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									                                               Newspaper Headlines
                                               14 October 2010


                                               The Times
                                               Tiddler to Watch: Shares in Instem Life Science Systems rose 10p to 185p on
                                               its first day as a listed company. Instem, which provides software to help big
                                               pharmaceutical companiesto manage data during drug trials, has raised more
                                               than £9 million in its flotation. The Staffordshire-based business plans to use
                                               the funds to buy up some smaller rivals in America.
                                               Bet of the Day: Shares in Balfour Beatty rose 0.3p to 263.9p after it extended
                                               the reach of Parsons Brinckerhoff, its recently acquired American construction
                                               and engineering business, by buying Canada‟s Halsall for £33 million. The
                                               employee-owned services business, which has seven offices and more than
                                               300 employees, generated revenues of £26 million in 2009.
                                               Gilts: Gilt futures slipped but outperformed bunds thanks to weak British data
                                               and hawkish comments from European Central Bank policymaker Axel
                                               Weber. The December gilt future settled 35 ticks lower at 125.21, turning tail
                                               from a contract high of 125.82 touched on Tuesday but outperforming the
                                               equivalent bund contract by about ten ticks.
                                               Cable‟s £26 billion Royal Mail pension asset sell-off: The green light was given
                                               to one of the biggest asset sales seen in the City as the Government
                                               committed to taking over the Royal Mail Pension Plan and liquidating most of
                                               its £26 billion of bonds, shares and property.
                                               New image? Burberry has it in the bag: It is one of the first and most
                                               important lessons in fashion: there is nothing like the right handbag to set off
                                               an outfit. And it seems the message is getting through.
                                               Deloitte prepares Russian takeover as accountants integrate to accumulate:
                                               Deloitte‟s British division is in talks about the acquisition of its Russian
                                               counterpart in the latest move by leading global accountancy firms to
                                               streamline their European operations.
                                               Britain goes retro in Christmas run-up: The gradual encroachment of
                                               Christmas into autumn has been a perennial bugbear of Scrooges for years.
                                               But this month a cold spell really has triggered an unusually early start to
                                               Christmas spending, according to John Lewis.
                                               BAA refuses to admit defeat in fight against break-up: BAA will appeal to the
                                               Supreme Court after a Competition Commission order to break up its
                                               monopoly control of Britain‟s airports was restored.
  Contact Details                              BA cabin crew vote: will it be on a pay offer, or for a strike?: British Airways is
  Manoj Ladwa                0207 392 1487     edging closer to a peace deal with its cabin crew, with further meetings
  Index and Equity Desk      0207 392 1479     planned for today.
  Institutional Equities     0207 392 1477
                                               Starbucks rules say slow down and smell the coffee: If you think the queues
  Commodities                0207 392 1403     at your local Starbucks are long, just wait until your friendly baristas have
  Options                    0207 392 1472     read their employer‟s latest training manual.
  Currencies                 0207 392 1455
                                               Barcrest is prize in £100 million bidding game: Barcrest, one of Britain‟s
  Internet Dealing Desk      0207 392 1434     biggest gaming and amusement machine suppliers, has been put up for sale
                                               with a price tag of up to £100 million.
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                                                                     14 October 2010



    Big banks fear they will be forced into cash calls: Britain‟s biggest banks were
    under pressure to follow Standard Chartered‟s surprise £3.3 billion capital-
    raising and satisfy regulators‟ demands for extra financial strength.
    Price of miners‟ fame may be £100 million family fortunes... or fallouts: Films,
    book deals and television documentaries could net the Chilean miners as
    much as £100 million — provided that they stick together — media experts
    said.
    Microsoft makes its Bing Facebook-friendly: Microsoft‟s Bing search engine
    will be able to tell users what kinds of things their friends like by
    incorporating user data from social-network platform Facebook to improve its
    search results.
    BAE Systems: Rose up 10p to 365p, ahead of winning a $300 million (£188
    million) five-year deal with the U.S. Defense Intelligence Agency to modernise
    its computer workstations by creating a worldwide virtual desktop
    infrastructure for its users and intelligence analysts.
    Icap: Rose 211/4p to 479p, after Barclays Capital raised its price target to 535p
    to 500p arguing that the inter-dealer broker was best placed to benefit from
    over the counter derivatives reform.
    Rockhopper Exploration: Dropped 97p to 363p, after it said that more data
    was needed to justify the level of reserves it previously said it had at its Sea
    Lion oilfield in the Falkland Islands.
    Beowulf Mining: Rallied 1.05p to 10.3p, after a stock overhang was cleared.



