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I’ve always considered that having the same sire means being half-siblings no matter what the experts say about it! Just because stallions can produce hundreds of babies (and mares only one a year) doesn’t mean those babies are any less related ? I think it matters that they share the same father. But, of course, I’m looking at it from a horse-lover’s point of view and not a professional’s point of view…

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The most popular embellishment of all? A little (or a lot) of fringing. Spotted everywhere from Louis Vuitton and Alberta Ferretti to Alessandro Dell'Acqua and Jil Sander, fringing can be folksy, modern, sexy or romantic – or all four at once!??p>We'd like to let you know that this site uses cookies. Without them you may find this site does not work properly and many features may be unavailable. More information on what cookies are and the types of cookies we use can be found ??p>We'd like to let you know that this site uses cookies. Without them you may find this site does not work properly and many features may be unavailable. More information on what cookies are and the types of cookies we use can be found ??p>It's definitely a case of style over comfort for , who has come out and said that we will never, we repeat, never, see her in a pair of tracksuit bottoms or Ugg boots. The singer-turned-designer has told French magazine Madame Figaro that she loves fashion too darn much to let her sartorial standards slip even once. She said: 'You’ll never see me on the street in a tracksuit. I just love fashion too much to wear a tracksuit!'The same goes for Ugg boots. I only wear them only at home.'The 37-year-old is pictured on one of the two front covers of this month's edition of the magazine in a coral spring 2012 bodysuit by Prada and, on the other, in a black dress by .Speaking of her love for , she said: 'I’m addicted to Prada, to cardigans and bags ...'I’d love to see the world through the eyes of Miuccia Prada! The woman is a genius. Her vision is of ultra-intelligent fashion. Each season, she creates something new, she knows how to surprise.'VB also confided that her idea of heaven, once her four children and gorgeous husband have gone to bed, is to trawl online shopping sites. 'I am a big fan of Net-A-Porter.com. When the kids are asleep, I can travel on this site for several hours,' she said. 'I like the idea of quietly shopping at home for clothes and returning them if it doesn’t work. This is absolute freedom.'She sounds like a girl after our own heart - tracksuit bottoms and Uggs aside! ??p>Victoria Beckham has revealed her reading habits and they paint a racier image than we usually associate with the star. The mum-of-four is the latest famous face to bury her noise in some saucy fiction, in the form of .While the fashion designer jets across the globe promoting her latest fashion collection she has plenty of (in) air time to kill and she does so by reaching for the hottest book in the charts. Victoria revealed Fifty Shades of Grey has turned her into a bookworm and she’s no qualms in sharing the story – she’s even bought the racy read for her mum!Although she’s kept us guessing as to whether mother and daughter discuss the S&M activities of Christian Grey and Anastasia Steele.Victoria’s love affair with the novel doesn’t end with the first edition, VB is already halfway through the second book, Fifty Shades Darker, so we imagine she’ll soon be walking out of LAX with the third title in the trilogy, Fifty Shades Freed tucked inside her Hermes bag.The book has climbed up to the top of the best-seller list and has collected an impressive troupe of celebrity fans including and . Yesterday denied reports she’ll take the female lead in a film adaptation of the book, but Mila Kunis and Angelina Jolie are still rumoured to be in the running for the role. Are you a fan of Fifty Shades Of Grey? Would you buy the book for your mum? Do you fail to see what the fuss is about? Let us know in the comment box below! ??p>She started out with sunglasses and denim, branched into a fully-fledged ready-to-wear collection, and now is set to conquer the world of accessories.The popstar-turned-designer has announced that her next creative project is going to be a collection of bags and shoes.Posh is though to be fed up of being a ‘walking advert' for other designers, who benefit from increased sales whenever she is pictured with one of their pieces.A close friend of the stylista told the sun: ‘Victoria is fed up of promoting other brands. If she wears Hermes or Christian Louboutin, people go and buy it.‘She thought, ‘why can't I do this with my own line?'' the insider continued. ‘Her current collection has gone down a storm across the celebrity world. If this is repeated with her line of shoes, the range would be worth an absolute fortune.'The high-end frocks certainly have been a hit within A-list circles, having been worn by the likes of , , and , and even making an appearance on Blair Waldorf in . But with the announcement of this latest project, comes the news that proud hubbie has offered to build her a huge design workshop in their Hertfordishire ‘Beckingham Palace' mansion, when they return to the UK.Are you excited at the prospect of VB-designed bags and shoes? Leave your comments in the box below! ??p>Amongst ever-changing hair styles, social circles, career paths and various sprawling homes, there is one thing that has remained constant in life – the Hermes bag. Perhaps Posh's most enduring fashion love affair, the stylista has remained steadfastly loyal to the label's luxury handbags, and is rumoured to have amassed a collection of hundreds. The latest addition? A purple Kelly that has become a favourite of late, and while her outfits may change three times a day, the Kelly has been a constant as she jets from city to city.Mrs Beckham's Hermes obsesson includes a vast collection of Birkins, which range from pink, to white, lime and black. The jewel in the crown has to be a rather extravagent gift from husband David though - a £80,000 diamond-studded silver edition of the Himalayan Birkin, one of only three in the world.Now that's what we call a serious style addiction! ??p> must be jumping for joy! Not only has the world's fashion press lapped up her collection of high-end dresses, but she's gained some seriously stylish A-list fans as well. The latest glamazon to pour themselves into a VB, figure-hugging frock is , who wore this chic LBD to launch Victoria's Secrets' latest lingerie range. Letting her fabulous figure do the talking, the supermodel kept accessories to a bare minimum, merely adding the obligatory skyscraper heels and that mega-watt smile to complete her look. As with the majority of her collection, one-woman publicity machine Mrs Beckham has also been spotted in the style. But while Klum went for minimalism, Posh went