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Pressure on
Osborne to
ignore ICB
PRESSURE mounted on George
Osborne last night not to push
through with the radical banking
reforms that will be recommended by
Sir John Vickers next month.
The Independent Commission on
Banking (ICB) has already suggested the
retail arms of British banks should be
ringfenced from their other activities.
Angela Knight, head of the British
Bankers Association (below), said the
plans could derail the recovery of the
banks and threaten the health of the
economy. She said the Treasury should
focus on the recovery before consider-
ing potentially harmful regulation.
Her sentiments were echoed by John
Cridland, director general of the
Confederation of British Industry (CBI),
who told the Financial Times: Taking
action at this moment this moment
of growth peril, which weakens the
ability of banks in Britain to provide
the finance that businesses need to
grow is just to me barking mad.
The ICB was set up
to examine the bank-
ing industry in the
wake of the
bailouts. It said it
has found evi-
dence of excessive
r i s k - t a k i n g .
However, the
chancellor
has no
obligation
to act on
its find-
ings.
BY STEVE DINNEEN
BANKING

Stephen Hesters RBS was the first bank to adopt a clawback scheme. Lloyds chairman Sir Win Bischoff has said he would consider using it
MORE than half of the UKs top firms
will soon be tied into schemes where
the pay of top executives can be
recouped if decisions they make
adversely affect the business.
A third of companies say they will
introduce so-called clawback schemes
next year, adding to the 25 per cent
who brought one in over the last 12
months, according to a new study by
professional services group PwC.
Banks and most other financials
are required by City regulator the FSA
to impose such a requirement but
intense scrutiny by politicians and
shareholders over the link between
performance and pay have encour-
aged more firms to act. RBS, under
chief executive Stephen Hester, was
the first UK bank to adopt the
scheme.
Executives at BT and Premier
Farnell are among those who are
already subject to clawback schemes.
The findings come ahead of propos-
als expected this autumn from busi-
ness secretary Vince Cable on
executive compensation. The High
Pay Commission will also report on
the issue. Clawbacks remain untested
in the UK, although Lloyds chairman
Sir Win Bischoff said he would con-
sider using them to recoup the bonus-
es of several executives following the
banks 3.2bn hit over the payment
UK BOSSES AGREE
PAY CLAWBACKS
BY STEVE DINNEEN
REMUNERATION

www.cityam.com Issue 1,456 Tuesday 30 August 2011 FREE

HOT NEW
EATERIES
GORDON RAMSAY
AND OTHERS TO
LAUNCH P28
THE PARALYMPICS ARE
COMING TO LONDON
YEAR TO GO PREVIEW P19-22
BUSINESS WITH PERSONALITY
protection insurance (PPI) scandal.
Most clawback schemes apply to
deferred pay and other long-term
incentives, with individual remunera-
tion committees responsible for
enacting them. However, PwC reward
consultant Jon Terry warned the
schemes may not give remuneration
committees the powers to recoup pay
that some shareholders hope for.
He said: The real issue is under
what circumstances they come into
effect. They are often limited to mis-
stated accounts or evidence of fraud.
Around 13 per cent of firms will
also be freezing the pay of their top
executives, with bonuses taking the
biggest hit, according to the PwC sur-
vey of FTSE-350 companies.
An overwhelming 85 per cent of
firms do not plan to increase bonuses
this year the traditional City way of
rewarding staff. Most banks have
already moved away from bonuses in
favour of salary increases in a bid to
avert controversy and keep within
new guidelines on remuneration.
The majority of respondents said
they expect a modest salary increase
of between two to four per cent,
broadly in line with 2011 rates.
Basic pay for FTSE-350 executives
rose 2.8 per cent last year, while the
average bonus for a FTSE 100 chief
executive was almost 30 per cent
higher than the previous year.
Certified Distribution
04/07/2011 till 31/07/2011 is 93,093
News
2 CITYA.M. 30 AUGUST 2011
Irenes not all she is made out to be
I
N the end Hurricane Irene turned
out to be mercifully less destruc-
tive than feared. Many New Yorkers
were able to be at their desks yes-
terday after all, even after the dire
warnings of Mayor Bloomberg who
had ordered a mandatory evacuation
of 370,000 people in low-lying areas.
Bloomberg is being criticised for
being alarmist, but he would have
faced far more stinging criticism if he
had done nothing and the effects of
the hurricane had been even worse.
The events in recent days in New
York remind me of the extraordinary
times in London in October 1987 when
a storm of extreme force coincided
with a few days of tumbling share
prices. The London storms were so
strong that the financial markets were
closed on 16 October and when they
reopened the following week they did
so with a crash, followed in many dif-
ferent territories.
Rationally there would be little to
link a freak weather incident with
falling share prices, although the
sheer alarm and panic provoked by the
London storms really did seem to
cause panic in the financial markets,
where those traders who had managed
to make it into their offices just looked
on in horror as share prices fell seem-
ingly uncontrollably.
An uneasy climate for financial
stocks, already nervous because of
underlying adverse market conditions,
appeared to be tipped over the edge by
the exceptional weather conditions
and it took days for both the weather
and stock trading to return to normal.
Yesterdays better than expected
weather conditions across the Atlantic
were accompanied by positive trading
on Wall Street, which was bolstered
also by two financial events.
The first, although expected, was
Bank of Americas sale of part of its
shareholding in the Chinese bank,
China Construction Bank Corp, book-
ing a $3.3bn gain. This comes just days
after Warren Buffetts decision to
invest $5bn in the bank and continues
chief executive Brian Moynihans strat-
egy of disposing of non-core assets in
order to ensure the bank meets capital
ratio targets. The two events do not
mean that Bank of America, which is
still horrendously vulnerable to its
exposure to huge quantities of sub-
prime mortgages, is in the clear. But it
is definitely on a stronger footing.
The second bit of good news for the
financial markets was confirmation of
the merger between the two Greek
banks Alpha and Eurobank.
The deal is being supported by a
group of Qatari investors, who will
take a 15 per cent stake in the com-
bined group. If Qatari investors believe
in the merger, the deal will fly, or so
the theory goes, maybe a touch sim-
plistically.
Neither a merger of two troubled
Greek banks backed by a wealthy mid-
dle eastern investor nor a capital rais-
ing sell-off by one of the problem
banks in the US will be sufficient to
sort the woes of troubled markets.
But in these times it good to hang
on to every crumb of comfort even
though, as one New Yorker told me yes-
terday, there can be a strange sense of
anticlimax when you realise that you
wont, after all, be a witness to cata-
strophic events.
The summer holidays are over, as is
the August so-called silly season for
news. Calm heads may be required.
Preparing for the worst, as Bloomberg
did, may be the best approach. You
may just get a pleasant surprise.
[email protected]
Allister Heath is away
GREEK BANK MERGER: P3
BANK OF AMERICA: P4
New Yorkers exit
Wall St subway
station yesterday
morning
Picture: AP
NEWS | IN BRIEF
Gaddafi family flees to Algeria
The wife of Muammar Gaddafi and
other members of his family took
refuge in Algeria yesterday but the
whereabouts of the fugitive former
strongman himself remained a mys-
tery, a week after rebels drove him
from power. Algeria's Foreign Ministry
said Gaddafi's wife Safia, his daughter
Aisha and his sons Hannibal and
Mohammed had entered Algeria yes-
terday morning. The development
threatened to create a diplomatic rift
as the rebel National Transitional
Council (NTC) worked to consolidate
its position as Libyas new government.
Italy drops austerity measures
The Italian government backtracked
on parts of its widely criticised auster-
ity package yesterday, scrapping a tax
on high earners and scaling back cuts
to local authority funding. In a state-
ment after seven hours of talks at
prime minister Silvio Berlusconi's
home at Arcore outside Milan, the gov-
ernment said ministers had reached
unanimous decisions on the package
which has caused serious tension in
the centre-right coalition.
EDITORS LETTER
DAVID HELLIER
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
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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
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Head of Distribution Nick Owen
IT was business as usual in New
York yesterday after the feared
battering from hurricane Irene
was less severe than previously
expected.
The death-toll hit 30 last
night, as residents began to
count the cost of the dam-
age. Analysts say the total
bill could be as high as
$7bn (4.3bn), with less
than half of this being
covered by insurance.
Meanwhile, Wall Street
closed three per
cent up as
investors braved
the water-logged
transport system to
hit the trading floor.
Mayor Bloomberg
faced criticism for his
decision to order the
evacuation of some
areas and a shut down
of the citys mass tran-
sit system. Irene was
downgraded to a tropi-
cal storm before it hit
but still ravaged parts of
New York and Vermont.
New York gets
back to work
BY STEVE DINNEEN
US ECONOMY

WATCHDOG HITS OUT AT BANKS OVER

GREEK DEBT
Some European financial institutions
should have taken bigger losses on
their Greek government bond hold-
ings in recent results announce-
ments, according to the body that
sets their accounting rules. the
International Accounting Standards
Board criticised the inconsistent way
in which banks and insurers have
been writing down the value of their
Greek sovereign debt in a private let-
ter sent to the European Securities
and Markets Authority, the European
unions market regulator.
CHINESE TYCOONS PLANS FOR $100M
TOURISM PROJECT IN ICELAND RAIS-
ES SECURITY CONCERNS
A Chinese tycoon plans to buy a vast
tract of Icelandic land for a $100m
tourism project which critics fear
could give Beijing a strategic foothold
in the North Atlantic. Huang Nubo, a
real estate investor, has struck a provi-
sional deal to acquire 300 square kilo-
metres of wilderness.
BUSINESS FEARS LACK OF SKILLED
MANAGERS
Britain is facing a potentially serious
shortage of managers and business
leaders with the right skills during
the next six years as baby boomers
born after the second world war
retire.
INVESTORS QUEUE UP TO QUESTION
CVC OVER F1 BRIBERY ALLEGATIONS
Investors in CVC Capital Partners are
planning to increase the pressure on
the UK private equity group over
bribery allegations surrounding the
sale of the Formula One racing series
almost six years ago. One large
European investor into CVCs funds
told the Financial Times he would
grill the buy-out groups partners
over the contentious deal at an advi-
sory board meeting.
COUPON-CRAZY FAMILIES BEING
SOLD SHORT
Recession-hit Britons are latching on
to online discount vouchers despite
mounting evidence that consumers
are being misled. In less than six
months, the advertising watchdog
has banned 60 voucher adverts by the
burgeoning industry of websites
offering alluring discounts on goods
and services.
SUPER-SLOW BROADBAND COULD
WASTE 1BN, WARNS BT
Millions of internet users face being
left in the digital slow lane as a result
of red tape and badly managed local
projects, with the risk of almost 1
billion of public funds being sunk
into expensive and low-speed net-
works. The government plans to allot
half a billion pounds to fund fibre-
optic network investment in rural
areas.
BUYING A HOUSE IS CHEAPER THAN
RENTING FOR FIRST-TIME BUYERS
Low interest rates and falling property
prices mean that buying a house or
flat is over 100 a month cheaper for
first-time buyers than renting a prop-
erty is. New research shows that the
average monthly cost associated with
buying a two-bedroom flat for a first-
time buyer is around 567. This is 110
lower than the typical rent paid on an
equivalent property, according to
Halifax, which conducted the
research.
JONNY WILKINSON TO LAUNCH
CLOTHES RANGE FINESIDE
England fly-half Jonny Wilkinson has
teamed up with his brother Mark to
launch a fashion clothing brand that
he hopes will play a major part in his
life after rugby. He joins a growing
line of rugby players who have turned
to tailoring.
JUDGE SAYS BOOKS-A-MILLION CAN
TAKE OVER 14 BORDERS LEASES
A judge yesterday cleared Books-A-
Million to take over the leases on 14
Borders Group stores, meaning at
least some Borders stores will carry
on as the rest of the chain winds
down through liquidations. Judge
Martin Glenn of US Bankruptcy
Court in Manhattan approved the
deal after Borders settled some objec-
tions prior to the hearing, including
ones over money that Books-A-Million
must pay landlords for the leases.
CONSUMER GROUP URGES DRUG-SAFE-
TY CHANGE
A consumers group is calling on the
Food and Drug Administration to
give generic drug companies more
ability to warn patients about safety
risks linked to their drugs. Public
Citizen is calling for new FDA regula-
tions on the topic.
WHAT THE OTHER PAPERS SAY THIS MORNING
SHARES in two of Greeces major
lenders soared yesterday after they
announced plans for a full-scale merg-
er that will create the regions biggest
bank by assets.
Alpha Bank and EFG Eurobank saw
their stock leap 26 per cent and 29 per
cent respectively, with their rivals
share prices also rising as investors
welcomed the prospect of consolida-
tion in Greeces shaky banking sector.
The deal means that Eurobank will
avoid having to seek government cash
and effective nationalisation after
being one of nine banks to fail the EUs
stress tests in July.
The bank, which was advised in the
merger by Barclays Capital, Goldman
Sachs and Rothschild, was ordered to
raise at least 58m (51m) in capital
after failing the stress tests.
It also boosts Alpha Banks position
following National Bank of Greeces
attempted takeover of the lender in
February. JP Morgan and Citi advised
Alpha Banks side of negotiations.
But the deal depends on the success-
ful completion of a 3.9bn capital-rais-
ing plan that aims to bring the new
banks core tier one ratio up 260 basis
points to 14 per cent.
That includes selling 500m of con-
vertible bonds to Paramount Services,
which represents a family of promi-
nent Qatari investors, and issuing
1.25bn in shares.
If that deal passes investor approval
in November, it will see Alpha share-
holders end up with 57.5 per cent of
the combined entity, while Eurobank
investors will own 42.5 per cent.
Paramount will end up with a 17
per cent stake, while the Greek Latsis
family will hold 13 per cent and the
Costopoulos family will own four per
cent. Yannis Costopoulos will also
chair the new firm, presiding over the
merging banks two chief executives,
Demetrios Mantzounis and Nicholas
Nanopoulos.
Both banks also unveiled first-half
results yesterday, with write-downs on
Greek government debt pushing them
into the red.
Alpha Bank posted a 518m loss due
to a 532m impairment on its Greek
government bonds while Eurobank
also revealed a loss of 588m, with the
impact of government bond write-
downs at 664m.
The wider Greek market also react-
ed well to the news, with the countrys
benchmark Athens index surging by
16 per cent in its best daily perform-
ance since December 1987.
Greek banks
merger leads
market rally
BY JULIET SAMUEL
BANKING

New chair Yannis Costopolous (l) and current EFG Eurobank chair Eythimios Christodoulou
News
3 CITYA.M. 30 AUGUST 2011
New company must halt deposit flight
W
HILE European leaders
spent a day fulminating
about IMF chief Christine
Lagardes call for the
regions banks to raise more capital,
the banks themselves were simply
getting on with the job.
Keen to avoid tapping the state for
cash, EFG Eurobank and Alpha Bank
have agreed a tie-up that will create
a lender with 1,300 branches in
eight countries.
Investors went wild, pushing the
sectors shares up by around a fifth
and its not hard to see why. After
months of prevarications from
Eurozone leaders, its refreshing to
see the private sector in the regions
most dilapidated economy take
responsibility for its own capital
holes.
But the celebrations look prema-
ture. Under the headline announce-
ments of the merger in both banks
results yesterday were some gloomi-
er figures: they are both haemor-
rhaging deposits.
Eurobank reported that its
deposit base has shrunk by 13.3 per
cent, or 5.4bn, in the last year,
while Alpha Bank has seen 6.2bn,
or 15.6 per cent of its despoits, flee
out the door.
The banks say that the merger will
deliver an improved ability to gath-
er and retain customer deposits
that will help to deliver 210m in
reduced annual funding costs.
Even if the merged banks deliver
on this promise, the experience of
its stronger rival, National Bank of
Greece, suggests that the best they
can hope for is to slow the capital
flight: it saw deposits shrink four
per cent in the year to March.
And ultimately, the banks success
will depend on what it is that depos-
itors are fleeing: the prospect of a
bank nationalisation or the stricken
Greek economy.
BOTTOMLINE
Analysis by Juliet Samuel
ANALYSIS l EFG Eurobank

Jun Jul Aug 29Aug

3.5
3
2.5
2
2.24
29 Aug
ANALYSIS l Alpha Bank

Jun Jul Aug 29Aug

4
3.5
3
2.5
2
2.47
29 Aug
BANK OF America is selling half of its
holdings in China Construction Bank
to a group of unidentified investors
for $8.3bn (5.1bn), in a deal which
marks the troubled banks latest
efforts to shed assets and boost capi-
tal.
The US bank, which owns the high-
ly renowned investment bank Merrill
Lynch, declined to name the pur-
chasers of the stake but Singapore
state fund Temasek is believed to be
among the buyers.
Shares in the USs largest bank by
assets have fallen 39 per cent this year
amid investor concerns that it lacks
sufficient funds to meet new capital
requirements after potential losses
from mortgages and related litigation.
Just last week, billionaire investor
Warren Buffett bought a $5bn stake in
BofA, helping to provide a lift to Bank
of America's battered stock and reas-
sure investors that raising further cap-
ital was unnecessary.
The CCB stock sale is the latest in a
series of moves by the bank, led by
chief executive Brian Moynihan, to
increase its capital before Basel III
takes effect.
Chief Executive Officer Brian
Moynihan said: This sale of approxi-
mately half of our shares of CCB stock
is expected to generate about $3.5bn
in additional Tier 1 common capital
and reduce our risk-weighted assets by
$7.3bn under Basel I. In recent weeks,
Bank of America has sold its Canadian
credit card division for $8.6bn and has
put its European card operation on
the block.
BofA paid $3bn for a 9.9 per cent
stake in CCB before the Chinese
lenders IPO in 2005.
Shares in BofA closed up 8.1 per
cent yesterday at $8.39 in New York.
BofA sells half
of CCB shares
BY KASMIRA JEFFORD
FINANCIAL SERVICES

FORMER IMF chief Dominique

Strauss-Kahn apologised to the insti-
tutions staff in his first return visit
since charges of sexual assault
against him were dropped last week.
He was greeted with warm applause.
Strauss-Kahn, who was with his
wife French TV personality wife Anne
Sinclair, drove himself to the head-
quarters of the International
Monetary Fund and met briefly with
his successor and fellow French
national Christine Lagarde.
He later addressed a packed audito-
rium out of reach of the cameras of
televisions crews and photographers
who had camped outside the IMF all
day waiting for the former director.
He received a very warm wel-
come, said Paulo Nogueira Batista,
who represents Brazil and a group of
eight Latin American countries, after
the meeting. It reflects the fact that
he is very much appreciated in the
institution.
The IMF said the visit by Strauss-
Kahn was personal and arranged at
his request.
Strauss-Kahn gets a warm
welcome on return to IMF
WORLD ECONOMY

TROUBLED medical staff provider

Healthcare Locums has vowed to
press ahead with its 60m emer-
gency fundraising despite rebel
investors claiming they have won
enough support for it to be blocked.
Sources at the firm denied the
suggestion by US hedge fund
Arundel Capital that more than a
fifth of shareholders oppose the
plan, which would see major
investors Toscafund and ACE buy
new shares while others see their
stake diluted.
HCL said Arundel could not prove
the extent of its support for blocking
the share placement, despite the
funds lawyers saying it has the back-
ing of 21.6 per cent of shareholders,
just short of the 25.1 per cent need-
ed for the EGM on 12 September.
Shares in HCL have been suspend-
ed and it posted a 56.5m loss for
2010. Publication of the accounts
was delayed after the board said it
had found irregularities.
City A.M. understands the firm
spoke to investors before announc-
ing the fundraising plan and that it
sees the move by Arundel, which has
a 0.5 per cent stake, as the agitating
of a tiny shareholder. HCL believes
there is no alternative to a fundrais-
ing.
Small shareholders group
ShareSoc is also against HCLs plan.
Healthcare Locums pushes
fundraising despite opposition
BY PETER EDWARDS
SUPPORT SERVICES

News
4 CITYA.M. 30 AUGUST 2011
Bank of America, led by Brian Moynihan, is selling half its CCB shares Picture: REUTERS
GERMAN chancellor Angela Merkel
warned in a campaign speech yes-
terday that countries that do not
do their homework on reducing
debts will not be able to count on
support from Eurozone countries.
Merkel told a rally in the north-
eastern German state of
Mecklenburg-Vorpommern that
countries which are willing to
make a lasting and credible detour
away from policies of heavy indebt-
edness can count of solidarity from
other Eurozone states.
But those that don't do their
homework will not get our sup-
port, Merkel said at the rally of
her conservative Christian
Democrats (CDU) in the state capi-
tal Schwerin ahead of an election
this week.
Merkel also spoke out once again
against the issuance of joint euro-
zone bonds.
She also criticised the opposition
Social Democrats (SPD), who rule
in Mecklenburg-Vorpommern,
along with the Greens for their
backing of the eurozone bonds
idea.
Merkel said it defies common
sense to try to solve the sovereign
debt crisis simply by putting all
nations debts into a single pot.
THE European Central Bank is revis-
ing its inflation forecasts for the
Eurozone, its president Jean-Claude
Trichet told the European
Parliament yesterday, sounding a
more doveish note than in any previ-
ous public appearance in recent
months.
Risks to the medium-
term outlook for price devel-
opments are under study in
the context of the ECB staff
projections that will be
released early September, he
told MEPs.
The ECB has controversially
raised interest rates twice
this year, breaking
ranks with the
Federal Reserve
and the Bank of
England and
prompting criti-
cism that it
could send
f r a g i l e
peripheral
Eurozone
economies
into a tailspin.
Trichets remarks are the first
sign that the ECB is shifting its con-
cern from inflation to growth after
a turbulent month in global mar-
kets. He added that uncertainty
over growth remains particularly
high. The Eurostoxx 50 rose 2.2 per
cent yesterday after his comments.
But the tension among
Eurozone leaders shows little
sign of abating. Finland yes-
terday proposed that
Greece be forced to trans-
fer billions in state assets
into a holding account in
Luxembourg as collateral
for further aid, a move that
would be likely to enrage
Greek voters.
A n d
Germany put
back a crucial
vote on
Greeces new
aid package by
a week, increas-
ing the weeks
of uncertainty
that markets
must face this
autumn.
Trichet sends
doveish signal
on ECB rates
AMERICAN President Barack Obama
yesterday recruited a top labour
economist to take on the battle
against the countrys stubbornly
high levels of unemployment.
Alan Krueger a prolific author of
many economic texts has been
appointed as the White Houses new
chief economist, as Obama leads up
to his much-vaunted plan for jobs.
Next week I will be laying out a
series of steps that Congress can take
immediately to put more money in
the pockets of working families and
middle class families, to make it eas-
ier for small businesses to hire peo-
ple, to put construction crews to
work rebuilding our nations roads
and railways and airports, Obama
said.
Krueger, an economist from
Princeton, has largely focused on
labour market issues during his
career, yet is most well-known for his
2007 book: What Makes a
Terrorist?
International terrorists are more
likely to come from moderate-
income countries than poor ones,
Krueger wrote, shooting down the
presumed link between economic
deprivation and terrorism.
Krueger is no stranger to the
White House, having previously
worked under former President Bill
Clinton.
Krueger appointed to tackle
Americas lingering jobs crisis
Merkel says countries that cant
help themselves wont get support
BY JULIET SAMUEL
EU ECONOMY

