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BUSINESS WITH PERSONALITY

OUR SPECIAL GUIDE TO SIR LEAHY


CHECKS OUT
THE 2010 WORLD CUP TESCO’S CHIEF
LEAVES AFTER 14
16-PAGE SUPPLEMENT INSIDE YEARS P4-5
Issue 1,151 Wednesday 9 June 2010 www.cityam.com FREE

CAMERON TOLD TO Osborne:


Large cuts
are coming
STAND UP FOR BP

POLITICS
BY DAVID CROW
GEORGE Osborne yesterday told minis-
ENERGY ters to prepare for the toughest spend-

BY EMMA SADOWSKI ing cuts in a generation as rating


agency Fitch warned the UK faced a
PRESSURE was growing on Prime “formidable challenge” in reducing its
Minister David Cameron last night to yawning £156bn deficit.
defend BP, the oil giant that has been His comments came as Fitch
under constant attack by US politi- warned Britain’s triple-A credit rating
cians in the wake of the Gulf of was at risk because its public debt had
Mexico disaster. risen more quickly than any other
As BP’s share price fell again yester- AAA-rated country.
day closing 4.97 per cent lower at Fitch also said the UK had the
408.9p, President Barack Obama largest cyclically-adjusted budget
launched a scathing attack on the deficit in Europe and would have to
company’s chief executive Tony slash borrowing by a further £92bn
Hayward and said he wanted to know over the next five years to avoid a crip-
“whose ass to kick”. pling spike in interest payments.
Obama also criticised insensitive Osborne told MPs they would need
comments by Hayward, including an to rethink the role of the state as he
assessment early in the crisis that sug- US President Barack Obama yesterday said he would have fired BP’s boss over his comments Picture: REUTERS, Micha Theiner/CITY A.M. fleshed out plans for a comprehensive
gested there would be only a modest spending review to be published in the
environmental impact from the crip- entities. Such political interference is Autumn. Treasury officials said social
pled well. “He wouldn’t be working
for me after any of those statements,”
said Obama.
Fears are mounting that BP is being
an issue that has profound implica-
tions for all industries, not just the oil
industry,” said Fred Lucas, an analyst
at JP Morgan Securities.
Tell us what you think security payments, tax credits and
public sector pensions would bear the
brunt of cuts, which could end up
being as high as 20 per cent.
singled out for blame in the disaster, BP has seen its shares drop by 38 A new “star chamber” will quiz min-
whereas the US firms that share per cent since the 20 April explosion BP is struggling in the face of what isters on spending decisions to ensure
responsibility are being let off rela- of the Deepwater Horizon rig and could be the worst oil spill in history. they provide good value for money. It
tively lightly. Investors are concerned analysts estimate £40bn has been Do you think it can recover? Tell us will be staffed by Osborne, his number
that Obama may yet seek to break up wiped off BP’s market value. what you think by signing up to our two Danny Alexander, foreign secre-
the UK oil major to gain populist sup- Obama said: “There is already dam- unique panel of London’s business com- tary William Hague and cabinet secre-
port in the run up to the November age done to the Gulf Coast and there PoliticsHome.com munity at www.cityam.com/panel by tary Francis Maude
mid-term elections, or pressure the will be economic damage done that 12pm today. And experts including corporate big
oil giant into cutting its dividend. we will make sure BP is responsible beasts like former BP boss Lord Browne
“If US political rhetoric continues,
we would like the British government
for and compensate people for.”
Tony Hayward will testify in front in association with Apply to join today at will challenge cabinet ministers, help-
ing them follow the example of busi-
to raise a diplomatic ‘red flag’ regard-
ing the sanctity of UK incorporated
of the US House Energy and
Commerce subcommittee on 17 June.
PoliticsHome.com www.cityam.com/panel nesses that have successfully slashed
costs in the recession.

FTSE 100 t5,028.15 -40.91 DOW ▲9,939.98 +123.49 NASDAQ t2,170.57 -3.33 £/$ 1.44 t+0.01 £/¤ 1.21 unc ¤/$ ▲1.20 +0.01 Certified Distribution
5/04/10 - 2/05/10 is 106,285
2 News CITYA.M. 9 JUNE 2010

Osborne hints at truly radical change NEWS | IN BRIEF


RBS whittles down shortlists
Royal Bank of Scotland is closing in on
the sale of £4bn of assets. Morgan
affordable size if we are to avoid bank- whether it provides substantial eco- recovery, especially when deficits are Stanley and Jeffries are understood to
ruptcy – as even Lord Myners, the for- nomic value; whether it can be target- as gargantuan as Britain’s is today. be among the final bidders for RBS
mer City minister, now admits – and ed to those most in need; how it can There is just one key condition: the Sempra Commodities’ North American
that will mean making tough and be provided at a lower cost and more deficit needs to be eliminated via unit, while two consortia led by Advent
therefore unpopular decisions. effectively; how it can be provided by a reduced public expenditure – and International and TPG are in the last
But there was much in Osborne’s non-state body or citizens, wholly or in especially cuts to current spending round for RBS’ card processing opera-
announcements yesterday that was partnership; how non-state providers and benefits, rather than infrastruc- tion, Global Merchant Services.
actually brave and carefully thought can be paid to carry out the activity ture projects – and not with higher
EDITOR’S LETTER out. The best news is that all ministers according to results; and whether taxes on income and capital, which Hedge funds suffer tough May
will have to measure their spending local bodies could be in charge. The are the most damaging of all. May was the worst month for hedge
ALLISTER HEATH against a set of tough benchmarks. If questions imply that some operations Regrettably, the UK is about to hike funds since October 2008, when
these criteria are genuine, and not could be shut down, others privatised capital gains tax, is retaining all of the Lehman Brothers collapsed. The average
IT was not exactly the most convinc- just for show, they could trigger a and yet more contracted out. recent crippling income tax hikes vehicle lost 2.26 per cent, according to
ing of public relation stunts – and pre- reengineering and downsizing of the The problem for the coalition is (including the 50p rate) and may well data from Hedge Fund Research
dictably enough, George Osborne’s state of a kind last seen in the 1980s, that its cuts will be extremely unpopu- restrict tax relief on pensions. These Information, with no strategy ending
pledge yesterday to engage the public rather than merely a random decima- lar, regardless of how much “consulta- policies will endanger much of the the month in positive territory.
in consultations on the upcoming tion of spending across the board. This tion” it engages in. Its only hope is good work that Osborne is planning.
spending review in a way which would be a much more effective way that the spending reductions create Mark Wise of Laffer Associates Hambro to list iron ore division
would “strengthen and unite” the of reducing the deficit, would ensure enough space for a private sector (founded by the supply-side econo- Petropavlovsk, the company formerly
country was met with some derision. that services are less at risk and could revival, which in turn would boost the mist) describes the UK as the canary in known as Peter Hambro Mining, is
It is hard to imagine that anybody transform Britain’s long-run prospects financial health and prospects of its the Keynesian coal-mine. It is starting believed to be planning a $1bn (£691m)
who works in the public sector or who of achieving a healthy society and electoral base. But the prospects for to look as if Osborne is serious about flotation of its iron ore operation on the
is in receipt of subsidies will put their strong economy. this are not as good as they should be. cuts – let us hope he is equally serious Hong Kong stock exchange. The group,
hands up and volunteer for their life- The questions include whether Contrary to what pseudo-Keynesian about creating a pro-growth tax sys- which has its main listing in London, is
line to be cut off. Yet Britain’s disas- every state activity is essential to meet economists claim, there is plenty of tem that allows the private sector to understood to have chosen the Far
trously bloated government must government priorities; whether the evidence that fiscal consolidation usu- take the place of the retreating state. Eastern bourse because its ore mines
urgently be hacked back to a more government need to fund the activity; ally goes hand in hand with economic allister.heath@cityam.com are located close to the Chinese border.

7th Floor, Centurion House,


24 Monument Street,
London, EC3R 8AJ
City investors
round on Pru
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Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor Ben Griffiths
Night Editor Katie Hope
INSURANCE stakes, including F&C, are known to

Associate Editor David Crow


Lifestyle Editor Zoe Strimpel BY OLIVER SHAH be unimpressed with Thiam’s han- White House adviser Paul Volcker hit back at efforts to weaken his rule Picture: REUTERS
Art Director Darren Soulsby dling of the aborted transaction. But

Volcker: Split up all banks


Pictures Alex Ridley AT LEAST two of Prudential’s top 10 many believe there are no alternative
shareholders will meet with the com- candidates suitable for the top job at
Commercial pany’s directors to demand a change the FTSE 100 giant.
Sales Director Jeremy Slattery of management after its failed bid for The news came as Maurice
Deputy Sales Director Harry Owen AIA, according to a report last night. Greenberg, AIG’s former chief execu-
Head of Distribution Nick Owen Legal & General Investment tive, described Prudential’s attempt
Management and Fidelity, who to take over AIA as “a bridge too far”. REGULATION from his proposed ban.

Distribution helpline between them control nearly eight Referring to difficulties the British The letter from Volcker to Senate
If you have any comments about the distribution BY HARRY BANKS
of City A.M. Please ring 0207 015 1230, or email per cent of the insurer, are under- outfit encountered with Chinese reg- Banking Committee chairman
distribution@cityam.com stood to want a replacement for chief ulators, Greenberg said: “It was a AS US lawmakers hammered out a Christopher Dodd emerged as Capitol
executive Tidjane Thiam, who has badly thought-out scheme from the final financial regulation bill, contro- Hill negotiations intensified.
Editorial Statement been marked by Prudential’s embar- point of view of Prudential.” versy emerged last night over the pro- “I absolutely oppose any such mod-
This newspaper adheres to the system of rassing withdrawal from its $35.5bn posed “Volcker rule” that would bar ification” of the US Senate’s Wall
self-regulation overseen by the Press Complaints (£25bn) pursuit of AIG’s Asian arm. Prudential boss Tidjane banks from the risky private equity Street reform bill, Volcker said in the
Commission. The PCC takes complaints about the Along with Schroders, which owns and hedge fund businesses. 17 May letter to Dodd.
editorial content of publications under the Editor’s Thiam is under fire
a smaller slice of Prudential, the pair White House economic adviser The Volcker rule, widely seen by
Code of Practice, a copy of which can be found at
will meet with the company’s non- over his handling of the Paul Volcker, in a letter, said he firmly analysts as eventually becoming law,
www.pcc.org.uk
executives next week to make their $35.5bn AIA opposed giving banks that make only threatens to reduce trading profits at
Printed by Newsfax International,
Beam Reach 5 Business Park, anger known, according to Sky News. transaction small investments in hedge funds or big banks, which have fought for
Marsh Way, Rainham, Essex, RM13 8RS Other shareholders with smaller private equity funds any exemption months to kill or weaken it.

WHAT THE OTHER PAPERS SAY THIS MORNING


RUSH TO CASH SEES FLOOD OF BOND
SALES TO BANK
Banks and investment funds rushed
GREECE SEEKS INVESTMENTS FROM to sell corporate bonds to the Bank of CAMERON FACES EU SHOWDOWN OVER LLOYDS OFFERS 5.4PC CORPORATE FRANCE OPENS GAMBLING MARKET
LIBYA England yesterday as they sought to BUDGET BOND FOR SMALL INVESTORS France opened up its online horse-rac-
George Papandreou will travel to switch into the safety of cash and David Cameron faces a showdown Lloyds TSB is to offer a bond paying ing and sports-betting industry to
Libya today for talks with Muammer short-term government bills. Banks with fellow EU leaders at his first more than five per cent for five years – competition yesterday, relaxing a
Gaddafi on possible investments in and funds tried to sell £507.3m of cor- European summit next week as he but savers could get back less than state monopoly on gambling that
Greece as Athens struggles with its porate bonds to the Bank of England resists calls to present his budget to their original deposit because the traces back to the 16th century, as it
debt crisis. The Greek prime minister under a programme designed to sup- Brussels. The Conservative leader is bond is tradable on the stock market. looks to stabilise tax revenues from
will discuss potential investments by port the market for the provision of refusing to implement the plan being Lloyds is launching a corporate bond, online bets. The move, timed to coin-
Libya’s sovereign wealth fund and its debt to companies. Analysts said pushed by Herman Van Rompuy, the similar to those normally sold to insti- cide with the World Cup, is an
state-owned energy groups with the banks had been seeking to raise cash EU President, in the first test of his tutions, but targeted at private attempt to crack down on illegal bet-
country’s leader, officials said. due to concerns that the public debt determination to prevent any further investors. The bonds can be bought ting websites.
crisis in the Eurozone could derail powers slipping from Westminster. and sold like shares via stockbrokers.
EMERGING SPIN-OFFS WEIGH INTO the world economy. PROPERTY INVESTORS EYE SPAIN
FTSE 100 FOXCONN TO PASS ON COST OF WAGE BANKING GIANTS REJECT SCOTTISH While Spain’s financial problems
An African gold mining company and TRIO ACCUSED OF RITZ SALE FRAUD RISES TAX POWER GRAB have shaken up Europe, some
an Indian energy company are set to A lawyer and two associates orches- Foxconn, the Taiwanese company Scotland’s major high street banks investors are looking at them as an
become the newest members of the trated a “well-targeted and extremely that assembles gadgets for Apple, Dell have rejected calls for broad tax-rais- opportunity. Their hope: some sav-
FTSE 100, adding to the growing ambitious scam” in which they fraud- and Sony, said that it would start ing powers to be transferred to ings banks could begin to dispose of
weight of emerging markets com- ulently tried to sell the Ritz hotel and passing on to its customers the cost of Holyrood, arguing this would create property faster than expected as part
modities companies in the blue chip casino in Piccadilly -- which they did massive wage rises at its Chinese fac- an “unworkable” administrative quag- of their sudden and furious efforts to
index. Last night’s closing prices sug- not own -- for £250m, a court heard tories. The announcement came only mire. The British Bankers’ Association restructure. Driving the restructur-
gest African Barrick Gold and Essar yesterday. Conn Farrell, a solicitor, a day after Foxconn told workers in said the costs and burdens of a sepa- ing is the recognition by the govern-
Energy will replace Thomas Cook and Patrick Dolan and Anthony Lee were southern China it would raise their rate tax system north of the border ment and the Bank of Spain that
the London Stock Exchange. involved in the deal, a jury was told. basic salary by about 70 per cent. outweighed any perceived benefits. potential default is a great risk.
CITYA.M. 9 JUNE 2010 News 3

Labour MPs
Stockbroking back Fallon to
chiefs back grill Treasury

CGT campaign


POLITICS
BY DAVID CROW
MICHAEL Fallon is set to win the chair-
manship of the influential Treasury
select committee (TSC) today, after
attracting significant support from
Labour MPs.
CITY A.M. tional boost for entrepreneurship by The MP for Sevenoaks has been the
shortening the timescale for a clearly deputy chair of the committee for the
CAMPAIGN defined class of business assets.”
Oliver Hemsley, the chief executive Lord Myners accused Gordon Brown’s team of “flawed thinking” Picture: REUTERS
last eight years, where he gained a rep-
utation for grilling ministers and
BY VICTORIA BATES
of Numis, also signed up to the cam- other witnesses with tough, insightful

Ex-City minister launches


THE CHIEFTAINS of some of the City’s paign. “Anything that proves a disin- questions.
most successful independent stock- centive to entrepreneurs risking their Fallon has won the backing of a sig-
brokers have thrown their support capital should never be counte- nificant number of influential Labour
behind City A.M.’s campaign against nanced by the government,” Hemsley MPs, including Andy Love and John

savage attack on Labour


the coalition government’s proposed said. “It is such a mistake.” Mann, who both sit on the committee.
hikes to capital gains tax (CGT). They join a long list of their peers And John McFall, the tenacious for-
Yesterday, Charles Stanley chair- who have already pledged support, mer MP who chaired the committee
man and ex-Lord Mayor of London Sir including Panmure Gordon chief Tim before standing down at the last elec-
David Howard said he applauded the Linacre, Seymour Pierce boss Keith tion, is also advising Labour col-
campaign, claiming that it would be Harris and Brian Winterflood, leagues to back Fallon.
an “astonishing” move for the govern- founder of Winterflood Securities. POLITICS tainly nothing progressive that Shadow ministers such as Gerry

ment to increase short-term CGT Business big-hitters such as Tullett BY OLIVER SHAH endows generations to come with the Sutcliffe and Phil Woolas are also said
rates without the corresponding scal- Prebon boss Terry Smith, entrepre- liabilities incurred with respect to the to be supportive of Fallon, although
ing down of tax on longer-term gains. neur Luke Johnson, property mogul LORD MYNERS, the recently departed current generation.” they have not made their position
“Otherwise you are taxing savings Nick Leslau and private equity veter- City minister, launched an astonish- Myners, who earned his spurs at public as the shadow cabinet has
twice, you are undermining the an Jon Moulton have also backed City ing attack on his former Labour col- fund manager Gartmore before join- agreed to remain neutral.
entrepreneurship that the govern- A.M. in calling for an alternative leagues’ economic record yesterday. ing Gordon Brown’s team in October Yesterday, a senior Labour MP told
ment seeks to encourage, and you are tapering CGT system. Under such a Backing the coalition govern- 2008, said he was frequently frustrat- City A.M. they believed Fallon, who first
taxing the effects of inflation,” system, short-term gains would be ment’s call for dramatic public spend- ed by his fellow ministers’ “flawed became an MP in 1983, would be able
Howard told City A.M.. “I think all tax- taxed at 40 per cent, with the rate ing cuts, the peer said: “There is thinking” on business matters. to keep the “youthful Treasury team
able assets should be subject to the decreasing year by year to 30 per cent, nothing progressive about a govern- New City minister Mark Hoban in check”.
same uniform regime of a reducing 20 per cent, 10 per cent and possibly ment that consistently spends more seized on the remarks as a “damning He is up against fellow Tory MP
scale of capital gains, with an addi- even to zero on gains after five years. than it can raise in taxation and cer- indictment” of Labour’s thinking. Andrew Tyrie.
4 Focus on Tesco CITYA.M. 9 JUNE 2010

Leahy checks out of


the top job at Tesco
child trust funds. Meanwhile Clarke, who first joined

RETAIL
BY JOHN DUNNE Tesco shares dropped by almost the Tesco board in 1998, currently
three per cent after the announce- runs the supermarket’s Asian and
TESCO shocked the City yesterday by ment. Leahy was expected by many European operations, as well its IT
announcing that boss Sir Terry Leahy City analysts to stay in the post for at division.
would retire in March. least another two years. The 50-year-old is considered a “safe
Sir Terry has led the chain for 14 Leahy, who has shares, options and pair of hands” by analysts who are
years, overseeing its rise to become pension rights worth an estimated looking at the succession plan. He
the UK’s leading supermarket group £70m in Tesco, said: “When I became said he was “honoured and delight-
and will be replaced by international chief executive I had a plan to build ed” to succeed Leahy. The group has
and IT director Philip Clarke. Tesco around its customers, to make about 30 per cent of the grocery mar-
The chief executive, who will be 55 it number one in the UK and to find ket, making it easily the UK’s biggest
when he retires, said he would retain new long-term growth in non-food, in supermarket chain. In the year to the
a shareholding in the retailer while services and in international expan- end of February, the company made a
concentrating on “private invest- sion. pre-tax profit of £3.2bn – ten per cent
ment”. “It has taken 14 years but that strat- up on the previous year. Analyst at
During his reign Tesco has expand- egy has become a firm reality now Hargreaves Lansdown Keith Bowman ANALYSIS l Tesco
ed its services, offering insurance, and so I feel my work is almost com- said: “Clarke is seen as a safe pair of
broadband internet, credit cards and plete.” hands by the City”.

ANALYSIS l Tesco
500
p
1997 2009
Turnover £13.9bn Turnover £57bn
400

300
Operating profit £774m Operating profit £3.4bn
200

Share price 119 pence Share price 395 pence


100

0 UK stores 568 UK stores 2,482


1996 1998 2000 2002 2004 2006 2008 2010

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CITYA.M. 9 JUNE 2010 Focus on Tesco 5

Sir Terry Leahy


leaves Tesco in PHILIP CLARKE IS manager, a buyer, and a marketer round the world planting flags. What
good shape THE MAN TO STEP before taking charge of IT operations. we do is look for an opportunity to cre-
INTO THE SHOES He joined the Tesco board in 1998, a ate value for shareholders and where
Picture: REX OF TESCO CHIEF year after Sir Terry was made chief we have some certainty about that.”
executive. In 2003 he was also put in He is married with two children and
SIR TERRY LEAHY charge of the firm’s international arm. lives in Hertfordshire – as does Leahy.
He pushed through a £958m deal for Clarke's CV is similar to that of
38 hypermarkets in South Korea in Leahy, who also grew up in Liverpool
2008 which helped Tesco and worked for Tesco as a boy. Leahy,
PHILIP Clarke has battled his way to increase its Asian profits by 18.9 per though, did not go straight into the
the top of the company after shelf- cent in the last financial year. company after university – he started
stacking shifts for the supermarket as Leahy has put international expan- out at the Co-op after being rejected by
a schoolboy. sion at the heart of his strategy for the Tesco.
The 50-year old has spent his whole retailer, with 5.1m square feet of new Meanwhile, on a more personal note,
career at the company, which he space being opened in the last year. Leahy is an Everton fan while Clarke
joined in 1981 as a graduate trainee However, Clarke has maintained that supports Liverpool. He has been a non-
after studying economics at Liverpool the key to success overseas is to main- executive director of leisure group
University. tain a local focus – while not jumping Whitbread since November 2005.
Before that he worked as a part- into acquisitions too hastily. Tesco’s His salary broke the £1m-mark in
time helper in 1974, getting a ground- South Korean operation employs just a 2002 when he collected £1.14m. His
ing in the company at the bottom rung handful of Britons out of 20,000 staff. total package last year was £2.7m
of the ladder. He had been a store Clarke said in 2006: "We don't go compared to £5.2m for Leahy.

