Thursday, March 24, 2011

Test tube sperm grown in lab could cure male infertility



Researchers removed stem cells and cultured sperm in the laboratory in a breakthrough that could lead to new treatments and drugs for men currently unable to have children.
The development raises hopes that young boys undergoing chemotherapy for testicular cancer will still be able to father their own children when they grow up.
The sperm was produced in a test-tube from the cells taken from a newborn mouse testicles and then injected into eggs to produce to twelve healthy babies, four male and eight female, which were all fertile and able to reproduce themselves in adulthood.
Dr Takehiko Ogawa, an urologist at Yokohama City University in Japan, said the production of sperm in the testes is one of the most complex processes in the body.
It has never been reproduced in a test tube in mammals before.
They achieved the feat by providing most of the cellular components found in the testicles in a dish and watched as the stem cells grew into sperm cells.
They then used IVF (in vitro fertilisation) techniques to produce male and female offspring that were themselves fertile.
The researchers, whose findings are published in Nature, said: "The obtained sperm resulted in healthy and reproductively competent offspring."
The testes tissue was still worked after being frozen in liquid nitrogen and could still be used several weeks later – suggesting it may be possible in humans to produce their own biological offspring years later.
Dr Ogawa and colleagues said: "We have demonstrated that the organ culture conditions, without a circulatory systems in vivo (in the living body), can support the complete spermatogenesis (sperm production) of mice.
"Therefore, extending the present results to a wide range of species by refinements and the individualisation of culture conditions to each of them seems promising."
Professor Shahin Rafii, a geneticist, and Dr Marco Seandel, an oncologist, of Weill Medical College in New York, reviewed the study for the journal and said it offers hope for young boys with cancer who, unlike men, cannot freeze their sperm before treatment.
They said the blueprint for producing mature sperm in a laboratory dish has eluded reproductive biologists for decades and the researchers "meet this challenge in mice."
Prof Rafii and Dr Seandel said: "The preservation of fertility is a major concern for patients requiring therapy, such as chemotherapy or radiation therapy, that can inadvertently destroy germ cells.
"In men, this problem can be mitigated by banking sperm before treatment. The solution is less straightforward in prepubescent boys.
"In this scheme, boys would undergo testicular biopsy before chemotherapy or radiation therapy, to obtain tissue for cryopreservation (freezing).
"If infertility occurs, the testicular fragments could be thawed and sperm obtained from organ culture for IVF."
Dr Allan Pacey, an expert in infertility at the University of Sheffield, said it was "a small but important step".
"This is a very interesting study," he said.
"There have been several attempts to create or 'grow' animal sperm in the laboratory by various different approaches.
"However, none have been wholly successful and when the sperm have been used, the pups born have not been healthy and have soon died.
"This could help discover new drugs or treatments to stimulate infertile men to produce more or better sperm. It also may help preserve the fertility of some males.
"I think this study is a small but important step in understanding how sperm are formed which may, in time, lead to us being able to routinely grow human sperm in the laboratory."
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Spring hay fever season: scanning electron microscope pictures of pollen grains

 

Spring hay fever season: scanning electron microscope pictures of pollen grains

A false-colour scanning electron micrograph of grass pollen grains, a major cause of hay fever

One in five people in the UK suffer from hay fever every year - but even the worst affected could appreciate the beauty of pollen grains blown up by a million times. This gallery features false-colour scanning electron microscope pictures of the causes of hay fever. The number one culprit according to scientists is grass pollen - which close-up looks like a bundle of knobbly peas.

A false-colour scanning electron micrograph of grass pollen grains, a major cause of hay fever

 

Sex and science: the health benefits of lovemaking

 

Sex Relieves Stress: a big health benefit of sex is lower blood
pressure and overall stress reduction.

Sex Boosts Immunity: having sex once or twice a week has
been linked with higher levels of an antibody called immunoglobulin which
can protect you from getting colds and other infections.

– Sex Burns Calories: thirty minutes of sex burns 85 calories or
more.

– Sex Reduces Pain: as the hormone oxytocin surges, endorphins
increase, and pain declines.

– Sex Helps You Sleep Better: the oxytocin released during orgasm
also promotes sleep.

 

Occasional physical and sexual activity bad for the heart

 

 

Exercise is generally considered good for you as it decreases your overall risk of heart disease and generally makes you healthier.

But the new research suggests that spikes in physical activity – such as during sex – can also have the opposite effect – triggering heart attacks and cardiac arrests.

The increased risk – as much as 2.7 times higher than normal – applies mainly to people who are otherwise unhealthy and can be reduced by regular physical activity.

But a small risk does apply to everyone.

The scientists at Tufts and Harvard Universities in Boston reviewed the results of a number of previous studies to come up with the findings.

They found that "episodic activity" was associated with more than a two and a half times increased risk of heart attack and sudden cardiac death (SCD).

However regularly indulging in exercise – including sex – offset the increased risk by almost half for each additional time per week it was carried out.

"Regular physical activity has been identified as strongly associated with a decreased risk of cardiovascular disease and related mortality," the researchers wrote.

"Despite the well-established benefits of regular physical activity, anecdotal evidence has suggested that physical activity, as well as other acute exposures, such as sexual activity and psychological stress, can act as triggers of acute cardiac events."

The researchers looked at more than 14 studies looking at what caused heart attacks and found that a small but significant number happened during physical and sexual activity.

They found that all kinds of physical activity accounted for three and a half times increased risk and sex 2.7 times.

Researchers said that most importantly the risks could be modified by "habitual physical activity" and that those who indulged regularly were much less likely to have a heart attack triggered by sex.

Heart and circulatory disease is the biggest killer in Britain and heart disease alone causes 91,000 deaths a year.

The study was published in the latest issue of the journal JAMA.

 

Budget 2011: NS&I's inflation-linked savings bonds to return

 

Budget 2011: NS&I's inflation-linked savings bonds to return

National Savings & Investments is to bring back its popular index-linked
savings certificates later this year.

 

NS&I products are proving popular with nervous investors

 

NS&I to bring back their inflation linked savings certificates in the new tax year 

Savers worried about the ravages of inflation have reason to cheer at last –
National Savings & Investments' inflation-linked savings bonds are
making a comeback.

When the popular bonds, whose returns are linked to the retail prices index
(RPI), where taken off the market after oversubscriptions last September, NS&I
faced criticism from savers who were struggling to find savings accounts
that beat inflation.

That was when the RPI was at 4.6pc. Now, with RPI inflation at its highest
rate for 20 years – 5.5pc – savers will welcome the bonds' return.

In a statement on Budget day NS&I said that "subject to market
conditions, NS&I expects to be bringing savings certificates back on
general sale in 2011/12". It said this would include fixed-rate
certificates.

The Government also confirmed that it is to introduce Isas for the under-18s
following the abolition of child trust funds (CTFs). All UK-resident
children under the age of 18 who do not have a CTF will be eligible for a
Junior Isa.

The children's product will be similar to standard Isas and offer both cash
and stocks and shares versions. The accounts are expected to be available
from autumn this year, and more details are expected in next week's Finance
Bill.

John Reeve, the chief executive of Family Investments, urged the Government to
keep Junior Isas simple. "Only by offering every family access to a
simple savings product that is straightforward enough to be managed without
costly financial advice can the Government enable parents to save for their
child from day one and look to address the bigger issue of providing young
adults with a financial asset," he said.

Meanwhile, all Isa savers will see the annual allowance rise in line with the
consumer prices index, rather than the RPI, from April 2012.

Sophisticated investors were also given a fillip as they will benefit from the
increase in income tax relief for enterprise investment schemes (EISs).
Already exempt from inheritance tax and capital gains tax, investors will
now get 30pc income tax relief, increased from 20pc.

