
2012 Travel Advice for Business team
answers your Olympic readiness questions
Q.
We run a small company and
do not officially have a specific
person or department who is
looking after the logistics of the
business during the Games. Where
should we start? And is there help
available? I want us to be prepared,
but do not have the capacity to allow
someone to devote their attention to
this full-time.
A.
It is not necessary for a small
business to employ a specialist
or dedicated logistics member of
staff to manage deliveries during the
Olympic and Paralympic Games next
year. There is help and advice for busi-
nesses available online and there are a
number of simple measures companies
can adopt to ensure that delivery and
servicing activity runs smoothly in the
run up to, and during, the Games. As a
first port of call and for more informa-
tion on deliveries during the Games, see:
www.tfl.gov.uk/freight.
As a priority, businesses should speak
to their suppliers well in advance of the
Games in order to allow plenty of time to
plan and prepare themselves. Make your
suppliers aware of your needs during the
Games and discuss any changes to both
yours and your suppliers normal opera-
tions. Work with them to develop solu-
tions to any issues you think you may face
and ensure youre in the best position to
maximise the opportunities the Games
will bring.
New data has been released recently to
help freight companies manage the deliv-
eries they make and plan the routes they
use during the 2012 Games. Companies
can use the data to check whether indi-
vidual postcodes in the capital will be
affected by the Olympic Route Network
(ORN), Central London Zone (CLZ) or road
events. By entering the data into their
routing software, companies are able to
highlight the postcodes that contain both
the ORN, for example, and one or more of
their delivery locations. This will allow
them to produce a list of both clients and
locations that will be impacted. The infor-
mation is available online at
www.tfl.gov.uk/developers.
It is important to consider the sup-
plies you require during the Games peri-
od and whether demand for supplies is
likely to change. Many businesses are
planning to stockpile non-perishable
goods during the Games. For businesses
with limited storage space, it may be
possible to work collaboratively with
neighbouring businesses.
Make sure you are fully aware of what
deliveries you currently receive. Keep a
diary of deliveries during a one month
period, or review your invoices for the
summer period. This information will help
you to plan in advance for the Games and
then develop an action plan to minimise
disruption to keep your business on track.
Consider changing your delivery and
collection slots to avoid peak days and
times and make use of out-of-hours deliv-
eries, where possible. Your suppliers
might be able to avoid disruption by using
a different route to reach you. Ensure they
are aware of any changes to the road net-
work in your area and, if necessary, work
together to identify different delivery
points and alternative loading and unload-
ing locations. It may be possible for your
supplier to use a smaller vehicle, deliver to
a different location or walk or cycle small-
er deliveries the last part of the journey.
Free workshops are available for
organisations with less than 200 employ-
ees based in areas set to be most impact-
ed by the London 2012 Games. To
register your interest in attending a
workshop email keeponrunning@
London2012.com.
For more advice, please visit the
London 2012 Travel Advice for
Business website (www.london2012/
traveladviceforbusiness.com). It offers a
wealth of information and businesses can
sign up for regular updates to help
prepare for the Games.
Q A
&
Preparation does not need be a full-time pursuit
Businesses should speak
to their suppliers well in
advance of the Games
Picture: Getty
AVERAGE ANNUAL
RAIL FARE 10 TO 22
MINS FROM LONDON
AVERAGE ANNUAL
RAIL FARE 25 TO 40
MINS FROM LONDON
AVERAGE ANNUAL
RAIL FARE 45 TO 70
MINS FROM LONDON
1,400 3,100 4,400
MARlNE AND OOASTA| AOOESS AOT 2009
APPLlCATlON FOR
THE REFURBlSHMENT
OF CHRYSANTHEMUM PlER, LONDON
Notice is hereby given that Crown River Cruises Ltd
have applied to the Marine Management Organisation
under the Marine and Coastal Access Act 2009, Part 4,
for a marine licence to undertake refurbishment works
on the Chrysanthemum Pier, London. Plans showing the
position of the works may be inspected at
0rowo 8|ver 0r0|ses Ltd
Blackfriers Pier
The Old Pump House
London
EC4v 3QR
Tel: 020 7936 2033
Representations or objections in respect of the application should be
made in writing, giving an address to which correspondence relating to the
representation or objection may be sent, to the Marine Management
Organisation, Marine Environment Team, PO Box 1275,
New Castle upon Tyne, NE99 5BN, or alternatively emailed to
Joanna.parnell@marinemanagement.org.uk,
within 28 days of the date of the first notice, quoting reference 00121.
The Marine Management Organisation will pass to the applicant a copy of
any objection or representation we receive.
News
D
is
n
e
y
X[SQEXMRIIW
IZIV][IIOIRH
Sat & Sun at 2.30pm
&33/23;
thelionking.co.uk
@
www.cityam.com
MORE NEWS
ONLINE AT
Orosur Mining
The South American-focused gold
producer and explorer has appointed
Gijsbert Groenewegen as a non-execu-
tive director. Groenewegen is the
founder and managing partner of
Silver Arrow Capital Management
and the co-founder of Gold Arrow
Capital Management, which was put
into voluntary liquidation in March
2010.
Marex Spectron
The commodities broker has appointed
Thomas Wilson as managing director
of Marex Financial Suisse to cover
Swiss based hedge funds. Wilson joins
from Klesch & Company in Geneva
where he was a managing director
responsible for managing the firms
commodity portfolios.
Gatehouse Bank
Gatehouse has strengthened its UK
real estate division by promoting
Jamie Munday to vice president, asset
manager. Prior to joining Gatehouse in
August as an asset manager, Munday
worked at ING Real Estate
Investment Management, where he
was asset manager for General
Motors 100m pension fund.
Prime
The Shariaah compliant real estate
investment group has appointed Muin
El Saleh as chief executive. Prior to
joining Prime, El Saleh was general
manager of Abdul Latif Jameel Real
Estate Investment Company based in
Jeddah, Saudi Arabia.
Marsh
The global insurance broker and risk
advisor, a subsidiary of Marsh &
McLennan Companies, has appointed
Bill Pieroni as chief operating officer,
based in New York. Pieroni joins from
State Farm, where he was senior vice
president.
Jefferies
The investment bank has hired four
senior research analysts for its Hong
Kong office. Julian Bu joins as head of
China industrials and co-head of Asian
conglomerates equity research; Jessie
Guo joins as head of Asia consumer
equity research; Johnson Leung joins
as head of Asia transport equity
research; and Laban Yu joins as head of
Asia oil and gas equity research.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Kesa Electricals
140
120
100
Jul Aug Sep
p
89.70
16 Sept
KESA
Arden Partners rates the electrical goods retailer as neutral
after a dismal first quarter trading update and cut the target
price to 90p. It said it had little confidence in either the groups
earnings visibility, because of uncertainty about the future of
Comet and Eurozone worries, or in the management team.
Arden cut its profit before tax forecast from 80m to 55m for
the current year.
American Appraisal
The global valuation firm has appointed Emily
Hadley as director and head of its debt advi-
sory practice in the UK to advise banking, loan
servicing, hedge fund and corporate clients on
their debt structures. Hadley joins from
Barclays Capital Mortgage Servicing, where
she was vice president of special servicing.
Prior to Barclays Capital, Emily worked at
Hatfield Philips as a loan workout specialist,
where she advised on restructurings including
Four Seasons and Berlin Dresden.
Stocks to rise on Fed expectations
A
N apparent uptick in confi-
dence over Europes future is
set to take stock markets
higher this morning, under-
scored by Wall Street closing up on
Friday for a fifth successive day,
combined with hopes of further
impending action from the Federal
Reserve later this week.
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 half of
one per cent, around 27 points high-
er at 5,395. Germanys DAX 30 index
is expected to open up 40 points at
5,603, and the French CAC 40 is fore-
cast to open up 13 points at 3,034.
Markets around the world will be
glued to events from the Feds open
market committee meeting this
week, where by Wednesday we will
know whether a third round of
stimulus will finally be announced.
Given the rising inflationary pres-
sures in the US, where year-on-year
inflation is at 3.8 per cent, a third
round of bond buying or QE3 is not
expected to be announced; instead,
the word on the street is for the Fed
to announce a programme of swap-
ping holdings of shorter-maturity
Treasuries with longer-dated ones, a
measure which would intend to
press down interest rates and
encourage bank lending to compa-
nies and corporate investment.
While its long-awaited announce-
ment is likely to give shares a tem-
porary adrenalin kick, already we
are hearing analysts question the
validity of such a move.
Martin Slaney is director of global deal-
ing operations at GFT
MARTIN ON
THE MARKETS
MARTIN SLANEY
WALL STREET WEEK AHEAD
W
ALL Street hopes for more
Fed action and clear signs
European leaders will fol-
low through on their new
urgency to tackle the Eurozone
debt crisis if US stocks are to build
on their best week since early July.
Investors expect the Federal
Reserve to take steps to pull down
long-term interest rates when poli-
cymakers meet tomorrow and on
Wednesday to help revive the per-
sistently weak US economy.
But even with expectations of
more intervention to boost the
economy, investors will keep a close
eye on developments in Europe.
The Standard & Poors 500 index
posted a 5.4 per cent gain last week,
its best since early July. The Nasdaq
composite index gained 6.3 per
cent for the week while the Dow
Jones rose 4.7 per cent.
Any lack of progress or backslid-
ing on efforts to get the currency
blocs fiscal house in order will
renew worries the crisis could seri-
ously damage the world financial
system and major economies.
The Fed is really going to domi-
nate next week, said Paul
Mendelsohn of Windham Financial
Services.
ANALYSIS l H&M
220
200
180
Jul Aug Sep
SEK
198.60
16 Sept
ANALYSIS l Reed Elsevier
580
540
500
460
Jul Aug Sep
p
497.40
16 Sept
H&M
Morgan Stanley downgraded clothes retailer H&M to equal-
weight on concerns its superior record against its peers may be
over and cut the target price to SKr 185 (17.71). It said, howev-
er, that it did not expect the high street firms earnings to col-
lapse over the next 12 to 18 months. The broker said H&M is
likely to remain a growth company in the near-term, yet one cur-
rently offering a 5.2 per cent dividend yield.
REED ELSEVIER
Panmure Gordon rates the publishing group a buy with a 650p
target price but asked if it is time to break up? It said media
reports of shareholder dissatisfaction with the management are
unsurprising . Panmure also criticised the performance of its
shares as uninspiring, stating they were at the same price as 11
years ago in absolute terms, despite a doubling in profits. Each of
its main business units may have different dynamics, it added.
Richard Farleigh tells
Donata Huggins how he
went from economist
to savvy entrepreneur
A
SK entrepreneurs to name the biggest
challenge they face in expanding their
business and I would expect most to
say raising the finance they need to
grow. Whether it is thousands or millions, gen-
erating the capital required to expand will at
some stage be on the agenda of every ambi-
tious business.
As a country we are being urged to pro-
duce more fast-growth firms that have the
capacity to deliver the much-heralded enter-
prise-led recovery, and that requires a higher
level of investment capital.
However, for many entrepreneurs, the
prospect of going cap-in-hand to the bank or
giving equity away to a venture capital (VC)
firm is an unappealing prospect.
Banks arent offering favourable terms to
small businesses at the moment, and there
arent enough VCs to go round.
Moreover, the sheer number of hoops and
guarantees that banks require from business
owners are standing in the way of fast-
growth businesses looking to expand.
For entrepreneurial companies, often the
most pressing challenge is how to generate
the capital needed to spearhead the next
phase of development and there arent many
funding options available for entrepreneurs.
Many business owners are not interested in
surrendering any control of a business to a
private equity or venture capital firm and the
banks are reluctant to lend at the moment.
This situation has encouraged a number of
enterprising firms to seek a more enterpris-
ing route to raising finance. The likes of Hotel
Chocolat, King of Shaves and Ecotricity
some of the brightest British success stories
to emerge in recent years have all intro-
duced retail bonds that have allowed cus-
tomers and independent investors to take a
stake in the future growth of their businesses.
They have taken this route as an alternative
to a bank loan or giving away equity to a VC.
This approach to fundraising allows gazelle
businesses an opportunity to connect with
their customers and involve them directly in
their expansion. Retail bonds generally offer
better returns on a lower minimum invest-
ment than traditional corporate bonds, and
far exceed the returns available from bank
deposits. This creates a welcome opportunity
for investors to get a better return than
would otherwise be available on their savings.
It also provides fast-growth companies
with the opportunity to invest in their expan-
sion, develop new services and move into new
markets. This is exactly what growing busi-
nesses need to do to create the jobs, the
wealth and the opportunities that this econo-
my so badly needs.
But, this will never happen if growth
prospects remain hinged on securing invest-
ment capital that never materialises. The
challenge that many businesses across the
UK face when looking to raise capital need
not become an obstacle for growth. The key
is to thinking entrepreneurially about how
you do it.
Agree with Rupert Lee-Browne? We wel-
come debate. Do you have a strong view on
small business and entrepreneurship in the
UK? Email donata.huggins@cityam.com
Caxton FX, a foreign exchange and inter-
national payments business, launched a new
retail bond this week to raise up to 4m to
spearhead the next phase of the companys
growth. To download the invitation docu-
ment and the application to subscribe for the
Caxton FX bond please visit www.caxton-
fxbond.co.uk
ALTERNATIVE
FUNDING FOR
ENTREPRENEURS
RUPERT LEE-BROWNE
ENTREPRENEUR, FOUNDER OF CAXTON FX
R
ICHARD Farleigh is probably best
known for his appearances on BBCs
Dragons Den. He should, however,
be known for being a foster care kid
who went on to be one of the worlds rich-
est hedge fund managers in the 1990s, and
then a successful entrepreneurial investor
with brands like Net-a-Porter and Reggae
Reggae Sauce to his name.
I meet him in Home House, another one
of his successful creations. Ive invested in
over 70 businesses, Farleigh tells me, but
Home House is the one Im most attached
to. He explains that Home House, a pri-
vate members club in Portman Square, is
his legacy. Apt, considering he and the
club are known for their relaxed approach.
Im probably a good example of an
entrepreneur who shouldnt have been an
entrepreneur: I never had a lemonade
stand and never showed any talent as a
risk taker growing up. Its odd that I
because a risk taker in finance because as
an economist I didnt want to risk any-
thing then I got forced into doing it
working at an investment bank and got
quite good at it.
Indeed, Farleigh started working life at
the Reserve Bank of Australia. His aptitude
for economics won him a scholarship with
the Bank to study at the University of New
South Wales. He was offered PhD funding
from Stanford University but opted to give
investment banking a go.
He was good at it too. With an econom-
ics background I was pretty sharp at it. I
made money for that bank close to ten
years in a row.
It wasnt long, however, before a secre-
tive billionaire in Bermuda snapped him
up to run a fund for him.
I did it for a couple of years, but then
decided that I was just a kid from the
Outback, I didnt need any more money.
With that, he packed his bags and moved
to Monaco. I had retired at 34. I bought a
Ferrari, a boat off Michael Schumacher,
hung around in nightclubs a bit. But some-
how I got involved in businesses with uni-
versities.
He worked with Oxford University,
developing technologies. They were a bit
like the guys on Dragons Den, but they
had been working on their projects for 10
years and were ready to value at 50,000.