maxi, wearing hers not only with YSL platforms, but with a fur shrug, leather gloves, A-list essential black shades and a Hermes bag. And so we have today's fashion conundrum: who wore it best? Let us know your answers in the comments box below. ??p>There are many ways in which you can compare and : both superstar WAGs with fashionista tendencies, they have plenty in common, including a shared taste in shoes it seems. Both stylistas have snapped up Cancan shoes, but added their own signature spin on the styling. For Mrs B's LV moment back in June, this meant teaming her ankle-tie skyscrapers with a cream dirndl skirt, sheer tank and cropped navy cardi. Always a fan of the high-impact accessories, it wasn't just about the shoes - she added one of her much-loved Hermes Birkin bags to the mix, plus the A-lists' new favourite adornment, a hairband. Trust Posh to tap a multitude of trends, all in one look. Fast forward three months, and the Girls Aloud beauty slipped into her Cancans this week, for dinner at The Ivy. Keeping things simpler, she paired her all-black statement heels with a zip-front minidress and minimal accessories. Back to brunette after a short stint as a redhead, she left that famous mane tumbling and loose, while her make-up was glowing and flawless as ever. They may share shoe style, but Mrs C and Mrs B showed off very different Cancan looks. And so to today's fashion conundrum: who wore it best? Let us know your verdict in the comments box below. ??p> Intraday Data provided by SIX Financial Information and subject to . Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time. ??p> Intraday Data provided by SIX Financial Information and subject to . Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time. ?? MarketWatch NEW YORK (MarketWatch) -- Reflecting a malaise for Dubai stocks so far this year, shares of Ajman Bank, an Islamic lender that made its debut on the emirate's stock market on Sunday, fell sharply for a second day Tuesday after surging upon the bank's initial public offering. The stock first soared as high as five times its initial offering price of 1 dirham (Dh), or $0.27, on Sunday, which is a trading day in Dubai. But Ajman Bank was the market's top loser for a second day on Tuesday as it closed almost 15% lower at Dh2.87. Analysts say shares of the bank, which will only start business in September, have lost ground rapidly because investors are booking profits. "These issues are always over-subscribed because they are priced at a nominal par value of Dh1 a share while their valuations are much higher," said Julian Bruce, a Dubai-based director of institutional equity sales at investment bank EFG-Hermes. Ajman's drop mirrored the performance of the Dubai bourse, which is now off about 8% since the start of the year compared to a gain of about 44% in 2007. The Dubai Financial Market (DFM) closed on Tuesday at its lowest level since mid-April on anemic trading. The DFM General Index fell 1.14% to 5,438.08, with 275.1 million shares changing hands. Meanwhile on Wall Street, the Dow Jones Industrial Average fell 34 points to 11,807. But financial shares there were on the rise ahead of the Federal Reserve's decision on interest rates, with the likes of JP Morgan Chase , American Express and Citigroup Inc. , all gaining ground. Across the Gulf, the DFM has been its second-worst performer this year, with only Saudi Arabia faring worse. By comparison, the Kuwait, Doha and Muscat markets have all increased by over 20% this year, while Abu Dhabi is up more than 10%. The bourse currently lists only 60 companies and domestic traders account for roughly 75-80% of turnover. Trading of new stocks like Ajman can make up about half of its trading volume. "A lot of investors have to rely on rumors and unfounded information for their trading activities, which weakens the confidence," said Rochdi Youns, an analyst for the Middle East and Africa. "Investors are constantly second guessing one another. In a market that lacks transparency, speculators tend to get the upper hand." Others say external factors have also pressured the Gulf market. "Foreign investors are not as heavily involved and they are sitting on sidelines," said EFG-Hermes' Bruce. "The interest in the region is growing but right now, valuations elsewhere are decreasing so the Gulf markets don't look overly attractive." A red-hot real estate scene has also not helped the emirate's stock market. "There's a big property boom here at the moment, and the property market has sucked liquidity from the stock market," said Rupert Bumfrey, an advisor to emerging markets asset-management companies. Just this week, Dubai property developer Nakheel said it expects to sell a penthouse in the Trump International Hotel & Tower for more than $30 million, smashing through the previous record of $12 million for an apartment. Weak sentiment toward the Dubai market has been reflected in companies looking to go public. In February, two companies - property conglomerate Emaar MGF and healthcare provider Wockhardt Hospitals - withdrew their IPOs within 24 hours of each other due to weak market sentiments. And interest does not look likely to heat up anytime soon. With the hot summer months tipping the mercury past 50 degree Celsius and the Muslim religious month Ramadan approaching, investors are likely to lay off their activities until at least October, analysts say. Joyce Koh is a MarketWatch intern in New York. ?? MarketWatch LONDON (MarketWatch) -- German insurer Allianz SE said it's offering 10.5 billion euros ($13.5 billion) to buy out the stakes it doesn't already own in France's AGF and Germany's Allianz Leben as it tries to get a better grip on its wide array of European operations. Allianz said the deals would strengthen its position in Europe and in growth markets, simplify its ownership structure and lift earnings per share in 2008. The offers weren't a big surprise to the market, as Allianz in 2005 bought the remaining stake in Italy's RAS for 5.6 billion euros and had made no secret that it considered buying out the remainder of AGF. Allianz in November increased its profit forecast and said it would consider upping dividends and buying back stock. Allianz last year also changed its corporate structure into a European company, from a German one, in part to make more cross-border deals. Paul Achleitner, chief financial officer, pointed out that the insurer waited until it could fund the deal internally, rather than by selling more shares, before launching the AGF offer. "To be blunt, we couldn't afford it," he said on a conference call, answering a question why it didn't buy RAS and AGF simultaneously. Allianz shares slipped 1.2% at 152.39 euros in afternoon German trading. It's offering 87.5 euros in cash and 0.25 of its own shares for each share in AGF , valuing AGF at 126.43 euros a share when using Wednesday's closing prices. Allianz already owns 58% of AGF, a French