Not only is the tax relief increasing, but the amount you can invest is
doubling too, from £500,000 to £1m, earning a potential £30,000 in tax
relief.

EISs and venture capital trusts (VCTs) will now be able to invest in larger
companies – up to a value of £15m, where currently only companies worth £7m
or less qualified. This extension may stabilise these traditionally risky
investment vehicles.

Ben Yearsley from Hargreaves Lansdown said: "EISs are becoming even more
tax-efficient and investing in bigger companies. This should pull more
investors in and hopefully make the investments more stable – bigger
companies tend to be more cash rich and have better balance sheets."

However, the Chancellor confirmed that anyone planning to invest in the raft
of recently launched solar VCTs in the new tax year will not be able to
benefit from government renewable-energy incentives on top of their tax
relief.

Meanwhile, the cut in corporation tax could, as a presumably unintended
benefit, boost returns for UK equity income investors, financial advisers
said. Dividends are paid after corporation tax is deducted, so less
corporation tax means a bigger pot to be distributed as dividends. From
April 5, corporation tax will decrease from 28pc to 26pc, and over the next
three years it will decrease further to 23pc.

"Dividends are paid out of after-tax profits; therefore a cut in this tax
means more is available for dividend seekers," said Mr Yearsley.

The Chancellor also announced that all tax allowances would in future rise in
line with the official Government measure of inflation, the CPI, which is
currently 4.4pc and is normally lower than the RPI. This means that the
amount exempt from capital gains tax will rise at a slower rate than up to
now. The current annual CGT exemption is £10,100 and will be increasing to
£10,600 in April.

Mr Yearsley said the effect on investors would be minimal, however. "The
difference would only be around £50 a year. I think the rest of the measures
cancel out any worries about CGT," he added.

Video: Inside official Royal wedding china factory

 

Employees at a factory in Stoke-on-Trent that is producing hand-guilded fine
bone china cups and plates for the Royal wedding say they are proud to be
involved in the process.

The company has just put the finishing touches to the Loving Cup - one of only
1,000 to be made.

The two-handled cup is new to the Official Royal Wedding Commemorative China
collection and bears the entwined initials C and W, for Kate - or Catherine
- Middleton and Prince William. It also features the coronet of Prince
William and the wedding date.

Unlike commemorative items for Prince Charles and Diana's wedding, the design
does not feature photographs of the couple. Instead the cup is decorated
with a pattern of doves, white ribbons and hearts in silver, gold and grey,
set against a pale grey striped background.

Prince William is set to marry Kate Middleton at Wesminister Abbey on April 29.

Budget 2011: Key points

 

 

SIN TAXES

No new increase on alcohol or tobacco. Pint of beer up 4p, bottle of wine up 15p, bottle of spirits up 54p. 25p on can of "super-strength" lager. Pint of lower strength 2.8pc abv beer to fall by 18p.

Tobacco duty increases by 2pc above inflation. Hand-rolling tobacco up by 67p. Pack of economy cigarettes up 50p, premium cigarettes up 33p. 10p on pack of five small cigars, 17p on pack of pipe tobacco. Tobacco duty regime reformed

PERSONAL TAX

Personal tax allowance rises by £630 to £8,105 in April 2012 - a real increase of £48 a year or £126 in cash terms

Consultation on merging National Insurance and Income Tax

Not proposing to increase taxes for pensioners

50p tax rate will be temporary measure - video

Income Tax relief on Enterprise Investment Scheme increases from 20pc to 30pc next month

Charge on non-domiciled taxpayers increases from £30,000 for those here for seven years to £50,000 for those in the country for 12 years, raising more than £200m

Council tax frozen or reduced this year in every English council

Read Head of Personal Finance Ian Cowie's blog on how the tax changes will affect you

HOMEOWNERS

£250m fund for first-time buyers under shared equity scheme

Support for Mortgage Interest scheme extended to January 2013, reducing mortgage arrears

One first-time buyer gives her views on the Government's plans here

GROWTH

As expected, the Chancellor outlined a revised growth forecast amid a grim backdrop of high inflation and public sector borrowing. The Office for Budget Responsibility forecasts growth of:

2011 2.1pc to 1.7pc rise

2012 2.6pc to 2.5pc rise

2013 2.9pc rise

2014 2.9pc rise

2015 2.8pc rise

Inflation expected to remain between 4pc and 5pc this year, before dropping to 2.5pc next year

DEBT

National debt forecast to be 60pc of national income this year before peaking at 71pc and falling to 69pc by the end of the spending review period

Borrowing expected to be £146bn this year, £3bn under target. Borrowing to fall to £122bn next year, then £101bn in 2012/13, £70bn in 2013/14, £46bn in 2014/15 and £29bn in 2015/16

BUSINESSES

Corporation Tax cut by 2pc from April - rather than 1pc as previously announced - and will fall by 1pc in each of the next three years to reach 23pc. Bank Levy rate to be adjusted next year to offset the effect of Corporation Tax reduction on banks

Small business rate relief holiday extended by one year to October 2012, at a cost of £370m

Entrepreneurs Relief scheme doubles to £10m from April 6

Direct tax indexed by Consumer Prices Index (CPI), which excludes mortgage costs, from April 2012

Small companies' research and development tax credit rises to 200pc in April and 225pc in 2012

New 5.75pc rate on overseas financing income coming into the UK

YOUTH UNEMPLOYMENT

100,000 work experience placements over two years, up from 20,000

Funding for up to 50,000 additional apprentices over next four years

EMPLOYMENT AND SKILLS

21 new Enteprise Zones to be set up, with up to 100pc tax discount rates

Funding for new university technical colleges for vocational training: 24 colleges instead of 12 expected

New export credits for manufacturers, a technology and innovation centre and nine new university centres

£100m for new science facilities in Cambridge, Norwich, Harwell and Daresbury, funded from Bank Levy

STATE PENSION AGE

State Pension Age to rise to 66 by 2020

GREEN MEASURES

Green Investment Bank created with an additional £2bn, to start operation in 2012

UK becomes the first country to introduce a carbon price floor for the power sector

Climate change levy discount on electricity for those signing up to climate change agereements will rise

Public money will cut unusually high water bills in South West England

INFRASTRUCTURE

Investment of £200m in regional railways

Central funding of £100m to help councils repair potholes

 

Homegrown style: These are salad days indeed

Homegrown style: These are salad days indeed

Anyone with a tiny garden has Joy Larkcom to thank for cut-and-come-again
lettuce
, says Francine Raymond

 

Joy Larkcom

 

 
Image 1 of 2
Joy Larkcom 

Without a shadow of doubt, Joy Larkcom has had more effect on the way we grow
and eat salads and vegetables than all the celebrity chefs put together.

Often described as the original hunter gatherer, Joy studied horticulture at
Wye, and her academic background encouraged her to dig deep — everything she
writes has been researched in depth. She writes about what she knows and
what she has grown.

As we spoke recently, Joy, 75, was just back from a visit to Australia. She
has lost none of her wanderlust, and described how she and her young family
set off in a caravan for a year’s Grand Vegetable Tour in 1976, travelling
from Holland to Hungary, studying vegetable culture and bringing back seeds
of old varieties which were sent to the Vegetable Gene Bank, in
Wellesbourne.

There she discovered purslanes, endives and a huge range of chicories, and can
be held responsible for the proliferation of salad rocket on every dish in
every restaurant. Joy also promoted the intensive method of salad
cultivation known as cut-and-come-again, something market gardeners and
anyone with a tiny garden will thank her for.