Stalwart’s exit is a blow


but shares still good buy
AND so the curtain falls on Terry Although 65 per cent of floor space
Leahy’s remarkable reign at Tesco. is abroad, these younger stores
Most investors will be shocked by account for just 23 per cent of sales.
his departure; the received wisdom As they approach full profitability
was that Leahy would stick around over the next five years or so, they
until 2014, when its troubled Fresh will become the group’s major cash
& Easy US venture started to come cows.
good. Clarke’s appointment tells it loud
His exit is a major loss for the gro- and clear: Tesco is going to become
cer, there is no doubt about that. an international – predominantly
The company he leaves is virtually Asian – firm. Depressing as it may
unrecognisable compared to the be, it is following the likes of
one he joined a decade and a half Standard Chartered, Prudential
ago. Tesco’s remarkable expansion and HSBC in search of Eastern
– both in terms of products and promise. The party in the UK is well
geographical location – now serves and truly over.
as a blue-print for how to grow. With that in mind, Tesco
Currently the world’s number deserves a richer valuation.
three retailer, it has every chance of Currently trading on just around 14
becoming number two. times expected earnings in 2011, in
Replacement Philip Clarke might line with J Sainsbury and
not be a household name, but his Morrisons, it should now be judged
time as chief of Tesco International in the same category as the global
will serve him well. Compared to its big hitters like Germany’s Metro
home-grown rivals, Tesco has a mas- and France’s Carrefour (both trade
sive global footprint; J Sainsbury on around 16 times prospective
and Morrisons haven’t opened any earnings). Leahy’s departure was
overseas stores in the last three weighing on the stock yesterday,
years – but 65 per cent of Tesco’s which closed down 2.4 per cent at
floor space is now abroad. 397.40p, creating a perfect buying
The effect on the bottom line has opportunity.
been clear: last year, trading profits
in Asia were up by 14 per cent to
£440m, on sales of around £9bn.
And there’s much more to come.
BOTTOMLINE
Analysis by David Crow

LEAHY LEADS FIELD IN LONG SERVING CHIEFS


Terry Leahy, who announced his retirement as boss of British retailer Tesco is
the longest serving chief executive of a top 20 UK-listed company, according to
Thomson Reuters. Below is breakdown of the others.
Company Value ($bn) Chief exec name In place Full yrs
HSBC 159.4 Michael Geoghegan May 2006 4
Royal Dutch/Shell 158.7 Peter Voser July 2009 0
BP 116.0 Tony Hayward May 2007 3
Vodafone 104.8 Vittorio Colao July 2008 1
GlaxoSmithKline 87.4 Andrew Witty May 2008 2
Rio Tinto 67.4 Tom Albanese May 2007 3
Brit Am Tobacco 61.7 Paul Adams Jan 2004 6
AstraZeneca 61.0 David Brennan Jan 2006 4
BHP Billiton 55.4 Marius Kloppers Oct 2007 2
Lloyds Banking 52.4 Eric Daniels Jun 2003 7
6 News CITYA.M. 9 JUNE 2010

Swiss handover of UBS client


data delayed by political row
two houses will have to try and work approval and risks delaying the shar-

FINANCIAL SERVICES
BY HARRY BANKS out an agreement over a common text ing of bank client information beyond
before a final vote later this month. the August deadline.
SWITZERLAND’S delivery of UBS client Washington agreed on 19 August The lower house’s vote against the
data to US tax officials has been 2009 to drop tax evasion charges deal is another headache for the gov-
delayed after the Swiss lower house against UBS after Berne promised it ernment, which has struggled to win
rejected the Swiss-US deal to solve a would transfer bank details of 4,450 political support for the deal, seen in
tax row, triggering a new parliamen- US clients of UBS by the end of August, Switzerland as a capitulation to the US
tary debate. in breach of Swiss bank secrecy laws. to get the country’s largest bank, UBS ,
Yesterday’s last-minute rejection by But a Swiss court in January blocked off the hook.
the main arm of parliament contra- the data transfer, forcing the govern- The US had accused UBS of helping
dicts a vote in favour of the deal by the ment to bypass the ruling with a legal rich Americans hide almost $20bn of
upper house last week, meaning the patch that requires parliamentary untaxed money in secret accounts.

ABB’s Joe Hogan surprised the market with his move for Chloride Picture: REUTERS

ABB pounces
with surprise
Chloride offer

INDUSTRIAL earnings, Seymour Pierce analyst Ian


BY DAVID HELLIER Robertson reckons Emerson could
raise its bid as far as 373p to win con-
CHLORIDE, the UK power protection trol of its bid target.
group that is being courted by Emerson was keeping its counsel
Emerson, yesterday shocked the mar- yesterday, issuing only a brief state-
kets by announcing it has tied up a ment to the London stock exchange.
£860m deal with Switzerland’s ABB. The US group said it had noted the
ABB is offering 325p a share, plus development and would make ann
the payment of a 3.3p dividend, and announcement in due course.
its bid easily beats an earlier rejected Analysts reckon that other UK
offer of 275p a share from the US groups such as Invensys, Morgan
power group Emerson. Crucible, Cookson, GKN, Melrose and
Although the Chloride board has Weir, could attrack overseas bids in
agreed the ABB bid, there were still the wake of the interest expressed in
hopes yesterday that it might be Chloride.
trumped either by a higher offer from The Chloride management is likely
Emerson or by a new entrant. to be kept on by ABB.
Chloride, whose technology is used ABB’s chief executive Joe Hogan
at Arsenal’s Emirates stadium, saw its said after delivering the takeover
shares storm well above the ABB offer news: “The transaction is in line with
price, to 343.5p at one point – 19 per our strategy to acquire companies
cent up on the opening. especially in areas where power for
Even though the ABB offer values demand and automation solutions is
Chloride at a racy 27.5 times future converging.”

ZACHARY BRECH VIKAS SETH


CREDIT SUISSE CREDIT SUISSE

CREDIT Suisse was behind the bid Scotland and Lloyds Banking Group
that never was – Prudential’s £21bn deals which put the bank at the top of
takeover of AIA – but yesterday it the advisory league table for UK M&A
emerged as the lead adviser on a bid this year, according to Dealogic. He
that is more likely to happen. Credit also advised Resolution on its £1.9bn
Suisse is the sole adviser to the Swiss offer for Friends Provident, Apollo
group ABB in its agreed bid for Group on its $483m purchase of BPP
Chloride. and Permira on its $369m acquisition
The Credit Suisse Chloride bid team of Just Retirement.
is led by four managing directors, Chloride is being advised by Phillip
Zachary Brech, Vikas Seth, Laurent Robert-Tissot of Citi and by Chris
Bouvier and Marco Illy. Brech was Treneman of Investec, while Greenhill’s
part of the Credit Suisse team advis- Brian Cassin advises Emerson. All eyes
ing the UK government on the recapi- will be on Cassin to see where
talisations of the Royal Bank of Emerson goes next. David Hellier
CITYA.M. 9 JUNE 2010 Sovereign Debt Crisis 9

Spanish unions test appetite


for unrest with one-day strike
a pay freeze in 2011. Madrid is trying agreement with management. The


ECONOMY
to save €15bn (£12.4bn) in order to country has 2.6m public sector
BY OLIVER SHAH bring down the country’s budget employees, although only 16 per cent
SPANISH public sector workers staged from 11.2 per cent of GDP to 9.3 per of workers from both the public and
a one-day protest at planned wage cent this year, and then to six per private spheres are unionised.
cuts yesterday, in a move to test cent next year. Carlos Berrera from the University
whether unions will be able to Prime Minister José Luis Rodriguez of Navarra said the action was “with-
muster a full-blown general strike. Zapatero’s socialist government sees out a doubt a marketing exercise to
Civil servants banged drums and the measures as essential for kick- gauge support for a possible general
chanted anti-government slogans in a starting Spain’s beleaguered econo- strike”. But union leader Candido
stand against a five per cent salary my. It plans to push them through Mendez said: “We don’t trigger
reduction this year, to be followed by unilaterally if unions cannot reach strikes. We just convene them.”

EU goes ahead
with plans for
bank tax levy
ing” other European Union countries

ECONOMY
BY OLIVER SHAH by using unusual arithmetic to
pledge €80bn (£66.5bn) of headline-
THE European Union says it will grabbing austerity cuts yesterday.
press ahead with its own banking Berlin said it would shave the fig-
levy after the world’s top economies ure from public spending by 2014 to
failed to agree on taxing an industry set an example to heavily indebted
seen as a main culprit behind the neighbours such as Greece and
global economic meltdown. Portugal. After a meeting of the 27 EU
Finance ministers finished talks finance ministers, chancellor Angela
yesterday to tackle bloated public Merkel said the “unique effort”
debts with a promise to find a way of would include up to 15,000 job losses
taxing banks more, days after a meet- in Germany’s public sector.
ing of the Group of 20 countries But analysts at Fortis Bank said
ditched such an idea. Germany was using peculiar account-
“The G20 was a setback. But not for ing, factoring in reductions in bor-
Europe. We still want this and will rowing each year that would come as
continue to advocate it – the sooner a consequence of modest cuts, to
the better,” said Austrian finance arrive at the €80bn figure. For exam-
minister Josef Proell. ple, a first tranche of €11bn of cuts in
German deputy finance minister 2011 appeared to have been re-count-
Joerg Asmussen warned of growing ed each year on the basis of a lower
impatience among voters at a lack of borrowing requirement to give a total
progress in calling bankers to heel cut of €44bn over four years.
after the crisis. “Over and above the Nick Kounis, chief economist at
bank levy, we should introduce a Fortis, told City A.M.: “€80bn is a mis-
financial transaction tax. We will try leading number. Because they meas-
to reach a global consensus but if that ure the increase in debt cumulatively
is not possible, we ... should move for- that would have occurred if they had
ward in Europe.” not put this into place over a number
The EU’s plans came as Germany of years, it’s not only double counting
was yesterday accused of “mislead- but triple counting.”

Hungary to punish banks and ban


home loans in foreign currencies
could undermine Hungary’s pledges

ECONOMY
to cut its budget deficit under a
HUNGARY’S Prime Minister vowed to €20bn (£16.6bn) international aid
introduce a flat income tax and a tar- package, Orban said boosting jobs
iff on banks, cut public pay and ban and output were key to economic
foreign currency mortgages as he recovery.
strove to reassure investors he could Struggling to win back market con-
contain the budget deficit. fidence after Fidesz officials rattled
After sweeping an April election investors by warning of a Greek-style
with a two-thirds majority, Viktor debt crisis last week, Orban said he
Orban unveiled a programme depart- would enact a flat 16 per cent income
ing from that of the previous caretak- tax over two years, effectively cutting
er socialist cabinet that cut spending the rate. He said his government
last year after narrowly avoiding eco- would cut taxes to small and medium
nomic meltdown in 2008. firms and ban foreign currency mort-
Despite warnings his centre-right gage lending. Those loans have been a
Fidesz party’s pro-growth strategy crucial driver of Hungary’s economy.
The Capitalist
10 CITYA.M. 9 JUNE 2010
EDITED BY
VICTORIA BATES
GOT A STORY? EMAIL
thecapitalist@cityam.com

FORGET SOUTH AFRICA; THE WORLD


CUP IS COMING TO BISHOPSGATE
ROYAL Bank of Scotland has clearly its Bishopsgate HQ into a purpose- South Africa for the real thing. I’ll say.
been keeping an ear out for all the built “stadium” for investment bank- They’re also using the occasion to
sage words of wisdom dropping from ing staff and clients to watch the run fundraising activities for chil-
the sky over the World Cup. games, complete with covering dren’s charity Sparks, thereby neatly
The four-yearly event is one of the canopy, indoor pitch and giant ticking all three of the required
most sought-after corporate hospital- screens. boxes: philanthropy, keeping the cost
ity gigs in the calendar, but RBS, As many as 3,000 lucky individuals of the whole operation to a palatable
mindful of that taxpayer bailout it will be invited to watch the games in level, and avoiding staff mutiny over
received during the crisis, isn’t biting. these salubrious surroundings, whether or not to allow the watching
Instead, the bank has decided to which RBS said were more “cost-effec- of games in the office.
convert one of the larger hallways at tive” than ferrying everyone out to Tick, tick, tick.

Here’s hoping RBS’s “football stadium” screens will be larger than this Pictures: REUTERS

LEGS ELEVEN BLOWOUT LUNCH


Speaking of snatching your opportu- Roll up, roll up – the chance to bid for
nities with the upcoming footy, the world’s most sought-after corpo-
accountancy giant Deloitte is another rate lunch has come round again.
one to have it licked. Browsing idly on Warren Buffett, the Berkshire
the firm’s website yesterday, The Hathaway chief and “Sage of Omaha”
Capitalist chanced upon a link to the investment guru, is once again auc-
Deloitte Fantasy Football League – tioning himself off for homeless char-
complete with national, regional and ity Glide Foundation – at which the
local office leagues for the firm’s staff winning bidder and up to seven hang-
all over the world. ers-on will have the chance to dine
I hear that Deloitte is also being with him at a steakhouse in New York.
canny in “suggesting” a £10 donation The auction, which closes in the
from its staffers taking part, to go into early hours of Saturday morning UK
the sizeable pot to be donated to its time, has a minimum bid of $25,000,
three corporate charities Help for though beads of sweat must have
Heroes, Cancer Research and been forming on our Buffett’s fur-
Children with Leukaemia.
So far, over 1,000 eager players have
signed up, in the hopes of winning
office bragging rights and/or some
swanky prizes, including corporate
hospitality tickets to Premier League
games, signed England memorabilia
and a replica World Cup trophy.
Prizes for the most innovative team to
sign up so far include sports business
group head Dan Jones, in charge of
the firm’s annual review of football
finance, with a team of past and pres-
ent Man U players entitled “Republic
of Mancunia”. Fancy bidding for lunch with Buffett?
Mind you, The Capitalist is sure he’ll
have a run for his money from a cer- rowed brow on Monday, the first day
tain lady staffer whose “Legs Eleven” of the auction, when it took 14 hours
squad is based solely on how good the for the first bid to come in.
players look in their shorts… That’s all changed now, with the
going price last night standing at
$81,100 after 28 bids. But it’s likely to
BEER FESTIVAL go much higher – last year, Toronto
Regular readers may recall wealth manager Salida Capital won
that Old Spitalfields Market is with a $1.68m bid, and the
currently searching for what record is $2.11m, proffered
must be the best unpaid role in 2008 by Hong Kong
in the City – that of offi- investor Zhao Danyang.
cial “ale taster” for
London.
I hear that the mar-
ket has now whit-
GOING FOR
tled down the
candidates to a
BESPOKE
It’s cutting shears at
shortlist of just dawn for the tailors of
six, who will go Savile Row, who are
head to head at an up in arms about
ale tasting competi- suitmaker Moss
tion at 1pm today in the Bros’ latest venture
market. into bespoke tailor-
This is not a job to be taken ing, “Moss Bespoke”.
lightly, the organisers assure us “This is several thou-
– jobs include spending a week- sand miles from bespoke
ly “beer budget” on drinking in tailoring,” spits Mark
London pubs and reporting back Henderson, chair of the
on a blog. Hmmm. For the pure- Savile Row Bespoke
ly recreational drinkers out Association, who describes
there, the market is today also the bespoke suit as “an
hosting a mini beer festival to individual, hand-cut pat-
coincide with the competition, tern and a garment
open between 9am and 3pm and individually made
offering free samples of local ales against that pat-
to the connoisseurs of the City. tern, under the guidance of a
Just watch out for the stampede. Master Cutter”. Ouch.
12 Economic News CITYA.M. 9 JUNE 2010

Shop price inflation falls


pared to two per cent in April despite last year, as retailers hold prices down


RETAIL
big rises in some costs. Transport in the face of customers’ reluctance
BY JESSICA MEAD costs are still being pushed up by past to spend.”
THE growth in shop prices lost rises in the price of oil, while interna- However, while non-food inflation
momentum in May as consumer tional shipping prices are up over a slowed to 1.6 per cent in May from
uncertainty forced retailers to keep third and cotton prices are up 40 per two per cent in April, food inflation
prices low, according to the latest sur- cent on a year earlier. rose to 2.2 per cent. This is, however,
vey from the British Retail But Stephen Robertson, director- expected to ease in the coming
Consortium (BRC). general of the British Retail months as recent falls in commodi-
Overall annual shop price inflation Consortium (BRC), said: “Clothes and ties, such as wheat and coffee, have
Food prices are still rising Picture: Micha Theiner/City A.M. fell to 1.8 per cent last month com- electricals are cheaper than they were yet to work through to shop prices.

Job hires up Good news


but outlook for German
is less rosy 3G

Cash: 20719.24
Margin: 560.00
13:05

Markets
Unrealised P&L: 92.70
Total Position: 20092.70
exporters
List One Long name... List Three
Sell Buy Change Status
UK 100 Rolling Spread
Trade
>


UK ECONOMY 4917.0 4919.0
Wall Street Rolling Spread
+45.2
EUROPEAN ECONOMY
Trade
>
BY JESSICA MEAD 9599 9605
US SP 500 Rolling Spread
+24
BY JESSICA MEAD
Trade
1034.6 1035.2 +4.8 >
LABOUR market conditions contin- Trade
US Tech 100 Rolling Spread
1644.4
884.8 1647.4
885.2 +6.6
-15.0 > GERMAN industrial production rose
ued to improve in May but growth in Trade
Germany 30 Rolling Spread
5538.5 5540.5 +67.0 > at a slower rate in April but managed
the number of permanent hires fell Trade
US Crude Oil Oct 09 Spread
1644.4
884.8 1647.4
885.2 +6.6
-15.0 > to build on March’s bumper 4.3 per
for the second consecutive month, Trade
GP/USD Rolling Spread
16346 16350 +61 >
cent monthly increase, boosting opti-
the KPMG/REC Report on Jobs will 5 mism among analysts about the out-
show today. look for the German economy in spite
The survey said that higher staff of the ongoing sovereign debt crisis
appointments were underpinned by a and the latest austerity cuts.
further improvement in demand for The increase in industrial produc-
staff during May. Recruitment consul- tion was driven by intermediate
tancies indicated that growth of goods, energy and, once again, by the

SPREAD
vacancies was strong, albeit marginal- construction sector. As expected, con-
ly slower than in April. Wages and struction continued its catching up
salaries also continued to increase for since the winter dip, increasing 2.6
the seventh month running. per cent.
However, growth eased from the ING’s Carsten Brzeski said: “With
twenty-five month high in April. filling order books, the weak euro,
However, while the figures were business expectations back at pre-cri-
generally positive, there was concern
about the outlook. Kevin Green, chief
executive of the Recruitment &
Employment Confederation (REC),
said: “We remain concerned about
the overall employment outlook as
public sector recruitment freezes
BET N W sis level and increasing recruitment
plans, the near term future for the
German economy looks bright.”
“Even yesterday’s austerity package
should hardly have a lasting impact
on economic growth. Of course, at
some point, the ongoing sovereign
start to bite.” He added: “With fewer Get Spread Betting on your iPhone™ debt crisis will very likely also take its
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jobs growth in the private sector now from just 10p per point* is for later. For the time being,
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tions of a jobless recovery are looking full speed,” he added.
more likely.” There was some mixed news, how-
Bernard Brown, partner and head Spread betting can result in losses ever, with the net trade figures for
of business services at KPMG, said that exceed your initial deposit. April. German exports fell by 5.9 per
that the figures suggest that hiring cent on the month but imports fell at
activity in the public sector has start- a faster pace of 7.3 per cent, going
ed to slow down. some way to offset the 11.4 per cent
The Manpower Employment * 10p offer available to new account holders for first 8 weeks. surge in March. This meant that the
Outlook for the third quarter, out yes- seasonally-adjusted trade surplus
terday, held steady with a net balance widened slightly to €13.1bn (£10.84)
of one per cent of firms planning to from €13bn in March.
hire staff between July and September. 020 7150 0499 The expectation is that German
“The impact of government-imposed www.finspreads.com exporters should continue to benefit
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Cahill, Manpower UK’s managing exports, which are dependent on
director. overseas demand.

Bernanke: Europe is committed to euro Gold reaches record high


$1 trillion was “a lot of money” and recession, pointing to strengthening plans to cut government borrowing.

ECONOMY COMMODITIES
BY HARRY BANKS enough to protect Greece, Portugal consumer and business spending. He Spot gold rose as high as $1,251.20
and Spain from volatile credit mar- noted the pace of recovery was mod- GOLD hit a record dollar high above an ounce. US gold futures for August
EUROPEAN leaders are committed to kets for a number of years. erate considering the depth of the $1,250 an ounce yesterday and new delivery hit a record $1,254.50. Euro-
ensuring the survival of the euro and But he acknowledged that recession. peaks in other currencies as concern priced gold also hit a record €1,050.86
have enough money to meet obliga- investors were not yet convinced Meanwhile Federal Reserve mem- over Europe’s economic outlook lifted an ounce, while gold priced in sterling
tions of heavily indebted member Europe’s debt problems would be ber Charles Evan said interest rates risk aversion, knocking stock markets and Swiss francs hit all-time highs of
countries, Federal Reserve chairman resolved, and said more European will stay low for “quite some time”. lower for a third session. £870.63 an ounce and 1,450.40 francs
Ben Bernanke said yesterday. rescue money may be needed. Evans reiterated the Fed’s pledge to Fears grew over prospects for a an ounce respectively.
In remarks to the Woodrow Wilson Bernanke also said that the US keep rates low for “an extended peri- European economic recovery after The precious metal, up around 12
Centre in Washington, Bernanke said economy appeared to have enough od”, which he said meant about six ratings agency Fitch warned the UK per cent in the latest quarter, is bene-
a euro stabilisation package of nearly momentum to avoid a double-dip months to him. faced a “formidable” challenge in fiting from Eurozone debt fears.
CITYA.M. 9 JUNE 2010 News 13

The new iPhone,


unveiled yesterday
by Apple boss Steve
Jobs, is being billed
as the best phone
ever.