life insurer that's a component of the CAC 40 and carries a market capitalization of around 24 billion euros. Shares in AGF, whose board called the Allianz offer "favorable," rose 1.5% to 126.60 euros in Paris. The offer values it at a 19% premium to its average price over the last six months, the companies said. "Our share price really reflects the value of the company," said Jean-Philippe Thierry, a board member of Allianz and the chief executive of AGF, on a conference call. "This is really the right moment because our teams are working more and more together." Should Allianz gets its stake up to 95%, the company will perform a "squeeze-out" on the remaining AGF shares. If it doesn't get to 95%, Allianz said it will try a merger process that may lead to an offer not as favorable. Allianz said it won't make an offer for Euler Hermes , a credit insurer that's 71% held by AGF. Shares in Euler Hermes declined 2.7%. Allianz already owns all but 9% of Allianz Leben , a German life insurer with a market capitalization of 6.9 billion euros. Allianz is offering 750 euros in cash for each Allianz Leben share. In Frankfurt, shares in Allianz Leben rose 17% to 777 euros. Separately, Allianz has agreed to take over its joint venture in Taiwan from the Uni-President Group in a deal valued at around NT$1.7 billion ($52 million). Steve Goldstein is MarketWatch's London bureau chief. ?? CBS.MarketWatch.com LONDON (CBS.MW) -- Europeans have been bemused for the most part by the battle on Wall Street as the New York attorney general takes on big investment banks over conflicts of interest in investment research. Yet a lawsuit in Paris is drawing greater attention to the controversy on this side of Atlantic. Separately, the head of a committee of British parliamentarians is expected to demand U.K. market regulators speed up their investigation into analyst independence, the Times of London reported on Tuesday. Luxury goods leader LVMH Moet Hennessy Louis Vuitton earlier this month sued Morgan Stanley , alleging damage from biased research because of Morgan Stanley's banking relationship with rival Gucci Group . LVMH is not releasing the contents of its suit filed in the Paris Commercial Court, but the company is believed to be seeking $100 million in damage. The suit names Claire Kent, head of Morgan Stanley's luxury goods research. Morgan Stanley didn't return calls seeking comment Tuesday. The investment bank said in a disclaimer in a research note this week that it "rejects LVMH's claim categorically and stands by the integrity of its research," according to the Financial Times. The lawsuit from a corporation is believed to be one of the first, at least in Paris that takes aim at independence of research stemming from the investment banks. In the U.K., market regulators in late July said they had not come up with specific examples of bias and corrupted advice, but they did note systematically more positive recommendations from analysts in relation to companies where the banks had a relationship. The U.K.'s Financial Services Authority has not wound up its assessment of where change may be needed in analyst investment research. The FSA has received about 30 comments on its position paper published in late July and is reviewing the comments, a spokeswoman on Tuesday said. The pressure for changes to rules guiding analyst research appears to be building. John McFall, the head of the Treasury Select Committee in parliament, was expected to call on Howard Davies, the chairman of the FSA, to step up the probe, the Times report said. The letter from McFall follows the publication on Sunday in the U.K. Sunday Times of an email from Goldman Sachs telecom analyst James Golob in London to a colleague in New York that called the high ranking for a majority of telecom stocks "ridiculous" even though the sector had been "tanking for three or four months." The email, which was sent on Aug. 24, 2000, was obtained by the U.S. Congress and disclosed to the paper, the Sunday Times said. Goldman said its two analysts have denied they were influenced by banking clients, the paper said. In addition to the analyst assessment, the FSA is reviewing whether changes need to be adopted in IPO practices in the wake of the 'spinning' scandals in the U.S. where banks were seen allocating shares of hot tech IPOs to clients who could deliver investment banking business. The practice is not illegal in the U.K. Still the FSA said it has asked 20 of the top book-making firms in the U.K. whether controls in place are adequate in ensuring a fair market in an initial public offering. "Thus far, there is no evidence to suggest that there has been a problem in the U.K.," the spokeswoman said. LVMH suit Morgan Stanley has advised Gucci for the past four years on deals worth a total of around $10 billion, the FT reported, citing Thomson Financial data. A spokeswoman in Paris for LVMH declined to comment on the suit. LVMH was unsuccessful in attempts to take over Gucci in the late 1990s. On Nov. 9, Kent told clients she expected the luxury goods sector to underperform the broader Europe MSCI market, citing little chance for a upside surprise from Christmas sales and the worsening outlook for tourism after the Bali terror bombing. At the time, she rated Burberry, Richemont and Gucci "overweight" and downgraded Bulgari to "equal weight" and Hermes to "underweight." She maintained LVMH at "equal-weight." In a full page of disclosure accompanying the note, Morgan Stanley noted that it or an affiliate had co-managed a securities offering of Burberry's in the last 12 months and that it or an affiliate received compensation for investment banking services from Gucci. The disclosure added that the bank or an affiliate expect to receive or seek compensation for investment banking services from Bulgari and Hermes over the next three months. Kent has been rated the top analyst in luxury goods by Institutional Investor magazine for the past eight years, the FT said. Emily Church is London bureau chief of CBS.MarketWatch.com. ?? UBS AG and Credit Suisse , among others, have been attacked with significant "no" votes in recent annual meetings. However, Aviva became the fourth FTSE 100 company ever to have its remuneration report rejected, and Tuesday the British insurance group said that Chief Executive Moss, whose GBP2.69 million pay packet was also rejected in the non-binding vote, would stand down with immediate effect. Moss' departure follows that of Trinity Mirror PLC's chief executive, Sly Bailey, and David Brennan at U.K. drug giant AstraZeneca PLC , all three quitting as investor anger centers on executive pay perceived as excessive in the light of company underperformance. Unlike Bailey and Brennan though, Moss' exit is immediate and, despite interim appointments, could leave a void at the insurer at a time when insurers are struggling to meet new capital requirements and as the euro-zone crisis