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					                                                 Newspaper Headlines
                                                 01 April 2011


                                                 The Times
                                                 Tiddler to Watch: Shares in AIM-listed Environmental Recycling Technologies
                                                 soared 11/4p to 51/4p, but could still be worth keeping an eye on if the
                                                 rumours are true. Talk in the Square Mile has it that the plastics waste
                                                 recycling business has received a takeover approach pitched at about 7p per
                                                 share from a mystery German predator.
                                                 Deal of the day: Shares in Falkland Oil and Gas rose 11p to 90p, after saying
                                                 that BHP Billiton‟s petroleum arm is exiting its 51% interest in its northern
                                                 licences, giving it full Ownership. As part of the deal, BHP will also deposit an
                                                 unspecified share of costs towards drilling the Loligo prospect in an escrow
                                                 account, in return for the right to buy back in to the project.
                                                 Gilts: There was choppy trading in the final hours of the first quarter of 2011,
                                                 with the June gilt future settling down 14 ticks at 117.17 — its weakest close
                                                 since 10 March and more than half a point off a session high of 117.68. Ten-
                                                 year gilt yields were just over one basis point higher on the day at 3.69%,
                                                 while two-year yields were up three basis points at 1.35%.
                                                 Osborne to meet angry oil producers over new tax: George Osborne will
                                                 meet representatives of the oil and gas industry to find ways to mitigate the
                                                 damage from a windfall tax he imposed on North Sea operators in last
                                                 week‟s Budget. Oil industry executives won this concession after meeting
                                                 Chris Huhne and Justine Greening to express anger over the tax.
                                                 Chinese can invest like a Rothschild: Lord Rothschild launched a $750 million
                                                 private equity fund for Chinese investors in a move that marks a milestone in
                                                 Beijing‟s accelerating plans to internationalise the yuan. The fund, which is
                                                 the first to allow Chinese companies to dip their toes into international stake-
                                                 building via private equity, is designed to tap an investment appetite that is
                                                 increasingly looking outside China to give companies a technical or marketing
                                                 edge back in the cut-throat domestic market.
                                                 Row over tablets strategy costs Acer Chief his job: Acer axed its Chief
                                                 Executive over his disagreements with the board. Gianfranco Lanci will leave
                                                 the Taiwanese computer maker immediately after differences over tactics to
                                                 counter the runaway success of the tablet market, which has hit profits hard.
                                                 Policyholders rewarded as profits soar at Royal London: Hundreds of
                                                 thousands of Royal London policyholders will receive a boost to their with-
                                                 profits investments after Britain‟s biggest mutual life and pensions group paid
  Contact Details                                a special dividend. Royal London declared a “mutual dividend” of £85 million
  Manoj Ladwa                    0207 392 1487   amid improved sales and soaring operating profits.
  Index and Equity Desk          0207 392 1479
                                                 Tenpin bowler takes aim at loss-making sites: Britain‟s second-biggest tenpin
  Institutional Equities         0207 392 1477
                                                 bowling operator has hired advisers to renegotiate leases on up to a third of
  Commodities                    0207 392 1403   its estate in an effort to return the venues to profit. Essenden said that it had
  Options                        0207 392 1472   appointed Ernst & Young to “look at the full range of options” for
  Currencies                     0207 392 1455   restructuring the loss-making sites.
  Internet Dealing Desk          0207 392 1434

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                                                                     01 April 2011



    Surge in price of cotton hits H&M but British sales pick up: H&M defied the
    gloom that has descended on British high streets, but proved impotent in the
    face of the global surge in cotton prices. The world‟s second-largest fashion
    retailer enjoyed a 14% increase in sales in Britain, without a significant boost
    from new stores.
    Legal fight whips up headwinds buffeting green energy giant: The durability
    of dozens of giant turbines off the coast of Suffolk has been brought into
    question after it emerged that wind farm developers are embroiled in a £200
    million legal action with their U.S. construction contractor.
    Topaz sets tone for the markets by putting £1 billion float on hold: Topaz
    Energy and Marine has pulled its £1 billion flotation on the London Stock
    Exchange as City investors balked at the price being asked for the Caspian Sea
    and Persian Gulf oilfield services company.
    Wind farms unreliable, say critics, after lowest energy figures recorded: The
    average output from Britain‟s 275 onshore wind farms fell last year to the
    lowest level on record, according to official figures that call into question the
    Government‟s decision to rely heavily on turbines for future energy.
    International Power: Down 7p to 308p, after a downbeat note from
    JPMorgan Cazenove, which homed in on the fact that its shares were the
    second-worst performers in the European utilities index so far this year.
    Randgold Resources: Up 401p to £49.68, after the goldminer reported an
    increase in reserves, forecast production rises and said that things were fine
    at its newest mine in Ivory Coast despite the unrest in the West African
    country.
    Dixons: Dropping another 1p to 12½p, as brokers chopped their estimates on
    the Electricals retailer after its profit warning on Wednesday.
    Hilton Food Group: Rallied 12½p to 260p, after better-than-expected full year
    results for the company that supplies Tesco with much of its meat.