Picture: REUTERS

CITY VIEWS: ARE YOU FED UP WITH THE CONSTANT iPHONE UPGRADES?
Interviews by Zhora Moledina

RUSSELL HARRISON | FABIEN HUESO | JONATHAN COATMAN |


NATWEST PRIVATE BANKING LLOYDS BANKING GROUP QBE INSURANCE
“I find it very useful especially “I am very happy. I don’t feel “I suspect the iPhone will be
the map and the GPS. pressured at all because I am superceded by some other
I don’t think people satisfied with all the technology. I am not
will get fed up existing applica- interested in it and
with upgrades tions, there is the number of
because not really any people like myself
information need to keep will grow because
technology is upgrading the people who
always because the like it
going to be phone is bril- already
useful.” liant itself.” have it.”

Operators in a race
to offer iPhone deals
TELECOMS “With three years’ experience in gering 100,000 in the first week on

@
BY STEVE DINNEEN selling the iPhone we are well sale.
placed to support the new device Orange – newly merged with T-
UK operators are queuing up to with the best overall experience, Mobile – is expected to announce a
cash in on Apple’s latest gadget. including making it easy for new deal for the handset soon.
Within hours of Steve Jobs and existing customers to get their The iPhone 4 will be released in
unveiling the new iPhone 4, UK hands on one.” the UK on 24 June and is expected to
operators Vodafone and O2 con- Vodafone, which began stocking cost £199 for the 16GB model and
firmed they will both offer dedicat- the iPhone for the first time in £299 for the 32GB.
ed price plans for the handset. January after missing out on the It is made of glass and steel, with
O2 will give its customers a limit- original contract to a last-ditch O2 an HD screen offering four times
ed special offer to upgrade their deal, will also offer a dedicated the resolution of its predecessor. It
existing deals to the new iPhone. package. boasts a staggering 300 hours of
UK chief executive of O2 Ronan Vodafone is desperate to main- stand-by battery life, with 40 hours FOR MORE NEWS
Dunne said: “Apple has once again
raised the bar with the iPhone 4.
tain the momentum it has built up
on the iPhone after it shifted a stag-
of music play, or seven hours of talk
time between charges.
www.cityam.com
14 News CITYA.M. 9 JUNE 2010

LSE to take on
Trial of rogue Eurex and Liffe
trader Kerviel in derivatives
FINANCIAL MARKETS


begins in Paris THE London Stock Exchange (LSE) yes-
terday said it was to take on Europe’s
two dominant derivatives exchanges
within a year, to broaden its footprint
beyond its traditional share trading
base.
Eurex, controlled by Deutsche

COURTS The trial will dredge up uncomfort- Boerse and Liffe, part of transatlantic
BY HARRY BANKS able memories for SocGen as it tries to exchange NYSE Euronext, has long
restore investor confidence in an dominated exchange traded deriva-
JEROME Kerviel faced judges yesterday atmosphere of fragile economic recov- tives in Europe.
as a long-awaited showdown began ery and looming tighter regulation. “We are on track, within the next
over his part in a €4.9bn (£4bn) trad- Although Kerviel has admitted to nine months to offer a credible alter-
ing loss that brought French bank building up unauthorised trading native to our two established
Societe Generale close to collapse. positions leading up to the loss in European competitors,” LSE chief
The 33-year-old trader, dressed in a 2008, he has said breaches in SocGen’s executive Xavier Rolet said at the
dark suit, white shirt and a light, thin- risk control system were tolerated, and annual derivatives conference.
ly striped tie, yesterday described his this has been a key part of his legal Rolet seeks to exploit regulatory
“extreme” trader past on the first day defence. momentum blowing in his direction
of his long-awaited trial saying that he SocGen has hit back by saying he as the European Union sets to
worked from 7am to 10pm, bank holi- acted alone and that investigating approve sweeping new rules over the
days included, with only a brief break magistrates had already dismissed his coming months in a bid to learn
to eat a sandwich at his desk. claims of tacit complicity from his from the financial crisis.
“At certain times it was extreme ... bosses. The bank said before the trial Policymakers are planning to push
Tiring, physically,” Kerviel said as he that it holds Kerviel entirely responsi- more trading in the vast $615 trillion
described his job as trader at Societe ble and called for an “exemplary pun- (£427 trillion) over-the-counter (OTC)
Generale from 2005 after rising ishment”. Facing off in the trial are derivatives sector onto exchanges to
through the ranks of “middle-office” two of Paris’ best-known lawyers – increase transparency and cut risk
and assistant roles at the bank. Metzner and Jean Veil. Cigar-smoking after the sector’s key role in the
Kerviel, who could face five years in barrister Metzner’s clients include ex- demise of two banks, Lehman
jail and a €375,000 fine if found guilty Panama dictator Manuel Noriega, ex- Brothers and Bear Stearns.
of charges of breach of trust, computer Vivendi boss Jean-Marie Messier and Such changes raise the prospect of
abuse and forgery, declared his cur- former French Prime Minister huge new revenue streams for
rent profession as “consultant” and his Dominique de Villepin. The trial is due exchanges at a time when margins in
monthly salary as €2,300. to run until 25 June. Jerome Kerviel faces five years in prison if he is convicted. Picture: REUTERS equities trading are being squeezed.
How England can bring the Trevor Steven tells us his
trophy home By Ray Parlour World Cup experiences
Team-by-team profile | PULL-OUT WALLCHART | Where to watch
CITYA.M. 9 JUNE 2010 World Cup 2010 3

You’re fulfilling every young boy’s dream


England legend Trevor Steven relives Steven played in two
World Cups for
his World Cup memories to Jon Couch England, Mexico in
1986 and in Italy four
years later.

S
TILL, t this day, he’s the only English
player ever to win three league
championships in three different
countries. He’s won two league
titles, an FA Cup, a European Cup Winners
Cup and has also scored the 1,500th goal
for England.
Yet, despite a trophy-laden career, span-
ning 17 years, nothing, he insists, will ever
compare to playing in a World Cup.
Under the directorship of the late Sir
Bobby Robson, Trevor Steven represented
the Three Lions in two World Cup finals,
in Mexico in 1986 and then Italy 1990,
thus earning his place in football folklore.
Steven was one of the wounded eleven
on the day Diego Maradona eliminated
England in ‘86 with that infamous ‘Hand
of God’ goal and was the next scheduled
penalty-taker in that equally-heartbreak-
ing shoot-out defeat against Germany four
years later. because of it. It changed the game, we had further eliminations from shoot-outs, to this time round. “We have had some fan-
Now, World Cup time has come round a really good chance up to that point.” Argentina in 1998 and Portugal in 2006, so tastic footballers, but somehow they’ve
again, and Steven can’t help but reminisce Four years later in Rome, Steven’s World with that dreadful experience in mind, had a better mentality than we have from
on the glory days. Cup dreams were shattered again, this Steven is just praying Fabio Capello’s 12 yards,” he admitted. “I just really hope
“There’s just nothing like the World time at the semi-final stage. On as a sec- England don’t experience the same hell we don’t have to go through that again.”
Cup,” said the City.A.M columnist. “It’s every ond-half substitute for Terry Butcher in a
young boy’s dream. I was lucky enough to new-look formation, Steven led the
win lots of championships and etch my England recovery. Gary Lineker’s equaliser
name in the record books but the World sent the game into extra time and after
Cups will always overshadow everything. Chris Waddle hit the inside of a post,
“Just to be there was a dream, but I’m England’s fate was to be decided by the
proud to have taken an active part and feel lottery of penalty kicks.
like I’ve contributed in two World Cups. “If Chris had scored and we’d gone
We got to the quarter finals and then the ahead then, they wouldn’t have caught
semi-finals and both eliminations were us,” he recalled. “We were all hyper-
hard to take. It was certainly a case of ventilating, trying to catch our
what might have been.” breath, there was no time to assess
Twenty-four years on, Steven still hasn’t how we were feeling.
forgiven Maradona for his handball goal, “All the two years of qualifi-
inset, which sealed a 2-1 quarter-final vic- cation, the preparation, came
tory, but the former Everton wide man down to a penalty shoot-out.
welcomes his place in the archives. Peter Shilton didn’t get any-
“It was such a long time ago but, yes, it where near their penalties but
was foul play and you’ve got to have some ours, in the main, were just
bad feelings towards Maradona and scraping in.
Argentina,” he stated. “Up to that point I’d “I was due to have the next
never really considered [Maradona] to be a penalty and I have no idea how
controversial figure but he’d certainly I would have coped with it. I
become one after that. scored 25 out of 28 for Everton,
“On a personal level it was great to say I but I could have been a hero or
was there but we lost and were denied the a villain. There must have been a
victory as well. It was reported as the Hand million thoughts in those 50 yards
of God and it was all a little bit difficult to from halfway line to penalty spot.”
take because we were on our way home Since then, England have suffered two

HOW ENGLAND FARED IN


WORLD CUPS GONE BY BY JON COUCH
1966 - WINNERS 1982 - SECOND ROUND 1998 - SECOND ROUND
That memorable day – 30th July, Got through to group stges with After David Beckham’s harsh send-
1996 at Wembley Stadium when a three wins from three, but 0-0 ing off and Sol Campbell’s controver-
Geoff Hurst hat-trick and Martin draws to Germany and hosts Spain sial disallowed goal, England were
Peters goal saw England beat West meant Ron Greenwood’s England taken to penalties by Argentina, but
Germany 4-2 after extra time to failed to negotiate the second round misses by Paul Ince and David Batty
hold aloft the Jules Rimet Trophy. stage. led to more heartache.

1970 - QUARTER-FINALS 1986 - QUARTER-FINALS 2002 - QUARTER-FINALS


Goals from Alan Mullery and Peters Sir Bobby Robson’s men were elimi- Ronaldinho’s speculative 40-yard
put England 2-0 up in their quarter- nated by the best and the worst of free-kick over the head of David
final clash in Leon, but the Franz Argentina’s Diego Maradona. First a Seaman completed a 2-1 victory for
Beckenbauer-inspired Germans mesmorising goal, beating off six Brazil as Sven-Goran Eriksson’s lack-
exacted sweet revenge to win 3-2 challengers, then the ‘Hand of God’, lustre England squandered Michael
after extra time. to complete a controversial 2-1 win. Owen’s early lead.

1974 - DID NOT QUALIFY 1990 - SEMI-FINALS 2006 - QUARTER-FINALS


A desperately disappointing 1-1 Knockout victories over Belgium More penalty woe as Portugal held
home draw with Poland in their final and Cameroon took England to the England to a 0-0 draw after Wayne
qualifying round in October 1973 last four, but penalty misses from Rooney was sent off. Lampard,
meant England failed to qualify – Stuart Pearce and Chris Waddle Gerrard and Carragher missed the
just seven years after winning it. broke England hearts. vital spot-kicks this time.

1978 - DID NOT QUALIFY 1994 - DID NOT QUALIFY 2010 - ????????
An away defeat to Italy meant Disappointing home draws to Nine wins out of ten qualifying
England crashed out again at the Norway and Holland saw England matches have given Fabio Capello’s
qualifying stages, this time on goal crash out again and lead to the men a sound base, but can they end
difference. sacking of coach Graham Taylor. 44 years of hurt?
4 World Cup 2010

Let the skiving begin.


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EXPERT VIEW

Expected line-up: 4-4-2 The alternative: 4-2-3-1


RAY PARLOUR
Ashley Cole Aaron Lennon Glen Johnson reasonable first-team claims adds to

I
N Fabio Capello we trust. The
Italian is the ideal man to lead competition and that can only be
Steven Gerrard healthy.
the England charge in South
Africa. He believes we have a If you look at Spain, they have
John Terry Ledley King chance, and that’s good enough for Pepe Reina as their third-choice, and
Frank Lampard me, now it’s up to the nation to share he’s one of the best keepers in the
Wayne Rooney that belief. Premier League. Even the United
Man for man, this is our best chance States have three decent keepers
Wayne Rooney of success for many a year. At his dis- from our top-flight.
posal, Capello has agility in goal, solid- If you’re going on form, then Joe
Gareth Barry ity at the back, invention and pace in Hart is the man. He’s had a fantas-
Emile Heskey midfield and goals up front. tic season for Birmingham, while
David James David James I’ve been involved in many a suc- David James and Robert Green
Steven Gerrard cessful side, both domestically for have both had it tough this year
Arsenal, and for England, and firmly for Portsmouth and West Ham
Frank Lampard Gareth Barry believe that this could well be our respectively.
year after so many years of hurt. But I can’t help thinking back
Ledley King John Terry Here is my run-down on the to when Steve McClaren threw in
options available and the strengths Scott Carson for the vital qualifi-
and weaknesses we possess: er with Croatia in 2008. He
buckled on the night and disap-
BETWEEN THE STICKS peared out of contention. I’d
Glen Johnson Aaron Lennon Joe Cole Ashley Cole Still not our strongest area, but the hate that to happen to a talent-
fact that all three goalkeepers have ed young keeper like Joe Hart if
World Cup 2010 5

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From a man who knows a bit about football.

This England squad has


strength in all areas.
Picture: P.A.

thrown into the deep end. League and has to be the No1 con-
For that reason, James has to given tender to partner John Terry in the
the start against the USA on centre of defence.
Saturday. He’s a cool and Unfortunately, you get the feeling
experienced head for the this will be King’s last tournament, so
big occasion, and as this I just hope his knee can last the dis-
will surely be his last tance and pull out the stops.
major tournament, it’s Carragher is a good, solid profes-
the perfect final bow. sional, whose decision to come out of
retirement would have been a mas-
AT THE BACK sive boost to Capello. Equally comfort-
The back four able at right back or in the centre,
have come he’s the perfect guy to have around
under scruti- and I can see him playing a big part in
ny after an South Africa.
awkward Ashley Cole is, in my opinion, the
warm-up best left-back in the world and a
campaign, nailed-on starter, while Glen Johnson
but I’m should get the nod to start on the
sure once right.
an under- Both of these guys love to get for-
standing ward, but while Cole is equally effec-
is built, tive bombing down the left or as
this won’t defensive cover, Johnson is not the
be Capello’s best defender in the world. Make Yahoo! your home for football.
biggest con- Capello will be drumming it into yahoo.co.uk
cern when these guys to make the right choices
he looks at in when to go forward and when to
his squad. tuck in and cover whenever the other
Sure, the is more advanced.
loss of Rio and Gerrard can play together, but, gave the side extra options. Defoe have better scoring records, but
Ferdinand is a CENTRE OF THE PARK for me, it’s just that, hype. A Barry- In contrast, the right side should Heskey has the knack of bringing out
massive blow, but it The options open to Capello here are type figure may give them more free- offer more width with Aaron Lennon, the best in Wayne Rooney, main inset,
needn’t be the end endless, but the key factor here is the dom, but they are quality individuals, for me, the most likely starter. and that has to be Capello’s number
of the world given fitness of Gareth Barry. Barry’s playing at their peak of their careers, Lennon’s had his problems with one priority as an attacking force.
the quality of defensive mind is crucial to so parting them is not a necessity injury this season, but his pace is a Rooney is different class and our
player we have to freeing up Steven Gerrard should Capello find his options limit- constant threat and his final ball has great hope and without him firing on
step into the and Frank Lampard and ed. improved no end under Harry all cylinders, there is none.
breach. gives England balance. Capello seems to be looking at Redknapp at Spurs. While there is the option of playing
Rio is a fantas- Barry misses out against playing Gerrard just off the left All of these, however, will be aware a Gerrard or a Joe Cole just behind,
tic player and, of the USA on Saturday, which flank, and that’s not such a of a certain Joe Cole, left, pushing for it’s imperative we give Rooney as
course, any is a blow, but in Michael bad thing. With a starting place. He’s been England’s much support as possible and you
team will miss Carrick, Capello has a Ashley Cole back- best player in the last two warm-up can be assured Capello will be saying
their skipper, but great passer of a ball ing him up on games and has the added advantage to Heskey ‘work your socks off for 60-
when one door who is used to the the overlap, of his versatility, given he can play 65 minutes’ before thinking of his
closes, another one big-game atmos- Gerrard has right, left, centre or as a supporting next move.
opens, and in Michael Dawson, Fabio phere with the free- striker. Rooney’s temperament has come
has a confident young defender, bang Manchester dom to cut Joe’s been unlucky for starts at under scrutiny also in the run-up to
in form and desperate for a chance to United. He would in and Chelsea this season, but has shown a the World Cup, but I think it’s a cru-
impress. be an ideal cause the kind of damage great attitude in working his way into cial facet of his game.
I would have picked Dawson initial- replacement. he does for Liverpool. the reckoning. The only question is, Denis Bergkamp had that nasty
ly given the season he’s had with Lampard is Having a right-footer on where do you play him? streak also in our days at Arsenal and,
Tottenham, yet he still falls behind Capello’s little the left is not such a bad as a midfield player, it’s a great sight
his Spurs team-mate Ledley King and gem after a thing. I remember at UP TOP to see your striker putting tackles in
Jamie Carragher in the pecking order, brilliant sea- Arsenal, both Marc Arguably, he is the most criticised of and dying for the cause. Take that
and on a par with West Ham’s son with Overmars and Robert England’s 23-man party, but Emile from his game, he’s not the same
Matthew Upson. C h e l s e a . Pires were right-footers Heskey’s contribution in South Africa player and that’s a risk England cer-
If Ledley’s knee holds up, he’s one There’s been a lot playing on the left, could be key to England’s chances. tainly can’t afford to take.
of the best defenders in the Premier of hype about whether he and, if anything, it Yes, Peter Crouch and Jermain Words by Jon Couch
6 World Cup 2010 CITYA.M. 9 JUNE 2010

ENGLAND
THE SQUAD STATS
GOALKEEPERS CLUB AGE CAPS GOALS
1 David James Portsmouth 39 50 0
12 Robert Green West Ham 30 10 0
23 Joe Hart Man City 23 3 0
DEFENDERS
2 Glen Johnson Liverpool 25 22 1
3 Ashley Cole Chelsea 29 78 0
5 Michael Dawson Tottenham 26 0 0
6 John Terry Chelsea 29 60 6
13 Stephen Warnock Aston Villa 28 1 0
15 Matthew Upson West Ham 31 19 1
18 Jamie Carragher Liverpool 32 36 0
20 Ledley King Tottenham 29 20 2
MIDFIELDERS
4 Steven Gerrard Liverpool 30 80 16
7 Aaron Lennon Tottenham 23 17 0
8 Frank Lampard Chelsea 31 78 20
11 Joe Cole Chelsea 28 54 10
14 Gareth Barry Man City 29 36 2
16 James Milner Aston Villa 24 8 0
17 Shaun Wright-Phillips Man City 28 31 6
22 Michael Carrick Man Utd 29 22 0
FORWARDS
9 Peter Crouch Tottenham 29 38 21
10 Wayne Rooney Man Utd 24 60 25
19 Jermain Defoe Tottenham 27 39 11
21 Emile Heskey Aston Villa 32 58 7

FOCUS ON
FABIO CAPELLO BY FRANK
DALLERES

ITALIAN TAKING HIS


TILT AT IMMORTALITY
W
HEN Fabio Capello named his passionate excellence, winning the
final 23-man squad, he sur- domestic league title for each of the
prised most observers by four clubs he has managed. It is
plumping for experience over beyond question that he deserves to be
youthful vigour. Shaun Wright-Phillips considered one of the greatest man-
(28) got the nod over Theo Walcott agers of all time, but a glorious sum-
(21), Joe Cole (28) was preferred to mer in South Africa would elevate him
Adam Johnson (22), despite scant play- to an even more elite group of coaches.
ing time, while Jamie Carragher (32) Only one World Cup-winning man-
was tempted out of exile for the cam- ager, his compatriot Marcello Lippi,
paign. One theory is that the Italian can boast the Champions League as
favoured older players because he well – the two most coveted honours
believes those who try hardest are the at club and international level – but
ones who feel their time at the top is Capello stands to match that achieve-
running out, for whom this represents a ment. Few can claim to have enjoyed
last chance to win the World Cup. success with the consistency of the
Well, for Frank Lampard, Steven former AC Milan, Roma, Juventus and
Gerrard et al, read Capello (right). Real Madrid boss. Indeed, by taking on
When he accepted the Football his role with England – whose support-
Association’s advances in 2007 he indi- ers frequently combine world-weary
cated that this would be his last big pessimism with irrational expectation
job. Capello’s recent flirtation with – Capello risked tarnishing his unblem-
Inter Milan suggests he may yet be ished record.
tempted by a return to club manage- That in itself should be a source of
ment, but either way it certainly encouragement for England. A reputed
seems likely that this will be salary in excess of £5m cannot have
the 63-year-old’s one and only deterred, but Capello would not have
shot at winning what is aligned himself with a team he did not
arguably the most feel had a strong chance of delivering
iconic prize in all of the international glory he craves.
sport. Reaching the semi-finals
His already exem- might be the widely accept-
plary CV includes ed target for the class of
just about every 2010. But if that deeply
honour apart from lined, granite face is to
a World Cup win- crack into a smile,
ners’ medal. Capello may have to
Wherever he has gone, the ensure his one excursion
man from San Canzian into the international
d’Isonzo, near the border arena is as glorious as his
with Slovenia, has deliv- spells in Italy and Spain, and
ered his own brand of dis- bring home the World Cup.
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10 World Cup 2010 CITYA.M. 9 JUNE 2010