sees little signs of abating. If shareholders continue to vent, triggering immediate exits, other companies could be left headless, and shareholders should be aware of the consequences of their actions, experts say. "Shareholders don't want to see companies without a leader," a spokesman for the Association of British Insurers said. The group--whose members, through their investments, control about 12% of the U.K. stock market--flags matters that shareholders should consider, although it doesn't directly give vote recommendations. The fact that shareholders could be left in a worse position than previously was even raised by the U.K. Shareholders Association, a champion of shareholder rights. "There is a risk that if shareholders attack the board or a CEO on pay or any other matter that he quits," Roger Lawson of the group said. "And the increase in shareholder pressure could trigger more immediate exits." Market reaction reflected concern over the break in leadership at Aviva, with shares closing the day virtually flat at 303 pence after having risen as high as 320 pence, or nearly 6%, immediately after the announcement of Moss' resignation. Advisory shareholder group Pensions Investment Research Consultants, or PIRC, said it specifically advises companies to have succession plans in place in the event that top executives are forced out. "Shareholders and companies alike know the risks and consequences that can follow if investors are unhappy," said PIRC's Tom Powdrill. "Having no plans in place can only exacerbate the situation." Still, most observers see increased shareholder participation as a good development. One of the top 10 investors in Aviva said his firm has taken heed from former City Minister Paul Myners, who said investors should be more active in their relationships with the companies they invest in. "Lord Myners was rightly against absentee shareholders," the investor said. ??p> Intraday Data provided by SIX Financial Information and subject to . Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time. ?? CBS MarketWatch.com LONDON (CBS.MW) -- Gains in the financial sector and deal speculation surrounding IT group Cap Gemini helped limit losses in Europe, which was pressured by a profit warning at Coca-Cola and a jump in oil prices. Dresdner Bank owner Allianz , HVB and Commerzbank all bucked a weaker markets trend on indications that Banco Santander's deal for Abbey National will be successful, which is seen as increasing the chances of cross-border European bank deals. Banco Santander fell 2.7 percent in Madrid after HBOS surprised investors by saying it wouldn't make a counter-bid for Abbey National. The Spanish bank also said it will list shares in London and offer to pay dividends in sterling, which will help court U.K. retail investors. Meanwhile, CBS MarketWatch said Allianz is expected to agree to pay as much as $20 million in fines to settle allegations of failing to disclose payments made to brokers for selling their funds. Deutsche Bank shares improved 1 percent in Frankfurt as Credit Suisse First Boston upgraded shares to neutral from underperform, citing hopes for third quarter fixed-income revenue. "After a dire second quarter, there are early indications that the fixed-income business is poised for a rebound -- the yield curve has remained relatively steep, bond yields have come down, mortgage refinancing is firming up, leveraged and structured finance are continuing to grow and emerging markets' credit spreads have remained tight," CSFB said. Deutsche shares also rallied on Tuesday, on reports saying the bank is shaking up its investment banking business and planning to cut costs. More broadly, the German DAX Xetra 30 index eased 0.2 percent at 3,941 and the French CAC 40 index fell 0.4 percent at 3,691. Energy stocks were the best sector performers while automakers such as Volkswagen , which officially started wage talks, brought up the rear. The euro weakened to $1.2144 vs. the dollar on a strong reading of the Empire State manufacturing index. LVMH Moet Hennessy , the world's top maker of luxury goods, ended 0.1 percent higher after it said first half net income rose 49 percent to 396 million euros, with sales up 8 percent to 5.67 billion euros, helped by a swing to operating profitability at its Selective Retailing unit and declining expenses. Analysts expected net profits between 322 million and 378 million euros, AFX News said. It reiterated its view of a significant rise in operating income for 2004, as sales during the summer have continued the "strong trend" from the beginning of the year and due to product launches for the second half. JP Morgan said LVMH sported good headline numbers, but the divisional split was disappointing. "The company stated that Fashion & Leather Goods was negatively impacted by forex and investments in Fendi and Donna Karan - investments in Donna Karan in particular (are) unlikely to thrill the market," the broker said. Christian Dior Couture , which owns nearly half the shares of LVMH, fell 0.7 percent. ?? MarketWatch LONDON (MarketWatch) ??European stocks ended higher for a fourth day but trimmed earlier gains as investors watched a meeting of European finance ministers in Poland for clues as to how they intend to tackle region?? ongoing debt crisis. The Stoxx Europe 600 index ?rose 0.6% to close at 230.16, having rallied 2% in the previous session in the wake of a coordinated move by major central banks to provide dollar liquidity to markets. Banks led the gains again Friday, with Barclays PLC ?trading up 3.4% in London. Deutsche Bank AG ? ?ended 0.8% higher in Frankfurt., while the DAX 30 index ?ended 1.2% higher at 5,573.51. The moves came as euro-zone finance ministers met in the Polish city of Wroclaw to try and heal some of the rifts that have undermined efforts to resolve Europe?? deepening sovereign-debt crisis. Luxembourg Prime Minister Jean-Claude Juncker said at a news conference Friday from Poland that a decision over the next payment of aid to Greece will be made in October. He also said ministers ?渕ade progress??on a dispute over Finland?? insistence that it receive collateral for its role in a second Greek bailout. Meanwhile, U.S. Treasury Secretary Timothy Geithner ??present for the talks in Poland ??reportedly urged European policy makers to avoid ?渓oose talk??about a potential euro breakup and urged them to leverage the region?? 440 billion euro ($607 billion) bailout fund, the European Financial Stability Facility, to increase its firepower. European Central Bank President Jean-Claude Trichet late Thursday called on ministers to show the same ?渦nity in purpose??as central banks did in providing their liquidity boost for the market. ?