Cityam 2015-06-15

Average asking price for a London home soars to more than 600,000

More high-end properties have come to the market since fears of a so-called mansion tax were eased by the General Election result

FTSE 100 6,784.92 -61.82 FTSE 250 17,949.09 -140.36 DOW 17,898.84 -140.53 NASDAQ 5,051.10 -31.41 /$ 1.556 +0.004 / 1.381 +0.001 /$ 1.126 +0.002

NO END IN SIGHT FORHOUSE PRICE BOOMBY CHRIS PAPADOPOULLOS

BUSINESS WITH PERSONALITY

cityam.com FREEISSUE 2,396 MONDAY 15 JUNE 2015

HOUSE prices in the capital are set to outpace earnings for theforeseeable future, despite govern-ment efforts to boost house buildingand affordability.

Average London asking prices havejumped to 613,922 above 600,000for the first time ever according toRightmove data published today.

It marks a rise of 5.8 per cent compared to a year ago and washelped on by high-end propertiesreturning to the market after theGeneral Election result quashed fearsof a mansion tax.

There is no doubt that London iswoefully under-supplied, and this willprevent any significant price falls,Lucian Cook, a director at estate agentSavills, told City A.M..

Part of the reason may be a lack ofhouse builders. When the crisisstruck, a lot of small and mediumsized house builders went out of busi-ness, Dame Kate Barker, a former UKrate-setter and current board memberof building giant Taylor Wimpey, said.

Its not a very easy industry to enterdue to regulation; its hard to see thatsmall and medium sized sector coming back.

House building in London is on theclimb after a torpid few years, saysNeil Jefferson, a director at theNational House Building Council but not by enough to satisfy demand.

Another suspected constraint on

building is the planning system.The biggest supply constraints are

to do with the planning system bothwithin London and around it.Constraints within London includedensity and height restrictions, and

are administered at the borough level;constraints around London are prima-rily caused by laws that protect theGreen Belt from development, saidSam Bowman, deputy director of theAdam Smith Institute.

But price growth is unlikely to reachthe sky-high, double-digit rates itreached last summer. Estate agentssay that demand is being suppressedby strict mortgage regulations intro-duced last April, and Decembersstamp duty changes, which increasedthe tax on home sales over 1m.

Housing minister Brandon Lewistold City A.M.: This government isdetermined to ensure anyone whoworks hard and aspires to own theirown home should have the opportuni-ty to turn their dream into a reality.We plan to deliver new starter homes,which will be available at a 20 per centdiscount to young first time buyers,and will invest billions of public andprivate funding in an affordablehousebuilding programme.

The programme is expected to builda further 275,000 homes by 2020.Proposals laid out in the QueensSpeech also included making it easierto build on brownfield sites.

But some are sceptical as to whetherfundamental supply constraints arebeing addressed. If we want prices tofall we need to build more houses the best way of doing that would be toallow more private development byeasing planning controls both insideand outside London, Bowman said.

THE RACE FOR CITY HALLSee Pages 10-11LABOURS SIX HOPEFULS PUT THEIR HATS IN THE RINGINTERVIEW WITH TOUTED TORY CANDIDATE SYED KAMALL

MONDAY 15 JUNE 20152 NEWS To contact the newsdesk email [email protected]

One in three Tory MPs saidto back eurosceptic groupMORE than one-third of ConservativeMPs have put their weight behind anew eurosceptic group, just one weekafter it was set up.

Conservatives for Britain founderSteve Baker, the MP for Wycombe, toldCity A.M. yesterday that over 110 MPshave expressed interest in the group.

Baker added that while the group ispreparing for an out campaignahead of an in/out referendum onBritains EU membership, its memberssupport Prime Minister DavidCamerons renegotiation efforts withhis European counterparts and officials in Brussels.

Baker said that one-fifth of the MPsbehind Conservatives for Britainwould support the Prime Ministersultimate recommendation for the ref-erendum, whether it is a yes to stayin the EU, or a no to exit. He saidanother fifth of backers had alreadymade up their minds to vote no, andthe remaining three-fifths woulddecide how to vote after the renegotia-tion efforts had wrapped up.

The Prime Minister has promised anin/out referendum by the end of 2017,but no clear date has been set.

Baker told City A.M. that while ideally he would want to supportCamerons renegotiated position, hethought it would be unlikely for him

Doubt grows over UK nuclear reactorProblems with a reactor in northern France havetriggered deep concern in the British governmentabout the future of the UKs first new nuclearpower station for 20 years at Hinkley Point inSomerset. EDF Energy, the French state-ownedcompany behind Hinkley, has suffered a five-year delay and escalating costs at its flagshipFlamanville project in Normandy.

London faces council housing wipeoutLabour has accused the Tory government ofsocial cleansing in central London by forcingcouncils to sell off their most expensive homes asthey fall vacant in the coming years. Local authorities will be forced to dispose of their most

valuable residential properties to pay for anextension of the Right to Buy scheme tohousing associations.

Russia sanctions fail to dent oil dealsEuropes biggest oil groups are extendingbusiness deals with their Russian energypartners despite this months EU vote to continueimposing sanctions, highlighting how westerncompanies are learning to live with therestrictions placed on Moscow. BP is close toagreeing a deal to acquire a 20 per cent stake ina Siberian oilfield from state-owned Rosneft thatcould be worth $700m, people familiar with thematter said, while Eni and Statoil have receivedapproval from European capitals to continuework on their joint ventures with Rosneft.

Clients accuse IG over Swiss franc lossesA group of IG clients who racked up millions inlosses after betting against the Swiss franc haveescalated their dispute with the online tradinggroup, alleging that it is guilty of systemicfailures in its treatment of customers. Speakingpublicly for the first time, the lawyer representingsome of IGs customers claimed that theproblems in January were a disaster waiting tohappen. A spokesman for IG, which has deniedthat it had prioritised its own positions, said: IGabsolutely maintains it acted in the best interestsof its clients and closed all client positions assoon as was possible within the extreme marketconditions that prevailed on the day.

LSE: End stamp duty on listed sharesThe chief executive of the London Stock Exchangehas called on the government to abolish stampduty on all listed shares ahead of the Budget nextmonth. Writing exclusively for the Daily Telegraphto commemorate 20 years of the Aim market,Xavier Rolet said more needed to be done to makethe markets more accessible for people to invest.

Russian firm seeks to mend bondsRebellious Russian entrepreneur Alexey Repik isattempting to repair his countrys damagedreputation on the global stage by creating strongtrade links with Russias political adversaries.

Europes air-safety boss plans overhaulEuropes chief air-safety regulator is seeking totransform his agency by shaking up the bureaucracy,clashing with some airline officials and expandinginto areas such as security, once considered strictlyoff-limits for the organization he heads.

Colt Defense to file for bankruptcyGun maker Colt Defense plans to file for chapter 11bankruptcy protection today, according to peoplefamiliar with the matter, amid business executionissues and a heavy debt burden. The company hassecured financing from its existing senior lendersto continue operating while in bankruptcy andexpects to remain in business after restructuring.

THE INSTITUTE of CharteredAccountants in England andWales (ICAEW) is calling uponchancellor of the exchequerGeorge Osborne to simplify thetax code in his forthcomingsummer Budget.

With the Conservative Budgetjust three weeks away, the ICAEWsaid today that the governmentspreviously-announced plans to cutred tape and reduce costs toBritish businesses by 10bn willfail unless they take steps totackle the complexity and lengthof the tax code.

In a letter to Osborne, ICAEWchief executive Michael Izza said:With a slim majority, thegovernment will have to workhard to make significant inroadsto reduce the regulatory burdenand this target will be missed iftax complexity is ignored.

The ICAEW is also suggestingthat the government simplifiesthe pension auto-enrolmentprocess for small businesses withfewer than 25 employees, sayingthe current cost is totallydisproportionate for SMEs.

The group has alsorecommended that the Treasurylook into exempting apprenticesfrom National InsuranceContributions.

Accountants sayOsborne shouldsimplify taxes

Prime Minister David Cameron wants to reform Britains relationship with Brussels

BY LAUREN FEDOR

BY LAUREN FEDOR

to vote yes. Realistically, I don't thinktheres any chance of the EuropeanUnion agreeing even to the things thePrime Minister has set out in the lastweeks and months, Baker said.

While Cameron has not outlined aspecific reform agenda, it is understoodthat he is negotiating for cuts to bene-fits for migrant workers and exemp-tions for the UK from ever-closerintegration, among other changes.

Meanwhile, it is understood thatsome of Bakers Labour counterparts inthe House of Commons will soon formtheir own eurosceptic campaign groupknown as Labour for Britain.

Writing in the Daily Mail over theweekend, Vauxhall MP Kate Hoey said:Labour needs to be demandingchange from the EU rather than justcriticising David Cameron for hisnegotiations.

WHAT THE OTHER PAPERS SAY THIS MORNING

IN BRIEF

IEA push for climate change actionn Closing coal fired power stations should bea priority in trying to tackle climate change, areport out today claims. The InternationalEnergy Agency has found that countries arenot on track to meet the globally agreed 2Celsius warming target, but says it can still beachieved. Catherine Mitchell, energy policyprofessor at the University of Exeter, said:This report confirms that two absolute no-brainers are cutting energy waste and closingcoal fired power stations.

Lord Guthrie leaving Gulf Keystonen Lord Guthrie is to step down as director ofGulf Keystone Petroleum. The company isexpected to announced today that Guthrie, aformer chief of the defence staff, will notstand for re-election at next months annualmeeting. Guthrie has previously served onthe boards of NM Rothschild andPetropavlovsk. His decision to leave meansthe company will have cut its last link withthe leadership team of former chiefexecutive Todd Kozel, Sky News reported.

Donald Brydon eyes LSE postn The Royal Mails outgoing chairmanDonald Brydon is being lined up to take onthe same role at the London Stock Exchange(LSE), according to Sky News. The Cityveteran, who helped oversee the postaloperators privatisation in 2013, is said to bein talks with the board of the LSE aboutjoining the company. Brydon was previouslychairman of the London Metal Exchangeuntil 2010 and has held a variety of seniorposts for French insurer Axa and Barclays.

Jurassic Worlds colossal $500mis biggest opening in historyJURASSIC World has stomped itsway to the top of the internationalbox office after taking a mammoth$511.8m (321m) in its openingweekend.

