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Traders Thread - Tuesday 31st May (TRAD)     

Greystone - 29 May 2005 16:24


Greystone - 29 May 2005 16:26 - 5 of 25


Greystone - 29 May 2005 16:26 - 6 of 25

Hello traders!

I wasn't sure when to start this off for Tuesday but as we are going to be out enjoying ourselves most of tomorrow, I thought it best to make sure it didn't slip my mind... ;-)

Thanks once again to Supermum for her weekly chart pick.

See you soon with updates....

Happy weekend!

G.

Digger - 29 May 2005 17:23 - 7 of 25

AFX UK at a glance share guide

MARKETS
FTSE 100 4,986.3 down 8.6
FTSE 250 7,105.4 up 13.0
DJIA 10,542.55 up 4.95
Nasdaq Comp 2,075.73 up 4.49
S&P 500 1,198.78 up 1.16
Gold 418.35 usd (418.45 usd)
Oil - Brent July 50.70 usd (50.16 usd)

BREAKING NEWS - WEEKEND
* UNITED UTILITIES will launch a deeply discounted 500 mln stg rights issue this week to help fund a multi-billion pound investment programme - The Business
* MARKS & SPENCER chief executive Stuart Rose plans to rip up the contracts of his 66,000 shopfloor staff and change their working practices radically in his attempt to revive the troubled chain - Mail on Sunday
* Private equity firms approach Esporta-owner Duke Street Capital to make a 700 mln stg swoop on WHITBREAD-owned health and fitness chain David Lloyd - Sunday Express
* PRUDENTIAL looks set to become the latest FTSE 100 company to drop Cazenove as broker and hold a 'beauty contest' to find a replacement - Observer
* UK casino firms rolling out plans to build up to 100 new casinos; gambling bosses trying to take advantage of a loophole which could result in a huge number of gambling dens opening on Britain's high streets before the new Gambling Act comes into force - Observer
* European aircraft manufacturer AIRBUS tells government that unless it receives up to 400 mln stg in aid to launch its new 4 bln eur mid-range plane, Britain could lose the job of building its wings - Observer
* AIRBUS warns that 32,400 British jobs are at stake if the government rejects its application for up to 400 mln stg for a new jet - Independent on Sunday
* Trade war threatened over 379 mln stg subsidy for AIRBUS - Sunday Times
* Drive by BAE SYSTEMS to conquer the US market could be stopped in its tracks by a new US defence bill that will prevent foreign firms bidding for Pentagon contracts - Independent on Sunday
* Nike, the global sportswear giant, threatening to abandon its record-breaking 303 mln stg sponsorship deal with MANCHESTER UNITED unless the team can prove next season that it can consistently challenge for top honours - Sunday Telegraph
* Malcolm Glazer agrees deal with bankers backing his 690 mln stg takeover of MANCHESTER UNITED that would make it difficult for the club's manager to sign top stars of the calibre of Wayne Rooney or Rio Ferdinand - Independent on Sunday
*Advisers to UNITED BUSINESS MEDIA preparing to sell the group's 35 pct stake in broadcaster Five for about 200 mln stg and have had talks with advisers to RTL, which owns the other 65 pct - Sunday Express
* Flotation of QINETIQ, the defence and security technology company, to be the first significant asset sale by the newly re-elected Labour government - Sunday Telegraph
* American defence group L-3 COMMUNICATIONS planning an acquisition drive in Britain and could consider gatecrashing the planned float of Qinetiq - Sunday Times
* BT attempting to head off tough regulatory action by setting up a 'company in a company' to deal with rivals that want to use its phone lines to serve homes - Mail on Sunday
* Concern over level of debt accumulated in buyouts of big British companies will intensify this week as it emerges that Ethel Austin, the fashion retailer owned by a private-equity house, is in talks with its banks - Sunday Times
* The 5.5 bln stg merger between NTL and TELEWEST about to take a major step forward with the appointment of two further advisers, completing the team - Mail on Sunday
* RENTOKIL INITIAL, the 2.8 bln stg pest control and services group, considering a bid for PHS, its 500 mln stg rival - Mail on Sunday
* BAA preparing for a furious battle to retain control of the Heathrow Express, the dedicated rail link that is threatened with compulsory purchase under a bill going through Parliament - Sunday Telegraph
* CENTRICA in full assault on Europe; in partnership with Gaz de France, Centrica will buy a 60 pct stake in Societe Publique d'Electricite for about 275 mln stg - Mail on Sunday
* As the French go to the polls this weekend, an explosive report reveals that the cost of Britain's membership of the European Union could easily top 200 bln stg a year if the European Constitution is adopted - The Business
* INTERNATIONAL POWER nearing agreement on a 390 mln stg deal to buy Saltend power station in Hull, England, from US power firm Calpine - The Business
* The 11 bln stg takeover bid by Italy's Unicredito for Germany's HVB will face competition and anti-trust problems in eastern Europe, where both banks have strong franchises, especially in countries such as Poland - The Business
