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Developing world set to overtake the west, PWC argues Affectez un tag à cette news
The looming global recession will trigger a dramatic shift in the economic balance of power to the emerging world that could see the west lose the dominance it has enjoyed since the dawning of the industrial age, according to one of Britain's leading consultancy firms.Calculations by PricewaterhouseCoopers suggest that the lopsided nature of the downturn means the developed world may have only five years left before it is overtaken by developing countries led by China and India.John Hawksworth, chief economist at PWC, said emerging market economies were likely to be hit much less hard by the global recession than the west, and were on course to account for more than 50% of world GDP by 2013 once the lower cost of living in poorer countries was taken into account.After their rapid growth in the past decade, emerging economies currently account for 43.7% of global output using the purchasing power parity measure of GDP. PWC projects that this will rise to 50.2% within five years. China is expected to grow by 9% a year on average between 2009 and 2013, with India only a little way behind with 8% growth rates. By contrast, the US, the euro area and the UK are projected to grow by just over 2% a year."It is striking that such a significant shift in world GDP share from advanced economies to emerging economies could occur within as little as five years, and that from 2013 more than half of world GDP could come from these high growth countries."According to the PWC calculations, the US would remain the world's biggest economy but its share of global GDP would decline from 21.3% now to 18.8%. China is on course to overtake the euro area as the world's second biggest economy, while India would be challenging Japan for fourth place. On current trends Britain would see its slice of world output drop from 3.3% to 2.9% and be overtaken in the international league table by Russia. Between them the four so-called Brics - Brazil, Russia, India and China - would account for 26.5% of global GDP."The Russian projection based on IMF forecasts may now seem somewhat optimistic in the light of events of the last few weeks, but the same could be said of the UK growth projections given the third quarter GDP data released last week", Hawksworth said.Purchasing power parity is a way of adjusting GDP to take account of the fact that the same good varies in price between countries, with a US dollar buying four or five times as much in China or India as it does in America. PWC said the global share of GDP for emerging economies would be significantly lower using market exchange rates rather than PPPs, although their share would still be rising rapidly.Global recessionGlobal economyCredit crunchguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More FeedsLatest news, sport, business, comment and reviews from the Guardian | guardian.co.uk, 2008-10-31 22:05:08

Shell and Exxon join the profits bonanza Affectez un tag à cette news
Royal Dutch Shell and Exxon Mobil followed BP yesterday by revealing record quarterly profits.Royal Dutch Shell, the biggest oil firm in Europe, beat City expectations with third-quarter current cost-of-supply profits - which strip out unrealised inventory gains and losses - up 74% to $10.9bn (£6.7bn). Exxon Mobil, the world's largest oil company, smashed its own record for the highest quarterly earnings from a US firm, by delivering a profit of $14.83bn.Despite the better than expected figures, Royal Dutch Shell shares fell more than 3%, in part because of lower than expected production. "Overall, this is a good outcome," said Tony Shepard, an analyst at stockbroker Charles Stanley. "But some investors will be disappointed by the sluggish production volumes."Shell said it had benefited from higher oil and gas prices. Crude oil prices were more than 50% higher and gas realisations some 48% ahead of the same quarter last year.Oil prices have fallen by about half from their peak in July when they reached $147 a barrel but the continued scale of oil company profits have prompted calls for lower prices for consumers and the imposition of a windfall tax."We are steering the Shell ship through rough waters and so far OK," said chief executive Jeroen van der Veer. "Yes, we are generating large profits. Yes, we have the largest investment programme in Shell's history to create value for shareholders and to play our part in providing safe and cost competitive energy for consumers." As well as investments to secure energy supplies, strategy remained to pay "competitive and progressive dividends". The combination of a commitment to investment and dividend payouts echoed BP's response this week to questions about the scale of its earnings.Chief financial officer Peter Voser, who will take over from Van der Veer next summer, said that the company was on track to reach its target of asset sales of $5bn this year, though he acknowledged the credit crunch was curbing the number of