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Mr. Benstead criminality is likely to raise questions about the role of the Financial Services Authority, the failure of state changes.

Although the company wasn't FSA regulated, it has been saved to the FSA by its holding company, owned by the Crown, something that was displayed prominently on our Web site.

According to administrators RCM, the FSA is now that he did not regulate the State she worked as a small institution payment currency.

However, one of the conditions for operating an SPI is that no individual, management of the business has been convicted of offences relating to money laundering of terrorist financing or other financial crimes.

Both Mr. Benstead and, more recently, his son-in-law and former State employee motto, Roderick Schmidt, were sentenced in financial crimes.

Mr. Schmidt was sentenced to 21 months in prison in may for stealing and 55,000 ￡ of charity which he worked .c ' is not clear if he worked for the currency of the State at the same time step.

Offence can be traced back Mr. Benstead, 1980, while he was a Director of a company called Max Glen.Lui and his business partner, were charged with flight "pimping execution of valuable coverage by deception."

Security was a letter of credit of ￡ 90 000 to be used to provide 10 000 cartridges whisky Johnnie Walker Black Label.échec M. Benstead calling.

An action group led by Joanne Struyk, on behalf of the creditor, in the currency of the State appealed to the FSA to take more responsibility for the collapse of the company.

"I don't understand the FSA perspective if they were not responsible for the company why let them put their logo on its web page?", she asked.

Banking company, Barclays, who suspected that company was experiencing financial difficulties four months before he does it administration, has also been under the spotlight on the potential liability of the collapse.

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Is a digital billboard at the corner of the street of El Dorado and North Martin Luther King, Jr. drive is seen with the message "follow ashton kutcher" Friday 17 April 2009, in Decatur, Illinois, photo: AP

Speaking of founders Conference in Dublin on Saturday, Mr. Dorsey explained that his new startup has the potential of "bolt on" to a number of other services and, like Twitter, is only in its infancy.

Mr. Dorsey says that physicians and nurses to the United States were already paid to place, and mentioned the possibility of charities and health care professionals to accept payments using the system, potentially powerful new micro payment models. He accepted there was "skeptical" of the credit card industry and consumers that he described as "wrong".

He also acknowledged that there were significant doubts on the credibility of its technology and its model of payments financial services industry.The transition from social media to financial services has been "very difficult" he said.

Next year, Dorsey expected instead to be $billion worth of payments each year.The service will be next Canada, followed by Europe, maintaining its fresh flat in each of the delay in the launch of the square outside the Dorsey, United States marchés.Expliquer transaction 2 75pc explained that "each country has different laws" and suggested that a whole standardized regulations across Europe could facilitate the process.

By combining the functionality of Twitter and square, Dorsey said a new kind of payments system could be created, with, for example, new ways to reward the loyalty of customers: customers who paid with Square Starbucks could obtain an e-coupon delivered automatically to their Twitter account, he said.

A new version of the site Web of Twitter, which has been progressively deploy to users since one month, potential "has struck only one percent" of the platform Dorsey.Il is much more products and services "which can and will be built" in the future.

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In a daring to boost its international growth plan, M & S approached the European retailers on some of the properties he came in 2001 when he closed the entire continental chain re-acquiring.

The retailer is supposed to made openings at Spanish chain El Corte Inglés on taking back some of the nine workshops he sold to the retailer.M & S is also re - gain 18 French stores were also let go in an agreement with the Galeries Lafayette, the retailer fran?ais.Ces stores include the lighthouse on Paris, Boulevard Haussmann, who was first ever European store M & S shop when it opened in 1975.

Strategic approach, is likely to surprise investors and the city could be confirmed next week when new Chief Executive of Marc Bolland, M & S unveils its long-awaited chain review.

In what is still regarded as one of its biggest ever strategic blunders, M & S announced in March 2001 that it would close all 38 of its continental stores at the end of the year as part of a restructuring of the group.The move saw 3 350 jobs go to Europe.

M & S decision has caused uproar amongst European consumers and was greeted with strikes, sit-ins and angry demonstrations by continental staff, including a rally in London.Paris store had his own book of condolence and, when closed, the shop became a symbol of the decrease in global M & s.a. Chairman era ambitions M & S, Luc Vandevelde said the division in place of M & S, which included also the sale of two chains of U.S. operations was "one of the most important in the history of M & S ads."

Executive of retail with knowledge of the situation said that M & S was willing to make amends.

"They approached El Corte Inglés to buy assets .Marc Bolland wants to rebuild quickly geographies", said the Executive.

M & S potential costs of back stores are not connue.En 2001 he sold for a reported nine Spanish stores
€150 m (￡ 130 m) .Cependant, the price of trade goods in Europe reached since, despite the recent downturn.

"It all depends on cheque of how big M & S,"said the Executive.""

A second source said: "M & S has been circling back to see where the property was on some of the properties he was released in 2001." ""It is a point of view that society got them in some haste.?

Incumbent Sir Stuart Rose, M & S and its former Executive Director, said in the past he lamented decision chain to leave its European stores.

One observer said: "there is Marc to be very fatty international possibilities." "

European shops M & S exchanged successfully during the 1980s and 1990.En 1997 M & S Continental operation contributed 38 m ￡ to win, but in 2000, the division was ￡ 6.1 m loss, and in the first half of 2001 losses extended to ￡ 10.8 m.

M & S has 320 stores overseas but the vast majority of these stores is managed franchises and has no subsidiary stores in Europe occidentale.La chain has already developed plans for growth in China and India.

M & S refused to comment.

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City analysts believe that the company will be win "clean" - stripping to the effect of variations in stock-$ 4. 6bn (￡ 9bn 2), which is down on 2pc with the previous year.

Week last saw profits rise 88pc of Royal Dutch Shell, 50pc to ConocoPhillips and ExxonMobil 55pc aft of the price of oil to 29pc 12pc and gas prices.

However, BP is still accounting of his accident in the Gulf of the Mexico 20 killed April 11 men, which triggered a giant spill.He even had to delay its results a week then that accountants trawling through books to ensure that its provisions are accurate.

Giant energy accepted liability for $32bn accident costs last trimestre.Cependant this is expected to increase by approximately $transmitters-$ 3, according to analysts of Barclays Capital, because it took a month more time to deal with exploded it as expected.

Oil and gas production is probably fell on 3pc versus the same period last year because resources have been diverted to help cope with the spill.

Jason Kenney, oil and gas ING, analyst says accounting for disaster is likely to take several years, led the city to closely monitor the underlying issues.

"I think that they provisioned in the last quarter", he said. " They even took full exposure for their partners [Anadarko and Mitsui] costs into account.In two or three years, they could even get this back if all partners are to be held accountable.

"Own figures, it is regrettable that BP had such a good third quarter of last year's downstream was bounce benefit too return and amont.Ce it seem worse by way of comparison, but it will not have been poorly."

Results of the PMO will be the first major public appearance for its new Executive Director, Bob Dudley, who took over at the beginning of October .but some institutional investors are still not confident of its ability to redefine the society after such shock.

"We regret the fact that Tony Hayward is gone," said a top-20, shareholder who met Mr. Dudley several times since he was appointed Chief Executive. "We do sums not sure Dudley has vision BP and shrink down a company really fantastique.Nous believe must sell Azerbaijan or Angola and a lot of in aval.Mais company still clinging to these at this time.?

Investors have been pushing for sales of assets on the top of the $15bn, so far, to pay for the Gulf of the Mexico because BP is a price much higher than recorded on its books.

BP will not pay a dividend this quarter, but it is planned to begin to pay off once more in the first quarter of next year.

"The path in the post-Macondo rehabilitation and the new strategic orientation of Bob Dudley are the key to performance instead of third quarter earnings, said Citigroup analysts."

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Despite these realities, profligate "Keynesian" solutions are peddled by economically illiterate politicians and University courtiers. The big man would wince is it here to attend her name put in such dangerous policies and irresponsible.

If we deduct the wisdom of written remarkable Keynes, we should at least be honest.A more truthful made Keynes, in my opinion, was that "words should sometimes be a little wild - because they represent the onslaught of thoughts on the unthinking" comments .c ' is a feeling that seems to the Governor of the Bank of England usually mild-maniérée took to heart writing his last speech.

When speaking in New York on Monday, King tough target aging-out investment banks accusing them of "financial alchemy."Dependence on previous and ongoing good number of these institutions on debt in the short term, he dismissed as "extraordinary - indeed, absurd"."

By relying on a bank levy flange - in the financial services industry and to ward off future disasters - the cornerstone of efforts to reform and United States United Kingdom - rest "stupid", King stimulé.En in addition, the new agreement Basel III - requiring banks to finally hold more capital against potential losses - "does prevent another crisis.

Description of the King of the banking system but all packaged the greatest hit fist. "Of all the ways to organize banking services," he noted, "the worst is that we have today."

Despite the relative lack of attention so far this speech, it is a statement which will be finally reverberate throughout the world.

In ordinary times, the reform of the Bank is abscons.Mais not now.Fallout from the sub-prime was initially limited to city, Wall Street and financial centres, then morphed into a financial crisis for threatening sovereign debt ratings throughout the Western world. Of many "advanced nations", including the United Kingdom are to tax forgotten due to the huge bank bail.

Thus, in the middle of this presentation to reduce benefits and unfinished carrier, the real budget dilemma is banking reform. The soaked debt balances the United Kingdom top 10 banks have increased for decades to national income, 459pc compared to 97pc .the United States ' West cannot afford another bailout banks too big-of-failure - and this is particularly true of the United Kingdom.

