Portsmouth boss Avram Grant has come to the attention of police after they launched an investigation into a brothel where prostitutes charge £130 for intercourse.

The married father of two was pictured by The Sun entering and leaving the building on a shabby industrial estate near his club’s training ground, before clambering into a chauffeur-driven car.

Group revenues of £11.55bn 1% higher than DB (£11.44bn). Group organic growth of -1.2%, 1.8pp better than Q2 and 1.4pp better than DB. Europe service revenues £7.21bn, 0.8% better than DB (£7.15bn). Europe organic growth of -3.2% vs DB -4.1% and -4.6% last quarter (ie growth inflection well and truly achieved). Germany growth 2.1pp better than last Q (mobile 1.8pp better), UK 1.7pp better, Spain 0.1pp better (mobile 0.4pp better).

Group FCF guidance raised from £6.0-6.5bn to £6.5-7.0bn chiefly due to working capital. DB already at £7.0bn (£7.1bn on same forex basis as Co.). Capex in 9m is £4.0bn just two-thirds of our FY est. Q4 capex is usually high but potential for a FY beat. EBIT guidance moves up from £11.0-11.8bn to £11.4-11.8bn (DB at £11.7bn on same forex basis, cons at 11.4-11.5bn) chiefly on £2.0bn lower D&A.

• Improvements seen in most markets helped by both messaging and roaming revenues, suggesting both management action and macro starting to have a positive impact. Turkey also experiencing a sharp turnaround. Whilst many trends remain negative, this may finally represent an inflection point for Vodafone.

• Outlook for 2009/10: Free cash flow guidance increased by 7% to £6.5-7.0bn (from £6.0-6.5bn), mainly reflecting an improvement in working capital. Operating profit guidance moved to the top end of the previous range although this mainly reflects a £200m lower depreciation with only a small improvement in trading and associates contribution. New range is now £11.4-11.8bn compared with £11.0-11.8bn before; currency assumptions unchanged (€1.12 and $1.50:£1).

The loss of about £1.5bn (give or take a bit) has been incurred by a series of non-cash impairment charges, largely relating to the decline in the value of Terra Firma’s investment in the company

The accounts show that EMI Music will fall far short of critical covenants on its debt when these are tested between March and December this year and could suffer further shortfalls next year. The news sets the stage for a dramatic test of investors’ faith in Mr Hands, who paid £4.2bn for EMI just before debt markets collapsed.

Terra Firma has already written to investors, and will need approval from at least three-quarters of voting investors in its two most recent funds

After a substantial fall in output, the United Kingdom economy recorded sluggish growth in the final quarter of 2009. Spending by households appears to have picked up a little, though that may partly reflect temporary factors. The rate of decline in businesses’ investment spending appears to have eased. And the world economy continued to recover, raising the demand for UK exports.

CPI inflation has risen sharply to well above the 2% target, reaching 2.9% in December. That rise was largely accounted for by higher petrol price inflation and the reduction in the main VAT rate a year earlier dropping out of the calculation. Inflation is likely to have risen further in January, reflecting the restoration of the VAT rate to 17.5%. Pay growth has remained subdued.

In the light of the Committee’s latest Inflation Report projections and in order to keep inflation on track to meet the 2% inflation target over the medium term, the Committee judged that it was appropriate to maintain Bank Rate at 0.5% and its stock of purchases of government and corporate debt financed by the issuance of central bank reserves at £200 billion. The Committee noted that this stock of past purchases, together with the low level of Bank Rate, would continue to impart a substantial monetary stimulus to the economy for some time to come. The Committee will continue to monitor the appropriate scale of the asset purchase programme and further purchases would be made should the outlook warrant them.

The Committee’s latest inflation and output projections will appear in the Inflation Report to be published at 10.30am on Wednesday 10 February.

The minutes of the meeting will be published at 9.30am on Wednesday 17 February.

However, we remain concerned through 2010 with the return of input cost inflation (resulting in lower pricing and A&P flex) the group struggles to grow both volumes and margins in the weak consumer/ increasingly competitive environment.

For 2010 we forecast underlying sales growth of +3.1% vs. consensus at +4%. We have margins up +10 bps vs. cons +30 bps (but we see margins down in H2 -30 bps).

Estimates: Given modest Q4 EBIT miss, we expect FY10 market estimates to come in c.1%.

On current estimates Unilever trades on 16.0x 2010E P/E and 11.1x EV/EBIDA. Compares with Danone (REDUCE) on 16.4x and 10.7x and Nestle (BUY) on 13.2x (adjusted for normalised gearing) or 8.2x EV/EBITDA.

1. He seems like a nice bloke

2. The pics weren’t hardcore

3. He has suffered enough

4. There’s just too much political correctness in this world anyway

So, please help David Kiely keep his job by sending an e-mail of support to mediaquery@macquarie.com (Yes, let’s let the press guys know that we love David). Please put the narrative ‘Don’t fire David Kiely’ in the subject bar.