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					                                               Newspaper Headlines
                                               01 September 2010


                                               The Times
                                               Tiddler to Watch: Origo, the AIM-listed fund that is focused on China, has
                                               tapped into the electric vehicle market after paying $4.3 million for a 16½%
                                               stake in Unipower Battery. The company produces lithium-ion batteries that
                                               can be used in the likes of electric buses and hybrid cars. The deal takes Origo
                                               to the 75% level of funds invested and sent shares up ½p to 27p.
                                               Bet of the Day: DSG International‟s interim results on Thursday should be
                                               acceptable but the outlook may well be less than optimistic as the U.K. edges
                                               closer to a period of extreme austerity. Shares in the Owner of Dixons, Curry‟s
                                               and PC World have fallen from 36p to 24.04p since April.
                                               Gilts: Gilts made hay in the post-Bank Holiday sunshine as they closed the gap
                                               on bunds after Monday‟s break. December gilt futures closed 66 ticks higher
                                               at 125.26 despite a strong end to the day on the stock markets. The U.K.
                                               Debt Management Office will sell £1 billion of the 2038 gilt via a mini-tender,
                                               according to its issuance calendar.
                                               Tesco under pressure to deliver promised rebuild: Tesco was under
                                               heightened pressure to deliver on its promise to redevelop a crumbling town
                                               centre that it took control of nearly a decade ago.
                                               Number crunchers say prices switch unfair to homeowners: A leading statistics
                                               body has attacked the Government‟s decision to base benefits payments on a
                                               measure of prices that does not include the cost of housing for homeowners,
                                               such as mortgage interest.
                                               Time to turn page, says Obama as troops leave Iraq: President Obama
                                               declared an end to America‟s seven-year combat mission in Iraq, hailing the
                                               milestone as a promise kept to the American people and declaring it “time to
                                               turn the page” and focus on rebuilding the shattered economy.
                                               Broadcasters call for revamp of rules as „super indies‟ reap rewards of rights
                                               deal: ITV and the BBC want a radical overhaul of rules set up to protect
                                               independent production companies, and have complained that some “super
                                               indies” were part of media groups more powerful than the broadcasters
                                               themselves.
                                               Stop shouting! Get HD on your mobile: The era of the crackly mobile phone
                                               call may be nearing an end after Orange unveiled the first “high-definition”
                                               voice service.
  Contact Details                              Bunzl buying spree reaches eight, with further deals on the cards: Bunzl
  Manoj Ladwa                0207 392 1487     surpassed its own targets for acquisition-based expansion after signing its
  Index and Equity Desk      0207 392 1479     seventh and eighth takeovers of the year.
  Institutional Equities     0207 392 1477
                                               EDF passes on higher cost of electricity: EDF Energy will raise electricity prices
  Commodities                0207 392 1403     by 2.6% for more than a third of its customers from 1 October and is
  Options                    0207 392 1472     reviewing its gas prices.
  Currencies                 0207 392 1455
                                               Credit card write-offs soar as more households fall into debt: Lenders were
  Internet Dealing Desk      0207 392 1434     forced to write off a record £2.1 billion of credit card debt in the April-to-June
                                               quarter as their customers struggled to cope with repayments.
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customerservice@etxcapital.co.uk                           www.etxcapital.com                     Refer to the last page for disclaimer
                                                                  01 September 2010



    SEC finds evidence of fraud at Moody‟s but will not bring charges: The
    Securities and Exchange Commission found evidence that Moody‟s Investors
    Service committed fraud after a computer error led the agency to inflate
    European debt ratings, but will not bring charges.
    JAL to cut 16,000 staff in restructure: Japan Airlines took the first step to
    return from bankruptcy, when it submitted a rehabilitation plan to shed
    16,000 jobs, cut routes and sell its hotels.
    Capital losses as Tube closures hit events: A record number of transport
    closures have clashed with London‟s biggest sporting fixtures and concerts,
    tarnishing the city‟s reputation as a world leader in staging major events.
    Nestlé: Richard Laube, head of the Swiss food group‟s nutrition division, is
    leaving the company with immediate effect to pursue “personal
    opportunities”.
    BTG: The FTSE 250 biotech said it had agreed to pay Nycomed U.S. up to
    $16.6 million (£10.7 million) for the U.S. rights to market CroFab and DigiFab,
    its poison treatments.
    Tasty: The operator of the Dim T and WildWood restaurant chains is to
    acquire two Brasserie Gérard outlets from Paramount Restaurants for
    conversion to the WildWood concept.
    Hilton Worldwide: Royal Bank of Scotland has confirmed the appointment of
    CBRE Hotels as adviser on the sale of six Hilton hotels in Britain, including the
    Glasgow Hilton and the Hilton Brighton Metropole.
    News Corporation: Mark Hurd, the former Hewlett-Packard Chief Executive,
    will leave the board of the parent company of The Times after he was not
    nominated for re-election as a Director.
    Rok: The London-listed building services group, based in Exeter, said it had
    agreed a £40 million three-year deal for home emergency services with Axa,
    the insurer.