Yet, few things have changed since high-risk loans."Moral hazard" that caused banks to behave recklessly, safe in the knowledge that they would be rescued by common Succi is more important that jamais.Une another assault on public finance is in sight, unless our banking sector undergoes structural reform.

King knows only too well .c ' is why it wants a return to the "glass-Steagall" distributed among commercial banks (which take deposits) and banks investment (taking big risks).The firewall is abducted United States, in 1999, after a long campaign by Wall Street and city following similar reforms.

Once this gap has disappeared, investment banks could use to taxpayers deposits of ultra-risky bets, knowing that they could be saved if their inverse effects betting. No single deed no longer has to destabilize our financial system and turn too "sub-prime" of a banking crisis in a crisis financière.Le bailout happened precisely because ordinary deposits of businesses and households were at stake when investment banks crashed.No wonder the United States and UK, the spiritual "universal bank" houses, huge budget deficits.

If once more, we separate commercial banks guaranteed by the Government of lightly regulated investment banks, the latter may then stand or fall on their own merits, their failure no threat of core banking and public finance.The banking system would be more secure and resolved question too failed.

Obviously, these notions are anathema to the big Wall Street names and the city - who rely on the safeguarding of the State for their heads-I-win-details-the-rulings-loses snowshoeing and which politicians, in turn, receive hefty campaign donations and lucrative jobs once their political careers have expired.

What I am describing, is not a theory, but the main cause of the crisis, we have lived since mid-2007.In the 65 years glass-Steagall was in place, the world has avoided a crisis Bank systémique.En a decade of its repeal, chaos ensues.

This time last year, the banking reform debate would mean roi.Les United States introduces the "rule of Volker" to abolish Investment Bank "prop offices" and new Conservative Government of United Kingdom spoke hard on the fractionation of the banks.

Today, however, "Dodd-Frank" draft reform America, despite having signed into law, is being evisceration by drafting rules précise.Un weakened President is, after all, now ready for money from Wall Street.Les conservative banking lobby too, seem to have changed their melody in power, worse at ease on taking over the city by imposing Bank root and branch reform.

That is why, in my view, King now employs an explicit language, in an attempt to attract the attention of the public and to force the banking reform towards the top of the political agenda, where it belongs. ""We will admit that is a continuation of the system in which the Bank of commerce executives and take risks for their own account and yet those who finance are protected against loss by the implicit guarantees of taxpayer," he said last week.

"This crisis has already left a legacy of debt to the next generation," King stimulated. "We will leave them the legacy system banking fragile trop.La only question is if we think our way thanks to a better result before the next generation is damaged by a crisis of the future and larger.?

The Government has appointed an independent panel of the "great and good" to investigate réforme.King banking options is now gone as far as it will be able to call on the Commission to recommend a split of the radical of the Bank, without their make ordering publicly.

"At the end of clarity on the regulatory perimeter is desirable and inevitable, said the Governor of the Bank."Radical solutions offer hope to avoid apparently inevitable drift to become increasingly complex and costly regulation.?

According to King, big City-wigs are now "claims dubious resist reforms that may limit the public subsidies which they enjoyed in the past.

The Governor is taken on one of the most powerful lobbies in the planète.Parmi those at the top table, it is virtually the only .c ' is why the rest of us need more squarely behind him.

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Turnover increase came despite sales and profits fall in the year on January 30, 2010, according to accounts just filed at companies House.

Nicky Dulieu, Chief Executive of retailer said that trade in 2009 was "extremely difficult" in all the détail.Cependant retail sector she said that growth in the year so far is "continue" in spite of sensitive consumer economy.

Ms. Dulieu said that 3i, the private equity group which holds a majority stake in Hobbs, "" totally favorable business and is strongly encouraged by the current performance '. "

Hobbs works in partnership with 3i "accelerate the growth of the brand," including looking at investment plans and launch extensive customer research.

The month last reports in the fashion industry suggested that 3i has commissioned a review "root and branch" string in advance the financial restructuring. According to magazine Drapers, 3i appointed Advisor business Hawkpoint to analyze balance chain and conduct investigations of consumer insight.

Meanwhile, Hobbs has opened the first in a string of new stores, called NW3, Londres.Elle Westfield Mall plans to open more outlets in 2011.

In the year to 30 January 2010 sales were ￡ 92.9 m, down from ￡ 101.6 m the year before interest, taxes, depreciation and amortization (EBITDA) in the year in the month of January précédente.Bénéfice were ￡ 11.8 m, compared to ￡ 18.8 m last year.

The company stated that the results were "consistent with the expectations of management".

Hobbs said that internet sales grew more 50pc for the second consecutive year.

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MGM was founded in 1924, when taken shows Marcus Loew contractor control of Metro Pictures, Goldwyn Pictures Corporation and Louis b. Mayer Pictures.

Hollywood studios behind Oscar award-winning films such as West Side Story and rocky has accepted a plan with creditors on the restructuring of its more than $4 (￡ 2 5bn) debt pile.

In a statement released late Friday, MGM said it had reached an agreement with creditors that will put small patterns rival Spyglass Entertainment in charge of one of the filmmakers more success in America.

Agreement followed a raider attempt company billionaire Carl Icahn, who owns approximately 800 m $ of debt of the GMM to an alternative plan leading studio merged with Canadian film producer Lionsgate is the principal shareholder.

More than half of debt holders individual of MGM has voted in favour of the plan Spyglass will be Gary Barber company co-founders and Roger Birnbaum co-chief executives of MGM.

An MGM Chapter 11 bankruptcy hearing can be held tomorrow and restructuring process can take as little as the period of one month, according to the Times.

A large part of the debt of the GMM is owned by hedge funds, including anchorage advisors and Highland Capital Management.Les other creditors include American financial group JP Morgan Chase.

Under the leadership of Mr. Barber and Mr. Birnbaum, GMM should focus on making films less, small budget in an attempt to restore the studio on a solid financial foundation.

Spyglass, founded in 1998, had a strong descent of films in recent years and was behind last year's Star Trek and more recently comedy gets him in Greek, with actor British Russell Brand.

Among the films in doubt because of the crisis in the MGM is the 23rd yet untitled James Bond film.Parmi other projects in the horror film Jeepers Creepers 3 doubt and 80 redo red Dawn.

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Whether or not it is connected with this threat I can't tell you right now, but Mr. Houston is back in the courts. According to the records of the Tribunal, he filed a lawsuit against the Prince Paul of the Romania and his wife, Princess Lia, Romania at the end of last month.

I tried to contact Mr. Houston learn more.No joie.Ne don't worry, I'll keep trying.

Four seasons Healthcare saw his name.The reputation of the company is in the deepest winter, affected by allegations of ill-treatment in some of its houses .c ' is the spring to its finances, with a recent renegotiating its 790 million loan of ￡. Dr. Pete Calveley boss knows a prolonged summer because of his pay nearly ￡ 476,000 to ￡ 870,000 double in 2009.

And the fall gales?I fear what is staff is achieved.

Dashwood learns that 21,000 nursing martyred and tutors received letters detailing changes to their conditions of travail.Paye year next is being frozen, holiday work additional payments are cut and the company will pay are more breaks half-hour staff during their shifts.Some insiders believe that could reduce their salary by up to ￡ 240 per week.

The company Web site claims "our work is challenging but very rewarding."

My insider said: "my job is difficult, the work of Dr. Calveley are extremely gratifying.

Not beaucoup.La company tells me that his remuneration is drop back to the level of 2008.

It is more than just an obese people physical weight to carry, it turns out it is a financial too.

As you can imagine, a certain amount of research has invested in the employment prospects for obese people - and I'm not on sponsored exaggeration by the undertaking but good academic stuff.

The general trend for women is heavier, more you more your remuneration package is - the reverse is true for men.

Except that it is not as simple as that.

Latest bit of research from the London Business School Prof of organisational behaviour Dan Cable shows very thin women, resembling model are punished excessively the premiere of rare books that they are.

Once they reach an average weight of the labour market to stop caring so much.

Professor research shows that develop 25 lbs, if you are very thin and you could lose up to $15,500 (￡ 9,600) on your salaire.Faire within the point of departure for an average weight and the penalty is only $13,800.

As with most things, men are much simpler.

More you eat (and weighed) you gagnez.Bon appetite.

"Completely redundant" - security controls BA Chairman Martin Broughton, two days before the bomb scare was the United Kingdom aircraft grounded and us.

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For 26 years the chain had been providing Parisians with tea, marmalade and shortbread. However, a crisis back home meant that on May 17, 2001 M & S closed all 38 of its European shops. The goodwill and status bestowed on the chain through its stores in France, Belgium, Luxembourg, Holland, Spain, and Germany disappeared overnight Portugal.The retrenchment is still seen as one of the M & s greatest follies.

Fast forward almost a decade and that could all be about to change.

Next week, Marc Bolland, M & s new chief executive, will unveil his strategic review of the UK's best known retailer. European expansion is likely to be firmly back on the agenda.

Although the suave Dutchman has said that his modus operandi is "evolution not revolution" at M & S, it is thought that one of his first initiatives will be to turn the chain into a truly international business once more.

Since he joined the chain may from Wm Morrison, the Bradford-based supermarket, Mr Bolland has been getting to know the retailer and plotting its future course.He replaces Sir Stuart Rose, who will withdraw in January after running M & S since 2004.

While Sir Stuart stabilised the supertanker and release its leaking hull, the former Heineken executive hopes to sail good ship M & S into a golden new era.