EUROZONE

Alan Krueger has been appointed as chairman of the White House Council of Economic
Advisers Picture: REUTERS
BY JULIAN HARRIS
US ECONOMY

News
5 CITYA.M. 30 AUGUST 2011
ZYNGA may delay its pending IPO until
November, with current market turmoil
threatening to derail its plans to achieve
a valuation as high as $20bn.
The float, in which the online games
firm plans to raise $1bn, was slated for
September but Zynga feels it could
inspire more investor confidence if it
waits another month.
The delay will also give the FarmVille
maker time to iron out issues with the
SEC, which has flagged up some non-
traditional accounting measures in its
S-1 filing.
Zynga said in its filing that it uses a
financial measure called bookings,
which is revenue from the sale of virtual
goods that are used in games such as
weapons or crops and from advertis-
ing over a certain period of time.
The company uses the bookings fig-
ure internally but said it is not meant to
substitute for revenue recognised in
accordance with generally accepted
accounting principles.
Experts say the delay makes sense for
Zynga, which has a stash of available
cash and is in no hurry to raise the capi-
tal. Technology stocks have been hit par-
ticularly hard by recent market jitters.
The firm is understood to be consid-
ering an unusual three-tiered struc-
ture for its stock that will give shares
held by its chief executive Mark Pincus
70 times the voting power of ordinary
shares.
Zynga hopes recent investor demand
for dotcom stocks will help push it to an
eye-watering valuation of $15-20bn.
Business networking site LinkedIn
was valued at $4.25bn after its IPO in
May and a string of other top internet
firms are planning bumper floats over
the coming months.
Groupon is expected to have a market
cap of $20bn when it makes its stock
market debut and fellow discount busi-
ness LivingSocial is also hoping for a
multi-billion valuation.
But the most hotly-awaited IPO is that
of Facebook, which has long-planned to
float in the first quarter of next year.
Valuations of the firm have consis-
tently risen, with the latest figure push-
ing a staggering $100bn.
Zyngas IPO
may face delay
Zynga is famous for its Facebook games including FarmVille Picture: PA
BY STEVE DINNEEN
TECHNOLOGY

News
6
News
7 CITYA.M. 30 AUGUST 2011
SCANDINAVIAs biggest lender,
Nordea, has announced plans to
slash 2,000 jobs by the end of 2012 in
four northern European countries.
The bank blamed the decision on
increased costs imposed by new
global regulation that are a new
normal for the industry.
Denmark, Finland and Sweden
will suffer the bulk of the cuts, with
500-650 roles per country to go,
while Norway will see 200-300 jobs
lost. The bank said that the details
will depend on the outcome of nego-
tiations with unions.
Chief executive and president
Christian Clausen said that the cuts
are necessary to safeguard our good
rating. To increase efficiency is
never easy, he said. The alternative,
to wait and see, is not an option.
The banks aim to deliver a 15 per
cent return on equity for sharehold-
ers, which it says will involve keep-
ing costs flats. The slated cuts
amount to a 5.8 per cent reduction
in headcount, though no jobs will go
in the UK, where Nordea has one
office.
Share registrar Equiniti
eyes more acquisitions
EQUINITI Group, the private equity-
backed share registrar, remains on
the acquisition trail after reporting
annual revenues of nearly 300m,
according to its latest accounts.
The firm, formerly Lloyds TSB
Registrars before it was bought by
Advent International in 2007, said it
is interested in small bolt-on deals
and expects to cut costs further.
It made an operating profit of
56.6m in 2010 on revenue of
287.1m. The accounts are the first to
be produced since the group was
formed in a merger with Xafinity in
March last year.
Equiniti, which declined to be
interviewed, also handles outsourced
pension provision and staff share
schemes. Its clients include nearly
two-thirds of the FTSE 100 as well as
the NHS and the Ministry of Defence.
Wayne Story, chief executive, said
the market would be challenging
this year but added: Our acquisition
strategy remains centred on develop-
ing and complementing our existing
business lines through small bolt-on
opportunities; in our core market as
well as acquisitions which bring new
capabilities to sell to our client base.
Pension provider Xafinity says it
handles 2 trillion a year.
Nordea to lay off
2,000 to cut costs
WELLS Fargo & Co, JPMorgan Chase
and Lone Star Funds were the win-
ners of the $9.5bn pool of US com-
mercial real estate loans sold by
failed lender Anglo Irish Bank, two
sources familiar with the deal have
said.
The sale marks one of the biggest
since the downturn in US commer-
cial real estate four years ago.
It attracted more than two dozen
buyers, said a source. The total
price paid for all the loans was
between $7bn and $8bn.
American trio
snaps up Anglo
Irish loan book
BANKING

BANKING

FINANCIAL SERVICES

NEWS | IN BRIEF
Crossrail delays UK contract
Crossrail, Europes largest infrastructure
project, has delayed the award of a con-
tract to build 60 train carriages, potential-
ly increasing the chance that the deal will
go to a UK company. Crossrail said the pri-
mary reason for delaying the 1bn con-
tract to 2014 from 2013 was to save
costs, but as a consequence of the delay
the tender will include recommendations
from a UK government review into public
procurement.
Boeing to give aircraft update
Boeing will give an update today on its
plans to revamp its best-selling 737 air-
craft in a bid to fight off challenges from
European rival Airbus, according to people
with knowledge of the matter. The US
planemaker is set to end weeks of uncer-
tainty for investors, airlines and suppliers
over the characteristics of the jet, after
securing backing from its board to market
a more efficient version equipped with
new engines.
Bank launches renewables fund
More than one third of farmers want to
install renewable energy projects on their
farmland, most of them within the next
year, and hope to generate average
returns of 25,000 per year, UK bank
Barclays said. The banks business arm
yesterday launched a 100m fund to help
farmers finance renewable energy proj-
ects as a growing number of agricultural
businesses seek to benefit from govern-
ment support tariffs.
PoliticsHome.com PoliticsHome.com
Orderly break-up of the Eurozone
Strongly approve
Neither approve
Somewhat approve
Somewhat disapprove
Strongly disapprove
or disapprove
%
38%
24%
10%
7%
20%
Neither approve nor disapprove
Strongly approve
Somewhat approve
Strongly disapprove
Somewhat disapprove
Allowing Greece and any similarly indebted countries to default on
their debt
%
31%
32%
6%
15%
17%
Apply to join today at www.cityam.com/panel
In association with PoliticsHome.com
In partnership
with
City backs Eurozone break up
and voices disapproval of leaders
EU leaders trying to dig Europe
out of its debt crisis should be
planning an orderly break up of
the single currency, according to
almost two-thirds (62 per cent) of
City A.Ms Voice of the City panel,
run in association with
PoliticsHome.com.
Thirty-eight per cent said they
strongly approve of a Eurozone
break-up, with a further 24 per
cent saying they somewhat
approve.
Our panel drawn from busi-
ness and finance professional
across the City also threw its
weight behind calls for indebted
Eurozone countries such as
Greece to be left to default on
their debt.
Sixty-three per cent of those
surveyed would approve of allow-
ing a Greek default, compared to
just 32 per cent that who would
oppose a lack of intervention.
Our panel was also asked to
pass judgement on some of the
EUs most powerful leaders, by
rating their recent performance
on a scale of one to 10.
UK Prime Minister David
Cameron came out on top, with
an average score of 5.9, followed
by German chancellor Angela
Merkel whose average was 5.1.
French president Nicolas
Sarkozy was ranked third with a
score of just 4.2, while Italian
prime minister Silvio Berlusconi
brought up the rear with an aver-
age rating of 2.4 out of 10.
More than 400 people took part
in this weeks poll. For a chance to
have your say, apply at
www.cityam.com/panel.
BY ELIZABETH FOURNIER
POLITICS

WHICH STRATEGIES TO RESOLVE

THE EUROZONE DEBT CRISIS DO
YOU APPROVE OR DISAPPROVE OF?
JAPANS sixth prime minister in
five years was chosen yesterday.
Yoshihiko Noda, formerly the
finance minister, replaces former
PM Naoto Kan and faces an uphill
battle to overcome a divided par-
liament and deep rifts in the rul-
ing party.
Noda appears to be a safe pair of
hands to lead the worlds third-
biggest economy but there are
serious doubts whether he will
have sufficient support to tackle
Japans myriad economic woes,
lift it out of decades of stagnation
and cope with a nuclear crisis.
The 54-year-old Noda (pictured),
who defeated trade minister Banri
Kaieda in a run-off vote in the rul-
ing party, must deal with a resur-
gent yen that threatens exports,
forge a new energy policy while
ending the worst nuclear crisis
since Chernobyl, and find funds to
rebuild from the 11 March tsuna-
mi at a time when huge public
debt has already triggered a credit
downgrade.
Nonetheless, his appointment
has been largely welcomed in
financial circles. Mr Noda is the
right choice for Japan, said
Societe Generale yesterday, in
a note.
Mr Noda has done an
excellent job as a finance
minister. In particular, we
would give a high mark on his
handling of exchange
rate policy -- despite
the financial turbu-
lence in the past
one month, the
level of yen against
USD is hardly
changed from a
month ago.
He seems to
be the safest
choice, and I
mean this in a
good way. There seems to be a con-
tinuation in policy as he served as
finance minister, added
Tomomichi Akuta, senior energy
researcher at Mitsubishi UFJ
Research and Consulting in Tokyo.
Yet no Japanese prime
minister has lasted much
more than a year since
2006 and many analysts
expect Nodas rule to be
doomed before it has
begun.
Noda, who will be
confirmed by par-
liament today,
will be the
third premier
since his rul-
i n g
Democratic
Party of
Japan swept
to power in
2009, prom-
i s i n g
change.
Japans sixth PM in
five years steps up
BY HARRY BANKS
JAPAN

News
8 CITYA.M. 30 AUGUST 2011
1 Aug 5 Aug
6000
5800
5600
5400
5200
5000
4800
ANALYSIS l FTSE 100 Index
TRADERS who stayed on the floor
throughout August 2011 will remem-
ber it for many things, but tranquility
will not be one of them.
While European chief executives
left the office for their customary four-
week holiday, global equity markets
kicked off a month of instability as US
lawmakers dithered over a last-minute
increase in the countrys debt ceiling.
Morning reports were punctuated
by premature calls on rallies, brief
upticks and steep declines as investors
flitted between selling off stocks and
buying into traditional safe havens.
When rating agency Standard &
Poors downgraded the triple-A credit
rating of the US on 5 August, the coun-
trys stocks saw their biggest one-day
decline in three years. The UK also suf-
fered as the FTSE fell below the 5,000
mark for the first time in more than a
year a sinking feeling that hit it
again ten days later as banks plummet-
ed on fears over short-term funds.
All eyes turned to Brussels on 16
August as Nicolas Sarkozy and Angela
Merkel met to discuss Europes debt
crisis. But hopes they would consider
eurobonds were short-lived, as instead
they mulled a financial transaction
tax and shares fell again.
A fitting political backdrop to the
volatility was provided by the violent
riots that swept across the UK and by a
renewed focus on the Arab spring, as
Libyan rebels took Tripoli and the UN
launched an enquiry into Syrian
human rights violations.
As the month draws to a close,
investors will be crossing their fingers
that September will mean a relative
return to normality. But with the
Vickers report due on 12 September, a
decision on Greek collateral arrange-
ments mooted for mid-month and Fed
chairman Ben Bernanke signalling
more easing could be announced on
21 September, hopes of an Indian sum-
mer will have to be put aside for now.
SO MUCH FOR A QUIET AUGUST
I have said let us end the politics of resentment.
Even before yesterdays leadership vote, Noda had called for a
grand coalition with the main opposition parties to break the
parliamentary deadlock. The 54 year old judo-loving PM has
pledged middle-of-the-road politics, in a bid for consensus.
A loach has its own abilities even though it cannot do as a
goldfish does.
Having been raised in a modest household on the outskirts of
Tokyo, the self-deprecating Noda has made fun of his unglam-
orous appearance likening himself to an eel-like fish that
lurks among rocks, rather than the flashy-scaled goldfish. Its
the reason why I do not look like a city boy, he added.
Tax rises must consider the impact on the economy
Despite having a reputation as a fiscal conservative, keen to
begin tackling the Japanese governments Godzilla-like debts,
Noda has already shown room for compromise, suggesting
that tax hikes will not be forced through.
Gritting our teeth, lets create a stable, reliable and mature
politics.
In a country desperate for stability, Noda seems like the sensi-
ble option. Some commentators say Japan needs a maverick
like Junichiro Koizumi, the last premier to serve a full term in
2001-2006, to jolt Japan out of decades of stagnation and
political paralysis. Others say, however, someone like Noda,
modest, calm and with few enemies, has a better chance to
achieve something in a divided parliament than a charismatic
figure. A fan of pro-wrestling, Noda has projected an image of
a straight shooter, saying he is not good at playing underhand
tricks in politics.
YOSHIHIKO NODA | WHAT CAN WE EXPECT FROM THE NEW JAPANESE PRIME MINISTER?
Volatility has dened the summer, usually seen
as an uneventful time in the markets. Elizabeth
Fournier looks back on a far-from silly season.
AMERICA LOSES TRIPLE-A RATING
Rating agency Standard & Poors cut the
top-tier AAA credit rating of the US on
Friday 5 August, rattling markets across
the globe.
UK CITIES HIT BY RIOTS
Riots (below) spread across
London and beyond after
police shoot dead Mark
Duggan in Tottenham. Shops
are burnt and looted and
close to 2,000 people are
arrested.
OBAMA AVOIDS DEBT DEFAULT
Just hours ahead of a 2 August
deadline to avert an unprecedented
default, President Obama (below)
signs a bill that raises the $14.3 tril-
lion debt ceiling and sets in motion a
plan to reduce US deficits over 10
years.
FTSE FALLS BELOW 5,000
The FTSE dropped below the
5,000 level on 9 August for
the first time since 7 July
2010, as markets reacted to
the US downgrade.
News
9 CITYA.M. 30 AUGUST 2011
THE IMF has brutally slashed
Americas growth forecast for this year
to just 1.6 per cent -- down from its last
estimate of 2.5 per cent, made just two
months ago.
Reports in Italy said that a draft IMF
report has also downgraded the fore-
cast for US growth in 2012 from 2.7 per
cent to two per cent.
Due to increasing risks surround-
ing GDP growth outlook in the US, the
Federal Reserve should be ready to
launch new non conventional meas-
ures to support the economy, the
report recommends.
The Eurozone was also hit by the
downgrades, the IMF now expecting
the single currency area to expand by
1.9 per cent this year -- 0.1 per cent less
than its last forecast.
Next year growth in the euro area
will slow to 1.4 per cent, the IMF
expects, having previously predicted
1.7 per cent growth.
Italys prospects are particularly
gloomy, according to the report. The
international bailout agency now fore-
casts growth of just 0.8 per cent in the
troubled Mediterranean state and 0.7
per cent next year.
Should the downside risks remain,
the ECB would have room for a further
easing of its monetary policy, it said.
Juncker: demands for
Greek collateral will be
met by mid-September
EUROZONE countries will find a
way to satisfy demands for collater-
al from Greece for new loans to
Athens by mid-September at the lat-
est, the chairman of Eurozone
finance ministers, the Eurogroup,
Jean-Claude Juncker said.
Finland wants Greece to provide
collateral for new loans that it is to
get from Helsinki as part of a new
financing package for Athens.
Some other Eurozone countries
like the Netherlands, Austria and
Slovakia would also like Greece to
provide such collateral to safeguard
their public finances in case Greece
were to default on the new loans.
I am confident that we will find
an answer to this issue of collateral.
I dont think we need a special
Eurogroup, Juncker said.
We have an informal Eurogroup
in Poland on September 16 and this
issue will be concluded at the latest
at that moment, he added.
He told the European
Parliaments Economic and
Monetary Affairs Committee that
the group was working on a solu-
tion he hoped all countries would
be happy with.
US growth forecast
slashed by the IMF
GOLD prices remained lower into late
trade yesterday, as Wall Street stocks
added to their gains on increased
investor risk tolerance, but bullion cut
its decline to about 2.20 per cent as
some buyers bought dips.
Sought as a haven asset in times of
uncertainty, the yellow metal had
some players adding to their holdings
as a safety play, unconvinced that a
days positive news would stick.
Spot gold cut earlier declines to a
2.20 per cent loss at $1,787.35 an
ounce. Last week, prices were highly
volatile sliding more than $200 from a
record $1,911.46 an ounce, dropping
towards $1,700.
Gold clips losses
from equity
market gains
WORLD ECONOMY

MARKETS

EUROZONE ECONOMY

ITALYS borrowing costs are set to fall

at a debt sale today, with its bench-
mark 10-year yield seen at around 5.20
per cent thanks to support from the
European Central Bank, after hitting
an 11-year high in July.
The ECB started buying Italian and
Spanish government bonds on the sec-
ondary market on 8 August to
ringfence the Eurozones third- and
fourth-largest economies from a
spreading debt crisis in the bloc.
Italy paid 5.77 per cent to sell 10-year
paper at the end of July, the highest in
11 years and up more than 80 basis
points from a month earlier.
Investors worries about Italys abili-
ty to repay its 1.9 trillion debt further
pushed the 10-year yield to around 6.4
per cent on the secondary market in
early August before the ECB stepped
in, pushing yields back towards the
five per cent level.
Italy cancelled a mid-August long-
term bond sale, so todays BTP auction
is the first since the ECB began buying
Italian bonds.
Italy is selling up to 3.75bn of a
new 10-year BTP bond maturing in
March 2022.
12 Aug 19 Aug 26 Aug
5,129.92
26 Aug
MERKEL-SARKOZY MEETING FAILS TO CALM MARKETS
France and Germany unveiled far-reaching plans for closer Eurozone
integration (below) but disappointed investors by declaring that any
thoughts of common eurobond issuance would have to wait. They
also unveiled a plan to explore a financial transaction tax, hitting
interdealer brokers ICAP and Tullett Prebon who were among the
top fallers on the FTSE 100 and FTSE 250 indexes respectively.
JOBS RESIGNS FROM APPLE
Steve Jobs (right) resigns from
Apple, sending its shares plung-
ing seven per cent after-hours
before trading is temporarily
suspended. They have since
regained their losses.
BERNANKE DELAYS QE3
DECISION
US Federal Reserve chairman
Ben Bernanke says there will be
no new stimulus yet at the
annual Jackson Hole meeting of
central banks. The FTSE is yet to
react, but the S&P 500 gained
1.8 per cent following the speech.
SECOND DIP BELOW 5,000
Energy and mining companies
lead the FTSE below 5,000
again in early trading on 19
August, before an afternoon
rally that saw it close at 5,040.
RISE IN UNEMPLOYMENT
AND INFLATION
The latest UK unemployment
figures show the number of
people out of work rose by
38,000 in the three months to
July (above) as UK consumer
price inflation rises to 4.4 per
cent.
ANALYSIS l Apple Inc.
$
29Jul 5Aug 12Aug 19Aug 26Aug
400
390
380
370
360
350
$
389.79
29 Aug
$1,913.50
an ounce
The price of gold hit a
record high on 22
August as demand for
a safe haven continued
Italy to test
bond markets
MARKETS

The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
[email protected]
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 30 AUGUST 2011
ONE MAN IN
A BOAT FOR
SOLO WORLD
RECORD BID
HE HAS already crossed the Tasman Sea
and the Atlantic and survived two hurri-
canes in his attempt to complete one of
the last remaining world firsts.
Now Olly Hicks of executive search firm
Oliver Stanley is counting down the days
until his most extreme mission yet: an 18-
month journey to become the first person
in history to row solo around the globe.
Hickss 2009 attempt was suspended in
New Zealand because of his boats funda-
mental design flaw. But now he is back
with a new 24-foot customised rowing
boat that will become his home for two
seven-month stints at sea, broken by three
months over winter on the island of
South Georgia in the South Atlantic.
Hicks will set off on his 18,000-nautical
mile voyage in October 2012; in the mean-
time, he needs to find a sponsor to replace
previous backers Google and Virgin.
There are many ways to skin a cat, but
if we can persuade one investor to put in
500k then the jobs a good one, said
Hicks, adding that Aberdeen Asset
Management, the sponsor of Cowes Week
and the Row to the Pole expedition, would
be a great fit. Lets hope Aberdeens CEO
Martin Gilbert is feeling generous
Olly Hicks on his aborted Virgin Global Row and (inset) with two Dorada caught on his Tasman trip
THE CHAMPAGNE lounge at
Kensington members club Amika
is described as the home of
extravagance and indulgence.
And no-one reading this weeks
bill would argue with that,
because if two jeroboams of
Cristal at 5,500 apiece dont
justify the description, then
nothing will. Also making an
appearance over the four inter-
national financiers 15,900
Saturday night out were a
1,840 bottle of Grey Goose
vodka and a 940 bottle of
Johnnie Walker Blue Label King
George V a blend of spirits
produced only from distilleries
that operated during the reign
of the House of Windsors first
monarch. So The Capitalist is
sure the eight Cokes on the bill were for
refreshment and not for pouring into the exquisite whisky, made
from malts so rare some of them no longer exist. After all, the club
that styles itself as the bedrock of elegance and sophistication
would expect nothing less.
BILL OF THE WEEK
GALAHADS GAME PLAN
SPOTTED spending the Bank Holiday
break at his familys holiday home in
Bantham in Devon: Galahad Clark, heir
to the Clarks Shoes empire and the UKs
most enthusiastic advocate of barefoot
running, after branching out into his
Terra Plana business.
Galahad, who this year married a dis-
tant relative of Ghengis Khan, clearly
loves it by the sea The Capitalist hears he
and his father Lancelot regularly rise at
dawn to commute from Totnes to London
on Clarks business, rather than staying in
the familys base in the capital.
No word yet though on whether
Galahad, a committed follower of the
famously silent Quaker movement, always
reserves a seat in the quiet carriage.
BLACK SUNDAY
A GREAT result for Manchester United
fans, but the teams 8-2 win over Arsenal
on Black Sunday was not so great for
Sporting Index, which was ashen-faced as
the goal-count continued to climb.
Combined with Manchester Citys 5-1
victory over Spurs, the Manchester clubs
cost the firm just short of a million
pounds. Only ten times previously have
ten or more goals been scored in a single
Premier League game, said a spreadbet-
ter sadly, estimating each Manchester
goal cost the firm about 75,000.
Our free morning newsletter.
Digest the City in three minutes.
Sign up at cityam.com
COLLINS Stewart has leapt up the City
league of brokers and corporate advis-
ers, moving four places to rank sixth
in the latest figures from financial
data firm Hemscott.
The firm made the largest jump in
the overall rankings, adding two new
clients to end the quarter with a
client count of 78.
JP Morgan Cazenove led the league,
despite losing four clients since last
quarter. The investment bank now
acts as stockbroker to 236 clients after
losing two FTSE 100 companies in the
quarter, but still outstrips its closest
rival Numis, which has a total of 128.
It also maintained its ranking as top
financial adviser to the UKs blue chip
companies, retaining 104 listed clients
while Cenkos Securities knocked
Seymour Pierce from second place
after gaining three clients to increase
its listed client tally to 76.
The overall rankings of the big four
auditors remained unchanged from
the previous quarter, with KPMG hold-
ing onto the top spot since February
2007, whilst adding four new clients.
Second-placed PwC still has the most
FTSE 100 clients, and enjoyed a signifi-
cant boost to its overall tally with 50
new clients, narrowing the gap
between the top two.
Financial Dynamics held on to its
place at the top of the financial PR
rankings, winning five clients in the
quarter and creating a new total of
172, more than twice that of nearest
competitors Buchanan, which now
shares second place with rival Pelham
Bell Pottinger.
Slaughter & May remained top of
the law adviser rankings.
Collins Stewart
climbs league
BY KASMIRA JEFFORD
FINANCIAL SERVICES