* Airbus set to launch the A350 mid-size jet at June's Paris Air Show with up to 150 orders worth 10 bln stg - The Business
* Edward Lampert, the investor who masterminded the merger between Sears and Kmart, named the world's highest-paid hedge fund manager, taking more than 550 mln stg home last year - Saturday FT
* Shares in MULTIPLEX suspended as the Australian construction group building the new Wembley stadium says losses associated with the project could be "significantly greater" than the 20.1 mln stg it had been expecting - Saturday FT
* MULTIPLEX expected to announce tomorrow that it faces losses of up to 70 mln stg from building London's new Wembley stadium - Sunday Times
* ITV angers Ofcom by appearing to attempt to lift City expectations of a better than expected deal on a new licence for Britain's biggest commercial television broadcaster - Saturday FT
* Millionaire US investment banker Bob Diamond has amassed 49 mln stg of BARCLAYS shares and could earn a further 15.25 mln this year if he hits performance targets - Saturday FT
* ROYAL DUTCH/SHELL underlines the seriousness of its second reserves cut last year by estimating that the barrels of oil and gas removed were more valuable than those in its first, bigger reduction - Saturday FT
* SHELL to auction its liquid petroleum gas business and is hoping for bids of up to 1.6 bln stg - Sunday Telegraph
* Huge tax bills for ROYAL DUTCH investors from SHELL merger; it emerges in the small print that about 2,000 British investors who own Royal Dutch shares do not qualify for rollover tax relief - Sunday Telegraph
* Home loans move up for third month; British Bankers' Association says 69,323 mortgages were granted last month, a 6 pct rise on March
* Channel 4 believed to have entered talks aimed at becoming part-owner of Flextech, the digital television channels business put up for sale by TELEWEST - Saturday Independent
* FRIENDS PROVIDENT to sell Isis Equity Partners, the venture capital firm, to its management team to circumvent problematic new accounting standards - Saturday Times
* MAPELEY, the property firm behind one of Labour's most controversial private finance deals, plans to float on the stock exchange to pay down its debt and buy new assets - Saturday Guardian
* UK-based oil services company PETROFAC, the UK's largest operator of North Sea oil platforms, sets the ball rolling for a 500 mln stg flotation on the London Stock Exchange - The Business
* HARDY OIL & GAS set to become the first Indian oil and gas company to list in London when it floats on AIM later this week; it hopes to raise 15 mln stg - Sunday Telegraph
* STHREE, the IT recruitment specialist, looks at London float; a value of between 350 mln stg and 450 mln is being placed on the business - Saturday Independent
* London Stock Exchange halts WHITE NILE trade again because of "concerns about the orderliness of the market"
* WHITE NILE sends a furious complaint to the Financial Services Authority about the dealings and commentary of Simon Cawkwell, the bear raider - Sunday Telegraph
* WHITE NILE agrees to allow shareholders who are effectively locked into their investment to sell up to 35 pct of their holding - Saturday Telegraph
* REGAL PETROLEUM understood to be considering a sale of its Ukrainian assets and returning part of the proceeds to shareholders - Sunday Telegraph
* PFIZER hit by reports that Viagra may cause blindness - Saturday Independent
* Belgian brewer INBEV pays SCOTTISH & NEWCASTLE 67 mln stg for the British marketing and distribution rights for Beck's beer
* SABMILLER takes control of India's second-biggest brewer Shaw Wallace, raising its stake to 50 pct from 49 pct in a 19.7 mln stg deal
* INTERNATIONAL GREETINGS to acquire Anker International for up to 35.5 mln stg in a mixture of cash and shares
* LOCH FYNE RESTAURANTS, the seafood chain put up for sale last week, in talks with Tootsies owner URBAN DINING about a possible 35 mln stg deal - Sunday Express
* MANCHESTER UNITED chief executive David Gill sells 1.6 mln stg of shares awarded under the executive incentive scheme
* Glazer saves himself 22 mln stg at MANCHESTER UNITED; tax-efficient financial instruments cut purchase costs and could alleviate fans' debt fears - Saturday Telegraph
* Companies controlled by the Phoenix Four, who have been criticised for making as much as 40 mln stg for themselves from bankrupt car maker MG Rover, stand to make millions of pounds from its collapse, according to documents released by administrator PriceWaterhouseCoopers - Saturday Telegraph
* Bidders handed secret MG Rover files - Sunday Express
* Screwfix, the tool business owned by KINGFISHER, raided by police who have arrested 25 employees for working illegally - Saturday Telegraph
* AVEBURY TAVERNS, one of Britain's largest tenanted-pub group, to be put up for sale for up to 250 mln stg - Sunday Times