Since then she has travelled the world, lured by tempting names of unknown
plants, especially oriental vegetables — pak choi, mustard leaves, Chinese
cabbage, mibuna and mizuna, which can now be spotted on supermarket shelves
and grown from seed late in the season.

Joy tried to get seed companies interested in importing foreign varieties and
offering organic versions available to us all, but it was Suffolk Herbs
which took on the mantle initially. Within 10 years we could all grow and
buy saladini crops, just snipping off what we needed. The British salad at
last regenerated from the soggy tomato with limp lettuce bathed in a pink
vinegary beetroot jus, to a palette of flavours, textures and colours – from
fernlike dill to crisp pak choi to lemony buckler-leaved sorrel and bitter
chicory. We can now augment our salads with handfuls of rocket, basil and
garlic chives, young chard leaves, asparagus tips and blanched runner beans,
decorated with nasturtium and borage flowers.

Joy’s Grow Your Own Vegetables is probably the most well-thumbed reference
book I possess, her Organic Salad Garden is one of the most useful and
Creative Vegetable Gardening is the most inspirational. She numbers Monty
Don, Alice Waters, Graham Rice and Alys Fowler among her fans, and has won
many awards, holding the Veitch Memorial Medal from the RHS. She has
tirelessly championed organic cultivation and promoted veg growing
throughout the industry – often the only woman at carrot conferences on the
Fens.

Like me, Joy left Suffolk to downsize to the sea — me to coastal Kent and Joy
to southern Ireland. Any regrets? Absolutely not.

Although her new garden is just half an acre, she says the older she gets, the
bigger it seems. She had planned it to be low maintenance, but has totally
failed. The mild climate means things grow too fast — you can almost hear
the grass growing, and the salty winds can blacken the plants at a blast.
Like me, Joy has planted a lot of fruit including an apple allée.

Joy and her husband, Don Pollard, who she says “enables me to carry on and
only occasionally asks if I ever intend to stop” are happy with their life,
but like us all, wish they had more time and energy.

She is completing what she threatens will be her final book. Called Just
Vegetating, it is a compilation of articles, filled with personal
reminisces, due out next spring. I can’t wait.

 

Joy Larkcom’s top six vegetable tips

1) Vegetable beds can be any shape or size – it’s rather fun if they
are unusual shapes. Just make sure you can easily reach the centre from the
paths at the sides. That way you need never tread on the soil, so building
up the precious soil structure is the key to fertility.

2) Sounds obvious, but only grow what the family will eat. It is
amazing how many home-grown vegetables are never harvested, or end in the
compost heap, because the family doesn’t appreciate what the “head gardener”
grows.

3) Curb your impatience if spring is cold. If the soil feels cold to
your touch, delay sowing or planting until it has warmed up. Use cloches or
clear plastic to cover the soil and warm it up if necessary.

4) Sow little and often to avoid gaps and gluts, especially with
fast-growing crops like lettuce, radishes, peas, pak choi, rocket and
spinach. As soon as one sowing has germinated through the soil, sow the next
lot.

5) Keep good records of everything you do: sowing, planting and
harvesting times, varieties, results. Every garden is unique, and your own
record is a far better guide to what suits your conditions than any advice
from experts.

6) Investing in a polytunnel is the most cost-effective way of
extending your growing season. It enables you to grow tomatoes, peppers,
cucumbers, aubergines and other warmth lovers in summer, and fresh greens in
winter and early spring.

Ferrari four seaters in pictures

Ferrari four seaters in pictures

Ferrari four seaters in pictures
 
 

 

The 166 Inter was Ferrari's first proper GT car. This 1949 example was built by Carrozzeria Touring of Milan

What the Budget means for motorists

What the Budget means for motorists

Fuel duty will be cut by 1p per litre from 6pm, and an additional £100million
given to councils to fix potholes.

 

What the budget means for motorists

 

Drivers filling up from 6pm today will benefit a 1p per litre reduction in fuel duty Photo: JANE MINGAY

An immediate reduction in fuel duty and more money for councils to repair
Britain's crumbling road network - those were the two headlines for
motorists from today's Budget, delivered by Chancellor George Osborne.

Admitting that "the price of petrol has become a huge burden on families",
Mr Osborne went on to describe how the cost of filling up a typical family
car had increased by £10 in the last six months.

Before stating how the government would help motorists faced with such high
prices, he set out to explain what's within its control and what's not. "Britain
is not in charge of world oil prices", he said. "But British
Governments are in charge of the duty we levy on petrol."

Mr Osborne went on to say that, after consideration, the government had
rejected a separate VAT rate for petrol on the grounds that it would be "illegal".
However, Labour's fuel escalator, which adds a penny on top of inflation,
will be cancelled and a new "fair fuel stabiliser" introduced.

As part of this, the "supplementary charge levied on oil and gas
production will increase from 20 per cent to 32 per cent," said Mr
Osborne, raising £2billion of additional tax revenue from oil companies.
This will be used to delay next week's planned fuel duty increase of almost
5p per litre until 2012 (and the planned April 2012 inflation rise until the
following summer).

The "fair" part of the fuel stabiliser involves the possible
reintroduction of the escalator, and a reduction in the higher rate of oil
tax, should oil prices fall below $75. "That is how it will work,"
said Mr Osborne. "No escalator when the oil price is high. No extra tax
on the profits of North Sea oil companies if the oil price falls and stays
low."

The Chancellor also announced that further help to motorists would start at
6pm today, when fuel duty would be cut by 1p per litre.

Commenting on the subject of fuel duty, IAM chief examiner Peter Rodger said: "Reducing
fuel duty is a welcome break for hard-pressed motorists and businesses, but
eco-driving is the only guaranteed way to reduce motoring costs. It's no
longer an ethical choice, it's a money-saving essential - especially in
rural areas where driving is a necessity."

Elsewhere in the Budget, the Chancellor promised £100million of additional
funding for councils to fill potholes. Warranty Direct managing director and
founder of Potholes.co.uk,
Duncan McClure Fisher, said: "Motorists will appreciate this extra
support as it will mean less cars get damaged. It's another signal that the
Government is recognising the need to support motorists, but the focus needs
to be on local and minor roads.

"It's not a solution to the problem," he added, "but at least
it's a step in the right direction."

Other points of note for motorists were that vehicle excise duty rates will
increase only by inflation, while those for HGVs have been frozen.

Mr Osborne also announced that Approved Mileage Allowance Payments, which have
not increased since 2002, will rise from 40- to 45p per mile.

"And I can tell the House that we will extend this relief to cover
volunteers travelling as passengers – as charities and others have been
calling for over many years", he said.

The latest Ferrari supercar boasts seating for four, all-weather capability – and 650bhp. Meet the amazing FF.

The latest Ferrari supercar boasts seating for four, all-weather capability – and 650bhp. Meet the amazing FF.

Ferrari FF review
 
Image 1 of 4
Traction on snow is incredible for a car with 651bhp Photo: LORENZO MARCINNO

If the idea of a 651bhp Ferrari you can drive across a ploughed field strikes you as faintly ridiculous, then perhaps a Ferrari you can drive to a ski resort seems less so. In fact, you won't be allowed into Gstaad next year if you haven't got an FF.

"Snow is new for us," says Franco Cimatti, Ferrari's technical director. Early testing on a 599 mule packed snow into the transmission coolers in front of the rear wheels, with predictable results. "We have had to change the shape of Ferrari," he says.

For me, the four-wheel drive side, while technically interesting, is less important than the shape. At last Ferrari has officially acknowledged the shooting-break style that it has been unofficially supplying to obscenely rich collectors such as the Sultan of Brunei for many years. The 1962 Drogo/Bizzarrini Ferrari 250 SWB "bread van" Le Mans racer arguably set the sleek style, although the Harold Radford Aston Martin DB5 shooting breaks, together with the racy Lancia HPE, were highly influential, as was the Reliant Scimitar GTE.