Many of their inventions were revolution-
ary, but Farleigh brushes over it. I did a
bit of that, then this place [Home House],
did a bit for the BBC about it, then ended
up on Dragons Den.
Could he go back to corporate life? Id
have trouble, he admits. One of my best
friends is very senior in one of the big
banks. He jokes around and calls me
unemployable these days. I couldnt be put
back into that box.
Farleigh didnt make his money through luck
alone. He used his economic knowledge and the
techniques detailed in his book 100 Secret
Strategies for Investing. Come hear him speak at
the H20 free trading seminar on Friday 23
September at The Grange Hotel, 10 Goliman
Street, London. Visit www.fxcm.co.uk/richard.jsp
to book a place.
Successful investments: Over 70 including
Home House, Net-a-Porter, Wolson
Microelectronics, Green Chemicals, IP Group
and Reggae Reggae Sauce.
Failed investments: A diamond mine, an
algae growing and a bra company.
Amount invested: Anywhere from 10,000 to
over 5m spread over time.
Age: 50
Born: Kyabram, Australia
Lives: Belgravia, London
Studied: Economics and mathematics,
University of New South Wales
Motto: Do unto others...
Reading: Biographies.
Idol: Anyone who overcomes the odds.
Beethoven writing his ninth deaf, is pretty hard
to beat.
Talents: Chess Master, average but keen, on
tennis and skiing.
First ambition: To be a bush ranger like Ned
Kelly, then a chess hustler.
CV | RICHARD FARLEIGH
The dragon who came
from the Aussie Outback
Best known for his appearance on Dragons Den Picture: Micha Theiner/City AM
ENTREPRENEURS NEWS | IN BRIEF
MAKING MENTORS OF ENTREPRENEURS
A new campaign from Virgin Media Pioneers
has been launched to address the challenges
faced by aspiring entrepreneurs. The cam-
paign plans to make mentors of experienced
business owners such as Wilfred Emmanuel-
Jones, the founder of The Black Farmer and
Joe Cohen, the founder and CEO of Seatwave.
The programme will be officially launched at
MADE festival for entrepreneurs on 22
September. For more information please visit:
www.madefestival.com.
EXPENSES: WHAT ARE YOU PAYING?
A survey of over 400 small to medium sized
businesses owners reveals that despite the
current economic climate, one in five (20 per
cent) dont know how much money they pay
out in expenses every month. The research
also shows that almost 40 per cent are not
confident that their expense records allow
them to claim for the tax reductions they are
entitled to, suggesting some businesses are
missing out on significant potential rebates in
a tough economic climate.
A THIRD OF BUSINESS WOULD RELOCATE
More than a third (34 per cent) of UK small
business owners would consider moving their
company in order to reduce costs, according to
a new study by Make It Cheaper and the
Centre for Economic and Business Research
(CEBR). But Jonathan Elliott managing direc-
tor of Make It Cheaper, warns: Small busi-
nesses considering relocation must take into
account the significant disturbance to the busi-
ness of such a major step, and decide whether
it is really worth the trouble.
Business Features| Entrepreneurs
23
24
The Forum
CITYA.M. 19 SEPTEMBER 2011
M
ORE people have climbed out of poverty in
the past 50 years than did so in the 500
years before that. Life expectancies across
the world have doubled in the last one
hundred years. The global poverty rate has fallen
from 25 per cent in 2005 to 12 per cent today. By
2015, it will have halved twice in twenty-five years.
More women (and men) can read and write than
ever before. Travel is cheap. Information is becoming
free. And free market capitalism is the reason why.
But the Eurozone is collapsing and the Western
economies are stagnating. Nearly every politician
of every party believes that corporate bailouts, eco-
nomic crises and long-term stagnation are inherent
to our capitalist system, and that our future pros-
perity needs planned from above. But what caused
the 2008 crisis, what is holding us back now and
what is sowing the seeds of the next crash is not
too much capitalism, it is too little of it.
Capitalism is change. At its core, it is every
person trying to better their condition by
engaging in exchanges with others.
Everybody has their own talents and ambi-
tions, and only they know how to make the
most of them. Top-down plans made by
experts in government ignore this theyre
about directing people towards the plan-
ners goals, not their own ones. In
economies that are planned by the state, to
any degree, change is disruptive and bad. In
capitalism, change is progress.
The free market provides a structure where
experimentation is encouraged and rewarded, with
all the failures and false starts that experimenta-
tion requires. To get the successes that capitalism
has delivered so well, we need to endure the fail-
ures and adapt to changes.
Every successful change disrupts established
practices and firms. Capitalisms great strength is
that these disruptions give people better living
standards and better hopes for their children. The
benefits of economic change are enormous: the
doubling of global food production in the last 50
years, mobile phones that now cost a days wages
instead of a months, real wages in the UK tripling
since 1945. But these can also be invisible and dis-
persed. The costs of disruption, meanwhile, are
often visible and concentrated easy to lobby
against.
As a result, the biggest threat to free markets is
no longer anti-capitalist ideology, but protection for
special interests against competition corpo-
ratism.
The struggle for free trade in the 19th century
pitched a few believers in capitalism against the
powerful landed interests of the time. The Corn
Laws protected landowners against cheaper for-
eign imports, impoverishing the many but enriching
the few. It took a broad social movement to over-
come them and allow the forces of change to bring
cheaper food to Britain.
Defenders of capitalism today face similar chal-
lenges. Across the economy, entrenched special
interests use the state as a weapon to protect
themselves from change and competition. Some
banks have been given huge bailouts since 2008.
Farmers are protected by tariffs and 3bn of subsi-
dies every year. Planning laws protect property
owners from developments that would increase
the supply of houses. In countless other areas,
established interests are protected by the state.
Like free trade, the controversial subject of free
movement of people would disrupt the existing
economic order and understandably meets fierce
opposition from people at risk of change. But radi-
cal as the idea now seems, the productivity of a
low-skilled service worker in London is around
twenty times that of one in Lagos. A recent review
of economic studies of open migration found that
world GDP could increase by between 67 and 147
per cent if barriers to migration were lifted. The
same spirit that possessed the free trade cam-
paigners of the 19th century should invigorate open
borders campaigners today. Capitalists have to be
open to extraordinary changes to unlock the
extraordinary power of humanity.
Corporatism in finance has brought ruin onto the
world. Letting banks fail is messy, disruptive and
ugly (though not as much as people think). But bail-
ing them out creates moral hazard it gives a
blank cheque to reckless banks. Unless bad banks
are allowed to fail, good ones cannot take their
place. Preventing failure is good for established
banks, but bad for everybody else.
Cheap credit created by central banks inflated
the housing bubble that burst in 2008. The combi-
nation of artificially cheap credit and banks expect-
ing a bailout led to the crisis. Money should emerge
from markets, not be imposed by governments.
Without radical changes to money and banking
policy, we will sleepwalk into the next crisis, and it
may be even bigger.
Somebody needs to speak up for the freedoms
of the many against the protections of the few.
Corporatism not capitalism was at the root of
the last crisis and it will be at the root of the next
one. Britain needs to reject protections for busi-
nesses. It needs a free market revolution.
Sam Bowman is the head of research at the
Adam Smith Institute.
SAM BOWMAN
What caused the 2008
crisis was not too much
capitalism... but too little.
We need a new capitalist
revolution: A young writer
presents his provocative
manifesto for free markets
theforum@cityam.com
25
The shadow
chancellor calls
for a change in
the UKs course
Britain is not a
safe haven in
Osbornes hands
Four simple policies
to support the City
T
HE global economy has entered a danger-
ous new phase. Its now more vital than
ever that countries have credible economic
plans to ensure economic growth and get
deficits down.
I believe there are three tests for a credible
economic plan. First, there has to be a transpar-
ent plan with clear medium-term goals
whether thats to halve the deficit over four
years as the last Labour government legislated
for, or to go further and eliminate the structural
deficit in this parliament, as George Osborne
announced a year ago.
Second, that plan must command sufficient
political support for it to be implemented. In
America, the lack of agreement in Congress and
political brinkmanship over the debt ceiling was
disastrous for confidence and ultimately led to
the credit rating downgrade. And in the
Eurozone there has been a complete failure of
political leadership to grasp the nettle of what
needs to be done, as we saw again in Poland this
weekend.
But political disagreement is not an issue in
Britain. Despite the party conference rhetoric
this weekend from Vince Cable who called for
a Keynesian approach to a demand crisis the
policy of rapid deficit reduction remains and is
the cornerstone of the coalition.
There is, however, a third and vital credibility
test the plan has to deliver what it promises.
This is where Britain and some of those
Eurozone countries have something in common.
Austerity is not working for countries like
Greece, which now looks set to enter a fourth
year of recession, and it is not working in Britain
either.
A year ago, Osborne said spending cuts and
tax rises that go further and faster than any
other major economy would boost confidence
and economic growth. At the time I warned that
the recovery was too fragile and this risked tear-
ing up the foundations of the house just as a
global hurricane was brewing.
And what has happened? Consumer and busi-
ness confidence has collapsed. Unemployment is
rising again. Far from being a safe haven, our
recovery was choked off last autumn with only
Japan growing more slowly in the G7 over the
last year. As the IMFs Christine Lagarde has
rightly said growth is necessary for fiscal credi-
bility and to get deficits down too.
Its not just Labour making the case for a
more balanced approach a tough medium-
term plan to get deficits down, but which puts
jobs and growth first. The founder of Pimco is
now calling for a change of course and Lagarde
says there is scope for reducing deficits more
steadily to support growth and that, if slow
growth continues, ministers must act, for
instance through temporary tax cuts like the
temporary VAT cut Labour has called for.
The reckless thing for Osborne to do now is to
continue with his absurd claim that Britain is
some kind of safe haven and plough on regard-
less with a plan that is not working. The credible
and cautious thing to do is to listen to wise
advice and change course before it is too late.
Ed Balls is the shadow chancellor.
I
TS the start of
party conference
season, and new
policy ideas have
already begun to
pour out. As politi-
cians from every side
offer their proposals,
here are four simple
things the govern-
ment should do to support the City.
Europe is a major issue facing us as we move for-
ward. With 90 per cent of regulation coming out of
Brussels, it is, first, vital that that the government
engages hard, fast and early to ensure policymakers
are not oblivious to the UK financial services industrys
contribution to the wider European economy. This is
precisely why the City of London Corporation, togeth-
er with TheCityUK, has set up the International
Regulatory Strategy Group to coordinate the Citys
input into European policy-making.
But there are also pressing domestic issues that
need addressing. My second request is simple: as a
driver of economic growth it is essential that the
Square Mile is not placed at a disadvantage by the
current proposals to make it easier for developers to
convert unused offices into residential space.
The City appreciates the need to deliver more hous-
ing nationally, but empty office space in the Square
Mile deliberately provides flexibility to meet the needs
of current business occupiers looking to expand or
consolidate their operations, while also accommodat-
ing new businesses looking to move here. This flexibili-
ty is vital to the Citys international competitiveness.
There will always be a time in the economic cycle
when residential is more attractive for developers and,
once an office has been converted, it is unlikely to be
changed back even if the developer wishes to
because residential leases are often tied to long leases.
Another strategic concern that is already on the
governments radar is the issue of the 50p rate of
income tax. The Institute for Fiscal Studies has
claimed the introduction of a 50p rate actually
reduces revenue collected and indeed could be costing
the Treasury 500m every year.
In addition to the uncertainty regarding revenues,
we must also factor in the undoubted damage that
the introduction of this punitive tax did to the UKs
reputation for certainty and stability among the inter-
national business community.
The chancellor must make good on his pledge to
abolish this measure sooner rather than later to
demonstrate that the UK remains open for business.
Fourthly, we come to the Independent Commission
on Banking (ICB).
This report is a welcome contribution to the vital
debate on how to promote greater stability and
increased competition in UK banking.
The most important thing the government can do is
to ensure that any reforms are sensibly implemented.
At a time when bank capital is already under serious
pressure, especially given the risk of a sovereign
default in the Eurozone, the ICBs 2019 deadline
seems a suitable timetable for reform.
And if the government decides to take Bill
Winterss advice and scrap the bank levy to reduce
the burden on UK-based banks, so much the better.
Michael Bear is Lord Mayor of the City of London.
ETFs not so rogue
Yesterday, UBS said its alleged
rogue trader was using futures to
trade equity indices. One top fund
manager says:
So this had nothing to do with
exchange-traded funds (ETF), save
that UBS claims he falsified trades
in them. The witch hunt of ETFs
led by Terry Smith, without first
ascertaining the full facts, shows
ETFs are not toxic to investors but
to the high fee/low transparency
world of fund management that
they so starkly challenge.
Alan Miller, SCM Private
Save the euro
Politicians can and will sort out
the euro crisis. Why? They have
no alternative. A breakup would
send Germany, Greece and every
country in between into a grind-
ing recession. The cost of the
solutions euro bonds, empow-
ering the European Central Bank
to stand behind Eurozone debt
is a bargain compared to that.
Europes leaders have not yet
made that clear. They must, and
time is running out.
Roland Rudd, chairman of
Business for New Europe
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Join the debate today.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @CityAMForum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
In association with
ED BALLS MP
BY MICHAEL BEAR
CITYA.M. 19 SEPTEMBER 2011
The Forum
26
Wealth Management | Spread Betting & Markets
as in the case of recent European short
selling bans.
Basically it seems that bond markets
are pricing in a recession and sovereign
risk whereas the equity market is pricing
in an economic recovery, says Simon
Furlong, a trader with SpreadEx. Equity
markets are still banking on emerging
market demand to cushion any future
lack of growth in the west, he adds.
BOND BEARS AND EQUITY BULLS
So when you see a divergence between a
bearish peripheral bond market and a
bullish stock market, which should you
take the greatest heed of? Debt markets
have historically been more accurate
than the equity markets in predicting
the next boom or bust. In 2008, stocks
kept on rallying on supposedly good
news while debt failed to perform.
Angus Campbell, head of sales for
Capital Spreads, points out that this time
things are slightly different while equi-
ties are getting ahead of themselves, it is
some debt markets that are in real trou-
ble: Bond yields for peripheral European
state debt is spiking, precisely because
investors are nervous that they might
not see their money back at all.
If spread betters believe the peripheral
bond market is correct, they should sell
the current rally in equities. At the same
time, they could also go long some gov-
ernment bonds to take advantage of the
risk-off trade in certain bond markets.
Diverging
EU equities
and bonds
D
ESPITE the torrent of bad news
that has hit the Eurozone, the equi-
ty markets keep bouncing back.
With every platitudinous com-
ment from a Eurozone minister that
everything is going to be ok and that
they have everything under control, the
markets have rallied. At first glance, the
rally in the STOXX 600 is particularly sur-
prising considering how heavily weighted
that index is in banking stock a sector
that has a very torrid time of things. And
at the same time, Europes peripheral sov-
ereign debt markets the beast that cen-
tral bankers and government ministers
have been trying to placate have contin-
ued to notch up new record yields and
CDS spreads.
STOCK MARKET RED HERRINGS
So is it the cup half-full equity markets or
the cup half-empty government bond
markets of the European periphery?