SATURDAY PRESS COMMENT
FT
THE LEX COLUMN comments on WHITBREAD (it would take a brave bidder at current levels), Hedge funds, Diamonds (diamond markets should dazzle for some time to come, but not all rock stocks will be real gems), HVB/UNICREDITO (HVB shareholders should take advantage of the bid speculation to sell) - NORD ANGLIA (more than adequately valued) at 13 times current year's earnings) - ARLA FOODS UK (with a p/e of 10 times, it is the best bet in the dairy sector) - Weekend share watch: UNILEVER (best to resist any calls to 'Act on Impulse'), SOCO INTERNATIONAL (some analysts suggest that the good news may already be priced in), AUTOLOGIC HOLDINGS (on a forward p/e of 5.5; this looks undemanding but the shares are unlikely to rise until the CAT issue is resolved and there is evidence of recovery in the group's key markets) - LONDON MARKET: ZINCOX (talk it will soon produce a positive update on its US recycling plant) - ANALYST WATCH: CORUS (merger could resolve metal fatigue; steelmaker's shares have been underpinned by hopes of industry consolidation but other strategies are needed, too - MONEY & BUSINESS p.23)

Express
MARKET REPORT: EGG (reheated bid talk), GUS (break-up talk), CSR (could be in the sights of US group Marvell and Sigmatel; more upside for the shares is the perceived likelihood that its Bluetooth chipsets would be supplied for Sony's PS3 computer games console), GB GROUP (bid talk), AIT GROUP (bid talk)

Telegraph
QUESTOR COLUMN: MITCHELLS & BUTLERS (still one to keep on your tab), BIZSPACE (still worth buying), SCHRODERS (well worth holding)

Guardian
Market forces: GUS (talk of venture capital groups potentially making a bid for the business before it can execute the break-up plan outline this week), FIREONE (trailed in recent weeks as a competitor to e-wallet developer NETELLER, is coming to the market on June 2 through an AIM flotation expected to value the business at more than 120 mln stg)