The City, so often at loggerheads with the "old lady of the high street", is willing Mr Bolland is. Tony Shiret, retail analyst at Credit Switzerland veteran, said the mood music in the Square Mile is good."I think the feeling towards M & S is benign as Bolland is less confrontational than rose, and critics don't want to bet against him given his record and the low transparency of his plans,"
He said.

Next Tuesday, these plans will become clear. Although M & S has 320 shops overseas and has outlined plans growth in China and India, many of these stores are run as franchises.More importantly, there is the gaping hole in Europe.

Mr Bolland has engaged headhunters to find a new international director to replace the incumbent Clem Constantine, who is likely to retain his other role as group director after the property changes.The new executive will lead the charge overseas.

The Sunday Telegraph understands that M & S has been secretly plotting to re - enter some of the European markets that it quit almost a decade ago.According to multiple sources, M & S has been talking to the owners of some of the European shops that it quit in 2001 about taking the buildings back. One such owner is understood to be El Corte Inglés, the Spanish retailer that bought the M & s nine Spanish blinds in 2001.Its 18 French blinds were bought by Galeries Lafayette, the French retailer.

Such a bold U-turn would show Mr Bolland to be something of a revolutionary after GER. "M & S has been circling back around to see where the ownership was on some of the properties that it exited in 2001.""There was a view that the company exited in some haste," said a source.

A second source said: "Marc wants to rebuild some of the geographies it left in 2001 pretty quickly."

The first source added: "I think everybody has got a sense that the one thing Stuart Rose did not nail international was, although he did have plenty on his flat." "There is the opportunity for Marc to be very bold internationally."

Order overseas blinds will form just one part of Mr Bolland's master.

There is work to do back home, too.In terms of the products that M & S sells, Mr Bolland has hinted that he will bolster M & s is "quality" credentials.

This could herald a move upmarket or at the very least mean that M & S will stop trying to compete so hard with fast-fashion retailers at the lower "entry price point".Speaking this month at the Q2 results, Mr Bolland said that shoppers are more interested in quality than before: "They buy once and buy well in general merchandise items, and that is a trend we see continuing."

One rival retailer said that M & S must bolster its position at the quality end of the market: "M & S has the clear position of a premium brand." Stuart Rose took the business downmarket. "His view was that he had to get big sales."

One thing that Mr Bolland is likely to do is simplify and reduce the number of sub-brands that M & S sells clothing. The proliferation has served to confused customers.

In the summer, Drapers, the fashion magazine, said that Per Una is the only sub-brand safe from Mr Bolland's shake-up of the chain's clothing offer.

The retailer has launched a clutch of womenswear sub brands in recent years such as Indigo Collection and portfolio.The training is aimed at women over 30, while the latter is aimed at women over 45. In total, M & S has 10 womenswear brands sub and sub sub brands, such as Per Una and Autograph. Meanwhile, it has six menswear brands, such as Blue Harbour, North Coast and Collezione.

The mushrooming of brands under Sir Stuart's tenure came as something of a surprise.In his 2004 strategic review of the chain following his arrival to split off a bid from Sir Philip Green, Sir Stuart's mantra was "less is" more.On arrival he said that M & S had too many brands.

His strategic review of 2004 said: "Our sub-brands are seen as over-mobile and show a lack of confidence in the core brand." So Sir Stuart ditched brands such as PS, Just Perfect and formula.However, a curious case of "brand-creep" has occurred since then, and many new brands have been re-introduced.

Some fashion executives think that Mr Bolland should go further and buy in third-party brands to stiffen the chain's position in the upper mid-market.

"M & S ain ain't cool."But the name above the door is insurance.I'd use that name to bring in other brands."He should turn M & S into a brand emporium, buying names like Karen Millen," said one fashion chief.

Food is the other area where M & S is expected to excel under Mr Bolland.His experience at Morrisons means that he knows what is involved in running a "Big Four" UK supermarket.M & S is not one of those.

Mr Bolland said at the Q2 results that M & if s strength in food lies in its unique products, rather than offering consumers their weekly shop.This means that instead of aiming to compete with grocers such as Tesco - an impossible task given its limited ranges - M & S is likely to instead focus on convenience food, ready-meals and "treats".

Observers say that Mr Bolland has arrived at M & S at a good time in its financial cycle.Adjusted pre - tax profit over the year to March 2010 was ￡ 632 5 m, just ￡ 14 m more than it was at the end of Sir Stuart's first year at the chain in 2005.

In the intervening period profit jumped to ￡ 1bn, but then fell back sharply.The ￡ 1bn figure will not be bothering Mr Bolland for some time."He has turned up at the bottom, which will help," said one old M & S hand.M & S also has an advantage over rivals in that it has a low average rent-to-sales ratio, meaning that its cost base is low.

It is expected that Mr Bolland seront a pacifying force with institutional shareholders and, as Mr Shiret said, City analysts.

Chairman-elect Robert Swannell, the former Citigroup banker who joined M & S as a non-executive director this month and will take the flesh when Sir Stuart leaves in January, is thought to want M & S to have a lower profile than it has had in the past few years.

"Marc will pacify the City.""They will give him a chance," said one well placed source.There is also an IT and logistics overhaul that needs seeing through, and some more money could be taken out of the supply chain.However, it is Mr Bolland's bold plan to re-establish M & S as a force in European retail that is likely to define his first year at the chain.

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Mr. Benstead criminality is likely to raise questions about the role of the Financial Services Authority, the failure of state changes.

Although the company wasn't FSA regulated, it has been saved to the FSA by its holding company, owned by the Crown, something that was displayed prominently on our Web site.

According to administrators RCM, the FSA is now that he did not regulate the currency of the State she worked as a small settlement of payment.

However, one of the conditions for operating an SPI is that no individual, management of the business has been convicted of offences relating to money laundering of terrorist financing or other financial crimes.

Both Mr. Benstead and, more recently, his son-in-law and former State employee motto, Roderick Schmidt, were sentenced in financial crimes.

Mr. Schmidt was sentenced to 21 months in prison in may for stealing and 55,000 ￡ of charity which he worked .c ' is not clear if he worked for the currency of the State at the same time step.

Offence can be traced back Mr. Benstead, 1980, while he was a Director of a company called Max Glen.Lui and his business partner, were charged with flight "pimping execution of valuable coverage by deception."

Security was a letter of credit of ￡ 90 000 to be used to provide 10 000 cartridges whisky Johnnie Walker Black Label.échec M. Benstead calling.

An action group led by Joanne Struyk, on behalf of the creditor, in the currency of the State appealed to the FSA to take more responsibility for the collapse of the company.

"I don't understand the FSA perspective if they were not responsible for the company why let them put their logo on its web page?", she asked.

Banking company, Barclays, who suspected that company was experiencing financial difficulties four months before he does it administration, has also been under the spotlight on the potential liability of the collapse.

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David Yu, Betfair CEO, told the Sunday Telegraph in his first interview with a British national newspaper: "we are very happy to hold a licence and pay the sensible tax, but if we see movement we examine what is good for the company in the long term."

Mr. Yu comments come as he awaits the results of a review of regulation of remote gambling by the Ministry of culture, media and sports games.

Based in the UK online betting companies pay a tax on the gross profits 15pc, which prompted bookmakers Ladbrokes and William Hill to move their betting activities online offshore.

Mr. Yu feels that Betfair is sanctioned to stay at the United Kingdom staffed the 1,000 of its 2,000 employés.Séparément, Betfair and other bookmakers are locked in a wrangle on 10pc they pay to Racing UK today industry levy is the date limit for sampling year next to agree.

"We were very, very proud to be a British company and I think that we are one of the real UK successes, said Mr. Yu."

We have been engaged in a dialogue with the Government and what we hope is that we can find a way for this field set to upgrade.

"The situation we have is where we are one of a very small number of bookmakers that are still here on the Mainland.

"What we need to consider is that many others went to the coast, and we do not think that it is a fair playing field and level from maintenant.Nous have engaged in a dialogue with the Government and what we hope is that we can find a way for this field set to upgrade."

"Last year we paid about 20 million from ￡ gross tax on our profits, so we're going to make a significant contribution in the UK."

Asked if he was looking for a special agreement with the tax authorities, he replied: "not necessarily all."

"What we are saying is that there must be a way by being a land company and pay taxes have the right to do things in a way that makes it fair for us because right now there is no distinction between someone who is off at someone who is on the Mainland."

"It could be around advertising, for example."

"Maybe one thing could be that you must hold the United Kingdom and payment of the fee if you want to make the advertising in the media or to do other things here at the United Kingdom."

Mr. Yu has also made its first comments from the public on the disclosure in the Betfair was absent from work for a short period in March with a complaint cardiac flotation prospectus.

"Thanks to this topic but I feel much", he said.

"We decided that for the sake of transparency, that we should put something but I'm fine.Je would step crossed this process if I wasn't."

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The response from readers, which much to start their own business, to rebuild confidence has been extremely positive. Last week's data, showed that much anything about economic benefits.

The most important figure, of course, came mid week Office of National Statistics, which revealed that the UK growth amounted to 0. 8pc in the third quarter, ahead of expectations of analysts and a less dramatic decline on the T2 surprisingly strong 1. 2pc figure much prédit.Rue high sales increased for the fourth consecutive month confidence and consumers in the economy increased in October, but also to-19 on GfK consumer confidence index.

German jobless figures dropped to a minimum of 18 years, showing that that at least in certain regions of Europe (our largest commercial region) there are signs of life.Exxon Mobil and Shell has revealed that these healthy exposed to high-growth emerging markets business profits are here to be taken.