A few years back, the Cartier Style et Luxe at the Goodwood Festival of Speed featured a class of these lovely exotics, ranging from an MG Airline to a Jaguar Lynx Eventer and Pininfarina Ferrari specials. As a dog owner, I understand this body style more than most, although if Zeph, my invariably wet and muddy Labrador, jumps into the back of a Ferrari FF the main discussion will be less about the body style and more about who's going to clean the thing.

I asked Ian Minards, Aston Martin's chief engineer, about shooting breaks recently and he felt that while the style would appeal in Europe it would be less attractive to a worldwide audience. "We wouldn't sell enough to make it worthwhile," he said. Maybe Ferrari can pull it off.

The new FF replaces the controversially styled 612 Scaglietti, so its fantastic looks give it a head start in that respect, although the Citroën-like headlights aren't the most elegant on the block and there's also a stupendously dull green colour choice, which might best be named "Humbrol Nissen hut green".

Four-wheel drive? Let's be very clear. Such is the power of Ferrari's rear-drive supercars that they have required the services of traction control and electronic stability systems for some years simply to maintain forward direction on dry Tarmac. It's a truth acknowledged at rival Lamborghini with almost universal adoption of all-wheel drive, as well as Audi with its quattro R8 and R10 supercars. The Bugatti EB110 had drive to all its wheels and I don't remember that being unexciting to drive. If you think you can get on top of a 651bhp rear-drive supercar in marginal conditions, then you must be a very serious person indeed.

All the same, it's a pity that Ferrari didn't at least mention the genius of Harry Ferguson, Tony Rolt and Freddie Dixon, whose 4x4 system graced the first modern four-wheel-drive supercar, the 1966 Jensen FF. It was left to the decency of Cimatti to namecheck the Jensen.

So this all-new, aluminium space-frame car has a front/mid-mounted 6.3-litre, 65-degree V12, with direct fuel injection into the cylinders delivering 651bhp and 504lb ft of torque. For the most part this is a conventional supercar driveline with the seven-speed, twin-clutch gearbox mounted into a rear transaxle with the electronically controlled differential.

Where the Ferrari differs from convention, however, is the use of a simple, helical-cut, hydraulically controlled gearbox running off the front of the crankshaft. With two speeds plus reverse and a couple of Haldex-type clutches, this 100lb unit drives the front wheels, but only in first to fourth gears and at speeds below 124mph. Above that, you're on your own.

To understand what the system is capable of, it's worth recalling the words of test driver Raffaele de Simone. "We started with a system that would get owners up to their skiing chalets, but then we discovered what tricks you could play with it."

So the electronic systems monitor wheel slip and speeds, yaw and steering angles and predict when wheelspin will occur. It then engages one of the two forward gears, which have ratios slightly higher than second and fourth gears respectively and slips either of the clutches to direct drive torque to a particular front wheel. You can spend your life thinking of situations where the system might slip up, but it uses its predictive software to cover events such as gearchanging when torque requirements are difficult to monitor in real time. How much software is this car carrying? "Too much," came Cimatti's grinning reply.

The cabin is a delight of aniline leather and tasteful instrumentation modelled on the 458 Italia, although the carbon-fibre steering wheel strikes a bum note amid all this luxury. The cockpit gently curves around the front seats and feels cosy, with supportive and comfortable seats. Front-seat passengers even get their own digital readout of trip information, speed and individual wheel traction. I'm not sure if this is a good thing or not.

While six-footers will find the accommodation generous, there's not enough room in the pedal box for size 12 feet and your toe caps get entangled with hidden dashboard parts. In the back there's just about enough room for a six-footer, although his knees will touch the front seatbacks. While the boot is more generous than the 612 predecessor and will take two large suitcases, it's suitable for lap dogs only and the lip is so high they'll have to be carried in there.

The big V12 bursts into enthusiastic life. The exhaust is harsh when blipped, but the mechanical music is smooth and refined. New, large paddles behind the steering wheel engage first and the car gently slips its moorings, crunching exclusive snow. The ride is pretty good for such an out-and-out roadburner, but there's a fair bit of clattering from the rear tyres and the exhaust system at low speeds. What you don't hear is any evidence of transmission shunt, whirring clutches or grabbing brakes. On top of a Dolomite mountain, we parked on a snowy bank and pulled smartly away with no drama. That's more than impressive for a car with this much power.

Open her up and the steering feels weighty and serious. It turns in well, but feels slightly artificial as the fronts pull it round tight corners. There's no understeer where you might expect it but there's not a huge amount of feel, either. Stand on it and this big car takes off like little else outside of a Nasa programme. You will definitely get to the ski chalet before anyone else, although the 6ft 5in width takes some getting used to and is inhibiting on narrow Alpine roads. Carbon ceramic disc brakes are now virtually identical in feel to steel rotors, except they don't fade.

The lasting impression is of that V12 whirring, hammering and ripping across the snow fields like a giant sheet of tearing calico. It's almost an avalanche hazard in its own right. And while one has to question the sanity of owners who would jeopardise their Ferrari on the salt-drenched roads and their wing mirrors against the post buses, here's just the machine in which to do it. Good luck to them.

 

Formula One diary 2011: the journey begins

 

No question, Formula One has its critics. Often parodied for being out of touch with the real world, it is perceived by many as a frivolous sport, fuelled by money rather than the purer sporting motives that enable village cricket and suchlike to thrive. That, though, is what the promoters want you to see. Hence the TV directors’ insatiable appetite for celebrities on the grid… and closely cropped shots of cars in countries that don’t attract much of a live audience. Empty grandstands present the wrong image, you see.

There is no such trompe l’oeil in Telegraph Motoring’s F1 Diary. Now into its fifth season, it reflects the realities of life on the road as experienced by three freelance journalists, author Simon Arron and travelling colleagues Mark Hughes and Tony Dodgins. At the time of writing they have a collective age of 149, three wives and six children (divided equally between them). Between March and November, however, they tend to see more of each other than they do of their families. It’s a world of shared hotel rooms and hire cars, candid moments with drivers and team principals and, just occasionally, misadventure. Well, not that occasionally…

If you have ever watched a Ryanair passenger trying to force a clearly oversized bag into a measuring gauge, and doing so with such force that the rivets eventually separate from the metal, that will be Tony.

If you’ve ever seen an AirAsia passenger trying to rest part of a clearly overweight suitcase on his foot, to convince the check-in clerk that it is less than 10kg as the scales fluctuate wildly while he tries to maintain balance, that’ll be Tony, too. The clerk was wise to that one: she suddenly activated the conveyor belt, causing the bag to shoot forwards and Tony to fly backwards. “Fancy that,” she said, “it will have to go in the hold”.

And if you saw a stray journalist prowling the streets of Southport for most of one night last year, searching for a “lost” cat that was asleep in his airing cupboard, you can probably guess who that was.

In truth none of us is immune to misfortune (although last year Tony was the only one who flew into Bristol when his car was in Luton and he needed to be in south-west London – a detail he managed to keep quiet for several months).

This, then, is the other side of F1. The journey begins here.

 

Cruise: All aboard for the Telegraph Cruise Show

 

Cruising is more popular than ever – and our travel show can help you find a trip that suits your tastes and budget.

Cruise: All aboard for the Telegraph Cruise Show

Win a cruise worth £2,500

The cruise industry continues to defy the economic conditions and grow year
after year. Nearly 1.8 million Britons are likely to take a cruise this year
– climbing to two million by 2012.