News
11 CITYA.M. 30 AUGUST 2011
PwC, led by Ian Powell (left) has the most FTSE 100 audit clients, while JP Morgan
Cazenove, chaired by David Mayhew, remains the top-ranked City broker
OVERALL STOCKBROKER RANKINGS
Rank Rank 2010 Change Overall Rankings Total clients Last year Change
1 1 J.P. MORGAN CAZENOVE 236 240 -4
2 2 NUMIS SECURITIES 128 127 1
3 3 CENKOS SECURITIES 107 102 5
4 4 INVESTEC SECURITIES 84 84 0
5 5 UBS INVESTMENT BANK 83 82 1
6 10 4 COLLINS STEWART 78 76 2
7 7 RBS HOARE GOVETT 77 80 -3
8 6 -2 EVOLUTION SECURITIES 76 81 -5
9 8 -1 SEYMOUR PIERCE 75 77 -2
10 8 -2 MATRIX 74 77 -3
Back to school but a nerve-wracking term awaits
T
HE first week of September is a
sorry one for millions of Britons.
Its the end of the holidays, and
not just for the kids.
They may have to go back to school
and have nothing more than double
science on a Tuesday afternoon to
look forward to. For those of us who
have finished with our formal educa-
tion and have found ourselves with a
career in the financial markets its
much more of a reality check after
the carefree time on the beach.
The fact is we are going back to a
market that is nervous as hell. Every
time equities appear to be picking
themselves up and shrugging off the
latest debt crisis along comes another
scare to derail any recovery and nib-
ble away further at the conviction of
even the most strident bulls.
To recap, the S&P may have gone
up nearly five per cent last week but
its still down nine per cent this
month, the FTSE is off 12 per cent
throughout August, and the barome-
ter of the big caps in Europes largest
economy, the DAX, is down over 20
per cent in the same period.
But you know all that. You also
know it appears too late to seize upon
great returns in either cash or the
safer sovereign debt markets, unless
you find ten-year gilts a mouth-water-
ing prospect at 2.5 per cent.
For many of you its a case of keep-
ing your fingers crossed and hoping
that sooner or later debt crises will
blow over and we can all start appreci-
ating equities again and the great
rally of autumn 2011 can begin.
If the rally comes, chances are well
suddenly get reams of fund managers
coming out of the woodwork and
telling us how they always knew the
benefits of strong corporate earnings,
exposure to emerging markets and
huge cash on the balance sheets were
always going to prevail over the pes-
simists. To these money managers I
only ask a couple of basic questions.
Firstly, have you been filling your
boots in this crisis? It seems most of
you are now hunkering down, maxed
out on the cash portion of the portfo-
lio youre allowed to hold. If equities
are really at once-in-a-lifetime valua-
tions versus fixed income yields
shouldnt you be remortgaging your
own home to load up?
Secondly, can you not utter the
words relative performance? You
see, none of us can actually spend
that. If you are down money just say
it. It will save us having to trawl
through your performance figures.
You see relative performance
clearly wont pay for the school fees,
which are not only due now but also
have no relationship to the rest of the
economic doom and gloom in the UK.
And on that note if you want a tip
from me, why not set up a school fees
inflation index? Ill wager itll outper-
form any other benchmark, not only
relatively but in absolute terms.
Steve Sedgwick is a CNBC anchor
CNBC COMMENT
STEVE SEDGWICK
FOREIGN exchange specialist
MoneySwap expects to hit a 20m
valuation when it joins Londons
Alternative Investment Market
tomorrow.
The online peer-to-peer exchange
platform, designed to save trav-
ellers money by cutting out inter-
mediaries, hopes to raise 3.05m
when it joins the index.
MoneySwap sees the Asia-Pacific
market as vital given the number
of major currencies and the rela-
tively high exchange costs there.
It is working with Melco Crown
and Genting, two of the regions
casino operators, to give customers
a greater choice of currencies.
It also plans to launch
QuickPayIT, which will allow peo-
ple to pay for goods and services
without either party having to
enter or receive banking informa-
tion.
MoneySwap has its headquarters
in Hong Kong but was founded in
the UK. It picked Allenby Capital as
its nominated adviser and Old Park
Lane Capital as its broker.
Moneyswap chief executive
Richard Proksa said: The LSE has
an exceptional standing in the
minds of Asia Pacific businesses
and we see great competitive local
advantage in being able to demon-
strate that our company, processes
and management team have all
met the stringent requirements set
by the LSE.
MoneySwap was due to join
Londons alternative market earli-
er in the month, but its listing was
pushed back.
While August has proved a rela-
tively busy month for new AIM list-
ings, debuting companies have
raised only small amounts.
Real estate insurance broker
Allanfield Group hit a market cap-
italisation of 11m on 18 August
when it raised 1.2m, and Great
Western Minings move to AIM
raised just 1m of an expected 3m
to fund a study of new prospects in
Nevada.
MoneySwap will publish its
annual results on 30 September.
MoneySwap
to list on AIM
after delay
BY PETER EDWARDS
CAPITAL MARKETS

News
12 CITYA.M. 30 AUGUST 2011
AURICO Gold, a Mexico-focused
gold miner in a drive to reposition
itself, said yesterday it would buy
Northgate Minerals in an all-stock
deal worth C$1.46bn (909m).
The acquisition is the latest in a
string of deals involving Canadian
gold miners as prices for the metal
climb faster than even many of the
most bullish forecasts.
If approved, the deal would see
AuRicos gold resource rise from
10.3m gold equivalent ounces to
almost 19m. Annual production
would increase to 470,000 ounces in
2011 from 280,000, and the com-
bined output would be more than
730,000 ounces by 2013.
AuRico changed its name from
Gammon Gold in May, a month
after buying Capital Gold for
C$420m. That followed a drawn out
battle for the company with smaller
rival Timmins Gold.
Under the terms of the agree-
ment, Toronto-based AuRico will
pay 0.365 of a common share for
each Northgate common share.
When the deal was announced,
prior to the market open, the offer
was worth about C$5.01 a share, or
C$1.46bn in total. That fell to C$4.37
a share, or C$1.26 billion, after the
open.
Canadian gold rush continues as
AuRico buys Northgate Minerals
MINING

SOUTH Africas Optimum Coal said

yesterday that a unit of Glencore,
the worlds largest commodity trad-
er, had bought a 14.1 per cent stake
in it.
The announcement comes after
Optimum, South Africas sixth-
largest coal producer, confirmed
last Friday that it had received
takeover approaches.
A consortium comprising Piruto
BV, a wholly owned subsidiary of
Glencore International, had as at
the close of business on Friday, 26
August 2011, acquired ordinary
shares and as a result now holds a
beneficial interest of 14.1 per cent
in Optimum Coal, Optimum said
in a statement.
Optimums share price was up 1.3
per cent at 31.91 rand, extending its
Friday gains of around five per cent.
It is the Swiss-based traders
largest takeover bid since its May
stock market listing.
Glencores deep pockets and
Ramaphosas influence would
make for a formidable bid that
could nullify any opposition from
unions or shareholders, some of
whom may be reluctant to see the
trader extend its reach in South
Africa.
Optimum Coal confirms unit
of Glencore has bought stake
MoneySwap is working with casino operator Genting to expand its services Picture: GETTY
BY HARRY BANKS
MINING

RUSAL, the worlds third largest alu-

minium producer, reported a sharper
than expected drop in second-quarter
profits after rising costs and a weaker
US Dollar outweighed price rises and
increased production at the company.
The Russia-based company, con-
trolled by billionaire Oleg Deripaska
(pictured), said its second-quarter net
profit fell 70 per cent to $339m
(206.8m) from $1.12bn a year earlier.
Revenue was in line with analyst
forecasts at $3.33bn, up 11
per cent on the year,
mainly due to
increased prices.
But a stronger
rouble, the
Russian cur-
rency, has
been pressur-
ing Rusals
margins and
bottom line
as most of its
al umi ni um
sales are in US dollars.
Rusals profits also fell after
returns from its 25 per cent holding
in Norilsk Nickel fell from $292m to
$210m in the year to 30 June.
Russian miner Norilsk made an
offer last week to buy back 15 per cent
of its stock in the company for
$8.75bn.
The company said in a statement it
expects to see the demand for alu-
minium to remain strong
throughout the rest of
this year, largely due to
demand from emerg-
ing markets like Brazil
and China. Japanese
consumption is expected
to recover in the fourth
quarter of 2011.
Shares in the Hong-
Kong listed company rose
3.6 per cent to $8.29 yes-
terday recovering slightly
from the 33 per
cent drop in share
value since the
beginning of the
year.
Rusal profit
drops by 70pc
as costs soar
BY KASMIRA JEFFORD
INDUSTRIALS

LEISURE group David Lloyd plans to

invest 2.5m in its childrens arm
after rising public concern over the
level of obesity among Britains
young.
It said DL Kids will open facilities at
David Lloyd Finchley in North
London and Beckenham in Kent in
December. It will also open its first
continental centre in Barcelona in
September.
The new centres will include mini-
sports halls, interactive classrooms
and provide sports coaching, arts and
crafts and hundreds of types of
games, it said.
Scott Lloyd, chief executive, said:
The success of our pilot DL Kids facil-
ities in Raynes Park (in south-west
London) and in Leeds is encouraging
and we believe DL Kids has the capa-
bility to be a scalable branded format
with roll out potential in both the UK
and international markets.
Other David Lloyd Leisure clubs in
Cambridge, Enfield, Southampton
and Edinburgh will also receive cash
to upgrade their childrens facilities.
A third of British children are over-
weight or obese despite a wealth of
government health initiatives.
David Lloyd said it has seen a three
per cent net growth in junior mem-
bers since the start of the year.
The group has more than 450,000
members and 6,000 staff.
David Lloyd investing 2.5m in
childrens brand as obesity rises
LEISURE

News
13 CITYA.M. 30 AUGUST 2011
Street works are a sign the City is thriving
L
AST weeks news that the govern-
ment is proposing to charge util-
ities companies for digging up
roads during peak hours is the
latest in a long line of measures
designed to combat disruption.
Such works are a huge problem for
all London boroughs. But imposing
financial disincentives can only ever
be one part of a more complex solu-
tion especially as extra costs are like-
ly to be transferred to customers.
Here in the Square Mile we face a
unique set of circumstances: the City
of London is a modern global finan-
cial centre built upon a medieval
street grid network.
Many street works that take place
are emergency repairs or involve the
installation of new services that City
businesses deem vital to their work.
It is not just tax and regulation
that affects the Citys international
competitiveness. Technologies such
as high-speed broadband, upgraded
telecoms and double-power routes are
equally important to the internation-
al business community.
Indeed, street works are the sur-
face sign of a thriving, evolving City.
But whilst we have to accept a cer-
tain amount of disruption, we must
also strive to keep this disruption to a
minimum and significant steps have
been taken towards this goal.
Street works for which the City of
London is responsible around 30 per
cent of the total works at any time
are carefully planned to minimise
congestion, to fit in with other, on-
going projects and to accelerate com-
pletion by using innovative schemes
such as double shifting on key sites.
With TfLs lane rental scheme on
the agenda for next year, the City of
London is already providing an
enhanced information service
online and in the form of improved
signage which you may have seen on
many of the major sites throughout
the Square Mile. We also commis-
sioned research into how utilities
companies are regulated to help
them plan works more efficiently.
The City of London leads the way
in grouping works together so that
the same piece of road is not dug up
repeatedly in a short space of time
and, since April, has issued more
than 20 fixed penalty notices to com-
panies who have failed to comply
with the terms of their permits
Anyone visiting the City of
Londons website can now also access
maps detailing exactly when and
where street works are taking place
plus see a briefing for the week
ahead. You can visit www.cityoflon-
don.gov.uk/streetworks or watch daily
Twitter updates at @Squarehighways.
Clearly there is no quick fix but
there is no doubt that the situation is
improving and that it will continue to
do so whilst we work to ensure the
City remains fit for purpose as a lead-
ing global financial centre.
Stuart Fraser is policy chairman at the
City of London Corporation
CITY COMMENT
STUART FRASER
News
14 CITYA.M. 30 AUGUST 2011
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www.cityam.com
BUSINESS in the UKs largest sector
services has unexpectedly fallen at its
fastest rate since November 2009, a
leading industry survey exposed this
morning.
A negative balance of 25 per cent of
consumer services firms pointed
towards a decline in business volumes
over the previous three months.
In business and professional servic-
es, meanwhile, the negative balance
came in at -22 per cent.
This quarter weve seen more evi-
dence of the ongoing decline in con-
sumer services spending, as people
with increasingly squeezed household
incomes are forced to cut back their
discretionary spending, said the CBIs
Richard Woolhouse.
What is new, and was not expected
this quarter, is that spending on busi-
ness and professional services also fell,
something not seen since November
2009, he added.
Despite economic blues in the con-
sumer services sector, analysts had
expected some growth in professional
services.
Yet professional services firms also
expect further decline in the coming
three months the balance of expecta-
tions falling to -14 per cent, down from
a positive balance of 20 per cent in
Mays survey.
The sub-index of optimism in the
overall business situation collapsed to -
22 per cent, from a positive 23 per cent
in May.
Meanwhile, the UKs GDP outlook
was cut to just one per cent for this
year (down from 1.1 per cent) and 1.5
per cent for next year, according to IHS
Global Insight yesterday.
UKs professional
services suffer a
drop in business
BY JULIAN HARRIS
UK ECONOMY

NEWS | IN BRIEF
US boosted by higher spending
US consumer spending rebounded in
July to post the largest increase in five
months on strong demand for motor
vehicles, a government report showed
yesterday. The Commerce Department
said consumer spending increased 0.8
per cent, the largest gain since a match-
ing increase in February, after slipping
0.1 per cent in June.
Price pressures ease in Germany
German consumer price inflation slowed
to 2.3 per cent in August, data revealed
yesterday, with prices slipping 0.1 per
cent on the month. The European har-
monised measure showed inflation at
2.4 per cent.
Italian consumer morale dives
Italian consumer confidence took a dive
to its lowest in over two years this
month, dropping to 100.3, from 103.7.
The figure, announced yesterday, was
way below the 25 year average of
112.7, commented BNP Paribas in a
note.
Retail slump improves in Spain
Spanish retail sales slipped less than
expected in July, according to official
data released yesterday. High street
sales were down only 3.9 per cent annu-
alised, following a downwardly revised
seven per cent contraction in June, the
statistics office said.
SCOTLANDS economic prosperity will
be overtaken by countries such as
Poland and Turkey by 2030, the head
of an economic think tank will argue
today.
Living standards in many poorer
countries are rapidly closing the gap,
according to the Centre for Economic
and Business Research (CEBR).
Polish GDP per capita was 19.3 per
cent of Scotlands in 2000, yet jumped
to 36.1 per cent by 2010, the group cal-
culated. In Turkey the same figure
leapt from 18.4 per cent to 30.5 per
cent, while South Korea moved from
49.2 per cent to 60.5 per cent.
CEBR chief Douglas McWilliams has
previously commiserated and predict-
ed the economic decline of Scotland,
unless it turns away from socialism.
At present rates, though, they will
catch up by 2030 rather
than 2050 as I had pre-
dicted ten years ago,
McWilliams said this
morning.
Scotlands eco-
nomic problem
remains lack of
entrepreneurship
and over-govern-
ment, he added.
Just 2.6 new busi-
nesses were started
in Scotland per thou-
sand population, according to 2009
figures, compared to 3.9 across the
whole of the UK, the group said.
Several government projects in
Scotland have become notorious for
over-expenditure, such as
Edinburghs new tram
line (pictured),
w h i c h
could cost
over 1bn to the tax-
payer by completion.
Scotlands economic
wellbeing loses pace
BY JULIAN HARRIS
ECONOMY

BUSINESS confidence plummeted

into negative territory in Lloyds
August barometer, published this
morning.
While one in three (34 per cent)
companies said they were more
optimistic about economic
prospects than three months ago,
more (37 per cent) said they were less
optimistic -- leaving a negative bal-
ance of minus three per cent.
The net balance of businesses feel-
ing optimistic dropped a dramatic
22 points for this month to -3, follow-
ing a fall of 17 points the previous
month -- an eye-watering 39 point
fall over two months.
Between July and August alone,
the proportion of less optimistic
firms for August rose 10 per cent.
The fall in business confidence in
our latest survey reflects concerns
about slowing global growth, the US
ratings downgrade and the ongoing
euro area sovereign debt crisis, said
Lloyds chief economist Trevor
Williams.
Down 16 points from July, the net
balance for firms trading prospects
for the next 12 months fell to 30 per
cent, remaining positive. Nearly half
(47 per cent) of surveyed companies
predict trading prospects to improve
in the coming year, with 17 per cent
anticipating worse prospects to
come.
Although businesses indicated
that economic prospects have weak-
ened, they remain positive regarding
trading prospects for the year
ahead, Williams added. As such, we
expect the economy to continue to
expand in the second half of this
year, albeit at a more moderate pace
than previously anticipated.
BY LYDIA ELLIS
UK ECONOMY

Business confidence falls yet

trading expected to pick up
THE availability of finance and the
cost of borrowing for manufacturers
has begun to stabilise, industry group
EEF announced today.
At 17 per cent, down from 25.3 per
cent, a smaller proportion of firms
reported an increase in the cost of bor-
rowing in the third quarter, compared
to the last quarter. However, only five
per cent of businesses reported a
decrease in the cost of finance.
The tightening availability of loans
has slowed marginally, with only
seven per cent of companies reporting
less access to new lines of borrowing
from last quarter, down from 10.9 per
cent. However, 13.3 per cent of firms
said rates on existing loans rose, up
from 12.8 per cent last quarter.
Lending to manufacturers
shows signs of stabilising
Manufacturers have reported slight easing in the tough credit market Picture:REUTERS
BY LYDIA ELLIS
UK ECONOMY

A CONSORTIUM arranged by
Australias Macquarie will seek to pri-
vatise Charter Hall Office if its pro-
posed bid for the trust succeeds and
retain Charter Hall Group as a manag-
er, a Macquarie Capital executive said
yesterday.
Charter Hall Office REIT said yester-
day it had received a A$1.06bn bid
approach for its Australian portfolio
from a consortium led by Macquarie.
The consortium is considering an
offer of A$2.39 per trust unit, which
would give unit holders a total of
A$3.52 after adding the proceeds from
the recently announced sale of
Charter Hall Offices US assets.
The proposal would see Charter
Hall Office being privatised and the
Consortium have made a condition of
their proposal that Charter Hall Group
be retained as the ongoing manager of
the private vehicle, Chris Green, joint
global head for Macquarie Capital, real
estate, said.
Macquarie Group originally sold
management rights for the trust to
Charter Hall in 2010 as Macquarie
unwound its listed-funds model.
Asked about the proposed new deal,
Green said Macquarie was acting as an
arranger and adviser to the consor-
tium.
Macquarie
may privatise
Charter Hall
DONT MISS
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M&A