buyers. He added: "We are in no rush to sell assets. It's not a fire sale."Like Shell and BP, Exxon benefited from the high price of crude oil. Its profits amounted to $162m a day or $113,000 a minute, despite disruption caused to offshore production in the Gulf of Mexico by two hurricanes - Gustav and Ike."Despite the continuing uncertainty in world financial markets, Exxon Mobil has maintained a strong financial position," said its chairman, Rex Tillerson, who said that capital investment of $19.3bn this year had made "a substantial contribution to employment and economic activity" in the countries in which they operated.The figures are likely to raise hackles among critics of the oil industry. Exxon's previous quarter yielded profits of $11.6bn, which was itself a US record. The presidential candidate Barack Obama branded the company's earnings as "outrageous" at a time when US motorists were "paying record prices at the pump".Exxon has been attacked by the environmental movement for its reluctance to invest in alternative energy sources. At the company's annual meeting in May, a significant minority of investors backed resolutions demanding limits on the company's greenhouse gas emissions and a shift towards renewable energy. The Texas-based company's upstream businesses, comprising exploration and production, enjoyed a 48% surge in earnings to $9.35bn as commodity prices soared, despite an 8% fall in output. Downstream, Exxon's refineries saw profits rise by $1bn to $3.01bn.The figures comfortably beat analysts' expectations and Exxon's shares rose in early trading on Wall Street."US downstream was up from last year, so that was a positive surprise," said Gene Pisasale, an energy analyst at PNC Capital Advisers. "They have the strongest balance sheet in the business."Exxon MobilRoyal Dutch ShellOilguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More FeedsLatest news, sport, business, comment and reviews from the Guardian | guardian.co.uk, 2008-10-31 22:05:08

People-power a step closer in energy bill Affectez un tag à cette news
The prospect of households with wind turbines and solar panels being able to sell power back to the national grid has come a step closer after the government tabled an amendment to a bill that would allow people to generate enough power to serve a community of more than 1,000 people.The government said 10 days ago it was keen to get the proposal into the energy bill after facing down opposition from power companies concerned that allowing individuals and communities the chance to profit from energy creation significantly altered the market. The measure will be debated in the Lords next week. The amendment proposes that generators capable of creating up to 3 megawatts (MW) of power would qualify for feed-in tariffs (FITs), obliging energy companies to pay a premium to use the power, with the hope of a big increase in micro-generators from the 100,000 currently in use. A government spokeswoman said it was intended to encourage communities and businesses as well as individuals to install low-carbon electricity generators. The government said a 2MW generator could serve a community of 1,000 people.The government hopes the move will put pressure on the Conservatives' green pledges. The Conservatives' Quality of Life report suggested a feed-in tariff for the smaller capacity of 250 kilowatts. A government spokesman said: "The Conservatives' idea would benefit individuals - ours would see people taking control of energy at a community level."The government is struggling to meet the EU target that 15% of UK energy should come from renewables by 2020 and will hope a big take-up of FITs will galvanise the effort. In his 2006 review, Sir Nicholas Stern said FITs represented the best way to make renewables work. Renewables currently account for less than 5% of UK electricity use, compared with 14% in Germany, which has legislated for FITs. The amendment is likely to be backed by parliament - before the government's action, a cross-party FIT amendment had been launched by Conservative peer Baroness Wilcox, Labour peer Lord Puttnam and Lib Dem peer Lord Redesdale. Tabling the amendment, climate change minister Ed Miliband said: "This decision means that installing equipment like wind turbines, solar panels or biomass heaters will be much more financially attractive. It will make a real difference to families, communities and businesses that want to generate their own energy."Though green campaigners have lobbied for the move, they were "deeply disappointed" with the detail of the amendment, describing it as a "fudge". Friends of the Earth campaigner Ed Matthew said: "This is not the feed-in tariff we were promised; it's a giant legal loophole. The legislation put forward by the government is vaguely worded and gives no certainty to business that a feed will be introduced."Tabling the amendment, the government also announced a financial support mechanism for renewable heat. The Renewable Heat Incentive - described as the first such initiative in Europe - will provide financial help for people who install renewable heat generators or heat pumps. Carbon dioxide from heating accounts for 47% of the UK's total emissions.EnergyRenewable energyWind powerSolar powerNational GridUtilitiesGreen technologyGreen politicsEnergyEnergy billsHousehold billsConsumer affairsguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More FeedsLatest news, sport, business, comment and reviews from the Guardian | guardian.co.uk, 2008-10-31 22:05:08