    Financial Times
    Japan crisis hits nuclear sell-off plan: Plans to sell a stake in Urenco, the
    nuclear fuel manufacturer, to raise £1 billion for a green investment bank
    have stalled after the Japanese nuclear crisis, the Financial Times has learnt.
    Randgold Resources bucks FTSE retreat: Randgold Resources was the best-
    performing blue chip as the FTSE 100 missed out on a seventh consecutive
    sessions of gains.
    Real incomes in regions „fell before recession‟: The purchasing power of
    British workers living outside the capital started to fall five years before the
    recession struck, a study published on Friday has found.
    All3Media lines up possible sale: All3Media has appointed UBS to conduct a
    strategic review that is likely to result in a sale of the business with a price
    range of between £600 million and £750 million.
    Second whistleblower joins Rolls lawsuit: A second whistleblower has joined a
    lawsuit against Rolls-Royce, alleging the company ignored quality inspections
    and safety issues at one of its factories in the U.S.




2            Newspaper Headlines
                                                                       01 April 2011



    M&S starts talks on new pay structure: Marks and Spencer has begun
    consulting shareholders on a new executive pay plan that could see
    remuneration linked more closely to the strategic plans set out by Chief
    Executive Marc Bolland.
    Business angels to receive £50 million handout: Business angels, who take
    stakes in fledgling enterprises, are poised to receive a £50 million handout
    from the regional growth fund in an effort to extend the entrepreneurial
    spirit to poorer parts of the U.K.
    Aviva faces €400 million bill for Spanish partner: Aviva may need to inject up
    to €400 million (£353 million) into Novacaixagalicia to protect its distribution
    joint venture with the Spanish savings bank as the sector goes through a
    round of capital raisings, say analysts.
    Bank panel report set to cheer investors: Sir John Vickers‟ Independent
    Commission on Banking is to recommend the creation of separately
    capitalised U.K. retail banking operations, ringfenced within big bank holding
    companies, according to three people familiar with the process.
    Hands to sell Odeon cinema chain: Terra Firma, the private equity firm run by
    Guy Hands, is putting the Odeon & UCI cinema chain up for sale in a deal
    likely to be valued at between £700 million and £1 billion ($1.1 billion-$1.6
    billion).
    Gaming merger aims to outplay U.S. rivals: Bwin.party became the world‟s
    biggest listed online gambling company on Thursday, the product of two very
    different cultures that are merging to compete with big U.S. rivals.
    Petropavlovsk fails to cash in on gold price: Petropavlovsk failed to fully
    exploit rising gold prices last year as production problems and losses incurred
    on the expansion of its iron ore business pushed pre-tax profits lower.
    Arm Holdings: Rising 2.2% to 575p, on the back of a Bank of America Merrill
    Lynch upgrade to “Buy”.
    Capital Shopping Centres: Eased 0.3% to 383p, after Credit Suisse flagged
    concerns about the outlook for the Lakeside and Trafford Centre shopping
    mall Owner.
    C&W Worldwide: Up 3.5% to 52.45p, on reports that its highly regarded
    Finance Director had resigned following a row over the timing and content of
    a recent trading statement and subsequent profit warning.
    Petropavlovsk: Shed 5.9% to 998p, after earnings from the Russian gold miner
    came in significantly below forecasts.
    Lex:
     Ireland and its banks: Call the fat lady: Ireland‟s banking horror show
      must end now. Its four surviving banks require €24 billion of new capital
      after Thursday‟s stress test results. That brings the amount of public
      money poured down the drain since 2008 to €70 billion – 45% of gross
      domestic product. Ireland‟s pension reserves will supply €17.5 billion of
      the injection; the rest comes from its international bail-out. With equity
      investors already wiped out; the question is whether senior bondholders
      should share the burden. Regardless, the Irish know their banks will
      haunt them for a generation. Allied Irish needs €13.3 billion, Bank of
      Ireland €5.2 billion, Irish Life €4 billion and EBS €1.5 billion. Is this the end
      of the problem? Not necessarily; Anglo Irish and Irish Nationwide, two