News
15 CITYA.M. 30 AUGUST 2011
IFG Group
Evelyn Bourke has been appointed to
the board of the financial services
provider as a non-executive director.
Bourke is chief commercial officer of
Friends Life Group, a non-executive
director of The Childrens Mutual and
the former chief executive of Chase
de Vere Investments.
Navigant
The risk adviser has appointed Alan
Capps as a director in the Global
Construction practice, based in Hong
Kong. Capps, who will advise on com-
plex infrastructure projects in Asia, has
worked in South-East Asia since 1990
in director-level positions with con-
struction claims consultants.
Norton Rose Australia
The law firm has appointed four part-
ners to its corporate practice to
strengthen its banking, funds and
financial services offering. John
Moutsopoulos, Zein El Hassan and Paul
Humphreys join Norton Rose Australia
from Clayton Utz, and Tessa Hoser
joins the firms banking and finance
practice from the Export Finance and
Insurance Corporation.
Geo Genesis Group
The emerging markets advisory and
investment company has appointed
two senior advisers. Patrick De Nieffe,
most recently head of UK sales for
Instinet, joins the London office, and
Francisco Parreira, currently a direc-
tor of OpenCap Brazil, in which Geo
Genesis has a 20 per cent stake, will
be based in Sao Paulo.
AMR International
The research consultancy will open a
new office in Paris on 5 September to
meet demand from French corporates
and private equity firms, to be led by
French country manager Florent Jarry.
Collins Stewart Hawkpoint
The financial advisory group has
appointed Christian de Juniac as a non-
executive director, effective from 1
September. De Juniac is a former sen-
ior partner and managing director of
Boston Consulting Group.
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 [email protected] SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
PKF
Trevor Birch, the man who brokered Roman
Abramovichs 120m takeover of Chelsea
Football Club, has joined the business adviser PKF
as head of the London Corporate Recovery and
Insolvency team and a member of the Football
Industry Group. Birch is the former chief execu-
tive of Chelsea, Leeds United, Everton, Derby
County and Sheffield United football clubs. He
was also chief executive of football media and
commercial rights agency Sportfive GmbH.
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to [email protected]
ANALYSIS l IMI Plc
1,100
1,000
900
800
Jun Jul Aug
p
819.00
26 Aug
IMI
Panmure Gordon rates the engineering
group as a buy and reduces its target
price from 1320p to 1250p, based on a
revision of its earnings estimates over the
next two years. The broker sees less
growth in its fluid power division than pre-
viously thought, and reduces 2012 and
2013 forecasts by four per cent.
ANALYSIS l Premier Oil PLC
475
450
425
400
375
350
325
Jun Jul Aug
p
316.50
26 Aug
PREMIER OIL
Collins Stewart rates the UK oil explorer as a
buy and lowers its target price from 540p
to 450p. The companys first half results have
not altered the brokers view of Premier, and
it sees Fridays sell-off as overdone. Premier
has around $1.3bn of funding available, of
which the broker says it will need less than
$0.5bn to fund growth to 2015.
ANALYSIS l Stobart Group Ltd
150
145
140
135
130
125
Jun Jul Aug
p
128.00
26 Aug
STOBART GROUP
Investec rates the haulage group as a buy
with a target price of 176p, and formalises
its earnings adjustments following recent
results from the company. The brokers sees
full-year pre-tax profits unchanged at
40m, but the recent placing means earn-
ings per share are pushed down to 8.9p.
Full-year profits are forecast at 52m.
NEWS | IN BRIEF
Samsung delays tablet launch
Samsung Electronics is to delay the
launch of its latest Galaxy tablet com-
puter in Australia until after a court rul-
ing in late September on its ongoing
global patent dispute with Apple. The
sales delay in Australia is the latest set-
back for Samsung after Apple won an
injunction in a Dutch court last week to
ban sales of three of Samsung's smart-
phone models in some European coun-
tries. Samsung said yesterday it has
agreed to delay the launch of Galaxy Tab
10.1 in Australia pending the courts
decision in the week of 26 September
and said it will lodge the cross claim
through the Australian court in the com-
ing days.
Cisco buys tech firm Versly
Cisco Systems said yesterday that it has
bought privately-held firm Versly to
expand in collaboration technology
aimed at corporate clients looking to
make employees work together more
easily. Cisco did not say how much it is
paying for San Francisco-based Versly,
which produces a plug-in that expands
the capability of Microsoft software
such as documents, spreadsheets and
emails.
LG Display set to slash spending
Flat-screen maker LG Display will slash
next year's capital spending by a quarter
as booming sales of mobile devices from
iPads to Android smartphones saps
demand for TV panels, its main source
of earnings. The reduction by LG Display
will take the companys capital expendi-
ture to the lowest in four years.
ANALYSIS l Charter Hall Office REIT
AUD
23Aug 24Aug 25Aug 26Aug 29Aug
3.30
3.10
2.90
2.70
3.37
29 Aug
London 2012 TIME TO GET READY
Plan for transport disruptions during the Games
The Transport for London and London 2012 Travel Advice
for Business team answers your Games readiness questions
Q.
OUR MAIN OFFICE IS LOCATED IN
CHARING CROSS AND DESPITE
OUR CENTRAL LONDON LOCATION
MANY OF OUR EMPLOYEES DRIVE TO
WORK EACH MORNING. WHAT CAN I
ADVISE THEM TO DO DURING THE
OLYMPICS AND PARALYMPICS?
A.
During the Games, the road
network in London will be
much busier than usual, which
may add significant delays to your
journey. Central London will be
transformed into a major Games
venue, with many events taking place
in the heart of the capital. To help
make this happen TfL will be putting
in place additional pedestrian and
traffic management measures in
central London during the 2012
Games, which may include restrict-
ing turns into roads, suspending
parking and loading bays, and chang-
ing bus lanes and stops. In addition,
parts of the Olympic Route Network
(ORN) will run through key areas of
central London.
The ORN is expected to begin just a
couple of days before the Games
begin, and TfL plans to end its opera-
tion as soon as possible after the
Olympic Games. The Paralympic
Route Network (PRN), which will be
significantly reduced in size, will
similarly be installed just a couple of
days before the Paralympic Games.
To avoid unnecessary delays, we
suggest informing staff now about
the need to change the way they
travel to work. Tools for planning staff
travel next summer are available to
download via the website:
www.london2012.com/traveladvice
forbusiness. This includes a survey
businesses can use to understand
their employees travel habits and a
fact sheet for SMEs, which details top
tips on how they can start planning
in order to keep running smoothly
throughout next summer.
While the road and public trans-
port networks will both be busier
than usual during the Games, public
transport is encouraged as a better
alternative to car use. In the first
instance, businesses are encouraged
to reduce staff travel and decide to
what extent travel is needed. Working
from home, if possible, is encouraged.
If journeys are essential, look at
rescheduling staff travel outside
spectator peak times. The busiest
times at each station can be found on
the affected area maps. Employees
should also investigate different
routes and types of transport: buses,
walking or cycling.
Several businesses working with
Travel Advice for Business are current-
ly identifying staff whose roles are
not dependent on being on-site. They
are encouraging non-essential staff
to take leave or to work remotely
where feasible. Businesses must think
about what technology employees
will need to work from home, such as
a laptop and wireless internet, as this
will need to be put in place well
ahead of next summer. Multisite
businesses, with one or more sites in
a Games hotspot, are encouraging
staff to use alternative office
locations in areas that wont be
affected during the Games.
For more advice, please visit the London
2012 Travel Advice for Business website
(www.london2012.com/traveladvicefor
business). It offers a wealth of information
and businesses can sign up for regular
updates to help prepare for the Games.
Get on your
bike
GETTY
Q A
&
News
CITYA.M. 30 AUGUST 2011 17
FTSE to open over 100 points higher after holiday
A
FROTHY combination of sur-
prisingly strong US consumer
spending data, merger news
between two Greek banks, and
general relief that Hurricane Irene
largely avoided New York City, will
give UK stocks a substantial boost
when the market re-opens today
after the long Bank Holiday week-
end.
GFT quotes two-way prices on
stock indices around the clock, even
when the underlying markets are
closed.
FTSE SET TO RISE ONE PER CENT
The FTSE 100 index is called to open
up approximately one per cent or
around 111 points at 5,240.
European bourses were open as
usual yesterday and enjoyed similar
gains, with all 30 constituents of
Germanys DAX 30 up on the day.
BERNANKE ENERGISED MARKETS
Stock markets across the board also
seem to have been energised by fur-
ther reflection on Federal Reserve
chairmans Ben Bernanke on Friday,
who hinted that should we see a dis-
appointing payrolls number this
Friday, action of some sort could be
taken to support the stalling econo-
my.
The signal sent by Bernanke
that the Fed would take an unusual
extra day at the upcoming
September policy meeting to mull
options is a branch of hope to the
markets, and will make Fridays jobs
data even more interesting than
usual.
RANGE OF JOB FORECASTS WIDE
The average forecast is for 80,000
jobs to be created but the range of
analysts predictions is particularly
wide, with some even expecting a
negative number; on this occasion,
bad news could be good news for
markets now clinging to the possi-
bility of further Fed action.
Martin Slaney is director of global deal-
ing operations for GFT.
MARTIN ON
THE MARKETS
MARTIN SLANEY
24Jun 6Jun 14Jul 23Aug 3Aug
6,200
5,400
5,000
5,800
ANALYSIS l FTSE
5,129.92
26 Aug
U
S STOCKS soared more than
two per cent in a broad rally
yesterday as a merger between
two big Greek banks provided a
rare bit of encouraging news out of
debt-stricken Europe.
A rebound in consumer spending
calmed fears of a new US recession
and also helped lift all 10 S&P sectors.
Only five S&P stocks ended in nega-
tive territory while the CBOE
Volatility index, a measure of investor
fear, lost 9.3 per cent. But volume was
low, amplifying the surge in shares.
Financial stocks were the top gain-
ers after Greek banks Alpha and EFG
Eurobank sealed a merger with help
from Qatar, shoring up a sector bat-
tered by the Eurozones debt crisis.
Insurers also rose sharply as proper-
ty damage from Hurricane Irene was
less than feared, according to early
estimates.
The Greek deal consolidates the
number of weak banks in the region
and reduces the risk from one poten-
tial flashpoint that could reignite the
Eurozone debt crisis, which has been
hanging over the global financial sys-
tem. In addition, the foreign invest-
ment is a sign that investors view the
region as undervalued.
Many have come to see Greece as a
lost cause, so to have a merger poten-
tially making a strong (bank) in
Greece indicates that it isnt as dire a
situation as might otherwise have
been assumed, said Bruce McCain,
chief investment strategist at Key
Private Bank in Cleveland, Ohio.
With public transport still strug-
gling to return to service in New York
on Monday after the areas brush
with Hurricane Irene, many Wall
Street firms were understaffed, con-
tributing to the lightest volume in a
month. About 6.5bn shares traded on
the New York Stock Exchange, the
American Stock Exchange and
Nasdaq, below last years daily aver-
age of 8.47bn.
The Dow Jones industrial average
was up 254.71 points, or 2.26 per cent,
at 11,539.25. The Standard & Poors
500 Index was up 33.28 points, or 2.83
per cent, at 1,210.08. The Nasdaq
Composite Index was up 82.26 points,
or 3.32 per cent, at 2,562.11.
Consumer spending saw its largest
rise in five months in July, suggesting
the economy is not falling back into
recession.
THENEW YORK
REPORT
US stocks rally as markets cheer Greek bank merger
EU SHARES
AIR LIQUIDE...............87.92 1.24 100.65 80.45
ALLIANZ .....................68.32 2.17 108.85 64.38
ALSTOM......................30.91 0.73 45.32 28.36
ANHEUS-BUSCH INBEV37.360.21 46.33 33.85
ARCELORMITTAL......14.35 0.67 28.55 13.03
AXA.............................10.47 0.24 16.16 9.27
BANCOSANTANDER ..6.15 0.14 9.80 5.54
BASF SE .....................48.36 0.74 70.22 40.92
BAYER.........................44.46 1.14 59.44 41.33
BBVA.............................6.08 0.18 10.21 5.52
BMW............................54.41 0.36 73.85 40.16
BNP PARIBAS ............34.40 0.84 59.93 32.10
CARREFOUR..............18.85 0.47 36.06 16.68
CREDITAGRICOLE......6.64 0.22 12.92 5.63
CRH PLC.....................11.74 0.35 17.40 10.87
DAIMLER ....................36.21 0.62 59.09 33.27
DANONE .....................45.58 -0.16 53.16 41.84
DEU.BOERSE OFFRE40.52 0.95 55.75 37.03
DEUTSCHE BANK......27.40 0.79 48.70 26.01
DEUTSCHE TELEKOM 9.63 0.24 11.38 8.80
E.ON............................15.10 0.67 25.54 13.19
ENEL .............................3.37 0.09 4.86 3.20
ENI ...............................13.41 0.33 18.66 11.83
FRANCE TELECOM...13.01 0.27 17.45 11.97
GDF SUEZ...................21.56 0.70 30.05 18.32
GENERALIASS. .........12.10 0.15 17.05 10.34
IBERDROLA .................5.05 0.15 6.50 4.66
INGGROEP CVA..........5.63 0.15 9.50 5.30
INTESA SANPAOLO.....1.16 0.03 2.53 1.07
KON.PHILIPS ELECTR13.99 0.25 25.45 12.85
L'OREAL .....................78.44 1.08 91.24 71.00
LVMH.........................113.15 2.50 132.65 89.72
MUNICH RE ................89.17 3.46 126.00 84.51
NOKIA...........................4.20 0.13 8.49 3.33
REPSOL YPF ..............18.90 0.68 24.90 17.31
RWE.............................25.95 1.29 55.88 24.10
SAINT-GOBAIN...........33.54 1.10 47.64 27.81
SANOFI .......................49.86 0.41 56.82 42.85
SAP .............................37.15 0.80 46.15 32.88
SCHNEIDER ELECTRIC90.24 1.79 123.65 81.17
SIEMENS.....................70.37 0.72 99.39 66.50
SOCIETE GENERALE22.10 0.77 52.70 20.16
TELECOMITALIA.........0.83 0.02 1.16 0.77
TELEFONICA..............14.10 0.31 19.69 13.01
TOTAL .........................33.17 0.67 44.55 30.34
UNIBAIL-RODAMCOSE145.052.25 162.95 124.50
UNICREDIT ...................0.93 0.02 2.05 0.86
UNILEVER CVA ..........23.10 -0.02 24.08 20.82
VINCI ...........................35.39 1.43 45.48 32.05
VIVENDI ......................16.05 0.47 22.07 14.10
Price Chg High Low Price Chg High Low
WORLDINDICES
US SHARES
3M.................................82.10 2.09 98.19 76.50
ABBOTT LABS............51.21 1.06 54.24 45.07
ALCOA.........................12.42 0.56 18.47 9.97
ALTRIA GROUP...........26.78 0.48 28.13 22.26
AMAZON.COM...........206.53 7.26 227.45 122.46
AMERICAN EXPRESS 48.55 0.07 53.80 37.33
AMGEN INC.................54.79 0.71 61.53 47.66
APPLE........................389.97 6.39 404.50 236.78
AT&T.............................29.26 0.22 31.94 26.50
BANK OFAMERICA......8.39 0.63 15.31 6.01
BERKSHIRE HATAWB72.60 2.76 87.65 66.51
BOEING CO.................64.60 1.80 80.65 56.01
BRISTOL MYERS SQUI29.29 0.57 29.73 20.05
CATERPILLAR.............88.15 2.99 116.55 63.36
CHEVRON....................98.74 1.89 109.94 72.93
CISCOSYSTEMS ........15.74 0.42 24.60 13.30
CITIGROUP..................31.29 1.45 51.50 25.40
COCA-COLA................69.73 1.23 69.85 54.97
COLGATE PALMOLIVE89.77 1.93 89.80 73.12
CONOCOPHILLIPS .....67.78 2.27 81.80 52.00
CVS/CAREMARK ........35.55 1.21 39.50 26.84
DU PONT(EI)DE NMR.47.50 1.41 57.00 39.36
EXXON MOBIL.............74.12 1.48 88.23 58.05
GENERAL ELECTRIC .16.04 0.50 21.65 14.31
GOOGLE A.................539.08 12.22 642.96 448.00
HEWLETTPACKARD..26.15 1.33 49.39 22.75
HOME DEPOT..............33.99 -0.01 39.38 27.55
IBM.............................172.62 3.48 185.63 122.28
INTEL CORP................20.30 0.53 26.78 17.60
J.P.MORGAN CHASE..37.64 1.43 48.36 32.31
JOHNSON & JOHNSON65.86 1.58 68.05 56.99
KRAFTFOODS A ........34.57 0.62 36.30 24.30
MC DONALD'S CORP.90.79 0.86 90.82 72.14
MERCK AND CO.NEW32.47 0.55 37.68 29.47
MICROSOFT ................25.84 0.59 29.46 23.32
OCCID.PETROLEUM..85.06 2.97 117.89 72.13
ORACLE CORP ...........27.91 1.26 36.50 21.66
PEPSICO......................64.16 1.00 71.89 60.10
PFIZER.........................18.90 0.69 21.45 15.77
PHILIP MORRIS INTL..70.50 1.30 72.74 50.54
PROCTER AND GAMBLE63.090.52 67.72 56.57
QUALCOMMINC.........50.92 1.98 59.84 37.81
SCHLUMBERGER.......77.25 2.41 95.64 52.91
TRAVELERS CIES.......50.75 2.45 64.17 46.62
UNITED TECHNOLOGIE73.87 2.31 91.83 64.67
UNITEDHEALTH GROUP46.761.04 53.50 31.42
VERIZON COMMS.......36.14 0.38 38.95 29.21
WAL-MARTSTORES...53.19 0.29 57.90 48.31
WALTDISNEY CO.......33.16 0.76 44.34 29.60
WELLS FARGO& CO .25.45 0.86 34.25 22.58
Price Chg High Low Price Chg High Low
FTSE 100 . . . . . . . . . . . . . . 5129.92 -1.18 -0.02
FTSE 250 INDEX . . . . . . . . 9997.10 -24.29 -0.24
FTSE UK ALL SHARE ....2663.53 -1.71 -0.06
FTSE AIMALL SH . . . . . . . . 744.46 -0.25 -0.03
DOWJONES INDUS 30 ..11539.25 254.71 2.26
S&P 500 . . . . . . . . . . . . . . . 1210.08 33.28 2.83
NASDAQCOMPOSITE....2562.11 82.26 3.32
FTSEUROFIRST 300 . . . . . . 930.74 11.71 1.27
NIKKEI225AVERAGE....8851.35 53.57 0.61
DAX 30PERFORMANCE..5670.07 132.59 2.39
CAC 40 . . . . . . . . . . . . . . . . 3154.20 66.56 2.16
SHANGHAISE INDEX ....2576.41 -35.78 -1.37
HANG SENG. . . . . . . . . . . 19865.11 282.23 1.44
S&P/ASX 20INDEX ......2558.90 34.00 1.35
ASX ALL ORDINARIES ...4333.70 62.70 1.47
BOVESPA SAOPAOLO..54908.18 1557.39 2.92
ISEQOVERALL INDEX ...2471.51 41.57 1.71
STI . . . . . . . . . . . . . . . . . . . . 2791.89 43.71 1.59
IGBM. . . . . . . . . . . . . . . . . . . 849.88 20.84 2.51
SWISS MARKETINDEX...5446.47 123.35 2.32
Price Chg %chg Price Chg %chg Price Chg %chg
LONGDONCEFIXAM..............................................1787.00 70.50
SILVERLDNFIXAM .....................................................40.72 -0.05
MAPLELEAF1OZ .......................................................43.44 0.90
LONPLATINUMAM ..................................................1824.00 19.00
LONPALLADIUMAM..................................................747.00 -1.00
ALUMINIUMCASH....................................................2328.50 -4.50
COPPERCASH.........................................................9090.00 183.00
LEADCASH..............................................................2470.00 71.00
NICKELCASH.........................................................21250.00 220.00
TINCASH ...............................................................23700.00 325.00
ZINCCASH...............................................................2210.00 29.00
BRENTSPOTINDEX...................................................110.73 -0.12
SOYA........................................................................1386.00 0.00
COCOA.....................................................................3008.00 0.00
COFFEE......................................................................274.65 0.00
KRUG .......................................................................1835.90 0.00
WHEAT .......................................................................171.75 0.00
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 ...........................................................0.836 0.00
LIBOR Euro - 12 months..........................................................2.050 0.00
LIBOR USD - overnight ............................................................0.143 0.00
LIBOR USD - 12 months ..........................................................0.795 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...................................................................3.620 0.07
European repo rate ..................................................................0.736 0.03
Euro Euribor .............................................................................1.109 0.00
The vix index.............................................................................33.02 -2.58
The baItic dry index..................................................................1.541 -0.04
Markit iBoxx............................................................................229.30 -0.50
Markit iTraxx ...........................................................................168.04 0.62
C/$ 1.4497 0.0001
C/ 0.8845 0.0012
C/ 111.61 0.5230
/C 1.1306 0.0016
/$ 1.6394 0.0026
/ 126.17 0.6741
FTSE100
5129.92
1.18
FTSE250
9997.10
24.29
FTSEALL SHARE
2663.53
1.71
DOW
11539.25
254.71
NASDAQ
2562.11
82.26
S&P500
1210.08
33.28
RPC Group. . . . . . . . .311.1 1.4 384.8 215.0
Smiths Group . . . . . .925.0 -7.0 1429.0 907.5
Brown (N.) Group . . .261.9 -4.1 311.2 223.9
Carpetright . . . . . . . . .509.0 -4.0 835.5 505.0
Debenhams . . . . . . . . .54.5 -1.1 77.4 53.5
Dignity . . . . . . . . . . . .756.5 0.5 833.0 633.0
Dixons RetaiI . . . . . . .11.6 -0.2 28.5 11.3
DuneImGroup. . . . . .420.0 -16.0 550.0 371.3
HaIfords Group . . . . .294.0 -1.5 504.5 284.8
Home RetaiI Group. .122.4 -3.4 235.0 118.1
Inchcape . . . . . . . . . .297.4 -7.6 425.4 254.3
JD Sports Fashion . .846.0 -21.0 1030.0 726.0
Kesa EIectricaIs . . . .100.0 -2.3 174.0 98.4
Kingfisher . . . . . . . . .223.7 0.4 287.1 202.8
Marks & Spencer G. .309.8 -6.3 427.5 303.2
Mothercare . . . . . . . .367.5 -5.2 627.5 363.6
Next . . . . . . . . . . . . .2230.0 -13.0 2426.0 1868.0
Sports Direct Int . . . .206.1 -2.4 266.2 104.0
WH Smith. . . . . . . . . .482.9 -0.5 523.0 405.9
Smith & Nephew. . . .574.0 3.5 742.0 521.0
Synergy HeaIth . . . . .898.0 2.0 981.0 670.0
Barratt DeveIopme . . .72.9 -0.8 119.0 67.5
BeIIway. . . . . . . . . . . .584.0 7.0 753.5 511.0
YuIe Catto & Co. . . . .171.4 1.4 253.0 137.3
BaIfour Beatty . . . . . .228.6 -2.8 357.3 224.0
KeIIer Group . . . . . . .346.0 0.0 698.5 340.3
Kier Group. . . . . . . .1207.0 5.0 1418.0 970.0
Drax Group . . . . . . . .487.7 1.0 535.0 353.6
Scottish & Southe. .1237.0 1.0 1423.0 1108.0
Domino Printing S . .549.5 18.0 705.0 443.0
HaIma . . . . . . . . . . . . .334.3 -0.7 429.6 270.1
Laird . . . . . . . . . . . . . .155.8 -1.6 207.0 121.1
Morgan CrucibIe C . .247.6 2.3 357.1 192.6
Renishaw. . . . . . . . .1222.0 -9.0 1886.0 855.0
Spectris . . . . . . . . . .1345.0 -31.0 1679.0 873.5
Aberforth SmaIIer . . .578.5 -9.5 714.0 507.0
AIIiance Trust . . . . . .332.0 1.8 392.7 308.6
Bankers Inv Trust . . .366.0 -5.9 428.0 353.6
BH GIobaI Ltd. GB .1146.0 7.0 1174.0 1058.0
BH GIobaI Ltd. US. . . .11.4 0.1 11.6 10.4
BH Macro Ltd. EUR. . .19.2 -0.1 19.3 15.8
BH Macro Ltd. GBP 1985.0 26.0 1989.0 1630.0
BH Macro Ltd. USD. . .19.2 0.2 19.2 15.8
BIackRock WorId M .685.0 1.5 815.5 564.0
BIueCrest AIIBIue . . .168.2 -1.0 176.2 162.4
British Assets Tr . . . .116.7 0.5 140.5 113.0
British Empire Se . . .460.0 0.4 533.0 423.0
CaIedonia Investm .1579.0 -5.0 1928.0 1536.0
City of London In . . .265.3 0.1 306.9 251.1
Dexion AbsoIute L . .139.0 0.5 151.0 135.2
Edinburgh Dragon . .220.0 1.7 262.1 213.0
Edinburgh Inv Tru. . .445.6 0.5 492.2 393.3
EIectra Private E . . .1424.0 -5.0 1755.0 1289.0
F&C Inv Trust . . . . . .276.0 1.3 327.9 264.9
FideIity China Sp. . . . .84.2 -0.9 128.7 80.0
FideIity European . .1037.0 9.0 1287.0 940.0
FideIity SpeciaI . . . . .476.0 -4.0 595.0 469.0
HeraId Inv Trust. . . . .452.9 -2.1 545.5 383.5
HICL Infrastructu. . . .115.7 0.2 121.3 112.0
Impax Environment .100.5 -0.5 130.5 98.0
JPMorgan American.751.5 -5.5 916.0 673.0
JPMorgan Asian In . .200.0 1.5 250.8 196.3
JPMorgan Emerging.512.5 3.0 639.0 499.3
JPMorgan European.762.0 -5.0 983.5 641.0
JPMorgan Indian I. . .357.5 -2.5 502.0 351.5
JPMorgan Russian .516.0 -7.0 755.0 509.0
Law Debenture Cor. .336.9 0.4 385.0 296.2
MercantiIe Inv Tr . . . .914.0 -19.5 1137.0 894.5
Merchants Trust . . . .364.0 -2.6 431.8 345.3
Monks Inv Trust . . . .328.0 1.7 367.9 293.9
Murray Income Tru . .601.0 -1.0 673.0 557.5
Murray Internatio . . .874.0 -3.5 991.5 824.0
PerpetuaI Income . . .245.6 -1.1 276.0 219.6
PoIar Cap TechnoI. . .311.0 4.0 391.2 277.5
RIT CapitaI Partn. . .1218.0 6.0 1334.0 1110.0
Scottish Inv Trus. . . .438.0 -0.8 524.0 409.0
Scottish Mortgage . .644.0 -0.5 781.0 566.0
SVG CapitaI . . . . . . . .244.0 0.9 279.8 150.4
TempIe Bar Inv Tr . . .840.5 13.0 952.0 757.0
TempIeton Emergin .560.0 -3.0 689.5 539.5
TR Property Inv T . . .167.0 0.5 206.1 142.0
TR Property Inv T . . . .76.0 -1.1 94.0 64.5
Witan Inv Trust . . . . .439.0 -0.5 533.0 426.1
3i Group. . . . . . . . . . .206.5 -1.8 340.0 200.7
3i Infrastructure . . . .121.4 0.3 125.2 112.9
Aberdeen Asset Ma .188.2 -1.8 240.0 133.6
Ashmore Group . . . .363.5 1.7 414.5 287.0
Brewin DoIphin Ho . .131.2 -0.3 185.4 117.0
CameIIia. . . . . . . . . .8900.0-112.510950.0 8050.0
CharIes TayIor Co. . .139.0 -2.5 198.3 122.0
City of London Gr . . . .76.3 0.0 93.6 74.5
City of London In . . .359.0 -17.0 461.5 278.5
CIose Brothers Gr. . .682.0 7.0 888.5 656.5
CoIIins Stewart H . . . .68.0 0.5 90.8 66.3
EvoIution Group . . . . .86.3 -2.0 92.0 62.3
F&C Asset Managem .67.7 0.2 92.9 58.0
Hargreaves Lansdo .402.5 -1.9 646.5 386.0
HeIphire Group . . . . . . .2.5 -0.3 39.0 2.4
Henderson Group. . .126.6 -0.8 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .450.4 4.0 570.5 391.3
IG Group HoIdings . .433.8 6.2 553.0 393.6
Intermediate Capi . . .227.2 0.6 360.3 204.8
InternationaI Per . . . .234.8 -3.4 388.8 226.9
InternationaI Pub. . . .115.8 0.3 118.3 108.6
Investec . . . . . . . . . . .406.1 11.2 538.0 378.7
IP Group. . . . . . . . . . . .44.5 0.0 54.5 27.9
Jupiter Fund Mana . .184.9 -3.6 337.3 183.4
Liontrust Asset M . . . .76.5 0.3 95.3 72.0
LMS CapitaI . . . . . . . . .60.5 -0.3 64.8 41.5
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .848.5 9.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.5 -0.3 19.8 10.5
Man Group. . . . . . . . .207.6 1.5 311.0 178.0
Paragon Group Of . .134.6 -3.0 206.1 129.0
Provident Financi . .1065.0 -19.0 1116.0 728.5
Rathbone Brothers.1022.0 -1.0 1257.0 826.5
Record . . . . . . . . . . . . .29.1 0.1 52.0 20.3
RSM Tenon Group . . .28.0 0.0 66.3 21.3
Schroders . . . . . . . .1430.0 9.0 1922.0 1355.0
Schroders (Non-Vo .1160.0 8.0 1554.0 1093.0
TuIIett Prebon . . . . . .348.6 -2.8 428.6 329.8
WaIker Crips Grou . . .49.0 0.0 51.5 45.0
BT Group . . . . . . . . . .161.0 -2.5 204.1 130.6
CabIe & WireIess . . . .32.4 0.3 61.1 31.3
CabIe & WireIess . . . .34.4 -0.1 78.4 33.8
COLT Group SA. . . . .110.1 -1.1 156.2 109.7
TaIkTaIk TeIecom . . .124.5 -0.4 168.3 119.8
TeIecomPIus. . . . . . .660.0 -2.0 700.0 364.5
Booker Group . . . . . . .67.2 -0.4 77.9 43.3
Greggs . . . . . . . . . . . .481.9 0.2 550.5 429.1
Morrison (Wm) Sup .280.2 0.2 308.3 262.7
Ocado Group. . . . . . .113.6 -4.8 285.0 111.3
Sainsbury (J) . . . . . . .292.0 -4.0 395.0 280.4
Tesco . . . . . . . . . . . . .365.6 -2.2 440.7 358.7
Associated Britis . .1050.0 6.0 1182.0 940.0
Cranswick . . . . . . . . .627.5 0.0 896.0 606.0
Dairy Crest Group. . .354.6 -0.9 424.9 334.1
Devro . . . . . . . . . . . . .240.1 -4.9 296.9 218.0
Premier Foods. . . . . . .12.7 -0.4 35.1 12.5
Tate & LyIe. . . . . . . . .569.0 -5.0 656.0 409.1
UniIever . . . . . . . . . .2014.0 0.0 2072.0 1720.0
Mondi . . . . . . . . . . . . .507.0 0.0 664.0 450.9
Centrica . . . . . . . . . . .295.8 -2.1 346.1 287.3
InternationaI Pow . . .318.9 4.0 448.6 279.4
NationaI Grid . . . . . . .602.0 12.5 632.5 530.0
Northumbrian Wate .460.4 1.3 469.5 295.5
Pennon Group. . . . . .638.5 -2.0 737.5 570.0
Severn Trent . . . . . .1429.0 -3.0 1517.0 1291.0
United UtiIities . . . . .581.0 1.0 632.0 543.5
Cookson Group . . . . .477.5 0.9 724.5 419.2
DS Smith . . . . . . . . . .187.8 3.3 266.2 127.6
Rexam . . . . . . . . . . . .341.1 -2.9 400.0 301.5
GIencore Internat . . .377.2 -11.4 531.1 348.0
BAE Systems . . . . . .260.2 -0.4 369.9 248.1
Chemring Group. . . .518.0 10.0 736.5 485.0
Cobham . . . . . . . . . . .180.1 0.0 245.6 173.4
Meggitt . . . . . . . . . . . .326.3 -1.9 397.6 261.7
QinetiQ Group. . . . . .115.9 -0.1 136.3 96.7
RoIIs-Royce Group. .603.5 14.0 665.0 554.0
Senior. . . . . . . . . . . . .147.8 -2.8 190.6 111.2
UItra EIectronics . . .1385.0 5.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .187.3 -0.5 245.0 141.0
BarcIays. . . . . . . . . . .155.0 -2.9 333.6 145.5
HSBC HoIdings. . . . .503.8 -9.3 730.9 495.0
LIoyds Banking Gr . . .29.7 -1.3 77.6 27.6
RoyaI Bank of Sco . . .21.9 -1.2 50.2 19.7
Standard Chartere .1306.5 -15.0 1950.0 1280.5
AG Barr . . . . . . . . . .1174.0 11.0 1395.0 1031.0
Britvic. . . . . . . . . . . . .295.3 5.4 503.5 284.7
Diageo . . . . . . . . . . .1192.0 22.0 1307.0 1050.0
SABMiIIer. . . . . . . . .2125.0 16.5 2340.0 1841.0
AZ EIectronic Mat . . .222.0 -4.9 338.1 210.0
Croda Internation . .1712.0 -28.0 2081.0 1253.0
EIementis. . . . . . . . . .140.4 -2.5 187.4 86.5
Johnson Matthey . .1607.0 -59.0 2119.0 1586.0
Victrex . . . . . . . . . . .1217.0 -3.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho.1093.0 7.0 1299.0 789.5
Bovis Homes Group.351.0 5.1 464.7 326.5
Persimmon . . . . . . . .430.5 0.0 502.5 336.5
Reckitt Benckiser . .3207.0 3.0 3648.0 3015.0
Redrow. . . . . . . . . . . .114.6 1.6 139.0 98.4
TayIor Wimpey . . . . . . .30.5 -0.0 43.3 22.3
Bodycote . . . . . . . . . .265.4 -7.4 397.7 216.4
Charter Internati . . . .730.0 11.0 853.5 538.5
Fenner . . . . . . . . . . . .319.9 2.3 422.5 201.5
IMI . . . . . . . . . . . . . . . .819.0 11.5 1119.0 657.5
MeIrose . . . . . . . . . . .296.0 1.5 365.4 214.2
Northgate. . . . . . . . . .267.7 -3.5 346.7 183.5
Rotork . . . . . . . . . . .1596.0 33.0 1895.0 1501.0
Spirax-Sarco Engi. .1723.0 21.0 2063.0 1565.0
Weir Group . . . . . . .1728.0 9.0 2218.0 1149.0
Ferrexpo. . . . . . . . . . .347.0 -4.9 499.0 278.0
TaIvivaara Mining . . .315.0 -5.8 622.0 297.2
BBAAviation . . . . . . .157.8 -1.3 240.8 154.0
Stobart Group Ltd. . .128.0 -4.4 163.6 124.1
AdmiraI Group. . . . .1318.0 39.0 1754.0 1279.0
AmIin . . . . . . . . . . . . .297.3 -0.7 427.0 295.0
Huntsworth . . . . . . . . .60.5 -0.5 86.0 58.5
Informa. . . . . . . . . . . .325.1 -3.3 461.1 318.0
ITE Group. . . . . . . . . .163.9 -1.8 258.2 151.0
ITV. . . . . . . . . . . . . . . . .57.9 2.0 93.5 54.2
Johnston Press. . . . . . .5.0 0.2 16.3 4.4
MecomGroup . . . . . .160.0 0.3 310.0 153.8
Moneysupermarket. .108.4 0.7 120.4 71.5
Pearson . . . . . . . . . .1064.0 1.0 1207.0 926.0
PerformGroup . . . . .169.0 7.7 234.5 150.0
Reed EIsevier . . . . . .485.7 1.7 590.5 461.3
Rightmove . . . . . . . .1204.0 -1.0 1250.0 619.0
STV Group . . . . . . . . .111.0 0.5 168.0 89.8
Tarsus Group . . . . . .140.0 -5.5 165.0 112.5
Trinity Mirror . . . . . . . .45.5 0.5 124.0 37.5
United Business M . .441.1 5.2 725.0 428.4
UTV Media . . . . . . . . .107.3 -1.8 151.0 101.0
WiImington Group . . .90.0 -1.3 183.0 89.3
WPP . . . . . . . . . . . . . .615.0 4.0 846.5 578.5
YeII Group . . . . . . . . . . .4.8 -0.1 17.8 4.6
African Barrick G . . .544.0 14.0 638.0 393.5
AngIo American . . .2335.5 34.0 3437.0 2234.0
AngIo Pacific Gro . . .289.9 -0.1 369.3 253.5
Antofagasta. . . . . . .1208.0 2.0 1634.0 1012.0
Aquarius PIatinum . .240.3 -1.0 419.0 216.9
BHP BiIIiton. . . . . . .1959.0 15.0 2631.5 1798.0
BeazIey. . . . . . . . . . . .111.0 -1.5 139.2 109.6
CatIin Group Ltd. . . .349.9 -1.5 421.4 325.0
Hiscox Ltd. . . . . . . . . .340.5 -7.1 424.7 334.6
Jardine LIoyd Tho. . .633.5 -3.0 709.0 561.0
Lancashire HoIdin . . .623.0 -26.0 700.0 523.0
RSA Insurance Gro. .111.3 -1.3 143.5 109.5
Aviva. . . . . . . . . . . . . .311.6 -7.2 477.9 305.3
LegaI & GeneraI G. . . .98.2 -0.9 123.8 91.1
OId MutuaI . . . . . . . . .113.0 0.9 145.2 103.2
Phoenix Group HoI . .533.5 -7.5 758.0 458.0
PrudentiaI . . . . . . . . .573.0 -15.5 777.0 553.0
ResoIution Ltd. . . . . .252.6 -3.9 316.1 211.3
St James's PIace. . . .317.4 -5.1 376.0 236.2
Standard Life. . . . . . .192.1 -0.4 244.7 172.0
4Imprint Group . . . . .232.5 0.0 295.0 195.0
Aegis Group . . . . . . .132.1 -1.7 163.5 111.4
BIoomsbury PubIis. .100.5 0.5 138.0 97.5
British Sky Broad . . .622.5 0.5 850.0 617.5
Centaur Media. . . . . . .39.5 0.8 73.0 37.0
Chime Communicati.174.5 -2.5 298.5 170.0
Creston . . . . . . . . . . . .89.0 -0.8 121.0 78.5
DaiIy MaiI and Ge . . .380.1 1.0 594.5 363.3
Euromoney Institu . .575.5 5.5 736.0 565.4
Future. . . . . . . . . . . . . .11.8 -0.3 30.0 11.8
Haynes PubIishing . .235.0 0.0 262.5 202.5
Centamin Egypt Lt . .103.5 -0.1 197.1 89.7
Eurasian NaturaI . . .623.0 8.0 1125.0 585.5
FresniIIo. . . . . . . . . .1878.0 61.0 2039.0 1045.0
GemDiamonds Ltd. .197.0 2.0 306.0 179.8
HochschiId Mining . .465.3 5.5 680.0 327.9
Kazakhmys . . . . . . . .991.0 -6.0 1671.0 918.0
Kenmare Resources. .42.8 -0.7 59.9 17.2
Lonmin. . . . . . . . . . .1175.0 10.0 1983.0 1103.0
New WorId Resourc .567.5 -5.5 1060.0 514.5
PetropavIovsk . . . . . .822.0 13.5 1252.0 676.0