The fourth film in the dinosaurfranchise, which is making itsreturn after a 14-year absence, is thefirst film in history to take over$500m globally in one weekend.

In the US it recorded over$204.6m, giving it the second-biggest domestic opening weekendin history.

According to Rentrak figures,Jurassic World almost doubledanalysts expected weekend box

BY JOE HALL office between $125m-$135m, as itswatted away competition fromMelissa McCarthy comedy Spy andaction-adventure film San Andreas.

The rumoured $150m investmentfrom Universal and LegendaryPictures to reboot the franchisealready looks to be money wellspent the film has brokenUniversals record opening weekendset by Furious 7 earlier this year.

The T-Rex sized revenues anaverage of $47,870 per cinema sentJurassic World ahead of the colossalopening weekend set by Avengers:Age of Ultron in April but fell justshort of the record set by Marvelsfirst Avengers effort in 2012.

The opening weekend triumph

sends the franchises average boxoffice to $243m a figure that islikely to rise as internationalnumbers are added to the total andmoviegoers continue to see the filmin the coming weeks.

If the film builds on suchmomentum, it could become one ofthe top-five best performingfranchises of all time (although itshould be noted that such figuresare not adjusted for inflation).

It makes what was already a goodyear for Universal even better afterrecouping huge profits from Furious7 and Fifty Shades of Grey. Thelatters impressive $147.9m openingweekend was the studios best everuntil now. Actor Chris Pratt stars in Universals fourth installment in the Jurassic Park series

MONDAY 15 JUNE 20153NEWScityam.com

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TALKS between Greek politicians andthe countrys lenders broke down yetagain last night, with the two sides fail-ing to move towards an urgently-required bailout deal.

EU officials blamed the collapse onAthens, saying it had failed to offeranything new to secure the funding itneeds to repay 1.6bn (1.2bn) to theInternational Monetary Fund (IMF) bythe end of this month.

Greece retorted it was still ready totalk, but that EU and IMF officials hadsaid they were not authorised to negotiate further. Athens insists it willnever give in to demands for more pension and wage cuts.

This is very disappointing and sad. Itwas a last attempt to bridge our differ-ences but the gap is too large. One candiscuss a gap, but this is an ocean, saida person close to the talks.

Both sides acknowledged the talkshad lasted less than an hour, althougheven here accounts differed: Greeceput the length at 45 minutes, EU offi-

Last ditch bid tofind Greek dealends in failure

BY JAN STRUPCZEWSKI cials at half an hour. Following what it called this last

attempt at a solution, the EUs execu-tive commission said Eurozonefinance ministers would now tacklethe issue when they meet on Thursday.

Before then, on Wednesday, theEuropean Central Bank (ECB) will meetto discuss the level of support it provides to the Greek financial sectorvia the Emergency Liquidity Assistanceprogramme.

Last week Greek Prime MinisterAlexis Tsipras indicated he wouldaccept painful compromises ondemands for austerity and reform inreturn for debt relief. But the commission said after the talks, whichalso involved the ECB, that the Greekproposals remain incomplete.

It added: While some progress wasmade, the talks did not succeed asthere remains a significant gapbetween the plans of the Greek author-ities and the joint requirements ofcommission, ECB and IMF. Theseamounted to up to 2bn a year in permanent budget savings.

Greece faces an uncertain political future if a deal cannot be struck this week

FRACKING firm Cuadrilla will todayfind out whether Lancashire countyplanners believe the company shouldbe allowed to progress with drilling inthe region.

Cuadrilla is aiming to drill fornatural gas at two sites in the county,Preston New Road, in Little Plumpton,and Roseacre Wood, near Elswick.

Earlier this year, Lancashireplanning officers recommendedrefusals for both planningapplications, citing concerns overnoise and traffic. The council thenagreed to extend the deadline for adecision until the end of June, givingCuadrilla the opportunity to submitrevised planning proposals.

The reports published today will beconsidered by the councilsdevelopment control committee.

Applications relating to the PrestonNew Road site are to be decided atmeetings scheduled for the 23 and 24June, while the applications for theRoseacre Wood site will be decided atmeetings on 25 and 26 June.

Cuadrilla is the only company inthe UK with planning applications foronshore hydraulic fracking underway.City A.M. understands that if the firmis granted permission to drill inLancashire, it could be fracking by theend of this year.

Verdict due onCuadrilla plansfor Lancashire

BY CAITLN MORRISON

50

100

150

200

300

250

Austria

Belgium

Cyprus

Estonia

Finlan

dFrance

Germ

any

Greece

Irelan

dItaly

Latvia

Lithuania

Luxembo

urg

Malta

Netherlan

dsPo

rtugal

Slovakia

Slovenia

Spain

Total

End of 2011 End of 2014

EUROZONE COUNTRIES EXPOSURES TO GREECE (BN)

Source: EFSF, ECB, BIS, Open Europe calculations

Sanpower chairman Yuan Yafei


ALIBABA is releasing a Netflix-stylestreaming service in two months, thefirms head of digital entertainmentrevealed yesterday.

The service will be called TmallBox Office TBO for short and willfeature Alibaba-produced content aswell as programming acquired fromChina and other territories.

Alibabashead of digitalentertainment Patrick Liu said: Ourmission, the mission of all ofAlibaba, is to redefine homeentertainment. Our goal is tobecome like HBO in the UnitedStates, to become likeNetflixin theUnited States.

Liu added that a small percentageof the content will be free with therest costing a subscription fee.

Alibaba is increasingly poolingresources and efforts intogrowingits entertainment businesses. Lastyear it paid $1.2bn (771m) for a 16.5per cent stake in Chinese streamingservice Youku Tudou.

Alibaba to takeon Netflix withstreaming site

BY JOE HALL

House of Fraser ownersSanpower eye takeoverof toy shop HamleysTHE CHINESE owner of House of Fraseris rumoured to be planning anotherbuying spree in the UK with thecountrys most famous toy shopHamleys next on its shopping list.

Yuan Yafei, the chairman of Nanjing-based conglomerate Sanpower, isunderstood to be in talks to buy thefamous chain from its French owner,Groupe Ludendo, according tothe Sunday Times.

The move would comeless than a year afterSanpower bought Houseof Fraser. Thedepartment storechain is now poisedto expand in

China, with the launch of a trio ofstores starting next year.

Hamleys was established byCornishman William Hamley in 1760in High Holborn and was originallyknown as Noahs Ark.

It moved to its Regent Street flagshipstore in 1881, becoming one of themost popular tourist attractions in thecapitals West End.

Ludendo, the French family-ownedtoy group, has owned Hamleys for lessthan three years, having bought theretailer from the failed Icelandic bankLandsbanki for 60m in 2012.

Under chief executive GudjonReynisson it has expanded its

presence overseas with 10stores in the UK and more

than 43 overseas. Salesrose 15 per cent to 62m

last year, with pre-taxprofits up by aquarter to 4.5m.

BY KASMIRA JEFFORD

Hamleys seven-floor store on Regent Street has been its home since 1881

Grind looks toCrowdcube for1.5m coffee fix

BY KASMIRA JEFFORD

COFFEE chain Grind is looking totap up latte and espresso loversthrough crowdfunding serviceCrowdcube for its next phaseof expansion, after launch-ing a 1.5m bond issuetoday.

Grind was foundedfour years ago byAustralian DJ andmusician Kaz Jamesand entrepreneurDavid Abrahamovitch,who were unsatisfiedwith the quality of theespressos on offer inLondon.

The group, which teamed up withsinger Ronan Keating last year to cre-ate a coffee blend, has four coffeechains which also double up ascocktail bars in Shoreditch,

Holborn, Soho and London Bridge,with a fifth site set to open in CoventGarden this summer.

It is raising the funds to open asixth site as well as a new roastery

and kitchen in east London toservice its shops.

Grind, which countsLinks of London founder

John Ayton among itsbackers, said the

the four-year bond will payan annual interest rate of eight percent paid every quarter.

Investors will also receive a so-called Investor Card loaded with freecoffees and cocktails, which increas-es for those investing over 5,000.

Ronan Keating has his ownblend of Grind coffee

FRENCH environment and energyminister Segolene Royal has askedgarden shops to stop self-servicesales of Monsantos Roundupweedkiller as part of a wider fightagainst pesticides seen aspotentially harmful to humans.

France must be offensive onstopping pesticides, Royal toldFrance 3 television yesterday. Ihave asked garden shops to stopover-the-counter sales ofMonsantos Roundup.

In March, The InternationalAgency for Research on Cancer saidthe key ingredient in Monsantos,was probably carcinogenic tohumans.

France is already considering amove to restrict self-service sales ofplant protection products fordomestic gardeners as part of awider move to crack down onpesticides, although this wouldonly apply from 2018.

Sales would have to be madethrough a certified vendor. A fullban on the use of pesticides byhome gardeners in France isplanned for 2022.

Frances Royalcalls for ban on Monsanto

BY SYBILLE DE LA HAMAIDE

Helical Bar has pre-let two thirds of itsShoreditch-based CSpace office blockto DLKW Lowe. Thecreative advertisingagency, whichcounts Unilever andMorrisons asclients, will movefrom its westLondon offices tothe former carpetfactory once it isfinished in August.

HELICAL BAR WINS TENANT FOR FORMER SHOREDITCH CARPET FACTORY

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Net-a-Porter ups its style aftermaking first profit in five yearsNET-A-PORTER has reported itsmaiden profit since being snappedup by Swiss luxury group Richemontfive years ago after investments inthe business paid off.

The online fashion retailer, whichagreed to merge with Italian rivalYoox in March, swung to a pre-taxprofit of 11m in the year to 31March, from a 9.7m loss last year.

Sales rose by 22.8 per cent to

BY KASMIRA JEFFORD 654m, the company reported yester-day, boosted by strong growth acrossall three websites, including MrPorter and The Outnet, after invest-ing nearly 14m last year.

The US and UK grew by 27 per centand 24 per cent respectively.

Net-a-Porter was founded in 2000by former fashion journalist NatalieMassenet. She pocketed anestimated 50m after selling a 97per cent stake in the company toGroup Richemont 10 years later.

The group changed hands againafter agreeing to merge with Yooxin March, creating an industry giantwith around 1.3bn (940m) of sales.

