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UPDATE: Burberry jumps on tax cut rumours Date: Thursday 15 Sep 2011 LONDON (ShareCast) - Iconic British luxury brand Burberry was leading the surge on the FTSE 100 on Thursday, on speculation that it could see a reduction in luxury goods taxes in a key market - China. Chinese newspaper National Business Daily has refuelled the debate, reporting that import duties on luxury items may be cut by the end of the year. However, government ministers still remain divided over whether to adjust their stance, the newspaper said. While the Ministry of Finance has been reported to have confirmed that it does not want to scale back the tax, Yao Jian, a spokesman from the Ministry of Commerce, said in June that China will cut tariffs in an effort to stimulate consumption. Last month, Wei Jianguo, the secretary-general of the China Center for International Economic Exchange, said, "Next year will be a critical period for China's trade, as the ongoing debt crisis in the EU and US reduces their demand while yuan appreciation and ever-increasing trade protectionism hit China's exports.” Burberry said in July that retail sales soared 49% in the three months to 30 June, helped by strong growth in China, with the new stores acquired in the country last year contributing 20% to the total increase in retail sales.

Panmure Gordon upgrades Anite from hold to buy.

UBS upgrades Associated British Foods from neutral to buy, target price raised from 1135p to 1200p.

Nomura upgrades RSA Insurance from neutral to buy, target price cut from 155p to 148p.

- Numis downgrades Kesa Electricals from hold to sell, target price 42p !!!!!

Stephen Dattels, Executive Co-Chairman of Emerging Metals, said: "Ferrum's exploration teams believe that in both Sierra Leone and Cameroon potentially significant magnetic anomalies exist and that through current exploration activities Ferrum may be in a position by mid year in 2012 to outline extensive magnetic anomalies which could possibly contain economic and exploitable iron mineralisation. The funds raised from this private placement will allow Ferrum to expedite its exploration activities in Sierra Leone. The budgeted Cameroon exploration project is fully funded for the next 12 months."

Update on Ferrum Resources Limited and Proposed Private Placement EML is pleased to present this update on its 37.23 per cent associated company Ferrum Resources Limited ("Ferrum") and to announce that the Company is undertaking a private placement to parties (including certain EML directors) of up to £2,000,000 in support of Ferrum's ongoing project activities. The majority of the proceeds will be advanced to Ferrum to fund its ongoing exploration programme in Sierra Leone. As previously announced, EML holds an option to acquire all of the issued and to be issued share capital of Ferrum which it does not already own which it has determined (despite initial positive due diligence), given current market conditions, that it will not presently exercise. Ferrum Highlights · Geophysics and preliminary exploration activities have commenced on Ferrum's interests in Sierra Leone and Cameroon, West Africa - together comprising an extensive lease area of approximately 6,500 square kilometres. · Potential for discovery and development of world class iron ore deposits. · Neighbouring explorers are far advanced with the exploration of iron ore resources - Sundance Resources Limited and Afferro Mining Inc. in Cameroon and Cape Lambert Resources Limited and African Minerals Limited in Sierra Leone. · Both Sierra Leone and Cameroon have attractive regulatory frameworks for mining, a commitment by the respective Governments to infrastructure development and political stability and in each country there are advanced iron ore projects underway. · In the Central African Republic ("CAR"), Ferrum awaits the award of exploration permits covering the Topa iron ore project; to date Ferrum has not been granted exploration rights in the CAR.

http://www.investegate.co.uk/Article.aspx?id=201109151431343245O

We opted to buy RSM Tenon in July, when the accountancy group was trading at levels far beyond last night’s closing price. We’d moved in on the back of a share price fall that had left it looking undervalued. The market, however, decided otherwise. In our defence, yesterday’s full year results did not bring the sort of bad surprise that you might have expected in light of the slump. if RSM looked undervalued earlier this year, it looks downright cheap now. Given the recent performance, we would not add to our holdings, but at around 4 times forward earnings, we would maintain our stake in the hope of a rebound, the Independent says.

International Power’s strategy is to build extra capacity in high-growth markets such as Latin America, 44% of capacity under construction, the Middle East, 26%, and Asia, 23%. For private investors, the main interest is the dividend on offer. The shares, having suffered this year from a variety of concerns including delays at the giant Jirau hydro project in Brazil, yield about 3.4%. Worth hanging on for future growth, the Times says.