GROUP A
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
Since just missing out to Italy in that infamous Raymond Domenech Carlos Alberto With his side currently lying 83rd in the world
final four years ago, Les Bleus have woefully Much maligned by Parreira rankings, experienced Brazilian coach Carlos
under-performed and it was only Thierry Henry’s press and public, this If experience was ever Alberto Parreira wasn’t joking when he said his
‘Hand of God’ in a play-off against Ireland which is last chance saloon a factor in winning side have a “mountain to climb” to avoid becoming
got them this far. Since then, they have been for the 58-year-old World Cups then the the first home nation ever to fall at the group
soundly beaten at home by Spain and several play- after six-years in Bafana Bafana would stages. Preparation has been hampered by a lack
ers, including star man Franck Ribery, have charge of Les Bleus. already be celebrating of facilities and quality opposition, but at least the
FRANCE become embroiled in a prostitution scandal. A Many believe victory on home soil. passionate and enthusiastic South African crowd
semi-final place would surely be a miracle. he should have been Brazilian Parreira, 67, will urge them on by cheering their every kick.
SOUTH AFRICA ousted after a is in his second spell
MEXICO SQUAD: disappointing Euro as South African SQUAD:
URUGUAY GKs: Hugo Lloris, Steve Mandanda, Cedric 2008, so Domenech is coach in an incredible GKs: Moeneeb Josephs, Itumeleng Khune, Shu-Aib
Carrasso DEFs: Bacary Sagna, Patrice Evra, now out to restore the managerial career Walters. DEFs: Matthew Booth, Siboniso Gaxa,
William Gallas, Eric Abidal, Sebastien Squillaci, faith put in him. spanning 43 years. Bongani Khumalo, Tsepo Masilela, Aaron Mokoena,
GROUP A FIXTURES: Marc Planus, Gael Clichy, Anthony Reveillere Anele Ngcongoa, Siyabonga Sangweni, Lucas
FRIDAY 11 JUNE MIDs: Alou Diarra, Jeremy Toulalan, Florent Thwala. MIDs: Lance Davids, Kagisho Dikgacoi,
South Africa v Mexico 15.00 Malouda, Yoann Gourcuff, Abou Diaby, Franck Thanduyise Khuboni, Reneilwe Letsholonyane, Teko
Uruguay v France 19.30 Ribery FWDs: Thierry Henry, Nicolas Anelka, Modise, Surprise Moriri, Steven Pienaar, MacBeth
Andre-Pierre Gignac, Sidney Govou, Djibril Cisse, Sibaya, Siphiwe Tshabalala. FWDs: Katlego
WEDNESDAY 16 JUNE Mathieu Valbuena Mphela, Siyabonga Nomvete, Bernard Parker.
South Africa v Uruguay 19.30
THURSDAY 17 JUNE FRANCE SOUTH AFRICA
France v Mexico 19.30
TUESDAY 22 JUNE
France v South Africa 15.00
MEXICO URUGUAY
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
Mexico v Uruguay 15.00 Javier Aguirre Oscar Tabarez
Proved in the warm-up match with England at ‘La Celeste’ limped through qualifying after win-
Wembley last week what a talented side they can The former midfield Coached the side in ning a two-legged play-off with Costa Rica, but
TREVOR STEVEN’S be, but a lack of organisation at the back, particu- favourite replaced the 1990 World Cup, the two-time winners undoubtedly have enough
PREDICTION larly from set pieces, could prove their undoing. A Sven-Goran Eriksson this wily 63-year-old is talent in their squad to cause quite a stir. Former
France, with their experienced new blend of youngsters such as Arsenal’s Carlos in 2009 for a second another in his second Manchester United striker Diego Forlan is their
internationals, should be too Vela and Tottenham’s Giovani dos Santos have spell in charge of the spell in charge of his biggest goal threat, while World Cup purists will
fans believing that a first venture beyond the sec- Mexicans. A contro- national team. be pleased to hear that the Uruguayan tradition of
strong for their group opponents, ond round in four tournaments – and the first ever versial figure, Aguirre Currently in his 30th good, hard tackling remains in Oscar Tabarez’s
but Mexico and Uruguay both on foreign soil – could be likely. led the side to a fifth year of management, new breed.
FRANCK impressed in qualifying and could Concacaf Gold Cup the Sky Blue have
cause an upset. SQUAD: title and then secured benefitted from his SQUAD:
RIBERY GKs: Memo Ochoa, Luis Ernesto Michel, Oscar an unlikely qualifica- experience both in GKs: Fernando Muslera, Juan-Guillermo Castillo,
Arguably one of the tricki- ODDS TO WIN GROUP Perez DEFs: Rafael Marquez, Ricardo Osorio, tion to the World Cup South America and in Martin Silva. DEFs: Diego Lugano, Diego Godin,
est wingers in world foot- Hector Moreno, Francisco Rodriguez, Carlos after a late burst. Europe. Andres Scotti, Jorge Fucile, Martin Caceres,
France 11/10 Salcido, Paul Aguilar, Efrain Juarez MIDs: Jonny Mauricio Victorino, Maximiliano Pereira. MIDs:
ball, the Bayern Munich ace Mexico 7/2 Magallon, Jorge Torres Nilo, Gerardo Torrado, Walter Gargano, Egidio Arevalo-Rios, Sebastian
will be looking to make his Uruguay 7/2 Israel Castro, Andres Guardado. FWDs: Pablo Eguren, Diego Perez, Alvaro Pereira, Alvaro
mark after missing out on South Africa 7/1 Barrera, Adolfo Bautista, Alberto Medina, Fernandez, Ignacio Gonzalez, Nicolas Lodeiro.
the Champions League final Cuauhtemoc Blanco, Javier Hernandez, Giovani FWDs: Sebastian Fernandez, Luis Suarez, Diego
odds supplied by Paddy Power dos Santos, Guillermo Franco, Carlos Vela. Forlan, Sebastian Abreu, Edinson Cavani
ONE TO WATCH

GROUP B
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
Despite boasting a strike force envied by any Diego Maradona Lars Lagerback Like group opponents Argentina, the Super Eagles
country in world football, Argentina are yet to One of the best foot- Swede Lagerback left it late to seal their qualification. Indeed only
click under boss Diego Maradona. Not even the ballers of all-time, signed a five-month nine minutes were left when victory over Kenya
goals and guile of Messi, Tevez, Higuain, Aguero Maradona played in contract to lead the confirmed their place in South Africa. The deci-
and Milito, the two-time winners only qualified four World Cups for Super Eagles in South sion to sack coach Shaibu Amodu sees Lars
through a nervous final-game victory over Argentina in 17 years Africa back in Lagerback come in temporarily. Like in 1994 and
Uruguay. Now they are here, they are feared, and in the national team. February, Lagerback 1998, preparation for this World Cup has not been
if Maradona can get them ticking, then they pose Was a popular choice spent nine years in the best, but, also like 94 and 98, the Nigerians ARGENTINA
a serious threat. to lead Argentina in charge of the Swedish have the pace, power and goal threat to upset.
2008 but was soon national team, leading
GREECE
SQUAD: criticised after his side them to five consecu- SQUAD: NIGERIA
GKs: Sergio Romero, Mariano Andujar, Diego Pozo. only just qualified fol- tive championships, GKs: Vincent Enyeama, Dele Aiyenugba, Austin SOUTH KOREA
DEFs: Nicolas Burdisso, Martin Demichelis, Walter lowing a disappointing before resigning last Ejide. DEFs: Taye Taiwo, Elderson Echiejile, Chidi
Samuel, Gabriel Heinze, Nicolas Otamendi, campaign. year. Odiah, Joseph Yobo, Daniel Shittu, Ayodele
Clemente Rodriguez, Ariel Garce. MIDs: Javier Adeleye, Rabiu Afolabi. MIDs: Chinedu Ogbuke
GROUP B FIXTURES:
Mascherano, Juan Sebastian Veron, Maximiliano Obasi, John Utaka, Kalu Uche, Dickson Etuhu, John SATURDAY 12 JUNE
Rodriguez, Mario Bolatti, Angel Di Maria, Jonas Mikel Obi, Sani Kaita, Haruna Lukman, Yusuf Ayila, Argentina v Nigeria 15.00
Gutierrez, Javier Pastore. FWDs: Sergio Aguero, Osaze Odemwingie. FWDs: Yakubu Aiyegbeni, South Korea v Greece 12.30
Diego Milito, Martin Palermo, Carlos Tevez, Nwankwo Kanu, Obafemi Martins, Victor Obinna
Gonzalo Higuain, Lionel Messi. Nsofor. THURSDAY 17 JUNE
Greece v Nigeria 15.00
ARGENTINA NIGERIA Argentina v South Korea 12.30
TUESDAY 22 JUNE
GREECE SOUTH KOREA Nigeria v South Korea 19.30
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE: Greece v Argentina 19.30
After their surprise victory in Euro 2004, very few Otto Rehhagel Huh Jung-Moo The surprise package of the 2002 World Cup on
are writing off the Greeks. This is their second The German coach In his third year in home soil, where they reached the semi-finals,
World Cup final qualification, their first coming inhas been in charge of charge of the South coach Huh Jung-Moo has a lot to live up to. The TREVOR STEVEN’S
1994 when they conceded 10 unanswered goals. the Greek side for nine Korean team having fact is, however, that side was a lot more talented PREDICTION
But with Group B wide open, Greece will have years, famously lead- made 84 appearances than this one and was led by Guus Hiddink. Huh Argentina should be comfortable
their sights set on qualification to the knockout ing them to the 2004 as a player in a 22-year only got the nod to take over after Gerard Houllier enough in winning the group with
stages this time round with Otto Rehhagel’s European career. Was awarded and Mick McCarthy turned it down and his posi-
Championships. Has the AFC Coach of the
plenty to spare, the real race is for
renouned defensive, counter-attacking tactics tion will be seriously under threat if the Koreans
expected to come into force again. previous been involved Year Award in don’t make it through the knockout stages. second. All three of the other sides
over 1,000 Bundesliga November after lead- will fancy their chances of making
ANGEL
SQUAD: GKs: Michalis Sifakis, Alexandros matches as a player ing the side to 27 SQUAD: the last 16.
Tzorvas, Kostas Chalkias. DEFs: Giorgos Seitaridis, and a coach, including games without defeat, GKs: Kim Young-Kwang, Lee Woon-Jae, Jung DI MARIA
Loukas Vintra, Evangelos Moras, Socrates a spell in charge of culminating in World Sung-Ryong. DEFs: Kim Dong-Jin, Kim Hyung-Il, ODDS TO WIN GROUP Has won his way into a star-
Papastathopoulos, Sotiris Kyrgiakos, Avraam Bayern Munich. Cup qualification. Oh Beom-Seok, Lee Young-Pyo, Lee Jung-Soo, Cha studded Argentinan midfield
Argentina 8/15
Papadopoulos, Vasilis Torosidis, Nikos Spiropoulos, Du-Ri, Cho Yong-Hyung, Kang Min-Soo. MIDs: Ki
Stelios Malezas. MIDs: Kostas Katsouranis, Sung-Yong, Kim Bo-Kyung, Kim Nam-Il, Kim Jae- Nigeria 5/1 with a string of impressive
Alexandros Tziolis, Giorgos Karagounis, Sotiris Sung, Kim Jung-Woo, Lee Chung-Yong, Park Ji- Greece 8/1 performances for Benfica.
Ninis, Christos Patsatzoglou, Sakis Prittas. FWDs: Sung. FWDs: Park Chu-Young, Ahn Jung-Hwan, South Korea 12/1 Very skilful playmaker who
Angelos Charisteas, Dimitris Salpigidis, Pantelis Lee Seung-Ryul, Yeom Ki-Hun, Lee Dong-Guk loves to run with the ball
Kapetanos, Theofanis Gekas, Giorgos Samaras. odds supplied by Paddy Power
ONE TO WATCH
CITYA.M. 9 JUNE 2010 World Cup 2010 11

GROUP C
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
In a first World Cup appearance for 24 years, the Rabah Saadane Fabio Capello Nine victories from ten matches signals an easy
Algerians, ranked 99th in the world, have it all to Enjoying, arguably, his The Italian won the qualification for Fabio Capello’s men – so hard to
do if they are to reach the knockout stages for the most successful stint hearts of the nation believe this is more or less the same side which
first time in their history. The Algerians, however, as Algerian national after sealing England’s failed to qualify for Euro 2008 under Steve
are capable of springing the odd surprise – just boss in his fifth spell. place in South Africa McClaren. Reached the quarter-finals in each of
ask West Germany in 1982 and Africa Cup of The 64-year-old for- with nine wins from the last two World Cups, although Capello will
Nations champions Egypt, who failed to qualify at mer player first ten qualifying match- also be looking to arrest an unwanted record with
ALGERIA thie expense. Nine of the squad have changed alle- coached the side in es. Was identified as the Three Lions boasting the worst penalty shoot-
giances having played for the French youth team. 1981, returned four the FA’s No1 choice for out record in World Cup history.
ENGLAND years later then wait- the job after enjoying
SLOVENIA SQUAD: ed another 13 years a glittering manageri- SQUAD:
USA GK’s: Lounes Gaouaoui, Faouzi Chaouchi, Rais M for a second return. al career with AC GK’s: Joe Hart, David James, Robert Green.
Bolhi DEF’s: Abdelkader Laifaoui, Madjid has also coached the Milan, Juventus and DEF’s: Jamie Carragher, Ashley Cole, Michael
Bougherra, Carl Medjani, Rafik Halliche, Anther Yemen national team. Real Madrid. Dawson, Glen Johnson, Ledley King, John Terry,
GROUP C FIXTURES: Yahia, Habib Belaid, Nadir Belhadj, Djamel Matthew Upson, Stephen Warnock. MID’s: Gareth
SATURDAY 12 JUNE Mesbah. MID’s: Hassan Yebda, Medhi Lacen, Yazid Barry, Michael Carrick, Joe Cole, Steven Gerrard,
England v USA 19.30 Mansouri, Adlene Guedioura, Riad Boudebouz, Frank Lampard, Aaron Lennon, James Milner,
SUNDAY 13 JUNE Djamel Abdoun, Fouad Kadir, Karim Ziani, Karim Shaun Wright-Phillips. FWD’s: Peter Crouch,
Matmour. FWD’s: Abdelkader Ghezzal, Rafik Jermain Defoe, Emile Heskey, Wayne Rooney.
Algeria v Slovenia 19.30 Djebbour, Rafik Saifi.
FRIDAY 10 JUNE
Slovenia v USA 15.00 ALGERIA ENGLAND
England v Algeria 19.30
WEDNESDAY 22 JUNE
Slovenia v England 15.00
SLOVENIA USA
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
USA v Algeria 15.00 Matjaz Kek Bob Bradley
Their only World Cup appearance came in 2002 Reaching the final of both the Confederations Cup
when they slumped to three group stage defeats A former Slovenian New Jersey-born and Gold Cup in South Africa last year, in the
TREVOR STEVEN’S without scoring a goal. Any improvement on that international, Kek Bradley began his space of a month, will give the Americans belief
PREDICTION would be a start and after disposing of a fancied began his career with coaching career in col- they can achieve something here. With a number
Fabio Capello’s England should Russian side in the European play-offs, you would- hometown club lege football before of high-profile Premier League players in their
have far too much for this group n’t bet against them. Coach Matjaz Kek promoted Maribor in 1979 moving into the MLS, ranks, they won’t fear England and after breaking
a number of the successful under-21 side to the before moving to manging the Chicago the world record unbeaten run of Spain last year,
and win at a canter. USA will senior ranks and it’s paid dividends, but this is Austria to play for Fire, Metrostars and nor should they. Will fancy their chances of reach-
fancy their chances of qualifying surely their toughest test to date. Spittal/Drau and GAK Chivas over nine sea- ing at least the last 16.
JAMES also, ahead of Slovenia, while before retuning to sons. Became national
Algeria have it all to do SQUAD: Maribor where he team coach in 2006, SQUAD:
MILNER GK’s: Samir Handanovic, Jasmin Handanovic, won three league leading the side to GK’s: Brad Guzan, Tim Howard, Marcus
The midfielder has enjoyed a ODDS TO WIN GROUP Aleksander Seliga. DEF’s: Bojan Jokic, Marko titles. Became national runner-up in the 2009 Hahnemann. DEF’s: Carlos Bocanegra, Jonathan
fine season for Aston Villa. Suler, Bostjan Cesar, Branko Ilic, Matej Mavric, coach in 2007. Confederations Cup. Bornstein, Steve Cherundolo, Jay DeMerit,
England 4/11 Elvedin Dzinic, Miso Brecko, Suad Filekovic. MID’s: Clarence Goodson, Oguchi Onyewu, Jonathan
Good on the ball with great USA 5/1 Andraz Kirm, Andrej Komac, Rene Krhin, Dalibor Spector. MID’s: DaMarcus Beasley, Michael
vision, Milner can play any- Slovenia 11/1 Stevanovic, Robert Koren, Aleksander Bradley, Ricardo Clark, Clint Dempsey, Landon
where across the midfield Algeria 20/1 Radosavljevic, Valter Birsa. FWD’s: Milivoje Donovan, Maurice Edu, Benny Feilhaber, Stuart
and can score goals Novakovic, Zlatko Dedic, Zlatan Ljubijankic, Nejc Holden, Jose Torres FWD’s: Jozy Altidore, Edson
odds supplied by Paddy Power Pecnik, Tim Matavz. Buddle, Robbie Findley, Herculez Gomez.
ONE TO WATCH

GROUP D
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
With a cluster of Premier League stars in their Pim Verbeek Joachim Low Never underestimate the Germans, that’s the say-
ranks, the Socceroos will be fancied, at least, for a
The Dutchman will Despite his previous ing, but the loss of a number of key players, includ-
last 16 place. But recent performances, including leave his post after the popularity with the ing talismanic captain Joachim Low, has led many
an unconvincing second half display against New World Cup to take German opress and to believe the Germans will not be the force of old.
Zealand last week, has left fans uncertain. Coach over as Youth public, the shock omis- Indeed, Low has only two out-and-out midfielders
Verbeek has taken a more pragmatic approach Technical Director of sions of Torsten Frings in his ranks, but plenty of exciting young defend-
compared to popular predecessor Guus Hiddink, the Moroccan national and Kevin Kuranyi has ers who emminate from the successful European
but in Tim Cahill and Harry Kewell they possess team – and he’s going put Low in the firing under-21 side. In Miroslav Klose and Lukas AUSTRALIA
potential match-winners. to want to go out with line. The former Podolski, they have goals at thier disposal.
a bang. The 54-year- Stuttgart and
GERMANY
SQUAD: old has been in coach- Fenerbahce boss has SQUAD: GHANA
GK’s: Mark Schwarzer, Adam Federici, Brad Jones, ing for 29 years and been at the helm for GK’s: Joerg Butt, Manuel Neuer, Tim Wiese. DEF’s: SERBIA
Eugene Galekovic. DEF’s: Lucas Neill, Craig Moore, has previously been in four years now, it all Dennis Aogo, Holger Badstuber, Arne Friedrich,
Scott Chipperfield, David Carney, Luke Wilkshire, charge of South Korea. rests on this month. Jerome Boateng, Marcell Jansen, Philipp Lahm,
Mark Milligan, Michael Beauchamp. MID’s: Tim Per Mertesacker, Serdar Tasci. MID’s: Sami
GROUP D FIXTURES:
Cahill, Mark Bresciano, Vince Grella, Brett Khedira, Toni Kroos, Marko Marin, Mesut Oezil, SUNDAY 13 JUNE
Emerton, Jason Culina, Brett Holman, Carl Valeri, Bastian Schweinsteiger, Piotr Trochowski. FWD’s: Germany v Australia 19.30
Mile Jedinak, Richard Garcia, Dario Vidosic. Cacau, Mario Gomez, Stefan Kiessling, Miroslav Serbia v Ghana 15.00
FWD’s: Josh Kennedy, Nikita Rukavytsya, Harry Klose, Thomas Mueller, Lukas Podolski
Kewell. FRIDAY 18 JUNE
Germany v Serbia 12.30
AUSTRALIA GERMANY SATURDAY 19 JUNE
Ghana v Australia 15.00
GHANA SERBIA WEDNESDAY 23 JUNE
Ghana v Germany 19.30
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
Milovan Rajevac Radomir Antic
Australia v Serbia 19.30
Reached the second round for the first time in After nine appearances as the former Yugoslavia
2006, but with a tough group, the Black Stars will The Serbian coach has A surprise successor and one with Montenegro in 2006, Serbia enter
have to shine as bright as ever to repeat that feat. enjoyed great success to Miroslav Dukic in the competition as an independent nation for the TREVOR STEVEN’S
The squad is packed full of players with top in his two years in 2008 – simply first time – and look a team to be feared. PREDICTION
European experience, but the loss of talisman charge, leading Ghana because he’d turned Impressively finished ahead of France in their Germany will start as favourites
Michael Essien is a killer blow. Members of their to the final of the the job down many qualifying group and with the likes of Manchester but have suffered from injuries
Under-20 World Cup-winning squad are there as Africa Cup of Nations, times previous. Not United’s Nemanja Vidic, Chelsea’s Branislav
back-up and give the squad a winning mentality and also World Cup always enjoyed the Ivanovic and giant striker Nikola Zigic, they have and could find it tough edging out
and a confident look. qualification for only best of relationships an experienced look about them. a quietly-impressive Serbians,
the second time. Aged with the Serbian FA although both Ghana and MESUT
SQUAD: 56, Rajevac is a for- but impressively guid- SQUAD: Australia can spring a surprise
GK’s: Richard Kingston, Daniel Adjei, Stephen mer Red Star ed the team through GK’s: Vladimir Stojkovic, Zeljko Brkic, Bojan OZIL
Ahorlu. DEF’s: Samuel Inkoom, Hans Sarpei, Lee Belgrade player and qualifying and has Isailovic, Andjelko Djuricic. DEF’s: Branislav ODD’S TO WIN GROUP The Werder Bremen
Addy, John Mensah, Rahim Ayew, Isaac Vorsah, manager. signed a new deal. Ivanovic, Antonio Rukavina, Nemanja Vidic, Neven youngster is earning quite a
John Pantsil, Jonathan Mensah. MID’s: Dede Subotic, Aleksandar Lukovic, Ivan Obradovic, Germany 10/11
Ayew, Kwadwo Asamoah, Stephen Appiah, Aleksandar Kolarov. MID’s: Dejan Stankovic, Serbia 10/3 reputation for himself as a
Anthony Annan, Sulley Muntari, Quincy Owusu- Nenad Milijas, Miloss Krasic, Milan Jovanovic, Ghana 5/1 playmaker and attacking
Abeyie, Derek Boateng, Kevin-Prince Boateng. Milos Ninkovic, Zdravko Kuzmanovic, Zoran Tosic, Australia 9/1 central midfielder. Is being
FWD’s: Prince Tagoe, Asamoah Gyan, Dominic Gojko Kacar, Radosav Petrovic. FWD’s: Nikola Zigic, eyed by English scouts
Adiyiah, Matthew Amoah. Marko Pantelic, Danko Lazovic, Dragan Mrdja. odds supplied by Paddy Power
ONE TO WATCH
12 World Cup 2010 CITYA.M. 9 JUNE 2010