    Financial Times
    UTV boosted by ad recovery in Ireland: A recovery in the Irish advertising
    market and a boost from the World Cup for its U.K. radio station Talksport
    gave UTV Media a strong first half.
    PotashCorp calls BHP‟s behaviour unethical: The hostilities between
    PotashCorp and its suitor BHP Billiton escalated when the Canadian fertiliser
    producer accused the multinational miner of “highly unethical” behaviour.
    HSBC sells U.S. car loans business to Santander: HSBC has announced the sale
    of a portfolio of U.S. car loans to Santander, the acquisitive Spanish banking
    group, for about $4 billion (£2.6 billion) in cash and assumed debt.
    Demonised „algos‟ push the surge in FX trading: Since the infamous stock
    market “flash crash” of 6 May, high-frequency, or algorithmic, trading has
    been unwillingly dragged into the political and regulatory limelight.
    Catastrophe losses hit Omega Insurance: Omega Insurance fell into the red in
    the first half of the year after heavy catastrophe losses weighed on the results
    for the company‟s recently overhauled management team.




2            Newspaper Headlines                      Refer to the last page for disclaimer
                                                                   01 September 2010



    AIM Directors‟ pay outstrips average: Chief Executives of companies listed on
    the Alternative Investment Market (Aim) enjoyed a pay rise of 5.7% in the
    last financial year almost three times the rate of salary growth across the U.K.
    despite the fragile economic recovery.
    Alliance Boots insures pension benefits: Alliance Boots said it has insured itself
    against any further possible costs associated with a portion of its final salary
    pension scheme, which it closed to further accruals at the end of June this
    year.
    Arm Holdings: Jumped 8.5% to 3663/4p, as the bid battle for 3Par and Intel‟s
    purchase of Infineon Technologies‟ wireless chip business helped reheat
    technology sector consolidation hopes.
    Vodafone: Climbed 2.3% to 157p, following reports that it was close to selling
    its 3.3% stake in China Mobile, which is valued at about £4 billion.
    Reckitt Benckiser: Gained 2.4% to £32.63, after U.S. regulators approved a
    new dosage formulation of its heroin substitute, Suboxone, which lost patent
    protection last year.
    Weir Group: Gained 4.1% to £12.07, amid bid speculation, with General
    Electric and GEA of Germany both named as potential predators for the
    pump-maker.
    Lex:
     Central banker who fails to tick the boxes: What are central bankers
      supposed to do? Their recent record suggests a basic inability to tick the
      boxes on the traditional job description: avoid financial crises, keep banks
      out of trouble and get gross domestic product growing strongly after a
      recession. Under the circumstances, some professional confusion is
      understandable. But Thilo Sarrazin seems to have gone too far in trying
      to redefine the role. Mr Sarrazin has been on the board of the German
      Bundesbank since May 2009, although ostracised by his peers there for
      wild attacks on welfare cheats and Muslim immigrants. His new book,
      Germany Does Itself In, came out last week. It earned a public rebuke
      from Angela Merkel, the German Chancellor. Mr Sarrazin is under strong
      pressure to give up central banking altogether.

     U.S. wind power: Much like the wind itself, the business of harnessing its
      power comes and goes in great gusts. The U.S. is now in one of the
      painfully quiet periods wind power installations in the first half of the
      year were down 71% versus a year ago and 57% from the same period in
      2008 with further declines expected next year but it has become an
      opportune time to go green for big, dirty utilities. Exelon‟s $900 million
      purchase of Deere & Co‟s wind development unit for a little more than
      $1,200 a kilowatt plus some juicy tax credits and projects under
      development seems to be a wise move and may presage more deals.

     Wireless chipmakers: There are still a few billion people left on the planet
      yet to own a computer. And a large proportion of these unwebbed will
      get their first taste of processing power from the most personal of
      computers: smartphones. At the same time mobile phone technology is
      finding its way into other consumer devices, for example providing books
      and map updates on the go. No wonder then that Intel, which makes the
      microprocessors found in four of every five PCs sold globally, this week
      snapped up the wireless chip business of Germany‟s Infineon.