淏efore we expect unity across Europe, it has to be hoped that the German government can adopt a common view,??said Stephen Pope, managing partner at Spotlight Ideas. But tough-talking rhetoric from the Free Democratic Party, the junior partner in Germany?? coalition government, is making that even harder ahead of local elections in Berlin, Pope said. ??an-European unity may prove to be wishful thinking as there are ongoing issues regarding the provision of collateral required by some nations to participate in a Greek bailout. This will no doubt fetter an agreement,??he added. Germany?? ruling coalition government on Friday delayed discussing the European Stability Mechanism, the mid-2013 successor to the EFSF, due to divisions within its cabinet, Dow Jones Newswires reported. The move makes it unlikely the legislation will be voted on by parliament before the end of the year. E.On, ITV rise after upgrades In Switzerland, shares of Swiss bank UBS AG ? ?bounced back, rising 5.2% a day after the company announced it had discovered unauthorized trading in its investment bank division, which could lead to $2 billion in losses and a possible third-quarter loss. The news hit UBS shares hard on Thursday. Moody?? Investors Service and Standard & Poor?? Ratings Services each put the bank on review for downgrade, while Fitch Ratings placed what it called UBS?? ?渧iability rating??on review for downgrade. Teresa Nielsen, analyst at Vontobel, said their buy rating on UBS remains in place. ?? MarketWatch MADRID (MarketWatch) ??European stock markets ended the day with strong gains on Thursday, as pre-holiday volumes thinned out and investors bought up resource stocks, banks and insurers. The Stoxx Europe 600 index ?closed 1% higher at 239.8. A day earlier, the index lost 0.6% as sovereign-debt worries returned. U.S. stocks posted modest gains after data showed weekly jobless claims fell by more than expected to 364,000, but that was paired with a downward revision to third-quarter gross domestic product. But Europe largely kept its gains after banks clawed back ground lost from the prior day?? selloff. Shares of Deutsche Bank AG ? ?rose 3.2% and ING Groep NV ? added 4.3%. BNP Paribas SA ?gained 3.4%. Funding operation?? impact Wednesday?? news that the European Central Bank lent much more money to banks than was expected in three-year loans, triggered fears the banking sector was much worse off than had been thought. Paul Kavanagh, partner at Killik & Co., said that markets appeared to be taking a slightly more positive view on the funding operation on Thursday. ??f you??e looking for impending problems that have to be dealt with, it?? better that these things are dealt with in advance,??he said. ??here was strong encouragement from the ECB for banks to take this liquidity to ensure that next year there?? much less risk of a problem with the banks,??said Kavanagh. ??here is less risk of banks going under for 2012 than before this system was in place, though that hasn?? eliminated the risk,??he said. Yields for 10-year Italian bonds crept higher to 6.79% against 6.33% the prior day, though Spanish 10-year-bond yields ?were up more modestly at 5.30%. Hungary dropped to junk, banks up in Europe Hungary?? BUX benchmark stock index fell 0.8% to 17,462.5 a day after Standard & Poor?? cut the country?? credit rating, to BB-plus from BBB-minus, to junk status. The ratings firm said the country?? policy framework ??ontinues to weaken, harming Hungary?? medium-term growth prospects.?? Among the major bourses, the French CAC 40 index ?was up 1.3% to 3,071.8 as heavily weighted energy group Total SA ? ?rose 1%. Shares of luxury-goods group LVMH Moet Hennessy Louis Vuitton SA ?rose 1%. The following day, a filing with the French market regulator showed the group raised its Hermes International ScA ?holding to 22.28% from 21.4%, according to media reports. ?? MarketWatch NEW YORK (MarketWatch) -- Most Latin American markets closed higher on Monday, with shares in Brazil and Mexico completing the day at record highs. The benchmark Bovespa Index closed up 98 points, or 0.24%, at 41,515.49. Stocks were lower earlier in the session as investors in Latin America's biggest economy focused on what the Federal Reserve will say after its two-day meeting tomorrow and Wednesday, with a further 25 basis point rate hike fully discounted. But stocks reversed course to end in positive territory as investors embraced local earnings reports, according to Dow Jones Newswires. UBS economists said while the world is focused on a possible pause in the U.S. tightening cycle, "monetary policy has reached some interesting inflection points in parts of Latin America." In Mexico, the central bank has communicated in very clear herms that it's on hold for now, until uncertainties about the medium-term outlook for U.S. rates have been cleared. "In Brazil, it's a domestic macroeconomic story that is remarkably similar to the dilemma that confronts the FOMC, but with signs reversed. We think the pace of economic activity will be a more important driver of monetary policy than short-term wiggles in the inflation data," they said. Adding to the downward pressure earlier in Brazil was the resurfacing over the weekend of a political corruption scandal that has engulfed the government of President Luiz Inacio Lula da Silva for the past year. In an interview with O Globo newspaper, the former chairman of Lula's Workers Party, Silvio Pereira, said the campaign finance scandal under investigation by a special committee is much wider than has been revealed. Pereira himself was forced to resign over the scandal, in which party members admitted to improper use of loans and a kickback scheme to secure votes. Among individual stocks, oil giant Petrobras edged up 0.17% at 47.56 reals. The stock has been volatile since Bolivia said last week it's seizing control of its oil and natural-gas industries, ordering all foreign companies to renegotiate their contracts or leave the country. Venezuelan President Hugo Chavez today announced that he is doubling the tax paid by foreign oil companies operating in his country, among them Petrobras. Shares of Brazil's biggest bank, Banco Bradesco , rose 1.3% at 82.06 reals after it reported a 27% increase in first-quarter earnings. Later this week, investors will review earnings from Banco Itau and mining giant Companhia Vale do Rio Doce . Banco Itau finished the day at 73.66, up 2.5% and CVRD ended at 97 reals, up 0.41%, In Mexico, the IPC index also closed at a record high, rising 371 points, or 1.8%, at 21,608.67. Stocks rebounded from profit-taking on Friday. Cement maker Cemex's CPO shares closed up 2.3% at 78.42 pesos. The company is to sell its stake in Indonesia's biggest cement maker Semen Gresik to a local group for $337 million, according to daily Latin Finance. Chile's IPSA rose 24 points, or 1.1%, at 2,242.94 while in Argentina, the Merval lost 22 points, or 1.2%, at 1,872.19. Ciara Linnane is markets editor for MarketWatch in New York. ?? if the Russian company chooses to make a bid. But Soros is right to say Europe should stick together, telling Russia that it must agree to