    Financial Times
    Man Group rising as fund nears key fee level: Man Group continued its run as
    the FTSE 100 hit its highest level in almost six months.
    Listed fund to feed appetite for structured credit: Rising investor interest in
    trading structured credit will be underlined this year when Brevan Howard
    floats a new fund on the London Stock Exchange.
    Texas court issues stay on Liverpool deal: The U.S. Owners of Liverpool
    mounted an audacious 11th-hour attempt to derail the club‟s £300 million
    sale to New England Sports Ventures by obtaining a temporary restraining
    order from a court in Dallas, Texas, a move that has forced club Directors to
    put the deal on hold.
    HIG backs Engine Groups‟ forays overseas: Engine Group, the London-based
    marketing services company, is raising up to £62.5 million from a private
    equity firm to fund expansion into the U.S., Brazil and China.
    Liverpool ruling paves way for sale: A High Court judge has dealt a potentially
    fatal blow to attempts by Liverpool FC‟s U.S. Owners to halt the club‟s £300
    million sale to New England Sports Ventures.
    Terry Smith to leave Collins Stewart: Terry Smith, the veteran City broker, is to
    leave Collins Stewart in December, marking the end of an era for one of
    London‟s biggest independent stockbrokers.
    Lenders‟ plans for cash lifeline fall short: Attempts by the U.K.‟s biggest banks
    to silence criticism over lending to small and medium-sized businesses appear




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                                                                     14 October 2010



    to have fallen flat after it emerged that the centrepiece of new proposals
    could help as few as 150 businesses over the next decade.
    John Laing to float infrastructure fund: John Laing is to launch an initial
    public offering for a £270 million ($429 million) infrastructure fund, as the
    project management group becomes the latest company to cash in on
    investor appetite for low risk government-backed assets.
    Bain Capital set to sign £1 billion deal with Priory: Bain Capital, the U.S.
    private equity group, is close to sealing a buy-out of the Priory Group, the
    mental heathcare provider famed for its celebrity patients, in a deal worth
    slightly less than £1 billion.
    Sale of Cairn unit to be test case for India: Sir Bill Gammell is founding patron
    of a sports charity whose mantra is “winning isn‟t everything, but wanting to
    win is”.
    Burberry builds on China gains: Burberry committed itself to further store
    openings in China after maintaining double-digit sales growth in its second
    quarter.
    Hicks plays Texas Hold „Em with Anfield board: Having failed in their attempts
    to get U.K. law to see their point of view, Tom Hicks and George Gillett on
    Wednesday night resorted to the legal system back in Mr Hicks‟ home state
    of Texas in an attempt to prevent the sale of Liverpool Football Club.
    Topland expands into green energy: Topland has invested in a solar energy
    technology business that will use its real estate portfolio to generate and
    trade power.
    Moulton backs bioscience launch: The launch of a “world class” bioscience
    company in Liverpool backed by Jon Moulton, the private equity pioneer, has
    underlined the strength of the sector in the north-west of England.
    Walker Greenbank: Jumped 5.9% to 38p, as its first half results showed it
    bouncing back from the recession.
    Carphone Warehouse: Rose 6.8% to 2803/4p, after Citigroup upgraded its
    earnings forecast by 16%, citing the strong performance of the company‟s
    U.S. joint venture.
    Centamin Egypt: Added 6.4% to 182.9p, helped by the record gold price and
    a push from Goldman Sachs.
    Kesa Electricals: Climbed 9.5% to 165.3p, in heavy volume of 27 million shares
    on fresh bid speculation.
    Lex:
     Standard Chartered: Something does not add up about Standard
      Chartered‟s latest trip to market. As in the previous two outings – in
      November 2008 and August 2009 the capital-raising comes with lots of
      flannel about enhancing flexibility in an opportunity-rich environment.
      This time, though, there is an additional notional catalyst: Basel III, and
      the general sharpening of expectations on the quantity and quality of
      bank capital. The official deadline for compliance is nine years away. Even
      if Chief Executive Peter Sands is right that StanChart‟s regulators will
      accelerate that timetable, what practical advantage will the bank gain
      now, from moving from a core tier one ratio of 9% of risk-weighted
      assets, to 11.2%? If this really is guesswork, pre-empting unknown future
      standards, why not pay out a little less in dividends, or increase RWAs