RandgoId Resource 6340.0 70.0 6870.0 4425.0
Rio Tinto . . . . . . . . .3523.0 23.0 4712.0 3177.0
Vedanta Resources 1246.0 -8.0 2559.0 1209.0
Xstrata . . . . . . . . . . . .979.7 1.9 1550.0 933.4
Inmarsat . . . . . . . . . . .451.0 4.0 724.5 389.7
Vodafone Group . . . .161.9 -1.0 181.9 149.5
Genesis Emerging . .456.0 -1.1 568.0 444.5
Afren. . . . . . . . . . . . . . .95.5 0.3 171.2 91.8
BG Group. . . . . . . . .1230.5 12.0 1564.5 1049.5
BP. . . . . . . . . . . . . . . .386.3 0.2 509.0 375.4
Cairn Energy . . . . . . .299.5 5.3 472.3 281.4
EnQuest . . . . . . . . . . .107.3 -0.2 158.5 98.0
Essar Energy . . . . . .245.4 -3.0 589.5 238.6
ExiIIon Energy. . . . . .269.6 -15.4 469.7 172.0
Heritage OiI . . . . . . . .207.0 -4.0 486.0 190.0
JKX OiI & Gas . . . . . .190.8 3.4 335.1 185.1
Premier OiI. . . . . . . . .316.5 0.5 535.0 306.3
RoyaI Dutch SheII . .1955.0 11.5 2326.5 1711.5
RoyaI Dutch SheII . .1957.5 11.5 2336.0 1652.0
SaIamander Energy .225.7 -2.3 317.6 210.0
Soco Internationa . . .307.7 9.2 484.2 279.8
TuIIow OiI . . . . . . . . . .999.5 0.5 1493.0 945.5
Amec . . . . . . . . . . . . .849.5 -26.5 1251.0 812.5
Hunting . . . . . . . . . . .655.5 16.0 817.0 566.0
John Wood Group . .545.0 5.0 715.8 354.6
LampreII . . . . . . . . . . .272.0 -2.8 395.2 223.9
Petrofac Ltd. . . . . . .1227.0 26.0 1685.0 1110.0
Burberry Group. . . .1257.0 39.0 1600.0 839.0
PZ Cussons. . . . . . . .340.9 -5.8 409.0 320.5
Supergroup . . . . . . . .883.5 3.5 1820.0 818.5
AstraZeneca . . . . . .2811.5 -6.5 3385.0 2543.5
BTG . . . . . . . . . . . . . .252.0 2.0 309.7 200.1
Genus. . . . . . . . . . . . .877.0 -11.0 1046.0 711.0
GIaxoSmithKIine. . .1289.0 -5.5 1385.0 1127.5
Hikma Pharmaceuti .605.0 -19.5 900.0 561.5
Shire PIc. . . . . . . . . .1921.0 -34.0 2136.0 1376.0
CapitaI & Countie . . .159.4 -0.5 203.7 115.5
Daejan HoIdings . . .2541.0 31.0 2954.0 2282.0
F&C CommerciaI Pr .102.4 -0.1 108.0 88.0
Grainger . . . . . . . . . . . .99.0 -1.2 133.2 86.3
London & Stamford .115.8 -1.8 140.0 110.3
SaviIIs. . . . . . . . . . . . .310.0 0.0 427.1 296.6
St. Modwen Proper . .128.5 -3.5 196.2 128.5
UK CommerciaI Pro . .79.4 1.2 85.5 70.4
Unite Group. . . . . . . .167.9 -0.1 229.8 152.9
Big YeIIow Group . . .234.2 -5.7 353.3 233.5
British Land Co. . . . .524.0 -2.5 629.5 447.5
CapitaI Shopping . . .317.8 3.2 424.8 312.5
Derwent London . . .1520.0 -30.0 1880.0 1377.0
Great PortIand Es . . .348.8 -3.3 445.0 310.7
Hammerson. . . . . . . .388.4 -2.8 490.9 354.2
Hansteen HoIdings. . .79.5 4.5 89.5 62.4
Land Securities G. . .705.0 -11.5 885.0 598.5
SEGRO. . . . . . . . . . . .247.6 0.0 331.3 232.4
Shaftesbury. . . . . . . .458.4 -3.1 539.0 405.9
Autonomy Corporat 2509.0 6.0 2514.0 1271.0
Aveva Group . . . . . .1493.0 0.0 1799.0 1385.0
Computacenter . . . . .369.5 14.7 490.0 276.2
Fidessa Group. . . . .1538.0 -7.0 2109.0 1350.0
Invensys. . . . . . . . . . .251.3 3.3 364.3 221.7
Kofax . . . . . . . . . . . . .330.2 10.7 535.0 231.0
Logica . . . . . . . . . . . . .81.3 0.7 147.2 79.1
Micro Focus Inter . . .293.2 5.8 426.2 239.4
Misys . . . . . . . . . . . . .268.0 -0.5 420.2 234.7
Sage Group . . . . . . . .243.1 2.8 302.0 231.7
SDL. . . . . . . . . . . . . . .638.5 -3.5 711.5 534.0
TeIecity Group. . . . . .530.0 2.0 559.5 430.0
Aggreko . . . . . . . . . .1798.0 33.0 2034.0 1394.5
Ashtead Group . . . . .100.3 -1.6 207.9 77.0
Atkins (WS) . . . . . . . .517.0 3.5 820.0 505.0
Babcock Internati . . .600.0 0.0 733.0 500.0
Berendsen . . . . . . . . .489.2 -18.8 568.0 365.8
BunzI . . . . . . . . . . . . .722.0 -1.0 801.0 676.5
Capita Group. . . . . . .687.5 0.5 794.5 635.5
CariIIion . . . . . . . . . . .323.1 -0.9 403.2 296.0
De La Rue . . . . . . . . .780.5 3.0 853.5 549.5
EIectrocomponents .200.6 1.6 294.9 190.0
Experian. . . . . . . . . . .668.5 -4.0 833.5 616.5
FiItrona PLC . . . . . . . .335.0 -4.8 385.5 227.5
G4S. . . . . . . . . . . . . . .260.2 -2.2 291.0 237.7
Hays . . . . . . . . . . . . . . .72.4 -1.9 133.6 69.4
Homeserve . . . . . . . .445.0 -3.0 532.0 408.0
Howden Joinery Gr. . .93.9 -0.8 127.5 63.0
Intertek Group. . . . .1919.0 9.0 2148.0 1682.0
MichaeI Page Inte . . .361.8 -4.8 567.0 350.7
Mitie Group . . . . . . . .208.7 -4.0 242.5 190.6
Premier FarneII . . . . .173.4 -1.4 308.8 168.3
Regus. . . . . . . . . . . . . .64.0 -3.0 119.0 63.2
RentokiI InitiaI . . . . . . .76.3 -1.0 107.1 74.5
RPS Group. . . . . . . . .193.3 -1.4 253.0 169.9
Serco Group . . . . . . .491.9 -8.1 633.0 487.7
Shanks Group . . . . . .112.8 -1.2 130.9 97.3
SIG . . . . . . . . . . . . . . . .97.0 -3.0 153.5 92.8
SThree . . . . . . . . . . . .244.7 -0.4 447.6 231.1
Travis Perkins . . . . . .759.5 -3.0 1127.0 723.5
WoIseIey . . . . . . . . .1459.0 4.0 2261.0 1240.0
ARM HoIdings . . . . . .533.0 4.5 651.0 333.0
CSR . . . . . . . . . . . . . .218.0 -6.8 447.0 212.5
Imagination Techn . .340.4 11.6 502.0 296.9
Pace . . . . . . . . . . . . . .100.3 0.7 231.8 91.0
Spirent Communica .120.1 1.0 160.3 116.0
British American . .2697.5 31.0 2871.0 2214.0
ImperiaI Tobacco . .2005.0 4.0 2231.0 1784.0
Avis Europe. . . . . . . .313.8 1.3 314.0 184.0
Betfair Group. . . . . . .597.0 -3.0 1550.0 567.0
Bwin.party Digita . . .102.6 -3.0 297.9 100.6
CarnivaI . . . . . . . . . .1837.0 11.0 3153.0 1742.0
Compass Group . . . .534.5 2.0 612.0 511.5
Domino's Pizza UK. .492.0 -0.7 586.0 377.0
easyJet. . . . . . . . . . . .324.3 -3.0 479.0 301.0
Enterprise Inns . . . . . .38.1 -0.7 122.7 36.8
FirstGroup . . . . . . . . .353.0 0.1 412.6 311.3
Go-Ahead Group. . .1460.0 -29.0 1598.0 1085.0
Greene King . . . . . . .425.8 0.2 518.0 404.7
InterContinentaI . . . .972.5 8.0 1435.0 947.5
InternationaI Con . . .163.4 -3.3 305.0 162.2
JD Wetherspoon. . . .399.4 1.6 468.3 389.9
Ladbrokes . . . . . . . . .122.3 0.5 155.3 119.9
Marston's. . . . . . . . . . .92.0 0.6 117.1 87.1
MiIIennium& Copt . .409.3 0.2 600.5 403.1
MitcheIIs & ButIe. . . .224.2 -2.4 361.0 219.1
NationaI Express . . .230.7 0.8 270.2 220.7
Rank Group . . . . . . . .130.0 3.5 153.7 104.0
Restaurant Group. . .270.3 -0.4 335.0 238.3
Spirit Pub Compan . . .42.0 -1.0 55.0 37.0
Stagecoach Group . .256.9 6.8 268.5 170.2
Thomas Cook Group .43.3 -0.2 204.8 42.5
TUI TraveI. . . . . . . . . .149.7 -1.3 271.9 146.0
Whitbread . . . . . . . .1444.0 12.0 1887.0 1382.0
WiIIiamHiII. . . . . . . . .214.4 0.7 237.3 155.5
Abcam . . . . . . . . . . . .332.8 -2.5 460.0 307.0
AIbemarIe & Bond . .376.0 4.0 400.1 237.0
Amerisur Resource . .16.8 0.3 29.0 11.5
Andor TechnoIogy . .540.0 0.0 685.0 311.0
ArchipeIago Resou. . .78.0 3.0 79.3 32.3
ASOS . . . . . . . . . . . .1826.0 -38.0 2468.0 930.0
AureIian OiI & Ga . . . .45.5 -2.0 92.0 42.5
Avanti Communicat .310.5 7.5 735.0 288.8
Avocet Mining . . . . . .253.0 5.0 260.8 113.0
BIinkx . . . . . . . . . . . . .105.0 0.0 148.8 70.5
Borders & Souther . . .47.3 0.0 93.0 44.8
BowLeven . . . . . . . . .119.3 2.3 398.0 115.3
Brooks MacdonaId 1000.0 -7.5 1372.5 907.5
Conygar Investmen . .96.0 1.0 120.0 95.0
Cove Energy . . . . . . . .64.5 0.5 112.8 58.5
Daisy Group . . . . . . .109.3 -0.3 127.0 88.0
EMIS Group . . . . . . . .547.5 0.0 580.0 303.5
Encore OiI . . . . . . . . . .45.0 -0.3 151.5 40.8
Faroe PetroIeum. . . .154.5 -4.0 218.3 133.0
GuIfsands PetroIe. . .151.5 0.8 401.5 142.5
GWPharmaceuticaI .101.0 -1.6 130.0 83.0
Hamworthy . . . . . . . .508.0 -4.5 705.0 334.3
Hargreaves Servic . .882.0 2.5 1076.0 605.0
HeaIthcare Locums . .84.6 0.0 84.6 84.6
Immunodiagnostic .1044.0 2.0 1218.0 730.0
ImpeIIamGroup . . . .300.0 -10.0 387.5 125.0
James HaIstead. . . . .445.0 -5.0 495.0 315.0
KaIahari MineraIs . . .232.0 -5.8 301.0 142.0
London Mining . . . . .312.0 12.0 436.5 249.0
Lupus CapitaI . . . . . . .86.0 -6.0 150.0 80.0
M. P. Evans Group . .406.5 -1.0 500.5 365.0
Majestic Wine . . . . . .416.0 -4.5 510.0 309.0
May Gurney Integr . .243.3 -3.8 295.0 177.0
Monitise . . . . . . . . . . . .33.0 0.3 39.0 18.5
MuIberry Group. . . .1440.0 -23.0 1920.0 335.0
Nanoco Group. . . . . . .62.4 2.4 115.8 57.5
NauticaI PetroIeu . . .235.0 -2.0 547.0 151.0
NichoIs. . . . . . . . . . . .518.0 -10.8 579.0 410.0
Numis Corporation. . .92.0 -0.5 146.5 91.9
Pan African Resou . . .12.5 0.3 13.8 6.3
Patagonia GoId . . . . . .55.8 -3.3 68.0 15.3
Prezzo . . . . . . . . . . . . .58.5 1.9 71.5 44.0
Pursuit Dynamics . . .198.0 0.5 700.0 160.5
Rockhopper ExpIor .214.3 2.0 510.0 141.0
RWS HoIdings. . . . . .416.0 -16.5 479.8 255.0
Songbird Estates . . .118.5 2.5 160.3 110.3
VaIiant PetroIeum . . .485.0 -28.0 761.5 480.0
Young & Co's Brew. .640.0 -6.0 712.0 525.0
HansteenHoIdings ...79.5 6.0
PerformGroup .....169.0 4.8
Computacenter .....369.5 4.1
ITV ................57.9 3.6
ImaginationTechno .340.4 3.5
DominoPrintingSc .549.5 3.4
FresniIIo..........1878.0 3.4
Kofax .............330.2 3.4
BurberryGroup....1257.0 3.2
SocoInternationaI ..307.7 3.1
ExiIIonEnergy......269.6 -5.4
RoyaIBankofScot ...21.9 -5.2
Regus..............64.0 -4.5
LIoydsBankingGro ..29.7 -4.1
OcadoGroup.......113.6 -4.1
LancashireHoIding .623.0 -4.0
Berendsen .........489.2 -3.7
DuneImGroup......420.0 -3.7
JohnsonMatthey ..1607.0 -3.5
StobartGroupLtd. ..128.0 -3.3
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Tsy 3.250 11. . . . .100.76 -0.18 103.4 100.6
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Tsy 4.500 13 . . . .105.90 -0.08 109.1 105.8
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Tsy 5.000 18. . . . .119.15 -0.27 120.8 109.7
Tsy 4.500 19. . . . .116.42 -0.24 118.2 105.4
Tsy 3.750 19. . . . .110.74 -0.24 112.5 99.4
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Tsy 4.750 20. . . . .118.32 -0.24 120.2 106.6
Tsy 8.000 21 . . . .147.91 -0.28 150.2 133.8
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Wealth Management | Markets
18 CITYA.M. 30 AUGUST 2011
Paralympics 2012 | A Year to Go
A
DE ADEPITAN, the wheelchair basketball
star turned TV presenter, has a blunt,
two-pronged response to those who still
question the merits of Paralympic sport.
One, go and watch it, and two, meet me on any
tennis court, basketball court or track and I will
kick your ass.
Bullishness like that might have seemed mis-
placed a decade or so ago, but interest in paras-
port is soaring and the London 2012
Paralympics now just a year away will be the
biggest yet. For Adepitan, who won bronze in
2004 but no longer competes, it is another step
towards recognition of Paralympians as athletes
every bit as dedicated and outstanding as their
able-bodied counterparts.
The crux of it is: we want respect, he says.
From people respecting Paralympians as ath-
letes, then you will get the next step, which is
respecting disabled people as people.
Far from being the Olympics poorer relative,
as it has traditionally been treated, Adepitan
makes a convincing case for the Paralympics
being a purer passion and, in that sense, truer
to the original ethos of the Games. These guys
work hard, just as hard as their Olympic coun-
terparts and for less reward. We
know were not going to become
millionaires from our sport. Its
about being the best you can.
Adepitan (right) has a pret-
ty good backstory himself.
Born in Nigeria, he survived
polio but lost the use of his
left leg before moving to
England aged three and
settling in Newham. His
basketball wizardry
earned him a place at
Sydney in 2000 and
he found fame in
Athens four years
later in the Great
Britain team that
scooped bronze. That,
and his charisma, led to
media work, including a famous BBC ident, and
he now boasts a lengthy CV of presenting cred-
its, including fronting Channel 4s That
Paralympics Show.
Highlights abound, but Adepitan cites his role
as a bid ambassador in helping to bring the
Games to east London as one of his proudest
achievements. Amid cynicism in some quarters
about a fruitful legacy, he is a passionate
believer that 2012 can make a profound differ-
ence to his formative boroughs.
All the riots and the problems weve had in
London I think sport can be a great answer to
that. When you grow up in an area where there
isnt much financial support and you think the
rest of the world doesnt care, you can do bad
things. But sport was such a positive light
and you can get that message across even
better through the Paralympics. Its a
purer ethic.
Adepitan, now 37, will be pre-
senting next years Games on
Channel 4, who have taken
the rights from the BBC and are intent on
launching the Paralympics into the mainstream.
But he might have been competing, had the
boom in interest come along earlier and dissuad-
ed him from pursuing a more sustainable career.
I am bloody jealous! I wish things were dif-
ferent. If Channel 4 had come along and covered
the 2004 Paralympics I would most certainly be
taking part at London 2012.
Ade Adepitan presents That Paralympic
Show with Rick Edwards and Iwan Thomas on
Channel 4, the official broadcaster of the London
2012 Paralympic Games. The new series of That
Paralympic Show returns on Saturday
lunchtimes at 1.25pm from 3 September.
Basketball wizard turned TV star Ade Adepitan tells Frank Dalleres why Paralympics is closer to the Olympian ideal
These guys work as hard as
their Olympic counterparts
and for less reward
Our sport is a purer passion
Paralympics 2012 | A Year to Go
CITYA.M. 30 AUGUST 2011
FIVE British stars
Britain boasts some of the best Paralympic talent on the planet, and they cant wait for next year. Frank
Dalleres meets all-conquering paraequestrian Lee Pearson and James Andrew picks out four more hot tips
20
> Ellie Simmonds
Age: 16 From: Walsall Event: Swimming
Simmonds was just 13 years old when she competed in her first Paralympics in Beijing in 2008.
She went onto win gold in both the 100m and 400m freestyle swimming.
Simmonds, who has Achondroplasia, a common form of short-limb dwarfism, is currently
studying at secondary school in Swansea.
She won the BBC Young Sports Personality of the Year award in 2008 and a year later
became the youngest person to be awarded an MBE.
But it is in the pool where she excels and has won 16 gold medals at the European
Championships, World Championships and Paralympic World Cup.
> Lee Pearson
Age: 37 From: Staffs Event: Dressage
n Lee Pearson is a nine-time gold medal-winning paraequestrian. He was born with arthrogryposis, a rare congenital
condition that means his legs are encased in plastic and his arm muscles thin and twisted. He took up riding in 1997 and
two years later won three golds at the World Championships. He repeated the feat at the Sydney Paralympics in 2000,
and did the same at Athens and Beijing. He is aiming to do it all again in 12 months time.
I was a very ignorant, uneducated person about other disabled people. I used to cross the street because I didnt want to look
like a disabled persons day out. I thought if I ended up walking next to a wheelchair, people would think we were a couple.
Going to the Paralympics changed me. Just accepting people for what they are. And I became a much nicer, better person.
The Paralympic village is like whacky races gone mad 3,000 athletes with every form of mobility vehicle, Americans with
bionic legs and arms, Ethiopians with tree branches theyve varnished and fashioned into crutches. I was like: dropped jaw. This
is phenomenal. Its the most mindblowing environment you can be in because all this disability becomes totally normal.
I do wish commentators focused a bit more on the disabilities we have because Im really intrigued by whats wrong with
people. You see them run or ride and they dont look disabled.
I am a freak of nature and Im proud of that because Ive become an amazing sportsman, not because of my twisted limbs.
If youre Chris Hoy youll always be an Olympian, thats your label. When youre a Paralympian, you can be a disabled person
or a Paralympian depending on what environment youre in. You need quite a lot of inner confidence to deal with that.
If I work my butt off, have lady luck on my side and if there isnt a better competitor with a better horse on the day, then
next year I should repeat what Ive done: two individual medals and a team gold if my team members also come up with the
goods. If any of those factors are missing I might win a silver or bronze or I might not even medal.
If I win a medal Ill be the happiest person alive.
Thinking about it makes me feel sick. I havent got a horse sorted. The media and public interest is going to get more and
more, which is great, and I just want it to be over and done with because of the expectation.
Its going to be life-changing, and a humungous change for the Paralympics to have individual coverage. I do see the
Paralympics as a sister sport, not anything less or more, but it is overshadowed just by the logistics of the Olympics.
Ive seen the progression of interest in the Paralympics and Ive never ever had this much ongoing interest before a Games.
I broke my back in four places 15 weeks ago in a riding accident. But I rode last week and it wasnt painful.
I like my horses to be quite pretentious. Youve got to go into the arena and out-ride other riders and then go to the judges:
Im here, now give me a nine or a 10.
Channel 4 is the official host broadcaster for the London 2012 Paralympic Games. Lee Pearson appears in Best of British, the new 10-
part documentary series airing this autumn on Channel 4 following Paralympians on the road to 2012. For more information, visit
www.channel4.com/paralympics
> David Weir
Age: 32
From: London
Event: Wheelchair
Athletics
Versatile Weir is rated Britains top
wheelchair athlete not least
because he holds the national
record in all track distances up to
5,000m. He won four medals two
golds, a silver and a bronze at the
2008 Games in Beijing, his third
Paralympics.
He also won silver and bronze at
the 2004 event in Athens, as well
as three golds and a silver at the
2006 Paralympic World
Championships in Assen.
But British fans may know him
best for his achievements around
the streets of London. Weir has
won the London marathon five
times, including three in a row
between 2006 and 2008. In 2009
he was awarded an MBE.
Paralympics 2012 | A Year to Go
21 CITYA.M. 30 AUGUST 2011
to watch in 2012
> Sarah Storey
Age: 33
From: Manchester
Event: Cycling
Storey has acheieved the remarkable feat of
winning Paralympic gold at two different
disciplines, having switched from swimming
to cycling before the last Games in Beijing.
Storey, who was born without a left hand,
won a total of six swimming medals at her
first Games in Barcelona in 1992, including
two gold.
She won further medals at Atlanta,
Sydney and Athens, before an ear infection
forced her to swap the pool for the track.
Two golds, in the time trial and individual
pursuit, followed in Beijing. In 2010 she
qualified to join the England team for the
2010 Commonwealth Games in Delhi, where
she became the first disabled cyclist to
compete for England at the Commonwealth
Games against fully able-bodied cyclists.
She is married to fellow Paralympic cyclist
Barney Storey.
> Tom Aggar
Age: 27 From: London Event: Rowing
Aggar was a keen rugby player while at Warwick University and a
member of the Saracens development squad before a night out
with friends in 2005 ended his rugby career.
He slipped and fell eight feet on to a concrete path. Thinking that
he had headed home alone his friends left, and when he regained
consciousness two hours later Aggar phoned for an ambulance. In
his fall he had broken his back and suffered a spinal injury, resulting
in paralysis of his legs.
Determined to find an outlet for his competitive instincts, he
took up rowing in 2006 as part of his rehabilitation programme.
The following year, at the World Rowing Championships in
Munich, he won gold in the 1000m single scull. He made his
Paralympic Games debut in Beijing and won gold in the same
discipline.
Paralympics 2012 | A Year to Go
CITYA.M. 30 AUGUST 2011 22
What to see, when to see it, what it will cost you and how to apply for your tickets to the 2012 Paralympics in London
JUST THE TICKET
How to grab your slice of the action
TICKETS for the Olympics may be like
gold dust, but those for the
Paralympics are about to go on sale
next week.
First you will need to create an
account online, then review the com-
petition schedule above (a more
detailed version is available at
London2012.com) and then finally
submit your application.
RANDOM BALLOT
Ticket applications can be submitted
any time from Friday 9 September
until Monday 26 September and there
is no advantage to doing it earlier.
However, it is recommended that you
allow yourself time to consider exact-
ly which events to apply for.
You can only submit one application
but it can cover numerous events. If
demand exceeds supply for a certain
event, tickets will be allocated by ran-
dom ballot.
For those who prefer not to use the
online ticketing system, paper applica-
tion forms are available from branch-
es of Lloyds TSB.
However, Visa card whether
debit, credit or prepaid is the only
form of payment accepted.
FURTHER TICKETS
While applications close on 26
September it may take a few weeks
for payment to be debited from your
designated account. Organisers say
they expect funds to be debited by 31
October but that final notification will
be sent out by 18 November.
Further tickets will go on sale later
this year, on a first-come, first served
basis both online and by telephone.
However, some events may have sold
out by then.
Archery
Venue: Royal Artillery Barracks
Dates: Thursday 30 August
Wednesday 5 September 2012
Medal events: 9
Athletes: 140 (88 men, 52 women)
Ticket prices: 5 to 10
Athletics
Venues: Olympic Stadium (track and
field events); The Mall (road events)
Dates: Friday 31 August Sunday 9
September 2012
Medal events: 170
Athletes: 1,100 (740 men, 360
women
Ticket prices: 5 to 45
Scott Moorhouse, Javelin
Q.
WHY SHOULD PEOPLE WATCH
YOUR SPORT OVER OTHERS?
A.
Athletics is a purity sport,
being the best individual,
competing directly with others
and being measured simply by
who can run the fastest, jump the
highest or throw the furthest. Its
shows athletes in their rawest
form - power, strength and speed.
Q.
WHICH OTHER PARALYMPIC
EVENT WOULD YOU WATCH?
A.
Ive always been a fan of con-
tact sports, so Id recommend
wheelchair rugby. It is quite a bru-
tal game fuelled with aggression
and plenty of collisions.
Boccia
Venue: ExCel
Dates: Sunday 2 September
Saturday 8 September 2012
Medal events: 7
Athletes: 104
Ticket prices: 5 to 15
Karl Parrish, Boccia
Q.
WHY SHOULD PEOPLE WATCH
YOUR SPORT OVER OTHERS?
A.
Because theyll be amazed at
the skill and methods, partic-
ularly as we play with and against
athletes with various disabilities.
Q.
WHICH OTHER PARALYMPIC
EVENT WOULD YOU WATCH?
A.
Wheelchair rugby as it is a
fast-moving, full-on game and
one I would like to have played if I
was able.
Road Cycling
Venue: Brands Hatch
Dates: Wednesday 5 September
Saturday 8 September 2012
Medal events: 32
Athletes: 225 (155 men, 70 women)
Ticket prices: 5 to 10
Track Cycling
Venue: Velodrome, Olympic Park
Dates: Thursday 30 August Sunday
2 September 2012
Medal events: 18
Athletes: 225 (155 men, 70 women)
Ticket prices: 5 to 45
Equestrian
Venue: Greenwich Park
Dates: Thursday 30 August Tuesday
4 September 2012
Medal events: 11
Athletes: 78
Ticket prices: 5 to 10
5-A-Side Football
Venue: Hockey Centre, Olympic Park
Dates: Friday 31 August Saturday 8
September 2012
Medal events: 1
Athletes: 64 (eight teams, all men)
Ticket prices: 5 to 35
7-A-Side Football
Venue: Hockey Centre, Olympic Park
Dates: Saturday 1 September
Sunday 9 September 2012
Medal events: 1
Athletes: 96 (eight teams, all men)
Ticket prices: 5 to 35
Goalball
Venue: Handball Arena, Olympic Park
Dates: Thursday 30 August Friday 7
September 2012
Medal events: 2
Athletes: 132 (72 men, 60 women)
Ticket prices: 5 to 15
Judo
Venue: ExCel
Dates: Thursday 30 August
Saturday 1 September 2012
Medal events: 13
Athletes: 132 (84 men, 48 women)
Ticket prices: 5 to 15
Powerlifting
Venue: ExCel
Dates: Thursday 30 August
Wednesday 5 September 2012
Medal events: 20
Athletes: 200 (120 men, 80 women)
Ticket prices: 5 to 15
Rowing
Venue: Eton Dorney
Dates: Friday 31 August Sunday 2
September 2012
Medal events: 4
Athletes: 96 (48 men, 48 women)
Ticket prices: 5 to 10
Sailing
Venues: Weymouth and Portland
Dates: Saturday 1 September
Thursday 6 September 2012
Medal events: 3
Athletes: 80
Ticket prices: Free not ticketed
Shooting
Venue: Royal Artillery Barracks
Dates: Thursday 30 August Tuesday
4 September 2012
Medal events: 12
Athletes: 140 (100 men, 40 women)
Ticket prices: 5 to 1
Swimming
Venue: Aquatics Centre, Olympic Park
Dates: Thursday 30 August
Saturday 8 September 2012
Medal events: 148
Athletes: 600 (350 men, 250
women)
Ticket prices: 5 to 45
Table Tennis
Venue: ExCel
Dates: Thursday 30 August
Saturday 8 September 2012
Medal events: 29
Athletes: 276 (174 men, 102 women)
Ticket prices: 5 to 15
Volleyball
Venue: ExCel
Dates: Thursday 30 August
Saturday 8 September 2012
Medal events: 2
Athletes: 198 (110 men, 88 women)
Ticket prices: 5 to 35
Wheelchair Basketball
Venue: North Greenwich Arena (The
O2), Basketball Arena, Olympic Park
Dates: Thursday 30 August
Saturday 8 September 2012
Medal events: 2
Athletes: 264 (144 men, 120 women)
Ticket prices: 5 to 45
Judith Hamer, Basketball
Q.
WHY SHOULD PEOPLE WATCH
YOUR SPORT?
A.
Wheelchair basketball is fast
paced and theres always
something to watch and points
being scored. Theres never a dull
moment.
Q.
WHICH OTHER PARALYMPIC
EVENT WOULD YOU WATCH?
A.
Cycling because its fast and if
I didnt play basketball Id def-
initely want to be a cyclist.
Wheelchair Fencing
Venue: ExCel
Dates: Tuesday 4 September
Saturday 8 September 2012
Medal events: 12
Athletes: 100
Ticket prices: 5 to 15
Wheelchair Rugby:
Venue: Basketball Arena, Olympic Park
Dates: Wednesday 5 September
Sunday 9 September 2012
Medal events: 1
Athletes: 96 (eight teams)
Ticket prices: 5 to 35
James Hamilton, Fencing
Q.
WHY SHOULD PEOPLE WATCH
YOUR SPORT?
A.
Theres a lot of skill and agility
in wheelchair fencing and
theyre much faster with their
swords than able bodied counter-
parts. Bouts are very fast, intense
and can leave the spectators
unsure of what has just happened!
Q.
WHICH OTHER PARALYMPIC
EVENT WOULD YOU WATCH?
A.
Wheelchair basketball, as for
many years it was my main
sport. Its very fast and skilful
which makes it very spectator
friendly, whether you know any-
thing about it or not.
Wheelchair Tennis
Venue: Eton Manor, Olympic Park
Dates: Saturday 1 August Saturday
8 September 2012
Medal events: 6
Athletes: 112
Ticket prices: 5 to 35
Scott Moorhouse, Karl Parrish, Judith
Hamer and James Hamilton are
Lloyds TSB Local Heroes. Lloyds TSB
is a Proud Partner of the London
2012 Olympic and Paralympic Games
and Official Supporter of Team GB
and ParalympicsGB. Follow the future
stars of Team GB and ParalympicsGB
at: www.facebook.com/lloydstsblocal-
heroes
23
Wealth Management | CFDs
G
LOBAL financial markets, like
weather patterns, are governed by
macro and micro cycles and these
cycles are definable and predictable.
This may come as a surprise, but each
financial asset class forms part of a larger
constellation, much like a constellation of
planets, and can be seen to move in a simi-
lar orbital way. All asset classes closely
interweave with each other and are strong-
ly influenced by each other in a similar way
that planets are influenced by each others
gravitational pull. The objective for the
trader is to understand exactly when
such movements are underway and how
to capitalise on them. We can see these
orbital movements of asset classes taking
shape in the structure of business cycles.
Business cycles typically move from
recession to recovery, to boom, to slow-
down and to recession again. Normal busi-
ness cycles from trough to peak and back to
trough again usually last about seven years,
unless there are unusual circumstances
whereby commercial activity is skewed by
strong external influences. Such influences
would be things like the period of unusual-
ly abundant credit from 2003 to 2008, right
up to the 2008 financial meltdown, which
elongated the business cycle that started in
2000 by two years. Business cycles can be
split into stages, each with defined patterns
within them. As you can see from the table,
stocks, bonds and commodities all perform
differently during each stage.
ASSET CLASS MOVEMENTS
During each stage certain asset classes out-
perform each other depending largely on
what interest rates and inflation are doing.
Assets move in celestial cycles Picture: GETTY
Trade business cycles
for a universe of profit
E
QUITIES staged a decent recovery last week,
despite the release of further poor economic data
from the US, Europe and China. Last weeks trading
was a return to the behaviour we became so used to
over the past few years, and which has been less in evi-
dence over the last couple of months. This is where bad
data is greeted by growing risk appetite, as investors see it
as a precursor to further central bank intervention.
Equity market bulls were galvanised by the prospect
that the Fed stood ready to offer more stimulus. In fact,
Ben Bernanke delayed any such decision to the next
FOMC meeting, which concludes on 21 September. He
also used his speech at the Jackson Hole Economic
Symposium to remind politicians that they bear responsi-
bilities for encouraging the recovery too. Unfortunately,
the rancour that exists, and appears to be growing,
between Republicans and Democrats makes any worth-
while agreement over fiscal measures unlikely. The choic-
es currently available are far too unpalatable for
policymakers ahead of next years Presidential election.
So investors will once again focus on potential triggers,
which will give the Federal Reserve reason to announce
an additional stimulus programme. This could come from
an escalation in the European debt crisis. Over the week-
end IMF head Christine Lagarde warned of a potential
liquidity crisis which could overwhelm Europes banks.
That would be impossible to contain and would infect the
whole global banking system.
We should also keep an eye on Fridays non-farm pay-
roll numbers. There was a big positive surprise last month
with a net gain of 117,000 jobs. This was well above the
expectation of 89,000 and the previous months data
was revised up sharply to 46,000 from 18,000. The cur-
rent consensus forecast is for a gain of 90,000 jobs. This
reflects the disappointing rise in the weekly claims num-
bers which have struggled to break below the 400,000
level. In his Jackson Hole speech, Ben Bernanke highlight-
ed the fact that economic growth since the financial crisis
has failed to take the unemployment rate below the 9 per
cent level. As maximum employment is one half of the
Federal Reserves dual mandate, it is certain that a poor
number on Friday will boost speculation that the FOMC
will announce further action at their September meeting.
FED COULD BE
STIMULATED
BY NON-FARMS
DAVID MORRISON
CFD MARKET STRATEGIST, GFT
The level of interest rates normally governs
the behaviour of all asset classes, as the
value, or cost of money, is directly related
to the commercial activities of businesses
and the prices of interest rate sensitive
products, like bonds and currencies. If the
trader can recognise the flow of the busi-
ness cycle, he or she can then trade each
asset class in relation to the other: for
example, in stage five traders should short
bonds and go long on commodities.
The power of understanding the cyclical
nature of markets is that once you know
what a single major asset class is doing you
can work out what the other asset classes
should be doing in relation to it. Markets
are predictable in as much as we can
understand which asset class is likely to
outperform another when they come in
and out of orbit. Business cycles can also
form micro-cycles in an individual asset
class.
Recognising which asset class is likely to
outperform another can yield the trader
exceptional profits. However, very few
traders understand the extent to which
cycles can influence markets and the flow
of money from one asset class to another.
Once they do, they are never lost for work-
ing out which asset class, sector or sub-sec-
tor should be moving.
David James Norman is a trader, CEO of the
Trader Training Company and visiting professor
at the Essex Business School, where he is running
trader bootcamps in September and November
2011. Visit www.tradertraining.net and follow the
link to Essex Business School, or contact Denise
Sherer at [email protected] for information.
Visit gftuk.com/cityam to open an account and start saving today.
*A deposit of 60,000 is required for the 3,000 bonus. Additional minimum and
maximum deposit levels, minimum trade volumes and withdrawal restrictions apply.
See gftuk.com for full terms and conditions. When trading CFDs, spread bets or spot
forex, you can lose more than your initial deposit.
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11
TRADING COMMENT
DAVID JAMES NORMAN
ANALYSIS l Idealised Six Stages of the Business Cycle
Stage 1
Bonds
Bonds
Stocks
Stocks
Commodities
Commodities
Stage 2
Recovery
Recession
Stage 3 Stage 4 Stage 5 Stage 6