To start, a high stock market is not an
indicator that all is rosy in the economy.
It can simply be a sign that this is per-
ceived to be the case or can be a complete
red herring and a sign that investors are
scared to hold anything else govern-
ment bonds, currency or property for
example. Despite this, politicians are
often keen to maintain an artificially
high stock market in order to vindicate
their policies and in doing so create dan-
gerous false economic indicators such
Debt markets have historically
been the more accurate predictor
of a crash, writes Craig Drake
Sovereign bonds are
on a different
trajectory to equities
Picture: ALAMY
THE WEEK AHEAD in association with
COMPANY NEWS
l Gulfsands Petroleum, Highland Gold Mining and
Petra Diamonds all announce today. All are looking
for strikingly good results.
l Tomorrow, the UK-listed holding company of the
Carnival group the world's largest cruise ship
operator is dual-listed in New York and London
announces. It will be hoping for smooth sailing.
l Dolphin Capital Investors, GeoPark and Faroe
Petroleum also announce tomorrow. The latter is an
independent oil and gas company focusing princi-
pally on opportunities in the Atlantic Margin, the
North Sea and Norway.
COMPANY NEWS
l JD Sports Fashion announces on Wednesday.
Undeterred by Londons riots, the company is look-
ing to expand into France, a country not indisposed
to civil unrest itself.
l On Thursday, Green Dragon Gas and Indus Gas
announce. Both gas giants will be looking for solid
results, pointing towards liquid balance sheets.
l Cove Energy announces on Friday. Its primary
activity is mineral exploration. In 2004 it acquired
exclusive rights to platinum and nickel data in a geo-
chemical database of around 140,000 targets cov-
ering Sweden, Finland, Norway and Ireland.
ECONOMICS
l On Wednesday, Nationwides consumer confi-
dence statistics for the UK are released. Since June
it dropped from 55, to 51 in July and 49 in August.
l Early tomorrow, the Reserve Bank of Australia
releases its minutes. The Federal Reserve will
announce its decision on rates later and in the
evening chairman Ben Bernanke will deliver his
press conference. Also released tomorrow are
Germanys producer price index for August and the
ZEW surveys of economic sentiment for Germany.
l Septembers monetary policy minutes will be
released on Wednesday.
POLITICAL NEWS
l Today, officials representing Greeces creditors
are in Athens to decide if they should bear the
gift of 8bn of the rescue funds to keep the
country moving.
l In the US today, President Obama will present
his recommendations for cutting federal budgets
to the congressional super-committee made up
of six Republican and six Democratic lawmakers.
l On Thursday, Prime Minister David Cameron
will address the Canadian Parliament. He is likely
to talk on Libya, deficit reduction and the
Eurozone crisis.
THE TIPSTER
GO SHORT
ON BUYING
FASHION
D
EPARTMENT store Debenhams is
releasing a trading statement
tomorrow. Traders are finding it
tough to be optimistic after poor
August UK retail sales and consumer con-
fidence figures. Rival John Lewis released
its latest figures and found the first half of
the year tricky. Capital Spreads quotes
60.7p-61.1p.
Alliance Trust has been in the press
lately for numerous reasons, ranging from
the hiring of Schroders Juergen Lanzer
on the equities team to the implementa-
tion of the Charles River investment man-
agement system. Hopefully this means
that its interim earnings release today
should show that the modifications are
changing things for the better. Capital
Spreads quotes a price of 340.0p-341.5p.
Gold suffered from the move last week
to ease dollar liquidity and slumped to
three-week lows of $1,763, before recov-
ering on Friday afternoon. There should be
resistance at $1,811 from both the 30-day
simple moving average and the 50 per
cent Fibonacci retracement of the move
from $1,702-$1,920. Spread Co quotes
$1,995.1 - $1,795.5.
The FTSE 100 once again looked ten-
tative around the 5,400 level on Friday
and many went short expecting history to
repeat itself. In the past few weeks the
index has failed to get above and beyond
5,400 on three occasions, so if the resist-
ance level remains intact we could see
further weakness to come. Capital
Spreads quotes 5,383.0-5,384.0.
Philip Salter
Philip Salter
ANALYSIS l STOXX 600 is outperforming the credit markets
12Sept 13Sept 14Sept 15Sept 16Sept
395
390
385
380
375
370
LON GD ONCE FIX AM...........1778.00 -28.00
SILVER LDN FIX AM ..................40.42 0.94
MAPLE LEAF 1 OZ ....................43.63 1.25
LON PLATINUM AM................1799.00 -1.00
LON PALLADIUM AM...............735.00 18.00
ALUMINIUM CASH .................2338.00 9.00
COPPER CASH ......................8709.00 -10.00
LEAD CASH...........................2405.00 22.50
NICKEL CASH......................21645.00 490.00
TIN CASH.............................23450.00 40.00
ZINC CASH ............................2160.50 5.50
BRENT SPOT INDEX................113.15 0.90
SOYA .....................................1382.75 0.00
COCOA..................................2793.00 0.00
COFFEE...................................268.35 0.00
KRUG.....................................1845.00 -37.60
WHEAT ....................................161.80 0.45
AIR LIQUIDE........................................88.09 -0.53 100.65 80.90
ALLIANZ..............................................66.90 1.17 108.85 56.16
ALSTOM ..............................................27.29 -0.50 45.32 25.03
ANHEUS-BUSCH INBEV ....................37.97 1.14 46.33 33.85
ARCELORMITTAL...............................13.36 -0.09 28.55 12.06
AXA........................................................9.64 -0.26 16.16 8.05
BANCO SANTANDER...........................5.92 0.00 9.80 5.15
BASF SE..............................................47.43 -0.38 70.22 42.19
BAYER.................................................39.54 0.58 59.44 35.36
BBVA......................................................5.95 0.10 10.21 5.03
BMW ....................................................57.18 0.66 73.85 46.82
BNP PARIBAS.....................................28.20 -2.31 59.93 23.05
CARREFOUR ......................................16.44 0.22 36.06 14.66
CREDIT AGRICOLE..............................4.92 -0.61 12.92 4.59
CRH PLC..............................................11.68 0.14 17.40 10.28
DAIMLER.............................................36.40 1.18 59.09 30.93
DANONE..............................................44.81 0.49 53.16 42.08
DEU.BOERSE OFFRE ........................43.61 -0.14 55.75 37.03
DEUTSCHE BANK..............................25.10 0.21 48.70 20.79
DEUTSCHE TELEKOM.........................8.50 0.02 11.38 7.88
E.ON.....................................................15.62 0.53 25.54 12.50
ENEL......................................................3.14 0.01 4.86 2.85
ENI .......................................................13.57 -0.14 18.66 11.83
FRANCE TELECOM............................12.11 -0.01 17.45 11.26
GDF SUEZ ...........................................21.09 0.05 30.05 18.32
GENERALI ASS...................................11.22 -0.22 17.05 10.34
IBERDROLA..........................................5.02 -0.01 6.50 4.29
ING GROEP CVA...................................5.32 0.22 9.50 4.32
INTESA SANPAOLO.............................1.02 -0.03 2.53 0.85
KON.PHILIPS ELECTR.......................13.10 -0.10 25.45 12.06
L'OREAL..............................................74.40 -0.26 91.24 69.86
LVMH..................................................115.25 -0.40 132.65 97.67
MUNICH RE.........................................85.74 -0.22 126.00 78.10
NOKIA....................................................4.36 -0.09 8.49 3.33
REPSOL YPF.......................................19.78 -0.04 24.90 17.31
RWE.....................................................25.54 0.70 55.88 21.22
SAINT-GOBAIN...................................30.93 -0.02 47.64 27.62
SANOFI ................................................48.49 0.38 56.82 42.85
SAP......................................................37.24 0.44 46.15 32.88
SCHNEIDER ELECTRIC.....................41.97 -1.01 61.83 37.42
SIEMENS .............................................70.08 0.54 99.39 62.13
SOCIETE GENERALE.........................18.96 0.63 52.70 14.32
TELECOM ITALIA..................................0.79 0.01 1.16 0.70
TELEFONICA ......................................14.10 0.11 19.69 12.50
TOTAL..................................................33.31 0.05 44.55 30.34
UNIBAIL-RODAMCO SE...................138.30 1.50 162.95 124.50
UNICREDIT............................................0.72 -0.05 2.04 0.67
UNILEVER CVA...................................22.72 0.25 24.08 20.82
VINCI ....................................................33.45 -0.15 45.48 30.31
VIVENDI ...............................................15.76 -0.08 22.07 14.10
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5368.41 30.87 0.58
FTSE 250 INDEX . . . . . . . 10428.17 104.09 1.01
FTSE UK ALL SHARE . . . . 2783.65 17.19 0.62
FTSE AIMALL SH . . . . . . . . 769.21 -4.86 -0.63
DOWJONES INDUS 30 . . 11509.09 75.91 0.66
S&P 500 . . . . . . . . . . . . . . . 1216.01 6.90 0.57
NASDAQ COMPOSITE . . . 2622.31 15.24 0.58
FTSEUROFIRST 300 . . . . . . 937.85 5.69 0.61
NIKKEI 225 AVERAGE. . . . 8864.16 195.30 2.25
DAX 30 PERFORMANCE. . 5573.51 65.27 1.18
CAC 40 . . . . . . . . . . . . . . . . 3031.08 -14.54 -0.48
SHANGHAI SE INDEX . . . . 2482.34 3.29 0.13
HANG SENG. . . . . . . . . . . 19455.31 273.81 1.43
S&P/ASX 20 INDEX . . . . . . 2487.70 44.00 1.80
ASX ALL ORDINARIES . . . 4229.90 76.70 1.85
BOVESPA SAO PAOLO. . 57179.90 798.44 1.42
ISEQ OVERALL INDEX . . . 2497.23 33.35 1.35
STI . . . . . . . . . . . . . . . . . . . . 2789.04 23.09 0.84
IGBM. . . . . . . . . . . . . . . . . . . 846.13 5.35 0.64
SWISS MARKET INDEX. . . 5452.88 19.40 0.36
Price Chg %chg
3M........................................................80.53 -0.10 98.19 76.00
ABBOTT LABS ...................................52.17 0.88 54.24 45.07
ALCOA.................................................11.97 -0.01 18.47 10.99
ALTRIA GROUP..................................26.90 0.03 28.13 23.20
AMAZON.COM..................................239.30 12.52 240.44 143.56
AMERICAN EXPRESS........................50.12 0.76 53.80 37.33
AMGEN INC.........................................56.71 0.45 61.53 47.66
APPLE...............................................400.50 7.54 404.50 267.84
AT&T....................................................28.94 0.40 31.94 27.20
BANK OF AMERICA.............................7.23 -0.10 15.31 6.01
BERKSHIRE HATAW B.......................71.55 0.72 87.65 66.51
BOEING CO.........................................65.38 1.06 80.65 56.01
BRISTOL MYERS SQUI ......................30.53 0.57 30.53 20.05
CATERPILLAR....................................85.90 -0.70 116.55 70.80
CHEVRON...........................................99.63 0.37 109.94 78.16
CISCO SYSTEMS................................16.62 -0.05 24.60 13.30
CITIGROUP.........................................28.99 0.40 51.50 25.40
COCA-COLA.......................................71.23 0.21 71.77 57.22
COLGATE PALMOLIVE......................93.64 1.35 93.73 73.62
CONOCOPHILLIPS.............................67.29 0.37 81.80 54.73
CVS/CAREMARK................................36.22 -0.68 39.50 29.10
DU PONT(EI) DE NMR........................47.12 0.64 57.00 42.45
EXXON MOBIL....................................74.55 0.54 88.23 60.36
GENERAL ELECTRIC.........................16.33 0.25 21.65 14.72
GOOGLE A........................................546.68 4.12 642.96 473.02
HEWLETT PACKARD.........................23.53 0.26 49.39 22.13
HOME DEPOT.....................................34.61 0.33 39.38 28.13
IBM.....................................................172.99 2.90 185.63 128.54
INTEL CORP .......................................21.97 0.43 26.78 18.54
J.P.MORGAN CHASE.........................33.43 -0.38 48.36 31.21
JOHNSON & JOHNSON.....................64.59 0.19 68.05 57.50
KRAFT FOODS A................................35.06 0.11 36.30 24.30
MC DONALD'S CORP ........................88.29 0.22 91.22 72.14