The Daily Telegraph reported Monday, there was a surplus of company - excess profits after investments – totalling ￡ 67bn in Britain one tap investment firms must be enabled if the conditions are good.

This week the monetary policy Committee (MPC) meet to decide if the interest rate should increase and render judgment last on quantitative easing (QE). Comments on my column last week online revealed a degree of anger drive that QE (Silver printing in other words) on the agenda of anyone - but markets certainly believe that opportunities declined, with sterling reinforce last week after news of growth.

40 Analysts polled by Reuters in advance of the announcement of the ONS one predicted correctly - GDP figure and Ross Walker, Chief Economist of RBS.I spoke with him to make her look to UK plc and its analysis is a merit to listen.

First, if correctly, it is because an increase in construction would increase the number of T3, this increase is not sustainable and the figure of the fourth quarter is likely to return. The first half of next year, thanks to the increase in VAT and public sector layoffs begin to bite, will see the croissance.beaucoup stagnation will depend on British leaders investment decisions in a country where there is overcapacity and difficult funding.

"RBS call home" is the Bank of England will reintroduce as much as 50 billion ￡ of EQ in novembre.Mais health more robust that anyone who thinks the beginning of the year, Mr. Walker has admitted that the prediction could be revised GDP figures. It will be all descended, he revealed to purchasing managers index.

"The single most important piece of reference will be the services PMI on the eve [CPC meeting]," said Dr. Walker. " If we get out turn over 53 it will be sufficient to prevent the EQ in November and grow in February.

"Last month it was 52, 8.Il is absolute limit. If they [por] to do so, it will not be easy presentationally - including inflation exceeded. ?

Index showed a slight increase in September to August, and many expect the trip on the rise will continue. I must admit, I would be surprised if the CPC decided to push the green button on the money printing month suivant.Attendre retardation and wait for sterling to keep his journey slowly building.

Mr. Hurley moves

In the news, which creates a good part of the cat in Silicon Valley, Chad Hurley, founder and CEO of YouTube, announced last week that it moves.It will become an Advisor part-time at YouTube, leaving more time to concentrate on his new company line Hlaska clothing company.Apparently, the name is a fusion of the words Hawaii and Alaska and something to do with heat, cold and United States - but probably better than letting Mr. Hurley to explain.

There are two interesting parts to this développement.Tout firstly, Mr. Hurley new company sells as the opposite of retail fashion mass-produced market emerging countries.Mr. Hurley says that Hlaksa on "American Production" is an example of a home-grown theme in development in the retail world.When the Brompton folding bike success story was asked why he did not move to a cheaper geography United Kingdom production, he replied that he could better ensure quality with local talent and supply lines .Marque Brompton is its very Britishness.

The second aspect is to display Google's YouTube YH ' I met Mr. Hurley and the new CEO, Kamangar Salar, when I went to their headquarters in California, 901 Cherry Avenue, earlier this year.

Mr. Hurley is the relaxed techpreneur - in fact, a great designer - with very expensive cars among its intérêts.M.Kamangar is the man that Google transferred to the company in 2008, two years after he bought YouTube for ￡ 1. 76bn in 2006.

This move and announcement last week, signal that Google is becoming more and more focused on a few serious YouTube.Il profits has never revealed if makes money – video sharing site I'm sure, and most analysts, makes much - but what this number is that it is sure to rise as Mr. Kamangar.Il steel is the man who, while Google developed the system eye-wateringly profitable AdWords.

Internet and television becomes always more aligned, lines of revenue and profits for YouTube advertising are potentially wide scale it y has more than billion views a day on the site and every minute, 24 hours of content is downloaded.

I asked Mr. Kamangar whether Mr. Hurley baby would be a business incredibly rentable.Il said: "when you think about the TV advertising market and how, and in the future that the content will be delivered via [internet protocol], we believe that we are in a position very track."And it seems he is the man now approved by Google to deliver.

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In a trading update Tuesday, Lloyd's say the market that despite a difficult third quarter the Bank will deliver its first annual profit since 2007.

Of particular interest will be Lloyds progress in breeding of new funds, tips as bank accelerates its efforts to wean themselves off the coast of the burden of the State was forced to rely on since 2008.

Disabilities will be also under careful market evidence that costs of Lloyd's toxic assets reached its peak and will have ongoing research is more a constraint on the profitability of the Bank.

Morgan Stanley analysts expect Lloyds to announce that deficiencies have fallen in the last quarter, but remain prudent Bank margins are always under pressure.

View of the city is mixed and the investment bank analysts Switzerland Credit Switzerland warned last week that deficiencies could increase as they anticipate that the decline in property prices would lead rate of failure among borrowers to begin to increase.

Lloyd's is the first major banks of the United Kingdom to give an update of the third quarter and Royal Bank of Scotland and HSBC will release their own updates Friday, followed by Barclays the week after.

RBS update should highlight the success of the Bank by running in its property portfolio bad as he continues with his recovery plan.

As a major American and European banks that have reported their latest financial figures for the past few weeks, the market expected to show a decline in revenues, with a quarter-on-quarter fall investment banks 8pc likely RBS British banks.

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Still, it's worth asking the question. Yu's comment is his first public response to a disclosure on page 200 of the flotation prospectus, stating that he was absent from work for a brief period in March with a cardiological complaint.

Then there are the 13 pages of "risk factors" noting potential concerns including the fact that the company is not currently obliged to hold a licence in territories representing 27pc of its latest
full-year revenues of ￡341m and the reminder that "in some jurisdictions, online betting and gaming may be illegal".

Gambling can be a risky business, though Yu is at pains to point out how different the world's largest international online sports betting provider is to conventional bookmakers.

"What we do," he says, "is bring a community of users together and match people who have opposing views. They're betting through us but against each other. The bet is legally with us. We hold the bookmaker's licence.

"We're the bookmaker that takes the bet but we only accept the bet if we know we can perfectly hedge it with someone of an opposing view. That's the magic of our technology. We never lose money on the betting."

Founded 10 years ago by Andrew Black and Ed Wray, Betfair now has more than 3m registered users and 800,000 active customers.

Its sophisticated technology takes 4,500 bets every second, amounting to 5m transactions a day – more than all Europe's stock markets combined – with ￡284m of customer funds on deposit ready for wagering and a further ￡3,000 deposited with Betfair every minute.

Betfair claims its bet-matching technology and ability to constantly update betting odds during live sporting events give punters prices that are, on average, 24pc better than those of traditional bookmakers in horseracing. The most dramatic examples of this have become legends in the industry.

One came during a race at Cheltenham in 2006 when a customer in Pontypridd asked for a ￡10 bet on a horse called Noland but Betfair found a matching bet at 999-1 at a moment the horse was 10th. It won the race.

And in 2002 at Southwell, odds of 999-1 were found for a ￡4 bet on Family Business after its jockey Tony McCoy fell off. The other horses in the race failed to finish but McCoy managed to remount and won.

Yu, 42, is delighted to have got the float away, saying the process was "exciting, exhausting and thrilling all in one".

It was controversial, too, with Goldman Sachs criticised for under-pricing the offering, which did not raise any new money and resulted in just 15pc of the existing stock changing hands.

However, Yu defends the pricing, saying: "It was up to the market to set the price. We believe the flotation is really the start of a new chapter for us. I believe we can grow faster as a public company than as a private company."

What about all the disclosures in the prospectus, not least the one about his health? Can he give any more details?

"I think you've seen it all in there," he says. "Thanks for asking about it but I feel great. We decided that in the interests of transparency we should put something in but I feel fine. I wouldn't have gone through this process if I wasn't."

Yu, an American who has been with Betfair since 2001 – working his way up from chief technology officer to chief operating officer and then taking over as chief executive in 2005 – has lots on his plate.

Broker KBC Peel Hunt believes Betfair can increase its earnings before interest, tax, depreciation and amortisation (Ebitda) by a compound 25pc over three years.

However, net gaming revenues from Betfair's core business slowed to 7pc in the year to April 2010, or about 5pc when stripping out interest on client funds. Could Betfair's low-risk model also make it a low-growth utility?

"I must admit I've never heard that," says Yu. "I think there's tremendous growth. There's so much headroom in the market for growth that I think being called a utility is quite a few years away."

He sees continued growth in the global online gambling and betting market, particularly in sports betting, where Betfair's revenue grew 12pc last year, with 970,000 new registrations and 441,000 new customers.

There's also potential for cross-selling of other gambling products, such as online poker and casino, and there are new channels for customers to place bets, with iPhone, iPad and BlackBerry apps.

"Now you can sit at Starbucks and be using your mobile phone to bet," says Yu. "We can give you an opportunity to bet any time, anywhere and in any place."

To demonstrate, his communications chief logs on to Betfair on her iPhone and bets on a horse called Point North in the 4.50 at Nottingham at odds of 8-5. The process takes less than a minute.

The big problem is further expansion overseas, where half of Betfair's revenues come from.

"Ironically, the biggest four betting countries in the world – the US, China, India and Japan – are restricted in some form," says Yu.

"Obviously we hope those markets will open up over time but today you can't bet online legally so we don't operate there."

Betfair operates in the US only through TVG, a 10-year-old online horse-betting company that operates pool betting similar to Britain's Tote in 18 US states and was acquired for $50m (￡31m) last year.

However, Yu believes the US is finally changing, pointing to California's approval of a bill that will allow the state's residents to use a betting exchange for horseracing from May 2012.

He wants to expand TVG into other states and also launch a Betfair exchange into California.