strong, binding measures to ensure security of supply and transparency in the way it operates. As Soros put it in an article in the Financial Times: "This would turn the pipelines into highways, break up the Russian gas monopoly and inhibit the currently prevailing devious arrangements." Soros' other point relates to forthcoming mammoth IPO of Rosneft, the Russian oil group, on the London Stock Exchange. He is questioning whether it should go ahead given the murky way in which Rosneft acquired its main asset -- the Yugansk oilfield -- from Yukos after heavy-handed intervention by the Kremlin. Although there are certainly outstanding questions about this transaction, pulling the IPO is probably the wrong approach. A better one would be to ensure that the questions are fully answered in the prospectus. -- Hugo Dixon Inefficient market The prices of copper and zinc are escalating so fast that it may not be long before the metallic content of a U.S. penny is worth more than its face value. Silver recently soared more than 50% in anticipation of the launch of a silver exchange-traded fund. Gold is the new Google -- shortly after breaking through the $500 an ounce barrier, gold sped past the $600 mark. Then $650. And $655. Commodities are hot. But have no fear, say the denizens of Wall Street. This is no passing fad: We are at the beginning of a two-decade "super cycle" propelling commodities to a new, permanently high plateau. Every speculative mania is sold to the public with a good story, and today's commodities boom is no different. Commodities are hot. But have no fear, say the denizens of Wall Street. This is no passing fad. Over the past four years, the Goldman Sachs Commodities Index has produced annual returns approaching 25%. Between January and mid-April of this year, the price of silver climbed by 60%. Copper last week rose by over 8% and has just topped $247,000 a ton. Gold is at a 25-year high. Strong global economic growth, we are told, explains commodities' vertical takeoff. Germany and Japan are recovering, while China's economy expanded at an annualized rate of 10% in the first quarter. Chinese demand for basic metals has climbed threefold over the past five years, according to a Bank Credit Analyst. The world's most populous countries, reports Goldman Sachs, now account for roughly a quarter of global demand for zinc and copper. China is the marginal buyer for many commodities -- that means it sets the price. Pick up a metals and mining report from any of the investment banks, and you're likely to read the same story: Commodities prices will remain high for the foreseeable future because new supply has not kept pace with surging demand. The world's mining industry, dominated by giants such as BHP Billiton and Rio Tinto , is much more consolidated than it was a decade ago. As a result, the industry shows greater investment discipline than during the last boom. Mining bosses are more concerned with maximizing shareholder returns. They no longer respond to every price spike by digging another wasteful hole in the ground. "Announcing plans to open new mines ... is the short route to the short tenure in the CEO chair," writes Donald Coxe, global portfolio strategist at BMO Financial Group. ?? MarketWatch MADRID (MarketWatch) -- U.K. luxury goods retailer Burberry reported a 15% rise in sales for its fiscal third quarter, sailing past analyst estimates, and the company said it now expects pretax profit for the year will reach the top end of market expectations. The maker of the famed checked trench coat said total sales rose to 380 million pounds ($624 million) in the third quarter ending December 31, against sales of 329 million pounds in the year-ago period. On an underlying basis that strips out currency and other items affecting comparability, that's a rise of 12%. Analysts polled by Capital IQ expected quarterly revenue of 342.75 million pounds. In November, Burberry reported a 24% fall in first-half profit, but that figure still exceeded analyst's expectations. Shares of Burberry rose 4.4% to 626 pence on the London Stock Exchange. The stock has nearly tripled over the last year. "With sales up 12% underlying in the third quarter, Burberry has delivered a strong performance in both retail and wholesale, as customers around the world responded positively to our collections, marketing and service initiatives," said Angela Ahrendts, chief executive officer for Burberry. "As a result, we currently expect adjusted profit before tax for this financial year to be towards the top end of market expectations," said Ahrendts. "While continuing to plan cautiously for 2010/11, we are confident that our strategies by product, region and channel -- underpinned by operational efficiencies -- will drive profitable growth." Burberry reported a 17% rise in retail sales and a 10% gain in same-store sales growth, noting good performances from outerwear and non-apparel, while digital media initiatives helped drive traffic. The company also noted strong sales of its Autumn/Winter collections at full prices, while inventory levels were significantly lower on an annual basis. There was strong growth across all regions for Burberry, with retail/wholesale revenue for Europe up 18% and Asia Pacific up 20%. Wholesale sales rose 11% in the period while licensing revenue rose 22%. The company opened five mainline stores, including a flagship store in Tokyo and Burberry London and Burberry Brit stores in New York, along with six franchise stores in emerging markets. Average selling space for the second half is planned to increase by about 6% year-on-year, giving a full year increase of 8% to 10% in line with previous guidance. Beating the competition Burberry joins a list of luxury goods retailers, such as Tiffany & Co. out of the U.S. and on Monday, Swiss-based Compagnie Financiere Richemont , who have reported strong retail sales for the quarter that includes December. But Burberry's performance remains ahead of the luxury goods pack, and improvement in the difficult wholesale business was perhaps the biggest surprise of all, said Dennis Weber, analyst with Evolution Securities. "Burberry is beating its competitors on all counts and the trend is still getting better," he said in a note to investors. Weber, who rates Burberry a buy, said consensus estimates for Burberry are likely to rise on back of the quarterly results. Shares are trading on a calendar 2010 price/earnings ratio of 17.1 times, a 10% discount versus the sector average, excluding Hermes and Bulgari , he said. "This discount is unjustified in our view," he said. Analysts at Societe Generale, said Burberry had "excellent performance" in all divisions. "Europe was the second most dynamic region, even with Spain," said the analysts who have a hold rating on the company. They said better-than-expected fundamentals have helped drive strong share prices for Burberry over the past year. "We expect