Independent
PRIVATE INVESTOR: Sean O'Grady says he won't buy more VODAFONE, although he is quite happy to retain his existing holding); he sells MATRIX COMMUNICATIONS and places the proceeds into WILLIAM HILL - NO PAIN, NO GAIN: Derek Pain reluctantly accepts WOLVERHAMPTON & DUDLEY BREWERIES' 46 mln stg cash bid for JENNINGS BROTHERS - MARKET REPORT: PARKDEAN HOLIDAYS (rumours it has received a bid approach at between 270-280 pence)

Times
STOCK MARKETS: IMPERIAL TOBACCO (shares fall ahead of Tuesday's long-awaited judgment in the McTear case in Scotland), MAJESTIC WINE (speculation that Kaupthing is building a stake)

Mail
MARKET REPORT: GB GROUP (with ID stealing currently a red hot topic in crime-ridden Britain, GB, which has a growing data authentication business, should prosper) - INVESTMENT EXTRA: Brian O'Connor says if the Asian boom lasts, XSTRATA looks cheap; likely bid candidates among miners are INCO, LIONORE and FIRST QUANTUM, according to John Meyer at Numis Securities

SUNDAY PRESS COMMENT
The Business
THE ALCHEMIST: Clem Chambers says buy shares in the Nasdaq market; that's shares in the exchange itself, ticker NASDAQ:NDAQ; it's a US stock, but worth putting yourself out for - SMALL-CAP INVESTOR: TREATT (a solid investment, but it may be best to see if the share price falls back before considering buying) - AIM INVESTOR: EMPRESARIA (buy) - BENCHMARK: Ian Watson comments on VODAFONE, MARKS & SPENCER, SCOTTISH POWER (all three seem to have rediscovered their love of shareholders as they feel the pressure from predators and from increasing competition), SHELL and the North Sea (Shell said at last month's results that it had struck oil with a UK well - yet to be announced - another Big Cat), WILLIAM MORRISON SUPERMARKETS (it would be unwise to throw a captain overboard in a hurricane, but Sir Ken's recent performance has shown that the old grocer is nearing his sell-by date)

Mail on Sunday
COMPANIES AND MARKETS: KINGFISHER (sales slump at B&Q puts boss in firing line), ALLIED DOMECQ (Constellation Brands and Brown Forman on track to deliver an offer in the next few weeks), ROLLS-ROYCE (expected to announce soon it has appointed an approved supplier of high-tech engines for a new aircraft to be built by Airbus), RADICLE (the British firm that buys Australian farms to raise 13 mln stg by floating on AIM); SECRET DEALINGS: NUMIS (AAA-rated fund manager Guy de Blonay bought about 62,000 shares this month for his New Star Global Financials fund; his total stake is 165,000 shares, or 0.16 pct; also buying was AA-rated Peter Webb, whose Free Spirit fund controls a million shares) - MIDAS: FDM (buy); MIDAS UPDATE: ZYTRONIC (hold), HEALTHCARE ENTERPRISE (should be tucked away for the long term), BARCLAYS (continue to hold)

Sunday Telegraph
Equity view - BLUE CHIP VALUES: AMEC (long-term buy), BPB (keep buying); Look who's trading: RENSBURG SHEPPARDS (investors should follow the directors and buy); SMALL CAP COMMENT: SPEEDY HIRE (keep buying), VENTURE PRODUCTION (a risky buy), BABCOCK INTERNATIONAL (keep buying), OAKDENE HOMES (buy) - THE NUMBERS GAME: Tony Jackson says DS SMITH looks to him a safe and reliable investment

Observer
THROG STREET: Heather Connon comments on SCOTTISH POWER (in the longer term, E.ON or RWE of Germany may be tempted (to bid); another potential suitor is SCOTTISH & SOUTHERN ENERGY), BARCLAYS (there is a risk that unemployment will accelerate; if that happens, banking will not be the place to be)