"We hope the US will continue to liberalise," he says. "The challenge with the gaming industry is the rate of regulatory change. Governments work to different timetables. It's impossible to predict when different markets will open.

"In the long-run, regulation of gaming makes sense. It makes more sense than prohibition. It should be licensed, it should be taxed.

"It may take years to get there and it may happen at different times but I'm encouraged because it's going in the right direction."

Yu is also excited about LMAX, Betfair's new contracts for difference (CFDs) online trading exchange, which launched last week after a ￡25m investment. He believes there will be opportunities to expand further into financial trading.

"We hope LMAX can be as disruptive as Betfair," he says. "We're creating a marketplace where retail customers can come together and trade into the exchange directly without having to go through a market maker. It's taking out one link in the chain. We brought a fundamentally different way of allowing people to bet that was more efficient and we're trying to do the same in financial trading."

Other issues are dominating the headlines, however. Alongside the rest of Britain's bookmakers, Betfair has been wrangling over the levy amounting to 10pc of gross profits on UK horseracing that's paid to the sport in Britain. The company has also lobbied the Department for Culture, Media and Sport's review of the regulation of remote gambling.

Online betting companies based in Britain pay a gross profits tax of 15pc, which has prompted online bookmakers, including Ladbrokes and William Hill, to move their online betting operations to offshore tax havens. Yu feels Betfair is penalised for staying in the UK, where it has 1,000 of its 2,000 staff.

"What we have to consider is that many others have gone offshore and we don't think that is a fair and level playing field right now," he says.

"Last year, we paid about ￡20m in gross tax on our profits, so we're making a significant contribution back into the UK. We think it should be fair and commercially competitive, and right now I don't believe it is."

Does he want a special deal or a reduced rate? "Not necessarily," he continues. "What we're saying is that there must be a way that by being an onshore business and paying tax we would be entitled to do things in a way that makes it fair for us.

"It might be around advertising. Maybe one thing might be that you need to be licensed in the UK and paying tax if you want to advertise in the media or do other things here in the UK.

"We're very happy to be licensed and to pay sensible tax but if we don't see movement we'd have to continually consider what's right for the business over the long term."

Yu has spent his career in technology, graduating from Stanford University in California with a computer science masters and then working in a host of internet companies, including AltaVista, which brought him to the UK as vice-president for engineering in its e-commerce and international division. His stint in Britain ended after a year but Yu stayed, joining fledgling online betting firm Flutter. Within three months, Flutter announced a merger with Betfair and Yu became chief technology officer of the combined operation.

"There are huge technical demands in what we do," he says. "That's what appealed to me as a technologist. It looks very easy to the consumer but what goes on behind the scenes is hugely complicated."

Does he bet himself? "I do. I try my hand with the horses," he says. "I can't say I'm an expert at it but I love sports. The thing about working at Betfair is if you love sports there's something happening all the time."

There certainly is. After our interview, I check the racing results. Point North came in a winner and Betfair's communications chief won ￡8.10 with her ￡5 bet.

That sort of return that will keep the company's new shareholders happy.

Yu will be hoping Betfair can continue to produce it.

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Qioptiq manufactures spy lenses, missile defence systems and thermal imaging, technology is in preparation for a possible sales in the second quarter of 2011 by NM Rothschild.

It is the latest in a string of assets sold by Candover, who last year came to €3 8bn (￡ 3 UNI) transaction.

The month last Candover Investments, the arm of London listed group private equity has announced would liquidate itself by returning the cash from the sale of its remaining shareholder portfolio.

Registered arm saw his talks twice with a break down in July, Canadian pension fund leaving little chance of raising a new Fund and purchase without a checkbook new transactions team.

However, the company says will not be a discount of assets.

Recently, the capital group fired its plans to sell or float Parques Reunidos, operator Spanish Park theme after offer below its price tag of €transmitters.

Insiders say that the team focuses on maximizing the value of its portfolio to increase its chances of earning interest carried out on its fund in 2005, rather than to sell quickly to raise its next funds.

Buys Qioptiq in 2005 to EUR 200 million, and June this year Candover Investments wrote his portfolio to ￡ 14.2 m.

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The company is ramping up production of what was once known as gold Emperor found on Fiji? s large island, Viti Levu.

Questor saysBUY

Many libertarians believe that prices continue to rise as fiat currencies - or currency units are not supported by gold - dévaluer.Cependant, Quaestor believes that the best way to play high gold prices by corporations or increasing production. A minor over small based in Fiji is Vatukoula Gold Mines and actions are a new speculative purchasing today.

The company is ramping up production of what was known formerly as gold Emperor, located on the largest of the country, Viti Levu.La produces gold mine for 80 years - almost continuellement.Toutefois Island operations stopped when the price of gold was low. It is estimated that mine currently contains 4.3 m ounces of gold - and the company is production of 100 000 ounces per annum.

Vatukoula is also exploring the surroundings of the mine, which is highly prospective for new discoveries of gold.

Underground mining at a fixed price high base.This means that at the time of production of low cash costs are high, but the production increases the cost of producing each ounce tombe.Dans 12 months ending in August, the cost of cash for each ounce of gold was $664 once.Cela should be more next year production increases.

Target company for the production of the last year financial was 50,000 oz, announced in May.The company was able to go beyond this and produces 59,658 onces.Dans

This year, he expects production rise about 25pc towards our rate of annual production of 100,000 ounces of gold per year.

Underground mining being inefficient, the company plans to build a power plant fueled with wood on the site provide for its own energy needs.

The Fijian Government is stable and favourable to the mine.Note the title of mining was held by foreign companies for more than 70 ans.Vatukoula has a five years by the Government, with payment of royalties on being fair 3pc gold sales tax holiday.

The company employs approximately 13 m ￡ cash and debt of approximately $400,000 .the actions aren't paying a dividend based on forecasts of analysts, are trading on prospective earnings multiple times just 4.1.Comme company increased production, this multiple is likely to move higher as re - rate actions.

The company listed on aim is low, with a market capitalization of 135 m ￡, and therefore should be treated as a piece of theatre spéculative.Cependant, Quaestor expected shares to be re-rated as of increases in production and costs fall cash it also exist some exploration Fiji .the site interests ' company should also move into profit this année.Acheter.

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Questor says BUY

Society stated that he continued to trade ahead of expectations - and it seems that upgrades earnings are perspective.Commerce is ahead of last year and workplan as the budget of the company.

Course, with measurements of austerity and continuing concerns about the sustainability of global recovery, there are reasons to be cautious in terms of sales, 2011.En onlookers said the company has outperformed 7 8pc increase in UK new car market.

Volumes of cars has increased 8pc based on a year and margins continue to be at "satisfactory".

Shares are trading on earnings from December 2010 multiple 10.2, falling to 9.2 next year and producing 2 8pc.

Actions have been recommended to 50 percent in the Sunday Telegraph, June 13, and they are compared with the FTSE 100 until 10pc.Les 22pc shares remain a purchase.

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In fact, far from being a sunset industry, Mr. Asfari estimated has several possibilities for the expansion of the oil and gas production in the world. When he recently met with British Prime Minister and the Chancellor, he said that more was needed to promote the industry and the future.

"We need a different image for the industry," said Mr. Asfari."We must stop so much talent goes, for example, in financial services or other occupations because they believe not that there is a long career in the oil and gas génie.Nous know that it is an industry for the future, that innovation and increased competence means that more resources in the world will be available."

Petrofac has revealed the truth about this argument since its flotation on the London Stock Exchange in 2005.Is now the 57th-plus large company FTSE 100, with an annual growth rate compound 25pc rate (CAGR) over the past five years and net profits CAGR 46pc.Depuis October 2005 its share price has increased 530pc, compared to the average of FTSE 100-7 1pc.In the month of August, he announced its interim dividend increased 29pc and its demerger from ￡ EnQuest billion in March gave a 35pc annualised return on investment.

Two weeks ago, Mr. Asfari was appointed UK entrepreneur of the year by the firm of Ernst and Young.La last week, the company has sealed a 500 million contract from ￡ with total for the construction of a plant of gas on the Shetland Islands.

Investors, advisors and bankers, join Mr. Asfari and his senior team on Syria trip last month, including the pivot and the group operating head Maroun Semaan, believe in the next five years could be just as cash - arrivals .Bien most would argue that growth since 2005 will be difficult to match the role of service companies as Petrofac will come more in the foreground.

It is a strategic shift in oil industry, Mr. Asfari believes, with national oil companies requiring see "local content" (i.e. local operators) as an essential element of these new contracts to exploit the resources and generating plants.

This makes international oil companies at a disadvantage and creates a space for oil companies to build an asset with local partnerships, maintain for a period and then "hand it back" to run as a stand-alone company national oil company.

Advantage of their model is revealed in the backlog of Petrofac - huge engineering contracts to be signed in Turkmenistan (a country North of the Iran has the fourth largest gas reserves in the world), contracts for billions of dollars in the whole of Europe, Middle East and North Africa, as well as India projects and emerging markets in the far East.

It has a significant presence in the North Sea and focuses on expansion in Nigeria, in Russia (around of the Caspian Sea) et.Ses training activities, which spans the globe, grows également.Tout it staff in Woking, Surrey.

Executive said the company could see "three or four" deals with 300 m $ 600 m $ for new projects signed year next .the ' total agreement is the first of the people.

"The United Kingdom currently remains 20pc revenue, and as expand us globally this figure will drop to probably 10pc, said Mr. Asfari, who also voted CEO management today of the year in January." But the technical excellence of the United Kingdom mean is always an essential part of our company .c ' is a centre of excellence at the international level. "London, he also said, is always a good place to do business.