Massenet, the groups executivechairman, said: In the last 15 years,the Net-a-Porter group has radicallytransformed the luxury market... Ithas been an incredible journey,beginning with a concept andturning that initial idea into theworlds premier online fashiondestination.

Natalie Massenet MBE said Net-A-Porter has radically transformed the luxury market place

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ONE-FIFTH of the hires RBS is lookingto make fall within the Williams &Glyn challenger bank being carved outof the state-backed lender, illustratingthe scale of the task at hand as RBSreadies itself to launch the revivedbrand as its deadline draws nearer.

Of the 1,235 open positions being ad-vertised on the RBS jobs website, 240relate to Williams & Glyn, which con-sists of 307 bank branches across theUK.

City A.M. understands that RBS hasmore than 4,500 full-time staff work-ing on carving out the challengerbank, on top of additional third partyresources.

Williams & Glyn will play an impor-tant role in the UK banking landscapeand will be an excellent addition tothe market. We are moving forwardtowards an IPO in the second half of2016, an RBS spokesperson said.

RBS must fully divest the Williams& Glyn challenger by the end of 2017under European requirements as a

RBS hiring driveto aid Williams& Glyn disposal

BY ANA SMPAT condition of the 45.5bn bailoutwhich gave the UK taxpayer an 80 percent stake in the midst of the financial crisis of 2007-09.

According to the RBS jobs website,the bulk of the Williams & Glyn hireswill be made in Manchester, Edin-burgh and London.

The importance of risk and technol-ogy roles is also highlighted, with 148of the roles advertised relating to thetwo areas.

Interest in Williams & Glyn has beenpicking up in recent months, with theCompetition and Markets Authorityset to report its findings on the likelyimpact of the proposed divestment oncompetition in the banking sector inJuly.

The assessment is likely to help boththe government and RBS to decide ifmore could be done to improve com-petition in the sector.

Meanwhile, the Bank of EnglandsPrudential Regulation Authority istasked with assessing whetherWilliams & Glyn has a sustainablebusiness model.

AVIVA, the FTSE 100 insurancefirm, is said to be selling offproperty loans to the value ofbillions of pounds.

One source familiar with thematter told City A.M. that big fouraudit firm Deloitte is currentlyworking with Aviva.

The property debt reportedlyincludes loans secured againstHouse of Frasers department storein Manchester.

Aviva is busy integrating lifeinsurer Friends Life into its group,

Insurance giant Aviva to slimdown with sale of property debt

The sell-off is believed to include loans secured against a House of Fraser department store

BY ANA SMPAT following completion of the 5.6bntakeover earlier this year.

The companys share price hasincreased by about one-third sinceMark Wilson became its chiefexecutive at the start of 2013.

Under his leadership, Aviva hasbeen progressing with aturnaround plan that has seen thesale of underperforming business, areduction in inter-company debtand a simplification of the groupsstructure.

The Sunday Times, which firstreported the news, said that Avivais selling 2.5bn of property loans.

THE UKS banking trade body isurging more government investmentin broadband, 3G and 4G internetaccess, as new research shows thatcustomers are becoming increasinglyreliant on using their mobile phonesand online access to conduct theirbanking activitys.

Mobile phone apps are setting thepace for banking, according to theBritish Bankers Association (BBA),which said that customers areexpected to rely more on their mobilephones than bank branches to checktheir accounts this year.

The rise of mobile banking andtechnology in the banking sector hasincreased the pressure on bankbranches, which are facing closuresas lenders seek to become moreefficient and cut costs.

In conjunction with audit firm EY,the BBA said that customers usedbanking apps to move 2.9bn byMarch of this year, up from 2bn inthe prior year.

Mobile provides an alternative to88 per cent of the 530,000 adults inthe UK with slow internet speeds, theBBA said.

The rapid take up of apps andmobile banking appears to be a realgame changer for the British public,said BBA boss Anthony Browne.

BY ANA SMPAT

THE KINGDOM of Saudi Arabia istoday opening its $500bn-plusTadawul stock exchange to directforeign investments, with themove to be closely watched byinvestors seeking opportunities inthe Middle East.

Under the new rules, qualifiedforeign investors with a minimum

BY ANA SMPAT $5bn in assets under managementand at least five years experiencein the securities business will beable to own up to 20 per cent of theshares of any individual companylisted on Tadawul.

Although opening the market tooutside investors is expected toresult in greater interest in thesector, Mohammed Aljadaan, thechairman of Saudi Arabias Capital

Markets Authority (CMA), hasdownplayed the significance ofbringing capital or liquidity to themarket as a focus of the decision.

The CMA includes the pursuit ofincreased stability and lower levelsof high-level price volatility amongthe objectives of the move to openTadawul, which would besupported by increasedinstitutional investment. Foreign investors will need to match strict criteria before buying into a public company

Saudi Arabian stock exchange toopen up to foreign investments

Banks call forbetter mobilephone signals

MONDAY 15 JUNE 20159cityam.com

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MonacoConvention Bureau

2014

cityam.com/the-capitalistTHECAPITALIST Got A Story? Email [email protected] business-savvy teenagers arein the running to win 100,000 ofventure capital funding for theircompany, as part of John Lewis busi-ness accelerator programme JLab.

Alex Waterhouse, 17, GeorgeStreten, 15, and James Anderson, 17,are the brains behind Space Lounges,one of five companies shortlisted towin the prize money.

John Lewis works with tech entre-preneur Stuart Marks and his fund LMarks to find the next stars of tech-based retail through its annual JLabinitiative.

The retailer has narrowed the listdown to five companies SpaceLounges, Qudini, Peeple, Alfred andIkinen and given each office spaceat its headquarters for the next 12

weeks, with access to a set of businessmentors. The final winner will becrowned in September.

Innovation is in John Lewis DNAand we want to work with tech startups to define the future of retail,John Lewis IT director Paul Coby said.I am looking forward greatly toworking with each of the finalistsover the summer.

JLab is John Lewis tech accelerator programme which helps fledgling businesses to grow

John Lewis smells like teen spirit


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LABOUR mayoral hopeful Dame TessaJowell said over the weekend that herparty had lost the art of winning anelection, and that a victory in the raceto replace Boris Johnson would be thefirst step in a national comeback.

The scale of our defeat five or sixweeks ago shows that we have lost theart of winning the election, Jowellsaid yesterday on the BBC.

She added: Its a very big momentand thats why Labour has to choose acandidate who can win, who can uniteLondon, and build one London.

Jowell, a former cabinet minister, iswidely seen as a frontrunner for theLabour candidacy, alongside SadiqKhan, the MP for Tooting. Four othercandidates are on the shortlist, includ-ing MPs David Lammy, Diane Abbottand Gareth Thomas, as well as writerChristian Wolmar.

Labours official candidate will beselected from the shortlist after a pub-lic vote this summer. Anybody whosigns up as a member of the Labourparty and pays 3 to be a registered

BY LAUREN FEDOR supporter before 12 August will beentitled to vote, with the candidate tobe announced at an event on 12September, the same day as thewinner of Labours nationalleadership contest is expected to berevealed.

Last week, Lammy demanded thathis party scrap the 3 fee, saying itwould leave out thousands of voters.

This is a test for our party of howmuch we understand why we lost not just at the general election but inthe last two mayoral elections too and whether were really willing to dowhat it takes to win back the trust ofthe voters weve lost in London, hesaid on Friday, adding: If we are, thenwe need to make it completely free ofcharge to take part.

Whoever wins the Labour contestwill face off against a yet to be selectedConservative candidate.

Deputy mayor Stephen Greenhalghand former footballer Sol Campbellhave already declared their desire tobe on the Tory ticket, as has the book-makers favourite, Zac Goldsmith, theMP for Richmond Park.

APPRENTICESHIPS will be givenprotected legal status under a newlaw to be introduced later thisyear, the government announcedyesterday.

The business department saidthat the forthcoming enterprisebill will make the termapprenticeship protected in law,in the same way as a universitydegree.

If university graduates havetheir moment in the sun so should

BY LAUREN FEDOR people who undertakeapprenticeships, skills ministerNick Boles said.

Businesses know their value soits high time they were recognisedboth by the public and in law asbeing equal to degrees.

The government also said that inorder to meet its goal of creating3m apprenticeships by the end ofthe current parliament, it wouldassign public sector employers,such as schools, hospitals andprisons, their own targets fortaking on more apprentices.

Apprenticeships will be treatedsame as degrees under new law

Jowell: Mayoralrace is Laboursbig moment

BOTH Labour and the Conservativesneed to broaden their appeal tomiddle England, according to newresearch out today.

A paper from the centre-rightthink tank Policy Exchange arguesthat Labour is still seen as the partyof the poor and trade unionists,while the Tories remain mostclosely aligned with the wealthy.Policy Exchange focused on lower

BY LAUREN FEDOR middle class and working classvoters in 119 marginal seats. Themajority of those surveyed,regardless of their politicalaffiliation, said that they feltoverlooked and unrepresented bypoliticians in Westminster.

Policy Exchange said it foundthat Labour was widely perceivedas the party of those on benefitsand trade union members, whilethe Conservatives were seen asbeing on the side of business and

of the rich.James Frayne, author of the

report, said: Vast swathes of themiddle class those just aboutmanaging are overlooked as theparties increasingly focus theirattention on those at the top andbottom.

The fact is that these votersdecide elections and parties thatwant workable majorities in thelong-term need to prioritise theirconcerns, Frayne added.

Think tank says parties mustappeal to middle income voters

LABOUR CANDIDATES LINE UP IN RACE TO CITY HALL

DIANE ABBOTT

DAVID LAMMY CHRISTIAN WOLMARGARETH THOMAS

SADIQ KHANTESSA JOWELL

Kamall is the Tory leader inthe European Parliament


M ORE than 300 Tory voters packeda lecture hall at BPP University inWaterloo last Thursday night tohear London MEP Syed Kamallspeak about Britains relationship withthe European Union.

Kamall a Conservative MEP who hasrepresented the capital in Brusselssince 2005 and led the EuropeanConservatives and ReformistsGroup, the multi-countrygroup to which the Toriesbelong in the European Par-liament, since last year may not be a householdname, but for the membersof London Conservative Fu-ture, a youth wing of the Toryparty, at last weeks event hemay as well have been a celebrity.