a positive reaction from shares today," said the analysts in a note to investors. Theo Fennell posts strong Christmas sales Also on Tuesday, London-based jeweler Theo Fennell , whose pieces are favored by celebrities, reported strong Christmas sales. The company said same-store retail sales grew 25% between December 1 and December 24. It said a strong performance in the second half of the current financial year means a 9% rise in same-store sales for the nine months to December 31. Sales in January to date for Theo Fennell were impacted by extreme weather conditions with scant customer traffic in stores and sales. The impact of this on overall results for the year ending March 31, 2010 "is not significant," said the company, which now expects to see a marginal loss for the year. But this will be a "significantly improved performance" when compared to a loss of over 3 million pounds made in the prior year, said the company. Rupert Hambro, chairman of Theo Fennell, said the company was pleased with results, but continues to be wary of the "potential impact of the fragile economic environment" on the company's performance. Barbara Kollmeyer is an editor for MarketWatch in Madrid. ?縲hich allows the company to better manage its operations and react to changes in demand for specific products. "As the team has demonstrated in the past, we remain mindful of, and prepared to react to, any local or global uncertainties as we drive for long-term sustainable growth," she added. Burberry's fortunes are predicated on expanding its network of owned stores in flagship cities around the world as well as a prescient focus on online growth where it has proved a savvy social media player, streaming live catwalk shows and attracting new customers through its social network exposure. Burberry reiterated second-half guidance provided in October, which forecasts mid-single digit wholesale revenue growth, and retail selling space growth of 15%. It expects operating margins for the full year to improve modestly. The company raised its interim dividend 40% to 7 pence per share in a planned move to rebalance its dividend payments between the fiscal half years. Burberry shares are up 26% year-to-date, and closed Monday at 1421 pence. ?? MarketWatch LONDON (MarketWatch) -- Deal talk boosted shares of oil explorer Cairn Energy and supermarket J Sainsbury in London on Friday afternoon. However, the FTSE 100 index closed down 0.37% at 6,208.40, with declines in drug makers AstraZeneca and GlaxoSmithKline continuing to pressure the top index as investors worry that a Democrat win in U.S. elections this week could mean lower drug prescription prices in the U.S. AstraZeneca shares lost 2.1% and GlaxoSmithKline declined 1.9%. Other European markets also ended lower as investors eyed some poorly-received figures from companies such as Hermes. Smiths Group shares slipped 2.1% after Morgan Stanley downgraded the aerospace and defense company to underweight from equal-weight. "Contrary to conventional wisdom, we don't think Smiths looks like an attractive take-out candidate, nor would a split-up unlock significant value," said the analysts in a note to clients. Still, deal speculation boosted other companies in London. Cairn Energy shares rose 3.9% in the top London index, outperforming peers BG Group , Royal Dutch Shell and BP . The gains came after press speculation that India's Oil and Natural Gas Corporation is eyeing the company's Rajasthan assets. A report in the Daily Mail newspaper highlighted revived speculation around the Scottish oil explorer's Indian's assets, but didn't cite sources. Another reported candidate for M&A action was supermarket group J. Sainsbury . The company's shares rose 1.5%, building on gains made Thursday when they ended up 3.1% amid speculation that it could get a private equity bid. The company also reports earnings next week. Analysts at ABN Amro were skeptical that the company will get a bid. "We believe that the share price has gotten ahead of itself and is discounting either large upgrades or a bid, neither of which we believe is likely. We move to sell from hold," they said. Scottish Power shares also finished in the green, up 2% after Spain's Iberdrola said Friday it's appraising different investment alternatives and opportunities, including Scottish Power. ??p> Intraday Data provided by SIX Financial Information and subject to . Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time. ??p> Intraday Data provided by SIX Financial Information and subject to . Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time. ?? CBS.MarketWatch.com SACRAMENTO (CBS.MW) -- Looking to dodge the governance bullet that felled so many American investments this year, the nation's largest public pension fund is pursuing overseas managers using good corporate governance practices as their key screening criteria. The $132 billion California Public Employees' Retirement System (CalPERS) approved Tuesday a $100 million investment in the Hermes European Focus Fund, a corporate governance fund that targets underperforming companies in Continental Europe. CalPERS has another $200 million in the governance-minded Hermes UK Focus Fund and in September, the pension invested $200 million in a corporate governance portfolio run by Tokyo-based SPARX Asset Management. These latest actions are part of a $1.2 billion allocation to external active corporate governance managers targeting underperforming companies, committed to by CalPERS a year ago. "This fund complements our philosophy that good corporate governance practices can promote positive change and increase shareowner value," said CalPERS Board President William D. Crist. "We have learned that active corporate governance strategies helps reduce risk while adding value to our investment portfolio." California state Treasurer Phil Angelides has been on the road to encourage other institutional investors to wield the "power of the purse" to clean up Wall Street. . As treasurer of California, Angelides serves as a trustee of over $270 billion in state pension and taxpayer funds, including CalPERS. Angelides has acknowledged that his own California State Teachers' Retirement System lost some $850 million following WorldCom's accounting scandals. "There has been too much investor complacency in the face of colossal losses resulting from fraud and corruption at companies like Enron and WorldCom . It is time that investors start acting like the owners they are to protect our economy and the savings of American families and pensioners." . In its latest investment, CalPERS' joins nine other institutional backers on the Hermes European Focus Fund, a limited partnership managed by London-based Hermes Focus Asset Management Europe Ltd. The fund currently has about $359 million (350 million euros) under management, with a target size of roughly $2.1 billion (2 billion euros). Hermes European Focus will have a concentrated