3            Newspaper Headlines
                                                                     01 April 2011



        bust banks, may still need more (they were not part of this latest stress
        test). The Irish authorities‟ record in assessing the scale of the banking
        crisis is wretched, so there are grounds for continued scepticism. Still, the
        tests were stringent, including stressing individual mortgages. Irish house
        prices have fallen 38% from their peak at the end of 2006; the central
        bank‟s baseline scenario is that they will have fallen 55% by the end of
        2012. The benchmark used in the stress tests was the U.S. state of
        Nevada, where Standard & Poor‟s estimates that house prices fell by 58%
        from their peak in April 2006.

     U.S. energy goals: bold but old: So Barack Obama wants to slash
      American oil imports by a third by 2025. What his plan has in boldness it
      lacks in originality. Indeed, a TV comedian played video clips showing
      each of the last eight presidents using almost exactly the same language
      to achieve similar goals. The best remembered and most derided is a 1977
      speech by Jimmy Carter in which he pledged, among other things, to cut
      America‟s proportion of imported oil in half. Calling the energy crisis the
      “moral equivalent of war”, his call for shared sacrifice was poorly received
      and has led his successors to emphasise shiny new technologies instead.
      Though remembered as ineffective, Mr Carter at least has the unique
      distinction of living to see one of his major plans achieved – a strategic
      petroleum reserve. Presidential energy goals fall into two distinct
      categories: pie-in-the-sky fantasies such as George W. Bush‟s “hydrogen
      economy” or targets that were achievable such as doubling vehicle fuel
      economy. Happily for Mr Obama, the geological and economic winds are
      at his back, placing his latest goal firmly into the latter group.

     Succession pains: who‟s next?: Warren Buffett and Rupert Murdoch are
      both octogenarian billionaires (third and 122nd on the latest Forbes list)
      who exercise tight control over listed companies. Some shareholders are
      unhappy with the way successors are being chosen. The commonality is
      not a coincidence. The two presumably did not consult on timing their
      latest news. Still, it is fitting that the resignation of David Sokol, widely
      considered the heir apparent at Mr Buffett‟s Berkshire Hathaway, came
      only hours after the appointment of James Murdoch, Rupert‟s son, as
      deputy Chief Operating Officer and heir apparent at News Corp. The two
      events reflect similar struggles. Mr Buffett and the elder Mr Murdoch
      each gained his wealth by being able to see the world more clearly than
      rivals (and by using leverage to multiply that advantage). Their specialities
      differ: Mr Buffett searches out undervalued profitable franchises, while
      Mr Murdoch has a winning intuition about popular taste and media
      technology. Both disdain conventional wisdom. Neither is able to stop
      making big decisions.

    Lombard:
     Icap‟s Spencer banks on the rise of the machines: Interdealer broking
      professionals must be as nervous as 18th century hand weavers
      confronted with power looms. Electronic trading platforms, such as
      iSwap, the brainchild of broking group Icap, could put many of them out
      of a job. But for Icap‟s founder and Chief Executive Michael Spencer,
      iSwap is the mechanism that will propel his FTSE 100 business into a new
      growth phase. Figures released on Thursday show that iSwap, through
      which Icap‟s customers deal in Euro interest rate swaps, has transacted
      4,100 trades worth €350 billion (£308 billion) since launch last September.
      That equates to 20% of Icap‟s dealings in that financial product over the
      period and 30% in March. Mr Spencer expects to beat 50% – “a tipping
      point” – by September. He promises that iSwap will push into dollar
      interest rate swaps this year. The rapid growth of the platform heralds an
      era when most trades in financial derivatives classed as “over-the-counter”




4           Newspaper Headlines
                                                                     01 April 2011



        – meaning that they are not handled by traditional securities exchanges –
        are transacted electronically. The credit crunch has prompted the U.S. and
        European Union to start dragging OTC derivatives transactions, worth an
        estimated $6.2 billion in broking revenues annually, on to electronic
        platforms. Regulators believe greater transparency will help them spot
        bubbles.