After posing for a series of selfies withaudience members, the 48-year-old satdown with City A.M. to talk about PrimeMinister David Camerons renegotiationefforts with European leaders, the in/outreferendum, and his own political future.

Rumoured to be among the Tories gun-

On Brussels, Brexit and Boris jobning to replace Boris Johnson in CityHall, Kamall said on Thursday that hehad still not made up his mind as towhether he would join the list of de-clared Conservative candidates, whichcurrently includes MP Zac Goldsmith,deputy mayor Stephen Greenhalgh and

former England footballer SolCampbell.

One of the things I wantto think about is the right

eral Election.Kamall said he now regularly meets

with UK ministers and European com-missioners to act as an ambassadorfor the governments renegotiationefforts, reinforcing the Prime Minis-ters message while smoothing overany misunderstandings.

We influence the crowd music inBrussels, Kamall said of the MEPs.

A straight-talking eurosceptic who

says he would vote no (in favour ofBrexit) if the referendum were heldtoday and supported a free vote forministers, Kamall added that he nev-ertheless fully backs the Prime Min-isters efforts: Weve got a chance tonegotiate a better deal.

As for the Tory message at home,whether it be in Westminster or atLondon Bridge, the lifelong Londonersaid that the Conservatives are right

to be positioning themselves as theparty of social mobility. The son of abus driver from Guyana, Kamall saidthat if he stood for mayor, his personal story of upward mobilitywould set him apart from other candidates: If I can do it so can you.

We need to have more people onthe frontline of Conservative politicswho personify that aspiration and so-cial mobility, he added.

team, whether it be inLondon, whether it be in

Brussels, or whether it be inCity Hall, Kamall told City A.M..

Ill be having quite a few conversa-tions over the next few days to thinkabout it, he added, saying that whilehe was hugely flattered by voices en-couraging him to enter the mayoralrace, his job at the EU had changed sig-nificantly following last months Gen-

Lauren Fedor asks the European Parliaments top Tory if hes ready for City Hall


Reuters

JUNE saw the largest climb in investorsentiment toward UK shares for overtwo years, according to one of Britainsbiggest banks.

Net sentiment toward UK shares hit40.2 per cent in June, up from 26.3 percent in May, figures released today byLloyds Bank show.

Net sentiment is the differencebetween the percentage of investorswho hold a positive outlook for anasset over the next six months, andthose that hold a negative one.

Investors were also more upbeatabout UK corporate bonds which areinterest-paying IOUs from companies government bonds, and property thanthey were in May.

Sentiment towards sterling domi-nated asset classes has shown a notice-able and significant reversal thismonth, with UK shares recordingtheir highest ever increase. Sentimentfor UK property is also withintouching distance of its all time highreached back in May 2014, said Ashish

BY CHRIS PAPADOPOULLOS Misra atLloydsBank Private Banking.This is likely due to the result of

increased political and economic certainty following the GeneralElection in May.

The rise in sentiment toward Britishassets contrasts with those in theEurozone, where net sentimenttoward shares dropped to minus 29.3per cent in June from Mays minus 23per cent.

It also below June 2014s 19.6 percent.

Investors are also looking more posi-tively on stocks in the US. Net senti-ment for US shares grew to 16.4 percent in June, up from Mays 14.7 percent.

Greater positivity was also seen inemerging markets, despite economicturbulence in Russia, China, Braziland Turkey, four major emerging market economies.

Emerging market shares saw a rise innet sentiment to 20 per cent fromMays 16.2 per cent. It also up com-pared with the same month last yearwhen it was 17.5 per cent.

UK HIGH streets and shoppingcentres faced mounting pressure inMay as shoppers made fewer visitsto their stores.

Footfall dropped by one per centin May compared with the sametime last year, according to newfigures from the British RetailConsortium (BRC) and Springboard.

This was greater than the 0.8 percent fall in April and below thethree-month average, which wasdown 0.5 per cent.

Out-of-town locations fared the

BY KASMIRA JEFFORD best with a 1.4 per cent increase infootfall. However, this was offset bya two per cent decline at shoppingcentres and a 1.5 per cent fall invisitors to the high street.

BRC director general HelenDickinson said: Todays figuresshow the rate of decline in shoppernumbers on our high streets and inshopping centres has slightlyincreased. Local government, towncentre managers and retailers willneed to continue to work togetherto refine their high street offer andgive customers practical, positivereasons to return.

London and the east of England were the only regions to report a rise in footfall

Shoppers abandon trips to thehigh street at faster pace in May

Investors givethumbs up toBritish assets

DEMAND for contract workerswithin Londons financial servicessector is soaring, new figures show.

The number of contractvacancies, which are short-term,jumped 45 per cent between Apriland May, according to data releasedtoday by recruiters Venn Group.

Demand is still high forcompliance positions, withfinancial services firms adjusting to

BY CHRIS PAPADOPOULLOS the new regulatory environment. There has been a particular

increase in demand for regulation,compliance and reportingspecialists as banks strive to meetnew accounting standards by a 2018deadline.

Compliance is once again highon the agenda for financialinstitutions and this is reflected inthe roles we placed in May. Withininvestment banking, we are seeingparticular demand for Trade Service

Officers with experience inmanaging complex transactionswith corporate customers. Thosewith a strong understanding of riskand compliance are particularlysought after, said Venn Groupassociate director Jodie Finn.

The new UKGAAP financialreporting standard, which cameinto effect in January this year, isalso creating unprecedenteddemand for accountantsspecialising in derivatives.

City firms in rush to hire contractworkers to deal with regulation


VEDANTA Resources, the FTSE 100Indian resources company, is under-taking more work to simplify its structure, confirming plans to mergeits Indian subsidiaries, Mumbai-listedVedanta Limited and Cairn India.

Cairn India minority shareholderswill receive one equity share inVedanta Ltd, as well as one 7.5 per centpreference share with a face value of10 rupees, for each share they hold,implying a 7.3 per cent premium tothe previous closing price.

This marks a significant steptowards achieving our stated longterm vision of a simplified groupstructure with alignment of interestsbetween all shareholders for the cre-ation of long term sustainable value,said chairman Anil Agarwal, who haslong wanted to cement VedantaResources as an Indian resources com-pany that matches the global elite.

Chief executive Tom Albanese, theformer boss of mining giant Rio Tinto,said the move will enable sustainedstrong dividends and the allocation ofcapital to the highest return proj-ects, with the combined businesses tobe uniquely positioned with regardsto Indias energy and mineral

BY ANA SMPAT resources. The deal, which is expectedto complete in the first quarter of2016, is not inconsistent with whatVedanta has done before, one bankingsource told City A.M., pointing to arestructuring in 2012 that served tosimplify the group.

Vedanta Resources stake in VedantaLtd is expected to fall to 50.1 per centfrom the 62.9 per cent held ahead ofthe deal. Cairn Indias minority share-holders will own a 20.2 per cent stake,while Vedanta Ltd minority sharehold-ers will own a 29.7 per cent stake inthe combined entity.

The deal requires the consent ofshareholders in each of the three com-panies involved, as well approvalsfrom a list of authorities includingstock exchanges and Indian courts.

Chairman Anil Agarwal said the deal would help to simplify the structure of his company

FTSE 100 minerVedanta mergesIndian branches

HMRC paid a record amount to taxinformants in the year ending 31March, City law firm RPC said today.

The state tax collector paid out605,000, up 50 per cent on theprevious year.

Experts suggest it is because ofincreased awareness of the rewardsavailable for information.

HMRC does not widely publicisethe payments it makes to

BY CHRIS PAPADOPOULLOS informants. If too many people knowthat they can get paid forinformation supplied to HMRC theymay be less willing to provideinformation for free, said AdamCraggs, tax partner atRPC.

The sharp rise in payments islikely to be due to greater publicawareness of HMRCs pursuit of taxevaders. However, many members ofthe public have an unrealistic view ofthe value of their information.

There is no going rate for

informants in the UK. In the US,there is a clearly stated policy ofpaying whistleblowers up to 30 percent of any additional tax, penaltyand other amounts the IRS collects.

The majority of people whoprovide information to us do sowithout any expectation of afinancial reward. Cash rewards arediscretionary and based on what isbrought in as a direct result of theinformation provided, an HMRCspokesperson told City A.M.

HMRC pays out its highest everamount to tax whistleblowers

COLIN CHRISTIE

1 Youakim, advising Vedanta, is a managing director of investmentbanking in Lazards London office. He joined the firm in 2008 from Citigroup.

3 Big deals Youakim has previously worked on include Mittal Steels merger with Arcelor. He wasalso part of a team advising Qatari shareholders on the 2012 merger between Glencore and Xstrata.

SPIRO YOUAKIM LAZARDBEHIND THE DEAL

Also advising...Lazards Nicola Pull also advised Vedanta. JP Morgan Cazenove is joint-broker to Vedanta, led by Barry Weirand Edward Jack. Morgan Stanley is also joint-broker, with Teodor Todorov and Tom Perry leading the team.

2 He currently holds the position of global head of natural resources investmentbanking. He started his career at Credit Lyonnais.

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594.5012 June


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Chinese Premier LiKeqiang will invest

CHINA will pledge a multi-billiondollar investment in Europes newinfrastructure fund at a summit on29 June in Brussels, according to adraft communique seen byReuters Beijings latest round ofchequebook diplomacy to wingreater influence.

While the exact amount is still tobe decided, the pledge will markthe latest step in Chinas efforts toshape global economic governanceat the expense of the US, andfollows major EU governmentsdecision to join the Chinese-led Asian InfrastructureInvestment Bank in defiance ofWashington.

It is expected to come witha request for returninvestment inChinas westward

China to ploughfunds into EUinfrastructure

BY ROBIN EMMOTT infrastructure drive the OneBelt, One Road initiative constructing major energy andcommunications links acrosscentral, west and south Asia to asfar as Greece.

China announced that it wouldmake (X amount) available for co-financing strategic investment ofcommon interest across the EU,the draft final statement says,adding that agreements will befinalised at another meeting inSeptember.

An EU diplomat said theChinese contribution waslikely to be in the billions.

Chinese Premier LiKeqiang, who will attend the

summit, will agree with EUleaders that the 315bn

(228bn) fund willcreate opportunitiesfor China to invest inthe EU, in particularin infrastructureand innovationsectors.

