London close: Gains erased as Spanish yields advance - Life Style Extra
- Newsflow improves in Greece; New Democracy support increases
- Spanish concerns weigh on sentiment
London blue chips finished broadly flat on Monday as the initial optimism surrounding the Greek elections was outweighed in afternoon trade by ongoing concerns about Spain's finances.
Several opinion polls published this weekend showed the pro-bailout party New Democracy as the favourite to win the elections in Greece on June 17th. Specifically, five separate polls show New Democracy leading by a margin of 0.5 to 5.7 points. This would put the group ahead of the radical left wing Syriza party that opposes the terms of the second bailout signed with the "troika" (name given to the combination of the EU, the IMF and the ECB).
"The lead is only slim and could change before the elections on June 17th however this is looking very good for the Eurozone as it shows that Tsipras' promises of rejecting austerity while staying in the euro are starting the wear thin with the Greek public and with around 85% opposed to leaving the euro we could see New Democracy's lead grow," said Alpari analyst Craig Erlam.
However, concerns about Spain were also in focus today after the government was asked for 19bn in aid from troubled financial institution Bankia in order to strengthen its solvency. Rumours of further re-capitalisations across the sector were also doing the rounds. The yield on a Spanish 10-year bond jumped 16.8 basis points to 6.479% today. The STOXX Europe 600 Banks index finished 1.08% lower.
Equity markets are closed in Austria, Denmark, Hungary, Norway, Switzerland and the US today for a bank holiday.
FTSE 100: IAG flying low, BP drops on TNK-BP CEO resignation
Shares in British Airways parent International Airlines Group (IAG) fell after the president of Bankia (which holds a 12% interest in IAG) said the bank would sell assets to raise much needed funds. There were also reports that Madrid will look to privatise stakes in some state companies, which would include selling its stakes in companies such as IAG.
The Chief Executive Officer (CEO) of Russia's third-largest oil producer, TNK-BP, resigned today, with sources citing a breakdown in the relationship between BP and its joint venture partner, AAR. Fridman's resignation "represents a further breakdown in the relationship between TNK-BP's shareholders," one source close to AAR was reported to have said on Monday, adding that AAR has lost trust in the British firm. BP's shares were down nearly 2% by the close.
Retailers were firmly out of favour today with Kingfisher, Tesco and Sainsbury among the worst performers.
Heading the other way were miners with copper giants Rio Tinto and BHP Billiton tracking tracking copper prices higher on the back of falling stockpiles in China and favourable comments by Citigroup; Citi analyst Heath Jansen this morning adjusted his short-term view on the copper industry from bearish to neutral.
Outsourcing group Capita was on the up after UBS upgraded the stock from neutral to buy on the back of improving trading momentum combined with a depressed valuation. Aggreko was also benefitting from an upgrade from AlphaValue from sell to add.
FTSE 250: AVEVA jumps after full-year results
Engineering software company AVEVA surged on the second-tier index after it reported record profits for the 12 months ended March 21st as the firm capitalised on growing demand from deep-water oil and gas exploration. ??
Satellite group Inmarsat rose strongly after Jefferies upgraded its rating on the stock from hold to buy, saying that it now has greater visibility on the issues cited behind the August 2011 profit warning.