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                                                                   14 October 2010



        more slowly? There are two more plausible explanations. One is liability
        management. The $5.3% of equity raised in this rights issue is uncannily
        close to the $5.5% of preference shares and “innovative hybrid
        securities,” costing between 6 and 8%, on StanChart‟s interim balance-
        sheet; if the bank cannot count these instruments as core capital, it
        makes sense to pay them off.

     U.S. small caps: The big boys grab the headlines but the U.S. earnings
      season is also under way for thousands of small-cap stocks you will never
      read about. The prospect of third quarter results this week from
      Winnebago, WD-40 and Bank of the Ozarks tickle the imagination far
      more than JPMorgan‟s ever will. Glued to their screens, however, will be
      the 40% of small-cap fund managers who lag behind their benchmarks
      this year, according to Bank of America Merrill Lynch. For them the big
      question is whether quality small caps with bigger, stronger balance
      sheets and which actually turn a profit will outperform for the rest of the
      year as they have done since the beginning of May. History suggests they
      can relax. Median third quarter revenues grew an estimated three times
      faster for quality small caps compared with the dodgy end of the
      spectrum, while net profits growth at 15% was roughly a third higher. In
      addition, during past midterm elections, better-quality small caps have
      done better. More important, expectations of aggregate profits growth
      next year, while unrealistically high at 20% for quality stocks, are
      ludicrously high at 50% for low-quality names.

     To hull and back: You can learn a lot about the world economy from the
      heavies: Hyundai Heavy and Samsung Heavy, the world‟s number one
      and two shipbuilders. If the Baltic Dry Index, a measure of freight costs
      for commodities, is a leading indicator of global demand, then these
      stocks – building the ships that carry them could be considered leading,
      leading indicators. If so, investors might glean three things from the
      industry‟s rebound, none of them wholly encouraging. First, the excesses
      of the boom won‟t be worked off any time soon. Given the long lag
      between orders and delivery, the biggest Asian shipyards will be flat out
      for the next few years. Among the Koreans, dominant in the decade
      before the crisis, 2009 was the best ever for aggregate completions across
      the industry (390). But it was also the worst for new orders: just 49.
      Excess capacity may weigh on ship Owners of all stripes for years to come.

    Lombard:
     RBS makes Broughton Liverpool‟s man of the match: Over the past three
      years, Royal Bank of Scotland has seemed unable to put a foot right.
      Purchase of ABN Amro? Own-goal. Taxpayer bail-out? Red card. Pension
      for disgraced Chief Executive? Foul. Bonus package for his replacement?
      Offside. Yet on Wednesday, lawyers for Royal Bank of Scotland were
      cheered from the High Court by ecstatic fans after the bank‟s injunction
      against Liverpool FC‟s American Owners was upheld, opening the way to
      a possible sale. If only Sir Fred Goodwin had spent more time putting in
      crunching tackles against reviled proprietors of British football clubs and
      less plotting world domination, perhaps he would be a national hero with
      a season ticket to Anfield rather than the reclusive assistant to an
      Edinburgh architect.