According to the Passenger Shipping Association (PSA), it is the value for
money and the range of experiences on offer that explain the appeal. But
more choice – in the form of more ships, destinations, excursions and
onboard activities - makes it harder for the consumer to choose.

The Telegraph Cruise Show taking place at London’s Olympia Hall next weekend
is designed to help you find out everything you need to know about cruising,
from small ships and polar expeditions to Mediterranean breaks and
round‑the-world voyages, to who offers what in the way of service, cuisine
and entertainment.

All the world’s leading lines will be there and Telegraph Travel will present
a range of talks (speakers highlighted below). Away from the stage, you can
speak to our experts directly and browse Telegraph Travel Shop’s selection
of the best holiday offers.

Talking at the show

Saturday 11am

Sue Lawley

Sue is one of Britain’s best-known broadcasters and journalists but is best
known for her 18-year stint as host of Radio 4’s Desert Island Discs. She
has written several features for Telegraph Travel and will be talking about
her experiences as a first‑time cruiser.

Saturday Midday

Gavin Bell

Gavin is an author and journalist. He is a former foreign correspondent of the
Times and a regular contributor to Telegraph Travel. He won the Thomas
Cook/Daily Telegraph Travel Book of the Year Award with In Search of
Tusitala: Travels in the Pacific after Robert Louis Stevenson. He will be
talking about his wide-ranging experiences of adventure cruising, from
Antarctica to Zanzibar.

Saturday 1pm

Michael Simkins

Michael is an actor, writer, cricket lover and contributor to Telegraph
Travel. He regularly appears in West End theatre productions (Mamma Mia,
Chicago) and in television series (Doctors and Foyle’s War). His books
include Fatty Batter (shortlisted for Costa’s book prize) and Detour de
France: An Englishman in Search of a Continental Education.

He will be talking about his conversion to cruising: he imagined it would be a
floating nightmare, but a fortnight in the Med made him think again.

Saturday 2pm

Jane Archer

Jane is a Telegraph Travel writer and one of Britain’s leading cruise experts.
She spends much of the year at sea, uncovering the best and worst about
ships big and small, low-cost and luxurious. She will be talking about
what’s new in cruising this year and hosting a question-and-answer session,
offering advice and tips.

Sunday 11am

Sam Llewellyn

Sam is a novelist, columnist, historian and regular contributor to Telegraph
Travel. His sea thrillers have been published in 15 languages. His latest
book is Black Fish. The first volume of his new venture, The Marine
Quarterly: a Journal of the Sea, has just come out (www.themarinequarterly.com).

He will present his unique take on Britain from the sea, a yarn-packed journey
around Blighty by ocean, river, lake and canal.

Sunday Midday

Douglas Ward

Douglas is considered by many to be the world’s leading expert on cruising. To
date he has completed nearly 6,000 days at sea on more than 1,000 cruises.
He is the author of the annual Berlitz Complete Guide to Cruising and Cruise
Ships.

Douglas will be talking about his life in cruising and offering advice on what
makes a perfect ship, and will be on hand to answer all your questions.

Sunday 1pm

Martin Bell

Martin is a former BBC war reporter and foreign correspondent and former
independent politician who, in 1997, became the first successful independent
parliamentary candidate for 46 years. He is now an ambassador for Unicef and
periodically contributes to Telegraph Travel. He will be talking about his
recent experiences on the new Queen Elizabeth, on which he was a lecturer.

Sunday 2pm

Ben MacFarlane

Ben graduated in medicine from Imperial College, London in 1998 and started
carrying out medical repatriations in 2001, writing a book on his
experiences, Holiday SOS. He then spent a year working on the cruise ship
circuit. His latest book, Cruise Ship SOS, documents his travels and
travails as a ship’s doctor.

Ben will be regaling the audience with his dramatic and often eye-watering
tales of his year at sea.

Telegraph readers are being offered the chance to claim two free Cruise Show
tickets, worth £20, by booking in advance (quote 'Telegraph’). Order online
at www.cruising
show.co.uk or call 0871 620 4024. The offer is valid until March 23. A
booking fee of £2 applies.

Tickets on the door Adults £10, Under-16s free

Opening times Saturday, March 26, 10am-5pm, Sunday, March 27, 10am-4pm

Venue Olympia Grand Hall, London W14 8UX.

For full details about the show see www.cruisingshow.co.uk

Win a Mediterranean cruise worth £2,500

Win a 10-night cruise for two on the new P&O Cruises’ ship, Adonia, (www.pocruises.co.uk)
worth £2,500, with calls at Lisbon, Valencia, Barcelona, Marseilles, Monte
Carlo, La Spezia and Savona. The cruise departs from Southampton on October
19 and includes an outside cabin and a return flight.

Runners-up prizes

Twenty Telegraph readers will be given the exclusive opportunity to visit the
Adonia at Southampton’s Mayflower cruise terminal on May 22. The prize
includes a guided tour, three-course lunch and free parking or shuttle from
Southampton Central station. Each winner can take a guest

The best of Britain's coast

 

The best of Britain's coast

The best of Britain's coast
 
 

Britain's most popular beaches, piers, coastal restaurants, hotels and attractions, as voted for by Coast magazine

 

Manchester United risk antagonising fans even further by suing anti-Glazer supporter

Manchester United have risked straining relations with discontented fans still
further by taking the extraordinary step of suing one supporter over action
he took to oppose the Glazer family’s ownership of the Old Trafford club.

 

Manchester United risk antagonising fans even further by suing anti-Glazer supporter

 

Fury: Manchester United's fans have been vocal in their condemnation of the Glazer family since their takeover of the club in 2005 Photo: GETTY IMAGES

Lawyers acting on behalf of the Premier League leaders have filed a writ at
the High Court accusing Thomas McKenna of damaging United’s business by
posting the names and addresses of 400 of its corporate clients on the
internet.

United’s
case states that Mr McKenna, of Greater Manchester, published the list in a
campaign to stop companies renewing their membership in an attempt to put
pressure on the unpopular Glazers, who took over at Old Trafford in 2005, to
sell their stakes in the club.

Despite a high-profile inquiry by United, revealed by Telegraph Sport
last year, the club admitted in the High Court writ that they had not
identified who supplied Mr McKenna with his information.

However they are pursuing 44-year-old Mr McKenna for “losses and damages” they
claim the club suffered as a result of its client information appearing on
the website wewantglazerout.com, the public face of anti-Glazer group United
Supporters for Change.

The writ also details that Mr McKenna was arrested by Greater Manchester
Police in August last year in connection with the incident. Data relating to
Manchester United’s client list was allegedly found in his possession. Telegraph
Sport
understands the police are not pursuing their enquiries.

However, it is not certain what United can achieve through their court action
as it can be difficult to value the type of information that was leaked and
therefore calculate what damage was caused. There is no value set on how
much the club expects to recover if its claim is successful.

Johnno Spence, a sports marketing expert at JSC Sports, said: “It is hard to
see how you can put a value on information a researcher could pick up by
spending a Saturday afternoon at Old Trafford. If this information was worth
hundreds of pounds I would be surprised. There is no great secret about who
buys corporate boxes.”

Despite this, United are asking the courts to order an “enquiry as to the
damages (including additional statutory damages) for infringement of its
database”, as well as requesting that Mr McKenna deliver up or destroy all
the related information he has in his possession. The club are also asking
for an injunction preventing him from repeating his actions.

In April last year, the website wewantglazerout.com published the list of 400
United corporate clients. The move came as a separate body, a group of
bankers collectively known as the Red Knights, was trying to put together a
bid to buy the club.

A press release published on the website together with the list claimed: “With
the assistance of senior employees of MUFC who oppose the Glazer family’s
asset stripping of our club, we are today publishing an edited list of the
more than 400 companies which have hospitality facilities at the club.”