Farmland bird numbers fall to lowest level on record Affectez un tag à cette news
Popular farmland birds like turtle dove, grey partridge and linnet have declined to their lowest level on record, with some species becoming extinct in regions of the UK, according to figures released today.The latest survey, by the Department for Agriculture, Food and Rural Affairs, shows the number of breeding pairs of farmland birds has now more than halved since intensive farming with chemicals was introduced in the 1960s.Conservationists are particularly alarmed that the latest fall follows an earlier halt in the long-term decline for a few years from 1999-2005, and mystified about the cause because European farming subsidies are supposed to pay farmers to introduce wildlife-friendly practices.Experts also warned that the latest figures for 2005-07 do not take account of a forecast drop in populations this year because of the abolition of payments to farmers to "set aside" land for feed and nesting sites.Grahame Madge, a spokesman for the RSPB, said some species had declined more than 85%, leading to local extinctions, including the corn bunting in Northern Ireland and yellow wagtails in Devon."Since the 1970s the economy has gone through a cycle of boom and bust, but farmland birds have had bust year after year," said Madge. "In some areas those birds are becoming locally scarce if not locally extinct because the populations have declined so much [that] the little populations left are burning out."However the figures were attacked by the National Farmers Union (NFU), which said it was too soon to see the benefits of recent improvements in management. It said the study did not include some farmland birds which were increasing in numbers. The organisation also suggested declines in birds which nest on the ground, such as lapwing and grey partridge, could be due to increases in predators. "Farmland birds, including the swallow, magpie, collared dove and chaffinch ? none of which are included in the farmland bird index ? have all increased in population over the past 30 years," added Paul Temple, the NFU's vice-president.The 2007 Wild Bird Populations report shows seabird numbers also fell slightly, but total wild bird populations, which also include woodland and water and wetland species, were stable.However farmland birds are considered by government and biodiversity experts to be a key indicator of the health of the countryside. Their loss is also a blow to nature lovers, said Madge: "These are the birds seen by people walking along country lanes and hedgerows that are really part of the fabric of the countryside. They are part of our quality of life ... hearing the song of a sky lark is part of the cultural fabric." Other affected species include the tree sparrow and the skylark.Wildlife minister Huw Irranca-Davies said some species like the goldfinch and kingfisher were doing well, but called for "renewed action" to halt the decline of other species. However the Conservatives accused the government of threatening conservation schemes by cutting budgets to key organisations like Natural England, whose work includes protecting and restoring the most threatened species, including farmland birds, normally in partnership with charities. "It's going to be increasingly difficult to carry out this work if the government doesn't support it in the way it was," said Peter Ainsworth, the Conservative shadow environment secretary, and chairman of one of the charities working in the field. "Recovery may well be affected."The RSPB said its own farm in Cambridgeshire showed it was possible to produce the same food and profits while also helping birds and other wildlife with changes like leaving small patches of land free from crops, and planting wildflower and nectar flower seeds for birds and insects to feed on. Since the charity took over the farm in 1999, farm birds on their land have doubled while the national tally has fallen by 6%. "We're not talking about turning the clock back to farmers using horse-drawn ploughs; there is a middle ground," added Madge.WildlifeConservationEndangered speciesguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More FeedsLatest news, sport, business, comment and reviews from the Guardian | guardian.co.uk, 2008-10-31 22:05:08

Imogen Fox on Kate Moss and the messy bob Affectez un tag à cette news
