When you get to this level of wealth, business becomes a game or a challenge.

Friends Reunited have got a very strong brand, they've got a huge database and they've managed to make money, which is a conjuring act most of the internet operations we saw during 2000 weren't able to do. Friends Reunited has stood the test of time.

Germany is singing out for a rate cut.

We are still very cautious on leisure and airline stocks. For British Airways the transatlantic route represents about 40 percent of revenue, they still have more room to fall but Lufthansa has made good progress in cutting costs.

If you have people out there saying we haven't got the money to invest in companies that's going to filter through to people who provide the infrastructure and there's no real sign of any pick-up of that certainly by the end of this year.

They are reducing capacity, so that could be good news for some European companies and pretty much in line with our models.

It's going to be a difficult time. He (Levy) will be looking to cut costs and... the quickest ways to do that is to cut jobs... but he has got a big business to try and turn around in a very difficult economic environment.

The next move now I think is to the upside.

We could have a Gulf War scenario, and that's going to drive the markets lower, I'm afraid.