DEUTSCHE Bank co-chief executiveAnshu Jain will receive noseverance pay and no compensationfor working as an adviser to thebank in the six months after hisdeparture, reports said yesterday.

Jain did not want to financiallyburden the bank with his own,personal decision to quit, whichfollowed a hailstorm of investorcriticism, scandals, fines andinvestigations, FrankfurterAllgemeine Sonntagszeitungreported.

Deutsches departing boss Jainwill work for free until his exit

Anshu Jain was paid 7m a year as co-chief executive but will go unpaid for six months

BY THOMAS ATKINS Jain and his counterpart, co-chiefJurgen Fitschen, shocked staff andinvestors by announcing plans toleave early one week ago. JohnCryan, investment banking veteranand former finance chief of Swissbank UBS, becomes CEO in July.

Jain will receive no severance paynor the remaining salary of about7m (5m) per year because heinitiated his own departure. He hasalso agreed to assist Cryan with thetransition for six months withoutremuneration, newspaper Bild amSonntag wrote. Deutsche Bankdeclined to comment.

BUSINESSES looking to borrowmoney are increasingly using loanssecured against their inventory,with values doubling since lastyear, a trade body said today.

Around 880m of funds weresecured this year against itemssuch as machinery and real estate,up from 444m last year, the AssetBased Finance Association says.

Businesses tie up billions ofpounds in assets like inventory andinvoices this form of finance putsthose assets to use, ABFA chiefexecutive Jeff Longhurst said.

They can turn these assets frombeing a drain on cash flow to a toolfor growth.

Despite the increase, invoicefinancing where firms borrowmoney secured against unpaidinvoices remains the mostpopular type of asset based fundingarrangements, worth 78 per cent ofthe total.

The asset-based finance marketwas 18.9bn in size at the end ofMarch 2015, rising six per centfrom 17.7bn a year earlier.

Traditional lending to businesseshas fallen from 383bn March 2014to 375bn this year, according tofigures from the Bank of England,opening the door to alternativeforms of lending.

Loans backedby inventoryalmost double

BY MICHAEL BOW

BRITISH spies have been removedfrom potentially dangerousoperations after Moscow andBeijing managed to crack filesleaked by US whistleblowerEdward Snowden.

Sir David Omand, formerdirector of GCHQ, told The SundayTimes that China and Russiahaving access to this information

BY SARAH SPICKERNELL was a huge strategic setback thatwas harming to Britain, Americaand their Nato allies.

Another British intelligencesource said: We know Russia andChina have access to Snowdensmaterial and will be going throughit for years to come, searching forclues to identify potential targets.

In 2013, Snowden released aseries of secret western intelligencedocuments and gave details of their

surveillance programmes to themedia. Downing Street confirmedthe sensitive information was inChina and Russias hands.

It is the case that the Russiansand Chinese have information. Ithas meant agents have had to bemoved and that knowledge of howwe operate has stopped us gettingvital information. There is noevidence of anyone being harmed,a senior source there said.

Snowdens intelligence leaks said toforce UK to pull spies out of Beijing

A GROUP of managementconsultants will say this morningthat its industry is thriving on theback of the UKs economic growth.

Fee income for members of theManagement ConsultanciesAssociation (MCA) jumped 8.4 percent to 5.2bn last year, theorganisation will reveal.

It estimates that for the whole UKconsulting industry, fee income isnow worth up to 9bn a year.

BY JULIAN HARRIS Of the 5.2bn that the MCArecorded last year, 1.4bn came fromdigital consulting a 27 per cent riseon the previous year.

Author of the report PaulConnolly said the industry and thewider economy are relying on the UKstaying a part of the EU. Among ourinterviewees there was noenthusiasm at all for withdrawalfrom the worlds largest marketplace, which is also one of thesources of the specialist skills the UKneeds to continue to grow, he said.

Management consultants makethe case for UK staying in the EU

LONDON REPORT

R ISING petrol costs and an uptickin air and sea transport pricesmay push the UK out ofdeflation in May.Data due out tomorrow is expected to

show that consumer prices edged up0.1 per cent year-on-year in May.

IHS Globals Howard Archer said consumer price inflation will likelyhover close to zero during the summer,and then start heading up from theautumn.

On Wednesday, claimant countunemployment data is expected toshow continuing improvement in thelabour market, potentially falling by15,000 in May to a record low of748,800. Meanwhile, the Bank ofEnglands monetary policy committeemeeting minutes for June, also out onWednesday, will most likely show thatall nine members voted to keep ratesanchored to 0.5 per cent.

On the corporate calendar, today seesLatchways update the market, whileAshtead Group and Crest Nicholsonwill report tomorrow.

Betfair and Berkeley Group willreport on Wednesday, and Poundlandand Safestore are publishing numberson Thursday.

Meanwhile, Auto Trader Group willupdate on Friday.

Higher transportprices could pushUK out of deflation

Health sectorset for change

H EALTHCARE sectorinvestors seem bullishahead of a crucialSupreme Court ruling onthe Affordable Care Act.

The court meets today but maynot issue a ruling on King vBurwell, a challenge to PresidentObamas signature healthcarereform legislation, until laterthis month.

At issue are the tax credits thathelp about 6.4m Americans buyinsurance.

The decision could affecthealth insurers as well ashospitals and other providers.

Companies that are in thespotlight include TenetHealthcare, LifePoint Healthand UnitedHealth Group.

However, investors are bettingthat the healthcare sectorsrecent strong run will not beheld back for long, regardless ofhow the court decides.

Meanwhile, US companiesreporting this week includeAdobe Systems and La-Z-Boy.

NEW YORKREPORT

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BESTof the BROKERS

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FTSE

WHITBREADCanaccord Genuity upgraded its hold rating for the owners of Premier Inn and Costa Coffee to abuy rating. Growing UK markets leave it well placed to achieve its new 2020 milestones of 85,000UK hotel rooms and 2.5bn of Costa system sales.

HALMANumis has upgraded its add rating for the safety systems manufacturer to buy. Halma reportedfiscal year 2015 results slightly ahead of expectations, with seven per cent organic profit growthcombined with the benefit of acquisitions delivering nine per cent earnings per share growth.

MONDAY 15 JUNE 2015 cityam.com

In association with

CITYYOUR ONE-STOP SHOP

BROKER VIEWS ANDMARKET REPORTSCITYDASHBOARD

16

Zeus CapitalThe investment bank hasappointed Phil Walker as headof healthcare corporate finance.He was most recently executivedirector in corporate finance atNomura Code Securities, aboutique investment bankingfirm he co-founded. Walker hasalso held roles at WestLBPanmure and Panmure Gordon.

Charles StanleyBen Money-Coutts has been appointed chief financial

officer at the stockbroking, corporate finance andinstitutional advisory group. He joined in 2013 fromSaltus Partners, where he had been partner, chieffinancial officer and chief operating officer since 2007.Money-Coutts has also held roles at BridgewellSecurities, Arthur Andersen, Charterhouse and INGBarings.

Oxford CapitalThe investment management firm has appointed TomBradley as managing director of its growth capitalinvestment business. He joins from DN Capital, where hewas partner specialising in the software and internetsectors. Bradley was previously a founder partner at DFJ

Esprit in London.

Daiwa SB Investments (UK)Eiji Fukumuro has been appointed managing director forEurope and the Middle East. He joined the UK office ofDaiwa International Capital Management in 1996, andspent 10 years as company secretary and complianceofficer. Fukumuro has also held roles for the firm inTokyo, and at PwC and KPMG.

Hermes EOSThe investment management firms stewardship servicehas announced the appointment of two associate

directors. Christine Chow Knowles joins from HomageConsulting in Hong Kong, where she was a managingdirector. She has also held roles at Hewitt Bacon &Woodrow. Jaime Gornsztejn joins from the BrazilianNational Economic Development Bank, where he was amanaging director and member of its board.

MarakonThe management consulting practice at Charles RiverAssociates has announced two appointments in London.Yann Duchesne previously worked for McKinsey & Co for20 years, including as managing partner for France.Devendra Kumar has held senior roles at Barclays, RBS,and WorldPay.

WHOS SWITCHING JOBS Edited by Tom WelshCITY MOVES

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Gold ............................................................1182.80 4.30Silver...............................................................15.93 0.06Brent Crude...................................................64.62 -0.37Krugerrand .................................................1179.70 1.90Palladium....................................................739.00 -7.00Platinum....................................................1095.00 -13.00Tin Cash Official........................................14897.50 -200.00Lead Cash Official .......................................1830.75 -64.50Zinc Cash Official........................................2103.50 -20.00

Copper Cash Official..................................5888.00 -17.50

Aluminium Cash Official .............................1701.25 0.00

Nickel Cash Official ..................................13062.50 -400.00Aluminium Alloy Cash Official...................1775.00 20.00