When Kate Moss changes her hairstyle, it's usually blown up into a Big Style Event - discussed at length by the tabloids and celebrated by the weekly fashion mags. But back in early September when Moss cut her long, bleached rock'n'roll hair into a longish, side-parted scruffy bob, only a modicum of fuss was made. Perhaps we didn't notice because we were all far too distracted by Sarah Palin's demi-beehive or Cheryl Cole's heavy curtain of extensions (which, incidentally, are looking more Audrey Hepburn than Wag by the minute). But now, after almost two months have passed, it seems that Moss's cut was an early indication of a shift in the tonsorial landscape. As if by stealth, scruffy bobbed hair has become the cut to have.Strangely, considering that James Bond films don't usually count as significant in style terms, it is the Quantum of Solace posters that have crystallised this look into the contender for 'do of the year. Witness Olga Kurylenko walking away barefoot from some explosion, but miraculously still clutching her shoes. Yes, the sooty blusher is noteworthy, but it is her artfully dishevelled bob that really steals the scene. And it isn't just on widescreen that the scruffy bob is gaining ground. Kurylenko's hair is echoed on the small screen by the studiously unkempt bob of Alexa Chung. Over on the red carpet, film-maker and style leader Sofia Coppola has freshened up her brunette locks by lopping off a few inches to create a shoulder-grazing bob. Meanwhile, Gwyneth Paltrow has a somewhat less scruffy version of the cut. Even on the campaign trail the bob is winning out. Michelle Obama's relaxed bob with long side-swept fringe suggests both an easy confidence and a woman in tune with the times. Here is a cut that can travel from the clubs of Soho to Hollywood via Washington without losing its shine.In fashion, the trends that stick are rarely the trends that are forced upon us, they're much more likely to be the ones that creep up on us, as if by accident. Think how reluctant we were to take up the jumpsuit, yet with a thousand times less spin, we are suddenly all happily wearing ankle boots. It's the same with this year's reincarnation of the bob. The cut isn't some style diktat from on high, just an easy update that most women can pull off. Marianne Jones, deputy editor at Grazia magazine and long-time bob wearer, thinks that the core appeal of the style lies in this democratic element. "Every other woman in the Grazia office has a bob of some description," she says. "The cut is feminine and manageable at the same time." Jones puts the current proliferation of the bob in the celebrity world down to similar, quite pragmatic reasons. "I think Kate's just got to that age and stage in her life when she realises that a shorter cut is more flattering than wearing it long and flat, which drags your face down. Just look at Gwyneth Paltrow and how much sexier she now looks with her just-hitting-the-shoulder bob."In fact, Moss's bob was not the result of a long consultation with her hairdresser. She cut it herself because, according to her hairdresser and friend James Brown, "she fancied a change". He insists that he was only there to supervise. "I love a cut that looks DIY, even though I wouldn't recommend it, but Kate knows what she's doing. The look comes from 1920s and 30s schoolgirls who had their hair cut by their mums by dividing it into four sections," he explains. So, does Brown think that we are in the midst of a bob moment? "We're having an 'all-sorts' moment, but if there is one look that is more on-trend than anything else, then it is the bob."The DIY aspect of Moss's 'do hints at more subtle semantics of the scruffy bob. It is meant to look hacked off, not carefully snipped, giving the wearer a devil-may-care attitude. It is the hair of the kooky bad-girl of cinema (think Juliette Lewis in Kalifornia) the polar opposite of the sleek, razor-sharp Sasoon-shiny bob. The messed-up bob of Kurylenko isn't accidental either. It is sexy without being try-hard, which in turn makes it the perfect modern Bond-girl baddie cut. For Brown, it is Julie Christie, especially in Shampoo, who is the most iconic exponent of this look. "She's had a messed-up bob pretty much all her career. She looks like the kind of woman who does it herself, rather than spending loads of time and money on her hair," he says.With both credibility and practicality on its side, the bob is likely to be the cut to have well into 2009, and the coming recession adds weight to this theory. Not because hair lengths are in inverted synchronicity with the rise and fall of the economy, but for the more prosaic reason that a haircut is a far cheaper but more dramatic way to change your look, superior to just buying more clothes. Moreover, achieving the completely on-trend version of this look - the hacked-off messed-up bob - is unbelievably easy, because even the cheapest of hairdressers can't get that cut wrong.Kate MossFashionBeautyWomenCelebrityguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More FeedsLatest news, sport, business, comment and reviews from the Guardian | guardian.co.uk, 2008-10-31 22:05:08

Cricket: players rubbish Stanford series as a 'garden party' Affectez un tag à cette news