Sunday Times
EMI is humming a merger tune again; the tie-up with WARNER MUSIC has been on-off for years, but the time could now be right for a deal (BUSINESS p.12) - JUDGMENT DAY: SHOULD YOU BUY SHARES IN ULTRA ELECTRONICS Andy Brough, fund manager at Schroders, and Tim Steer, fund manager at New Star, both say buy - INSIDE THE CITY: SANCTUARY (talking to potential partners; it is hard to see the stock, which is trading on a p/e of eight, getting any cheaper), PILKINGTON (it will never be a get-rich-quick stock, but Pilkington is one of Britain's few industrial success stories); MARKET MOLE: CARDPOINT (hot on the heels of the May profits warning, Giles Hargreave offloaded the Marlborough Special Situation fund's 250,000 share stake; at the same time, Mark Slater unloaded 260,000 shares, which left his Marlborough Slater Recovery fund with 840,000, or 1.4 pct, of the 75 mln stg company) - DIRECTORS' DEALS: MARKS & SPENCER (chairman increases holding by acquiring 100,000 shares); SOCO INTERNATIONAL (chairman acquires 130,000 shares and now holds 6.6 mln shares, or 9.2 pct)

Digger - 30 May 2005 13:48 - 8 of 25

AFX UK at a glance share guide - 2
AFX


BANK HOLIDAY MARKETS

Nikkei 225 11,266.33 up 74.00

Hang Seng 13,845.10 up 130.32



BANK HOLIDAY BREAKING NEWS

* Euro falls as markets assess size of French 'No' vote on EU constitution - FT

* Scale of French EU constitution rejection means planned British referendum

looks likely to be shelved - FT

* VODAFONE staff to get 230 mln stg payout from share scheme - Telegraph

* 3I GROUP mulling sale of Northern Irish newspapers just 18 months after its

acquired them - Daily Mail

* LONDON STOCK EXCHANGE aims to attract offshore Chinese listings - FT

* SatCom to go in search of growth with AIM listing - Times

* UBS loses computer disk that might hold sensitive client data - Times

* TUI-owned Thomson Holidays to move in to the overseas property market, with

a link-up to specialist firm Parador Properties - Guardian

* Eurostar embarking on a 27 mln stg train upgrade programme aimed at business

travellers - Daily Mail

* Royal Mail hit by defection of big customers to rival operators - Independent

* UK government in ID card talks with firms before Bill passed - Times

* Italy's Wind deal leaves banks with underwriting risk of 9.3 bln stg - FT

* City jobs boom is 'just around the corner': Centre for Economics & Business

Research - Telegraph

* Private medical cover subscribers dip as NHS improves - FT

* UK government reviews private sector role in Prison Service - FT

* Broadband overtakes dial-up as way of connecting to the internet: BT GROUP

figures - Independent



BANK HOLIDAY PRESS COMMENT



FT

Lex Column: Japanese economy (The preferred option to tackle Japanese

government debt appears to be a rise in consumption tax. But a similar move in

1997 killed off one nascent economic recovery. Japan's future looks grey in

more ways than one); Carbon Emissions trading (The European trading system

(ETS) should provide an efficient solution to a major environmental problem,

in spite of the risks. What is required now is clarity on ETS phase II and

more progress on market liberalisation); European Paper (It seems there is now

a danger that a recovery in the European Paper sector has come so late in the

cycle that it will be swamped by bigger macro-economic trends)

Greystone - 30 May 2005 20:33 - 9 of 25

I have now posted up Limpsfield's Weekly Chart View.

Sadly, this is the last of the series.

G.

STORMCALLER - 30 May 2005 22:14 - 10 of 25

Once again grateful thanks to the regular, and much appreciated, contributors.
This time however an extra, and unfortunately final, thank you to Limpsfield for all the help and analysis he has provided. I have certainly learnt much from these contributions.
So a big thank you David, best wishes for the future, and good luck in your new "hobby"...:-)

Regards

SC

Mega Bucks - 31 May 2005 04:36 - 11 of 25

Good morning to one and all,

Had a magic weekend away from screen watching and want to forget about last week,which was the worst this year and lost a months profit on fx longs !!!