     Bus fuss: Hear the groans at National Express. Just when Chief Executive
      Dean Finch thought he had steered the bus round the corner, some of
      the passengers have pulled the emergency alarm. But what does Elliott
      want? The hedge fund and 13% shareholder says it backs management
      but has demanded the appointment of three Non-Executive Directors.
      The timing is curious. A review of the non-executive board was already
      under way when the unsolicited resolution was put forward and annual
      elections will be introduced next year. Elliott says that National Express
      should invest more heavily in the U.S., where the transport group runs
      school bus services. That looks sensible. The company is unlikely to have
      any rail contracts in the U.K. once its remaining franchises expire. The
      government is keen to make an example of National Express for handing
      back the keys of the East Coast service.




    The Daily Telegraph
    Irish banks need €24 billion more to survive economic shocks: Ireland has said
    its four remaining banks require another €24 billion (£21 billion) of funding to
    enable them to withstand potential losses from a worsening of the economy.
    Belgian bank Dexia was biggest borrower from Federal Reserve discount
    window: Dexia proved the biggest borrower from the Federal Reserve‟s
    discount window in the week of the financial crisis that saw record demand
    for the facility.
    Portugal pressured to take EU bail-out after new data: New figures showed
    the country‟s budget deficit stood at the equivalent of 8.6% of its gross
    domestic product (GDP) for 2010, missing the government‟s 7.3% target by
    more than a percentage point.
    BP hit by health claims over Gulf of Mexico clean-up: BP must compensate the
    crews of boats and residents who were allegedly harmed by chemicals used
    cleaning up last year‟s oil spill in the Gulf of Mexico.
    London 2012 Olympics: Mobile phone operators ditch plans to bring
    reception to the London Underground: Mobile phone operators have
    abandoned plans to bring mobile reception to the London Underground in
    time for the Olympics.
    Currency dealer Interchange Organization on brink of collapse: Thousands
    more holidaymakers have seen their savings put at risk because of problems
    at an unregulated foreign exchange company.
    Bank of England warns of rise in loan defaults: The number of Home Owners
    unable to keep up with their loan repayments is expected to rise, the Bank of
    England has warned.
    EMI loses „Down Under‟ riff rip-off appeal: EMI, the British music group, has
    lost an appeal against a ruling that Australian band Men at Work‟s iconic
    1980s hit Down Under ripped off Kookaburra Sits in the Old Gum Tree.




5           Newspaper Headlines
                                                                     01 April 2011



    Vodafone: Falling 1%, as it planned to buy out Indian partner Essar in a $5
    billion deal that ratchets up its exposure to a mobile market that has proved
    challenging despite its rapid growth.
    Mothercare: Tumbled 8.2% to 405.6p, as it warned it expected profits from
    its U.K. business to remain under “significant pressure” in 2011/12.
    The Questor Column:
     BG Group performs now natural gas is back in vogue: Gas prices across
      the world have been subdued for the past few years because of the
      general perception that there was a global glut of gas. This was caused
      by the development of massive shale gas deposits in the U.S. and the
      consequent plunge in the Henry Hub price. Henry Hub is the price used to
      calculate natural gas futures prices in the U.S. It is the actual price of gas
      at a physical location in Erath in Louisiana, where 13 gas pipelines
      intersect. This means gas at this location can be pumped to many of the
      country‟s major gas markets and it is considered the U.S. benchmark
      price. The first commercial production well at the Lula field, in which BG
      owns a 25% stake, will be more than 20,000 barrels a day and Brazil is
      expected to become BG‟s largest source of oil in the next decade. Earlier
      this year Morgan Stanley calculated that 64% of production will be oil by
      2020. The company is expected to invest about $30 billion (£18.7 billion)
      in Brazil over the next decade. BG is also a majority shareholder in Brazil‟s
      biggest natural gas producer, Comgas, and a shareholder in the Brazil-
      Bolivia gas pipeline. BG shares are trading on a December 2011 earnings
      multiple of 18 and yielding 1%. The shares were first tipped at £10 on 05
      January, 2009, and they are now up 56% compared with a FTSE 100 up
      30%. BG Group. £15.64½ +22½p. Questor Says “Buy”.
     May Gurney orders are reassuring: The company said it expected full year
      numbers to be at the top of forecasts and that the group continued to
      win business against a difficult backdrop. The company is involved in
      highway maintenance and recycling as well as rail, water and utility
      services. These include clean and waste water improvements, asset and
      infrastructure maintenance, mechanical and electrical design and
      maintenance, inspection and maintenance for bridges and masts, site
      investigation and design. The company has a net cash position of £9
      million and its forward order book stands at £1.4 billion. Current orders
      cover analysts‟ predictions for 85% of forecast 2012 earnings. Indeed,
      there were a number of new contacts unveiled including a £20 million
      deal with Anglian Water and a £23 million expansion of its contract with
      South West Water. Indeed, this has been such a significant issue for
      motorists that George Osborne unveiled a £100 million repair fund in the
      Budget to mend the country‟s potholes. May Gurney shares‟ current year
      earnings multiple is 10.6 falling to 9.3 next year, which does not look
      overstretched. The prospective yield is 2.5%. The shares were first
      recommended at 218p on October 2009, and they have been very volatile
      as investors fretted about the impact of government spending. They are
      now up 17% compared with the FTSE 100 up 19% and the rating on the
      shares remains buy. May Gurney. 255p+19p. Questor Says “Buy”.