The Stanford Super Series has come under fire from the England players, with their representative, Sean Morris, calling the multi-million dollar tournament "a garden party". Morris, chief executive of the Professional Cricketers' Association, is in Antigua for tomorrow's $20m (£12.2m) shoot-out between an England XI and the Stanford Superstars, a camouflaged West Indies team, and had been expected to talk to the players about prospective participation in the Indian Premier League.Instead a meeting with players on Wednesday evening brought to the fore concerns about the manner in which the tournament is being conducted, with issues ranging from the on-field conditions, where the quality of the pitch, outfield and floodlights has been heavily questioned, as well as other worries, particularly the high-profile manner in which the tournament's sponsor, Sir Allen Stanford, has taken to entering the dressing room, regarded as a no-go area."We met last night with the majority of players," said Morris yesterday while the team were at practice, "and there is a feeling that they are pretty uncomfortable with a number of things." The pitch, which has proved slow and unreliable, resulting in low-scoring matches, and the lights, which have given problems for catchers, have been strongly criticised as unsuitable for such a high-profile encounter. "It all gives you a feeling that you are turning up for a bit of a garden party," said Morris, "which shouldn't be the case with England cricket. They are turning up for a tough game of international cricket and it doesn't feel that way."Instead there is a sense that the game has been devalued in terms of a contest because there is a little more luck involved on those sort of pitches. And that, mirrored with a couple of things off the field, created a feeling that it is not entirely the most professional event they have attended. Once you come to play for that sort of money you accept there are some strings attached. But whether it is the playing surface or the behaviour round the dressing rooms, you expect a certain amount of professionalism when playing for England and I don't think it's been met entirely."Mike Soper, the man Giles Clarke beat to become chairman of the England and Wales Cricket Board last year, added to the mood of disenchantment with a swipe at the man who cut the deal with Stanford. "I don't know Giles Carke particularly well but I have not been impressed by what I have seen," he said. "We don't want some loose cannon flying round the world shooting from the hip. It's a titular role, about flesh-pressing. The tail shouldn't be wagging the dog."Clarke comes up for re-election in March. Soper added: "It's unlikely I would stand next year. I'm looking forward to the presidency of Surrey. But if he stays in power I may put up against him again."Morris is merely offering the views of those he represents. But there is a real danger as the week has gone on, of things being taken out of proportion. The much maligned pitches have not been conducive to Twenty20 but, given that the island was awash from torrential rain barely a week ago, it has been a diligent effort by groundstaff to get a surface of any suitability. So too the incident involving some of the players' partners, who were depicted on television being flirted with by Stanford, something that upset the players concerned. Stanford has apologised and even the manner in which he had taken to marching unannounced into the dressing room possibly has its roots in cultural differences rather than just the ego of a man who owns the whole show. In major American sports the locker room, far from being sacrosanct, is often an open area for media. "There was an issue with the dressing room," said a spokesman for Stanford. "Sir Allen understands the sensitivities of the England players and will not encroach on the area again."The ECB has said that it would review the Super Series and the $100m agreement with the Texan billionaire. Accusations that the game is not being run professionally are harsh, though, on an event that has been an extremely slick operation that puts to shame much of cricket staging elsewhere. "They accept it is not perfect but have a chance of winning a million bucks," said Morris. "I think they are prepared to get through it." Meanwhile Ryan Sidebottom's injured calf looks to have eliminated him from tomorrow's team.Stanford Super SeriesEngland Cricket TeamTwenty20Cricketguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More FeedsLatest news, sport, business, comment and reviews from the Guardian | guardian.co.uk, 2008-10-31 22:05:08

Police halt wedding of boy, seven, to girl aged five Affectez un tag à cette news