Mr. Asfari, one of more deeply listening to the entrepreneurial sector account Petrofac success, said that a price of oil between 70 and $80 per barrel is likely to remain relatively stable and makes the most viable hardest resource exploration.

"Course, Macondo [BP oil in the Gulf of Mexico exploded in April, killing 11 people platform] reveals that oil industry operates on the borders of what technology will and shows the increasing complexity and difficulties in the growth of demand for the India .but enterprise, China, countries-OECD increase considerably .the ' OPEC has shown a high degree of discipline [keeping stable oil prices] and I am cautiously optimistic that it will remain at its current level."

Mr. Asfari also sees significant opportunities in Iraq, where a report last month said the proven oil reserves could total 143bn barrels by 25pc on previous estimates."Iraq will require evacuation capacity [pumping oil] 12 m barrels and at the present time, this capacity is 3 m barrels - this is a fantastic opportunity", he said.

This is where the Syria intervenes.Abdallah Dardari, Deputy Prime Minister, said that his country wished to be the hub for the distribution of oil and gas, between the Middle East, Turkey and Western particularly.

"We worked very hard to showing that the Syria is open to trade," he said."We have five years ago a fermée.Il economy State fixed the price of potatoes."We have become open, regulation was modified, we want to encourage the investir.Oui West, U.S. sanctions will have an effect on attitudes, but that should not be overestimated, as it should not be underestimated.?

Syria also seeks to increase its production of oil and gas, and Petrofac is beyond two contracts already live.

Society adopts an approach to partnership, liaison with local, training companies and benefits be shared at the national level as well as Petrofac.

"People can forget this engineering, but we are a company of people," said Mr. Asfari. ""In a sector where most of your competitors can make the engineering and procurement, which differentiates you? it is your people and your relationships and your ability to perform with projets.Vous need to give added value, you must be a good corporate citizen, you create partnerships, politically and with companies operating in the pays.Il is no longer sufficient for Houston boys arrive in cowboy hats and try to do everything themselves it is not right if I only brought everyone from Aberdeen to stronger in the countries themselves relationships travail.établissement means that you have a long-term, better relationship."

Petrofac has helped raise 4000 owners share employee (for a total of 12 500) who hold 40pc of capital.

There were headwinds - with engineering and training services division see revenues and net profits to 12pc due to the global economic crisis and especially autumn at Duba?.Mais confidence is still high and a presentation of the investor at the Four Seasons Hotel Damascus, M. Asfari finishes with a flourish.

"We are confident that we will send like-for-like net autour 20pc full-year earnings growth," said it .the ' oil and gas industry is very far away, Mr. Asfari insists on the fact the sunset.

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NEW YORK – Exchange operator Nasdaq OMX Group Inc. said Friday its third-quarter profit surged 68 percent as it slashed rebates and fees.

The share of U.S. stock trades it handles edged up from a year ago but was slightly lower than in the second quarter. Older exchanges like Nasdaq OMX Group and NYSE Euronext have seen the share of trades they execute diminish in recent years because of newer competitors entering the market.

Nasdaq OMX Group's share of U.S. stock trades rose to 22.3 percent during the most recent quarter from 22.1 percent a year earlier. It handled 22.8 percent of trades during the second quarter.

As recently as two years ago, Nasdaq OMX Group's market share for U.S. stock trading was around 30 percent.

Because of the dip in U.S. volume, Nasdaq OMX has been aggressive expanding its operations in recent years to generate new revenue. The company handled the largest share of U.S. stock options trading during the third quarter, with its two options exchanges handling a combined 28.8 percent of all trades. Its European stock trading volume jumped 39 percent during the third quarter.

Nasdaq OMX Group reported net income of $101 million, or 50 cents per share, for the three months ended Sept. 30, up from $60 million, or 28 cents per share, a year ago.

Analysts polled by Thomson Reuters forecast Nasdaq OMX Group would earn 46 cents per share on revenue of $369.9 million.

Nasdaq OMX Group's revenue, which excludes rebates, brokerage, clearance and exchange fees, rose to $372 million from $349 million a year earlier.

Market service revenues fell 9 percent as overall trading volume slowed because investors were more cautious about the health of the economy. Nasdaq OMX Group was more than able to make up for that drop in revenue by slashing rebate and fee costs by 18 percent.

Its shares rose 42 cents, or 2 percent, to $21.32 in morning trading.

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NEW YORK – Stock wavered Friday after a report on economic growth did little to reassure investors about the health of the economy.

The Dow Jones industrial average fell about 20 points in midday trading.

Gross domestic product, the broadest measure of the nation's economy, grew at a 2 percent annual pace in the third quarter. That was in line with economists' expectations and only slightly better than the 1.7 percent growth rate during the second quarter.

Signs of meager growth come as investors grow more cautious heading into next week's midterm elections and are uncertain about the size of economic stimulus measures the Federal Reserve is expected to announce next week.

Normally such slow GDP growth would have driven stocks much lower. But signs of weak economic expansion provide further support for the Fed's anticipated stimulus plan.

"Because GDP was so lackluster, we don't see the Fed pumping the brakes" on its plan, said Tony Zabiegala, a partner at Strategic Wealth Partners.

Stocks rose sharply during the first half of October as expectations mounted that the Fed would start buying Treasury bonds to drive interest rates lower. That, in turn, is supposed to spark spending and lending. In recent days, however, the size of the bond-buying program has been questioned, putting a market rally on hold.

John Apruzzese, a partner and portfolio manager at Evercore Wealth Management, said reaction in anticipation in the program is typical of the market.

"This is a classic situation where all the market movement is done in anticipation," Apruzzese said.

The market could be stuck in a holding pattern until the Fed wraps up its meeting Wednesday where it is expected to announce details about the bond-buying program.

A day before the Fed completes its meeting, voters will head to the polls for the midterm elections. Traders have been betting that Republicans will at least take control of the House of Representatives, which could slow government action.

Analysts say uncertainty over tax issues and potential costs from health care and financial regulation reform bills have been major reasons employers have been hesitant to start hiring new workers. The results of the election should provide more clarity about those questions.

With so many people unsure about their jobs, they have cut back on their spending, which accounts for the biggest piece of the nation's economy. While the latest GDP report showed a rise in consumer spending, its still well below pre-recession levels.

The Dow rose fell 19.19, or 0.2 percent, to 11,094.61 in midday trading.

The Standard & Poor's 500 index fell 1.99, or 0.2 percent, to 1,181.79, while the Nasdaq composite index rose 2.38, or 0.1 percent, to 2,509.75.

Bond prices rose slightly following the GDP report. The yield on the benchmark 10-year Treasury note fell to 2.62 percent from 2.66 percent late Thursday.

Another batch of earnings news came in mixed. Microsoft Corp. rose after reporting higher income late Thursday, while Merck & Co. and Chevron Corp. fell following disappointing results. Merck was hurt by disappointing revenue figures, while Chevron fell short of earnings forecast after charges tied to foreign exchange.

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By David B. Armstrong David B. Armstrong – 2?hrs?54?mins?ago

It's a safe bet that a peek inside most people's portfolios will show a lot of investments centered around big stocks--and rightfully so, because they are the big names that everyone knows. They command attention and are powerful contributors to the economy, as well as the major market indicies such as the Dow Jones Industrial Average and the S&P 500. These are large-capitalization stocks, aka "large-caps" and are generally companies with a market capitalization of greater than $10 billion. (Market capitalization is the number of shares traded on the stock exchange multiplied by the current share price.)

But one thing that may be missing from your portfolio right now is an allocation to mid-cap stocks, and ignoring that sector could be the detriment of long-term investors. According to Russell and Fact Set, the Russell Midcap index beats both the Russell 1000 large-cap index and the Russell 2000 small-cap index well over half the time for one-, three-, five- and 10-year rolling time periods. That's significant.

[See highly-rated Mid-Cap Growth and Mid-Cap Value funds.]

Sticking to it. They say a diamond is just a piece of coal that stuck to the job. That could be the case here, too. Mid-cap stocks represent firms that have generally succeeded in growing from privately held companies to navigating a public offering to the small-cap stock phase, so it's reasonable to assume that they have sound business models, good leadership, and solid processes. At the same time, they're still small enough that their lack of analyst coverage provides more opportunity for investors doing their own homework to discover a rising star before it really gains traction among the general investing public.

Volatile but manageable. Mid-cap stocks can be more volatile than their large-cap brothers, and this is not something that should be overlooked. In fact, mid-cap stocks may demonstrate levels of volatility commensurate with the volatility of small caps rather than large caps. For this reason, it's important to adhere to diversification within this classification of stocks. Additionally, time is a mid-cap stock's friend when it comes to volatility, since mid-caps' overall volatility decreases to be more in line with large-cap stocks over longer time periods.

Is now the right time? First and foremost, an investor's asset allocation should always be the product of a complete and comprehensive financial plan. That said, mid-cap stocks are especially worthy of consideration as investors regain confidence as recessions end. In fact, Ned Davis research concluded that mid-cap stocks outperformed large-cap stocks for up to two years after the recessions of 1980, 1982, 1991, and 2001 (as measured by the Russell Midcap Index and the Russell 1000 index).

[See Make Your Retirement a Piece of Cake.]

According to the National Bureau of Economic Research (NBER), the current recession ended in June of 2009--whether it feels like it or not. If that's the case, now is still a good time to own mid-cap stocks, especially if you do not currently have an allocation to them.