FTSE 100 - Risers
Weir Group (WEIR) 1,614.00p +3.99%
ITV (ITV) 78.95p +3.07%
Xstrata (XTA) 939.80p +2.98%
Capita (CPI) 629.00p +2.95%
Tullow Oil (TLW) 1,432.00p +2.65%
Rio Tinto (RIO) 2,857.50p +2.24%
Whitbread (WTB) 1,860.00p +2.14%
Burberry Group (BRBY) 1,401.00p +2.11%
ARM Holdings (ARM) 501.50p +2.10%
Rexam (REX) 400.70p +2.09%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 137.10p -2.70%
BP (BP.) 399.70p -1.88%
Kingfisher (KGF) 274.90p -1.79%
Tesco (TSCO) 304.50p -1.63%
Resolution Ltd. (RSL) 199.50p -1.43%
Severn Trent (SVT) 1,680.00p -1.23%
British Sky Broadcasting Group (BSY) 691.50p -1.07%
Petrofac Ltd. (PFC) 1,562.00p -0.95%
National Grid (NG.) 678.50p -0.88%
SSE (SSE) 1,348.00p -0.81%
FTSE 250 - Risers
Aveva Group (AVV) 1,638.00p +10.60%
Cape (CIU) 225.70p +10.10%
Aquarius Platinum Ltd. (AQP) 74.00p +8.74%
Dixons Retail (DXNS) 14.97p +7.01%
Ruspetro (RPO) 157.10p +5.72%
Ashtead Group (AHT) 231.40p +5.57%
Renishaw (RSW) 1,422.00p +5.18%
Ferrexpo (FXPO) 216.20p +4.75%
Genus (GNS) 1,247.00p +4.61%
Perform Group (PER) 345.10p +4.58%
FTSE 250 - Fallers
Essar Energy (ESSR) 109.00p -4.89%
Dunelm Group (DNLM) 486.50p -3.66%
PayPoint (PAY) 606.00p -2.26%
Heritage Oil (HOIL) 120.60p -1.71%
Beazley (BEZ) 135.00p -1.68%
Britvic (BVIC) 340.80p -1.50%
Computacenter (CCC) 353.00p -1.34%
Cranswick (CWK) 800.00p -1.23%
Cable & Wireless Communications (CWC) 31.13p -1.17%
ITE Group (ITE) 195.00p -1.02%
BC
London Borough of Hounslow increase investment in JCAD software - 24dash.com

Published by Phil Waldon for JC Applications Development in Local Government
The London Borough of Hounslow have been using the JCAD claims handling software, LACHS, since 1995. The system has enabled the authority to increase the effectiveness by which insurance claims are managed and also produce useful management information.
More recently, and after much investigation of the market place, the authority has also invested in the JCAD RISKLite application. This software, is a sophisticated yet simple to implement risk management tool aimed at improving the way that risk is managed across the enterprise. A representative at Hounslow advised, "the JCAD system offers a range of sophisticated risk management features but it will also enable the Council to evolve our own practices".
More information regarding JCAD software can be found here. www.jcad.co.uk
London 2012 - Argentine rowers bridge distance for London tilt - Yahoo! Eurosport
Ariel Suarez trains in Buenos Aires and Cristian Rosso 400 kilometres away in Mar del Plata but the Argentine rowers hope hard work and a helping hand from their French rivals will overcome the difficulties of training apart and let them shine at the London Olympics.
The Argentine duo have had to find a way to make their partnership work after teaming up two years ago. The Pan-American double sculls champions hope to do their country proud in London among a group of nations fighting it out behind the medal favourites.
Suarez and Rosso said their cause was helped by a productive training spell with the French team.
"We trained with the French national team and they told us we had a bright future, that the boat looked good but we had to iron out some issue we couldn't see here in Argentina," Suarez told Reuters in an interview.
"We improved a lot in technique, they gave us a lot of confidence. Physically we weren't able to improve much," he said at the national rowing centre in the suburb of Tigre in the delta of the Parana river.
"They showed us how they work ... The change was so big it was like a different sport, another way of rowing," said the 32-year-old, who has been competing since 2000.
After qualifying for the July 27-Aug. 12 London Games at a regatta in Slovenia, the South American pair's goal is to keep getting better, but they are aware that despite their improvements there are teams of a much higher standard.
"We're looking to improve on last year. We want to take that step, reach an 'A' final, that's our goal," Suarez said.
"Our keenness to improve isolates us from thoughts about going to an Olympic Games. That probably takes the pressure off and helps me relax."
The pair debuted together at a World Cup regatta in Switzerland in 2010. That same year they also took part in the world championships in New Zealand, finishing in the top 10 in their category and just outside the final.
Last year, they had an unhappy start with poor results in an old boat with the wrong oars, but there was a radical change at the World Cup in Hamburg where they won a silver medal.
"It was impressive, we didn't expect it," said Suarez.