Cocoa Futures ............................................3140.00 46.00

Coffee 'C' Futures ..........................................131.63 -0.23

Feed Wheat Futures.....................................116.50 -1.65

Soybeans Futures Continuation Contract ..940.00 0.90

AIR LIQUIDE.....................................................114.90 -2.30 123.95 87.17AIRBUS GROUP ................................................60.44 -1.01 66.10 39.64ALLIANZ N.......................................................142.50 -2.15 170.15 115.05ANHEUS.-BUSCH INBEV..................................108.05 -1.50 118.80 78.75ASML HLDG.......................................................96.10 -1.77 104.85 61.58AXA ...................................................................22.51 -0.27 24.64 16.43BANCO SANTANDER...........................................6.48 -0.10 7.44 5.52BASF N .............................................................82.20 -1.58 97.22 64.27BAYER N...........................................................127.35 -2.45 146.45 94.22BBVA ..................................................................9.03 -0.06 9.77 7.11BMW ................................................................99.92 -1.33 123.75 74.74BNP PARIBAS-A-..............................................55.30 -0.72 59.69 43.14CARREFOUR .....................................................29.98 -0.36 33.25 21.42DAIMLER N ........................................................84.15 -0.47 96.07 55.10DANONE...........................................................60.68 -0.90 66.15 48.67DEUTSCHE BANK N ...........................................28.45 -0.20 33.42 22.66DEUTSCHE POST N ............................................26.43 -0.28 31.19 21.55DEUTSCHE TELEKOM N .......................................15.41 -0.06 17.11 9.77E.ON N ..............................................................12.69 -0.05 15.06 11.92ENEL....................................................................4.21 -0.06 4.50 3.36ENI....................................................................16.04 -0.32 20.46 12.98ESSILOR INTL ...................................................107.90 -1.70 115.80 71.16GDF SUEZ ...........................................................17.16 -0.36 21.04 16.17GENERALI..........................................................16.65 -0.26 19.21 14.40IBERDROLA .........................................................6.14 -0.04 6.46 5.00INDITEX ............................................................29.41 -0.83 31.05 19.29ING GROUP .......................................................14.65 -0.16 15.24 9.49INTESA SANPAOLO..............................................3.25 -0.03 3.38 2.00L'OREAL...........................................................165.65 -3.10 181.30 117.05LVMH...............................................................162.35 -3.15 175.40 109.41MUENCH RUECKVERS N...................................163.85 -2.00 206.50 141.10NOKIA.................................................................6.37 -0.07 7.87 5.38ORANGE............................................................13.90 -0.19 16.45 10.20REPSOL .............................................................16.89 -0.21 19.10 14.26ROY.PHILIPS......................................................24.37 -0.58 28.00 20.69RWE .................................................................19.98 -0.26 32.98 19.65SAINT GOBAIN ..................................................41.03 -0.76 43.74 29.07SANOFI.............................................................89.20 -1.25 99.23 69.58SAP ...................................................................65.41 -0.61 70.81 50.08SCHNEIDER ELECTRIC ........................................63.77 -1.23 75.29 52.59SIEMENS N ........................................................94.21 -1.32 106.35 80.17SOCIETE GENERALE ..........................................42.90 -0.53 46.95 31.85TELEFONICA ......................................................12.96 0.02 13.96 10.35TOTAL ...............................................................44.56 -0.84 53.98 37.74UNIBAIL-RODAMCO..........................................227.10 -5.55 262.00 180.70UNICREDIT..........................................................6.28 -0.11 6.84 4.82UNILEVER CERT..................................................37.13 -0.79 42.75 28.75VINCI ...............................................................52.30 -0.72 57.66 39.65VIVENDI............................................................23.69 -0.11 24.42 17.26VOLKSWAGEN VZ ............................................213.40 -3.35 262.45 147.40

Price Chg High LowEU SHARES

3M ..................................................................158.04 -1.82 170.50 130.60AMAZON.COM ................................................429.92 -3.05 452.65 284.00AMERICAN EXPRESS.........................................79.53 -0.77 96.24 76.53AMGEN ............................................................156.12 -1.84 173.60 114.93APPLE...............................................................127.17 -1.42 134.54 89.65AT&T.................................................................34.65 -0.23 37.48 32.07BANK OF AMERICA............................................17.49 0.00 18.21 14.84BERKSHIRE HATHAWY-B................................140.29 -1.07 152.94 122.72BOEING CO......................................................142.80 -0.16 158.83 116.32BRISTOL-MYERSSQUIBB ...................................65.28 -0.57 69.86 46.76CATERPILLAR ....................................................87.85 -0.32 111.46 78.19CHEVRON.........................................................99.87 -1.25 135.10 98.88CISCO SYSTEMS.................................................28.54 -0.32 30.31 22.49CITIGROUP .........................................................57.11 -0.10 57.50 46.55COCA-COLA CO .................................................39.96 -0.14 45.00 39.06COMCAST-A ......................................................58.26 -0.50 60.85 49.33CVS HEALTH....................................................102.22 -0.41 105.46 74.64DU PONT NEMOURS&CO ...................................69.12 -0.64 80.65 63.70EXXON MOBIL...................................................84.02 -1.07 104.76 82.68FACEBOOK-A.....................................................81.53 -0.30 86.07 62.21GENERAL ELECTRIC ...........................................27.39 -0.12 28.68 23.41GILEAD SCIENCES .............................................117.66 -1.47 119.70 78.83GOLDMAN SACHS GROUP ...............................213.06 -0.88 214.61 161.53GOOGLE-A.......................................................547.47 -2.57 608.91 490.91GOOGLE-C.......................................................532.33 -2.28 598.01 486.23HOME DEPOT...................................................110.60 -0.69 117.99 77.75IBM.................................................................166.99 -1.79 196.40 149.52INTEL.................................................................31.32 -0.53 37.90 27.77JOHNSON & JOHNSON .....................................98.35 -0.89 109.49 95.10JPMORGAN CHASE...........................................68.25 -0.27 68.68 54.26MCDONALD'S ...................................................95.06 -0.53 102.30 87.62MEDTRONIC ......................................................75.52 -0.70 0.00 0.00MERCK ..............................................................57.87 -1.04 63.62 52.49MICROSOFT.......................................................45.97 -0.47 50.05 40.12NIKE -B- .........................................................103.78 -0.10 105.50 73.14ORACLE ............................................................44.34 0.06 46.71 35.82PEPSICO............................................................93.74 -0.35 100.76 86.71PFIZER ..............................................................34.21 -0.25 35.53 27.51PHILIP MRRS INT ..............................................81.86 -0.39 91.63 75.27PROCTER&GAMBLE...........................................78.87 -0.54 93.89 77.10QUALCOMM.......................................................67.03 -0.58 81.97 62.26SCHLUMBERGER ...............................................90.15 -0.52 118.76 75.60TRAVLR COMP ..................................................99.47 -0.66 110.49 88.81TWITTER...........................................................35.90 0.06 55.99 34.62UNITEDHEALTH GROUP ...................................117.65 -1.67 123.76 77.53UTD TECHNOLOGIES .........................................117.60 -0.72 124.45 97.30VERIZON COMM ...............................................47.25 -0.51 53.66 45.09VISA-A .............................................................69.33 -0.31 70.69 48.80WAL-MART STORES ..........................................72.43 -0.51 90.97 72.34WALT DISNEY-DISNEY ....................................109.95 -0.67 113.30 78.54WELLS FARGO ..................................................57.09 -0.17 57.57 46.44

COMMODITIES CREDIT & RATESBoE IR Overnight.........................................0.500 0.00BoE IR 7 days..............................................0.500 0.00BoE IR 1 month...........................................0.500 0.00BoE IR 3 months.........................................0.500 0.00BoE IR 6 months ........................................0.500 0.00LIBOR Euro - overnight...............................-0.179 0.00LIBOR Euro - 12 months................................0.173 0.00LIBOR USD - overnight .................................0.123 0.00LIBOR USD - 12 months ...............................0.790 0.01Halifax mortgage rate ................................3.990 0.00

Euro Base Rate............................................0.050 0.00Finance house base rate .............................1.000 0.00US Fed funds ..................................................0.13 0.00US long bond yield .........................................3.11 -0.11Euro Euribor................................................-0.123 0.00The vix index................................................13.78 0.93The baltic dry index..................................642.00 13.00Markit iBoxx EUR........................................215.93 -0.19Markit iBoxx GBP .......................................283.43 2.40Markit iTraxx.................................................68.14 2.33

Price Chg High Low

US SHARES

/$ 1.1260 0.0002

/ 0.7237 0.0002

/ 138.98 0.0017

/ 1.3804 0.0004

/$ 1.5558 0.0006

/ 192.02 0.0053

FTSE 100

6784.9261.82

FTSE 250

17949.09140.36

FTSE ALL SHARE

3702.0132.35

DOW JONES

17898.84140.53

NASDAQ

5051.1031.41

S&P 500

2094.1114.75

CONSTRUCTION & MATERIALS

BAE Systems . . . . . . . . .489.1 -1.6 547.0 416.4Cobham . . . . . . . . . . . .289.5 -3.1 345.1 263.7Meggitt . . . . . . . . . . . . .487.7 -1.6 587.5 423.9QinetiQ Group . . . . . . . .230.1 -4.4 239.2 181.9Rolls-Royce Holdi . . . . .970.0 -11.5 1092.0 779.5Senior . . . . . . . . . . . . . .313.0 -6.3 358.5 254.6Ultra Electronics . . . . .1856.0 -25.0 1893.0 1667.0

GKN . . . . . . . . . . . . . . . .365.3 -4.9 386.0 286.5

Bank of Georgia H . . . .1893.0 31.0 2590.0 1684.0Barclays . . . . . . . . . . . . .269.7 1.0 271.6 207.9HSBC Holdings . . . . . . .607.7 -3.6 663.6 559.9Lloyds Banking Gr . . . . . .87.0 -0.2 89.0 71.9Royal Bank of Sco . . . . .357.4 -4.1 403.9 314.1Standard Chartere . . .1064.0 -7.5 1329.5 881.0TSB Banking Group . . . .339.2 -0.3 345.0 247.5Virgin Money Hold . . . .453.9 -10.1 464.0 279.5

Barr (A.G.) . . . . . . . . . . .615.0 4.5 684.0 565.0Britvic . . . . . . . . . . . . . .720.5 -9.0 776.5 610.0Coca-Cola HBC AG . . . .1410.0 -18.0 1480.0 1057.0Diageo . . . . . . . . . . . . .1896.5 -12.0 2022.5 1709.5SABMiller . . . . . . . . . . .3344.5 -38.5 3768.0 3132.0

Alent . . . . . . . . . . . . . . .367.5 -2.7 403.7 301.3Croda Internation . . .2806.0 -49.0 3007.0 1990.0Elementis . . . . . . . . . . .299.1 -2.9 320.5 227.6Johnson Matthey . . . .3100.0-100.0 3571.0 2743.0Synthomer . . . . . . . . . .324.7 -5.2 354.8 189.5Victrex plc . . . . . . . . . .1994.0 -17.0 2187.0 1553.0

Balfour Beatty . . . . . . . .251.5 -1.6 258.7 148.7CRH . . . . . . . . . . . . . . .1845.0 -40.0 1908.0 1266.0Galliford Try . . . . . . . . .1737.0 -5.0 1752.0 1062.0

Marks & Spencer G . . . .557.5 2.0 596.5 383.9Next . . . . . . . . . . . . . . .7395.0 15.0 7620.0 6250.0Pets at Home Grou . . . .281.8 0.3 282.9 167.0Poundland Group . . . . .299.2 1.7 418.9 294.0Saga . . . . . . . . . . . . . . . .215.1 -3.1 218.2 147.1Sports Direct Int . . . . . .681.0 -1.0 818.0 574.0Ted Baker . . . . . . . . . .2850.0 35.0 2962.0 1660.0WH Smith . . . . . . . . . .1522.0 -9.0 1573.0 995.5