MERCK AND CO. NEW......................32.68 0.19 37.68 29.47
MICROSOFT........................................27.12 0.13 29.46 23.65
OCCID. PETROLEUM.........................83.32 -1.09 117.89 73.86
ORACLE CORP...................................29.23 0.28 36.50 24.72
PEPSICO.............................................62.05 -1.17 71.89 59.25
PFIZER ................................................18.15 -0.34 21.45 16.25
PHILIP MORRIS INTL .........................69.08 0.79 72.74 54.61
PROCTER AND GAMBLE ..................64.33 1.55 67.72 56.57
QUALCOMM INC ................................53.87 0.24 59.84 41.01
SCHLUMBERGER ..............................72.84 -1.38 95.64 57.28
TRAVELERS CIES..............................50.61 0.77 64.17 46.62
UNITED TECHNOLOGIE ....................75.50 -0.11 91.83 67.12
UNITEDHEALTH GROUP...................50.76 0.22 53.50 33.92
VERIZON COMMS ..............................36.72 0.53 38.95 30.75
WAL-MART STORES..........................52.65 0.14 57.90 48.31
WALT DISNEY CO ..............................32.91 -0.03 44.34 29.60
WELLS FARGO & CO.........................24.95 -0.24 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 ..................0.857 0.00
LIBOR Euro - 12 months ................2.030 0.00
LIBOR USD - overnight...................0.147 0.00
LIBOR USD - 12 months.................0.835 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 .........................3.330 0.00
European repo rate.........................0.848 0.08
Euro Euribor ....................................1.111 0.02
The vix index ...................................31.17 0.80
The baItic dry index ........................1.907 -0.02
Markit iBoxx...................................230.73 0.19
Markit iTraxx..................................174.05 -9.25
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.3791 0.0093
C/ 0.8727 0.0062
C/ 106.01 0.3840
/C 1.1456 0.0060
/$ 1.5802 0.0006
/ 121.53 0.2969
FTSE 100
5368.41
30.87
FTSE 250
10428.17
104.09
FTSE ALLSHARE
2783.65
17.19
DOW
11509.09
75.91
NASDAQ
2622.31
15.24
S&P 500
1216.01
6.90
Smiths Group . . . . . .981.0 11.5 1429.0 907.5
Brown (N.) Group . . .288.5 8.5 311.2 232.3
Carpetright . . . . . . . . .526.0 7.5 835.5 493.7
Debenhams . . . . . . . . .59.6 0.6 77.4 51.2
Dignity . . . . . . . . . . . .843.0 20.0 844.0 633.0
Dixons RetaiI . . . . . . .11.5 -0.2 28.5 10.6
DuneImGroup . . . . . .453.1 1.2 550.0 378.4
HaIfords Group . . . . .301.0 20.7 475.0 268.6
Home RetaiI Group . .118.1 7.9 235.0 105.1
Inchcape . . . . . . . . . .316.2 15.6 425.4 268.1
JD Sports Fashion . .830.0 -30.0 1030.0 726.0
Kesa EIectricaIs . . . . .89.7 -1.9 174.0 87.2
Kingfisher . . . . . . . . .253.5 2.4 287.1 217.0
Marks & Spencer G . .335.0 4.2 427.5 301.8
Mothercare . . . . . . . .352.1 -0.2 627.5 343.1
Next . . . . . . . . . . . . .2618.0 30.0 2632.0 1868.0
Sports Direct Int . . . .224.7 2.2 266.2 125.5
WH Smith . . . . . . . . . .510.5 10.5 523.0 433.8
Smith & Nephew . . . .592.0 -6.0 742.0 521.0
Synergy HeaIth . . . . .902.0 8.5 981.0 690.0
Barratt DeveIopme . . .80.9 -0.2 119.0 67.5
BeIIway . . . . . . . . . . . .606.0 10.0 753.5 511.0
BerkeIey Group Ho .1249.0 -9.0 1299.0 789.5
BaIfour Beatty . . . . . .250.1 3.7 357.3 228.6
KeIIer Group . . . . . . .365.0 15.0 698.5 307.3
Kier Group . . . . . . . .1253.0 64.0 1418.0 1097.0
Drax Group . . . . . . . .512.5 -21.0 536.5 353.6
Scottish & Southe . .1301.0 0.0 1423.0 1108.0
Domino Printing S . .500.0 -62.0 705.0 494.5
HaIma . . . . . . . . . . . . .343.9 -6.7 429.6 305.0
Laird . . . . . . . . . . . . . .146.8 -3.8 207.0 127.9
Morgan CrucibIe C . .257.0 -6.4 357.1 205.3
Renishaw . . . . . . . . .1224.0 -40.0 1886.0 980.0
Spectris . . . . . . . . . .1361.0 -32.0 1679.0 998.0
Aberforth SmaIIer . . .569.0 13.5 714.0 536.0
AIIiance Trust . . . . . .342.5 2.5 392.7 325.0
Bankers Inv Trust . . .378.6 8.5 428.0 356.5
BH GIobaI Ltd. GB .1189.0 -15.0 1210.0 1058.0
BH GIobaI Ltd. US . . . .11.8 -0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.8 -0.2 20.1 15.8
BH Macro Ltd. GBP 2038.0 -17.0 2070.0 1630.0
BH Macro Ltd. USD . . .19.5 -0.3 20.1 15.8
BIackRock WorId M .697.0 3.5 815.5 606.0
BIueCrest AIIBIue . . .171.5 0.8 176.2 162.4
British Assets Tr . . . .119.0 1.8 140.5 113.0
British Empire Se . . .467.5 5.9 533.0 448.0
CaIedonia Investm .1553.0 7.0 1928.0 1500.0
City of London In . . .273.8 3.3 306.9 257.0
Dexion AbsoIute L . .141.0 0.0 151.0 135.2
Edinburgh Dragon . .225.9 5.9 262.1 213.0
Edinburgh Inv Tru . . .451.5 -0.1 492.2 414.9
EIectra Private E . . .1312.0 11.0 1755.0 1287.0
F&C Inv Trust . . . . . .287.0 2.0 327.9 268.6
FideIity China Sp . . . . .83.8 1.4 128.7 80.0
FideIity European . .1012.0 -6.0 1287.0 947.0
FideIity SpeciaI . . . . .482.1 12.1 595.0 451.5
HeraId Inv Trust . . . . .453.7 11.7 545.5 421.8
HICL Infrastructu . . . .115.0 -0.4 121.3 112.0
Impax Environment . .99.0 0.0 130.5 96.1
JPMorgan American .815.0 23.0 916.0 721.5
JPMorgan Asian In . .198.5 3.5 250.8 195.0
JPMorgan Emerging .525.0 7.5 639.0 499.3
JPMorgan European .740.0 10.5 983.5 701.0
JPMorgan Indian I . . .379.2 5.5 502.0 354.8
JPMorgan Russian .518.0 3.0 755.0 495.4
Law Debenture Cor . .337.0 6.5 385.0 309.8
MercantiIe Inv Tr . . . .921.0 3.0 1137.0 876.5
Merchants Trust . . . .372.6 5.6 431.8 348.7
Monks Inv Trust . . . .338.5 1.5 367.9 311.3
Murray Income Tru . .615.0 7.0 673.0 577.0
Murray Internatio . . .900.0 12.5 991.5 845.5
PerpetuaI Income . . .247.9 2.8 276.0 230.6
PoIar Cap TechnoI . .338.9 4.9 391.2 299.5
RIT CapitaI Partn . . .1270.0 19.0 1334.0 1110.0
Scottish Inv Trus . . . .460.0 12.0 524.0 423.5
Scottish Mortgage . .684.5 6.0 781.0 609.5
SVG CapitaI . . . . . . . .226.7 -6.6 279.8 154.1
TempIe Bar Inv Tr . . .833.5 -1.5 952.0 782.0
TempIeton Emergin .573.0 3.0 689.5 554.0
TR Property Inv T . . .165.0 2.0 206.1 154.5
TR Property Inv T . . . .75.5 1.5 94.0 68.7
Witan Inv Trust . . . . .446.0 5.0 533.0 426.4
3i Group . . . . . . . . . . .209.8 10.1 340.0 188.4
3i Infrastructure . . . .121.2 -1.2 125.2 112.9
Aberdeen Asset Ma .191.3 2.5 240.0 147.1
Ashmore Group . . . .402.2 -1.8 420.0 301.5
Brewin DoIphin Ho . .132.3 1.8 185.4 121.3
CameIIia . . . . . . . . . .9277.0-173.010950.08900.0
CharIes TayIor Co . . .140.3 -4.3 198.3 122.0
City of London Gr . . . .76.3 0.0 93.6 76.3
City of London In . . .385.0 3.3 461.5 314.0
CIose Brothers Gr . . .684.0 2.5 888.5 656.5
CoIIins Stewart H . . . .71.5 1.0 90.8 67.0
EvoIution Group . . . . .92.0 0.3 94.0 62.3
F&C Asset Managem .68.1 1.0 92.9 58.7
Hargreaves Lansdo .463.4 -5.5 646.5 402.5
HeIphire Group . . . . . . .2.6 -0.2 39.0 2.2
Henderson Group . . .128.0 3.6 173.1 117.4
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .472.4 -2.9 570.5 391.3
IG Group HoIdings . .447.2 4.6 553.0 393.6
Intermediate Capi . . .227.1 -0.2 360.3 204.8
InternationaI Per . . . .236.5 4.1 388.8 218.1
InternationaI Pub . . . .113.5 -0.5 118.3 108.6
Investec . . . . . . . . . . .410.0 -4.2 538.0 378.7
IP Group . . . . . . . . . . . .46.8 2.0 54.5 27.9
Jupiter Fund Mana . .228.9 9.2 337.3 184.9
Liontrust Asset M . . . .72.5 0.0 95.0 72.0
LMS CapitaI . . . . . . . . .61.0 -1.0 64.8 44.8
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .871.0 1.5 1076.0 675.0
Lonrho . . . . . . . . . . . . .15.3 0.5 19.8 10.8
Man Group . . . . . . . . .237.2 -2.9 311.0 178.0
Paragon Group Of . .156.9 1.3 206.1 134.6
Provident Financi . .1072.0 24.0 1124.0 728.5
Rathbone Brothers .1071.0 23.0 1257.0 828.0
Record . . . . . . . . . . . . .29.1 -0.3 51.0 20.3
RSM Tenon Group . . .21.5 -0.3 66.3 21.3
Schroders . . . . . . . .1323.0 -13.0 1922.0 1310.0
Schroders (Non-Vo .1087.0 4.0 1554.0 1058.0
TuIIett Prebon . . . . . .378.9 -7.5 428.6 329.8
WaIker Crips Grou . . .49.0 0.0 51.5 45.0
BT Group . . . . . . . . . .175.8 2.9 204.1 138.9
CabIe & WireIess . . . .40.5 2.7 61.1 31.3
CabIe & WireIess . . . .33.2 1.5 78.4 30.9
COLT Group SA . . . .105.6 -2.8 156.2 100.6
TaIkTaIk TeIecom . . .127.5 3.5 168.3 119.8
TeIecomPIus . . . . . . .695.0 5.0 702.2 365.5
Booker Group . . . . . . .76.3 1.7 77.9 47.9
Greggs . . . . . . . . . . . .473.0 0.3 550.5 429.1
Morrison (Wm) Sup .292.5 -0.7 308.3 262.7
Ocado Group . . . . . . .133.7 6.4 285.0 107.0
Sainsbury (J) . . . . . . .285.9 3.5 395.0 275.6
Tesco . . . . . . . . . . . . .373.8 2.9 440.7 360.1
Associated Britis . . .1118.0 35.0 1182.0 940.0
Cranswick . . . . . . . . .633.0 17.0 896.0 606.0
Dairy Crest Group . . .337.8 5.1 424.9 325.0
Devro . . . . . . . . . . . . .250.5 13.7 296.9 218.0
Premier Foods . . . . . . .13.1 0.6 35.1 11.3
Tate & LyIe . . . . . . . . .611.5 5.5 656.0 461.6
UniIever . . . . . . . . . .1958.0 -7.0 2081.0 1750.0
Mondi . . . . . . . . . . . . .551.0 16.0 664.0 468.8
Centrica . . . . . . . . . . .300.0 0.6 345.8 286.3
InternationaI Pow . . .336.2 2.9 448.6 279.4
NationaI Grid . . . . . . .620.5 1.0 632.5 530.0
Northumbrian Wate .462.0 0.0 469.5 295.5
Pennon Group . . . . . .687.0 2.5 737.5 579.5
Severn Trent . . . . . .1488.0 -1.0 1517.0 1306.0
United UtiIities . . . . .602.5 2.5 631.5 543.5
Cookson Group . . . . .459.0 3.1 724.5 421.1
DS Smith . . . . . . . . . .200.3 5.8 266.2 145.9
Rexam . . . . . . . . . . . .333.1 0.8 400.0 301.5
RPC Group . . . . . . . .338.0 17.9 384.8 215.4
BAE Systems . . . . . .284.3 5.3 369.9 248.1
Chemring Group . . . .549.0 2.0 736.5 485.0
Cobham . . . . . . . . . . .180.9 0.9 245.6 173.4
Meggitt . . . . . . . . . . . .320.1 0.4 397.6 288.3
QinetiQ Group . . . . . .118.9 -1.0 136.3 96.7
RoIIs-Royce Group . .620.0 4.0 665.0 557.5
Senior . . . . . . . . . . . . .148.3 -0.7 190.6 124.6
UItra EIectronics . . .1420.0 22.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .194.6 -0.1 245.0 159.9
BarcIays . . . . . . . . . . .163.4 5.4 333.6 141.7
HSBC HoIdings . . . . .524.8 3.7 730.9 491.4
LIoyds Banking Gr . . .35.8 -0.1 77.4 27.6
RoyaI Bank of Sco . . .24.3 0.6 49.5 19.7
Standard Chartere .1376.0 -3.0 1950.0 1295.0
AG Barr . . . . . . . . . .1159.0 36.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .309.0 2.1 503.5 289.9
Diageo . . . . . . . . . . .1234.0 10.0 1307.0 1070.0
SABMiIIer . . . . . . . . .2235.0 -2.0 2340.0 1974.5
AZ EIectronic Mat . . .266.6 15.0 338.1 210.0
Croda Internation . .1844.0 -2.0 2081.0 1367.0
EIementis . . . . . . . . . .138.9 -0.5 187.4 95.0
Johnson Matthey . .1674.0 27.0 2119.0 1534.0
Victrex . . . . . . . . . . .1242.0 -9.0 1590.0 1178.0
YuIe Catto & Co . . . . .171.4 -0.7 253.0 150.1
Price Chg High Low
Bovis Homes Group .409.9 2.4 464.7 326.5
Persimmon . . . . . . . .454.4 -1.5 502.5 336.5
Reckitt Benckiser . .3298.0 23.0 3648.0 3015.0
Redrow . . . . . . . . . . . .110.0 -4.0 139.0 98.4
TayIor Wimpey . . . . . . .34.5 1.9 43.3 22.3
Bodycote . . . . . . . . . .276.9 -2.1 397.7 247.0
Charter Internati . . . .870.0 0.5 875.0 538.5
Fenner . . . . . . . . . . . .356.0 -4.0 422.5 231.0
IMI . . . . . . . . . . . . . . . .807.5 -27.0 1119.0 733.0
MeIrose . . . . . . . . . . .301.0 -2.5 365.4 254.0
Northgate . . . . . . . . . .272.2 1.0 346.7 202.0
Rotork . . . . . . . . . . .1658.0 -2.0 1895.0 1501.0
Spirax-Sarco Engi . .1843.0 -8.0 2063.0 1649.0
Weir Group . . . . . . .1845.0 -17.0 2218.0 1371.0
Ferrexpo . . . . . . . . . . .375.9 -2.5 499.0 292.4
TaIvivaara Mining . . .307.1 7.1 622.0 283.4
BBAAviation . . . . . . .170.9 2.9 240.8 156.0
Stobart Group Ltd . . .133.0 6.1 163.6 124.1
AdmiraI Group . . . . .1297.0 -17.0 1754.0 1270.0
AmIin . . . . . . . . . . . . .297.1 10.1 427.0 278.7
BeazIey . . . . . . . . . . . .121.0 4.3 139.2 109.6
Informa . . . . . . . . . . . .357.5 11.9 461.1 324.0
ITE Group . . . . . . . . . .182.2 -2.3 258.2 160.5
ITV . . . . . . . . . . . . . . . . .56.9 -0.3 93.5 51.7
Johnston Press . . . . . . .4.8 0.1 15.3 4.4
MecomGroup . . . . . .143.0 -5.5 310.0 140.3
Moneysupermarket. .117.6 3.6 120.4 75.7
Pearson . . . . . . . . . .1138.0 28.0 1207.0 926.0
PerformGroup . . . . .210.0 5.0 234.5 150.0
Reed EIsevier . . . . . .497.4 6.7 590.5 461.3
Rightmove . . . . . . . .1231.0 -20.0 1307.0 725.0
STV Group . . . . . . . . .110.0 0.5 168.0 89.8
Tarsus Group . . . . . .135.3 -3.5 165.0 112.5
Trinity Mirror . . . . . . . .41.0 0.5 124.0 37.5
UBM . . . . . . . . . . . . . .466.3 18.5 725.0 416.0
UTV Media . . . . . . . . .124.3 -0.8 151.0 101.0
WiImington Group . . .82.5 -3.8 183.0 82.5