GROUP E
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
The Dutch arrive in buoyant mood, having followed Bert van Marwijk Paul le Guen The Indomitable Lions boast the best World Cup
an impressive Euro 2008 with a perfect qualifying The ex-Feyenoord boss Best know to Britons pedigree of all African countries and topped their
campaign. Questions, as ever, linger about the chose not to tinker for a disastrous spell qualifying group, but a disappointing Cup of
fragility of their temperament, previous campaigns with the team that lit at Rangers, he has had Nations campaign has reined in expectations. They
having been undermined by internal friction. But up the European far more success with are not short of talent: few strikers are deadlier
they have the best attacking talent outside of Championship two Cameroon. After being than Samuel Eto’o and Carlos Kameni is a superb
South America, in Wesley Sneijder, Robin van years ago under hired a year ago, he goalkeeper, while Alex Song, Sebastien Bassong
HOLLAND Persie and Arjen Robben – all that remains is for Marco van Basten. His set about implement- and Benoit Assou-Ekotto are Premier League stars.
them to finally live up to their billing. biggest wish will be ing a more profession- All will need to be at their best to progress.
CAMEROON that the notoriously al infrastructure and
DENMARK SQUAD: injury-plagued Van saw instant results, SQUAD:
JAPAN GKs: Maarten Stekelenburg, Sander Boschker, Persie and Robben salvaging a dire quali- GKs: Guy Roland N'Dy Assembe, Idriss Carlos
Michel Vorm DEFs: Khalid Boulahrouz, Edson survive the tourna- fying campaign to lead Kameni, Hamidou Souleymanou DEFs: Benoit
Braafheid, Giovanni van Bronckhorst, John ment unscathed. them to the finals. Assou-Ekotto, Sebastien Bassong, Gaetan Bong,
GROUP E FIXTURES: Heitinga, Joris Mathijsen, Gregory van der Wiel, Aurelien Chedjou, Geremi, Stephane Mbia, Nicolas
MONDAY 14 JUNE Andre Ooijer MIDs: Mark van Bommel, Nigel de Nkoulou, Rigobert Song MIDs: Achille Emana,
Holland v Denmark 12.30 Jong, Stijn Schaars, Wesley Sneijder, Rafael van Enoh Eyong, Jean Makoun, Georges Mandjeck,
Japan v Cameroon 15.00 der Vaart, Demy de Zeeuw, Ibrahim Afellay Joel Matip, Landry Nguemo, Alex Song FWDs:
FWDs: Dirk Kuyt, Eljero Elia, Ryan Babel, Klaas- Vincent Aboubakar, Eric Choupo-Moting, Samuel
SATURDAY 19 JUNE Jan Huntelaar, Robin van Persie, Arjen Robben Eto'o, Mohamadou Idrissou, Achille Webo
Holland v Japan 12.30
Cameroon v Denmark 19.30 HOLLAND CAMEROON
THURSDAY 24 JUNE
Denmark v Japan 19.30 DENMARK JAPAN
Cameroon v Holland 19.30 TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
They may never challenge Holland or Spain in the Morten Olsen Takeshi Okada Goals look like being hard to come by for Japan,
sexy football stakes, but Denmark might surprise a The longest-serving Now in his second who have never won a World Cup match on for-
TREVOR STEVEN’S few people. Olsen’s men saw off Portugal and rivals coach at the World stint as national boss, eign soil. They have consistently struggled to find
PREDICTION Sweden to top their qualifying group and look well Cup, Olsen has been in Okada courted ridicule a reliable goalscorer, and a meagre return in quali-
With a perfect qualifying record, equipped to maintain their record of always reach- charge for 10 years, by bragging that fying suggests that has not changed. Saying that,
Holland should have no danger in ing the second round. Solid at the back, where they despite missing the Japan would reach they were the first team to book their place at the
are marshalled by Liverpool’s Daniel Agger, their last two major tourna- the semi-finals this finals, and have quality in midfield from Keisuke
going through as group winners ments. A great quali- time around. The 53-
attacking threat will come from golden boy and Honda and Shunsuke Nakamura, but their coach’s
here. The big question is who will Arsenal forward Nicklas Bendtner. fying campaign won year-old did not do so boasts look likely to backfire spectacularly.
follow them, Denmark and him a new two-year well last time, at the
ROBIN
Cameroon will slog that one out. SQUAD: contract, and will pre- 2002 tournament, SQUAD:
VAN PERSIE GKs: Thomas Sorensen, Stephan Andersen, sumably get a job for masterminding three GKs: Seigo Narazaki, Eiji Kawashima, Yoshikatsu
The Arsenal man looks back ODDS TO WIN GROUP Jesper Christiansen DEFs: William Kvist, Simon life if he can get past defeats and promptly Kawaguchi DEFs: Yuji Nakazawa Marcus Tulio
to his scintillating best after Kjaer, Lars Jacobsen, Per Kroldup, Daniel Agger, the last 16. stepping down. Tanaka, Yuichi Komano, Daiki Iwamasa, Yasuyuki
Holland 4/7
Patrick Mtigliga, Simon Poulsen MIDs: Martin Konno, Yuto Nagatomo, Atsuto Uchida MIDs:
a long injury lay-off. If – and Denmark 9/2 Jorgensen, Christian Poulsen, Jakob Poulsen, Shunsuke Nakamura, Yasuhito Endo, Kengo
it’s a big if – he avoids get- Cameroon 5/1 Dennis Rommedahl, Thomas Kahlenberg, Thomas Nakamura, Junichi Inamoto, Yuki Abe, Makoto
ting crocked again, he could Japan 14/1 Enevoldsen, Christian Eriksen, Mikkel Beckmann, Hasebe, Keisuke Honda, Daisuke Matsui FWDs:
propel Holland to greatness Daniel Jensen, Jesper Gronkjaer FWDs: Jon Dahl Shinji Okazaki, Keiji Tamada, Yasuhito Okubo,
odds supplied by Paddy Power Tomasson, Soren Larsen, Nicklas Bendtner Kisho Yano, Takayuki Morimoto
ONE TO WATCH

GROUP F
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
The Azzuri are widely assumed to be past their Marcello Lippi Vladimir Weiss Having been overshadowed by Czech Republic
best, short of inspiration and unlikely to reach the The former Juventus The 45-year-old is the since the countries split in 1993, Slovakia are now
latter stages. But then that is exactly what their boss steered them to youngest coach at the enjoying bragging rights, after qualifying for their
critics said four years ago, and they went on to surprise glory in tournament and is first World Cup at the expense of their neigh-
upset the odds to win the trophy for a fourth time. 2006, so knows how fond of picking his son, bours. Liverpool’s Martin Skrtel is a familiar face
Italy’s reputation for stifling, negative play will not to win the trophy. The Vladimir junior, of in defence, while they have talented midfielders in
be helped by the absence of the now-retired only man to have won Manchester City. Napoli’s goal-getting Marek Hamsik and Chelsea
Francesco Totti, but they remain a threat and have the Champions League Weiss, who built his youngster Miroslav Stoch, who spent last season ITALY
perhaps been written off a touch too quickly. and World Cup, he reputation at on loan with Steve McClaren at FC Twente.
returned to the helm Artmedia Bratislava,
NEW ZEALAND
SQUAD: GKs: Gianluigi Buffon, Morgan De after Roberto is a hugely popular SQUAD: PARAGUAY
Sanctis, Federico Marchetti DEFs: Salvatore Donadoni’s disappoint- figure in his homeland, GKs: Jan Mucha, Dusan Kuciak, Dusan Pernis SLOVAKIA
Bocchetti, Leonardo Bonucci, Fabio Cannavaro, ing spell in charge at having led Slovakia to DEFs: Peter Pekarik, Martin Petras, Martin
Giorgio Chiellini, Domenico Criscito, Christian Euro 2008. their first finals. Skrtel, Jan Durica, Radoslav Zabavnik, Marek
Maggio, Gianluca Zambrotta MIDs: Mauro Cech, Kornel Salate MIDs: Kamil Kopunek, Jan
GROUP F FIXTURES:
Camoranesi, Daniele De Rossi, Gennaro Gattuso, Kozak, Juraj Kucka, Marek Sapara, Marek MONDAY 14 JUNE
Claudio Marchisio, Riccardo Montolivo, Angelo Hamsik, Vladimir Weiss, Miroslav Stoch, Zdeno Italy v Paraguay 19.30
Palombo, Simone Pepe, Andrea Pirlo FWDs: Strba FWDs: Erik Jendrisek, Robert Vittek, TUESDAY 15 JUNE
Antonio Di Natale, Alberto Gilardino, Vincenzo Martin Jakubko, Filip Holosko, Stanislav Sestak
Iaquinta, Giampaolo Pazzini, Fabio Quagliarella New Zealand v Slovakia 19.30
SUNDAY 20 JUNE
ITALY SLOVAKIA Slovakia v Paraguay 12.30
Italy v New Zealand 15.00
PARAGUAY NEW ZEALAND THURSDAY 24 JUNE
Paraguay v New Zealand 15.00
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
Gerardo Martino Ricki Herbert
Slovakia v Italy 15.00
They beat Brazil and Argentina in qualifying and While the All Blacks may be among the most
have amassed a decent pedigree, having reached The Argentine has The former All Whites feared sides in rugby, their footballing counter-
the last three World Cups, so hopes are high that promised to leave his centre-back played for parts are unlikely to put the wind up anyone. They TREVOR STEVEN’S
Paraguay will beat their previous best perform- post if Paraguay do his country at the are rank outsiders, have come off second best PREDICTION
ance and make it into the quarter-finals. Form has not break new ground 1982 tournament and against Fiji, Tanzania and Botswana in recent Defending chamoions Italy want
slipped in recent months but they are strong in and get to the quar- combines his role with matches, and only qualified after edging a play-off shooting if they can’t come
attack, where they boast Manchester City’s Roque ter-finals, and the 47- managing club side against that superpower of the game, Bahrain.
Santa Cruz and Benfica’s Oscar Cardozo, and their year-old Martino Wellington Phoenix. A While captain Ryan Nelsen plays for Blackburn, through unscathed here, although
chances look good of making it to the last 16. would likely be sorely second salary proba- midfielder Andy Barron also works in a bank. Paraguay are an unknown quanti-
missed, having found bly comes in handy as ty and are being well backed. ANTONIO
SQUAD: success despite a Herbert is thought to SQUAD: Neither should be troubled.
GKs: Justo Villar, Aldo Bobadilla, Diego Barreto small pool of players only earn £25,000 for GKs: James Bannatyne, Glen Moss, Mark Paston DI NATALE
DEFs: Claudio Morel Rodriguez, Denis Caniza, by demonstrating tac- coaching the national DEFs: Andy Boyens, Tony Lochhead, Ryan Nelsen, ODDS TO WIN GROUP A RARE creative outlets in
Paulo da Silva, Dario Veron, Julio Cesar Caceres, tical flexibility. team. Winston Reid, Ben Sigmund, Tommy Smith, Ivan Italy’s line-up, the veteran
Carlos Bonet, Aureliano Torres, Antolin Alcaraz Vicelich MIDs: Andy Barron, Leo Bertos, Tim Italy 4/7
MIDs: Edgar Barreto, Cristian Riveros, Victor Brown, Jeremy Christie, Aaron Clapham, Simon Paraguay 3/1 forward has been a late
Caceres, Enrique Vera, Jonathan Santana, Nestor Elliott, Michael McGlinchey, David Mulligan Slovakia 7/1 bloomer but now has a
Ortigoza FWDs: Roque Santa Cruz, Nelson Haedo FWDs: Jeremy Brockie, Rory Fallon, Chris Killen, New Zealand 80/1 chance to shine on the
Valdez, Oscar Cardozo, Edgar Benitez, Lucas Shane Smeltz, Chris Wood biggest stage of all
Barrios, Rodolfo Gamarra odds supplied by Paddy Power
ONE TO WATCH
CITYA.M. 9 JUNE 2010 World Cup 2010 13

GROUP G
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
This Brazil team is not the freewheeling band of Dunga Sven-Goran Eriksson Much is expected of the Elephants as the conti-
entertainers synonymous with the five-time win- The man who cap- The former England nent’s leading nation at the first African World
ners, having been reinforced with a defensive tained Brazil to glory manager was hired to Cup – or at least it was until star striker Didier
solidity by Dunga. That said, any team with Kaka in USA in 1994 has bring some tactical Drogba broke his arm in a warm-up match. While
and Robinho in the side is sure to dazzle and the brought pragmatism expertise and major he may yet play some part, the absence of the
South Americans are among the favourites to to the side in his very tournament experi- Chelsea talisman for any period will hit the
reclaim the trophy. Recent results have looked first job as a coach, ence, and the Swede Ivorians hard, despite the quality of a squad that
BRAZIL ominously dangerous, while the familiar climate and to positive effect. has something to also includes the Toure brothers, Salomon Kalou
and conditions should also work in their favour. The 46-year-old won prove after an ulti- and Didier Zokora.
IVORY COAST five games out of five mately fruitless spell
NORTH KOREA SQUAD: at last summer’s with the Three Lions SQUAD:
PORTUGAL GKs: Julio Cesar, Doni, Heurelho Gomes. Confederations Cup and disastrous stints GKs: Boubacar Barry, Aristides Zogbo, Daniel
DEFs: Maicon, Daniel Alves, Michel Bastos, and breezed through in charge of Mexico Yeboah. DEFs: Souleymane Bamba, Arthur Boka,
Gilberto, Lucio, Juan, Luisao, Thiago Silva. qualifying. and Notts County. Benjamin Brou Angoua, Guy Demel, Emmanuel
GROUP G FIXTURES: MIDs: Gilberto Silva, Felipe Melo, Ramires, Elano, Eboue, Steve Gohouri, Siaka Tiene, Kolo Toure.
TUESDAY 15 JUNE Kaka, Julio Baptista, Kleberson, Josue. MIDs: Jean-Jacques Gosso Gosso, Abdelkader
Ivory Coast v Portugal 15.00 FWDs: Robinho, Luis Fabiano, Nilmar, Grafite Keita, Emmanuel Kone, Gervinho, Koffi N'Dri
Brazil v North Korea 19.30 Romaric, Cheik Ismael Tiote, Yaya Toure, Didier
Zokora. FWDs: Aruna Dindane, Didier Drogba,
MONDAY 20 JUNE Salomon Kalou, Bakary Kone.
Brazil v Ivory Coast 19.30
TUESDAY 21 JUNE BRAZIL IVORY COAST
Portugal v North Korea 12.30
FRIDAY 25 JUNE
North Korea v Ivory Coast 15.00
PORTUGAL NORTH KOREA
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
Portugal v Brazil 15.00 Carlos Queiroz Kim Jong Hun
Portugal may still boast the likes of Deco, Ricardo Vying with New Zealand for the title of worst
Carvalho and Paulo Ferreira, but that generation is Moustache-sporting, Expect an emphasis team, North Korea ought to pop the champagne
TREVOR STEVEN’S on the wane, and Cristiano Ronaldo will need to touchline-fighting ‘Big on defence from the corks if they take a single point. All but two of
PREDICTION be at his inspirational, single-handed best if they Phil’ Scolari was boss, who prizes fit- their squad play for domestic teams, with Jong
In all groups of death, there has to are to trouble the later rounds. Fortunately for always going to be a ness, organisation and Tae Se and An Yong Hak enjoying the relative
be a loser, but North Korea aside, I Carlos Queiroz, the prolific Real Madrid forward is hard act to follow, and motivation in his team. glamour of Japan. A cunning plan to take an extra
no stranger to carrying underperforming sides, Queiroz has found the Propaganda has it striker by listing him as a goalkeeper backfired
really can’t pick one here. Brazil and goes into the tournament off the back of a going tough, not least that he has even taken after they were told Kim Myong Won is only
will surely claim one of the places, fine first season in Spain. because he inherited a tactical guidance dur- allowed to play in goal, having been listed as such.
leaving the opening game between deteriorating squad, ing matches from
ROBINHO Portugal and Ivory Coast as crucial. SQUAD:
GKs: Eduardo, Daniel Fernandes, Beto.
so the former
Manchester United
leader Kim Jong-Il,
using special mobile
SQUAD:
GKs: Ri Myong-Guk, Kim Myong-Gil, Kim Myong
MANCHESTER may not ODDS TO WIN GROUP DEFs: Miguel, Paulo Ferreira, Ricardo Carvalho, coach is desperate for phones not visible to Won. DEFs: Cha Jong-Hyok, Pak Nam-Choi, Ri Jun-
have agreed with him but Bruno Alves, Rolando, Ricardo Costa, Duda, Fabio a good tournament. the naked eye. Ahem. Il, Ri Kwang-Chon, Pak Choi-Jin, Nam Song-Choi,
Brazil 8/13 Coentrao. Pak Sung Hyok, Ri Kwang Hyok. MIDs: Ji Yun-
Robinho is grinning again Portugal 10/3 MIDs: Pedro Mendes, Pepe, Tiago, Deco, Raul Nam, Mun In-Guk, Kim Yong-Jun, Ri Choi-Myong,
after a spell in his homeland Ivory Coast 5/1 Meireles, Miguel Veloso. Pak Nam-Choi, An Yong-Hak, Kim Kyong-Il. FWDs:
and seems to reserve his North Korea 100/1 FWD’s: Simao Sabrosa, Danny, Liedson, Hugo Hong Yong-Jo, An Choi Hyok, Jong Tae-Se, Choe
best for for his country Almeida, Cristiano Ronaldo, Ruben Amorim. Kum-Choi, Kim Kum-Il.
odds supplied by Paddy Power
ONE TO WATCH

GROUP H
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE:
The reigning European champions are the hot Vicente del Bosque Marcelo Bielsa Chile were the revelation of the South American
favourites to win their first World Cup, and it is The man once inexpli- The third Argentine qualifying campaign, thumping in 33 goals and
not hard to see why: a squad of superstars at their cably fired by Real coach in the tourna- winning 10 games as they finished second only to
peak and a settled team that has been playing the Madrid has picked up ment, Bielsa was in Brazil. Hulking Real Zaragoza forward Humberto
same way for several years. Yet fitness doubts where Luis Aragones charge of his own Suazo leads the line in a counter-attacking system
hover over Fernando Torres, Xavi and Andres left off after Euro country when England that relies on the invention of Sporting Lisbon’s
Iniesta, their key players have been through gru- 2008, and has won all beat them at the Matias Fernandez and Udinese winger Alexis
elling club seasons, plus they have the added pres- but one of his games 2002 World Cup. He is Sanchez. Look likely to slug it out with CHILE
sure of now being expected to win. in charge. Del Bosque determined to Switzerland for second place in the group.
is bidding to make improve on that first-
HONDURAS
SQUAD: Spain the first round exit and has SQUAD: SPAIN
GKs:Iker Casillas, Jose Manuel Reina, Victor European country to moulded Chile into a GKs: Claudio Bravo, Miguel Pinto, Luis Marin SWITZERLAND
Valdes DEFs: Raul Albiol, Alvaro Arbeloa, Joan win the trophy outside unit that looks capa- DEFs: Pablo Contreras, Ismael Fuentes, Mauricio
Capdevila, Carlos Marchena, Gerard Pique, Carles their home continent. ble of doing so. Isla, Gary Medel, Gonzalo Jara, Waldo Ponce,
Puyol, Sergio Ramos MIDs: Xabi Alonso, Sergio Arturo Vidal MIDs: Carlos Carmona, Marco
GROUP H FIXTURES:
Busquets, Cesc Fabregas, Andres Iniesta, Javier Estrada, Matias Fernandez, Gonzalo Fierro, WEDNESDAY 16 JUNE
Martinez, David Silva, Xavi Hernandez FWDs: Rodrigo Millar, Rodrigo Tello, Jorge Valdivia Honduras v Chile 12.30
Jesus Navas, Juan Manuel Mata, Pedro Rodriguez, FWDs: Jean Beausejour, Mark Gonzalez, Fabian Spain v Switzerland 15.00
Fernando Llorente, Fernando Torres, David Villa Orellana, Esteban Paredes, Alexis Sanchez,
Humberto Suazo MONDAY 21 JUNE
Chile v Switzerland 15.00
SPAIN CHILE Spain v Honduras 19.30
FRIDAY 25 JUNE
SWITZERLAND HONDURAS Chile v Spain 19.30
TEAM PROFILE: THE COACH: THE COACH: TEAM PROFILE: Switzerland v Honduras 19.30
Lost at home to Luxembourg in qualifying but, Ottmar Hitzfeld Reinaldo Rueda They may boast Tottenham midfielder Wilson
that monumental blip aside, had little difficulty The vastly experi- The 53-year-old failed Palacios, one-time Inter Milan striker David Suazo
reaching a ninth finals, where they will have gen- enced German coach to take his native and, er, Wigan duo Maynor Figueroa and Hendry TREVOR STEVEN’S
uine hopes of progressing from the group stage. led the Swiss to a five- Colombia to the finals Thomas, but that is where the well-known names PREDICTION
In order to see off Chile and Honduras, they will game winning streak four years ago, having end, save for perhaps Genoa midfielder Julio As dead certs go, European cham-
need strong showings from star men, captain and that sealed their quali- taken over during a Cesar de Leon, who goes by the nickname Rambo. pions Spain are right up there in
talismanic striker Alexander Frei, tricky Bayer fication to the tourna- doomed qualifying Honduras only qualified thanks to a last-minute
ment but the campaign, but did the
emerging as group winners. Chile
Leverkusen winger Tranquillo Barnetta and West USA equaliser against Costa Rica and few would
Ham’s dynamic midfielder Valon Behrami. 61-year-old will have business with his predict anything other than a first-round exit. are dangerous and Honduras
to go some to equal country’s less fancied unknown, so Switzerland will have
DAVID
SQUAD: GKs: Diego Benaglio, Johnny Leoni, the country’s best ever neighbours this time SQUAD: their work cut out to qualify.
Marco Woelfli DEFs: Stephan Lichtsteiner, tournament, in 1954, around. Made his GKs: Ricardo Canales, Noel Valladares, Donis VILLA
Stephane Grichting, Steve Von Bergen, Philippe when they made it to name with Colombia’s Escober DEFs: Victor Bernardez, Maynor ODDS TO WIN GROUP ONE of the deadliest marks-
Senderos, Mario Eggimann, Christoph Spycher, the quarter-finals. Under-17 team. Figueroa, Oscar Garcia, Sergio Mendoza, Emilio men around and not likely to
Spain 2/7
Reto Ziegler MIDs: Valon Behrami, Gokhan Inler, Izaguirre, Johnny Palacios, Mauricio Sabillon,
Benjamin Huggel, Gelson Fernandes, Xherdan Osman Chavez MIDs: Edgard Alvarez, Julio Cesar Chile 6/1 be short of chances, given
Shaqiri, Pirmin Schwegler, Tranquillo Barnetta, de Leon, Roger Espinoza, Amado Guevara, Ramon Switzerland 12/1 Spain’s talented midfield,
Marco Padalino FWD: Thierry Henry, Nicolas Nunez, Wilson Palacios, Hendry Thomas, Danilo Honduras 66/1 and will want to show why
Anelka, Andre-Pierre Gignac, Sidney Govou, Djibril Turcios FWDs: David Suazo, Georgie Welcome, Barca paid £30m for him
Cisse, Mathieu Valbuena Carlos Pavon, Walter Martinez odds supplied by Paddy Power
ONE TO WATCH
14 World Cup 2010 | Punter CITYA.M. 9 JUNE 2010