AL Noor Hospitals . . . . .954.5 -13.5 1168.0 819.0NMC Health . . . . . . . . . .780.5 -4.5 875.0 441.0Smith & Nephew . . . . .1097.0 -17.0 1200.0 906.0Spire Healthcare . . . . .343.7 -4.3 390.0 210.0Synergy Health . . . . . .1741.0 -14.0 2416.0 1337.0

Barratt Developme . . . .611.0 -5.0 616.0 334.1Bellway . . . . . . . . . . . .2396.0 -7.0 2403.0 1422.0Berkeley Group Ho . . .3172.0 0.0 3178.0 2061.0Bovis Homes Group . . .1141.0 -5.0 1148.0 732.5Crest Nicholson H . . . . .562.5 0.5 566.6 298.9Persimmon . . . . . . . . .1970.0 -10.0 1980.0 1187.0Reckitt Benckiser . . . .5673.0 -72.0 6116.0 4964.0Redrow . . . . . . . . . . . . .444.0 -2.5 446.5 228.7Taylor Wimpey . . . . . . .188.8 -1.2 191.8 103.0

Keller Group . . . . . . . .1058.0 -15.0 1099.0 750.0Kier Group . . . . . . . . . .1463.0 0.0 1479.0 1113.1

Drax Group . . . . . . . . . .376.0 -0.2 710.0 353.7Innis Energy . . . . . . . .196.5 -1.9 240.3 179.0SSE . . . . . . . . . . . . . . . .1593.0 -7.0 1696.0 1438.0

Halma . . . . . . . . . . . . . .759.5 -1.0 774.5 558.5Hellermanntyton G . . .360.0 -5.0 375.0 276.5Morgan Advanced M . .346.2 0.8 355.1 264.9Renishaw . . . . . . . . . .2366.0 -33.0 2648.0 1470.0Spectris . . . . . . . . . . . .2189.0 -37.0 2394.0 1643.0

Aberforth Smaller . . . .1177.0 -9.0 1224.0 980.0Alliance Trust . . . . . . . .502.5 -4.0 528.5 426.0Bankers Inv Trust . . . . .652.0 -5.5 668.0 519.0BH Macro Ltd. GBP . . .2091.0 -4.0 2190.0 1920.0BlackRock World M . . . .302.7 0.5 507.0 289.5BlueCrest AllBlue . . . . . .188.7 -0.1 191.8 180.0British Empire Se . . . . .523.5 -2.5 555.0 482.4Caledonia Investm . . .2494.0 4.0 2515.0 2115.0City of London In . . . . .404.9 -2.3 415.9 352.0Edinburgh Inv Tru . . . . .678.5 -7.5 702.5 579.0Electra Private E . . . . .3220.0 27.0 3260.0 2350.0Fidelity China Sp . . . . . .172.4 1.6 177.3 101.8Fidelity European . . . . .181.5 -2.4 186.7 140.0Finsbury Growth & . . . .591.0 -4.5 609.0 470.3Foreign and Colon . . . .444.6 -5.4 465.0 372.2Genesis Emerging . . . .529.0 0.0 583.0 502.0HICL Infrastructu . . . . . . .153.1 0.3 160.5 136.8International Pub . . . . .136.3 0.0 140.0 129.8John Laing Infras . . . . . .121.6 0.1 128.1 114.6JPMorgan American . . .277.4 -2.6 295.8 241.8JPMorgan Emerging . .586.0 -6.0 671.0 550.0Law Debenture Cor . . . .510.5 -0.5 545.0 475.0Mercantile Invest . . . .1698.0 -10.0 1722.0 1341.0Monks Inv Trust . . . . . . .435.7 -3.8 456.9 354.0Murray Internatio . . . .1007.0 -6.0 1123.0 981.0NB Global Floatin . . . . . .97.8 0.5 99.8 94.2Perpetual Income . . . .418.7 -0.8 428.1 356.7Personal Assets T . . .34850.0 -50.036290.033150.0Polar Capital Tec . . . . . .596.0 -3.0 612.0 463.5RIT Capital Partn . . . . .1565.0 -3.0 1612.0 1285.0Riverstone Energy . . . .1031.0 -7.0 1105.0 830.0Scottish Inv Trus . . . . . .646.0 -6.0 668.0 547.5Scottish Mortgage . . . .268.0 -2.4 281.8 200.4Temple Bar Inv Tr . . . . .1192.0 -8.0 1268.0 1127.0Templeton Emergin . . .522.5 2.0 623.5 517.5TR Property Inv T . . . . .307.0 -3.0 324.0 238.3Witan Inv Trust . . . . . . .812.5 -5.5 847.0 655.0Worldwide Healthc . . .1981.0 4.0 1997.0 1273.0

3i Group . . . . . . . . . . . .542.5 -9.0 569.5 352.13i Infrastructure . . . . . .169.6 -0.5 170.4 133.2Aberdeen Asset Ma . . .416.9 -9.7 507.5 383.4Allied Minds . . . . . . . . . .591.5 -3.5 725.0 185.8Arrow Global Grou . . . .259.8 -3.0 278.3 218.0Ashmore Group . . . . . . .316.3 0.6 377.0 252.7Brewin Dolphin Ho . . . .304.6 -1.4 359.6 246.4Charles Taylor . . . . . . . .255.0 6.0 295.0 205.0City of London Gr . . . . . .23.8 0.0 27.0 17.3City of London In . . . . . .351.5 -4.0 360.0 272.0Close Brothers Gr . . . . .1607.0 -12.0 1664.0 1223.0Hargreaves Lansdo . . .1241.0 -18.0 1293.0 851.5Henderson Group . . . . .280.3 -4.2 301.6 184.6ICAP . . . . . . . . . . . . . . . .549.5 -5.5 566.5 342.8IG Group Holdings . . . .764.0 -7.0 794.5 563.5Intermediate Capi . . . .559.0 -3.0 600.5 366.0International Per . . . . . .477.3 -12.5 627.5 417.7Investec . . . . . . . . . . . .582.0 -5.5 647.0 491.6IP Group . . . . . . . . . . . . .210.2 0.2 264.7 177.0

Jupiter Fund Mana . . . .463.2 -5.2 470.3 318.0Liontrust Asset M . . . . .285.0 5.0 300.0 211.5LMS Capital . . . . . . . . . . .78.0 0.6 87.0 75.0London Finance & . . . . .35.5 0.0 37.0 31.0London Stock Exch . . .2376.0 -31.0 2595.0 1709.7Man Group . . . . . . . . . . .165.5 -3.9 217.6 99.2OneSavings Bank . . . . .300.8 3.8 328.0 159.8Paragon Group Of . . . .435.0 -4.0 455.5 317.9Provident Financi . . . .2902.0 -16.0 3151.0 1988.0Rathbone Brothers . . .2203.0 3.0 2313.0 1830.0Real Estate Credi . . . . . .174.3 0.5 179.8 159.0Record . . . . . . . . . . . . . . .35.0 0.0 36.8 29.5S&U . . . . . . . . . . . . . . .2274.0 61.5 2274.0 1700.0Schroders . . . . . . . . . .3259.0 -35.0 3423.0 2146.0SVG Capital . . . . . . . . . .509.0 -3.0 522.0 382.2Tullett Prebon . . . . . . . .403.7 1.5 405.7 239.0Walker Crips Grou . . . . .46.0 0.0 49.0 38.3

BT Group . . . . . . . . . . . .453.5 6.7 470.6 360.1Cable & Wireless . . . . . .65.3 -0.7 70.3 43.4COLT Group SA . . . . . . . .158.0 -2.3 162.6 118.2TalkTalk Telecom . . . . .386.1 -6.2 408.8 264.7Telecom Plus . . . . . . . .828.0 10.0 1515.0 752.5

Booker Group . . . . . . . .176.2 -1.1 183.3 116.3Greggs . . . . . . . . . . . . .1184.0 -14.0 1211.0 500.0Morrison (Wm) Sup . . .178.3 -3.3 208.2 151.7Ocado Group . . . . . . . . .385.1 -3.4 440.0 220.6Sainsbury (J) . . . . . . . . .261.8 -2.2 325.7 224.8SSP Group . . . . . . . . . . .298.2 -1.4 315.6 215.8Tesco . . . . . . . . . . . . . . .213.7 -2.0 292.1 164.8UDG Healthcare Pu . . . .534.0 -8.0 549.5 316.5

Associated Britis . . . . .3051.0 -44.0 3284.0 2466.0Cranswick . . . . . . . . . .1602.0 -4.0 1608.0 1207.0Dairy Crest Group . . . . .529.5 -11.0 543.0 369.0Greencore Group . . . . .324.4 -2.5 358.0 229.6Tate & Lyle . . . . . . . . . . .551.0 -2.0 743.5 545.0Unilever . . . . . . . . . . .2788.0 -61.0 3015.0 2406.0

Mondi . . . . . . . . . . . . .1400.0 -14.0 1521.0 943.5

Centrica . . . . . . . . . . . . .263.3 -3.7 329.1 235.5National Grid . . . . . . . . .855.3 -4.9 960.5 835.0Pennon Group . . . . . . .840.0 -2.0 919.5 758.0Severn Trent . . . . . . . .2136.0 -12.0 2215.0 1814.0United Utilities . . . . . .962.0 -5.0 1042.0 784.5

Rexam . . . . . . . . . . . . . .567.5 3.0 590.0 425.0RPC Group . . . . . . . . . . .651.5 -3.0 657.0 445.7Smith (DS) . . . . . . . . . .365.0 -1.9 380.1 238.1Smiths Group . . . . . . . .1161.0 -16.0 1360.0 1013.0Vesuvius . . . . . . . . . . . .412.3 -4.7 520.0 400.0