That success led to two gold medals at the Pan-American Games in Guadalajara in October in the double and quadruple sculls.
"We live in different cities, he in Buenos Aires and I in Mar del Plata (400 km south on the Atlantic coast). We formed a group of four people with an agreed work plan," Rosso told Reuters.
"The coaches look to correct the same things despite the distance so as to work together on technique," the 28-year-old said.
The pair hope this way they will be able to edge closer to the big guns in rowing.
"There are two or three who can win medals, which are out of our reach. Then there are five or six, one or two seconds behind and we're there, from fourth place down," Rosso said.
"New Zealand, Australia, France and Germany are in the first Group. Then in the bunch you have Slovenia, Estonia, Norway, us, Canada, Lithuania. In that peloton of six boats, we want to try to be at the front, to be the first who are below those in the top level."
London echoes to Dickensian footsteps - Reuters UK
LONDON |
LONDON (Reuters) - Not far from the Olympic Park, a pub called The Grapes leans over the River Thames like "a faint-hearted diver who has paused so long on the brink that he will never go in at all."
It is hardly the image of sporting prowess but the place, conjured by Charles Dickens, underpins important historical context for the 2012 Games and a reality that endures.
The characters who visited this tavern "of dropsical appearance" in the 1860s novel "Our Mutual Friend", lived in the parts of London where 2012 will be staged, and included archetypes like the people in "The adventures of Oliver Twist" - young innocents and scoundrels living rough lives.
A few streets from the pub, beneath the docklands railway, Dickens scholar Tony Williams shows a reporter a trim terrace of whitewashed houses.
This part of London - Limehouse - was where Dickens' godfather, who made rigging for ships, had a home. When Charles came to visit he called in on a nearby lead mill that employed mainly women - poisoning some - a children's hospital, and various households.
Such places today are within sight of the pyramid-topped tower of London's financial powerhouse Canary Wharf, and attract valuations comparable to the financial district of Manhattan.
That puts them out of reach of most people, especially residents of the boroughs that are hosting the Games. Here, up to one in two children live in poverty, according to local council data.
Unemployment in Newham, one of the poorest boroughs, is nearly 45 percent - the highest rate in the country. Life expectancy is about two years below the UK average; Newham has Britain's highest rate of tuberculosis diagnoses.
London is full of memories of Victorian England, an era of dramatic extremes of wealth and poverty. A short walk through east London in the company of Dickens brings to mind a world whose poverty and squalor the author exposed more than 150 years ago; poverty which has only partially been redressed.
HALLSVILLE CESSPOOLS
In Dickens' time, east London was foul. The Metropolitan Building Act of 1844 had pushed toxic industries like leather tanning, varnish-making and gas works to the east.
There was also a big problem with sewage. Olympics spectators who walk a route known as the Greenway to get to the Park will stride over the solution to that. The path is part of a network that was finally constructed after the stench became intolerable in parliament.
At Canning Town, a couple of train stops south of Olympic Park, the area's potential collides with a Dickensian past. It is still the poorest part of Newham.
In 1857 the slum featured in "Household Words", a weekly journal that Dickens edited and published. Part of the low-lying area was known as Hallsville.
"It is a district ... most safely to be explored on stilts," the journal says. A clergyman "once lost his shoes in the mud while visiting Hallsville, and did not know that they were gone till some time afterwards; so thickly were his feet encased in knobs of mud."
On a drier day, the main characteristic of the place was its cesspools, undrained and pestilential, in the backyards of cheap terraced houses.
"In one of the backyards, three ghostly little children lying on the ground, hung with their faces over it, breathing the poison of the bubbles as it rose, and fishing about with their hands in the filth for something - perhaps for something nice to eat."
Dickens was a radical, Williams says.
"The greatest thing he hated to see was people being indifferent or just ignorant about where there was a need to be met - and particularly where that affected children."
When Dickens was a child, education of any kind was only for the privileged: he spent several years roaming the streets, and had to work in a boot-polish factory when his father was jailed for debts.