If you already have mid caps in your portfolio, be sure that you keep an eye on the returns of these investments. It's possible that the returns on your mid-cap investments could quickly grow beyond tolerances you or your advisors may have for your portfolio, which could mean that it's time to rebalance.

As with everything, moderation is key. Be sure not to overdo it. There is never a good reason to "load the boat" on any investment. Remember that your portfolio is much like the engine of a car. You want all the cylinders firing, but some will be going up while others are going down. You are looking for the car to move forward smoothly and the more cylinders in the engine, the smoother the ride.

David B. Armstrong CFA, is a Managing Director and co-founder of Monument Wealth Management in Alexandria VA, a full service Private Wealth Planning and wealth management firm. Monument Wealth Management is backed by LPL Financial, the independent broker-dealer and Registered Investment Advisor. He has been named one of America's Top 100 Financial Advisors for two straight years by Registered Rep Magazine (2009 & 2010) based on asset under management. David and Monument Wealth Management can be followed on their blog at "Off The Wall", their Twitter account @MonumentWealth, and on their Facebook page. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendation for individual. To determine which investment is appropriate please consult your financial advisor prior to investing. All performance references is historical and is not guarantee of future results. All indices are unmanaged, cannot be invested into directly and do not reflect the deduction of fees and charges inherent to investing. The prices of small- and mid-cap stocks are generally more volatile than large-cap stocks. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not ensure against market risk. Securities and financial planning offered through LPL Financial, Member FINRA/SIPC.

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LONDON – World stock markets fell Friday as investors expected the latest reading of U.S. economic growth to cement views that the Federal Reserve will provide further stimulus.

The world's largest economy is expected to have grown by 2 percent in the third quarter. While that is an improvement from the previous quarter's 1.7 percent rate, it is still well below the pace needed to create jobs and fuel a sustainable recovery.

As trading got underway in Europe, Britain's FTSE 100 index was off 0.4 percent at 5,654.73 and France's CAC-40 fell 0.6 percent to 3,811.77. Germany's DAX shed 0.2 percent to 6,580.34.

Asian markets closed lower and Wall Street was set to fall, with Dow futures down 0.5 percent to 10,998. Broader S&P futures declined 0.6 percent to 1,172.80.

The U.S. GDP figure may affect investors' views of the Fed's widely-expected stimulus measures next week.

The central bank is expected to buy Treasury bonds, known as quantitative easing, in a bid to drive interest rates lower, encourage lending and stimulate the U.S. economy.

"The market remains fixated on the size of the quantitative easing," Singapore's DBS bank said in a report.

DBS said it expects the Fed to announce initial bond purchases of between $200 billion and $300 billion while some investors are looking for a program between $500 billion and $1 trillion.

"Herein lies the fear for disappointment," DBS said.

The details of any stimulus are expected to be announced when the Fed meeting wraps up Nov. 3.

In Europe, economic data suggested the recovery is unbalanced and slow. The official inflation rate for the 16-country eurozone rose to 1.9 percent in October, according to statistics agency Eurostat. The unemployment rate, meanwhile, rose to a 12-year high of 10.1 percent in September as strength in Germany's labor market was offset by weakness elsewhere.

The focus on economic indicators comes after investors digested a raft of corporate earnings this week. The reports were mostly upbeat, though many companies warned that the outlook is difficult.

On Friday, British Airways reported its first profit in 3 years, helped by a tough cost-cutting effort and a recovery in business travel.

In Asia, the Nikkei 225 stock average closed down 1.8 percent at 9,202.45. Investor sentiment was undermined by a stronger yen, which hurts exporters as it cuts the value of their repatriated profits. The dollar slumped below 81 yen, nearing a post World War II record low of 79.75 yen set in 1995.

Adding to the gloom, Japan's industrial production fell for the fourth straight month in September, underscoring the country's fragile recovery. Factory output tumbled 1.9 percent from the previous month as makers of cars and electronic devices cut production, much worse than a 0.6 percent fall forecast by analysts.

Some analysts expect Asian policymakers will turn to capital controls to help stem a surge of cash into the region's markets that the Fed stimulus could trigger. The fear is that the wall of money will push Asian currencies even higher, hurting exports, particularly as China's yuan is effectively pegged to the dollar.

"Asia is worried about drowning in a sea of cash," HSBC said in a report. "With the Fed set to crank the pump again next week, officials are busy drawing up capital controls to fend off the tide."

South Korea's Kospi lost 1.3 percent to 1,882.95. Australia's S&P/ASX 200 fell 0.5 percent to 4,661.60.

The benchmark Shanghai Composite Index dropped 0.5 percent to 2,978.83 and Hong Kong's Hang Seng shed 0.5 percent to 23,096.32.

Shares in India, Taiwan and Indonesia also declined while Singapore and Malaysia gained.

In currencies, the dollar fell to 80.76 yen from 81.04 yen in New York late Thursday. The euro slipped to $1.3812 from $1.3925.

Benchmark oil for December delivery down 68 cents at $81.50 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 24 cents to settle at $82.18 a barrel on Thursday.

___

Associated Press writer Alex Kennedy in Singapore contributed to this report.

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LONDON (AFP) – London's stock markets drifted lower in opening deals on Friday, with investors cautious before the publication of vital US economic growth data for the third quarter.

The benchmark FTSE 100 index of top shares eased 0.15 percent to 5,669.65 points.

Later on Friday, at 1230 GMT, investors will focus on the first estimate of third-quarter gross domestic product in the world's biggest economy.

Market expectations are for an expansion of 2.0 percent in the three months to the September after 1.7 percent growth in the second quarter.

Further ahead, next week the US Federal Reserve will deliver its latest monetary policy decision, with hopes moderating for a stimulus measures to boost the nation's economy.

"Today?s release of the third quarter GDP figures will prove to be a big test," said CMC Markets analyst Michael Hewson.

"If the figure comes in considerably better than 2.0 percent, we could well see a dollar bounce on expectations of a reduced stimulus package next week.

"A poor figure, then expect the dollar to fall quite quickly, especially against the yen."

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NEW YORK (Reuters) – Stocks were little changed on Friday as investors continued to assess prospects for monetary stimulus by the U.S. Federal Reserve and ahead of elections that could change the balance power in Washington.

Market action in the last several weeks has been dictated by prospects the Fed will announce another round of asset buying next Wednesday. Mid-term elections next Tuesday have also preoccupied investors, with polls indicating a Republican takeover of the House of Representatives.

Analysts said the government's gross domestic product report was positive, showing 2 percent annualized growth rate in the third quarter as forecast, but the data took a backseat to stimulus speculation.

"There's big news next week, and most of it is built into the market, some ideas about how many pro-business people will move to Washington and how proactive the Fed will be," said Richard Sichel, chief investment officer at Philadelphia Trust Co.

"In both cases, investors have been fairly optimistic for some months now about what we'll see. When we do get that next week, the market will probably get back to looking at earnings," Sichel said.

With 335 S&P 500 companies having reported so far, some 77 percent have beaten earnings estimates. That is just shy of the record beat rate of 79 percent in the third quarter of 2009, according to Thomson Reuters data.

Still, earnings have taken a back seat to macroeconomic news.

The Dow Jones industrial average (.DJI) dropped 2.73 points, or 0.02 percent, to 11,111.22. The Standard & Poor's 500 Index (.SPX) dropped 0.34 point, or 0.03 percent, to 1,183.44. The Nasdaq Composite Index (.IXIC) gained 6.51 points, or 0.26 percent, to 2,513.88.

While the S&P 500 is flat so far this week, the index is up almost 4 percent for the month, and investors could take the opportunity to lock in profits during the session.

Microsoft Corp (MSFT.O) rose 1.5 percent to $26.68 a day after it reported a profit that beat estimates on higher sales of its flagship software.

On the downside, Chevron Corp (CVX.N) posted a weaker-than-expected profit, and its shares fell 1.7 percent to $83.05.

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)

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TOKYO (Reuters) – The Tokyo Stock Exchange (TSE.UL) said on Friday it is looking into a spate of complaints about recent trades involving heavy short-selling ahead of new share issues.

A growing number of investors at home and overseas are asking it to take action on what they believe to be insider trading, said Kazuhiko Yoshimatsu, a spokesman for the bourse.

The bourse declined to say if it had opened a formal investigation or comment on which new share issues were the subject of the complaints.

He added that investors were concerned that information may have been leaked when brokerages, on behalf of issuers, sound out institutional investors to gauge demand for new shares.

The Financial Times reported that the Securities and Exchange Surveillance Commission was also examining the issue.

"It is something we cannot allow to continue. We have no intention of leaving the problem unaddressed," Atsushi Saito, TSE chief executive, was quoted by the FT as saying.

SESC officials are not immediately available for comment.

(Reporting by Tim Kelly and Taiga Uranaka; Editing by Edwina Gibbs)

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BELTSVILLE, Md - President Barack Obama presented a proposal Friday to provide tax relief for businesses, call Democrats and Republicans to join after Tuesday's election to stimulate the economy.

Days before the Republicans are supposed to achieve substantial gains in the polls of the Congress, Obama, a Democrat, has highlighted a plan won until this little traction policy despite what sees as White House use bipartisan.

The proposal would allow businesses of all sizes take immediate retained for certain expenditure capital between September of this year and the end of 2011.

Locking of the last years mess just ask Mike Dillon, who fought to keep his home in New Hampshire during most of the past 10 years. Life Inc.: page top Economist says no "double-dip" Life Inc.: giant monument for the credit crunch

Small businesses can now deduct 50% of some investments immediately instead of accounting for the costs over time.