AA . . . . . . . . . . . . . . . . .397.2 -1.7 431.8 227.9AO World . . . . . . . . . . . .150.0 -3.0 330.0 148.0Brown (N.) Group . . . . .343.9 -0.4 463.0 286.6Card Factory . . . . . . . . .352.0 -15.0 375.0 197.5Debenhams . . . . . . . . . .93.4 0.3 96.0 57.8Dignity . . . . . . . . . . . .2109.0 -41.0 2205.0 1309.8Dixons Carphone . . . . .465.4 -3.6 484.7 302.4Dunelm Group . . . . . . .926.0 -8.5 965.5 763.5Halfords Group . . . . . . . .511.5 -3.5 517.5 423.3Home Retail Group . . . .165.9 1.5 218.1 149.9Inchcape . . . . . . . . . . . .841.5 -13.5 894.0 600.5JD Sports Fashion . . . . .673.5 3.5 673.5 371.9Just Eat . . . . . . . . . . . . .427.5 -1.2 494.3 200.8Kingsher . . . . . . . . . . .376.7 -6.3 384.2 285.0

Price Chg High Low

Bodycote . . . . . . . . . . . .742.5 -22.5 786.0 557.5IMI . . . . . . . . . . . . . . . . .1211.0 -18.0 1597.0 1135.0Melrose Industrie . . . . .270.1 -0.6 307.3 237.9Rotork . . . . . . . . . . . . . .247.0 -3.6 284.6 216.0Spirax-Sarco Engi . . . .3475.0 -9.0 3565.0 2561.0Weir Group . . . . . . . . .1848.0 -28.0 2761.0 1608.0

Evraz . . . . . . . . . . . . . . . .151.7 -8.5 207.4 88.5

BBA Aviation . . . . . . . . .318.1 -3.5 360.0 300.2Clarkson . . . . . . . . . . . .2577.0 -30.0 2663.6 1835.0Fisher (James) & . . . .1365.0 3.0 1436.0 1007.0Royal Mail . . . . . . . . . . .507.0 13.7 527.0 389.9

Admiral Group . . . . . .1454.0 -20.0 1629.0 1195.0Amlin . . . . . . . . . . . . . .493.0 -6.1 530.0 425.2Beazley . . . . . . . . . . . . .302.6 -3.4 317.5 236.0Direct Line Insur . . . . . .343.0 -2.3 346.4 263.6esure Group . . . . . . . . .256.9 -4.6 279.0 193.5Hiscox Limited (C . . . . .852.0 -5.5 893.7 659.8Jardine Lloyd Tho . . . .1029.0 -6.0 1093.0 840.5Lancashire Holdin . . . . .635.5 -12.0 689.0 506.0

Johnston Press . . . . . . .155.8 0.0 218.5 142.0Moneysupermarket. . . .282.7 1.8 306.1 178.4Pearson . . . . . . . . . . . .1272.0 -14.0 1508.0 1087.0Reed Elsevier . . . . . . .1069.0 -12.0 1188.0 917.0Rightmove . . . . . . . . .3254.0 -1.0 3380.0 1981.0Sky . . . . . . . . . . . . . . .1040.0 1.0 1105.0 843.5STV Group . . . . . . . . . . .420.0 5.0 430.0 322.0Tarsus Group . . . . . . . . .203.5 0.5 233.5 188.8Trinity Mirror . . . . . . . . .159.0 -6.3 214.0 137.0UBM . . . . . . . . . . . . . . . .542.0 -3.0 576.0 393.6UTV Media . . . . . . . . . . .166.0 1.3 222.0 150.0WPP . . . . . . . . . . . . . . .1479.0 -9.0 1611.0 1117.0Zoopla Property G . . . .260.0 -2.3 276.0 150.8

Acacia Mining . . . . . . . .298.6 -2.4 313.5 195.0Anglo American . . . . .1006.0 -1.5 1648.0 985.4Antofagasta . . . . . . . . .732.0 4.5 855.0 650.0BHP Billiton . . . . . . . . .1340.5 -5.5 2096.0 1276.0Centamin (DI) . . . . . . . . .66.2 -1.4 75.0 45.3Fresnillo . . . . . . . . . . . . .737.0 1.0 1031.0 644.0Glencore . . . . . . . . . . . .282.6 1.4 377.5 240.6Kaz Minerals . . . . . . . . .245.2 -4.5 354.0 170.4Lonmin . . . . . . . . . . . . .129.8 -9.9 259.6 110.7Petra Diamonds Lt . . . .158.7 -11.7 216.6 149.3Polymetal Interna . . . .539.0 -1.0 614.0 463.2

RSA Insurance Gro . . . .426.7 -6.3 497.8 409.2

Aviva . . . . . . . . . . . . . . .514.5 -5.0 571.5 463.3Just Retirement G . . . . .178.3 1.3 178.4 119.8Legal & General G . . . . .263.9 -2.1 294.4 213.9Old Mutual . . . . . . . . . .207.9 -3.7 240.3 169.5Phoenix Group Hol . . . .833.5 -11.5 888.0 625.0Prudential . . . . . . . . . .1605.5 -9.5 1752.0 1318.5St James's Place . . . . . .884.5 -16.0 994.5 648.0Standard Life . . . . . . . . .474.3 -3.3 499.9 367.7

4Imprint Group . . . . . .1062.0 0.0 1150.0 618.5Bloomsbury Publis . . . .179.3 2.3 188.5 145.3Centaur Media . . . . . . . . .77.0 0.0 82.5 56.3Chime Communicati . .284.0 3.0 365.0 242.3Creston . . . . . . . . . . . . . .137.0 0.5 138.0 103.5Entertainment One . . .349.7 1.9 360.0 268.4Euromoney Institu . . .1180.0 19.0 1261.0 960.0Future . . . . . . . . . . . . . . .10.9 -0.1 11.5 6.6Haynes Publishing . . . .129.5 -0.5 196.0 112.5Huntsworth . . . . . . . . . . .41.0 0.5 56.5 37.3Informa . . . . . . . . . . . . .552.0 -2.0 600.5 445.9ITE Group . . . . . . . . . . . .179.5 -5.3 244.8 128.0ITV . . . . . . . . . . . . . . . . .269.7 3.1 274.5 169.5

Randgold Resource . .4607.0 -63.0 5685.0 3678.0Rio Tinto . . . . . . . . . . . .2831.5 -7.5 3515.0 2616.5Vedanta Resources . . .594.5 -0.5 1161.0 371.0

Inmarsat . . . . . . . . . . . .978.0 4.5 1022.0 674.0Vodafone Group . . . . . .234.3 -2.7 255.4 184.5

BG Group . . . . . . . . . . .1088.0 -20.0 1276.0 794.7BP . . . . . . . . . . . . . . . . .437.6 -9.2 523.9 373.3Cairn Energy . . . . . . . . .187.4 -1.4 208.3 143.2Nostrum Oil & Gas . . . . .572.5 22.5 1249.0 374.9Ophir Energy . . . . . . . . .121.5 -5.6 250.4 114.3Premier Oil . . . . . . . . . .158.6 -3.8 351.9 120.2Royal Dutch Shell . . . .1858.0 -39.0 2453.0 1851.5Royal Dutch Shell . . . .1884.0 -41.0 2567.0 1875.5Soco Internationa . . . . .178.0 -6.0 445.7 140.0Tullow Oil . . . . . . . . . . . .377.0 -12.8 875.0 281.2

Amec Foster Wheel . . .873.0 -15.5 1253.0 777.0Hunting . . . . . . . . . . . . .597.0 2.5 910.0 394.3Petrofac Ltd. . . . . . . . . .908.5 2.5 1268.0 596.5Wood Group (John) . . .695.5 -4.0 818.0 527.0

Burberry Group . . . . .1660.0 -17.0 1921.0 1410.0Jimmy Choo . . . . . . . . . .164.1 -0.8 180.0 140.0PZ Cussons . . . . . . . . . .363.6 -1.4 392.1 292.5Supergroup . . . . . . . . .1170.0 8.0 1230.0 769.0

AstraZeneca . . . . . . . . .4211.0 -61.0 4863.0 4092.5BTG . . . . . . . . . . . . . . . .678.0 -5.5 830.0 581.0Dechra Pharmaceut . . .967.5 -8.0 1060.0 681.0Genus . . . . . . . . . . . . .1462.0 -13.0 1505.0 1017.0GlaxoSmithKline . . . . .1373.0 -14.0 1642.0 1324.0Hikma Pharmaceuti . .1918.0 -43.0 2574.0 1604.0Indivior . . . . . . . . . . . . .235.9 2.9 241.0 141.1Shire Plc . . . . . . . . . . .5270.0 -35.0 5685.0 3511.0

Capital & Countie . . . . . .411.9 -4.6 433.0 315.4CLS Holdings . . . . . . . .1950.0 -25.0 2010.0 1276.0Countrywide . . . . . . . . .575.0 -14.0 599.0 414.0Daejan Holdings . . . . .5755.0 150.0 5995.0 4667.0F&C Commercial Pr . . . .141.0 0.5 147.9 119.2Foxtons Group . . . . . . .253.5 2.1 312.6 147.7Grainger . . . . . . . . . . . . .219.3 0.6 223.6 171.6Kennedy Wilson Eu . . .1170.0 -6.0 1208.0 1023.0Redene Internat . . . . . .53.9 0.4 59.7 49.5Savills . . . . . . . . . . . . . .944.0 4.0 975.5 571.5St. Modwen Proper . . .458.2 -6.3 490.0 334.0UK Commercial Pro . . . .88.4 0.4 93.5 80.7Unite Group . . . . . . . . .600.0 -7.0 625.0 392.7

Big Yellow Group . . . . .660.0 -4.5 705.0 460.6British Land Comp . . . . .837.5 -12.5 886.0 662.5Derwent London . . . .3508.0 -60.0 3702.0 2539.0Great Portland Es . . . . . .811.5 -11.5 875.5 612.5Hammerson . . . . . . . . .652.5 -8.0 705.5 543.5Hansteen Holdings . . . .121.5 -2.5 128.2 99.3Intu Properties . . . . . . .323.3 -3.7 376.4 304.6Land Securities G . . . .1270.0 -26.0 1363.0 1004.0LondonMetric Prop . . . .166.9 1.4 170.5 133.5SEGRO . . . . . . . . . . . . . .423.9 -7.7 443.4 339.4Shaftesbury . . . . . . . . . .877.5 -4.0 903.0 636.0Tritax Big Box Re . . . . . .114.9 0.5 117.5 104.0Workspace Group . . . . .934.5 -5.5 980.0 565.5

Aveva Group . . . . . . . .1918.0 -50.0 2215.0 1255.0Computacenter

Cityam 2015-06-15

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Transcript of Cityam 2015-06-15