portfolio of five to 20 companies. Managers hope to outperform the FTSE World Series Europe Index by 5 percent annually over 3 years by investing in European companies that have a significant gap between the current trading price of the company, vs. its actual value if managed properly. Hermes seeks to narrow the value gap by improving the company's corporate governance, capital structure and senior management, CalPERS said. "We believe the timing is right for this fund," said Michael Flaherman, chair of CalPERS' investment committee. "Changes in shareowner rights and an increased unwinding of cross-shareholding in Continental Europe have created tremendous opportunity for governance funds." In other actions, CalPERS Investment Committee renewed the contracts of six international fixed-income managers and its two currency overlay managers for a period of one year. The international fixed-income managers include Baring Asset Management, Bridgewater Associates, Julius Baer, Rogge Global Partners, Wellington Management Company, and Western Asset Management. Pareto Partners and State Street Global Advisors will continue as the pension fund's currency overlay managers. Craig Tolliver is the mutual funds editor for CBS.MarketWatch.com in Los Angeles. ?縟ropped 2.1% to 277.95 reversing Wednesday's 1.8% rise. For the year, the index has dropped 24%, led by a 35% decline from the banking sector. Nationally, the German DAX 30 index fell 1.3% to 6,305.00, the French CAC-40 index fell 2.5% to 4,231.56 and the U.K. FTSE 100 index dropped 2.2% to 5,406.80. The U.K. drop came as the Bank of England held interest rates at 5% as it struggles with the dueling forces of accelerating inflation and slowing growth. "If order books are falling and cost pressures are rising, then above-average profit margins must be a thing of the past," said Karen Olney, European equity strategist at Merrill Lynch. Olney then went on to question why consensus earnings per share growth estimates for Europe are hitting a new high of 13.3% for 2009. "The risk of further downgrades looks massive, which means equity markets are likely to remain unsettled until profit levels fall," she said. Carrefour, Wienerberger slide Analysts were quick to take the knife to earnings estimates for Carrefour after Europe's largest retailer reported slowing sales growth in the second quarter as weaker consumer spending took a toll on business in France. Carrefour shares dropped 8.6% in Paris. Shares of French rival Casino -- which reports Friday - fell 3.3%, and shares in Britain's Tesco lost 2.1%. Food producers also suffered after a negative brokerage note, with Nestle shares down 4.3%, Danone shares 6% lower and Unilever shares down 4.6%. Cadbury shares fell 7.5% after Merrill Lynch downgraded the firm to underperform. "The speed and severity of the price-to-earnings contraction among the leading consumer staples names has been brutal," the broker noted after cutting return on invested capital-based fair values by between 10% and 15% for the sector. In Cadbury's case, the broker also noted that M&A prospects have receded sharply. Credit Suisse analysts pointed out that concerns over emerging markets, raw materials, trading down and valuations have seen share prices for the food producer and processors underperform this year. ?? ??If the Olympics??opening ceremony was how Britons show themselves all dressed up, other activities going on now show their ever-pragmatic approach to business. Just a day before the Games began, the Bank of England announced poor second-quarter economic data, a downturn of 0.7%. The recession is worse than expected. Obviously, Britain was not going to waste the opportunities presented by the event. Using the world?? attention as a magnet, it has organized more than a dozen business summits, including China Business Day and Brazil Business Day, which are devoted to discussing business opportunities with host cities of the previous and next Games. Among the 8,000 accredited reporters who have come to London, 700 hail from China. This probably explains why several meetings are organized specifically between Chinese journalists and members from the All Party Parliamentary Group for East Asian Business; London & Partners, the official promotional organization for London; the Greater London Authority; and not surprisingly the London Chamber of Commerce. All aim to attract both Chinese investors and consumers. Are other countries jealous of this unique attention? ??hina is indeed the biggest focus,??David Slater, London & Partners Global Sales Director said. ??t?? a once-in-a-lifetime chance to showcase what London can offer.?? Slater said that London & Partners employs seven staff members who speak Chinese precisely to introduce investment possibilities in London. China comes second after the United States in terms of number of investment deals in the U.K. In 2011, London received more than 30 Chinese investment projects providing 550 job opportunities in sectors such as software, financial services, the creative industries and retailing. A delegation from the China Entrepreneur Club comprising two dozen top Chinese industrialists occupied the most significant place on the red carpet laid out for global investors. Among the visitors were Liu Chuanzhi, the founder of Lenovo ? ,?the world?? second biggest PC maker; Ma Weihua, the president of China Merchants Bank ? ; and Yu Minhong, the founder and Chief Executive of New Oriental Education & Technology Group. This visit initiated by the China Entrepreneur Club received full cooperation from U.K. Trade and Investment, a government department, which contacted Britain?? business elite, including Lord Rothschild; the Virgin Group; the prime minister, mayor; members of the royal family; and other dignitaries. On July 25, several of these entrepreneurs had a brief meeting with Prime Minister David Cameron at Downing Street followed by a roundtable with the Trade Minister Stephen Green and the Lord Mayor Boris Johnson. ??lthough the meeting with Mr. Cameron lasted only about one minute, it was just great,??Liu said, ??ecause for the Olympic opening, eighty heads of state will arrive. It is particularly unusual that we were received under such circumstances.?? Meanwhile, what the Chinese industrialists brought as a message is also what the British love to hear. The Chinese economy is shifting in a consumer-driven direction, and they are looking for British partners to develop this market together. ?? MarketWatch NEW YORK (MarketWatch) ??Shares of several high-end retail goods companies slumped Thursday in the U.S. and Europe on worries a worsening global economic climate could weaken Chinese appetite for premium branded products. The tumble came amid growing fears of a hard economic landing in China, which has emerged as a key driver of the world?? economy in the wake of the global fi

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