FOOTBALL TRADER BEN CLEMINSON RUNS THROUGH HIS BEST BETS FOR WORLD CUP 2010

Magical Messi
the inspiration
for Argentina
W
E are now only days away from to breakdown. However, I’m of the opin-
World Cup 2010 and let’s just ion that Spain could rely too heavily on
hope there are no more last injury-prone Fernando Torres and Brazil
minute injuries to some of the don’t quite have the star names that we
stars on show. I can’t remember a tourna- come to expect.
ment where so many top players have England have drifted in recent days
missed out due to physical breakdowns, with the news that Rio Ferdinand will
but at least the world’s best player, Lionel miss the tournament, but they were too
Messi, seems to be in one piece. short and 8/1 is a fairer reflection of their
Looking at the outright market and it is chances. I wouldn’t be overly surprised to
no wonder that Spain and Brazil are vying see England reach the semi-finals, but I
for favouritism at 4/1 and 9/2 respectively can’t see them progressing further than
with William Hill. The Spanish are the that. Holland are interesting at a general
reigning European champions and 10/1 and could easily make the last four, as
arguably have the strongest squad, while could current holders Italy, who seem to
Brazil’s World Cup record speaks for itself have been written off with a quote of 16/1.
and Dunga has made them more difficult However, there has been one team that

I NOT
MISS A
SINGLE Messi will be looking
to cement his position
as the best player in
has continued to shorten over the past few
weeks and at a best-priced 7/1, I still think
ARGENTINA are worth backing. They bare-
himself, just as his boss did 24 years ago.
It would be folly to write off the old
enemy GERMANY as well, despite them

MATCH.
the world. ly made it through qualifying due to some losing their captain Michael Ballack. Time
Picture: P.A. horrific performances, including a 6-1 and time again the Germans are underrat-
defeat in Bolivia. Much of the blame was ed coming into the big tournaments and
placed firmly on head coach Diego time and time again they come up with
Maradona’s shoulders, but they have now the goods. Their World Cup record is noth-
Download the new football plug-in and get... won all five games in 2010 and have a fear- ing short of outstanding; since 1954 they
some strikeforce. The combined names of have only failed to reach the quarter-finals
Automatic updates on Latest Odds Lionel Messi, Gonzalo Higuain, Diego in one of 14 tournaments.
Milito and Carlos Tevez are enough to send They are a big price at 14/1 with William
Later Rounds and Match Results. shivers down the spine of the most experi- Hill and on Betdaq and offer the perfect
enced defenders and the side could be trading opportunity on the exchange, or
Plus Special bet offers for all key matches peaking at exactly the right time. on Sporting Index’s outright index. They
South Americans have done this in the have won their group in all of the last five
past – Brazil were awful in qualifying for World Cups and their price will be much
2002 before going on to win it, while shorter if they do that again and get a
Argentina were also poor in the run-up to decent second round draw.
their last victory in 1986.
This could be the tournament where
Messi cements his position as the best play-
POINTERS...
er the world has seen since Maradona and Argentina to win the tournament at 7/1 on Betdaq
he could feasibly win the tournament by Buy Germany at 28 on the Sporting Index outright index

THE RACE FOR


THE GOLDEN BOOT
D
avid Villa is the favourite with England will rely heavily on refund all bets if Rooney scores at
every bookmaker to win the Wayne Rooney if they are to any time.
®
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E IN
Golden Boot and his goalscor-
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progress to the semi-finals for the
first time since 1990, but they have
MIROSLAV KLOSE won the
Golden Boot at the last tournament

AMHILL..COM/CALE ENDAR lent, finding the net 37 times in 57 never been prolific scorers in big and even though he hasn’t been in
AT WILLLIA games. LIONEL MESSI is next best tournaments. He will surely be the form for Bayern Munich, he does
at 10/1 with Paddy Power and if top scorer for the Three Lions, but I step up at international level. He
Argentina are to do well he has to wouldn’t be interested in backing would become the first player to
have a decent chance of winning him at 11/1. However, Paddy Power win back-to-back Golden Boots, but
the Golden Boot. He’s been top scor- are offering a nice concession in I think he is overpriced at 33/1 with
er in the Champions League for the England’s opening group game to William Hill.
last two seasons and if he starts to
find his feet in the group stages, the
28/1 with William Hill about
POINTERS...
Argentina winning the tournament Lionel Messi to win the Golden Boot at 10/1 with Paddy Power
William Hill rules apply. Over 18s only. OUTLOOK® is a registered trademark of the Microsoft Corporation. and him topping the charts could be Lionel Messi / Argentina double at 28/1 with William Hill
FOR ADVICE & INFORMATION VISIT WWW.GAMBLEAWARE.CO.UK very good value. Miroslav Klose to win the Golden Boot at 33/1 with William Hill e/w
CITYA.M. 9 JUNE 2010 World Cup 2010 | Punter 15

Ribery struggled
for form with
Bayern Munich
during the back-
end of last season.
Picture: P.A.

France could struggle


to get through Group A
F
RANCE have made it to two of the I’m of the opinion that they can progress wouldn’t look forward to a meeting
last three World Cup finals, but they and like the look of the 2/1 on Betdaq against them in the second round.
were knocked out in the group about them doing just that. I’ll also be sell- Manchester United’s Nemanja Vidic and
stages in 2002, taking just one point ing France on Sporting Index’s Group A Chelsea’s Branislav Ivanovic are top quality
and the same happened at Euro 2008. index at 14.5. defenders and their 6ft 7in striker Nikola
It is remarkable that Raymond Fabio Capello was delighted when his Zigic could prove a handful up front. They
Domenech has managed to keep his job side were drawn with the USA, Slovenia look a decent bet to qualify alongside the
and they are only really in South Africa and Algeria in Group C. The Three Lions Germans, so back the Germany-Serbia
thanks to the hand of Thierry Henry. They should really have far too much for their straight forecast at 3/1 with William Hill.
just don’t look like a squad that is togeth- opposition, although it wouldn’t surprise Those expecting a similar Brazil side to
er in my opinion and are therefore worth me if they struggle slightly against the the one that last won the World Cup in
taking on in Group A. Americans on Saturday. England are tradi- 2002 will be disappointed. This is a far
Franck Ribery is a class player, but he tionally slow starters in the major tourna- more disciplined and less flashy team
has had personal issues leading up to the ments and the much improved USA than we’ve become used to, but they
tournament and didn’t look great for should be their toughest opponent in the should still be strong enough to win the
Bayern Munich at the back-end of last sea- group stage. It is 13/8 on Betdaq for the group of death. Kaka and Luis Fabiano will
son. Nicolas Anelka is another potential England-USA straight forecast and that be the key upfront and, as long as they
match winner, but it may just be that they looks a decent price. stay injury-free, it will be a battle between
will rely too heavily on the Chelsea striker As I’ve already advised, write off Ivory Coast and Portugal for the second
to get the goals. The French are as short as Germany at your peril. They don’t have qualification spot.
3/10 to qualify and that looks poor value the best individual players, but they The Portuguese were disappointing in
in a group that includes Mexico, Uruguay always play for each other and don’t for- qualifying and they will be relying on
and South Africa, all decent sides on their get that they reached the Euro 2008 final Cristiano Ronaldo to hit form if they are to
day. against Spain. The Germans have topped progress. Similarly, Ivory Coast are nerv-
There isn’t one standout team in this their group in all of the last five World ously waiting to see if Didier Drogba
group and they may well nick points off Cups and are just a shade of odds-on to do recovers from a fractured arm. They were
each other. Uruguay and Mexico both the same again. It won’t be easy for favourites in the African Nations Cup, but
have strong players, while South Africa Joachim Löw’s side, as they face Serbia, were eliminated in the quarter-final stage
have the backing of a vociferous home Ghana and Australia, but they should still and will be hoping to go at least as far as
crowd. Everyone knows that no host have too much strength in depth. that this time. Sven-Goran Erikssson is a
nation has ever failed to make it to the sec- The Serbs strike me as the next best and proven international manager and he can
ond round, but some believe that the they could quite easily be the dark horses inspire the Ivorians to finish second
South Africans are the worst team to try it. of the tournament. England certainly behind Brazil in Group G.

POINTERS... oddschecker.com
All the latest odds and £100s of bookie freebets

l France not to qualify from Group A at 2/1 with Paddy Power / Sell l England-USA straight forecast in Group C at 6/4 with Paddy Power
France on Sporting Index’s Group A index at 14.5 l Germany-Serbia straight forecast in Group D at 3/1 with Hills
l South Africa to qualify from Group A at 2/1 on Betdaq l Brazil-Ivory Coast straight forecast in Group G at 11/4 on Betdaq

Check the latest prices of the Football Trader’s tips at oddschecker.com


Bet with all the best bookies and get exclusive sign-up offers, promotions and tips.
16 World Cup 2010 CITYA.M. 9 JUNE 2010

WHERE TO WATCH
FEVER PITCH, FULHAM PROUD CAMDEN, CAMDEN STABLES
You won’t miss a second of build-up if it’s up The super-cool Camden stables bar will
to World Cup pop-up bar Fever Pitch in cater to your wildest World Cup fantasies
Fulham. Open since May and closed after (bar England winning, perhaps), with a
the final, this is the place to enjoy the action SKY 3D complex and fifty-inch HD TVs.
on nine screens spanning 360 degrees while Cold buckets of beer can be pre-ordered;
sipping a pretty decent selection of beer. for afternoon kick-offs, take-away can be
The 400-capacity venue will serve hotdogs, ordered and delivered to the stable at no
patriotic breville toasties with ham and extra charge from the bar. Or indulge in a
mustard and even foie gras and chilli jam. bit of Proud’s finest BBQ. Tickets from £2
Large French doors and outside space mean for Friday games and £1 for Wednesday
you can take a breather when the going fixtures. Sky 3D stables including hostess
gets tough. Party atmosphere guaranteed. and guest-list passes: £200/£300, 12pm-
474-476 Fulham Broadway, SW6 1BY, 6pm/7pm onwards. The Stables Market,
tel: 020 7610 3137. NW1 8AH. Contact: jamie@proud.co.uk.

BROWN’S HOTEL, THE DECK AT THE


MAYFAIR
Watch the footie in the heart of civilisation
and luxury at the Donovan Bar at the plush
Brown’s hotel, where all England games will
See the World Cup NATIONAL, SOUTH BANK
Turn this elevated terrace at the National
Theatre into your own private stadium. Party
throwers can cover the space with artificial
be screened along with a football menu and
beers from around the world. You can also
book a private dining room (fits between 12-
60 people sitting, 100 standing) – food will be
burgers and bookmaker’s sandwiches, the
in world-class style turf and change the colour of The Deck’s
walls to match their team’s strip, courtesy of
a sophisticated lighting system. A suspended
65” plasma screen will show the game and
with specially installed speakers, even in the
screens will be huge and numerous, and there toilets, so none of the action need be missed.
will be plenty of flags to go around. Check the From a buzzy pop-up to an opulent lounge, we’ve got Street food with a South African twist will be
website for other World Cup packages. washed down with bottles of beer. National
Albemarle Street, W1S 4BP. Tel: 020 7518 the viewing spot for you, says Zoe Strimpel Theatre, South Bank, SE1 9PX. Tel: 020 7452
4162, www.brownshotel.com/world-cup. 3796, www.nationaltheatre.org.uk/thedeck.

MAY FAIR HOTEL, MAYFAIR BOISDALE OF BISHOPSGATE, CITY


One of Mayfair’s classiest establishments, This warm and cosy tartan restaurant full
the May Fair Hotel, will provide a super- of blokes drinking whisky and eating
swish alternative to the hustle and bustle Scottish beef will fling itself open to the
of the local pub screening. Its Amba Salon gods of football come World Cup time, with
will be turned into a screening room serv- a 72” screen in the champagne and oyster
ing everything from champagne and wines bar, and air conditioning (quite a big deal
to brandy and cognac, and fine South for somewhere that can get as close as
African beers – Castle and Windhoek. The Boisdale). The famous Boisdale burger will
hotel is also available for groups of 10-200, be on offer at halftime throughout the
screening the games in private suites or in tournament, bar Saturdays and Sundays
the 201-seat private theatre. Other pack- when it’s closed. There will also be large
ages are available. 70 Stratton Street, W1J screens at Boisdale Belgravia. Swedeland
8LT. Tel: 0207 915 3892 ,www.themay- Court, 202 Bishopsgate, EC2M 4NR, tel:
fairhotel.co.uk/world-cup. 020 7283 1763, www.boisdale.co.uk.

THE WORLD CUP


AT BOISDALE OF
BISHOPSGATE
Enjoy the World Cup in style with
a 72” screen & air-conditioning in
the Champagne & Oyster Bar
BOISDALE OF BISHOPSGATE SWEDELAND COURT,
202 BISHOPSGATE,
EC2M 4NR 020 7283 1763

INFO@BOISDALE-CITY.CO.UK
WWW.BOISDALE.CO.UK
CITYA.M. 9 JUNE 2010 News 15

Airbus signs $11bn A380 deal FTSE reshuffle sees new


Emirates the best he could imagine said Saeed Al-Maktoum.
floats dominate the index

AVIATION
and thanked the airline for its sup- Over 16 airlines currently have
BY EMMA SADOWSKI port. orders for A380 crafts, bringing the
AIRBUS celebrated yesterday after “Emirates has supported the devel- total number of orders to 234. join it in the FTSE 250.


DEFENCE
receiving a record breaking order opment of the A380 from the earliest The orders are good for Airbus, The duo are likely to be replaced in
from Emirates Airline for 32 A380 days, and today’s order – the single which posted a 64 per cent drop in TOUR operator Thomas Cook is set to the blue-chip ranks by yet more over-
planes worth $11.5bn (£8bn). largest A380 order ever – is the best operating profit last year to €83m lose its place in the FTSE 100 Index seas companies. Indian power group
The deal, the largest of its kind yet, endorsement I can imagine,” said (£69m), which missed the average following the latest reshuffle of blue- Essar raised £1.2bn in the biggest
was signed in Berlin by the airline’s Enders. market expectations. chip stocks. flotation in London for two years in
chief executive and chairman Sheikh The Dubai-based airline first pur- Airbus owner EADS, had said last The firm’s shares have fallen by a May, while it will be joined by
Ahmed Bin Saeed Al-Maktoum and chased the luxury jetliner, which can month that the A380 continued to third in the past three months as the Tanzania-focused gold producer
Airbus president and chief executive hold up to 835 passengers, two years significantly weigh on its underlying travel industry copes with the reces- African Barrick Gold in making a
Tom Enders. ago and yesterday’s order will add to performance. sion and Iceland’s volcanic ash cloud. FTSE 100 debut.
The signing was witnessed by its existing fleet of 58 A380 planes. Meanwhile, Airbus has seen a fur- The result of the reshuffle will be Elsewhere, current small cap
German chancellor Angela Merkel at “Our latest commitment signals ther request for 20 A320 and five confirmed today – although based on sportswear retailer JD Sports is set to
the Berlin Air Show. Emirates’ confidence in the growth to A350-900 aircraft by Brazilian airline Tuesday’s closing share prices, the join the FTSE 250 Index, as well as fel-
Enders called the endorsement by come in a thriving aviation sector,” TAM. London Stock Exchange is also set to low fashion chain SuperGroup.

Aggreko set
Aggreko chief exec-
utive Rupert
Soames is travel-
ling to Africa
today to highlight
the need for its

for a World
products on the
continent, as part
of the firm’s inter-
national expan-
sion.

Cup windfall
nent, as part of the firm’s interna- ANALYST VIEWS: WHAT DOES THE TRADING UPDATE MEAN FOR AGGREKO?

ENERGY
tional expansion. Interviews by Marion Dakers
BY MARION DAKERS
Growth in Africa has been affected
TEMPORARY power supplier Aggreko by the end of several large contracts
predicted better than expected annu- in Kenya and Yemen, after local PAUL JONES | PANMURE GORDON


al results yesterday, thanks to lucra- power sources became fully opera-
tive contracts to power events like the tional.
2010 World Cup. Revenue for the firm’s internation- It’s difficult to give enough superlatives about how well Aggreko is performing. They have a
The FTSE 100 company said in a al power project is still set to grow by business that performs extremely well to satisfy both short and long term power demands. There is


trading update that revenues will around eight per cent.
grow by around 10 per cent, and pre- The company said rentals of its gen- a lack of investment in power infrastructure in some of their markets and wind and hydro-
tax profit by about 20 per cent. erators, heaters and coolers have electric power are unpredictable, so Aggreko’s products will always be in demand.
The firm said it expects to see a 16 “accelerated markedly” during this
per cent increase to revenues from quarter, with around 18 per cent
short term contracts, mainly more rentals by power volume expect- GEOFF ALLUM | ARDEN PARTNERS


through its work at the World Cup, ed by the start of the third quarter.
Glastonbury Festival and the Winter Capital expenditure will now rise
Olympics in Vancouver. to £265m this year, up £45m, with It is particularly encouraging to see that Aggreko’s push into the Asian and central & south
Aggreko will deliver broadcasting half going towards the introduction
American regions has paid off handsomely. A number of projects are coming to an end in Kenya and


power to all ten World Cup match of low emission generators in North
venues, as well as power and tempera- America and half towards the compa- Yemen, and clearly the kit needed to power the World Cup will also not be needed next year.
ture control at the broadcast centre – ny’s international expansion. We have therefore put in only modest growth for next year. Firm ‘hold’.
its biggest ever contract for a sporting The firm said that rates “remain
event. weak”, but are showing modest signs
The firm also announced it had of improvement. MIKE MURPHY | NUMIS SECURITIES


secured a record number of new con- Market expectations for full-year
tracts in the first half of the year, pre-tax profit currently range
including large amounts of work in between £239m and £280m, with the We predicted last week that the warm weather in the US would benefit the business, but we
Bangladesh, Indonesia, and Central consensus at £257m, according to a
were still surprised at the amount by which they upgraded. The increased capital expenditure shows


and South America. Thomson Reuters analyst poll.
Chief executive Rupert Soames is Aggreko was founded in Holland in that it has confidence that there is a future in its international projects and services. It’s the
travelling to Africa today to highlight 1962, and the firm now has 3,500 third time it has upgraded their capital expenditure guidance this year, which is very positive.
the need for its products on the conti- staff worldwide.

AirAsia to shed its long haul business NEWS | IN BRIEF

ahead of a 2011 initial public offering Umeco’s profits take a hit Southbank of the River Thames next to
Aerospace parts supplier Umeco saw Battersea Heliport. The acquisition also
adjusted pre-tax profits drop by almost includes 57 car parking spaces. London
13 per cent last year after taking a signif- & Stamford is acquiring a long leasehold
icant hit from the recession. interest in the apartments and the car
The UK-based company said profits fell parking spaces for approximately
Sir Richard Branson’s Virgin Group, is new route. to £24.9m from £28.5m during the year £27.5m. London & Stamford will fund

AVIATION
BY EMMA SADOWSKI currently trying to raise 100m ringgit The group’s long haul operation after declining business levels hit its com- the acquisition out of existing resources.
(£20.8m) through a rights issue to has flown more than 2m passengers posite arm, which supplies parts to the The Bridges Wharf development com-
MALAYSIAN budget airline, AirAsia is help with financial independence. and is projected to post 2010 revenue automotive, marine and wind energy sec- prises three buildings with a total of 267
planning to publicly list its long haul “This arrangement gives AirAsia X of 1bn ringgit. tors. “We are weathering the effects of flats and a five-star hotel.
business next year as the company financial independence and the lati- AirAsia X could re-brand, although the economic downturn well and have
undergoes a restructuring. tude to develop its own marketing the airline said it is currently assess- significantly reduced our net debt,” said Henderson Global raises £90m
AirAsia X, the long haul arm, said strategy,” said AirAsia chief executive ing whether or not it will do so. For chief executive Clive Snowdon. Henderson Global Investors yesterday
yesterday it is gearing up for an initial Tony Fernandes. now it will continue to use the achieved a successful first closing of the
public offering during the second AirAsia’s business model, which AirAsia brand. Bridges Wharf £275m purchase Henderson Central London Office Fund
half of next year, subject to market also includes a short haul network, Fernandes said: “It is a fantastic London & Stamford Property has II, having raised £90m of capital from a
conditions, in a bid to fund further has began to show signs of dilution, product and service and we see this exchanged contracts with Weston number of European and North American
expansion. according to Fernandes, which led to reorganisation as symbolic of it com- Homes to buy the remaining 57 residen- institutional investors, providing it with
The airline, which is part owned by the decision to take AirAsia X down a ing into its own.” tial units at Bridges Wharf on the around £200m for acquisitions.
16 News CITYA.M. 9 JUNE 2010

Funeral policies surge in demand as cost rises


costs. A report by YouGov SixthSense in the past three years, with an aver- tion, satisfaction and recommenda- acquisition seemed increasingly
has found that only 11 per cent of age increase of 48 per cent and 67 per tion scores, and so serves as a power- unlikely, the score fell. Having failed
Britons either currently hold a funer- cent for cremation and interring ful indication of the overall public in their bid, Prudential’s Index score
al insurance policy, and that a further respectively. Since 2003 there has perception of a brand. had fallen to -1.2 on 7th June.
26 per cent answered that they did been a cap on social fund grants, Prudential hit a month high of +0.1 Stephan Shakespeare is founder and
not hold a policy at present, but are which with funeral costs rising far on 24 May, but as time passed and an chief executive of YouGov.
contemplating obtaining one in the more quickly than inflation, has
future. resulted in a £500 shortfall which ANALYSIS | Funeral Policies
BRANDINDEX There remains a large core (48 per leaves little wonder as to why 37 per
cent of respondents) who hold no cent of the public either own or are 16%
I do not have a policy and
STEPHAN SHAKESPEARE funeral insurance policy and would considering investing in a funeral pol- wouldn’t consider one
not consider buying one. Looking at icy.