COCKROACH AND CARPET
Emerge from Canning Town station today and the whiff is more likely one of tar from a passing truck carrying material to a building site. As you head for Hallsville, a newly built apartment block rises opposite a disused transport depot marked for regeneration.
But housing remains a problem. In 2009 almost one in five households in Newham was overcrowded - having at least one room less than needed. Around half were below the standard known as Decent, and many are privately owned and rented out for more than they are worth.
"Something nice to eat" can still be hard to come by, especially fresh fruit and vegetables. Shops selling only frozen or dried goods survive better in poor areas, and in Newham, the lowest-paid earned less than anywhere else in London in 2007-9.
"We talk about a 'food desert' in some areas," said Rachel Laurence, who works with a child poverty network for the charity Save the Children.
Hallsville Primary School still exists. On a rainy April morning, a teacher leads a class past green fields out through spiky metal gates, on their way to a swimming lesson.
"Wowee what a fannetastic school," reads a review on Google maps. The school was rated "outstanding" by the British schools inspector in 2008.
Inside, one of the first sights are more than 30 trophies and plaques for sports, and large brightly coloured models of London landmarks. A bicycle wheel stuck with knobs like those used on cupboard doors represents the millennium wheel in Westminster.
The plaque commemorating a cheerleading prize says "Be the best you can be."
Keri Edge, who has been head teacher for 12 years, says just over half of the 450 or so pupils are eligible for free school meals - a measure of poverty.
Problems they contend with are broken homes, overcrowding, a lack of routine, broken sleep patterns, poor diet, and a lack of human contact because relatives spend too much time on smart phones or tech toys.
Edge finds it charming that Dickens knew about her school. But she wants to emphasise how modern children can be deprived whether or not they are poor, particularly if they are left "with just a Wii for company".
The classrooms hum with calm activity. In the nursery, a boy and a girl measure minutes with sand timers. In the corridors, the pupils move from class to class in silent crocodiles. "Lovely manners," the teachers say. The 10-year olds are working on a story. One has written of "a melodious sombre composition so sweet it would turn a devil into an angel."
Around the corner, just outside the school fence, is a burned-out car.
(Editing by Peter Rutherford)
Greaves eager to regain world record in London - Leicester Mercury
DAN Greaves saw his BT Paralympic World Cup title and world record both taken away from him by reigning Paralympic champion Jeremy Campbell but he is confident he will get his revenge come London.
The 29-year-old F44 discus thrower has the full set of Paralympic medals having picked up gold in Athens in 2004, four years after silver in Sydney, while he ended up third behind American Campbell in Beijing in 2008.
He bounced back from his bronze in the Chinese capital with a sensational 2011 when he won World Championship gold in New Zealand with a record-breaking throw of 58.98m, going on to throw 59.85 later that year.
Campbell smashed that mark in Manchester yesterday reaching 62.18m to become the first man to throw over 60m.
But while Greaves was understandably frustrated to see his record go, relinquishing the title he won last year, he insists he will be much stronger in London.
He said: "I feel like I'm in much better shape than my performance suggests. But it's all about London. We've got 6-8 weeks of speed work to do which hasn't shown up yet so I've just got to keep on doing what we've been doing in training, it's still a pretty heavy phase at the moment.
"It's the first big one I've had so I'd have liked to get closer to a personal best. Last year I got the world record but it was coming back off a world record in New Zealand and a short period of rest whereas this time we are peaking towards September."
After Campbell's record-breaking performance at the City of Manchester Arena, Greaves knows that he will have to find more than two metres to catch his American rival in London.
However the 29-year-old revealed that there is a lot more to come having settled for silver with a throw of 56.88 in Manchester.
He added: "We will do everything in our power to make sure it goes over 60 in London.
"London 2012 is the real goal for me so I'm just going to stay positive and focus on what we are doing and all the speed stuff we put in should pay dividends come London."
The BT Paralympic World Cup is taking place in Manchester from 22-26 May with elite international athletes competing in Athletics, Football 7-aside and Wheelchair Basketball. Go to www.btparalympicworldcup.com for tickets and more information.
© Sportsbeat 2012
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