3            Newspaper Headlines                       Refer to the last page for disclaimer
                                                                 01 September 2010



    Lombard:
     Candover‟s humbled barbarians ready rummage sale: A belief in private
      equity‟s automatic power to pep up tired portfolios now seems very last
      decade, like an enthusiasm for Ugg boots or admiration of Tony Blair.
      The decision of Candover Investments to wind itself up is consistent with
      the post-credit crunch malaise in the asset class. Candover once belonged
      to a prestige-laden cadre of U.K. based private-equity houses that
      included Apax, Bridgepoint and Permira. Its intervention in company
      disposals as a bidder with plentiful cheap credit would jack up the asking
      price beyond the reach of humble trade buyers.

     Casino capitalism: “If it‟s not rough, it isn‟t fun” sang Lady GaGa, a
      chanteuse popular with the yoof, in her Texas hold ‟em-themed chart hit
      “Pokerface”. But poker is proving too rough altogether for many online
      businesses. On Tuesday, for example, Gibraltar-based 888 Holdings
      reported that poker revenues had dropped by $6.8 million to $19.6
      million in the first half compared with the same period in 2009,
      depressing group profits. While poker has deep roots in the U.S. – where
      many players brave a ban on the online game – the fad for poker in
      Europe is proving to be just that. The fun of being fleeced online by
      sarcastic card sharps soon wears thin.888 aims to make up for dwindling
      poker revenue by increasing income from its online casino, now featuring
      an “immersive” 3D environment complete with top-heavy croupier
      avatars. Real women are meanwhile the target of its rapidly growing
      bingo division. But such measures offer limited growth potential.

     Potash passion: Few of us feel passionately about potash, a mineral used
      to make plants grow. Lombard could not even have guessed what it was
      – besides the contents of a hippie‟s ashtray – until news of BHP Billiton‟s
      $39 billion bid for PotashCorp broke. Yet the bid battle is becoming oddly
      engaging. The takeover represents a punchy bet on Chinese growth. And
      the spectacle of slick Executives emoting over such a humble commodity
      is pleasantly absurd. On Tuesday PotashCorp accused BHP of “raising
      questions about our ability to do business across the nutrient spectrum”
      in tones once reserved for accusing a cavalry Officer of cheating at cards.
      The bigger mystery is why BHP wants to pull PotashCorp out of Canada‟s
      potash cartel. Many businesses, while lauding free markets, would
      secretly love to belong to a legal price-fixing ring.




    The Daily Telegraph
    Credit Suisse defends its bankers‟ mid-year bonus: Credit Suisse has defended
    a decision to award its London-based bankers with a surprise mid-year bonus
    by claiming that it had no choice after its compliance with British rules on pay
    backfired.
    U.S. markets suffer their worst August in almost a decade: U.S. stock markets
    suffered their worst August in almost a decade, as evidence mounts that the
    recovery in the world‟s biggest economy is slowing to a crawl.
    America faces „crisis of leadership‟, leading Wall St investor warns: America
    faces a “crisis of leadership” that is damaging the country‟s recovery, one of
    Wall Street‟s leading hedge fund managers has warned in a scathing attack
    on President Barack Obama.




4            Newspaper Headlines                     Refer to the last page for disclaimer
                                                                  01 September 2010



    U.K. mortgage approval rise but total lending weakest since March: British
    mortgage approvals and consumer credit lending rose unexpectedly in July,
    but total net lending was its weakest since March.
    National Insurance tax holiday to begin on 6 September, HMRC says: The
    Treasury is aiming to launch a one year national insurance contributions
    holiday for start ups worth up to £5,000 for each of the first 10 staff hired in
    a new venture‟s first year.
    Dana Petroleum: Edged up 3p to £18.13, following reports in the Korean
    press that Tom Cross, Chief Executive, said they may be a potential
    counterbid for the company.
    F&C Asset Management: Rose 1.2p to 63p, as activist investor Sherborne
    increased its stake to 14.6%.



    The Independent
    House prices set to slump even further as home loans stay scarce: The housing
    market faces a “double-dip” recession this year, with falling prices and a rising
    tide of negative equity hitting homeowners hard.
    Online gambler 888 Holdings axes dividend: 888 Holdings reported a double-
    digit bounce-back after its online poker and casino gambling businesses
    slumped during the World Cup, but it scrapped dividend payments over
    uncertainty about future regulation in its key European markets.
    Shed Media profit increases by 22%: Shed Media said it overcame a
    “turbulent” television market in the first half of the year as it reported a 22%
    rise in adjusted pretax profits.
    India‟s middle class drives economic growth of 8.8%: Resurgent consumption
    by India‟s growing middle class helped to push the country‟s growth up to
    8.8% in the past quarter the highest rate in more than two years.