Source: J. Murphy, Intermarket Analysis, Profit from Global Market Relationships (2004)
T
HE financial markets can be a fick-
le beast. After all, you can attempt
to model and predict every possi-
ble outcome, but prices are driven
by human decisions, with traders stay-
ing in a position longer than they know
is wise, or panic buying in a rally. But
armed with a knowledge of some com-
mon chart formations, you can get a bet-
ter feel for what is ahead in a short
amount of time. According to David
Jones, chief market strategist for IG
Markets: None of these patterns are fool
proof, but they can give a quick feeling
for how strong sentiment is for the mar-
ket in question and help set up a trade.
There are two types of pattern in tech-
nical analysis, a continuation pattern
and a reversal. A continuation suggests
that the price will continue on its trend
upon completion of the pattern, and a
reversal pattern is a sign that the price
may be about to move in the opposite
direction. Here, David Jones guides us
through both types of chart pattern with
four examples.
Wealth Management | Contracts for Difference
24 CITYA.M. 30 AUGUST 2011
REVERSAL | INVERSE HEAD AND SHOULDERS FORMATION
Peak 1
Neckline (Support)
Break Out
Peak 2
ANALYSIS l Double Top
Resistance Levels
REVERSAL | DOUBLE TOP FORMATION
D
OUBLE top and double bottom
chart patterns are straightfor-
ward to spot and can be seen
across a range of different time
frames, both in long and short-term
charts.
Its not about some special voodoo pre-
dicting whats going to happen next,
says Jones. Instead, he says that it
should be seen as a sign of some lack of
momentum creeping in where, in an
uptrend for example, the market fails to
break the previous high.
This pattern should be seen as a set
up for a possible trend reversal, and so
traders should wait for the price to
break below the neckline before enter-
ing the trade.
CONTINUATION | HEAD AND SHOULDERS FORMATION
ANALYSIS l Inverse Head and Shoulders
Left Shoulder
Head
Right Shoulder
Neckline
A
S you may have guessed, the inverted head and shoulders formation is the same
as the head and shoulders, just turned on its head. It can be considered a buy sig-
nal when the price breaks above the neckline. This formation is typically seen
after a long downtrend. In the case of an inverted head and shoulders formation,
volume generally plays a larger role than in a regular head and shoulders, requiring an
increase in volume for a breakout from the neckline.
The inverted left shoulder is formed by an increase in volume, the inverted head of
the chart is accompanied by lighter volume, and then a big jump in volume on the rally
from the inverted head. As the price breaks through the neckline, you should see a big
increase in volume.
An inverted head and shoulders is confirmed with the upside penetration of the
neckline.
Four patterns
every trader
should know
Being able to recognise chart formations
can give you quick information on when
to set up a trade, writes Craig Drake
ANALYSIS l Head and Shoulders
Left Shoulder
Head
Right
Shoulder
Neckline
T
HE head and shoulders chart formation is a relatively easy formation to spot.
Head and shoulders is probably a phrase that many who havent even looked at
a chart will be familiar with, says Jones. The reasoning behind it is perfectly
logical the pattern being completed at the end of an uptrend when the third
peak (the right shoulder) ends up running out of steam before the previous ones.
A head and shoulders formation can be a clear warning that momentum is fading
from the market. The top of the head of the movement is formed with volumes drop-
ping.
Wealth Management
25 CITYA.M. 30 AUGUST 2011
view to the situation, and sees it as
an opportunistic time to be adding to
its armoury of acquisitions. Capital
CFDs quotes 376.3p-376.9p.
Bovis Homes is scheduled to
report interim results today with
markets hoping that the house
builder will be able to report some
good news from the housing sector.
However, with house prices staying
quite high there is a fear that the
housing market will continue to
slowdown. CMC Markets quotes
339.75p-343.87p.
Defensive stocks are a natural fall-
back in times of high volatility and
with no sign of the turmoil disap-
pearing any time fast, the sector
could remain a popular play into the
autumn. GlaxoSmithKline is a clas-
sic choice here, but the stock is also
trading towards the lower end of
broker forecasts right now, making
it one worth watching. IG Markets
quotes 1,279.5p-1,280p.
Are we teetering on the edge of
another recession? If so, its easy to
imagine the UK housing market
grinding to a halt once again even
if London properties manage to exist
in something of a bubble. HBOS pro-
duces a seasonally adjusted average
house price survey for the UK. IG
Markets quotes 158.2p-160.4p on
the Halifax House Price Index for
December 2011.
Philip Salter
M
INER Glencore has had a
real fall from grace since
coming to the market back in
May at over 5. In fairness,
as with any high beta stock, when the
market falls, they generally follow
suit. One thing is clear, it is still are
very ambitious and acquisitions are
still the aim of the game for CEO
Glasenberg. Its latest target is
Optimum Coal, which is South
Africas sixth largest coal producer.
The company is also due to release its
first dividend since flotation. With a
worldwide sell-off hindering its share
price, Glencore is taking a different
THE TIPSTER
GLENCORE IS
MINING THE
COMPETITION
@
@
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ONLINE
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Bubble trouble Picture: GETTY
REVERSAL | TRIANGLE FORMATION
Capturing a snap-
shot of price
movements
Picture:
REUTERS
ANALYSIS l Triangle
T
RIANGLE patterns do what they say on the tin, with two trend lines converging
into a triangle, and the price moving between these lines. According to Jones:
Triangle formations are traditionally viewed as a sign that traders need to have
a bit of patience and wait for the breakout from the pattern.
There are three kinds of triangles. Symmetrical triangles are seen as a suggestion
that the trend is in a period of consolidation before continuing with the trend. An
ascending triangle suggests that the price will head higher upon completion, whereas
a descending triangle suggests a bearish movement.
W
ELCOME to the United States of
America, says a groundsman as I
land on the Caribbean island of
Puerto Rico, introducing me to
the first of many contradictions here. The
island is, I find, a cocktail of the tropical
Caribbean, American high rise (it is a com-
monwealth of the USA) all mixed with a
huge dash of Latino. And, it turns out, big
lashings of rum.
Puerto Rico is located at what is known
as the gateway to the Caribbean, just
1,000 miles south east of Miami, and is
where Caribbean verve meets Uncle Sam.
Puerto Ricans drive big American cars and
gesticulate like Spaniards. And they can all
dance.
Bizarrely, Bruce Forsyth was on the wel-
come committee to greet the first British
Airways flight to the island for 20 years.
Married to a Puerto Rican, he has a holiday
home here where he spends several
months a year and extols the virtues of the
islands beaches and golf courses even its
discount shopping malls where he proudly
claims to have bought the jacket he is wear-
ing from Macys for $100.
Looking for something strictly more
authentic, I head to Old San Juan, one of
the oldest towns in the Americas.
Old San Juans blue cobblestone streets
lead us through a capsule of Spanish colo-
nial charm: The Murro fort which juts out
over the Atlantic was built in 1528 and is
the oldest Spanish fort in the New World.
We stop for lunch and local rum in the
inner courtyard of El Convento.
Theres no avoiding rum here. We find it
tastes best in the islands signature cocktail
Pina Colada, said to have been invented at
San Juans Caribe Hilton hotel, which
opened its doors in 1949, the first Hilton to
open outside the USA.
THE RUM DIARIES
October 2011 will see the launch of the
long-in-development film The Rum Diary.
Based on the book The Rum Diaries by
Hunter S Thompson (of Fear and Loathing
in Las Vegas) it stars Johnny Depp as jour-
nalist Paul Kemp, who gets frustrated with
New York and moves to Puerto Rico to write
for a local newspaper in the late 1950s at a
time when the Americans had fallen out of
love with Cuba. The book, which was pub-
lished in 1998, 40 years after it was written,
is a thinly veiled autobiography of Hunter
Ss own louche lifestyle on the island,
which he spent drinking rum for breakfast
and gate crashing press lunches.
We relive Hunters rum-soaked lifestyle
of the late 50s in the bars and cafes of old
San Juan in the likes of the crusty bohemi-
an El Batey and other bars on Calle Del
Cristo and Fortezala.
Later, the sound of salsa thumps from
almost every doorway. Although the debate
still rages as to who invented the salsa, the
Cubans or the New York Puerto Ricans,
(Nuyoricans) theres no getting away from it
in the streets of Old san Juan, and its
impossible to leave without giving it a go.
If you can walk you can dance, says
Raffi, the salsa instructor, although he
looks sceptical as our group shuffles in. The
salsa dance is, in essence, no more than a
step forward and a step back, with a rock in
between. Raffi teaches salsa to anyone and
everyone from judges and accountants to
tourists, and he claims it can change lives.
In our case, we leave with slightly more
rhythm than we arrived with and head
downstairs to see how it should be done as
dozens of gyrating bodies hit the floor at
the famous Nuyorican caf, tucked in an
alleyway off San Francisco Street.
VIEQUES
Days later I am reminded of Raffi and his
fancy footwork when I encounter the wild
horses on the Puerto Rican island of
Vieques. The huge-eyed palomino horses
have skinny legs and a prancing gait and
they can be seen sashaying down the roads
all over the island. Vieques is the quintes-
sential Caribbean island. Although it was a
US military base until 2003, the beaches
still have that untouched feel and some,
such as the aptly named Secret Beach are
almost impossible to find. At Esperanza, a
stretch of tiny shabby chic guest houses and
cosy bars and restaurants in front of the
beach, we learn that Lord of the Flies was
filmed here in the 1960s. Duffys is a sim-
ple, old Caribbean as it used to be estab-
lishment with a laid-back lifestyle and good
food and at The Amapola Inn the proprietor
makes us a local drink called Bili and serves
us lobster enchiladas fit to blast the taste
A new flight from London to San
Juan (via Antigua) makes Puerto Rico a
great holiday spot, as Judith Baker discovers
Lifestyle | Travel
26 CITYA.M. 30 AUGUST 2011
Americas very
own slice of the
Caribbean, plus
plenty of rum
Later, the
sound of
salsa
thumps
from almost
every
doorway.
The debate
still rages as
to who
invented
salsa,
though
DO: Hike to the 28,000-acre El Yunque
rainforest in the Luquillo Mountains in
eastern Puerto Rico. Its the only rainforest
in the US National Forest system, with
miles and miles of trails, rainwater
streams, waterfalls and natural pools.
Puerto Rico is host to world class surfing
contests and surfing spots can be found
on the west coast and some northern
beaches. The marine life here attracts
divers from around the world.
Eat: Old San Juans South Fortoleza Street
(SoFo) has some of the islands best
restaurants, such as the Parrot Club and
tantra. SoFos Culinary week takes place in
June. Budatai offers a fusion of Latin and
Asian cuisine and great mojitos topped
with champagne. www.budatai.com
Stay: Old San Juan: Gran hotel El
Convento is a historic hotel loved by the
stars and the only Small Luxury Hotel of
the World on the island. Great sunset from
the 5th floor. www.elconvento.com
The Gallery Inn is a quirky rambling 18th
century hotel and full of charm. www.the
galleryinn.com
TO DO, EAT AND STAY
Hotel Vieques, on the
island of Vieques in
one of Puerto Ricos
amazing biolumin-
scent bays.
buds away.
BRIGHT LIGHTS
The most psychedelic experience on the
island proves to be a night in one of Puerto
Ricos bioluminescent bays.
There are only about 12 in the world and
Puerto Rico has three of them. The bays are
home to large colonies of dinoflagellates
that light up like fireflies and produce
incredible glowing waters. At Mosquito Bay
in Vieques our party disappears one by one
into the inky bay. When we move in the
water, the water glows like fire. I lift my
arm from the water and find it covered in
Christmas card-like glitter. Sadly it runs off
again immediately.
To recover I head for the newly opened W
Retreat & Spa, Vieques (www.
wvieques.com). The W has white beaches
and lush landscapes and it boasts the
biggest rooms in Puerto Rico. Designed to
be airy and whimsical, its rustic elegance
combines pure and recycled materials and
avant-garde furniture imported from Italy.
The Caribbean unplugged is how the
manager Jonathan Heath described it to
me, explaining its slightly different take on
tropical luxury
Helped by Mr. la Vida Loca himself, Ricky
Martin, who officially came out last year,
Puerto Rico is one of a handful of Caribbean
islands that is gay friendly, and W Retreat &
Spa even hosts a gay and lesbian short film
festival each May. And so, you ask, what
doesnt Puerto Rico have? Very little, is the
answer.
THE HOTTEST
EATERIES THIS
AUTUMN
SEE PAGE 28
27 CITYA.M. 30 AUGUST 2011
Far left: a Puerto
Rican beach; waterfall
in the rain forest and
an old San Juan
street.
T
he roll-call of keynote speakers at
The James MacTaggart
Memorial Lecture at the
Edinburgh TV Festival reads like a
whos who of the industry. Rupert
Murdoch, Mark Thompson, Jeremy
Paxman, John Humphrys, Greg Dyke,
Michael Grade, Tony Ball. (The list is
only slightly sullied by the appearance
of Janet Street-Porters name, which I
assumed was a mistake until I Googled
it. Nothing is perfect.)
Its interesting, then, that this years
speaker was Google chairman Eric
Schmidt. His speech, which had a whiff
of the sales pitch to it, encouraged the
amassed industry figures to Think beyond the TV box... Don't hold back from the
journey. The journey being Google TV, the smart TV platform that borrows
from its Android and Chrome products. Until now it has only been available in the
US but early next year we will be able to take the journey here too. Which is good.
Except Google TV has been an unmitigated flop since it debuted last year. In July
launch-partner Logitech was forced to slash the price of its Revue set-top box
from $249 to just $99, meaning it will make a loss on every unit. Damningly, it
was claimed last month that returns of the product are outpacing sales. A large
part of the reason for its failure to catch on is the antipathy of
the major US broadcasters, who saw it as a threat and promptly
blocked it.
But this isnt the only problem. Apple TV, while quietly evolving
into a very decent product, has hardly set the world on fire. The lat-
est version, released last year, sold 1m units within three months,
which most chief executives would eat their family dog for. But Tim
Cooks firm (get used to it) has been known to sell more than 20m
iPhones in that time. Steve Jobs was well aware that Apple TV isnt ready
to take over the world, referring to it as his hobby.
The problem is people are incredibly loath to change their TV habits.
Audience figures have held up remarkably
well in recent years, with new mobile devices
and online platforms failing to spark the
expected exodus. A recent study showed
children watch almost as much TV as they
did a decade ago. People may have bought
Freeview boxes, but the choice was stark if
you dont own this, your TV will eventually
stop working (even my mother successfully
bought and installed one, which shows just
how ubiquitous they are).
But Google will have to come up with a
better sales pitch than Think beyond the TV
box if it hopes to success here where it has
failed abroad.
Google TV hopes US
failure wont put us off
GEEK SPEAK
@steve_dinneen
TRAVEL NOTES | by Zoe Strimpel
Victoria Falls adventure
Action-loving travellers take note: Tongabezi
Lodge in Zambia has teamed up with Bundu
Adventures to offer an Above and Below
package at Victoria Falls (see pic). You start
with swimming in the Devils Pool, a natural
lake at the end of the Zambezi river posi-
tioned above the boiling pot, right on the lip
of the Falls, then trek down a gorge to go
rafting and bouldering at the bottom of the
Falls through the spray, enjoying a series of
rock pools and caves fed by the cascades.
Nightly rates at Tongabezi from 299 in the
River Cottage based on two sharing. For
more information on the package, go to
www.tongabezi.com
Franciacorta festival
For a truly exquisite wine harvest experi-
ence, head to the Franciacorta region of
Lombardy, northern Italy, where the luxuri-
ous, stately LAlbereta hotel will serve as
your base-camp for an exploration of the
vineyards and wineries behind the worlds
most exclusive sparkling wine. Youll be
exploring the fizz in the taste labs of the
Bellavista and Contadi Castaldi wineries,
owned by the Moretti family, who also own
LAlbereta. The package includes two nights
in a plush double room, breakfast and one
top-drawer food and wine experience per
day. The Franciacorta Festival weekend
package is available from 16-18 September
2011 and costs from 330 (375) per per-
son per night based on two sharing with a
two night minimum. Bookings should be
made at least 15 days in advance and are
subject to availability. For bookings and fur-
ther information contact LAlbereta on +39
030 77 60 550 or www.albereta.it.
Shakti Ladakh last chance
Fancy something different? Shakti Ladakh in
the Himalayas, a luxury village house experi-
ence, has late availability for the final month
of the 2011 season, which ends on 30
September. 7 night package from (approx
2,375) per person based on 2 sharing.
www.shaktihimalaya.com
Fly: The island is newly accessible to
UK tourists as British Airways has
added Puerto Rico to its portfolio of
Caribbean destinations with flights
from Gatwick to San Juan. A Boeing
777 serves the route twice weekly,
with stops in Antigua.
Know: Puerto Rico is the smallest of
the Greater Antilles island group which
includes Cuba, Jamaica and Hispaniola.
General information: Puerto Rico is
GMT -4 hours. Customs & Passport:
Puerto Rico is a commonwealth of the
United States. UK visitors will need a
valid electronic passport to travel, and
to apply for an ESTA.
Language: Both Spanish and English
are the island's official languages.
English is widely spoken, especially in
San Juan.
Climate: Year-round tropical climate
with average temperatures between
70F-80F.
Currency: U.S. dollar
BA offers seven nights at the 5*
Conrad San Juan Condado Plaza from
1,139 per person. Prices include
return BA flights from London Gatwick
and accommodation. Offers change
according to availability so please
check ba.com/puertorico or call 0844
4930758 to find out the latest deals.
GETTING THERE | NEED TO KNOW
At the bio-
luminescent
Mosquito
Bay in
Vieques, our
party
disappears
one by one
into the
inky bay
I
TS ridiculous Dave, says my best
friend Nick, thumping our fourth
pint onto the table. Taxpayers
across the globe bail you guys out
and then you just run the markets down
again.
Dont be naive, I snap.
Naive? roars Nick, incredulously.
Im feeling woozy. We didnt used to
have this kind of conversation, I mumble.
What, twenty years ago you mean?
Nick slams his pint onto the table. Beer
spills. Before you were earning millions?
No, I dont suppose we did.
We glare at one another. Then drink
deeply and look darkly into our pints.
What are we, married? Nick asks.
We dissolve into laughter. I flick a beer-
soaked peanut at Nick. It hits him on the
chin. Definitely married, he says.
You dont understand me, I wail.
Yeah, it must be tough. Where to stash
all the money each month.
Seriously, I plead. Im about to turn
forty. Twins on the way. A job where every
day I wonder, when will they find me
out? Its alright for you. Thirty-nine, free
and single.
Just moisturise, says Nick, stroking
the smooth cheek of his preternaturally
youthful face. Nick has somehow man-
aged to avoid embroilment in full-time
relationships and employment. A string of
twenty-somethings, each seeming
younger than the last and introduced as
regular as clockwork, every six months.
And some kind of job importing high qual-
ity teas. Actually, its not a job. Its an online
business. His business. Hes probably
loaded. And happy.
Sounds like you need a mid-life crisis.
Get a fast car. Or have an affair. Or better
still, both.
You were my best man, I reply. You
cant say that. No? he asks, looking me in
the eye.
To be continued nest week. For previous
City Dad episodes visit www.cityam.com.
Lifestyle | Restaurants
28 CITYA.M. 30 AUGUST 2011
WOLFGANG PUCKS CUT
What: Austrian-American super-chef,
restaurateur and friend of Hollywood
Wolfgang Puck has a large number of
acclaimed restaurants in the US and the
Far East, and is opening his first European
venue at the hugely anticipated new hotel,
45 Park Lane. Across the road from the
Dorchester and operated by the same com-
pany, its a very smart, glossy, sophisticat-
ed boutique whose ground floor is
dominated by Pucks ornate contempo-
rary steak restaurant. A tip: even if you
cant get a table, the extraordinary
Crouching Tiger cocktail and mini-burgers
in the suave upstairs are worth a visit on
their own.
Where: Park Lane
Opens: 1 September
THIRTY SIX
What: Its famous for the martinis served
in its famously suave bar, but the Dukes
Hotel in St Jamess is now entering the
world of haute cuisine with a new restau-
rant from Nigel Mendham, who had a
Michelin star at the Samling Hotel in the
Lake District. Expect a menu of beautifully
composed British classics.
Where: St James Place
Opening: 1 September
BREAD STREET KITCHEN
What: Its taken its time to open, but
Gordon Ramsays debut City restaurant is
almost ready. Situated in the One New
Change development (nudging up against
Jamie Olivers popular Barbecoa establish-
ment) itll be open from 7am to midnight,
with charcuterie dishes, shellfish, a wood-
burning oven and a downstairs cocktail
bar.
Where: One New Change, the City
Opening: Mid-September
AURELIA
What: Arjun Waney, the restaurateur
behind Zuma, La Petite Maison and Il
Baretto, is opening his latest venue on
Cork Street in Mayfair with Roka chef
Rosie Yeats.
Where: Mayfair
Opening: October
Yet more steak venues, and
Ramsay comes to the City
THE DORSIA
What: Named after the impossible-to-get-
into fictional restaurant in American
Psycho, this private members club for the
West London set will have a small restau-
rant Beaufort House head chef Alexander
Baillieu.
Where: Cromwell Road, Kensington
When: October
HAWKSMOOR GUILDHALL
What: The stupendous steakhouse empire,
with locations in Spitalfields and Covent
Garden, extends its tendrils to the City.
Success guaranteed, were saying.
Where: Guildhall, the City
When: October
SOIF
What: The team behind buzzy favourites
Terroirs and Brawn come south.
Where: Battersea
When: October
DELAUNAY
What: From Corbin and King, a sister
restaurant for the Wolseley. Big.
Where: Mayfair
When: Late autumn
34
What: Richard Carings Caprice Holdings
gets in on the steak trend in grand style.
Where: Grosvenor Square, Mayfair
When: Late autumn
Above, Bread Street
Kitchen, Gordon
Ramsays new place
set to open at One
New Change. Right,
the Dukes Hotel, home
to forthcoming
restaurant Thirty Six.
Timothy Barber licks
his lips at the prospect
of this autumns most
exciting restaurant
new openings
FIT IN
THE CITY
BY LAURA WILLIAMS
FITNESS & DIET EXPERT
Keep the
relationship
rolls at bay
S
O last week, I was mildly amused to
read that there is now scientific evi-
dence, care of Ohio State University,
that marriage and divorce can both
trigger weight gain in men and women.
Relationships, it seems, can have a negative
effect on the scales. So here are my top tips
for how to keep relationship rolls at bay:
1) If youre part of a contented couple,
try not to make mindless munching a hobby.
Meals out (preferably with a stroll along the
Southbank to burn it off) are one thing; vats of
Haagen-Dazs in front of Celeb BB are another.
2) If youre a guy whos nursing a bro-
ken heart (or trying to look like hes not), try
and do something high-octane thatll go some
way to offsetting all that beer youre drowning
your sorrows in. Squash, Mixed Martial Arts
and even paintballing burn lots of calories,
toughen your ticker and get loads of aggres-
sion out.
3) Ladies, not only is your other half
probably taller, he typically has 10% more
muscle mass too (which burns up to nine times
more calories than fat tissue) so dont go
matching him roast spud-for-roast-spud what-
ever you do - keep your portion sizes much
smaller.
4) Whether youre out busily trying to
meet Mrs Right or at home busily getting to
know Mr Right, you need to make sure youre
not too busy to exercise. Making time to exer-
cise will do everything from keeping you inde-
pendent to having a huge (beneficial) knock-on
effect to your sex life.
5) Go on fitness dates! Discover what
makes your current/future beau/belles ticker
tick. It might be a sexy Zumba dance class (all
the rage still) or boiling hot Bikram or even
falling in love over the finish line at a charity
race. They all make a nice change from gazing
adoringly at each other over a wilted carna-
tion and the lunch specials.
6) Stress, from your relationship or
otherwise, takes its toll. Swimming is often
referred to as meditation in motion because
it ticks multiple boxes on the wellbeing front.
As if boosting cardiovascular fitness and min-
imising waistline damage werent enough,
research has found that lower water tempera-
tures also stimulate blood circulation and
metabolism.
EPISODE 25 : The best mate with youth on his side
CITY DAD
Paintballing can be good exercise.
T
E
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E
S
T
R
I
A
L
HARRYS ARCTIC HEROES
BBC1, 9PM
Conclusion. Prince Harry and the four
disabled Afghanistan veterans are
dropped by helicopter 160 miles from
the geographic North Pole as the
charity expedition continues.
THE GREAT BRITISH BAKE OFF
BBC2, 8PM
The remaining contestants test their
bread-making skills as they embark on
a series of challenges. Presented by
Mel Giedroyc and Sue Perkins.
CHILDREN OF 9/11: REVEALED
CHANNEL5, 8PM
The stories of children who lost their
parents in the September 11 terrorist
attacks on the World Trade Centre in
New York City.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Johnstones Paint
Trophy Football 10pmRevista De
La Liga 11pmFootball Asia
11.30pmFootballs Greatest 12am
Johnstones Paint Trophy Football
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Footballs Greatest 3.30am
Johnstones Paint Trophy Football
5am-6amRevista De La Liga
SKY SPORTS 2
4pmLive US Open Tennis
12am-4amLive US Open Tennis
SKY SPORTS 3
7pmCycle Sports World 7.30pm
Live Greyhound Racing 10pm
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2amSports Unlimited 3am-4am
British Motocross Championship
BRITISH EUROSPORT
4pmLive US Open Tennis
12.30amIntercontinental Rally
Challenge 1am-3amLive World
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ESPN
6.30pmFA WSL Review Show
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Premier League Review9pm
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Russian Premier League Review
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Premier League 11.15pmFA WSL
Review Show12amLive Major
League Baseball 3amESPN Press
Pass 3.30amPlanet Speed
4am-6amSkateboarding
SKY LIVING
7pmCriminal Minds 8pmBritain
& Irelands Next Top Model 9pm
Four Weddings US 10pmCriminal
Minds 11pmCSI: Crime Scene
Investigation 12amDating in the
Dark 1amCSI: Crime Scene
Investigation 1.50amMaury
3.30amNothing to Declare
4.20amCharmed 5.10am-6am
Jerry Springer
BBC THREE
7pmTotal Wipeout: The Legends
8pmJamelia: Shame About
Single Mums 9pmSex, Lies and
Gagging Orders 10pmEastEnders
10.30pmWilfred 10.50pmFamily
Guy 11.35pmSex, Lies and
Gagging Orders 12.35amLee
Nelsons Well Good Show1.05am
Wilfred 1.25amJamelia: Shame
About Single Mums 2.25am
Comedy @ The Fringe 2.55am
Lee Nelsons Well Good Show
3.25amThe Real Hustle: Celebrity
Scammers 3.55amTotal Wipeout
4.55am-5.25amComedy @ The
Fringe
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmFriends 9pm
Smallville 10pmThe Cleveland
Show11.05pmShameless
12.10amThe Big Bang Theory
1amMy Name Is Earl 1.50am
How I Met Your Mother 2.15am
Skins 3.10amGlee 3.55am
Accidentally on Purpose
4.40am-6amSwitched
HISTORY
7pmHow London Was Built: The
railway network and architecture.
8pmAmerican Pickers 10pmOnly
in America 11pmChasing
Mummies 12amTony Robinson
Down Under 1amOnly in America
2amMega Movers 3amHow
London Was Built 4amAncient
Discoveries 5am-6amThe
Universe
DISCOVERY
7pmMythbusters 8pmColossal
Squid 9pmMan, Woman, Wild
10pm2012 Apocalypse 11pm
American Loggers 12amBear
Grylls: Born Survivor 1amMan,
Woman, Wild 2am2012
Apocalypse 3amDeadliest
Catch 3.50amWildest Africa
4.40amHow the Universe Works
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmKate Plus
8 9pmBritains Fattest Man
10pmThe Eight-Limbed Boy
11pmHospital Sydney 12am
Britains Fattest Man 1amThe
Eight-Limbed Boy 2amHospital
Sydney 3amKate Plus 8 4amA
Baby Story 5am-6amBringing
Home Baby
SKY1
8pmEmergency with Angela
Griffin 9pmInside Gatwick 10pm
FILMThe Matrix Reloaded: Sci-fi
thriller sequel, starring Keanu
Reeves. 2003. 12.40amDanny
Dyers Deadliest Men 1.35am
Sun, Sea and A&E 2.30amLaw &
Order 4.10amThe Top Ten Show
4.20amThe Filth Files
5.10am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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E
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&
C
A
B
L
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show
7.30pmEastEnders: Mandy lands
Ian in serious trouble: BBC News
8pmHolby City 9pmCHOICE
Harrys Arctic Heroes 10pmBBC
News 10.25pmRegional News;
National Lottery Update 10.35pm
Donor Mum: The Children Ive
Never Met 11.30pmIs Breast
Best? Cherry Healey Investigates:
Weatherview12.35amSign Zone:
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Zone: Cant Take It with You
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and Scroungers 3.20amSign
Zone: Antiques Road Trip
4.05am-6amBBC News
6pmEggheads: Quiz show.
6.30pmEggheads: Quiz show.
7pmDragons Den: A
pantomime company and a
fast-paced delivery service.
8pmCHOICE The Great British
Bake Off: The contestants test
their bread-making skills.
9pmFILMThe Boy in the
Striped Pyjamas: Premiere.
Holocaust drama, starring
David Thewlis. 2008.
10.30pmNewsnight: Weather
11.20pmIndia on Four Wheels:
12.20amThe Tudors
1.15amBBC News 4.05am-6am
Close
6pmLondon Tonight
6.30pmITV News
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Narrated by John Sergeant.
8pmCops with Cameras: The
home of a suspected drug
dealer is raided.
9pmUnforgiven
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMDreamcatcher:
Sci-fi horror, starring Morgan
Freeman. 2003.
1amThe Zone; ITV News
Headlines 3amCrossing Jordan
3.50am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
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7.25pm4thought.tv
7.30pmAthletics: IAAF World
Championships 2011
8pmInside Natures Giants
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11.05pmChris Moyles Quiz
Night
11.55pmUK & Ireland Poker Tour
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20km walk. 3amSailing 3.25am
The Grid 3.55amFILMI Was
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5.35am-6.20amCountdown
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Simple: 5 News Update
8pmCHOICE Children of 9/11:
Revealed: 5 News at 9
9pmCSI: Miami
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Investigation
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4.05amMeals in Moments 4.15am
How Not to Decorate 4.55am
County Secrets 5.10amWildlife
SOS 5.35am-6amHouse Doctor
1 2 3 4 5 6
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8 15 7
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23
10
12
34
13
9
22
29
24
43
8
7
8
14
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Physical or moral
ruin (11)
7 Hoaxes (5)
9 Small and delicate (5)
11 Exclusive circle
of people with a
common purpose (7)
12 Signs from heaven (5)
13 Destiny, fate (5)
14 Adjust again after
an initial failure (5)
17 Thing of value (5)
19 Arch of facial hair (7)
20 Long-necked
typically gregarious
aquatic bird (5)
21 Biting ies (5)
22 Shop assistant (11)
DOWN
1 Deprives of condence,
hope, or the will
to proceed (11)
2 Empty area (5)
3 Relaxes (5)
4 Employee who keeps
records or accounts (5)
5 Conclude by
reasoning (5)
6 Not afliated with
any one group (3-8)
8 Long-tailed primates (7)
10 Involvement (7)
15 Capital of South
Korea (5)
16 Moves in large
numbers, swarms (5)
17 Take part in a row (5)
18 Exchanges (5)
I
T
S
E
R P
N
I
P