When you do get a kicking it knocks your ego some what,so taking time out this week,regrouping and build up slowly,this is not the 1st time and possibly wont be the last :-)

Will see you all later and will just be playing the good old s&p this week,me thinks !!!

Mega...

Greystone - 31 May 2005 06:14 - 12 of 25

Good morning traders!

After such a long break, where do we begin....

In Asia this morning, markets are generally trading in narrow ranges with no guidance from the US. The Hang Seng Index just ended the morning up 55.16 points at 13,900.26.

RYANAIR FY ADJUSTED PROFIT AFTER TAX 268.9 MLN EUR VS 226.6 MLN EUR

Off to find some more news. Back in a mo...

G.

Digger - 31 May 2005 06:53 - 13 of 25

Shares outlook
http://www.moneyam.com/action/news/showArticle?id=806815

Greystone - 31 May 2005 06:54 - 14 of 25

LONMIN UPGRADED TO 'BUY' VS 'NEUTRAL' AT UBS

ARRIVA CUT TO 'REDUCE' VS 'NEUTRAL' AT UBS

Digger - 31 May 2005 07:07 - 15 of 25

AFX UK at a glance share guide - 4

MARKETS
Tokyo: Nikkei midday 11,235.73 down 30.60
Hang Seng midday 13,90.26 up 55.16

BREAKING NEWS - TUESDAY
* Blair set to shelve EU referendum; plans to be halted if Dutch vote against constitution; PM cites French rejection as symptom of anxiety about economy; ECB promises to defend euro - FT
* Chirac to announce new strategy as he seeks to recover from stunning setback - FT
* INTERNATIONAL POWER wins a bidding battle to pay 500 mln stg to take control of one of Britain's most modern power stations, at Saltend near Hull - FT
* Multiplex announces that Wembley Stadium will not be finished on time as the Australian construction company said - FT
* Subsidy row grows as US calls in WTO; call for an end to all support for AIRBUS may spark trade war; Washington attacks Mandelson's publicity move; counter-filing is threatened by Brussels - FT
* Mandelson offers to cut 230 mln stg of AIRBUS aid to end US spat - Times
* Trade tensions between China and the EU rise sharply as Beijing scraps export tariffs designed to curb the flood of cheap Chinese textiles into Europe - Times
* BOOTS agrees a 400 mln stg deal to outsource part of its back-office operations in an effort to cut costs - Times
* Airlines face losses of 6 bln usd as fuel costs soar - FT
* Italy's UNICREDITO and Germany's HVB trying to wrap up a large cross-border banking merger in the next couple of weeks after being forced by market regulators to confirm that they are in talks - FT
* AVIVA hopes to win two more licences to sell life assurance policies in China this year - FT
* VODAFONE workers net 230 mln stg bonus - Express
* One of the biggest recruitment companies in Scotland, Search Consultancy, to list on AIM in July with an estimated market value of 45 mln stg - Express
* ARRIVA to spend 84 mln stg on new buses this year - Express
* TRISTEL, a company trying to stop dangerous infections spreading in hospitals, planning to float on AIM

TUESDAY PRESS COMMENT
FT
THE LEX COLUMN comments on the French no vote, US yield curve, US housing
Independent
Small Talk: Stephen Foley comments on CI TRADERS (running into difficulties with its purchase last month of two former Safeway stores), EASIER (hundreds of shareholders locked in could be close to getting answers about what has happened to the 5.4 mln stg unaccounted for), Average cash shell outperforms other types of flotation, acording to DigitalLook, ZGROUP (planned float will be first test of whether Durlacher's client relationships have survived its takeover by Panmure Gordon)

Bruce Springsteen - 31 May 2005 07:22 - 16 of 25

Regal (RPT) should be interesting today.