     Sale or return to court: Anybody who has suffered a flight delay will
      sympathise with the Competition Commission. Its attempt to force BAA
      to sell Stansted and either Glasgow or Edinburgh airport has so far led to
      a long, stressful period of inaction, punctuated by moments of despair
      and, almost worse, hope. Wednesday‟s ruling restoring the sale order was
      one such hopeful development – the legal equivalent of a man in a Day-




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                                                                    14 October 2010



        Glo jacket unlocking the door to the departure gate. BAA is not rushing
        to board the flight. If it manages to appeal against this latest ruling to
        the Supreme Court, this saga could drag out until early 2012. That would
        give BAA another 12 months for the U.K. economy to recover, the likely
        price of airport assets to appreciate, and the pain of the forced sale of
        Gatwick to dissipate. But it would also add another year to airport users‟
        quite reasonable expectation of more competition and better service.

     Stand up for your rights: The Standard Chartered rights issue appears to
      offer hope to finance Directors who despair of being able to get rights
      issue fees back down to pre-crisis levels. When the bank set out to raise
      £1.8 billion in November 2008, it paid 2.75% in underwriting fees. This
      £3.3 billion share offer cost StanChart 2.15%. Furthermore, the share of
      commission has tilted further towards sub-underwriters. Institutional
      investors soak up much of the risk, but routinely complain that
      investment banks get an unduly large proportion of the fees. Here they‟ll
      get 150 basis points as sub-underwriters, with 65 kept by the primary
      underwriters. Before stomping round to their broker to ask for the same
      treatment, however, Finance Directors should consider whether their
      company bears comparison with mighty StanChart. Even when the
      financial system was under threat, the bank paid less than 3% to insure its
      share offer against failure, while other companies were charged 4% or
      more if they could get a rights issue away at all.




    The Daily Telegraph
    Lloyds to axe a further 4,500 jobs in its IT arm: The latest job cuts will bring
    the total number of roles lost at the bank since its merger with HBOS in
    January 2009 to “about 22,000”, the company said.
    Standard Chartered rights issue prompted by new rules: Peter Sands, Chief
    Executive of the emerging markets bank, confirmed on Wednesday that
    Standard Chartered will raise the funds in a deeply-discounted rights issue to
    “safeguard our ability to grow”.
    JPMorgan Chief defends home foreclosures: Jamie Dimon, Chief Executive of
    JPMorgan Chase, has robustly defended how the bank evicts homeowners, as
    the row over repossessions in America escalates in the run-up to key elections.
    News Corp‟s political donations prompt investor protest: F&C, the U.K. fund
    manager, plans to vote against the re-election of the Chairman of News
    Corp‟s audit committee in protest at political donations the media company
    has made in the U.S.
    Part-time workers make up nearly a third of U.K. workforce: The number of
    people working part-time hours rose by 143,000 in the three months to
    August to reach 7.96 million, the highest figure since comparable records
    began in 1992, the figures by the Office for National Statistics have revealed.
    BAA airport sell-off challenge fails: Earlier this year Spanish owned BAA, had
    successfully challenged the Competition Commission‟s decision that it should
    surrender two more of its airports, having already sold Gatwick to Global
    Infrastructure Partners.
    Ascent Resources: Jumped 1.1p to 51/4p, after an independent report
    corroborated the highly prospective nature of its Petisovci-Lovaszi gas project
    on the Hungarian/Slovenian border.




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                                                                    14 October 2010