United denied the information could have come from a senior executive, but
admitted they had not identified the source of the leak.

Though United are currently leading the Premier League and seem set to clinch
a record 19th title, the Glazers continue to endure fervent opposition from
a significant portion of supporters and the suggestion that the club are
suing one fan for publishing information on the internet is unlikely to
bolster the owners’ popularity.

Red Football Joint Venture, the holding company through which the Glazer
family own United, announced earlier this week that it had made a £108.9
million loss for the year ended June 30, 2010.

That figure included an £83 million loan from the club itself - revealed in
October last year – as well as more than £30 million in interest fees for a
PIK loan, paid off last year.

That such losses should be possible despite season-ticket prices increasing
some 42 per cent since the family bought the club continues to raise doubts
over United’s long-term viability. Fans are concerned the club may yet need
to sell more playing assets to balance the books after both Cristiano
Ronaldo and Carlos Tévez left Old Trafford in 2009.

David Gill, the club’s chief executive – who opposed the Glazer takeover,
suggesting that the vast debts the family’s bid would incur were “the road
to ruin” – has denied that selling players, including Wayne Rooney, would
ever be necessary.

Mr McKenna declined to comment. A spokesman for Manchester United said: “We
take data security very seriously therefore we saw this as something
important to pursue. We believe this was an attack on private property and
significant personal distress.”

Josh Lewsey will make an instant impact for Wasps, insists former England team-mate Jason Robinson

Josh Lewsey will make an instant impact for Wasps, insists former England team-mate Jason Robinson

Jason Robinson has backed Josh Lewsey to have an instant impact for Wasps
following his former England team-mate’s shock decision to come out of
retirement on a short-term deal until the end of the season.

 

Josh Lewsey will make an instant impact for Wasps, insists former England team-mate Jason Robinson

 

Impact: Josh Lewsey will make an instant impact for Wasps, insists his former England team-mate Jason Robinson Photo: GETTY IMAGES

Robinson, who came out of retirement himself last summer to sign for National
League Two North side Fylde having turned down offers from the Premiership,
however warned his former World Cup winning team-mate that he faces a tough
baptism on his return to the top flight after almost two years away from the
game.

“He is coming back into the Premiership, which is the elite and the opposition
players have had a three-quarters of the season to become well-oiled and
well-drilled, so he will have a bit of catching up to do in a short space of
time,” Robinson told Telegraph Sport.

“But if he didn’t think he could contribute, I doubt if he would have taken up
the challenge. He has reputation for being one of the best and has played in
World Cups so for him to come back if he didn’t feel like it would be a
silly move as you wouldn’t want to destroy his wonderful reputation in a
couple of months.

“The one thing about Josh, he is a highly-dedicated trainer and he will have
kept himself in great shape while he has been working doing a normal day job.

“He will know physically he is up for it and if mentally he wants that
challenge then why not.

“One of the things to come out of England’s defeat by Ireland is the
importance of experience. As long as you are physically fit, if you can add
that experience you will have a positive impact on any side.

“Josh has been there and done it and he will calm any nerves in the squad and
will give the younger players advice on day-to-day things. But it is going
to be tough for him, having been away from the game. He knows that.” Lewsey,
who has been working full-time as a management consultant at an accountancy
firm, has committed himself to Adams Park until the end of the season.

The 34-year-old has been recruited to provide cover in the back three
following an injury to winger Tom Varndell, while knocks to other players
could cause further problems.

“This isn’t a long-term thing but after playing in a couple of recent charity
games, [interim director of rugby] Leon [Holden] and [head coach] Shaun
Edwards contacted me to see if I could assist the club for the remainder of
the season,” said Lewsey.

“If they think I could positively contribute to my old club in any way – be it
on the field or around the dressing room on match days – then I’d be happy
to do so.”

Holden insists Lewsey is the ideal solution to the club’s injury problems.

“This is a fantastic short-term signing and I have no doubt Josh will make a
huge contribution to the squad in what’s left of the season,” he said.

Sale Sharks have been hit by the news that flanker Kris Chesney will not be
joining them and has decided to remain at French side Toulon instead.

Chesney, 37, had verbally agreed to join the Premiership side on a two-year
deal earlier this month.

Executive director of sport Steve Diamond said: “I was clearly told by the
agent and the player verbally that he agreed to join us. I have now been
told that the player had agreed to stay at Toulon. It’s a lack of integrity
from the player.”

A family slaughtered in Israel – doesn't the BBC care?

 

Who is Tamar Fogel? The chances are that you will have no idea. She is a
12-year-old girl who arrived home late on Friday, March 11, to discover her
family had been slaughtered. Her parents had been stabbed to death; the
throat of her 11-year-old brother, Yoav, had been slit. Her four-year-old
brother, Elad, whose throat had also been cut, was still alive, with a faint
pulse, but medics were unable to save him. Tamar's sister, Hadas, three
months old, had also been killed. Her head had been sawn off.

There were two other Fogel brothers sleeping in an adjacent room. When woken
by their big sister trying to get into a locked house, Roi, aged six, let
her in. After Tamar discovered the bodies, her screaming alerted their
neighbour who rushed in to help and described finding two-year-old Yishai
desperately shaking his parents' blood-soaked corpses, trying to wake them
up.

I found out about the barbaric attack not on BBC news, but via Twitter on
Monday. I followed a link there to a piece by Mark Steyn entitled "Dead
Jews is no news'. Horrified, I went to the BBC website to find out more.
There I discovered only two stories: one a cursory description of the
incident in Itamar, a West Bank settlement, and another focusing on Israel's
decision to build more settlements, which mentioned the killings in passing.

As the mother of three children, one the same age as little Elad, who had lain
bleeding to death, I was stunned at the BBC's seeming lack of care. All the
most heart-wrenching details were omitted. The second story, suggesting that
the construction announcement was an act of antagonism following the
massacre, also omitted key facts and failed to mention the subsequent
celebrations in Gaza, and the statement by a Hamas spokesman that "five
dead Israelis is not enough to punish anybody".

There were more details elsewhere on the net: the pain and hurt, for example,
of the British Jewish community at the BBC's apparent indifference to the
fate of the Fogels. The more I read, the more the BBC's broadcast silence
amazed me. What if a settler had entered a Palestinian home and sawn off a
baby's head? Might we have heard about it then? On Twitter, I attacked the
UK media in general, and the BBC in particular. I considered filing a
complaint.

The next morning, the BBC's public affairs team emailed me a response that
amounted to a shrug. The story "featured prominently on our website",
they said. It was important to report on the settlements to put the murder
in context, they said. In reply, I asked a series of questions: for how long
did the massacre feature on TV news bulletins? On radio? On BBC News 24,
with all that rolling airtime? Why were the Hamas reaction and Gaza
celebrations not featured? And what about the omission of all the worst
details?

It was only when I tweeted about their continued indifference that the BBC
replied. Then they informed me that the Fogel story had not featured on
television at all. Not even News 24. It was on Radio Four in the morning,
but pulled from subsequent broadcasts. The coverage of Japan and Libya, they
said, drowned it out. Would I like to make a complaint?

Do you know, I think I would. The BBC has long been accused of anti-Israeli
bias. It even commissioned the Balen report into bias in its Middle Eastern
coverage, and then went to court to prevent its findings being publicised.
As a member of the select committee on culture, media and sport, I was at
the confirmation hearing of Lord Patten of Barnes as chairman of the BBC
Trust. I asked him about political neutrality. In reply, he said that he
would give up his membership of a Palestinian aid organisation. Both I and
another member asked about bias against Israel. Lord Patten denied any
existed. What would he do if shown an example of it? He would ultimately
take it to the BBC Trust, he said.