6           Newspaper Headlines
                                                                        01 April 2011



    The Independent
    Fears as total of mortgage defaulters rises: The Bank of England will reveal
    how the credit crunch and squeeze on family budgets is pushing more people
    into arrears on their mortgages.
    Sokol defends share buys while working for Buffett: David Sokol, the man
    who had been expected to succeed Warren Buffett as head of Berkshire
    Hathaway, insisted that he did nothing illegal or unethical by buying shares in
    a chemicals company before recommending that the billionaire investor make
    a takeover bid.
    Microsoft takes Google complaint to Europe: Following a decade of battles
    with the European Commission, Microsoft has surprised the market by calling
    on its old foe to rein in Google, claiming the search engine giant was
    engaging in anti-competitive practices.
    Barclays tapped U.S. Fed funds for $1 billion: Emergency lending by the U.S.
    Federal Reserve came to the aid of international as well as American banks
    during the financial panic of 2008, according to data reluctantly released by
    the central bank.
    WTO rules Boeing had $5.3 billion subsidy: In the latest twist in the long-
    running row between Boeing and Airbus, the World Trade Organisation has
    ruled that Boeing received at least $5.3 billion (£3.3 billion) in illegal subsidies
    from the U.S. government.
    Ofcom calls on BT to cut charges for broadband: Communications watchdog
    Ofcom has called on BT to cut wholesale broadband and landline prices, but
    insiders at the telecoms giant said it was too early to tell whether the
    difference will be passed on to customers.



    The Guardian
    Ireland‟s economic recovery to be built on two „pillar‟ banks: Ireland‟s once
    booming banking sector is to be shrunk by €73.6 billion (£65 billion) into two
    “pillar” banks by the country‟s new government as it seeks to find a way out
    of the three-year financial crisis that has crippled the economy.
    Increase in Eurozone interest rates would be „disaster‟ for Spain, warns
    Catalonia‟s Economy Minister: A rise in Eurozone interest rates next week
    would damage Spain‟s recovery and hurt many small businesses and
    homeowners who are struggling to repay loans, according to Andreu Mas-
    Colell, the Catalonian regional government‟s Economy Minister.
    Coventry building society „could buy Northern Rock‟: Coventry building
    society has thrown its hat into the ring as a potential partner for the “good”
    part of Northern Rock that executives are trying to sell back to the private
    sector after being nationalised in February 2008.
    Oddbins goes into administration – putting 400 jobs at risk: Oddbins looks
    likely to become the retail sector‟s latest victim after the struggling wine
    retailer caved in to the combined forces of the credit crunch, supermarkets
    and tax collectors, and went into administration.
    BP denies Kremlin move will damage Rosneft alliance: Sources close to BP
    deny that its strategic alliance with Rosneft will be jeopardised by Kremlin




7            Newspaper Headlines
                                                                      01 April 2011



    moves to force the resignation of the Russian Energy Group‟s Chairman, Igor
    Sechin.



