Following the arrest a premises in Potters Bar was also searched as part of the investigation.

No further details can be confirmed at this time and the investigation continues.

Five men and one woman, aged between 27 and 34, were today arrested in connection with an ongoing investigation by the Financial Services Authority (FSA) into suspected organised insider dealing. Search warrants were also executed at eight addresses in London and Essex as part of the investigation.

Today’s operation was jointly carried out by the FSA and the City of London Police Economic Crime Directorate (ECD). The operation and investigation are part of the FSA’s work to tackle market abuse.

Probably not indicative of current trading trends as Nokia has been looking for at least 2 months

· No mass resignations of existing management expected

· Incoming CEO boasts software industry expertise and leadership of a major tech organisation (division)

· Incoming CEO lacks experience in consumer electronics and mobile phone markets

· Disruption to new platform launches possible – internal management changes likely

We suspect that the headline reason for change is Nokia’s share price decline of 54% since Mr Kallasvuo’s appointment in June 2006 (EUR 16 – 7.5). Other issues include a slow reaction to the launch of the iPhone, the time taken to rebuild Nokia’s software platforms, the poorly handled launch of ovi and accompanying services, the excessive price paid for Navteq, an apparent mismatch in R&D spending and R&D output, and poor organisational decisions that have seen changes made early in Mr Kallasvuo’s tenure reversed by the end.

We expect investors to react positively to the changes announced today. In our discussions with investors management was seen as a key barrier to investing in Nokia. The stock is currently a “hope” stock. There is clearly a material turnaround opportunity at Nokia. However, the drivers of this turnaround (new Symbian, MeeGo, Qt, etc) are yet to launch. There is thus no tangible evidence that a turnaround is about to happen. In terms of timing, we expect positive EPS momentum to take until Q2 2011 or beyond to emerge. A lack of confidence in management during this period is clearly a barrier to investing in the stock. Today’s changes may make it easier for investors to believe in a turnaround story at Nokia. Until Mr Elop announces a new strategy and executes on it the turnaround in management is also a bit of a ‘hope’ factor though.

It is estimated that the testing will take approximately 10 days to complete, after which the plan is to drill ahead through the remaining Cretaceous section and then to the deeper potential reservoirs in the Jurassic. Due to the delays incurred whilst the rig was undergoing repairs, the well is now expected to reach its planned depth of 3,660m during the 4th quarter of 2010.

This should be positive for POG today as they move to become a pure gold play again, thereby opening up the stock to gold funds, and hopefully getting the woeful 0.4x to NAV re-rated.

Jay Hambro will be Executive Chairman and Yury Makarov will be CEO.

Valuation: Our DCF derived price target falls to 280p. At the current price GFS trades at 11.2x 2011E P/E (an 17% premium to the market) with a 7.5% FCF yield to EV and EV/EBIT of 11.2x. This compares to a median P/E of 12.5x, and median market relative premium of 11%

We believe that capital raises by European banks would be a very strong support to
our generally constructive thesis on the sector. Following the stress tests, which we
thought provided a decent backdrop to the autumn primary issuance season, we had
hoped that the sector would receive another positive leg up from capital increases,
though we had thought this would be the ‘grey’ area banks (banks with stressed T1
ratios of between 6-8%). We show these banks in the tables below. In our view, it is
less the major banks like Deutsche who have pressing capital needs, than the smaller
banks. However, these smaller banks may be precisely the ones that would have
greatest difficulty with a credible capital increase – which itself points to a potential
wave of consolidation amongst these banks. Note that of the banks in the tables
below, National Bank of Greece has also announced a capital increase this week.
That said, major systemic banks like Deustche may well be penalised (because of
their importance) as a result of the new Basel rules, so their capital needs are
correspondingly more significance.

These hit a new high last month, averaging 19.1 per cent, despite the Bank of England keeping interest rates at a 300-year low.

The worst offenders were NatWest and Royal Bank of Scotland, part of the RBS group in which the taxpayer holds an 84 per cent stake.

The August average is 38 times higher than the base rate of 0.5 per cent, which means the banks are cashing in every time one of their customers falls into the red.

If account holders exceed their overdraft limit they face further penalties in the form of fees and even higher rates.

- MKMONE, LONDON, 9/9/2010 22:20

- Terry Norman, Canvey Island, 9/9/2010 21:02

In view of the above, it is now unlikely that the Company will meet market expectations for the year ending 31st October 2010.