Today, Tokyo’s economic problems are more than academic for the Federal Reserve chairman. They are a window into his own situation as he stares at what could be a long period of slow growth, high unemployment and declining inflation in the U.S.

The Fed is delighted at the rally so far in USTs. The breakeven on the 5-year TIPS, the 1.63% Jan 2015, is close to its highest level since end June, at 1.30% (from a low of 85bp in August), while the real yield is under 0.4%. The Fed has gotten all this mileage without

“He was on board,” said Roman Spektor, the Kazakhstani billionaire’s spokesman.

Rising value of gold is priced into gold equities. In the past five years, gold equities have tended to underperform physical gold, mainly owing to country-specific factors (unfavourable movements in exchange rate, cost inflation) or company-specific ones (failures to deliver on production, cost or capex targets). Compared with established medium- and large-size gold miners, we think gold ETFs often offer a better investment opportunity.

Stock preferences: Polyus Gold – top pick. In our gold universe, we consider Polyus
Gold as the only stock with attractive upside potential and valuation. We increase our PT
to $34.9 per GDR from $30.4. The company is looking to increase its gold output by 28%
in 2011 and offers the strongest medium-term growth potential at 18% CAGR for 2010-
15E including the Natalka project, and 10% CAGR if Natalka is excluded. We expect the
start of Natalka development will be announced in 4Q and that a listing on the LSE will
be achieved, which should serve as a strong positive catalyst.

At the root of the enthusiasm is that the massive bull market in metal prices in 2009 had little to do with macro events. It was driven by extraordinarily high Chinese commodity stockpiling, huge producer supply cutbacks and innovative stimulus schemes such as the cash-for-clunkers automobile subsidies. This time around the buzz on the metal markets has been driven by the likelihood of a new family of physically backed base metal Exchange Traded Funds (ETFs) in metals such as aluminium, copper and nickel.

Cambridge, UK – 13 October 2010 – Autonomy Corporation plc (LSE: AU. or AU.L), a global leader in infrastructure software for the enterprise, today announced that it has entered into a multi-million dollar agreement with a UK regulatory authority responsible for financial industry oversight.

The latest weekly NAV for one fund, which is not the biggest but is indicative, AHL
Diversified Futures is +4.5%. That should been set against the minimal 1% return for
the last 12 months but is still impressive. This performance is attributable among other things to their short dollar, long AUD and commodities positions.

Before then we still have to negotiate any QE2 stimulus which might hamper AHL as
QE1 is believed to have done already.

Bid speculation: this may well remain a driver of the shares especially as Man’s
acquisition of GLG reduces the quant “black box” element but BNY Mellon has publicly denied that it is interested and any acquirer would in our view have to be a large asset manager.

Mark Thompson’s campaign against News Corp’s Sky offer is a serious error

BBC Radio 1, BBC Radio 2, BBC Radio 3, BBC Radio 4, BBC Radio 5 Live, BBC Radio Switch, BBC 1Xtra, BBC Radio 5 Live Sports Extra, BBC 6 Music, BBC Radio 7, BBC Radio Scotland, BBC Radio nan Gàidheal, BBC Radio Wales, BBC Radio Cymru, BBC Radio Ulster, BBC Radio Foyle, BBC Essex, BBC Radio Northampton, BBC Radio Suffolk, BBC Three Counties Radio, BBC Radio Derby, BBC Radio Leicester, BBC Radio Nottingham, BBC London 94.9, BBC Tees.

BBC Radio Cumbria, BBC Newcastle, BBC Radio Manchester, BBC Radio Lancashire, BBC Radio Merseyside, BBC Radio Berkshire, BBC Oxford, BBC Radio Solent, BBC Radio Kent, BBC Surrey, BBC Sussex, BBC Radio Cornwall, BBC Radio Devon, BBC Guernsey, BBC Jersey, BBC Radio Bristol, BBC Radio Gloucestershire, BBC Wiltshire, BBC Somerset, BBC Radio Leeds, BBC Radio Sheffield, BBC Radio York, BBC Radio Humberside, BBC Lincolnshire, BBC WM, BBC Hereford and Worcester, BBC Radio Shropshire, BBC Radio Stoke and BBC.co.uk.

The man in overall charge of all these media outlets, their Director-General, has finally spoken out about his concern that too much media power might reside in one organisation. Extraordinarily, however, Mark Thompson was not expressing his fears about the growth of the BBC. He was instead talking about News Corporation, the parent company of The Times. The crushing weight of Mr Thompson’s responsibilities has clearly suffocated his sense of irony.

By lending his name to the campaign to prevent News Corp from purchasing those Sky shares that it does not already own, Mr Thompson has made a serious and surprising error.

The ICC said on Wednesday the investigation was complete for now but if new and corroborating evidence came to light, its Anti-Corruption and Security Unit (ACSU) would re-open the case.

After the showing of a short introduction to each of the runners, a Ladbroke hostess visits each table to take bets.

As soon as the bets are in, the horses are off. At the end of the race, the MC announces the dividends as calculated by the Ladbroke’s backroom team during the race; and the hostesses return to the tables to pay out the winners.

The final race is a Tricast, which uses scratch-card type tickets, each of which contains three racehorse numbers, covering all the 336 possible combinations of the eight runners. The holder of the ticket which matches the exact order of the first three horses to finish in the third race wins a guaranteed £1,000.