4
R A I S E S U B
E U T W E N T Y
B E E F T E A R R
U F M I C A O
S E P I A T V A N
E X C R E T E
D I N C R E L I C
I D O O R A R
Z I S U B S I D E
Z E N I T H E E
Y G R O T U N D
3 1 2 5 9 7 8
9 4 7 6 8 2 3 7
7 2 4 8 9 3 5 1 6
5 3 9 7 5 4 9
8 5 1 6 1 4 2 3
2 9 2 8
8 9 4 7 5 3 1 4
4 8 8 9 6 3 1
1 7 9 6 3 4 8 5 2
2 1 3 4 1 6 2 3
3 6 8 1 2 9 8
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
APPREHEND
Lifestyle | TV&Games
29 CITYA.M. 30 AUGUST 2011
BRITAINS Heather Watson narrowly
failed to secure the biggest win of her
fledgling career after third seed Maria
Sharapova came from a set down to
secure her place in the second round
of the US Open.
The Russian was pushed all the way
by the 17-year-old in a match that last-
ed over two-and-a-half hours but even-
tually won through 3-6, 7-6, 6-3.
There was better news for Watsons
teenage compatriot Laura Robson,
who won the first grand slam match
of her career outside of Wimbledon
after her Chinese opponent Ayumi
Morita retired with a shoulder injury.
Robson claimed the first set on a tie
break and won the first game of the
second before Morita called for the
trainer and was unable to continue.
Meanwhile, British No1 Andy
Murray will begin his US Open cam-
paign against Indias Somdev
Devvarman today. Wimbledon cham-
pion Novak Djokovic has declared
himself fit after recovering from a
shoulder injury which forced him to
retire during the final against Murray
in the Cincinnati Masters last week.
Watson takes
Sharapova to
the brink
TENNIS