Police have halted a wedding between a seven-year-old boy and a five-year-old girl in Pakistan, arresting the Muslim cleric officiating at the ceremony and the children's parents.A police raid prevented the cleric from going ahead with the ceremony in Karachi, which was attended by 100 guests, said the deputy superintendent of police, Malik Mazhar.Pakistani law forbids marriage below the age of 18, but some Muslim scholars deem it permissible if the bride and groom have reached puberty.TV footage showed both children in traditional wedding clothes in the laps of policemen after the raid. The girl, called Nisha, had tears running down her cheeks.According to a report on Express News TV, the parents said the wedding had been arranged to end an eight-year feud between the two families.Mazhar said he had heard about similar cases in rural areas but "it is shocking to have this right in the centre of the city".The parents would be brought before a court tomorrow, he said.A Pakistan human rights commission official, Hina Gillani, said the maximum possible punishment for the parents was one month in jail and a fine equivalent to about £6.Pakistanguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More FeedsLatest news, sport, business, comment and reviews from the Guardian | guardian.co.uk, 2008-10-31 22:05:08

Richard Williams: Spanish fans' website aims abuse at Hamilton Affectez un tag à cette news
A Spanish website containing abuse aimed at Lewis Hamilton was condemned yesterday by the FIA, motor sport's governing body. The name of the website, pinchalaruedadeHamilton, means "burst Hamilton's tyre" and its home page features a graphic in which nails and tin-tacks are strewn on the Interlagos circuit, where he will attempt to win the world championship in the Brazilian grand prix on Sunday. The site claims to have had more than 21,000 visitors, and is a continuation of the vendetta begun 18 months ago by supporters of Fernando Alonso, who joined the McLaren team as reigning world champion at the start of the 2007 season but found himself embroiled in a battle against a young English team-mate who is formula one's first mixed-race driver.Alonso's ignominious departure at the end of the season enraged his Spanish fans, and when the formula one teams went to Spain for pre-season testing Hamilton was greeted by racist insults and the sight of a group of Spanish fans with blackened faces wearing Afro wigs. The FIA's response was to fine the circuit and to institute an anti-racism campaign. Dislike of Hamilton, interpreted by his supporters as the product of a resentment of his success and self-confidence, has not been hard to find in the formula one paddock this season. As the battle between Hamilton and Felipe Massa for this year's title approached its climax, Alonso said that he would be happy to help Massa defeat his rival. The boss of Alonso's Renault team, Flavio Briatore, remarked recently that Hamilton is "no Muhammad Ali"."The FIA's position is very clear," the governing body said in a statement yesterday, reacting to the content of the website. "Discrimination and prejudice can have no place in sport or society. Everyone in our sport will join us in condemning these abusive and hateful comments." A McLaren spokesman added: "We've seen today's statement from an FIA spokesman, and we can only echo it."The domain name is registered to a company called Tequila Spain and a note on the website says the owners are not responsible for the comments it contains.Lewis HamiltonFormula oneMotor sportguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More FeedsLatest news, sport, business, comment and reviews from the Guardian | guardian.co.uk, 2008-10-31 22:05:08

Jonathan Ross pulls out of hosting British Comedy Awards Affectez un tag à cette news
Jonathan Ross is to step down from presenting this year's British Comedy Awards following the 'Sachsgate' affair. Although he is only suspended from BBC shows for his part in the prank calls to actor Andrew Sachs, Ross decided not to go ahead with fronting the ITV1 show in December "with the agreement of ITV".A spokesman for Ross said: "It's a show he very much enjoys being part of but would not want his participation in this year's event to take away from the awards themselves or the many talented winners of the awards."The ITV director of television, Peter Fincham, added: "We respect Jonathan's decision to stand down from the 2008 British Comedy Awards which has been made with the full support of ITV and the show's producers." This year's British Comedy Awards are due to take place on December 6, returning to ITV1 having not been broadcast last year while the broadcaster investigated allegations about problems with a phone vote for the 2005 event.Ross has presented the British Comedy Awards for independent production company Michael Hurll Television for the past 17 years.The presenter has come to epitomise the edgy awards ceremony with his famously controversial introduction and links. An ITV spokesman said it is not yet known who will replace Ross. · To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 7239 9857. For all other inquiries please call the main Guardian switchboard on 020 7278 2332.· If you are writing a comment for publication, please mark clearly "for publication".Jonathan RossITVTelevisionguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More FeedsLatest news, sport, business, comment and reviews from the Guardian | guardian.co.uk, 2008-10-31 22:05:08