With no added 'nasties' in the results and statement, the tentative rally from the lows should continue imo.

daves dazzlers - 31 May 2005 07:36 - 17 of 25

Morning all.

Big Al - 31 May 2005 07:41 - 18 of 25

Morning

CRH - IFRS restatement
http://www.uk-wire.com/cgi-bin/articles/200505310700028789M.html

HMY - FY look OK
http://www.uk-wire.com/cgi-bin/articles/200505310700068895M.html

BPRG - review
http://www.uk-wire.com/cgi-bin/articles/200505310700078905M.html

PXC - in bed with Bill Gates. Hmm
http://www.uk-wire.com/cgi-bin/articles/200505310700088944M.html

SPH - launch looks like good news?
http://www.uk-wire.com/cgi-bin/articles/200505310700098950M.html

ADC - interesting company. I like 'em
http://www.uk-wire.com/cgi-bin/articles/20050531070010M3982.html

SPD - not clever?
http://www.uk-wire.com/cgi-bin/articles/200505310700128978M.html

PEA - they're very upbeat for a retailer
http://www.uk-wire.com/cgi-bin/articles/200505310700158996M.html

JRVS - more dosh!
http://www.uk-wire.com/cgi-bin/articles/200505310700189006M.html

VED - Indian zinc
http://www.uk-wire.com/cgi-bin/articles/200505310700399065M.html

RYA - results. Unhedged in oil for the summer. Hmm
http://www.uk-wire.com/cgi-bin/articles/200505310700459084M.html

AGL - MRSA test in a day.
http://www.uk-wire.com/cgi-bin/articles/200505310700509095M.html

MLS - sale of intellectual property
http://www.uk-wire.com/cgi-bin/articles/200505310700579119M.html

ERT - Pat heads for HBO stateside. I like this outfit
http://www.uk-wire.com/cgi-bin/articles/200505310700589122M.html

DOO - results and placing at 265p
http://www.uk-wire.com/cgi-bin/articles/200505310730039104M.html

Today my only day this week due to work commitments. Have a good one.

Druid2 - 31 May 2005 08:01 - 19 of 25

Morning all. Just hoping that BARC will end up higher than 522 at the close tonight.!!

little woman - 31 May 2005 12:19 - 20 of 25

Afternoon all,

Sorry to hear aboaut your bad month MB - but they do say if you don't have one bad month from time to time - be worried!!!

Today is Tax Freedom Day, the point in the year when the average worker has earned enough to pay off their annual tax bill.

Thanks to a succession of tax rises, they have had to work three days longer this year for the Chancellor.

They have actually worked six days longer than they did in 2003 and there is little hope of it getting better. By 2009, the average Briton should be working until June 7th to pay off the tax man.

The Chancellor's controversial increase in National Insurance two years ago is one of the main reasons for the fact that tax freedom arrives later each year. Inflation-busting increases in council tax have also contributed.

Britain's performance contrasts sharply with many of our main competitors. In the US, tax freedom day is April 11th and, in Japan, May 5th.

In high-tax Europe that the situation is worse than in Britain. The average German has to work until June 7th, while in France they start earning for themselves on July 5th.

little woman - 31 May 2005 14:38 - 21 of 25

A couple from Hereford have made it into the Guinness Book of Records for having the world's longest marriage.
Percy and Florence Arrowsmith, who are 105 and 100 respectively, celebrate their 80th anniversary on 1 June.

Mr and Mrs Arrowsmith may also hold the record for being the oldest married couple in the world.

Mrs Arrowsmith said: "I would say we are lucky that we are still together. The most important thing is that we still love one another."

little woman - 31 May 2005 14:43 - 22 of 25

I wonder what Mr Arrowsmith had to say!

optomistic - 31 May 2005 15:33 - 23 of 25

Just keep saying "yes Dear" I think was his answer to one question.

little woman - 31 May 2005 16:31 - 24 of 25

LOL
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