"Political season goes faster."And when he (is), each of us will have a responsibility, Democrats and Republicans, to work together to the extent possible to promote jobs and growth, "Obama, flanked by giant rolls of sheet metal, said after the tour a local company in Maryland."

"The idea that I am announcing today is that Democrats and Republicans should be able to support...".It is a simple.Il proposal would be a serious difference for this company and others like it.?

Administration of fact Obama septembre.Il proposal published a report Friday outlining its benefits, including $ 150 billion in tax breaks to businesses over two ans.Il cover some 2 million small and large companies.

Obama remarks indicate the intention of the White House to focus on the issue in the coming months, even if the Democrats lose majorities in one or both houses of Congress on Tuesday.

"It will bring a tooth in the unemployment rate which we now on," said Obama.

"We will continue to widen the worst recession in the early 1980s, our mission is to accelerate recovery and encourage faster growth," he said, commenting on the release of a report in advance on the US economy in the third quarter.

Obama representatives expressed hope that Republicans would support the plan.

"The last month or two, you've not seen Republican even out kissing the Chairman put forward ideas and trying to discuss constructively to advance their ', a senior official said to journalists.

"One would hope that in November, December next year that people start examines economic underlying narrative proposals and uniting to move forward."

Copyright 2010 Thomson Reuters.Cliquez on restrictions.

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Wednesday, I wrote about the bizarre approach media company to deal with the press. With the company in the middle of a battle involving major News Corp. shareholders support the non-exécutions were pushed out of the boardroom sharpish before that they could provide comments unprotected. We can only imagine what they might say about 700 p by share offer tentative News Corp.

A man who is not of the event to attend to the goings on shareholder of BSkyB and meetings at least 10 known to the company as John .the pillar ' investor is famous among the AGM of BSkyB crowd for his next, Bristol City FC (it runs always wearing kit) as its investment in the company.

This annual general meeting he did not turn on.

Feared so much that I understand his home number pourchassées press team and were contacted to see if everything was bien.Vous will be happy to learn that he simply had a previous commitments.I wonder if it is something to do with his beloved club QPR play tonight? they drew 1-1.

Excellent work of the Agency BIO boss Peter Veash. The MD of group marketing staff set a challenge to see who could grow greater pumpkin for Halloween.

And then won the award itself.The idea was to grow a bottle that was at least as large as the receptionist of the company.110 Pounds picture is what he came up with.This is the receptionist in the snap-ins Manager but Pru Wallace-Jones.

Weighing less than the pumpkin, I wonder if the receptionist could see on top?

Thinking acclamation.Entreprise Schuco building materials began to markets a range of Windows and doors of sécurité.Rien to see with the addition of a padlock and a string to them, these are bullet-proof and not only to handguns soit.Une Windows is strong enough to withstand a bullet from a rifle 7.62 mm.

Because you feel safe is it?

An invitation arrives to society générale.La Christmas Bank must always feel the pinch of ￡ 4 until he lost by rogue trader Jér?me Kerviel.Le do is Bethnal Green.

Jonathan.Russell@Telegraph.co.UK

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Mr Dobell’s scorn is quite different from the populist claptrap produced by politicians almost every day (yes, Vincent, I mean you). During a lost decade in which the FTSE 100 index of Britain’s biggest shares fell by 15pc, M&G Recovery more than doubled investors’ money.

So the opinions of its manager about who is to blame for the mess we are in and the prospects for Britain’s economic recovery – or the risks of a double-dip recession - are better informed than most. He recently celebrated his tenth anniversary at the helm of the flagship fund of M&G - the company that introduced unit trusts to Britain - and emphasises that he buys or shuns individual shares rather than backing an economy.

But this usually quietly-spoken farming man from Somerset is emphatic that the pessimists are wrong and that those who believe them are not only selling Britain short but missing major opportunities to make money.

Speaking before this week’s better-than-expected gross domestic product (GDP) figures eased fears of economic stagnation, he said: “Detractors are ten a penny and, unfortunately, a lot of people see the glass as half empty but I am pretty optimistic and believe there are great opportunities for some British companies.

“We look to identify unloved businesses with honest hard-working managers, good strategies and the cashflow that comes from that. The aim is to buy low, when they are being bashed from pillar to post, and then sell high when they have bounced back.”

A dramatic recent example of the risks and rewards of this strategy is the oil giant BP; now the fund’s biggest single holding. Mr Dobell recalled widespread panic and pessimism when BP’s share price fell by 50pc after the Gulf of Mexico disaster.

He said: “We were already investors, because we believed the company was halfway through its recovery from earlier setbacks, but we doubled our holding during the carnage when we saw some behaviour I absolutely loathe. Politicians, lawyers, hedge fund managers and many elements of the media descended on the company.

“BP took 100pc of the blame when it only owned 65pc of the assets. The management took full responsibility for a horrendous accident in which 11 people died and an environmental tragedy.

“But they got very little sympathy or support from anybody – including, I regret to say, the British Government. I had several meetings with BP’s management and took the opportunity to buy 40m shares at an average price of 363p.”

At the current price of about 426p, that’s a paper profit of nearly ￡25m. Not bad for a few weeks’ work but not relevant either from Mr Dobell’s point of view – or, he believes, many of his investors.

He explained: “M&G’s approach, formulated over 40 years at Recovery, is to take a long-term view and ignore short-term noise in the stock market. It’s a big advantage to have an average holding period of five years, compared to about eight months for the typical investment institution.

“I am not an economist or an accountant; I am a stock-picker. It’s very simple what I do but the power of compound investment is massive and the returns can be huge if you get it right over time.

“Our typical investor has been with M&G for about 17 years. He or she probably does not work in financial services but is doing their best for their family, trying to pay off the mortgage or bullet-proof their pension.

“We are trying to provide a savings platform for them, rather than trying to pretend we can be top of the pile all of the time. People are going to need to save more in the future and, if we do well for the customer, M&G will do well and I will get paid.”

The dangers of excessive debt and the difficult years ahead as Britain recovers from the consumer credit binge are topics on which Mr Dobell is outspoken: “I am not party political but the last administration did a lot of damage. Thank God we were relieved of their stewardship of the economy.

“Unfortunately, we had become complacent that our place in the world was assured. The mistaken idea that rising house prices and hopes of winning the lottery might be a plan for retirement are national characteristics that will have to be amended.

“The truth is we are going to have to work hard and save hard. But it was not UK Plc that went bust; it was the government finances that were in tatters because we were living beyond our means. The man in the street was also being encouraged to borrow too much and it is difficult to see how that could have been sustained.

“Now companies are already adapting more realistic financial strategies for recovery – and many members of the public are doing the same. Britain enjoys many advantages of language, technology and a stable democracy, so we will continue to have a huge amount to offer the world.”

Asked for a specific stock that represents those hopes for the future, he cites Vodafone, the global telecommunications giant which is another of Recovery’s top 10 holdings. Mr Dobell explained: “I didn’t hold any Vodafone when its share price touched ￡4 in March, 2000. Back then, the company represented about 8pc of the market and the pressure to hold some was massive.

“But when the telecommunications, media and technology bubble burst and the shares slipped below ￡1 I began to accumulate. At Vodafone’s current price of 167p, the shares are still well below half their peak value. It’s been quite a slow recovery but I believe there is a good chance that shareholders will benefit as the company participates in the digital age we are already seeing.”

All this is music to my ears, as a humble saver with a Self Invested Personal Pension (SIPP) that contains modest direct holdings of BP, Vodafone and HSBC. I tell Mr Dobell that it’s reassuring for this small investor to see that I have picked up over the years five of his giant fund’s 10 biggest holdings – the other two being GlaxoSmithKline and National Grid.

But, of course, there is much more to Recovery than that. The fund is diversified over 96 shares with a good deal of the outperformance generated at the smaller end of the FTSE All Share index of 700 funds plus some exposure to the corporate minnows of the Alternative Investment Market. Mr Dobell cites a 17-year-long holding in the former tiddler, Tullow Oil, which grew into a Footsie giant. He

invested because of “inspirational management and a terrifically talented team”, rather than rumours about the black stuff, and the stock remains a top 10 holding to this day.

That raises an important point about exposure to international growth opportunities which can be obtained from shrewd selection of shares traded in London. Mr Dobell explained: “In 1969, when Recovery was set up, 5pc of earnings came from overseas and, when I took over in 2000, about 50pc of earnings came from overseas.

“Today, it’s about 75pc to 80pc but that’s not to say British companies have given up investing in the UK. I believe that this country is still a centre of excellence in many industries and we have the advantage of a peaceful, democratic economy with an important element of shareholder power and performance disclosure rules.

“These characteristics give us a terrific role to play in the future of the world. I feel uneasy that it has become a consensus view that emerging markets are the place to look and I am sceptical about the idea that emerging markets are a panacea.

“I profoundly believe that the growth in global population from 5bn to 8bn over the next 25 years will cause great shortages of commodities, such as food and water, and this scarcity might well lead to economic and physical conflict. China’s emergence as an undemocratic superpower with a communist party system is potentially a source of grave concern.”

So, is he betting the farm on British shares bouncing back after a decade in the doldrums? He winces: “We are bottom-up stock-pickers. Betting is for the race course.”

CV
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Family: Married with one son and two daughters.

Education: Writtle Agricultural College, Chelmsford, Essex.

Drives: “A 10-year-old blue jalopy. It’s a Renault Megane, I think. Not really interested in cars.”

Hobbies: Supports Somerset County Cricket Club and farms in Essex.

Favourite film or book: “Pass.”

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