WPP . . . . . . . . . . . . . .628.5 2.5 846.5 578.5
YeII Group . . . . . . . . . . .4.6 -0.4 16.6 4.2
African Barrick G . . .592.0 -3.0 638.0 393.5
AngIo American . . .2523.5 27.0 3437.0 2234.0
AngIo Pacific Gro . . .298.8 10.2 369.3 257.1
Antofagasta . . . . . . .1300.0 9.0 1634.0 1136.0
Aquarius PIatinum . .223.2 5.2 419.0 215.2
BHP BiIIiton . . . . . . .2002.0 16.0 2631.5 1846.0
Centamin Egypt Lt . .107.7 3.7 197.1 89.7
CatIin Group Ltd. . . .355.5 1.7 421.4 325.0
Hiscox Ltd. . . . . . . . . .360.0 8.4 424.7 340.5
Jardine LIoyd Tho . . .660.5 -2.5 709.0 564.5
Lancashire HoIdin . . .725.0 29.5 732.5 529.0
RSA Insurance Gro . .114.2 0.3 143.5 107.9
Aviva . . . . . . . . . . . . . .310.4 4.0 477.9 289.2
LegaI & GeneraI G . . .100.4 3.5 123.8 90.9
OId MutuaI . . . . . . . . .115.8 0.4 145.2 103.2
Phoenix Group HoI . .516.0 -4.0 730.0 458.0
PrudentiaI . . . . . . . . .605.5 6.5 777.0 564.5
ResoIution Ltd. . . . . .252.2 5.7 316.1 211.3
St James's PIace . . . .317.4 -7.3 376.0 236.2
Standard Life . . . . . . .197.3 1.4 244.7 172.0
4Imprint Group . . . . .213.0 1.5 295.0 195.0
Aegis Group . . . . . . .129.8 3.0 163.5 120.6
BIoomsbury PubIis . .101.0 -0.3 138.0 98.8
British Sky Broad . . .688.0 -11.5 850.0 618.5
Centaur Media . . . . . . .38.8 0.8 73.0 37.0
Chime Communicati .181.0 -2.0 298.5 173.0
Creston . . . . . . . . . . . .80.0 -2.0 121.0 78.5
DaiIy MaiI and Ge . . .381.8 6.1 594.5 359.5
Euromoney Institu . .543.0 -16.5 736.0 522.5
Future . . . . . . . . . . . . . .12.0 0.3 30.0 10.8
Haynes PubIishing . .235.0 0.0 262.5 202.5
Huntsworth . . . . . . . . .56.0 -2.0 86.0 56.0
Eurasian NaturaI . . .667.5 6.5 1125.0 585.5
FresniIIo . . . . . . . . . .1882.0 -25.0 2150.0 1168.0
GemDiamonds Ltd. .241.0 7.0 306.0 179.8
GIencore Internat . . .454.7 17.5 531.1 348.0
HochschiId Mining . .521.5 1.5 680.0 407.3
Kazakhmys . . . . . . .1052.0 -14.0 1671.0 918.0
Kenmare Resources . .48.3 2.9 59.9 17.2
Lonmin . . . . . . . . . . .1198.0 -18.0 1983.0 1103.0
New WorId Resourc .554.5 -10.5 1060.0 514.5
PetropavIovsk . . . . . .836.0 -2.0 1228.0 676.0
RandgoId Resource 6955.0 225.0 7070.0 4425.0
Rio Tinto . . . . . . . . .3625.0 19.0 4712.0 3387.5
Vedanta Resources 1422.0 9.0 2559.0 1225.0
Xstrata . . . . . . . . . . .1041.0 2.0 1550.0 933.4
Inmarsat . . . . . . . . . . .532.5 34.5 719.5 389.7
Vodafone Group . . . .163.9 0.6 182.8 155.1
Genesis Emerging . .475.0 5.2 568.0 444.5
Afren . . . . . . . . . . . . . .104.9 -0.5 171.2 92.5
BG Group . . . . . . . . .1283.5 21.5 1564.5 1082.5
BP . . . . . . . . . . . . . . . .413.6 2.6 509.0 363.2
Cairn Energy . . . . . . .295.9 0.5 469.7 281.4
EnQuest . . . . . . . . . . .102.1 1.3 158.5 95.1
Essar Energy . . . . . .268.9 6.3 589.5 235.1
ExiIIon Energy . . . . . .313.0 20.0 469.7 190.0
Heritage OiI . . . . . . . .240.0 5.2 486.0 190.0
JKX OiI & Gas . . . . . .182.4 9.4 335.1 160.0
Premier OiI . . . . . . . . .349.9 3.7 535.0 310.0
RoyaI Dutch SheII . .2093.0 -7.0 2326.5 1863.5
RoyaI Dutch SheII . .2112.0 -15.5 2336.0 1811.0
SaIamander Energy .215.0 -2.0 317.6 200.4
Soco Internationa . . .358.0 -0.2 456.2 279.8
TuIIow OiI . . . . . . . . .1395.0 -5.0 1493.0 945.5
Amec . . . . . . . . . . . . .943.5 -2.5 1251.0 834.0
Hunting . . . . . . . . . . .650.0 10.5 817.0 592.5
LampreII . . . . . . . . . . .292.0 6.2 395.2 254.5
Petrofac Ltd. . . . . . .1413.0 23.0 1685.0 1110.0
Wood Group (John) .571.5 2.0 715.8 390.3
Burberry Group . . . .1465.0 8.0 1600.0 910.0
PZ Cussons . . . . . . . .335.8 -0.1 409.0 320.5
Supergroup . . . . . . .1110.0 -26.0 1820.0 818.5
AstraZeneca . . . . . .2849.0 43.0 3359.0 2543.5
BTG . . . . . . . . . . . . . .276.0 9.7 309.7 210.1
Genus . . . . . . . . . . . .1040.0 43.0 1077.0 772.0
GIaxoSmithKIine . . .1300.0 7.5 1385.0 1127.5
Hikma Pharmaceuti .591.0 11.0 900.0 555.5
Shire PIc . . . . . . . . . .1997.0 17.0 2136.0 1405.0
CapitaI & Countie . . .179.2 3.4 203.7 129.0
Daejan HoIdings . . .2393.0 -8.0 2954.0 2282.0
F&C CommerciaI Pr .101.9 1.9 108.0 88.0
Grainger . . . . . . . . . . . .96.0 -7.3 133.2 86.3
London & Stamford .120.4 -1.7 140.0 110.3
SaviIIs . . . . . . . . . . . . .296.6 6.1 427.1 288.2
St. Modwen Proper . .140.0 0.6 196.2 123.5
UK CommerciaI Pro . .76.6 -0.9 85.5 70.4
Unite Group . . . . . . . .180.0 0.9 229.8 152.9
Big YeIIow Group . . .258.0 -5.7 353.3 234.2
British Land Co . . . . .510.5 1.5 629.5 464.0
CapitaI Shopping . . .328.2 3.2 424.8 312.5
Derwent London . . .1636.0 48.0 1880.0 1411.0
Great PortIand Es . . .382.7 12.6 445.0 328.6
Hammerson . . . . . . . .394.9 4.7 490.9 382.0
Hansteen HoIdings . . .75.9 0.9 89.5 64.8
Land Securities G . . .677.5 3.5 885.0 620.5
SEGRO . . . . . . . . . . . .234.0 -1.4 331.3 232.4
Shaftesbury . . . . . . . .493.1 21.2 539.0 426.3
Autonomy Corporat 2529.0 0.0 2531.5 1271.0
Aveva Group . . . . . .1480.0 -14.0 1799.0 1389.0
Computacenter . . . . .396.0 11.7 490.0 286.4
Fidessa Group . . . . .1585.0 5.0 2109.0 1409.0
Invensys . . . . . . . . . . .245.0 0.7 364.3 221.7
Kofax . . . . . . . . . . . . .319.0 9.0 535.0 253.0
Logica . . . . . . . . . . . . .85.2 0.7 147.2 80.3
Micro Focus Inter . . .324.0 -9.6 426.2 239.4
Misys . . . . . . . . . . . . .274.9 0.0 420.2 234.7
Sage Group . . . . . . . .262.9 3.9 302.0 231.7
SDL . . . . . . . . . . . . . . .620.0 8.0 711.5 555.0
TeIecity Group . . . . . .574.5 21.5 574.5 430.0
Aggreko . . . . . . . . . .1816.0 -22.0 2034.0 1394.5
Ashtead Group . . . . .141.9 -4.1 207.9 99.4
Atkins (WS) . . . . . . . .557.5 5.5 820.0 513.5
Babcock Internati . . .643.0 17.5 733.0 513.5
Berendsen . . . . . . . . .466.4 5.6 568.0 390.0
BunzI . . . . . . . . . . . . .790.5 3.5 812.5 676.5
Capita Group . . . . . . .733.5 11.5 794.5 635.5
CariIIion . . . . . . . . . . .339.2 2.6 403.2 298.8
De La Rue . . . . . . . . .783.0 7.5 853.5 549.5
EIectrocomponents .205.8 0.5 294.9 190.0
Experian . . . . . . . . . . .711.5 -9.5 833.5 663.0
FiItrona PLC . . . . . . . .365.2 2.4 385.5 227.5
G4S . . . . . . . . . . . . . . .265.0 1.5 291.0 237.7
Hays . . . . . . . . . . . . . . .75.0 1.8 133.6 69.4
Homeserve . . . . . . . .487.7 7.7 532.0 408.0
Howden Joinery Gr . .110.4 1.4 127.5 71.0
Intertek Group . . . . .2041.0 41.0 2148.0 1715.0
MichaeI Page Inte . . .366.1 9.0 567.0 338.7
Mitie Group . . . . . . . .239.5 4.4 242.9 191.2
Premier FarneII . . . . .161.3 -1.7 308.8 151.9
Regus . . . . . . . . . . . . . .77.0 2.2 119.0 64.0
RentokiI InitiaI . . . . . . .79.0 1.5 104.9 72.9
RPS Group . . . . . . . . .186.8 1.1 253.0 179.5
Serco Group . . . . . . .515.5 14.5 633.0 491.9
Shanks Group . . . . . .114.2 0.8 130.9 101.1
SIG . . . . . . . . . . . . . . .100.0 -0.1 153.5 96.0
SThree . . . . . . . . . . . .238.6 10.6 447.6 221.6
Travis Perkins . . . . . .771.5 7.5 1127.0 722.0
WoIseIey . . . . . . . . .1542.0 -8.0 2261.0 1404.0
ARM HoIdings . . . . . .595.0 -15.0 651.0 338.9
CSR . . . . . . . . . . . . . .242.7 5.2 447.0 208.0
Imagination Techn . .409.7 10.7 502.0 296.9
Pace . . . . . . . . . . . . . .105.6 0.3 231.8 91.0
Spirent Communica .125.3 1.2 160.3 116.0
British American . .2791.5 36.0 2871.0 2282.5
ImperiaI Tobacco . .2026.0 22.0 2231.0 1784.0
Avis Europe . . . . . . . .313.5 -0.3 314.7 184.0
Betfair Group . . . . . . .772.0 31.0 1550.0 567.0
Bwin.party Digita . . .128.6 1.7 297.9 100.6
CarnivaI . . . . . . . . . .2074.0 -8.0 3153.0 1742.0
Compass Group . . . .559.0 6.5 612.0 511.5
Domino's Pizza UK . .504.0 3.0 586.0 377.0
easyJet . . . . . . . . . . . .330.5 0.6 479.0 301.0
Enterprise Inns . . . . . .40.6 1.4 122.7 32.5
FirstGroup . . . . . . . . .341.0 1.1 412.6 311.3
Go-Ahead Group . . .1506.0 36.0 1598.0 1085.0
Greene King . . . . . . .462.2 3.9 518.0 410.0
InterContinentaI . . .1067.0 0.0 1435.0 955.0
InternationaI Con . . .158.1 1.4 305.0 146.2
JD Wetherspoon . . . .408.3 1.6 468.3 389.9
Ladbrokes . . . . . . . . .126.8 1.7 155.3 120.0
Marston's . . . . . . . . . . .97.8 0.7 117.1 87.1
MiIIennium& Copt . .412.0 -1.0 600.5 395.5
MitcheIIs & ButIe . . . .260.4 -6.7 361.0 216.4
NationaI Express . . .236.7 4.0 270.2 220.7
Rank Group . . . . . . . .135.9 8.2 153.7 109.5
Restaurant Group . . .275.8 1.4 335.0 254.9
Spirit Pub Compan . . .42.0 -1.0 55.0 37.0
Stagecoach Group . .246.6 -0.5 268.5 180.4
Thomas Cook Group .43.9 -4.0 204.8 33.7
TUI TraveI . . . . . . . . . .158.5 8.5 271.9 137.2
Whitbread . . . . . . . .1641.0 1.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .228.1 0.1 237.3 155.5
Abcam . . . . . . . . . . . .370.0 -2.5 460.0 307.0
AIbemarIe & Bond . .366.0 3.4 400.1 250.0
Amerisur Resource . .15.6 -0.6 29.0 11.5
Andor TechnoIogy . .589.5 -3.0 685.0 328.0
ArchipeIago Resou . . .75.8 0.0 79.0 32.3
ASOS . . . . . . . . . . . .1707.0 -78.0 2468.0 1067.0
AureIian OiI & Ga . . . .16.0 -30.0 92.0 15.7
Avanti Communicat .310.3 -4.8 735.0 288.8
Avocet Mining . . . . . .268.5 -4.0 286.8 139.0
BIinkx . . . . . . . . . . . . .152.0 0.5 154.9 70.5
Borders & Souther . . .49.3 -0.8 93.0 44.8
BowLeven . . . . . . . . .122.8 -0.8 398.0 115.3
Brooks MacdonaId 1240.0 7.5 1372.5 907.5
Conygar Investmen . .98.0 0.5 120.0 92.5
Cove Energy . . . . . . . .82.0 7.0 112.8 60.0
Daisy Group . . . . . . . .110.5 0.5 127.0 88.0
EMIS Group . . . . . . . .550.0 2.5 580.0 350.0
Encore OiI . . . . . . . . . .50.5 0.3 151.5 40.8
Faroe PetroIeum . . . .160.0 -2.0 218.3 133.0
GuIfsands PetroIe . . .180.0 1.8 401.5 142.5
GWPharmaceuticaI .103.5 -0.5 130.0 83.0
Hamworthy . . . . . . . .538.0 -8.0 705.0 360.0
Hargreaves Servic .1021.0 21.0 1076.0 662.0
HeaIthcare Locums . . . .8.7 -0.3 9.5 8.4
Immunodiagnostic .1035.0 -67.0 1218.0 768.5
ImpeIIamGroup . . . .330.0 -20.0 387.5 133.0
James HaIstead . . . . .443.5 8.5 495.0 323.5
KaIahari MineraIs . . .245.0 4.8 301.0 142.0
London Mining . . . . .372.8 -3.5 436.5 283.0
Lupus CapitaI . . . . . . .98.0 0.0 150.0 86.0
M. P. Evans Group . .434.0 -6.0 500.5 371.0
Majestic Wine . . . . . .422.6 9.4 510.0 318.0
May Gurney Integr . .247.4 2.4 295.0 177.0
Monitise . . . . . . . . . . . .34.5 -0.5 39.0 18.5
MuIberry Group . . . .1540.0 50.0 1920.0 375.0
Nanoco Group . . . . . . .60.0 2.0 115.8 56.8
NauticaI PetroIeu . . .303.0 14.0 547.0 205.0
NichoIs . . . . . . . . . . . .520.0 0.0 579.0 410.0
Numis Corporation . . .89.0 -1.0 137.8 89.0
Pan African Resou . . .12.8 -0.3 14.5 8.2
Patagonia GoId . . . . . .63.0 -2.0 70.0 20.3
Prezzo . . . . . . . . . . . . .59.0 0.3 71.5 53.3
Pursuit Dynamics . . .209.0 0.0 700.0 160.5
Rockhopper ExpIor .220.5 -0.5 510.0 141.0
RWS HoIdings . . . . . .431.0 1.0 479.8 258.5
Songbird Estates . . .123.0 2.5 160.3 110.3
VaIiant PetroIeum . . .437.0 -18.0 761.5 436.5
Young & Co's Brew . .650.0 -2.5 712.0 530.0
HaIfords Group . . . . .301.0 7.4
Home RetaiI Group . .118.1 7.2
CabIe & WireIess C . . .40.5 7.1
Inmarsat . . . . . . . . . . .532.5 6.9
ExiIIon Energy . . . . . .313.0 6.8
Rank Group . . . . . . . .135.9 6.4
Kenmare Resources . .48.3 6.3
AZ EIectronic Mate . .266.6 6.0
Devro . . . . . . . . . . . . .250.5 5.8
TayIor Wimpey . . . . . . .34.5 5.7
Domino Printing Sc .500.0 -11.0
Thomas Cook Group .43.9 -8.3
Grainger . . . . . . . . . . . .96.0 -7.1
Drax Group . . . . . . . .512.5 -3.9
Redrow . . . . . . . . . . . .110.0 -3.5
JD Sports Fashion . .830.0 -3.5
IMI . . . . . . . . . . . . . . . .807.5 -3.2
Renishaw . . . . . . . . .1224.0 -3.2
Euromoney Institut . .543.0 -3.0
Micro Focus Intern . .324.0 -2.9
Risers FaIIers
MAIN CHANGES UK 350
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Price Chg High Low Price Chg High Low
GILTS
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AUTOMOBILES & PARTS
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MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.47 -0.03 103.2 100.5
Tsy 5.000 12 . . . .102.08 -0.03 106.3 102.1
Tsy 5.250 12 . . . .103.37 -0.04 107.7 103.4
Tsy 9.000 12 . . . .107.10 0.00 115.1 106.7
Tsy 4.500 13 . . . .105.79 -0.01 108.8 105.7
Tsy 2.500 13 . . . .284.10 0.01 287.7 277.5
Tsy 8.000 13 . . . . .114.90 -0.03 120.7 114.8
Tsy 5.000 14 . . . . .112.42 0.04 114.1 109.2
Tsy 7.750 15 . . . .101.71 -1.10 109.3 101.7
Tsy 4.750 15 . . . . .114.52 0.05 114.8 108.6
Tsy 8.000 15 . . . .128.65 0.04 131.3 123.7
Tsy 2.500 16 . . . .340.08 0.24 341.0 310.2
Tsy 4.000 16 . . . . .112.96 0.10 113.4 104.9
Tsy 12.000 17 . . .124.20 -0.04 134.3 124.2
Tsy 1.250 17 . . . . .114.31 0.31 115.0 106.7