    Rentokil Initial: Lost 0.1p to 1003/4p, as UBS took a bearish view on the stock.
    Analysts at the broker said “on a bear case scenario we see downside to
    around 88p”.
    Bodycote International: Jumped 25p to 301p, following a much better-than-
    expected trading update.
    Barclays: Shed 23/4¾ to 292p, as traders said they thought the banking group
    would be the next in line to tap investors for fresh cash.
    The Questor Column:
     RPC Group looks a slow and steady package: There have been strong
      headwinds in terms of polymer pricing, but the company is able to pass
      these on to customers. However, it takes a few months to do this, so
      there is a lagging effect if input costs rise. Despite this, the group still
      expects to meet full year forecasts. In its trading update a couple of
      weeks ago, the company said revenues in the first half of the current year
      would be higher than in the first half of last year. About 60% to 70% of
      the group‟s business is in the production of bespoke plastic packaging on
      contracts that last three to five years. This means earnings are pretty
      visible. The shares are trading on a March 2011 earnings multiple of 10.2
      times, falling to 9.3 in 2012. The shares are also yielding 3.8%.They were
      first recommended at 211p on 26 July last year and they are now 41%
      higher, compared with a market up 23%. The company‟s business should
      benefit from a broad economic recovery and it will continue to pass on
      rises in input costs to customers should they occur. RPC Group. 298½p -
      2½. Questor Says Buy.
     Antofagasta is quality, but shares fully valued for now: Worries over
      Chinese demand for commodities emerged this week after reports
      suggested that China had raised reserve requirements on six banks for
      the next two months. This is a way of removing cash from the economy
      and helps with inflationary pressures. The news led to a sell-off in Asian
      equities. The price was propelled to this level on the expectation that
      poor U.S. jobs data would spark a further round of quantitative easing
      with asset purchases probably starting in the early part of next year. The
      most bullish proponents of the copper price have been talking about
      copper hitting $10,000 a tonne recently, compared with about $8,300
      now. Questor is quite sceptical about such bullish forecasts, although a
      falling dollar will support the copper price. The shares are trading on a
      December 2010 earnings multiple of 16.9, falling to 11.1 next year. This
      demonstrates the growth in production that the company is expected to
      show next year. The shares were first recommended at 915½p on 13
      December last year, and they are now up 34% compared with a market
      up 7%. The shares do appear fully valued at the moment and therefore
      the rating is downgraded to hold from buy. Antofagasta. £12.49 -19p.
      Questor Says Hold.



    The Independent
    Shortage of jobs prompts part-time boom: Youth unemployment stands at
    a16-year high, while more than 1.5 million people are in temporary or part-
    time work because they cannot find a full-time post.




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                                                                    14 October 2010



    JPMorgan to expand review of 100,000 pending repossessions: JPMorgan
    Chase said it could face penalties over missing paperwork and irregularities in
    its foreclosure processes, but said the costs would be minor and that no
    customers had been inappropriately thrown out of their homes.
    Promised rise in ISA limit is set to be £470: The amount of money people can
    save into a tax-free ISA looks set to rise by £470 next year.
    Cuts threatening 50,000 firms: Cuts announced in next week‟s Comprehensive
    Spending Review could lead to 50,000 private sector insolvencies.
    Lovefilm signs to PlayStation3: Movie rental group Lovefilm has secured a
    “game changing” deal to stream movies through Sony‟s PlayStation3,
    expanding its reach to three million more homes.
    Wyfla nuclear closure deferred: The Wylfa nuclear power station is to operate
    up to December 2012, making use of a two-year lifetime extension granted,
    the U.K. Nuclear Decommissioning Authority (NDA) said.
    Canvas should be blocked, says Sky: BSkyB has become the latest media
    group to call on Ofcom and the Office of Fair Trading to block the launch of
    YouView, the internet TV venture formerly known as Project Canvas.



    The Guardian
    Hands seeks £7 billion from Citi over EMI: Guy Hands is seeking a staggering
    £7 billion in damages from Citigroup in a showdown with the American bank
    that moves to a New York court next week.
    Jobless benefit claimants rise again: The picture in the labour market remains
    bleak, with the number of people claiming jobless benefits in Britain last
    month rising at its fastest rate since January.
    Angry investors balk at News Corp‟s $2 million gift to Republicans:
    Shareholders are poised to vote against re-election of company Director Sir
    Rod Eddington in protest at Rupert Murdoch‟s decision to back Obama
    opposition.
    U.S. spend-or-cut debate rages on at World Knowledge Forum in Seoul:
    Economic heavyweights Professors Paul Krugman and Niall Ferguson clash
    again over stimulus spending proposals
    Big six make a small concession to business lending: There was progress of
    sorts when the big six British banks trotted round to Downing Street to
    present their findings on small business lending.