The day after Lord Patten uttered those words, the Fogel children were
butchered to almost complete silence from the BBC.

I have asked the corporation to let me know why, if the story was "prominent
on the website", it was not deemed of sufficient merit to broadcast on
television, and barely on radio. I have asked them to explain the
inaccuracies and omissions in the reporting. And I have asked them what
non-Japan, non-Libya stories made it to air, in preference. Twenty-four
hours later, I have yet to receive a reply.

Like many of us, I consider the BBC to be a national treasure. I am not a BBC
basher; I have never before complained. I do not support nor do I condone
the Israeli settlement building. But none of that matters. This is a story
about three children and their parents, slain with incredible cruelty, and
its effect on the peace process. As a mother, I am shocked at the silence.
As a politician, I am dismayed at the apparent bias and indifference. Yes, I
will be filing a complaint – about a story I never heard. I hope Daily
Telegraph
readers will join me.

Louise Bagshawe is MP for Corby and East Northamptonshire.

Elizabeth Taylor's lasting screen image?

 

On Elizabeth Taylor the star, almost everything worth saying has already been said.

On Taylor the actress, we tread more carefully, as the days after a icon’s death are the moment for generosity, not brutal frankness.

She was sometimes astounding and always, somehow, in charge. She was queen of a certain kind of no-holds-barred emotionalism, drawn to washouts, alcoholics, neurotics and pampered wrecks. True fans treasure her overblown performances as much, if not more, than her officially “good” ones, the point being that there’s such a thin line between them.

If she hadn’t been constitutionally drawn to such soused theatrics, her Martha in Who’s Afraid of Virginia Woolf? would not have been the fearless and weirdly intuitive portrait it is. Tottering under that grey wig, a tumbler never far from being flung against the nearest wall, she risks ridiculousness in the role, as in quite a number of others. But having achieved the level of stardom she did, what’s remarkable is that Taylor continued to go for broke, making most other contemporary screen goddesses seem like timid, indecisive show-ponies as she did so.

 

If there’s an archetypal Taylor scene we could focus on, it’s the image of her sprawling in bed. One suspects she felt most comfortable acting when not having to stand, since most of her key roles furnish ample excuse to take to a four-poster, a sofa or a chaise-longue in a pose of either seduction, wailing decrepitude, or occasionally both.

The poster for Cat on a Hot Tin Roof shows her perched, famously, in a white satin slip, with only bedposts and pillows behind her. The one for Suddenly, Last Summer has her in a state of troubled repose, while Monty Clift and Katharine Hepburn look in on her through the bedroom door.

Cleopatra is virtually a Bed, Bath and Beyond tour of her Alexandrian palace, cushioning both the Caesar and Antony relationships with a staggering yardage of Egyptian silk and cotton. (MTV could break the movie up into half-hour segments and call it “Blingest Entombment Cribs”.)

 

In the opening scene of Butterfield 8, Taylor’s high-priced call girl wakes up to rinse her mouth out with bourbon. More imperiously, she wakes up to scream “Pain! Injection!” at her household of servants, while surrounded by small dogs in a Mediterranean island mansion (that’s Boom!, also from Tennessee Williams, and one of the two back-to-back oddities she made with Joseph Losey in 1968).

In the other one, Secret Ceremony, she follows Mia Farrow back to a wackily ornate polychromatic palace in West London, under the delusion that they may be long-lost mother and daughter. In this deliriously bizarre film, perhaps the maddest of Taylor’s whole career, she keeps going to bed in the middle of the day, then getting up to plunder the rather moth-eaten wardrobe of Farrow’s dead ma.

 

Her characters are always threatening to hit the hay and simply not wake up – a choice her tragic, childless actress makes at the end of The Mirror Crack’d. So it’s no surprise she decided to tackle the role of Alexandra Del Lago, the ageing movie star in Sweet Bird of Youth, for a version Nicolas Roeg filmed for television in 1989 – her final substantial performance, discounting The Flintstones as we must. This character spends virtually the whole play on her oversized hotel bed, washing pills down with vodka and inhaling oxygen from a tank, to help her forget. “Can you control your memory like that?”, asks her gigolo paramour, Chance Wayne. “I’ve had to learn to,” she replies.

If we remember John Wayne on a saddle and Brigitte Bardot on a beach, one hopes Elizabeth Taylor is happy to be immortalised as great in bed.

 

What will be your lasting memory of Elizabeth Taylor on-screen? Please leave your comments in the box below.

 

Next warns 2011 will be like 'walking up the down escalator

 

Retailing will feel like walking up the down escalator - we will have to work
hard to stand still," Simon
Wolfson, the chief executive said
in a statement on Thursday.

Next

 

Britain's High Street retailers have been struggling since Christmas as
shoppers have stopped spending in the face of the Government's austerity
measures, a struggling economy and high unemployment.

"The consumer environment is likely to be dominated by the challenges of
global inflation, public sector cuts and limited growth in consumer credit,"
Mr Wolfson said.

Average prices at Next, which runs over 500 stores in Britain and Ireland as
well as the Directory home shopping business, have risen about 6pc so far
this year but it expected rises of between 8pc and 10pc in the second half.

Next estimated total first-half sales would be in a range of down 0.5pc to up
2.5pc.

If total sales for the 2011-12 year fell within this range, Next said pretax
profit would be between £520m and £570m - in line with current market
expectations.

Next made a pretax profit of £551m in the year to end-January. That was
in line with company guidance of £540m-£555m and up from £505m in 2009/10.
Revenues rose 1pc to £3.45bn.

The company is paying 53pc final dividend on July 1. This takes the total
dividend up 18pc to 78p.

"Dividend cover remains a healthy 2.8 times. Given our prospects for further
cash inflows and the current level of cover, we expect to raise dividends in
the year ahead," Next said.

Shares in Next, which have lost 9pc, rose 6.8pc.

Portugal debt crisis: David Cameron holds crisis talks with EU leaders

 

 

Mr Cameron travelled to Brussels for the two-day economic summit, declaring: "My agenda is to get Europe working."

Portuguese sovereign bond yields soared to new highs in the wake of the country's parliamentary rejection of its latest austerity package. Jose Socrates, prime minister, was forced out on Wednesday night after failing to win support for the measures.

Fears for the eurozone rose as Fitch downgraded the country's credit rating from AA to AA-, while Moody's cut the credit ratings of 30 Spanish banks.

In Britain, Mark Hoban down played Britain's exposure to the crisis. He told Parliament that the UK will "play no part in a proposed permanent European bail-out fund because it is not in the eurozone". He added that bilateral trade with Portugal was just £4bn in 2010.

Kevin Dunning, economist at the Economist Intelligence Unit, said: "The resignation of the Portuguese Prime Minister adds a political crisis to a fiscal crisis, and brings a bailout a step closer."

RBS analysts said an emergency bailout was likely to trigger a fall in Portugal's credit rating and its bond yields to converge to Irish levels.

The European summit was arranged to agree various policies in the event of a future crisis over the euro, including a bailout mechanisms. However, officials warned that the volatile events in Portugal would hamper any firm resolutions.

 

Bank of England must raise interest rates before its too late, warns chief economist Spencer Dale

 

 

who voted for higher interest rates this month and last – broadly defended the BoE's past policy decisions in a speech to asset managers, but said it was now time to tighten what he described as "extraordinarily loose" monetary policy.

Unlike some of his colleagues on the nine-strong Monetary Policy Committee, Mr Dale said he was wary about the apparent stability of public medium- and long-term inflation expectations in surveys.

"I'm cautious about how much comfort we can take from the relative stability in these measures," he said.