%
11% I do not have a policy

T
HE death of a friend or loved the recent rise in funeral prices, our Elsewhere, YouGov’s BrandIndex
one can bring unexpected finan- eagerness to invest in funeral policies has found that Prudential’s refusal to but would consider one
cial costs, which can compound is completely understandable. launch another bid for AIG’s Asian 26% Would rather not say
the emotional impact of the A recent report released by the subsidiary, AIA, has been met by
loss. A number of insurance compa- National Association of Funeral decreasing BrandIndex scores. 48% I have a funeral policy
nies offer products which will cover Directors found the average price of a The Index score is an aggregate of
the cost of a funeral and any related standard grave has risen 42 per cent the quality, impression, value, reputa-

Man United
UK directors
GREEN AND GOLD CAMPAIGN PAYING OFF?

fans slow to
split over new renew tickets
rules on M&A


SPORT FINANCE
BY STEVE DINNEEN
MANCHESTER United owners the
Glazer family continued their miser-
able week with news that only a third
of the clubs fans have renewed their

REGULATION
companies that will be targets.” season tickets.
BY ROGER BAIRD The moves comes in the wake of US With just four days remaining
SENIOR executives at the country’s food firm Kraft’s £11.7bn takeover of before the deadline imposed by the
largest firms are evenly spilt over Cadbury in January, which led to the club, only 18,000 of United’s
whether UK takeover rules should be comments by the then Labour busi- 54,000 strong season ticket base have
tightened in the wake of Kraft’s acqui- ness secretary Lord Mandelson that renewed their seats.
sition of Cadbury, according to a UK firms might be too vulnerable to United fans are renowned for leav-
report released today. foreign takeovers. ing it until the last minute before
Fifty per cent of executives at 100 The Takeover Panel last month they sign-up for another season but
major companies with a combined launched a public consultation over City A.M. understands the number at
market value of £290bn say the coun-
try’s takeover rules should not be
whether its rules should be tight-
ened. The current coalition business 15,000 4
this time last year was around 30,000.
Fans hope the numbers reflect a
changed, found a survey by DC secretary Vince Cable backed the Number of tickets the Days until
growing protest against the American
Advisory Partners (formerly Close Panel’s review. He said: “We welcome owners, who have saddled the club
Brothers Corporate Finance). foreign investors but we want all supporters’ trust hope deadline to renew with more than £700m of debt.
However, an equal number favour shareholders to be empowered and will not be renewed season tickets Supporters group Must are under-
new measures like the minimum the takeover process to be more trans- stood to hope as many as 15,000 fans
level of shareholder support being parent.” will forgo their tickets this year in a

30,000
raised from a simple majority, or only DC’s Madden added that we are in bid to force the Glazers to sell their

54,000
letting long-term shareholders vote a new period of shareholder activism, stake in the club.
on takeovers. And 72 per cent of all
those asked said the expected num-
ber of UK firms bought by foreign
shown by Prudential investors forcing
its board to drop its $35.5bn (£25bn)
bid for rival AIA last month, which
18,000 Number who
Total number
More misery was heaped on the
family last night with the screening
of a documentary revealing an extra
firms would rise unless the UK’s may ease the need for Takeover Panel
Number who have had renewed this of season £400m of previously undisclosed debt
takeover rules are changed. rule changes. renewed already time last year ticket holders tied to the family’s US business inter-
DC Advisory Partners chief execu- He said: “Long-term shareholders ests.
tive Richard Madden said: “People don’t have to sell to speculators or Despite this they maintain Old
feel more vulnerable. And the execu- rival companies. Shareholders at the Trafford is not for sale and will not
tives we talked to are at the sort of big Pru have shown that.” Fans are protesting over the controversial Glazer ownership Picture: GETTY consider a fans’ bid of around £1bn.

Oil explorer Rockhopper raises £50m ING selects M Stanley for


to develop a new find in the Falklands possible real estate sale
The explorer issued just over 17m of oil firms drilling in the Falklands A spokesman for ING in

OIL

PROPERTY
BY HARRY BANKS shares, or 10 per cent of shares cur- to discover oil. Amsterdam declined to comment.
rently in issue, at 280p per share. This ING has appointed Morgan Stanley to Morgan Stanley also declined to com-
BRITISH oil explorer Rockhopper yes- represents a 3.5 per cent discount to ANALYSIS l Rockhopper oversee a possible sale of its real ment. The bank, which received a
terday raised £48.5m to allow it to the stock’s closing price on Monday of 350 p estate management arm, as the state bail-out package in October
drill larger-than-expected reserves at 290.25p. 300 Dutch bank reinvents itself after a 2008, in February scrapped plans to
its Sea Lion well in the Falklands. Shares in Rockhopper soared over 296.00 state bail-out, sources familiar with integrate the unit into ING
The Sea Lion exploration well find 50 per cent on Friday after it told the 250 8 Jun the matter said yesterday. Investment Management.
has sparked renewed tensions market that Sea Lion had discovered 200 The hiring of the US investment Property market sources suggest
between Britain and Argentina, who 242m barrels of recoverable reserves, 150 bank follows months of speculation the appointment of banker William
fought a war over the islands’ sover- more than the original estimate of on the future of the unit – which has Connelly to the helm of REIM in
100
eignty nearly 30 years ago. 170m barrels, and at a higher quality $92bn (£63.9bn) in assets under man- March following the sudden retire-
Rockhopper said it will also use the too. It added that further upgrades 50 agement – while ING is making heavy ment of George Jautze suggested a
cash to develop a second Ernest were possible. 0 cuts to its business at the behest of trade sale or break-up of the unit was
Prospect site. Rockhopper was the first of the trio 8 Mar 26 Mar 19 Apr 10 May 28 May the European Union. a serious ambition.
CITYA.M. 9 JUNE 2010 News 17

Charles Stanley: No living wills London dealers struggle


and maintain a detailed due dili- are superfluous.
to meet gold coin demand

FINANCIAL SERVICES
gence mechanism as part of precau- “This is just one example of what I
BY VICTORIA BATES tionary provisions for an orderly regard as almost ridiculous over-regu-
SIR DAVID Howard, the former Lord wind-down of their business in the lation of the financial sector, imple- the company cannot deliver any


COMMODITIES
Mayor and chairman of stockbroker event of failure. mented as a knee-jerk reaction to the Britannia coins until August due to
Charles Stanley, yesterday warned But Howard argued that the “over- crisis,” Howard told City A.M.. LONDON bullion dealers are strug- lack of supply. “We buy directly from
that the Treasury’s proposals to intro- whelming majority” of affected firms, Charles Stanley yesterday unveiled gling to source enough gold sovereign the public,” said Linda Warner, sales
duce “living wills” for financial firms including Charles Stanley, pose negli- robust growth in revenue and profits and Britannia coins to keep up with manager at bullion merchant ATS
could cost the sector hundreds of mil- gible systemic risk and therefore for the year to the end of March. surging demand ahead of an expected Bullion. “In the last couple of weeks,
lions of pounds in lost profits. should be granted an exemption from Revenue rose 13 per cent to £115m, hike in capital gains tax (CGT) in the supply has been drying up because
Howard said the cost of such a the costly procedure. He said his firm while adjusted pre-tax profit leapt 10 new government’s emergency budget people hold on to what they’ve got in a
move to Charles Stanley would be is already required to provide the FSA per cent to £13.7m. on 22 June. situation like this.”
around £1m, meaning that the sector with detailed plans to wind down the The firm also reaped the benefits Dealers are reporting a backlog of The supply situation is worse from
as a whole could be hit by a bill of business, meaning that the new plans of acquiring boutique Matterley Asset orders for bullion coins recognised as overseas sources, with European sales
hundreds of times that amount. – which include one director having Management last year, with funds UK legal tender, which are exempt onto the market of coins and other
The Treasury’s proposals would to spent a fifth of his or her time over- under management up 42.2 per cent from CGT. Anthony Baird, managing forms of investment bullion particu-
require all financial firms to establish seeing the due diligence procedures – to £12.8bn over the year. director of gold dealer Baird & Co, says larly slack.

BT staff closer BEST OF THE BROKERS


ANALYSIS l Davide Campari-Milano

4.15
8 Jun
ANALYSIS l Centrica

320
p
277.30
8 Jun
ANALYSIS l Hardy Underwriting
p
230.00
8 Jun

to door as pay
9 300
8
280
300
6
260

4 280
240

deal rejected 2

CAMPARI
17 Mar 8 Apr 28 Apr 18 May

JP Morgan Cazenove downgrades Campari


260

CENTRICA
17 Mar 8 Apr 28 Apr 19 May

Centrica is positioned to deliver solid earn-


220
17 Mar 8 Apr

HARDY UNDERWRITING
28 Apr 19 May

Numis issues Hardy Underwriting with a


“We were prepared to go the extra
to “underweight” noting that the June ings growth, according to Bank of America “buy” recommendation but said that shares

TELECOMS 2011 discounted cash flow derived price Merrill Lynch (BoAML), which said Centrica are likely to remain weak until 2010 earn-
mile to try and settle this.”
BY STEVE DINNEEN target is €3.80 (was €3.85) which is some will be helped by the impact of acquisitions, ings risks recede towards the end of the
The UK’s leading fixed-line and
BT staff may strike for the first time broadband provider is desperate to nine per cent below the current share the absence of one-off charges, and the hurricane season. However, on a longer
in over 20 years after a pay deal was avoid its first strike since it was priva- price. It notes Campari’s stock is up 14 per decision to allow margins at British Gas term basis Numis remains positive given
rejected yesterday by the tised in 1984.
Communication Workers Union It is understood to be bristling that cent on an absolute level and relative to the Residential to expand. BoAML rates the Hardy’s growth potential and current low
(CWU). the CWU is pushing for an immediate local Italian index in the past month. energy group “neutral.” rating.
The telecoms giant is locked in a five per cent hike after settling for
bitter feud over pay with their staff. just two per cent for workers it repre-
City A.M. has learned BT tabled a two sents at Virgin Media. To appear in Best of the Brokers email your research to notes@cityam.com
year pay offer including a three per Troubled BT finally began arresting

Northern Rock reveals plans to slash


cent rise in 2011, in addition to the its declining revenues last month. It
two per cent already offered for this slowed its drop in revenue to just two
year, and a bonus of £250 related to per cent and the company now pre-
performance. The group is also dicts a return to growth in 2012-13.

650 jobs ahead of planned privatisation


understood to have agreed that no It is also operating under the cloud
compulsory redundancies will be of a huge pension deficit, which
made before the end of 2011. stands at £5.7bn. The firm is awaiting
But the CWU said the offer was results of a review by the pension reg-
“unacceptable” as it does not include ulator into its proposed 17-year plan
an immediate pay hike. Last year the to fund the deficit.
union agreed to a pay freeze but is BT plans to cut another £900m in of its staff with a now much reduced risk is borne by the employee. It

FINANCIAL SERVICES
determined to secure a real-term rise costs this year, after £1.75bn worth of business. The bank is now writing expects terms there to be improved.
for staff this time around. cuts last year. NATIONALISED lender Northern one-fifth of the mortgage business it “We remain in public ownership
The union pointed to the firm’s Rock plans to cut up to 650 jobs, or 14 did then. The cuts will affect jobs and it is important that we continue
swing back to profit in the fourth fis- per cent of its staff, by the end of the across the bank, which currently to deliver value for taxpayers,” chief
cal quarter after a loss the year before.
Now it will ballot its staff again to
decide whether to down tools.
A BT spokesman said: “Our door has
55,000
NUMBER OF BT WORKERS
year, as it presses ahead with an over-
haul of the bank to prepare for a
return to private ownership.
Northern Rock, Britain’s first
employs some 4,500 people.
Northern Rock also plans to close
its final salary pension scheme, with
current members being offered mem-
executive Gary Hoffman said. “There
is still a challenging economic envi-
ronment and in order to meet our
objectives, we must align our staffing
always been open to the CWU. We are THREATENING TO STRIKE major casualty of the credit crunch, bership in the money-purchase sec- level to match the smaller size of the
disappointed by their initial response. yesterday said it was aligning the size tion of the scheme, where investment business.”

CITY MOVES | WHO’S SWITCHING JOBS Edited by Victoria Bates

Institute for Securities and F&C managing director of commercial lines


Signia Wealth Investments. The investment group has appointed for the UK general insurance business.
The ultra high net worth wealth manager has Eberhard Glöckner as director for insti-
hired mobile phones tycoon John Caudwell to Legal & General Property tutional sales, based out of its Frankfurt Morrisons
take up a seat on its advisory board. The property-focused fund manage- office. The supermarket group has announced
Caudwell will provide entrepreneurial leader- ment group has appointed Timothy Glöckner previously spent 15 years at some changes to its team of directors.
ship for the firm alongside its other advisers, Russell as senior asset manager of its Allianz Global Investors, initially as a Martyn Jones, the group trading direc-
including private equity guru Jon Moulton. Property Unit Trust, Sofia Underabi as portfolio manager and then in sales and tor, will move into a new role as group
Caudwell previously founded and led the business development analyst and Nick client servicing. He has also worked at corporate services director, focusing on
Caudwell Group, including mobile phone retailer Eldridge as asset manager of its Dresdner Bank and Landeszentralbank government affairs, corporate responsi-
Phones 4 U. He sold the group in 2006 for Managed Fund. Koblenz. bility, public relations and food safety.
£1.46bn. Russell joins from Cushman & In addition, Richard Hodgson has
Wakefield, where he acted for Hermes Aviva joined the group as the new commercial
Rathbones Lane joins from HSBC Global Asset and The Wellcome Trust. The insurer has appointed Anthony director. Hodgson, 40, was previously
The investment management firm has Management and specialises in manag- Underabi was previously a senior Middle as UK strategic partnerships director of buying and then commercial
appointed Christine Lane as an invest- ing investments for private clients, analyst at IPD, while Elvidge previously director. director at Waitrose. Prior to that, he
ment director in its New Bond Street trusts, pensions and charities. joined L&G Property from Knight Frank Middle will join in December from spent ten years working in senior roles
head office. She is also a fellow of the Chartered on a six-month secondment. rival Axa, where he was most recently at Asda.

To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
18 Consumer News CITYA.M. 9 JUNE 2010

Sainsbury’s King pockets £8m Compass buys Southeast


committee said it had been “mindful with over 100 shops opened or
Service Corp for £45m

RETAIL
of the current economic climate” by extended to create 6,500 jobs and
BY MARION DAKERS freezing basic salaries for directors. increase overall shop floor space by
BRITISH supermarket Sainsbury’s Finance director Darren Shapland nearly seven per cent. enables us to extend the range of serv-


M&A
paid its chief executive Justin King picked up a £1.5m package plus Underlying pre-tax profit out- ices we provide in this important sec-
£7.6m in cash, benefits and deferred deferred shares, while trading direc- stripped expectations by rising 17 per COMPASS Group yesterday continued tor.
shares last year. tor Mike Coupe earned £1.4m in basic cent, helped in part by a jump in sales its acquisitive streak, snapping up “In addition to this it further
King received £1.1m in bonus pay- pay, the figures showed. by more than five per cent, to Southeast Service Corporation (SSC) strengthens our business and indus-
ments, amounting to 120 per cent of Total boardroom pay reached £21.4bn. Like-for-like sales, excluding in the US. try soft support service offer in North
his salary, as well £4.2m through £7.1m. fuel, rose by 4.3 per cent, ahead of the The global catering firm will hand America.”
exercising share options, £990k in The board oversaw a strong year for grocer’s forecasts. over £45m for SSC, a “soft service” SSC has been acquired by Compass
new deferred shares, a £900k basic the grocer, which put on 1m extra A non-executive bonus pool of support firm for business and educa- Group North America through its
salary and a pension supplement of customers to serve 19m per week. It £80m will be shared between the tion with a turnover of £106m. operating company, Crothall Services
£270k, according to the firm’s annual increased its market share in the UK group’s 127,000 employees. Compass chief executive Richard Group.
report. by 0.2 per cent, to 16.1 per cent. Shares remained fairly stable fol- Cousins said: “Building on the suc- SSC has over 6,500 employees pro-
His pay has risen by 60 per cent on The company’s expansion plans lowing the release of the report, clos- cess of our significant education food- viding services to schools and col-
last year, though the remuneration continued despite tough conditions, ing down 0.6 per cent at 321.5p. service business, this acquisition leges, plus commercial clients.

Ash cloud hits HONDA STRIKES AGAIN


A NEW strike has
broken out at a fac-

airport sales
tory making
exhaust systems for
one of Honda
Motor’s China joint
ventures, Honda
said yesterday, just

at WH Smith
days after the set-
tlement of a strike
at another Honda
supplier in China.
Some workers at
the factory, a joint
venture between
Yutaka Giken,
Group chief executive Kate Swann which is 70 per

RETAIL
said: “The board and I are delighted cent owned by
BY ZOHRA MOLEDINA
that Walker Boyd has agreed to Honda, and a
WH SMITH yesterday blamed disrup- become chairman of WH Smith. Taiwanese compa-
tion caused by the the Icelandic vol- Walker has extensive retail and ny, had been on
canco ash cloud for denting sales finance experience which will serve strike since the first
during the 14 weeks to 5 June. the company and its shareholders shift on Monday.
The company’s 570 high street well.
stores saw like-for-like sales fall four Boyd said: “I am excited at the Picture: GETTY
per cent in the period. The group said opportunities that lie ahead for WH
like-for-like sales in the third quarter Smith and I look forward to working
had fallen by four per cent at the 500 closely with Kate and her team.”

WM Morrison poaches Waitrose second


stores in its travel operations, as fewer As of 31 August 2010, non-executive
passengers passed through its airport director Luke Mayhew will also be
shops. Stripping out the effect of the stepping down from the board and
volcano disruption, like-for-like sales will be replaced by the appointment

in command as seeks to move upmarket


would have been down by just two of Henry Staunton, who is a non-exec-
per cent, it added. utive director at Legal & General,
In a statement to the London Stock Merchants Trust, Capital & Counties
Exchange, WH Smith said: “Whilst Properties and retailer New Look.
airport passenger numbers have
remained soft, we continue to outper- ANALYSIS l WH Smith
form.” WH Smith said the economic p 435.00 Hodgson has experience across all Chief executive, Dalton Philips

520 RETAILING
environment remained uncertain, 8 Jun areas of the UK grocery market and said: “I’m delighted to welcome
adding that it would continue to be 500 WM MORRISON yesterday lured has held a number of key roles in Richard to the Morrisons team. He
cautious about consumer spending. Richard Hodgson from Waitrose to be both the premium and value sectors. brings wide experience from all areas
The store also yesterday announced commercial director to replace trad- He previously worked as brand and of the UK grocery market and has
the appointment of Walker Boyd as ing director Martyn Jones, who has marketing director at Asda for ten made a big impact in all of his senior
the new non-executive chairman to 460 been give the new role of corporate years and since 2006 as director of roles. His appointment underlines
replace the retiring Robert Walker. services director. buying for Waitrose. After 2008 his Morrisons ability to attract the very
Boyd re-joined the board on 1 Jones will take up his new position responsibilities increased to include best talent in retail to our team and
February 2010 and will become chair- 420 from September 2010 when he will marketing, international develop- we very much look forward to work-
man on 1 September. 17 Mar 8 Apr 28 Apr 19 May step down from the Morrison’s board. ment and merchandising. ing with him.”