    Daily Mail
    Pound weak as economic clouds darken: The pound continued its recent falls
    gainst the Euro to new five-month lows as U.K. consumer confidence
    worsened, but still managed to gain against the dollar.
    Pensions tax relief set for „massive‟ cuts: Wealthy savers are bracing
    themselves as the Government prepares to curb the tax breaks it affords on
    money ploughed into pensions.




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                                                                     14 October 2010



    Consumers relying on costly payday loans: Consumers are becoming
    increasingly reliant on expensive payday loans to tide them through cashflow
    problems, according to new research.
    Broker Views:
     Corin Group: Investec Securities upgraded the stock to “Hold” and
      increased the target price to 46.00p from 45.00p

     Bodycote: FinnCap maintains a “Buy” rating on the stock, with a target
      price of 318.00p

     Rockhopper Exploration: Westhouse Securities maintains a “Buy” rating
      on the stock, with a target price of 495.00p

     Rotork: Bank of America downgraded the stock to “Underperform” and
      decreased the target price to 1,750.00p from 1,860.00p

     Whitbread: Numis Securities downgraded the stock to “Add” and
      decreased the target price to 1,800.00p from 1,900.00p

     Hambledon Mining: Fox-Davies Capital maintains a “Buy” rating on the
      stock, with a target price of 18.00p




    Daily Express
    Morning meeting: welcome measures to help small businesses: Many small
    firms feel they have been left financially high and dry by the banks since the
    credit crunch struck.
    Banks in dragon fund for small businesses: The Bosses of Britain‟s biggest
    banks have proposed a £1.5billion Dragons‟ Den-style growth fund to boost
    small businesses.
    JP Morgan sees profits take off: JP Morgan Chase reported a 23% jump in
    third quarter profits and triggered estimated annual bonuses of £250,000 for
    hundreds of its staff in London.
    Standard leads way with £3.3 billion cash call: Standard Chartered tapped its
    investors for £3.3 billion to help fund its growth in some of the world‟s fastest
    growing emerging market economies and to meet impending regulatory
    demands on banks to hold more capital.
    Royal mail put up for sale: Postal unions warned of job losses after the
    Government unveiled its plans to privatise Royal Mail.



    The Scottish Herald
    Shock as power Chief quits post: Nick Horler, the Chief Executive of
    ScottishPower, has resigned from his post with immediate effect, according to
    a statement issued by the Spanish-controlled company.
    Consumer price inflation stays stubbornly above official target: British
    consumers paid less for petrol and airfares in September but shelled out more
    for food and clothing as official figures showed consumer price inflation was
    stubbornly high at 3.1%, well above official targets.




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                                                                   14 October 2010



    Power of Lloyds Group „distorts mortgage market‟: The leader of Britain‟s
    building societies singled out Lloyds Banking Group, Owner of Bank of
    Scotland, for distorting the mortgage market and posing a potential risk to
    the financial system.
    C&C Group toasting strong Magners and Tennent‟s sales: C&C Group has
    highlighted a strong performance by the Tennent‟s lager business in the first
    half, during which sales of the company‟s Magners cider increased in the U.K.
    for the first time since 2007.




       Market Round Up
       FTSE 100 rose 1.5% to 5,747.4.
       FTSEurofirst 300 index added 1.4% to 1,086.5.
       DJIA gained 0.7% to 11,096.1. NASDAQ climbed 1.0% to 2,441.2.
        S&P 500 index closed 0.7% higher, at 1,178.1.
       Nikkei 225 index is trading 1.4% higher, at 9,537.9.
       In Asia, crude oil for November delivery is trading 75 cents higher at
        $83.76 per barrel.
       At 0410 BST today, the GBP is trading 0.3% higher against the USD
        at $1.5978, 0.4% lower against the EUR at €1.1348 and 0.3% down
        against the JPY at ¥129.81.




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                                                                                                                          14 October 2010




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