Tsy 8.750 17 . . . .140.44 0.14 142.1 132.9
Tsy 5.000 18 . . . .120.30 0.19 121.0 109.7
Tsy 4.500 19 . . . . .117.58 0.20 118.5 105.4
Tsy 3.750 19 . . . . .112.03 0.24 112.9 99.4
Tsy 4.750 20 . . . . .119.76 0.21 120.7 106.6
Tsy 2.500 20 . . . .352.83 0.41 355.6 312.4
Tsy 8.000 21 . . . .150.21 0.25 151.6 133.8
Tsy 4.000 22 . . . . .113.22 0.31 114.2 99.0
Tsy 1.875 22 . . . .122.89 0.62 123.2 111.3
Tsy 2.500 24 . . . .314.90 0.52 316.3 273.5
Tsy 5.000 25 . . . .123.63 0.40 124.8 107.4
Tsy 1.250 27 . . . . .117.96 0.66 118.4 104.6
Tsy 4.250 27 . . . . .113.90 0.55 114.8 97.9
Tsy 6.000 28 . . . .138.05 0.52 139.1 119.5
Tsy 4.125 30 . . . .299.23 0.66 300.3 261.2
Tsy 4.750 30 . . . .120.29 0.62 121.3 103.0
Tsy 4.250 32 . . . . .112.70 0.66 113.8 96.0
Tsy 4.250 36 . . . . .111.48 0.78 112.7 95.0
Tsy 4.750 38 . . . .120.22 0.77 121.7 102.8
Tsy 4.500 42 . . . . .116.19 0.00 116.2 98.9
% %
27
W
ELCOME to LA. Embrace the
pain! jokes leading man Scoot
McNairy in the touching 2007
indie flick In Search Of A
Midnight Kiss. McNairys character is a
failed, lonely screenwriter trying to woo a
failed, lonely actress (Sarah Simmonds) on
a New Years Eve date. His poignant words
echo around the famous Orpheum
Theatre, a 1926 music hall gem which the
couple have snuck into.
The film a brilliant sleeper hit delib-
erately avoids the obvious glitz of Beverly
Hills and concentrates its energies on the
unexplored historic nooks and crannies of
this most misunderstood of American
cities.
OLD DOWNTOWN
In Search Of A Midnight Kiss is just one
example of LAs newfound pride in its past.
No longer does the city simply bulldoze or
abandon its old buildings now its realis-
ing that they can be beautiful focal points
that speak of different eras, and act as
counterpoints to Hollywoods rampant
obsession with the new and the young,
which is expressed in everything from plas-
tic surgery to food fads and new cars.
Theres so much more to Los Angeles
than that. Most visitors bypass downtown,
but its one of LAs most exciting districts
today. As our star crossd lovers explore the
area in In Search Of A Midnight Kiss, they
weave between dilipated old office blocks
and art deco theatres, and past the Beaux
Arts facades of the financial buildings on
Spring Street once known as the Wall
Street of the West.
The pair pause at the locked doors of the
former Los Angeles Stock Exchange and
wonder why downtown is such a desert
while the rest of the city is so rich. Well,
slowly but surely, life is returning to these
central streets with hip joints like The
Standard occupying the former Standard
Oil company HQ. Its rooftop bar is one of
the coolest places to drink mojitos in town,
while the Stock Exchange itself is now a
slightly tacky nightclub.
VINTAGE PASADENA
Pasadena is the serene old aunt of greater
LA, a well-to-do district off most tourist
radars, with clipped lawns and clean
streets. But its architectural history will
have fans of American buildings salivating.
The 1908 Gamble House is the icing on the
cake a wonderous Hansel and Gretel
dream lodge which looks so striking it was
used as the Docs house in Back To The
Future. Nearby is the
Blacker House, another
villa built in splendid
style for summering East
Coast industrialists by
the same architects at
the Gamble House,
Pasadenas most
famous sons Greene & Greene.
Just up the road is the Rose Bowl, dating
from 1922 and one of the most beautiful
sports stadiums in the world venue for
two Olympics, five NFL Superbowls, and
one World Cup Football Final.
Pass through Pasadenas charm-
ing little city centre on your way to the
Huntington, a botanical gardens and cul-
tural centre set up by grumpy industrialist
and property tycoon Henry Huntington.
The Langham
Huntington, Pasadena,
with stunning back-
drop.
Lifestyle | Travel
LA: eat, drink stay
WHERE TO STAY
Langham Huntington Pasadena
Henry Huntington bought this hotel
because he rather liked the idea of guests
not staying in his own house. He put them
out here instead. Begun in 1906, the castle-
like hotel is about as historic as American
lodgings get. A particular highlight is the
back lawn and the terrace overlooking it,
from where you can sip fine Sonoma Pinot
Noirs and watch the evening light fade over
the San Gabriel Mountains. There's also a
rather nice pool and a free shuttle service
into central Pasadena; handy if you're not
driving.
pasadena.langhamhotels.com
WHERE TO EAT AND DRINK
The Ivy
Dating from the 1980s (a veritable ice age
ago in restaurant years), The Ivy serves up
delicious retro comfort food that veers
between Mediterreanean and Mexican.
Mesquite grilled swordfish is delcious, ditto
guacamole with home made tortillas, lus-
cious crab cakes, and the fries are crisp and
dream-like. Oh and if it's celebrities you
want stars who lunch here include Ben
Affleck, Tim Burton, Jack Nicholson,
Madonna, Lindsay Lohan and Tom Cruise.
The restaurant even featured in the Danny
Devito movie Get Shorty.
113 N. Robertson Boulevard, Beverly Hills
WHERE TO DRINK
Chateau Marmont Bar, Hunter S Thomson,
Howard Hughes and Jim Morrison holed up
at this den of debauchery. John Belushi died
here and it's only a short walk down the
road to the piece of pavement where River
Phoenix met his maker outside the nearby
Viper Room on Halloween night in 1993.
Truly, the 86 year-old Chateau is a monu-
ment to mayhem. Where better to sip a
Marmont Mai Tai and tuck in to sublime
fried chicken on Sunday nights.
www.chateaumarmont.com/
HOW TO GET THERE
British Airways, American Airlinesm United
Airlines and Virgin Atlantic all fly direct
from London Heathrow to Los Angeles
International (LAX).
History lives on in the City of Angels
Los Angeles is often thought to be all show and
glitz, no substance. Chris Beanland discovers
greater depths to the legendary city
Huntington who made cartfulls of cash
developing the famous Pacific Electric
Streetcar network wasnt fond of enter-
taining, but he did gift his mansion and all
the art in it to the nation on his death.
HISTORIC HOLLYWOOD
The Hollywood Sign is a masterpiece in
inadvertantly creating an icon that people
fall in love with. The most instantly recog-
nisable signature of LA and a byword for
movie glamour, the sign perched atop a
mountain and made of flimsy material
was only supposed to advertise some hous-
es for sale. But its striking design made it a
hit. It was threatened with removal and
was worn away and broken down in the
bad old days, but now its fully repaired
and proudly looking over a reinvigorated
Hollywood again, a great mark of a city
reborn.
Unless you put the hiking boots on, you
can only really see The Hollywood Sign
from a distance. For a closer look at
the movies, take a tour round
the Warner Brothers Studios
in Burbank. Youll see
sound stages dating from
the 1920s which have
been the home of TV
shows like ER and the
sets for movies like Rebel
Without A Cause,
Titanic and Oceans
Eleven. The deserted
street sets are eerie and
breath-taking in equal
measure.
HIDDEN HISTORY
Like every great actress,
the City of Angels has
had a bit of work done
over the years. What
was once desert is now
the second largest city
in the US. History is
hidden everywhere
you look in LA.
You shouldnt miss
the sights that dont
scream out at you
from afar. The suprisingly impressive Four
Level Interchange is a monument to motor-
ing the first free-flowing multi-level free-
way junction in the world, built at the end
of the 1940s. Its a fitting tribute to a city
that went car crazy and has recently seen
the error of its maniacal ways.
People used to get around on Henry
Huntingtons streetcars, like the surviving
examples up in San Francisco. That was
until General Motors and Standard Oil
broke up the streetcars and lobbied for free-
ways to be cut across town the story of
the Great American Streetcar Scandal is
explored in the film Who Framed Roger
Rabbit. But take one of the newish Metro
light rail or subway lines and youll be trav-
elling along the same routes that those
handsome streetcars took back in the
1930s.
And for one final treat you cant miss
The Theme Building at LAX. Once youve
checked in for your flight and dumped
your bags, turn 180 degrees and
walk back out of the terminal
until you see a building which
looks like it should be in the
Jetsons. This 1962 pavillion
perched on four delicate
legs like a UFO is one of
the most important 60s
statements anywhere in
the entire United States.
Its a remarkable thing; a
real jaw-dropping fantasy
of what the future was
supposed to look like.
And its opening date is no
coincidence: it came at
the very highpoint of US
optimism, pride and
power. After laying
unloved and empty for so
long, theres now a new
restaurant up in the
Theme Building, called
Encounters. For a final
Mad Men style dinner of
chicken, biscuits and
booze, its the ideal
finale to a trip round
vintage LA.
Left: the iconic
Hollywood sign, an
essential part of the
citys history.
Picture: ALAMY
US STAR CHEF WOLFGANG
PUCK COMES TO LONDON
THE CUT, REVIEWED IN
LIFESTYLE TOMORROW
TRAVEL NOTES
ZOE STRIMPEL
SHAs new absolute rejuvenation programme
Spains famous SHA wellness retreat has launched a new 14-day programme thats one up
even on its regular course of wellness enhancement. This one features macrobiotic nutrition to
purify and rebalance the body and mind while scientific and holistic spa treatments try to
physically iron out any kinks. Its fairly hardcore: in the first week, guests will experience a
series of examinations so that treatments are tailored to each persons needs. Then its a regu-
lar festival of homeopathic treatments, bio-compatible hormones, nutritional boosts and
antioxidants. Only the hardcore need apply. www.shawellnessclinic.com
Super-cool Grace hotel comes to Beijing art district
Boutique chain Grace, of hot-listed Santorini fame, has opened shop in Beijing, in what was for-
merly the Yi House Hotel. The award-winning brand makes its first entry into the Asian market
with a location in Beijings 198 Art District, a thriving cultural centre and a focal point for fash-
ion, design and art. There are 30 luxury rooms and suites, and modern art and furniture is
spread throughout in an original take on the Ming Dynasty. The Yi House restaurant offers
modern Mediterranean and Asian cuisine, serving fresh fish and seafood, with a copious wine
cellar. www.gracebeijing.com
Pink limited edition Tumi hand-luggage range
Did you think you need something to perfect your travel experience but werent sure quite
what? Well, if youre feeling like refreshing your stock and helping breast cancer research at
once, consider stylish but practical brand Tumis new limited edition range, which offers lug-
gage tags, eyeglass case, iPad cover, cosmetic case, and a couple of carry-ons with wheels.
Brought out to coincide with Breast Cancer Awareness month, October, Tumi will be donating
20 per cent of sales to the Breast Cancer Research Foundation. These are pink, yes, but not
brash, so they get our style vote, too. Available at www.tumi.com
Four Seasons annouces resort at Disney World, Florida
Set to open in Orlando in 2014, the development will include a 444-room Four Seasons resort
plus up to 40 Four Seasons Residence Club units and up to 90 Four Seasons Private Residences.
Within the resort will be several dining venues including a rooftop restaurant with Magic
Kingdom views; a 1,300 sq m spa with 18 treatment rooms; a fitness centre; three pools and a
lazy river; sports facilities including tennis courts, basketball court and climbing wall; two recre-
ational centres for children, teens and families; and approximately 3,500 sq m of meeting and
event space. Watch this spot. www.fourseasons.com
Wellness never looked so good.
Go pink to support Breast Cancer awareness.
Relaxing at the
Langham
Pasadena.
Above: the iconic Rose Bowl stadium in Pasadena. Picture: ALAMY
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BBC2, 7PM
Documentary following Tibetan
Buddhist Lelung Rinpoche as he tries
to find the lost teachings of his faith
and return to his homeland.
DOC MARTIN
ITV1, 9PM
The GP returns to his former post at
the surgery after the departure of Dr
Dibbs, agreeing to stay until a
replacement is found.