A complex spread of plantations in the Far East and Australian cattle ranches, MP Evans is trying to prune itself into a less unruly state. By 2015, it is hoped to have a more streamlined business 70% reliant on Indonesian palm oil and 30% on Australian beef. A quick sum-of-all-parts calculation, putting a conservative valuation on the plantations and on the parts to be sold – reaches about 675p a share. This is not to say the shares are worth that – some sort of discount is to be expected, but the shares sell on around ten times earnings. Worth a look long-term for those growth prospects, if the restructuring raises Evans’ profile in the City, says the Times.

As Britain turns its back on coal, the Chinese are building power stations powered by the stuff as fast as they can. This offers huge opportunities for experts from Western countries, where there is no longer a demand for their skills. Hargreaves Services has had people in China acting as consultants to the power industry there and, by the end of the year, the company should be signed up as the operator of a coal-powered station. Hargreaves shares, once largely unregarded in the City, have shot ahead since the end of last year but still sell on eight times this year’s earnings; a good long-term punt if not an immediate buy, says the Times.

Millennium & Copthorne hasn’t had the easiest of rides in recent weeks. A glance at the company’s interim management statement in early August doesn’t go very far in explaining the slump. The update showed that pre-tax profits in the second quarter were up more than 90%. The company’s strengths – and the affordable valuation of around 11 times forward earnings for next year – mean that we would not sell. But the market jitters – so obvious in the recent movement of its share price – mean that we would wait before checking in. Hold, says the Independent.

Carnegie's Site Development Manager, Mr Tim Sawyer, said, "Carnegie has designed the CETO technology, and selected development sites, to minimise potential environmental impacts. Such proactive monitoring and assessment is important to address areas of uncertainty and identify and mitigate potential environmental impacts early to ensure best practice in protecting the marine environment. The potential to boost biodiversity, coupled with the lack of visual impact, is a unique benefit of the CETO wave technology."

Re: Carnegie Environmental Results CETO 3 Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor in, and operator of, European wind power, notes an announcement released on 15 September 2011 by Carnegie Wave Energy Limited, in which REH holds 232,600,000 fully paid ordinary shares, representing 25.8% of the entire issued share capital. "15th September 2011 Environmental Results CETO 3 · Completion of environmental monitoring and assessment by RPS Environment and Curtin University · No significant environmental issues identified · CETO has the potential to create artificial reef habitat that increases biodiversity · Positive results to further inform development of CETO and the Perth Wave Energy Project

http://www.investegate.co.uk/Article.aspx?id=201109150911012931O

Charles Wilson, Booker Chief Executive, said: "Amid a challenging economy Booker has continued to improve the choice, prices and service we provide to customers. Customers have rewarded us with an increased share of their spend and the number of customers has increased. Our plans to drive and broaden Booker are on track."

Quarter Two Trading Update and Notification of Interim Results Announcement Total sales in the 12 weeks to 9 September 2011 rose by 7.6% on the same period last year. Non-tobacco sales were 7.6% higher, while tobacco sales rose by 7.6%. On a like-for-like basis total sales rose by 5.6%, non-tobacco sales by 4.5% and tobacco sales by 7.6%. Fresh departments performed particularly well with fruit and vegetable sales up 34%. Total sales in the 24 weeks to 9 September 2011 rose by 8.5% on the same period last year. Non-tobacco sales were 8.3% higher, while tobacco sales rose by 8.9%. On a like-for-like basis total sales rose by 6.5%, non-tobacco sales by 5.1% and tobacco sales by 8.8%. Classic and Ritter Courivaud, the two businesses we acquired in October 2010 are performing well. In India our Mumbai branch is trading well, we will open in Pune, India, next week and expect to have our second branch in Mumbai open in December. As at 9 September 2011 net cash was £58m versus net cash of £10m a year ago. Having had a good first half the outlook for the year as a whole remains unchanged.

http://www.investegate.co.uk/Article.aspx?id=201109150700182622O

IC VIEW: Mitchells' directors are resisting Mr Lewis's bid but could really do with finding a white knight to give credence to their claim that it "seriously undervalues" the company. High enough at 257p.