"Although some economists may like to think otherwise, most companies and households have far better things to do than spend time formulating detailed expectations of the rate of inflation likely to prevail in five or 10 years time."

He said the bank's credibility could dissipate slowly over time, posing a major upside risk to the BoE's current forecasts of inflation falling back to target.

Specifically, the risk was that the public would think the BoE was prepared to tolerate very lengthy periods of above target inflation, rather than take rapid action to bring prices back to target, Mr Dale said.

"This risk is almost impossible to monitor ... but it could have profound implications for the inflation outlook and the performance of our economy," he said in the speech in London.

The other major risk to CPI seen by Dale was from global price pressures, due either to commodity price rises or overheating in emerging economies.

Mr Dale was in a minority of three on the BoE's Monetary Policy Committee earlier this month in voting for an increase in interest rates, as he had been in February.

Policymakers had to balance the risk of a weak recovery in the British economy versus the dangers of above forecast inflation, he said.

In his view, economic growth that was likely to be around average this year, combined with inflation more than double its 2pc target and loose monetary policy were sufficient reasons to raise rates, he added.

Mr Dale also said that he would not necessarily have made exactly the same past decisions on interest rates if he had known how inflation would develop, but would probably not have tightened policy significantly more.

Reporting by Reuters

 

Sign Language: week 144

Sign Language: week 144

Sign Language: week 144

Another selection of strange signs sent in by readers on their travels.

10 reasons to travel in April

 

10 reasons to travel in April

10 reasons to travel in April

The end of April is looking busy. Easter falls on the 24th, the second latest day possible, and the Royal wedding happens in London on the 29th. Whether you want to be back in the country to enjoy the celebrations, or take advantage of all the public holidays to go travelling, there are lots of attractive options. Here are 10 of the best.

All prices are per person based on two sharing a room unless stated otherwise. They are subject to availability and may change without notice.

 

Istanbul – for the shopping festival

You never really need an excuse to visit Istanbul – it’s a fascinating city at any time of year, though it’s a good idea to avoid steaming hot July and August. Go this month and you can enjoy more pleasant temperatures and the first Istanbul Shopping Fest (until April 26).

The city has always been a trading centre of the first rank and claims to have the original shopping mall: the 550-year-old Grand Bazaar.

 

The Fallas Festival in Valencia, Spain

 

The Fallas Festival in Valencia, Spain

Large paper mache figures are burned during the Fallas festival in Valencia, Spain, in the early hours of Sunday March 20, 2011
 
 

Every year the city of Valencia celebrates the ancient Las Fallas festival.

 

Harry Houdini: Google Doodle celebrates 137th birthday of escapologist

 

The Hungarian-born American magician and illusionist found fame with his
sensational escape acts.

He was born Ehrich Weisz, the son of a rabbi, in 1874.

Houdini died suddenly at the age of 52 from peritonitis. However, his
descendants have questioned the official cause of death and announced in
2007 plans to exhume his remains amidst claims that he was poisoned.

His most famous act was the Chinese Water Torture Cell in which he was
suspended upside down in a locked glass and steel cabinet filled with water.
It required him to hold his breath for more than three minutes.

Despite his achievements Houdini is reported to have told his doctor on his
deathbed that he envied him: "The difference between me and you,'' he said
"is that you actually do things for people. I, in almost every respect, am a
fake.''

Despite his profession as an illusionist Houdini had a long-held personal
crusade to prove that spiritualism was fake, or “bad magic”.

MySpace surrenders to Facebook in battle of social networks

Talking to The Telegraph at the Monaco Media Forum, Jones said the bold
statement: “MySpace is a not a social network anymore. It is now a social
entertainment destination.”

The troubled site, which saw its UK audience halve to 3.3 million monthly
visitors in July earlier this year, is pinning its hopes of renewed success
with a return to its music and content roots.

Two weeks ago, the redesigned MySpace, which focuses a lot more around
content, rather than social networking, launched in the US and will go live
in the UK in mid November. Everything has been changed; right down to the
logo – which is now the word 'My' and an extended underscore to represent
the ‘Space’.

MySpace, founded in 2003, at its peak had more than 100 million registered and
active members, but its audience has been declining since the rise of Facebook
in 2008.

It has come under increasing pressure from its parent News Corporation, which
bought the site in 2005 for $580 million (£351 million) in 2005, to reverse
its ailing fortunes.

On an earnings call at the start of this month, Chase Carey, News
Corporation’s chief operating officer, said: "We've been clear
that MySpace is a problem. The current losses are not acceptable or
sustainable." And that he wanted "a clear path to profitability"
on a timetable measured "in quarters, not in years”.

MySpace lost $156 million in the quarter that ended in September 2010 compared
to a loss of $126 million in the same period last year, on revenues of $298
million, down 25.5%.

Jones said that Carey’s words were taken out of context, and that all of News
Corp’s businesses are assessed quarterly.

“There is no timeline to shutdown MySpace. The goal of relaunching the site is
to a build a new path and use the tools of social around entertainment
content which will appeal to audiences aged between 13-35 around the world,”
Jones explained.

However, when asked what UK-specific content deals had been signed in
preparation for the roll out of the newly designed site on this side of the
pond, in a couple of weeks, Jones was evasive. “In order for our content
strategy to work, we will need localized content strategies, but these have
not been initiated yet.” MySpace shut down all of its European offices last
year, and made the London-based office its head quarters outside of the US.
Critics have said that MySpace is too US-centric, in its provision of
content and delivery.

He also admitted that MySpace Music, the site’s free streaming service, which
has failed to make a huge impact in the UK, with many people preferring to
stream music using sites such as Spotify, could be improved. “I think we can
be better at the way people consume music on MySpace. And over the coming
months, we will be rolling out new features to improve this.

“MySpace still plays an integral role in the showcasing of music talent and
every band still has a page.”

Jones would not be drawn on rumours that MySpace will soon implement a
Facebook Connect button across its service, allowing people to use their
Facebook identities on MySpace –which would effectively mean promoting what
was once their biggest rival across the site.

He also said that he was focusing his energies on retaining the majority of
the current 130 million-strong global registered membership as opposed to
attracting new audiences. “We have to get the product, which is still in
beta, fully right before we go out and hunt new users,” he said.

Jones said new users would be of a younger demographic who want to “meet new
and old friends around great content”. The focus of the ‘new MySpace’ in the
UK during the launch period of the redesign will be solely on music
discovery, with other content focus areas, such as TV and film, to come
later. However, the US MySpace revamp launched with movie, TV and celebrity
content ‘hubs’ already in place. Jones is hoping higher quality content,
will yield good advertising returns.

The revamped site aims to make itself the UK’s “leading social music
destination for 13 to 35 year olds”. It will promote influential MySpace
users and content curators across the site.

New products include a recommendations feature – which promotes ‘tastemakers’
on every page to help users find new content suited to their tastes; a
discovery tab – which is present on every page and shows what content a
user’s friends are watching or what is trending across the site, and a new
trending feature called ‘Right now on MySpace’ – which informs the
recommendation feature.

The redesigned MySpace homepage showcases popular music content as it ‘bubbles
up’ across the site in real-time. Additionally, once a user logs into
MySpace, the homepage will instantly populate with content based on the
individual’s interests.

Jones said he was enjoying the challenge of trying to turn around one of the
fastest growing websites in the world and had not been distracted by the
walkout of two chiefs executives in the last 10 months. First Owen Van Natta
stunned staff with his departure after a mere nine months at the helm of the
company in February, and then Jason Hirschorn, one of Van Natta’s
replacements, followed suit four months later.

When asked what MySpace would like in 2015, Jones said: “It sounds like a
mobile product.” He denied that MySpace was up for sale.