EMBARRASSING BODIES
CHANNEL4, 9PM
Dr Christian Jessen gives advice to a
65-year-old who has undergone
gender reassignment surgery to
become a woman.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Football League
10pmNetbusters 10.30pmSPL
Round-Up 11pmPremier League
Review12amSoccer AM: The
Best Bits 1amFootball League
2.30amSports Unlimited
3.30amWatersports World
4.30amMax Power
5.30am-6amFIFA Futbol
Mundial
SKY SPORTS 2
5.30pmNFL 7.30pmLive Elite
League Speedway 10pm
NASCAR 11pmBoots n All
12amPoker 2amElite League
Speedway 4.30amKings of the
Surf 5amAerobics Oz Style
5.30am-6amWild Spirits
SKY SPORTS 3
7pmWWE: Smackdown 9pm
WWE Wrestling 12amNASCAR
1amWWE Vintage Collection
2am-4.15amLive WWE: Late
Night Raw
BRITISH EUROSPORT
6pmDavis Cup Tennis 8pm
Cycling 9.30pmMotoGP
11.30pm-2amEurogoals
ESPN
6.30pmTalk of the Terrace 8pm
Premiership Rugby Union
9.30pmFrench Top 14 Rugby
Union 10pmBetween the Lines
10.45pmESPN Pardon the
Interruption 11.15pmESPN
Kicks: Scottish Premier League
11.30pmESPN Press Pass 12am
Live NFL Countdown 1.30am
Live NFL 4.45am-6am
Bundesliga Review Show
SKY LIVING
7pmCriminal Minds 8pmFour
Weddings US 9pmBritain &
Irelands Next Top Model 10pm
Pushy & Proud: Diet Crazy
Mums 11pmBones 12am
Criminal Minds 1amCSI: Crime
Scene Investigation 2.40am
Maury 3.30amNothing to
Declare 4.20amBones
5.10am-6amJerry Springer
BBC THREE
7pmDont Tell the Bride 8pm
Snog, Marry, Avoid? 8.30pmThe
Real Hustle: New Recruits 9pm
My Forced Unwanted Wedding
10pmEastEnders 10.30pmLittle
Britain 11pmFamily Guy
11.45pmAmerican Dad!
12.25amMy Forced Unwanted
Wedding 1.25amYoung, Dumb
and Living Off Mum2.25amThe
Real Hustle: New Recruits
2.55amDont Tell the Bride
3.55amSnog, Marry, Avoid?
4.25am-5.20amYoung, Dumb
and Living Off Mum
E4
7pmHollyoaks 7.35pmHow I
Met Your Mother 8pmMy Name
Is Earl 9pmOne Tree Hill 10pm
Made in Chelsea 11.05pmMisfits
12.10amThe Big Bang Theory
1amScrubs 1.50amHow I Met
Your Mother 2.15amMy Name
Is Earl 3amReaper 3.45amGlee
4.25am-6amSwitched
HISTORY
7pmHighlands 8pmPawn Stars
9.30pmAmerican Restoration
10pmAmerican Pickers 12am
Pawn Stars 12.30amAmerican
Restoration 1amAmerican
Pickers 3amHighlands 4am
Pawn Stars 4.30amStorage
Wars 5am-6amAncient
Discoveries
DISCOVERY
7pmMythbusters 8pmWeird or
What? 9pmMythbusters 10pm
The Truth Behind 11pmMutant
Planet 12amBear Grylls: Born
Survivor 1amMythbusters 2am
The Truth Behind 3amDeadliest
Catch 3.50amClash of the
Dinosaurs 4.40amNasas
Greatest Missions 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmPortland Babies 8pm19
Kids and Counting 9pmTrauma
Unit 10pmCritical Condition
10.30pmBaby Hospital 11pm
A&E 12amTrauma Unit 1am
Critical Condition 1.30amBaby
Hospital 2amA&E 3am19 Kids
and Counting 4amA Baby Story
5am-6amBabys Room
SKY1
7pmThe Simpsons 8pm
Safebreakers 9pmA League of
Their Own 10pmRoss Kemp:
Battle for the Amazon 11pm
Trollied 11.30pmArmed and
Dangerous 12.30amRoad Wars
1.30amHappy Hour 2.20am
Law & Order 4amBite Size
Brainiac 4.20amIts Me or the
Dog 5.10am-6amBeauty School
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmBang Goes the Theory:
BBC News
8pmEastEnders
8.30pmDrinking Our Rivers
Dry? Panorama
9pmThe Queens Palaces
10pmBBC News
10.25pmRegional News
10.35pmA Question of Sport
11.05pmSpooks 12.05amFILM
Eye of the Beholder 1999:
Weatherview1.50amSign Zone:
The Great British Bake Off 2.50am
The Body Farm3.50amAntiques
Road Trip 4.35am-6amBBC News
6pmEggheads
6.30pmReel History of Britain
7pmCHOICE Buddha in
Suburbia
8pmUniversity Challenge
8.30pmAntiques Master
9pmDragons Den
10pmHave I Got Old News for
You
10.30pmNewsnight: Weather
11.20pmToday at Conference
11.50pmWorlds Most
Dangerous Roads
12.50amTorchwood: Miracle
Day
1.50amBBC News 4am-6amBBC
Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmLittle England
8.30pmCoronation Street
9pmCHOICE Doc Martin
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMChildren of
Men 2006.
12.35amThe Zone: ITV News
Headlines
2.35amChampions League Weekly
3amITV Nightscreen
4.35am-5.30amThe Jeremy Kyle
Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmGypsy Eviction The
Fight for Dale Farm: Dispatches
9pmCHOICE Embarrassing
Bodies
10pmRude Tube
11.05pmTim Minchin: Live
1.10amMusic on 4: RockFeedback
Presents: Field Day 1.25amMusic
on 4: 4Play: Seasick Steve 1.40am
FILMRipleys Game: Thriller,
starring John Malkovich. 2002.
3.30amSmallville 4.15amAtlantic
Convoys: The War at Sea
5.10am-6.05amCookery School
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmPawn Stars: 5 News
Update
8pmRoyal Navy: Submarine
Mission: 5 News at 9
9pmJack the Ripper The
Definitive Story
10pmBig Brother
11pmBig Brothers Bit on the Side
12amGreys Anatomy 12.50am
Inside Hollywood 1amSuperCasino
3.55amMeals in Moments 4.05am
UEFA Europa League Highlights
5amRough Guide to Journeys
5.10amWildlife SOS 5.35am-6am
House Doctor
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
4 Love afair (5)
7 Capacious bag (7)
8 Flightless
Australian bird (3)
10 Tertiary (5)
12 Hindu social
class (5)
13 Country, capital
Bamako (4)
15 A movement
upward (9)
19 Male sovereign (4)
21 Pale (5)
24 Courage (5)
25 Consumed (3)
26 Christian holiday
which follows
Easter (7)
27 Undersides of
shoes (5)
DOWN
1 Waterfall slide (5)
2 Makes an assertion
of a right (6)
3 Lag behind (6)
4 Actor, ___ Baldwin, former
husband of Kim Basinger (4)
5 Burden of responsibility (4)
6 Black bird (5)
9 Of the sea (6)
11 Loud and disturbing
noise (6)
14 Protective uid ejected
into the water by
cuttlesh, etc (3)
16 Be absorbed or
understood (4,2)
17 Female monster (6)
18 Areas of grass found
in gardens (5)
20 Implied (5)
22 Cry of greeting (4)
23 Information reported
in the papers (4)
T
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N
4
4
4
4

S T R E S S L T
C N A L C O V E
A C T I O N C P
R G D E F A M E
F L A M E V T E
M A L A I S E
M A B L A D L E
A F L O A T L L
P G R E M I N D
L E A N T O O E
E M D A N C E R
6 8 4 9 2 1 3 8
3 2 1 5 6 8 7 9
2 7 9 1 3 5
4 5 8 7 3 6 9
2 3 1 4 6 2 1 5
8 7 6 1 9 8
8 9 2 7 3 4 2 1
3 4 9 8 6 9 4
6 8 7 9 5 3
9 7 5 8 4 2 9 1
3 1 2 4 2 1 7 3
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
FINGERTIP
Lifestyle | TV&Games
D
eserted beaches, colourful
fiestas, shopping meccas, or that
perfect sunset - every destination
opens up a world of golden
opportunities. If exploring new places
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Whether youre going global or plan-
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heres some inspiration on must-visit
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POSITANO, ITALY
Venture beyond the traditional week-
ender destinations and make a break
for Positano on the picturesque Amalfi
Coast. Dramatic steep cliffs, quaint
multicoloured hillside buildings and
sparkling sea views make for a captivat-
ing getaway. Explore the charming
towns stunning boutiques and restau-
rants, or take a boat to nearby Capri or
Grotta dello Smeraldo a mystic water-
filled cave.
BUENOS AIRES, ARGENTINA
One of the worlds most vibrant cities,
Buenos Aires, should be on every
traveller's wish list - sultry tango clubs;
streets teaming with art galleries, cafes
and jazz bars; riverboat rides into the
Tigre Delta. For a stylish visit, rent out a
townhouse in the bohemian San Telmo
region, or make it a real adventure by
staying on a rural ranch.
TALLINN, ESTONIA
Crowned European Capital of Culture
in 2011, Tallinn offers a captivating
fusion of medieval and modern.
Journey through the old town with its
ancient city walls, cobbled alleyways
and castle towers, or delve into the vast
collection of museums.
For the best shopping experience,
wind your way through Old Towns
hidden courtyards and cellar shops. If
youre on the fashion trail, discover
some of Tallinns best backstreet
boutiques on Muurivahe Street.
JORDAN, MIDDLE EAST
Petra, Jordan's UNESCO World Heritage
Site, is undoubtedly a world wonder - a
vast, unique city, carved into the sheer
rock face by the Nabataeans. But out-
side this lost canyon, other treasures
and riches await - the magnificent
2000-year old Treasury, the narrow Siq
gorge, the trek up to Al Dayr
monastery.
ZADAR, CROATIA
To sample Croatia's Dalmatian Coast
without the crowds, head north to the
walled port of Zadar. Filled with rich
historical treasures and natural beauty,
wander the quiet streets, relax undis-
turbed on pine-scented beaches and
sail to remote islands. The region is also
home to three national parks, offering
hiking, rock climbing and much more.
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CHELSEA manager Andre Villas-Boas
defended embattled striker Fernando
Torres after his missed open goal
helped condemn them to defeat at
rivals and early-season pace-setters
Manchester United.
Torres squandered a golden chance
to reduce the deficit to just one goal
in the second half when he sprung
the offside trap and rounded United
goalkeeper David de Gea to leave the
net at his mercy.
But the Spaniard, who had earlier
thrown Chelsea a lifeline with only
his second goal in 24 Blues appear-
ances, somehow contrived to miss the
target with his weaker left foot and
handed United a huge let-off.
The home side, who moved two
points clear at the top of the Premier
League, could afford to have Wayne
Rooney miss a penalty, having earned
a three-goal first-half cushion
through Chris Smalling, Nani and
Rooney.
Villas-Boas said of Torres horror
miss: You have an example of Rooney
missing a penalty too, which is basical-
ly the same. The worst things happen
to the best strikers in the world and
today it happened to both of them.
Three down at half-time was cer-
tainly harsh on Chelsea, who saw
Ramires waste a glorious opportunity
before the break and were entitled to
claim offside for Smallings opener.
Villas-Boas added: It was a strange
game, very, very open and a lot of
opportunities for both teams.
Coming back from 3-0 down is always
difficult and we had to take risks
without exposing ourselves. The sec-
ond-half recovery was very good and
we had a couple of chances to even
the score. The scoreline is crazy.
Smalling struck first on eight min-
utes when he escaped Frank Lampard
to head Ashley Youngs free-kick past
Petr Cech. A shocking Ramires miss
later, Nani unleashed an exocet 25-
yard drive into the top corner that
left Cech static. Rooney scored his
10th of the season just before half-
time when Phil Jones charged into
the box and the ball broke kindly to
the England striker.
Torres pulled one back straight
after the restart when he flicked past
De Gea although his most memo-
rable contribution would come later.
Before then Rooney slipped while tak-
ing his spot-kick, sending it well wide,
and substitute Dimitar Berbatov was
denied on the line late on by Cole.
United open
gap as Torres
shows best
and worst
Sport 32 CITYA.M. 19 SEPTEMBER 2011
ARSENAL defender Johan Djourou
admits tomorrows Carling Cup third
round tie at home against League
Two minnows Shrewsbury has
assumed increased significance fol-
lowing Saturdays capitulation at
Blackburn.
The Gunners twice held the lead at
Ewood Park, but a defensive horror
show, which featured own goals from
Alex Song and Laurent Koscielny, con-
tributed to a scarcely comprehensible
4-3 defeat.
Manager Arsene Wenger has tradi-
tionally used the Carling Cup to
blood his youngsters, but after
Saturdays events Djourou, a half-
time substitute for the injured Bacary
Sagna against Blackburn, believes his
side must use the competition as a
way of recovering from a third league
defeat of the season.
Even if it is at home in the Carling
Cup, we want to win so we need a big
response tomorrow, said the Swiss
international.
We have to bounce back because
we have another game and we have to
be ready for those. We are disappoint-
ed but there is still a long way to go
and things are not over yet.
We had many chances to put the
game to bed in the first half and,
when you dont do that, you are
always in danger of getting punished.
I think that is what happened.
Djourou eyes Gunners Carling Cup response
BY JAMES GOLDMAN
FOOTBALL
BY FRANK DALLERES
FOOTBALL
3
1
MANCHESTER UTD
CHELSEA
Arsenal have made their worst start to
a season under Arsene Wenger, but
the current malaise can be traced back
to the Carling Cup final defeat by
Birmingham in February. Since then
Arsenals league record reads: P16 W3
D7 L6 F21 A30 GD -9 Pts 16.
Moreover, only Sunderland and Bolton
have a worse points per game average
over the same period.
CARLING CUP HANGOVER
SPORT | IN BRIEF
Rangers too strong for Celtic
FOOTBALL: SPL leaders Rangers pre-
vailed 4-2 in the seasons first Old Firm
derby to move four points clear of
Celtic. Steven Naismiths spectacular
strike put the hosts ahead but Gary
Hooper equalised with a clever finish,
before Badr El Kaddouris drive slipped
through the grasp of goalkeeper Allan
McGregor to give Celtic the lead. But
goals by Nikica Jelavic and Kyle Lafferty
turned the match in Rangers favour,
Celtics Charlie Mulgrew was sent off
and Naismith struck again late on.
Stoke sunk by Sunderland
FOOTBALL: Sunderland recorded their
first win of the season at the fifth
attempt with a thumping 4-0 home vic-
tory over Stoke. Asmir Begovic fumbled
Titus Brambles shot as Stoke fell behind
in the fifth minute and Sunderland were
3-0 ahead before the half-hour mark.
Jonathan Woodgate headed into his
own net before Craig Gardners deflect-
ed shot looped over Begovic. Sebastian
Larsson's free-kick made it 4-0 in the
second half.