Watson took the first set against

Sharapova in New York Picture: PA
Sport
30
LONDON clubs are braced for a whirl-
wind 36 hours as the capitals man-
agers scramble to bolster squads that
have been left trailing by the twin
superpowers of Manchester before
tomorrows transfer deadline.
Weekend results merely under-
lined the need for Arsenal,
Tottenham, Fulham and QPR to has-
ten their activity, while Chelsea will
certainly sell and may yet sign one or
even two more players.
Gunners manager Arsene Wenger,
who apologised to fans yesterday for
the 8-2 drubbing at United on
Sunday, has 80m with which to rein-
force. Brazil left-back Andre Santos is
due for a medical today after a 6.2m
fee was agreed with Fenerbahce last
night and South Korea striker Park
Chu-Young is poised to arrive from
Monaco.
Wenger retains an interest in
Bolton defender Gary Cahill and has
enquired after unwanted Chelsea
midfielder Yossi Benayoun. Arsenal,
who have offered refunds to support-
ers who endured the Old Trafford
humiliation, look unlikely to land
Belgian winger Eden Hazard.
While Benayoun looks certain to
leave Chelsea, who have started well
but without the fireworks of United
and City, the Blues are hopeful of two
more arrivals in Luka Modric and
Alvaro Pereira.
Modric has told Spurs he wants to
leave but a fee remains a stumbling
block, while Porto have also proved
reluctant to sell full-back Pereira.
However, Tottenham manager Harry
Redknapp wants to recruit and is
likely to need to sell before he buys,
which could force chairman Daniel
Levy to reconsider selling Modric.
Redknapp, who has softened his
stance on losing the Croatian play-
maker, also appears set to offload
Wilson Palacios to Stoke, where he
could be joined by striker Peter
Crouch. West Ham midfielder Scott
Parker is expected to arrive at White
Hart Lane, while the north
Londoners are also interested in for-
wards, with City outcast Craig
Bellamy mooted.
QPRs new owner Tony Fernandes
has demonstrated his ambition by
sanctioning the signing of Joey
Barton from Newcastle and Aston
Villas Luke Young, and Arsenal full-
back Armand Traore looks set to fol-
low after having a medical yesterday.
Fulham manager Martin Jol, mean-
while, is known to want a striker but
could face a fight to retain Clint
Dempsey, who is wanted by Sevilla.
LEAVING IT LATE
London bosses race
to boost squads and
make up lost ground
Budget: Likely 5-10m
What they want: Primarily
a forward
Targets: Cameron Jerome,
Bryan Ruiz, Wilfried Zaha,
Max Gradel, David Bentley
FULHAM
Budget: 10-15m, but owner
Tony Fernandes is flexible
What they want: Proven
quality to give squad depth
Targets: Shaun Wright-
Phillips, Armand Traore
QPR
Budget: Up to 80m
What they want: Centre-
back, midfielder, striker
Targets: Andre Santos,
Gary Cahill, Yossi
Benayoun, Park Chu-Young
ARSENAL
Budget: At discretion of
Roman Abramovich
What they want: Creative
midfielder, full-back
Targets: Luka Modric,
Alvaro Pereira
CHELSEA
Budget: Have to sell to buy
What they want: Forward,
midfielder
Targets: Scott Parker,
Craig Bellamy, Gary Cahill,
Lassana Diarra, Joe Cole
TOTTENHAM
BY FRANK DALLERES
FOOTBALL

BRITAINS Andy Turner claimed

bronze in the 110m hurdles at the
World Championships in Daegu after
he profited from the second high-pro-
file disqualification in the space of 24
hours.
Olympic champion Dayron Robles
made contact with Chinas Liu Xiang
and was disqualified, just as 100m
world record holder Usain Bolt was
on Sunday for a false start, handing
Americas Jason Richardson the gold
and Liu the silver.
Turners compatriots Martyn
Rooney and Jeanette Kwakye both
failed to qualify for the final of their
events the mens 400m and the
womens 100m, respectively but
heptathlete Jessica Ennis is on track
to claim Britains first gold of the
week.
The defending champion set a new
shot put personal best to regain top
spot then clocked 23.28 seconds to
win the 200m and leads by 151 points
from Russias Tatyana Chernova.
Turner prize: Brit claims surprise
bronze after Robles is disqualified
ATHLETICS

Results
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O+rre|e). warcesters||re ZJOo (D K H V|tc|e|| 8ra). Yar|s||re
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W|c|ets.
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(J VV|rce J, J H K A1+ms J). Scat|+r1 89 (O P waa1 4J4).
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Nart|+mptars||re 55 (K J Oaet/er 54ra, R O|+r|e 4Z8).
Nart|+mptars||re (Zpts) War |] 5 W|c|ets.
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(A N Peterser 9Jra, S J w+|ters oO). Ur|carrs (Zpts) War |] 8 rars.
email [email protected]
31
ENGLAND manager Martin Johnson
expects to have a fully fit squad to
select from when his side begin their
World Cup campaign against
Argentina in just under two weeks
time.
All but one of Johnsons 30-man
party will touch down in New
Zealand today, with Wasps forward
Simon Shaw scheduled to fly out
later once he has recovered from a
stomach bug.
The fitness doubts which hover
over skipper Lewis Moody, Nick
Easter, Tom Wood, Ben Youngs and
Mark Cueto threaten to disrupt
Johnsons preparations ahead of
Englands Group B opener in
Dunedin.
But the former World Cup win-
ning captain is confident injuries
wont impact on the team he selects
to face the Pumas.
Were pretty confident everyone
will be fit to train in the Argentina
week, said Johnson.
Tom Wood and Nick Easter, with
their injuries in particular, and
Mark Cueto should be fine by the
end of the week.
However, Johnson was under no
illusions that injuries were bound to
strike during what could be a near
two-month stay in New Zealand.
Its a fact of life going into any
Test week, said Johnson. It just
makes it more difficult 30 players
so far away. But well deal with that.
England planned to base them-
selves in Christchurch, but the earth-
quake which struck in February now
means they will train in Auckland,
Queenstown and Dunedin.
Dunedin will host Englands first
three group stage matches before
Johnsons men return to Auckland
for the rest of their time in the tour-
nament.
Johnson: Injured
stars will be ready
for World Cup duty
BY JAMES GOLDMAN
RUGBY UNION

SPORT | IN BRIEF
No U-turn over false starts
ATHLETICS: A leading athletics official
has warned against making any knee-jerk
response to Usain Bolts disqualification
from the World Championships 100m
final. Bolt left the blocks early, leading to
talk that the sports governing body, the
IAAF, could amend the false-start rule it
introduced in 2010. But its vice-president
Bob Hersh countered: It would be a mis-
take to quickly reverse the decision.
Fabregas stars in Barca romp
FOOTBALL: Barcelona opened the
defence of their La Liga title with a 5-0
win over Villarreal at Camp Nou. Cesc
Fabregas and Chile winger Alexis Sanchez
both scored on their home debuts.
Englands players flew out
from Heathrow yesterday
Picture: PA