    Daily Mail
    Mothercare warns consumer demand is „weaker‟: Mothercare‟s sales are still
    in the doldrums while its profit margins have taken a hit from clearance sales
    of autumn and winter stock in its British stores. The retailer said its U.K. like-
    for-like sales were 2.4% lower in the quarter to 26 March, and down 4% for
    the year.
    Wary Britons dampen TUI summer bookings: TUI Travel‟s summer bookings
    from the U.K. have slipped 6% as it contends with thrifty holidaymakers and
    the upheaval in Egypt and Tunisia.
    Barclays Boss Diamond „happy to be in London‟: The Boss of Barclays insisted
    that he was happy to keep his headquarters in London - despite attempts by
    the U.S. authorities to lure the British bank across the Atlantic.
    James Murdoch third in line at News Corp: James Murdoch cemented his
    position as heir apparent to his media tycoon father Rupert after he was
    promoted to number three in the News Corp Empire.
    Laura Ashley: Fell 9% after a 2.4p fall to 22.9p, as news of a 4.2% drop in
    recent U.K. like-for-like sales overshadowed a near-doubling in full year
    profits.
    Taylor Wimpey: Rise 1.1p to 42.4p, after it announced the sale of its U.S.
    business to a group of private equity firms for $955 million as part of plans to
    cut its debt and focus on its U.K. business.
    Broker Views:
     Kingfisher: Matrix upgrade the stock to “Buy” and increased the target
      price to 267.00p

     Yell Group: AlphaValue maintains a “Buy” rating on the stock, with a
      target price of 30.00p

     Falkland Oil & Gas Ltd: Evolution Securities maintains a “Buy” rating on
      the stock, with a target price of 198.00p

     Worldspreads Group: Collins Stewart maintains a “Buy” rating on the
      stock, with a target price of 100.00p

     Dixons Retail: Macquarie downgraded the stock to “Neutral” and
      decreased the target price to 16.00p

     Immupharma: Panmure Gordon & Co Limited downgraded the stock to
      “Hold” and decreased the target price to 80.00p




    Daily Express
    LSE listings bounce-back: New listings on the London Stock Exchange have
    soared 90% as companies from around the world defy market volatility to
    bounce back from the credit crunch.




8            Newspaper Headlines
                                                                     01 April 2011



    Prudential Chief Executive Tidjane Thiam rewarded despite AIA Gaffe:
    Prudential Chief Executive Tidjane Thiam was awarded a near maximum
    bonus for last year despite arousing shareholder ire for the botched handling
    of the proposed takeover of Asian insurer AIA last year.
    Taylor Wimpey bows out of U.S.: Housebuilder Taylor Wimpey is focusing on
    its British business after selling its North American operations for $955 million
    (£596 million).
    Vodafone pays Essar $5 billion: Vodafone Group rang the changes to end an
    increasingly acrimonious dispute with Essar by paying $5 billion (£3.13 billion)
    to buy out its conglomerate partner from their Indian joint venture.
    Laura Ashley and Mothercare shares plunge: Shares in Laura Ashley and
    Mothercare plunged as they became the latest U.K. retailers to warn that
    collapsing consumer confidence was battering sales.



    The Scottish Herald
    Wiseman Dairies bids to recover rise in costs Dairy seeks to recover costs:
    Robert Wiseman Dairies has revealed it is in talks with retailers, including
    supermarkets, in an effort to recover increased milk and oil-related costs.
    NI plan fails to help start-ups: Fewer than 400 Scottish start-ups have
    benefited from a flagship measure included in the last Budget that Ministers
    said would help 400,000 new businesses across the U.K.
    Defra finds farmers swap ear tags to keep TB cattle: Defra (Department for
    Environment, Food and Rural Affairs) Minister of state Jim Paice announced
    he has received evidence that a small number of farmers have been illegally
    swapping cattle ear tags in order to retain highly productive TB reactors.
    Ex-Dana Chief laments tax rise: Tom Cross has said the surprise hike in the
    North Sea tax rate is bad news for the industry but should have no impact on
    his plans to develop another successful business in the area.




9            Newspaper Headlines
                                                                  01 April 2011




     Market Round Up
      FTSE 100 declined 0.7% to 5,908.8.
      FTSEurofirst 300 index dropped 0.9% to close at 1,124.9.
      DJIA closed 0.3% lower, at 12,319.7, while NASDAQ rose 0.2% to
       2,781.1. S&P 500 Index fell 0.2% to 1,325.8.
      Nikkei 225 index is trading 0.5% higher, at 9,808.0.
      In Asia, crude oil for May delivery is trading 35 cents higher at
       $107.07 per barrel.
      At 0400 BST today, the GBP is trading 0.1% higher against the USD
       at $1.6034, 0.1% higher against the EUR at €1.1323 and 0.4%
       higher against the JPY at ¥134.16.




10        Newspaper Headlines
                                                                                                                              01 April 2011




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