GB&I secure Seve trophy
GOLF: Great Britain and Ireland held off
Continental Europe 15.5-12.5 on the
final day of the Seve Trophy in France.
Continental Europe recovered from an
overnight deficit of 11.5-6.5 to level the
tie at 11.5 points each. But GB&I, led by
Paul McGinley, did enough in the final
matches to wrap up a sixth consecutive
win in the trophy.
Murray stars in Cup whitewash
TENNIS: Singles wins for Andy Murray
and Colin Fleming helped Great Britain
complete a 5-0 whitewash over
Hungary in their Davis Cup Group Two
play-off. Murray beat Gyorgy Balazs,
winning 7-6, 6-3 and Fleming then won
his first Davis Cup singles match, 6-4, 6-
3 over Sebo Kiss.
Results
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email sport@cityam.com
Torres scored but
missed an open
goal as United
enjoyed another
big-scoring win.
Pictures: GETTY,
ACTION IMAGES
Spirited Fulham frustrate Mancini and
MANCHESTER CITY manager Roberto
Mancini accused his players of waste-
fulness for the second time in four
days after seeing Fulhams spirited
second half comeback end his sides
100 per cent start to the Premier
League season.
On Wednesday the Italian was dis-
pleased with the selfishness exhibited
by his forwards in the 1-1 Champions
League draw with Napoli and was
equally dissatisfied yesterday after
goals from Bobby Zamora and Danny
Murphy cancelled out Sergio
Agueros brace.
The result was the first blow to
Citys title hopes, allowing rivals
Manchester United to open up a two-
point lead at the top of the table.
This could be a lesson for us, said
Mancini. Because when you domi-
nate a game like we did today, and
you score only two goals, its a prob-
lem.
For 10 or 15 minutes after Fulham
scored, they played very well. But a
football match is 95 minutes and a
top team like us needs to have more
2
2
FULHAM
MANCHESTER CITY
FOOTBALL
IRELAND chiefs are planning a last-

ditch effort to talk Ronan OGara out
of retirement, after the fly-half
revealed his intention to quit post-
World Cup.
OGara made his admission after
coming off the bench to kick two
penalties in Irelands superb 15-6 win
over Australia on Saturday.
But team manager Paul
McNaughton: Ronan hasnt talked
formally to us about it. Theres no
doubt he still has something to offer
the team after the World Cup.
Hes contracted for the next couple
of years. Undoubtedly [coach] Declan
Kidney and the management will be
encouraging him to stay on. Hes a
very, very important part of the set-
up here.
The 34-year-old, who has kicked
1,039 points during a 113-cap career
for his country, had said: Im done
with Ireland in a few weeks. Ive had a
great time in this jersey but I want
this to be the biggest time. Its a great
team, a great bunch of lads and it
means a lot to us.
OGara was cited as a key figure in
Saturdays triumph over the Wallabies
at Eden Park by captain Brian
ODriscoll.
Theres never been a shortage of
drive in these guys. Its innate, said
ODriscoll.
Im not going to question the drive
or desire in players like Ronan OGara
because Ive seen it for 10 years. Its
also in the younger guys you can see
it in players like Sean OBrien and the
Stephen Ferris.
TOTTENHAM striker Emmanuel
Adebayor believes hes already won
the battle to win over the White Hart
Lane faithful after his two goals deco-
rated an emphatic win over nine-man
Liverpool.
Luka Modrics thunderbolt capped a
terrific opening spell for the home
side before Charlie Adam and Martin
Skrtel were both dismissed for second
bookable offences either side of half
time.
Jermaine Defoe doubled the advan-
tage just five minutes after Skrtels
hack at Gareth Bale and Adebayor put
the gloss on the scoreline with two
goals on his home debut to follow up
last weekends strike at Wolves.
Im very happy, very delighted,
said Adebayor, who scored 10 times in
14 appearances against Spurs for
north London rivals Arsenal. Its
always important to score your
first goal at home. I have
done it already away.
I know
the fans all
love me
b e c a u s e
thats what
theyre looking
for, a player who can score goals. Im
very happy that everything is going
well for me at this club.
Theyve always loved Adebayor,
quipped manager, Harry Redknapp, of
his new loan recruit from Manchester
City.
Adebayors goals capped a first
home league win of the season but it
was Modric who caught the eye with a
display that vindicated his clubs deci-
sion to turn down a 40m bid from
Chelsea last month.
Redknapp confirmed the Croatia
playmaker is due to discuss a new con-
tract with chairman Daniel Levy in the
coming weeks, and the sixth minute
effort which flew past Pepe Reina will
have done his bargaining position
when it comes to negotiating a pay
rise no harm at all.
Spurs doubled their lead in the 68th
minute when Defoe rolled Jose
Enrique and beat Reina with a
fierce drive at his near post
and the Spaniard was at
fault for the third,
spilling Defoes shot,
but Adebayor made a
difficult finish look
easy with the
cutest of touches
over the goal-
keeper, before a
less subtle blast
in injury time
settled matters.
Adebayor finds love
at the Lane at last
Sport
BY JAMES GOLDMAN AT WHITE HART LANE
FOOTBALL
4
0
TOTTENHAM
LIVERPOOL
OGara, 34, kicked two penalties in Saturdays win over Australia. Picture: GETTY
BY FRANK DALLERES
RUGBY UNION
Ireland plead with

OGara not to quit
control of the game. Im not angry.
Im just disappointed because we con-
ceded two stupid goals.
A fifth successive league win
looked a formality once the prolific
Aguero had smashed home his
eighth goal of the season just 10 sec-
onds into the second half adding to
his calmly taken 18th minute opener.
But the tide turned in the 56th
minute when Micah Richards
allowed Zamora too much time on
the edge of the City penalty area to
curl a shot into the top corner.
And Murphy levelled matters 15
minutes from the end with a shot
that found the back of Joe Harts net
via the shin of City skipper Vincent
Kompany to rescue a highly cred-
itable point for Martin Jols men, who
remain in the bottom three.
It was a fantastic achievement to
come back against them. I am not
sure if they will give away leads like
this in the future, said Jol.
To come back from the death is
what we probably did.
terminate Citys perfect start
Ireland 2 2 0 0 0 8
Australia 2 1 0 1 1 5
USA 2 1 0 1 0 4
Russia 1 0 0 1 1 1
Italy 1 0 0 1 0 0
POOL C
TEAM PLD W D L BP PTS
Back down to earth
Sport
34
England 2 2 0 0 1 9
Scotland 2 2 0 0 1 9
Argentina 2 1 0 1 2 6
Georgia 2 0 0 2 0 0
Romania 2 0 0 2 0 0
POOL B
WINNERS &
LOSERS
WINNER
CHRIS ASHTON
Englands most prolific scorer rediscovered
touch and gave his celebration its World Cup
debut with two tries. Not just on the end of
moves, however, setting up Hapes second.
WINNER
SHONTAYNE HAPE
Still to convince critics he is worth a starting
place, but the New Zealand-born centre did
his chances no harm at all with two accom-
plished tries and a strong all-round game.
WINNER
SIMON SHAW
Englands oldest ever World Cup player
defied his 37 years with a tireless display of
strong carrying, countless tackles and
authority in the lineout.
WINNER
TOBY FLOOD
Boosted chances of keeping No10 jersey by
injecting pace and fluency into game while
showing a reliability with the boot that
deserted rival Jonny Wilkinson last week.
LOSER
DYLAN HARTLEY
Sent to the sin-bin in the first half for an
offence at the breakdown and it was while
the hooker was absent that Georgias territo-
rial dominance resulted in their only try.
LOSER
LEWIS MOODY
Perhaps harsh given it was his first match
back from injury and only his sixth all year,
but no doubt he came off second best in duel
with Georgia openside Mamuka Gorgodze.
ENGLAND manager Martin
Johnson warned his side they face
an early World Cup exit if they do
not improve drastically, despite
yesterdays six-try victory over
Georgia.
Much-maligned centre
Shontayne Hape and swallow-div-
ing wing Chris Ashton both
scored two apiece, while Manu
Tuilagi and Delon Armitage also
went over in a bonus-point win
that put England top of Pool B.
Although an improvement on
the scrappy opening win over
Argentina, there was still much to
concern Johnson, not least a gen-
erosity with penalties that could
have cost them the game, had
Georgias Merab Kvirikashvili
been less wasteful.
It wasnt good enough and if
we are happy with those stan-
dards well go home early. We
need to be a bit sharper and we
are under no illusions that we
need to get better, said Johnson.
Back-row forward James Haskell
called for underperforming indi-
viduals to be singled out. People
have got to start pointing some
fingers and saying This is not
acceptable. The days of brushing
it under the carpet are gone. It has
got to that stage, got that serious. It
starts with identifying individuals,
areas we need to improve. whos
not working hard, whos not trust-
ing it [the system].
England looked on course for a
big win when Hape went over after
just three minutes but their indis-
cipline at the breakdown, which
cost six penalties in the first quar-
ter of an hour, could have seen
them trail.
Hape scored again before
England were punished, when
Georgia No8 Dimitri Basilaia broke
from the scrum and surged over
for a try while Johnsons men were
reduced to 14 men by Dylan
Hartleys sin-binning.
Johnson sent England out a
more dangerous side after the
interval, and Armitage and then
Tuilagi both crossed for tries while
the opposition continued to squan-
der penalties.
Georgia, who had played just
four days earlier, tired in the clos-
ing stages, allowing Ashton to
claim a pair of tries and flourish
his famous celebration and put a
barely-deserved gloss on the occa-
sion for England.
BY FRANK DALLERES
RUGBY UNION
41
10
ENGLAND
GEORGIA
Boss and Haskell
blast team after
big score fails to
mask sloppiness
35
FULHAM COMEBACK
FRUSTRATES CITY
AGUERO BRACE CANCELLED
OUT BY COTTAGERS: P32 & 33

Williams saves Wales
WALES captain Sam Warburton dedi-
cated victory to the families of the
four miners killed in last weeks acci-
dent in Pontardawe after his side took
a major step towards the World Cup
quarter-finals.
An upset loomed after Samoa went
in 10-6 up at the break but a second-
half try from wing Shane Williams
rescued Wales from a devastating
defeat and swept them to their first
win of the campaign.
The result means Warren Gatlands
men are likely to reach the last eight,
and a possible Home Nations clash
with Ireland, if they win their
remaining Pool D fixtures against
unfancied Fiji and Namibia.
Warburton said: We said if we lose
were probably going home, so there
was a lot of pressure on the boys and
Id like to dedicate the win today to
the families of the miners back home.
Our thoughts are with them. In a
nervy opening James Hooks brace of
penalties to Paul Williams one gave
Wales a slim advantage, but their
stubborn defence was eventually
breached by prop Anthony Perenise
to hand Samoa the advantage.
Hooks departure saw Rhys
Priestland assume kicking duties and
he accepted two penalty chances to
edge Wales back in front before Leigh
Halfpennys surging break out of
defence set up Williams to touch
down 16 minutes from time.
It was a tough match and I
thought we showed some great char-
acter, said head coach Gatland. I
thought we defended exceptionally
well for most of the game.
Williams touched
down in the second
half
Picture: PA
Ashton went over
twice late on as
Georgia tired.
Picture: PA
KEY MOMENTS | TRY-HAPPY ENGLAND
England got off to the best possible start when Shontayne Hape
crossed in the third minute (below). However they failed to build on
that and endured a nervy and error-ridden opening spell.
BY FRANK DALLERES
RUGBY UNION
17
10
WALES
SAMOA
Gatlands men on
course for Ireland
clash after dodging
World Cup upset
THE BREAKDOWN | WORLD CUP BRIEFS
FRANCE BACK ON SONG
France coach Marc Lievremont was
satisfied after seeing his side claim a
second straight bonus-point win in
Pool A with a 46-19 success over
Canada. Vincent Clerc grabbed a hat-
trick of tries and Morgan Parra
scored 23 points with the boot.
Lievremont said: I was annoyed last-
week . Im not going to be unhappy
after every game. We got a bonus
point, and that is just reward.
SCOTS EYE SIX OF THE BEST
Nick De Luca hopes Scotland can
continue their hot streak against
Argentina on Sunday and set up a
World Cup Pool B decider with
England. Andy Robinsons men would
then target victory against England
on October 1 to finish top of the pool.
De Luca said: Victory is essential.
We want to go into the last game
with six on the bounce.
Although Hape snuck over for his second try, Englands weakness at
the breakdown persisted and Georgia took advantage before half-
time when No8 Dimitri Basilaia powered over (below).
England rediscovered some fluency after the interval, however, and
Manu Tuilagi (below) took them out of sight with the fourth try
before two more from Chris Ashton.
BRITAINS Mark Cavendish sprinted
to his second stage victory in the Tour
of Britain in rain-hit London while
Dutchman Lars Boom won the
event overall.
Cavendish (right) and HTC-
Highroad team-mate Mark
Renshaw secured their
third one-two finish of
the week on Whitehall.
But Rabobank rider
Boom won the final
gold jersey by 36
seconds having
won two stages and
finished second in
two more.
Team Skys Steve
Cummings was
second after riding well in yesterdays
early time trial, won by Brit Alex
Dowsett.
And another Sky man,
Geraint Thomas, won the
points jersey, some con-
solation after a mid-
week crash that saw
him drop out of
overall contention.
C u mmi n g s ,
however, was
pleased with
overall posi-
tion, saying:
Its a good
result. But,
with it being
our home race,
it wouldve been
good to have won.
BRITISH world champion Mo Farah
announced his homecoming in
the grand manner by win-
ning the mens two-mile
race at the Great North
City Games.
It was the first
time the 28-year-old
(right) had compet-
ed since claiming
the world 5,000m
title in South Korea
earlier this month,
and he carried on
where he left off in
Daegu, beating American
Brian Ollinger to win in eight
minutes, 37 seconds.
Farah, said: I wanted to come back
home and win. Its nice to see so
many people come and show their
support.
Meanwhile, in the main event
of the day, Martin Mathathi
broke the mens Great
North Run record, pow-
ering home in 58 min-
utes 56 seconds to
take nine seconds
off Zersenay
Tadeses 2005 record
and set the sixth
fastest half-
marathon time in his-
tory.
Mathathi completed
the second half of a
Kenyan double after Lucy
Karbuu had earlier dominated the
womens race.
PREMIERSHIP champions Saracens
recorded their second win from three
games this season with an 18-6 victory
over promoted Worcester.
Sarries trailed at the break but
Charlie Hodgson brought the scores
level after the interval before David
Strettle scored in the corner.
Brad Barritt then appeared to have
been stopped short of the line for his
try, converted by Hodgson, which
proved good enough for the victory.
Charlie Hodgson did very well on
his first start, especially when you
consider that he had no pre-season
with us, said Saracens director of
rugby Mark McCall.
Farah back on home soil
and back to winning ways
ATHLETICS
CYCLING
RUGBY UNION
Hodgson earns
plaudits on his
Saracens debut
London pride for Cavendish
but Boom takes overall gold
South Africa 2 2 0 0 1 9
Samoa 2 1 0 1 2 4
Wales 2 1 0 1 1 5
Fiji 2 0 0 1 1 5
Namibia 2 0 0 2 0 0
POOL D
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