The company had warned of the fall, causing the shares to plunge by more than 300p last month, bringing to an end one of the most impressive success stories in the publishing sector in recent years.
Euromoney blamed losses in new offices in Frankfurt, Paris and Jakarta as well as disappointing attendances at its seminars. He also said the defence had been refused access to certain documents and had received others very late.Mr Jones continues his closing speech today.. Euromoney Publications, the specialist magazine publisher, shares in which fell by a quarter after a profits warning last month, has reported a 25 per cent fall in profits to pounds 18.2m for the year to September. Mr Jones told the jury yesterday: “We argue we have a formidable case on beneficial ownership and we argue we have destroyed the prosecution case.” He reminded the jury that they had heard evidence about how faxed documents can fade. At the other are “communitarians” such as Etzioni who want to depend on persuasion to make people behave better towards each other.They have already achieved considerable influence in practical politics in America over politicians such as Bill Clinton and Jack Kemp, in Europe over Helmut Kohl and Rudolf Scharping, and in the UK over Paddy Ashdown and Tony Blair.

One of the pioneers of chaos theory was the Belgian biochemist Ilya Prigogine. As a result, we face great uncertainty, unpredictability and a world in which fixed positions get swept away. There seems little doubt that the ideas of animal rights will become increasingly influential. It appeals to a wide cross-section of the population – from young radicals to rural traditionalists.It also sums up the humility and caution that is part of the mood of the times.

Scientists have shown that in genetic terms we are only a few percentage points different from chimpanzees (hence Jared Diamond’s book, The Rise and Fall of the Third Chimpanzee).The Great Ape Project has been one result of this, examining in detail the ethics of human relations with the great apes. Traditional politics has been about man’s relationship with man: socialism is about engineering equality between people; conservatism about constraining the state’s influence over the individual. At its most radical the new interest in animal rights and the environment is an attempt to persuade human society to adopt a different perspective towards the rest of the natural world. Whether this current of thinking will be powerful enough to stem the forces of social fragmentation which threaten the fabric of most Western societies is perhaps the most interesting and important question of the decade.GEOFF MULGANDirector of DemosCHARLES LEADBEATERANIMALSIt is 20 years since Peter Singer published his groundbreaking book, Animal Liberation. Genetics tells us that our natures are less mutable than we thought.