    The Guardian
    Ryanair to pull out of Belfast City airport over runway delays: Michael O‟Leary
    predicts job losses and blames government for runway extension hold-ups as
    airline withdraws five routes.
    Anglo Irish Bank reports €8.2 billion first half losses: Ireland‟s beleaguered
    banking sector has suffered a further blow after the nationalised Anglo Irish
    Bank revealed it will need further government loans following losses of €8.2
    billion (£6.7 billion) for the first six months of this year.
    Lacklustre stock markets halt autumn floats: An array of rumoured flotations
    that were delayed during the financial crisis but tipped for revival this autumn
    have been shelved again on fears about the state of the capital markets.
    Government could earn £30 billion profit from bailout scheme – The Banker:
    The government is set to reap almost £30 billion from its holdings in the
    British banks it bailed out at the time of the financial crisis.




5            Newspaper Headlines                      Refer to the last page for disclaimer
                                                                   01 September 2010



    Daily Mail
    Virgin faces pilots‟ strike over days off: Virgin Atlantic is facing showdown
    talks with pilots to try to avert a strike in a dispute over the scheduling of
    days off.
    Apax builds profits in tough times: Apax, the PE firm behind the New Look
    retail chain, has dodged the downturn to post a 14% increase in annual
    pretax profits.
    Investor Kirsh could trigger Minerva split: Rebel investor Nathan Kirsh will
    consider splitting up property group Minerva, if he succeeds in forcing out the
    firm‟s management.
    Ombudsman mortgage bill complaints up: Increasing complaints to the
    Financial Ombudsman Service point to a growing number of mix-ups with
    mortgage bills.
    Negative equity curse „will last until 2014‟: Tens of thousands of people who
    bought a home at the peak of the market will remain trapped in negative
    equity until 2014.
    UTV Media: Jumped 8.75p to 114.75p, after the Northern Irish broadcaster
    posted a 17% rise in first half pretax profit.
    Broker Views:
     Clipper Windpower: HSBC upgraded the stock to “Overweight” and
      increased the target price to 100.00p

     British Polythene Industries: Investec maintains a “Buy” rating on the
      stock, with a target price of 400.00p

     Hansen Transmissions International: HSBC maintains              a    “Overweight”
      rating on the stock, with a target price of 95.00p

     Charter International: Arbuthnot Securities maintains a “Overweight”
      rating on the stock, with a target price of 1000.00p

     Encore Oil: Westhouse Securities maintains a “Buy” rating on the stock,
      with a target price of 84.00p

     Sage Group: Panmure Gordon maintains a “Buy” rating on the stock, with
      a target price of 282.00p




    Daily Express
    Gold keeps Climbing as double-dip feared: The price of gold hit a two-month
    high and sterling fell against the dollar as investors piled into safe haven
    assets amid fears the U.S. could slide back into recession.
    Candover set to wind down after Bid fails: Candover Investments confirmed it
    is one of the credit crisis‟s largest PE victims by unveiling plans to wind up its
    business following a failed takeover attempt last month.
    Encore soars on find: Oil and gas explorer Encore has struck black gold in the
    North Sea, sending its shares soaring and fuelling hopes of an industry
    renaissance in the region.




6            Newspaper Headlines                       Refer to the last page for disclaimer
                                                                01 September 2010




    The Scottish Herald
    Armoured vehicle maker rolls in with bumper profit: Penman Engineering
    Holdings has turned in a bumper trading profit as escalating global security
    fears and continuing military and police campaigns against insurgent
    movements around the world have sharpened demand for its products.
    U.K. consumer confidence rises: U.K. consumer confidence has risen in August
    for the first time since February, a key monthly survey reveals.
    University assists nano-circuit race: Glasgow University is spinning out a
    company that will help microchip developers work with components just
    fractions of a hair‟s breadth in size.
    Pensions-for-all scheme „could hit‟ contributions: More than 40% of larger
    employers are likely to reduce the future pension benefits of their employees
    to mitigate the costs of the Government‟s „auto-enrolment‟ scheme in two
    years‟ time.
    Another record year as Fringe ticket sales nudge 2 million mark: The world‟s
    biggest arts festival has got even bigger after it was revealed that a record
    1.95 million tickets were sold for this year‟s Edinburgh Festival Fringe.




       Market Round Up
       FTSE 100 rose 0.5% to 5,225.2.
       FTSEurofirst 300 index added 0.1% to 1,026.3.
       DJIA gained 0.1% to 10,014.7. NASDAQ fell 0.3% to 2,114.0. S&P
        500 index closed marginally higher, at 1,049.3.
       Nikkei 225 index is trading 1.0% higher, at 8,914.4.
       In Asia, crude oil for October delivery is trading 33 cents higher at
        $72.25 per barrel.
       At 0410 BST today, the GBP is trading 0.3% up against the USD at
        $1.5375, marginally higher against the EUR at €1.2107 and 0.6% up
        against the JPY at ¥129.86.




7           Newspaper Headlines                     Refer to the last page for disclaimer
                                                                                                                        01 September 2010




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