Gucci cuts into London luxury as its McDonalds warns euro


bosses quit London for Switzerland will hurt full-year profits
ing officer Alexis Babeau. The group’s UK, but sources close to the firm told And based on current exchange

RETAIL LEISURE
BY JENNY FORSYTH human resources, legal and IT depart- City A.M. a figure that size would be BY HARRY BANKS rates, McDonald’s expects currency
ments will remain in London. unlikely to affect such a decision. conversion to hurt full-year net
GUCCI Group’s chief executive Robert A Gucci Group spokesman said the Gucci, owned by French conglom- MCDONALDS reported a stronger- income per share, versus its previous
Polet has struck a blow to the UK’s move made strategic sense because erate PPR, moved its corporate head- than-expected 4.8 per cent rise in expectation for a slight benefit.
standing in the world luxury goods Switzerland is closer to key markets quarters to London in 1998. worldwide May sales at established May sales at McDonald’s restau-
market by quitting London for in Paris, Milan and Florence. restaurants yesterday, but warned it rants open at least 13 months rose 3.4
Switzerland. Yesterday Gucci Group would not Gucci chief executive expects a weak euro to take a bite out per cent in the US and 5.7 per cent in
Polet, whose group includes high comment on reports that Polet was Robert Polet took the of its full-year profits. Europe. May same-store sales rose 3.8
end fashion labels like Stella keen to move because of the £30,000 Roughly a quarter of McDonald’s per cent in the Asia/Pacific, Middle
McCartney and Alexander McQueen, annual levy per head on foreign, non- helm in 2004, since consolidated operating income origi- East and Africa region due to strength
is relocating from Grafton Street, off domiciled residents in the UK. The then operating profits nates in countries that use the euro in Australia and China, better than
Berkeley Square, to Cadempino, group would not say whether the have trebled currency, the world’s biggest ham- the 3.1 per cent increase analysts had
Switzerland, along with chief operat- Dutch-born chief is domiciled in the burger chain said yesterday. expected.
Markets&Investment 19

LONDON’S TOP 250 Trade these shares from £1.50 with Interactive Investor - www.iii.co.uk
Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low
(p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p)
3i . . . . . . . . . . . . . . . . . . . . . . . .275.20 –6.30 314.80 216.75 COLT Group . . . . . . . . . . . . . . . .126.00 –3.20 144.20 98.25 ITV . . . . . . . . . . . . . . . . . . . . . . . .51.75 –2.40 71.75 31.75 Schroders . . . . . . . . . . . . . . . . .1294.00 –12.00 1450.00 764.00
3i Infrastructure . . . . . . . . . . . . .106.60* –1.20 114.40 85.25 Compass . . . . . . . . . . . . . . . . . .543.50 –6.00 572.00 307.75 Jardine Lloyd Thompson. . . . . . .552.50 –5.50 604.50 393.00 Schroders N/V. . . . . . . . . . . . . .1037.00 –8.00 1185.00 643.50
A.B. Foods . . . . . . . . . . . . . . . . .963.50* –3.00 1045.00 718.50 Cookson . . . . . . . . . . . . . . . . . . .419.00 –6.00 616.00 220.00 Johnson Matthey . . . . . . . . . . .1493.00 –20.00 1814.00 1077.00 Scot. & Sthrn Energy. . . . . . . . .1062.00 –12.00 1206.00 357.50
Aberdeen Asset Man . . . . . . . . . .136.10* –0.10 155.60 111.00 Croda Intl . . . . . . . . . . . . . . . . . .994.50 –10.50 1047.00 498.50 JPMorgan Emerg Mkts . . . . . . . .491.00 +2.00 549.00 350.50 Scottish Mortgage. . . . . . . . . . . .553.00* –6.50 623.50 376.00
Admiral. . . . . . . . . . . . . . . . . . .1324.00 +1.00 1403.00 833.50 CSR . . . . . . . . . . . . . . . . . . . . . .386.70 –4.30 524.00 320.75 Kazakhmys . . . . . . . . . . . . . . . .1059.00 –15.00 1634.00 567.50 SEGRO . . . . . . . . . . . . . . . . . . . .261.10 –6.20 403.10 250.00
Aegis . . . . . . . . . . . . . . . . . . . . .106.40* –2.60 137.30 79.75 Daily Mail ‘A’ . . . . . . . . . . . . . . . .460.70 –11.70 539.00 264.25 .LQJÀVKHU . . . . . . . . . . . . . . . . . .216.00* –0.20 255.00 171.40
Afren . . . . . . . . . . . . . . . . . . . . . .86.70 –2.55 111.00 38.50 Dana Petroleum . . . . . . . . . . . .1039.00 –13.00 1549.00 968.50 Ladbrokes . . . . . . . . . . . . . . . . .134.10 –2.60 174.97 114.60 Serco . . . . . . . . . . . . . . . . . . . . .606.50 +0.50 656.50 394.30
Aggreko . . . . . . . . . . . . . . . . . .1407.00 +53.00 1425.00 476.25 Davis Service . . . . . . . . . . . . . . .373.30 –11.80 442.30 307.00 Lancashire Hldgs . . . . . . . . . . . .482.50 –0.80 540.00 416.70 Severn Trent . . . . . . . . . . . . . . .1223.00 –7.00 1258.00 921.00
Alliance Trust . . . . . . . . . . . . . . .308.10 –4.00 352.70 260.25 De La Rue . . . . . . . . . . . . . . . . . .942.50 +2.50 1021.00 808.50 Land Securities . . . . . . . . . . . . . .587.50 –13.50 743.50 415.25 Shaftesbury . . . . . . . . . . . . . . . .353.50 –3.70 426.50 284.00
AMEC . . . . . . . . . . . . . . . . . . . . .808.00* — 891.00 603.50 Debenhams . . . . . . . . . . . . . . . . .55.05 –0.85 91.95 53.75 Legal & General . . . . . . . . . . . . . .75.65 –0.20 94.40 49.37 Shire. . . . . . . . . . . . . . . . . . . . .1405.00 –9.00 1526.00 798.50
Amlin . . . . . . . . . . . . . . . . . . . . .369.30 –2.60 428.50 291.00 Derwent London . . . . . . . . . . . .1300.00* –30.00 1490.00 844.00 Lloyds Banking Gp . . . . . . . . . . . .51.76 –2.20 75.58 39.62 SIG . . . . . . . . . . . . . . . . . . . . . . .109.40 –0.60 146.60 82.25
Anglo American . . . . . . . . . . . .2477.50 +19.50 3015.50 1540.00 Dexion Absolute . . . . . . . . . . . . .138.10 –0.90 148.00 107.75 Logica . . . . . . . . . . . . . . . . . . . . 119.50 –2.00 149.10 70.25 Smith & Nephew . . . . . . . . . . . . .625.00 –5.00 700.50 435.25
Antofagasta . . . . . . . . . . . . . . . .838.50* +6.50 1100.00 546.50 Diageo . . . . . . . . . . . . . . . . . . .1063.00 +3.00 1176.00 829.00 London Stock Exchange . . . . . . .598.50 –13.00 949.50 592.50 Smiths . . . . . . . . . . . . . . . . . . .1021.00 +3.00 1177.00 649.00
Aquarius Platinum . . . . . . . . . . .354.30 +6.50 490.00 172.75 Dimension Data . . . . . . . . . . . . . .95.85 –2.00 105.00 53.75 Lonmin . . . . . . . . . . . . . . . . . . .1543.00 — 2198.00 950.00 SOCO Intl . . . . . . . . . . . . . . . . .1567.00 –27.00 1796.00 1068.00
ARM Holdings . . . . . . . . . . . . . . .264.30 –8.50 274.90 104.00 Domino’s Pizza . . . . . . . . . . . . . .349.60 –10.20 371.20 192.75 Man . . . . . . . . . . . . . . . . . . . . . .235.10 +1.60 373.60 199.60 Spectris . . . . . . . . . . . . . . . . . . .800.00* +8.50 928.00 493.50
Arriva . . . . . . . . . . . . . . . . . . . . .765.00 –0.50 782.50 378.50 Drax . . . . . . . . . . . . . . . . . . . . . .337.60 +4.40 496.50 321.50 Marks & Spencer. . . . . . . . . . . . .332.20* –5.20 412.70 277.75 Spirax-Sarco Eng . . . . . . . . . . .1391.00 –14.00 1591.00 749.50
Ashmore . . . . . . . . . . . . . . . . . . .242.90 +0.90 311.20 183.25 DSG Intl . . . . . . . . . . . . . . . . . . . .23.91 –0.39 39.75 19.25 Meggitt . . . . . . . . . . . . . . . . . . . .304.80 +3.80 328.70 151.75 Spirent Comms . . . . . . . . . . . . . .104.50 –0.90 127.80 54.50
Ashtead . . . . . . . . . . . . . . . . . . .106.00 –3.10 128.50 52.00 Dunelm . . . . . . . . . . . . . . . . . . . .344.80 –25.20 438.40 202.00 Melrose . . . . . . . . . . . . . . . . . . .209.20 –3.10 251.50 87.75
Astrazeneca . . . . . . . . . . . . . . .2921.50 –3.00 3136.00 2472.00 Easyjet . . . . . . . . . . . . . . . . . . . .398.10 –8.90 499.90 260.00 Mercantile IT . . . . . . . . . . . . . . . .876.00 –13.50 1002.00 716.50 Sports Direct Intl . . . . . . . . . . . . . .94.15 –1.40 134.00 72.50
Atkins(Ws) . . . . . . . . . . . . . . . . .685.00 –4.50 730.00 513.50 Edinburgh Inv Tst . . . . . . . . . . . .387.60 –0.40 412.40 297.50 Michael Page Intl. . . . . . . . . . . . .376.70* +2.80 461.50 218.50 SSL Intl . . . . . . . . . . . . . . . . . . . .818.00 –7.50 893.50 481.25
Autonomy Corp . . . . . . . . . . . .1768.00 –35.00 1897.00 1121.00 Electrocomponents . . . . . . . . . . .209.90 –2.70 245.00 134.25 Micro Focus . . . . . . . . . . . . . . . .478.60 –21.40 550.00 300.90 St James’s Place . . . . . . . . . . . . .229.60 –7.10 296.90 172.25
Aveva . . . . . . . . . . . . . . . . . . . . 1127.00 –31.00 1237.00 661.00 EnQuest . . . . . . . . . . . . . . . . . . .101.10 +2.10 112.70 87.35 Millen & Copthorne . . . . . . . . . . .393.70 –4.80 496.30 217.25 Stagecoach. . . . . . . . . . . . . . . . .177.70 –6.40 204.90 114.75
Aviva . . . . . . . . . . . . . . . . . . . . .317.70 –5.70 474.00 274.75 Eurasian Nat Res . . . . . . . . . . . .963.00* +2.00 1276.00 582.00 Misys . . . . . . . . . . . . . . . . . . . . .223.50 –4.10 264.50 157.25 Standard Chartered . . . . . . . . . .1580.00 –31.00 1847.00 1115.00
Babcock International . . . . . . . . .565.50 –2.00 660.50 448.50 Euromoney Inst Inv . . . . . . . . . . .575.50* –19.00 630.00 191.25 Mitchells & Butlers . . . . . . . . . . .302.50 –10.40 343.90 221.75 Standard Life . . . . . . . . . . . . . . .176.10 –0.80 237.00 172.60
BAE Systems . . . . . . . . . . . . . . .320.30 +1.20 389.90 294.20 Experian . . . . . . . . . . . . . . . . . . .609.50 –5.50 664.50 434.00 MITIE . . . . . . . . . . . . . . . . . . . . .220.90 –3.40 281.70 204.25 TalkTalk . . . . . . . . . . . . . . . . . . .123.70 –0.80 147.10 106.60
Balfour Beatty . . . . . . . . . . . . . . .249.90* –3.80 328.85 238.50 F&C Comm Prop . . . . . . . . . . . . . .92.00 –1.50 96.80 73.50 Mondi . . . . . . . . . . . . . . . . . . . . .384.00 –5.90 488.00 182.00 Talvivaara Mining . . . . . . . . . . . .353.30 –0.40 501.50 315.00
Barclays . . . . . . . . . . . . . . . . . . .276.55 –9.35 394.25 255.00 Ferrexpo . . . . . . . . . . . . . . . . . . .238.60 –4.30 396.20 112.00 Monks Inv Tst . . . . . . . . . . . . . . .284.00 –1.10 321.20 222.00 Tate & Lyle . . . . . . . . . . . . . . . . .460.70 –5.60 481.40 284.75
Barratt Development . . . . . . . . . . .95.45 –4.55 193.31 91.80 FirstGroup . . . . . . . . . . . . . . . . .374.50 –6.50 448.80 322.75 Morrison Wm . . . . . . . . . . . . . . .262.00* — 306.30 234.25 Taylor Wimpey . . . . . . . . . . . . . . .28.10 –2.12 54.90 27.80
BBA Aviation . . . . . . . . . . . . . . .177.60 –6.80 220.00 105.00 Foreign & Col Inv Tst. . . . . . . . . .268.90 –0.70 297.20 210.25 Murray Intl Tst . . . . . . . . . . . . . . .803.00 –2.50 893.50 575.00 Telecity . . . . . . . . . . . . . . . . . . . .374.00 –11.00 455.00 272.00
Beazley. . . . . . . . . . . . . . . . . . . . 112.70 –1.20 122.00 86.00 Fresnillo . . . . . . . . . . . . . . . . . . .939.00 +41.50 950.00 438.00 National Express. . . . . . . . . . . . .218.00 –5.40 256.80 135.08 Templeton Emrg Mkts . . . . . . . . .528.50 +2.50 598.00 346.50
Bellway. . . . . . . . . . . . . . . . . . . .636.00* –32.00 927.50 591.50 G4S . . . . . . . . . . . . . . . . . . . . . .270.70 +4.20 285.70 197.90 National Grid . . . . . . . . . . . . . . .484.40* –1.00 607.65 466.71
Berkeley . . . . . . . . . . . . . . . . . . .756.00 –14.50 989.50 716.50 Genesis Emerging Mkts Fd . . . . .436.50 +3.20 484.00 370.00 Next . . . . . . . . . . . . . . . . . . . . .2042.00* –14.00 2360.00 1402.00 Tesco . . . . . . . . . . . . . . . . . . . . .397.40* –9.70 454.90 347.40
BG . . . . . . . . . . . . . . . . . . . . . .1050.00 +5.00 1248.00 966.90 GKN . . . . . . . . . . . . . . . . . . . . . . 118.40 –3.00 155.00 67.49 Northumbrian Water . . . . . . . . . .281.50 –0.90 296.30 219.90 Thomas Cook . . . . . . . . . . . . . . .190.60 –5.80 277.20 189.70
BHP Billiton . . . . . . . . . . . . . . .1768.00 +33.00 2346.00 1274.50 GlaxoSmithKline . . . . . . . . . . . . 1157.00* –7.00 1347.00 1023.50 Old Mutual . . . . . . . . . . . . . . . . .107.80* –1.20 127.20 71.00 Tomkins . . . . . . . . . . . . . . . . . . .237.60* –3.10 258.50 135.00
BlackRock Mining . . . . . . . . . . . .545.00 –11.00 654.50 346.00 Great Portland Estates . . . . . . . .280.50 –10.50 332.10 203.75 Partygaming . . . . . . . . . . . . . . . .256.00 –4.00 339.70 213.30 Travis Perkins . . . . . . . . . . . . . . .746.50 –11.50 915.00 461.00
Booker . . . . . . . . . . . . . . . . . . . . .40.00* –0.10 49.50 32.75 Greene King . . . . . . . . . . . . . . . .376.20 –5.80 504.00 359.50 Pearson . . . . . . . . . . . . . . . . . . .902.50 –15.00 1069.00 574.00 TUI Travel . . . . . . . . . . . . . . . . . .215.30 –7.80 313.90 214.20
BP . . . . . . . . . . . . . . . . . . . . . . .408.90* –21.40 658.20 396.80 Halfords . . . . . . . . . . . . . . . . . . .487.00 –16.50 524.00 299.00 Pennon . . . . . . . . . . . . . . . . . . . .527.00 –5.00 558.00 434.40 Tullett Prebon . . . . . . . . . . . . . . .330.20 –4.30 436.20 261.20
Brit Insurance . . . . . . . . . . . . . . .728.00 –6.00 831.60 709.00 Halma . . . . . . . . . . . . . . . . . . . . .249.50 +0.10 278.50 168.50 Persimmon . . . . . . . . . . . . . . . . .359.50 –19.30 534.50 340.25 Tullow Oil . . . . . . . . . . . . . . . . . 1104.00 –13.00 1375.00 834.50
British Airways . . . . . . . . . . . . . .190.40 –6.00 255.80 117.30 Hammerson . . . . . . . . . . . . . . . .348.00 –5.10 460.30 277.00 Petrofac . . . . . . . . . . . . . . . . . . 1174.00 –18.00 1294.00 580.00 UK Commercial Prop. . . . . . . . . . .76.85 –1.35 84.90 59.50
British Amer. Tob . . . . . . . . . . .2149.00 +13.50 2335.50 1637.00 Hansen Trans . . . . . . . . . . . . . . . .85.60 –2.85 163.50 78.00 Petropavlovsk . . . . . . . . . . . . . .1228.00 +6.00 1370.00 515.00 Ultra Electronics . . . . . . . . . . . .1589.00 –7.00 1678.00 1064.00
British Empire Tst . . . . . . . . . . . .418.20* –6.30 467.90 338.50 Hargreaves Lansdown . . . . . . . .355.00 — 387.00 197.25 Premier Farnell . . . . . . . . . . . . . .216.00* –1.60 249.70 121.25 Unilever . . . . . . . . . . . . . . . . . .1867.00* +17.00 2024.00 1419.00
British Land . . . . . . . . . . . . . . . .436.30 –9.80 532.00 353.00 Hays . . . . . . . . . . . . . . . . . . . . . . .96.00 –1.00 119.00 80.00 Premier Oil . . . . . . . . . . . . . . . . 1133.00 –15.00 1431.00 984.00 United Utilities . . . . . . . . . . . . . .552.50 — 575.00 429.00
Britvic. . . . . . . . . . . . . . . . . . . . .469.80* –6.20 497.70 253.25 Henderson . . . . . . . . . . . . . . . . .128.00 +0.80 157.80 83.75 Provident Financial . . . . . . . . . . .814.50* –9.00 986.00 763.00 Utd Business Media . . . . . . . . . .487.00 –13.00 579.50 364.75
Brown(N.) . . . . . . . . . . . . . . . . . .250.80 –0.40 284.30 204.25 Heritage Oil. . . . . . . . . . . . . . . . .415.00 — 630.00 409.80 Prudential . . . . . . . . . . . . . . . . . .525.50 –8.50 665.00 350.25
BSkyB . . . . . . . . . . . . . . . . . . . .563.50 –6.00 637.50 423.75 Hikma Pharma . . . . . . . . . . . . . .680.00 –9.00 730.00 412.00 PZ Cussons . . . . . . . . . . . . . . . .295.00 +1.10 305.50 169.75 Vedanta Resources . . . . . . . . . .2090.00 –16.00 2967.00 1262.00
BSS . . . . . . . . . . . . . . . . . . . . . .425.20 –5.30 444.90 231.10 Hiscox . . . . . . . . . . . . . . . . . . . .337.30 +1.80 369.30 279.50 Qinetiq . . . . . . . . . . . . . . . . . . . . 119.10 –4.10 179.10 113.90 Victrex . . . . . . . . . . . . . . . . . . .1075.00 +5.00 1123.00 498.50
BT . . . . . . . . . . . . . . . . . . . . . . .125.60 –2.80 151.00 91.40 Hochschild Mining . . . . . . . . . . .292.60 +12.60 370.60 220.00 Randgold Resources. . . . . . . . .6090.00 +135.00 6285.00 3351.00 Vodafone . . . . . . . . . . . . . . . . . .135.40* –2.10 153.80 111.40
Bunzl . . . . . . . . . . . . . . . . . . . . .709.00* –1.00 784.50 478.50 Home Retail . . . . . . . . . . . . . . . .233.80* –6.20 336.50 233.10 Reckitt Benckiser . . . . . . . . . . .3141.00 –42.00 3667.00 2651.00 VT . . . . . . . . . . . . . . . . . . . . . . .740.50 –2.00 773.00 416.00
Burberry . . . . . . . . . . . . . . . . . . .726.50 +2.00 750.00 359.00 Homeserve . . . . . . . . . . . . . . . .2060.00 –25.00 2190.00 1336.00 Reed Elsevier . . . . . . . . . . . . . . .476.20 +4.80 548.00 403.75 Weir . . . . . . . . . . . . . . . . . . . . . .902.00 +8.00 1076.00 437.50
Cable & Wire Comms . . . . . . . . . .61.15 –1.20 150.00 53.00 HSBC Hldgs . . . . . . . . . . . . . . . .633.00* +3.60 766.80 487.00 Regus . . . . . . . . . . . . . . . . . . . . . .82.40 +0.40 125.50 58.75 Wetherspoon(J.D.) . . . . . . . . . . .410.90 –14.40 556.00 348.00
Cable & Wire Wwide . . . . . . . . . . .83.05 –2.20 94.80 68.60 Hunting . . . . . . . . . . . . . . . . . . .443.10 –12.30 659.50 377.00 Rentokil Initial . . . . . . . . . . . . . . . 115.70 –1.10 140.20 82.25 WH Smith . . . . . . . . . . . . . . . . . .435.00* –19.00 551.00 405.25
Cairn Energy. . . . . . . . . . . . . . . .389.70 –3.20 441.50 306.80 ICAP . . . . . . . . . . . . . . . . . . . . . .390.90 +5.80 478.30 291.70 Resolution . . . . . . . . . . . . . . . . . .59.00 –0.35 99.15 58.45 Whitbread . . . . . . . . . . . . . . . . .1344.00* –24.00 1645.00 778.50
Caledonia Invs . . . . . . . . . . . . .1566.00 –24.00 1759.00 1459.00 IG . . . . . . . . . . . . . . . . . . . . . . . .392.20 –0.80 436.30 216.50 Rexam . . . . . . . . . . . . . . . . . . . .309.00 –4.10 330.50 222.50 William Hill . . . . . . . . . . . . . . . . .175.40 –0.40 219.50 160.50
Capita . . . . . . . . . . . . . . . . . . . . .770.50 +1.00 829.50 643.50 Imagination Tech Gp . . . . . . . . . .235.00 –0.20 289.30 80.00 Rightmove . . . . . . . . . . . . . . . . .682.00* –42.00 729.00 334.00 Witan Inv Tst . . . . . . . . . . . . . . . .430.00 –0.40 487.00 329.50
Capital & Counties . . . . . . . . . . .102.00 +1.80 125.40 99.60 IMI . . . . . . . . . . . . . . . . . . . . . . .642.00 –1.00 742.00 275.25 Rio Tinto . . . . . . . . . . . . . . . . . .3062.00 +10.00 4104.00 1822.00 Wolseley . . . . . . . . . . . . . . . . . .1524.00 –63.00 1742.00 986.00
Capital Shopping Centres . . . . . .323.50* +3.40 580.00 300.20 Imperial Tobacco. . . . . . . . . . . .1889.00 –14.00 2159.00 1547.00 RIT Capital Partners . . . . . . . . .1056.00 –9.00 1159.00 861.50
Carillion . . . . . . . . . . . . . . . . . . .314.20* –0.80 361.90 236.75 Inchcape. . . . . . . . . . . . . . . . . . .258.60 –12.80 347.00 255.40 Rolls Royce . . . . . . . . . . . . . . . .584.50* +3.00 631.50 325.00 Wood Group (John). . . . . . . . . . .293.10 –2.60 411.70 231.25
Carnival . . . . . . . . . . . . . . . . . .2505.00* –63.00 2937.00 1431.00 Informa . . . . . . . . . . . . . . . . . . . .366.80 –8.50 439.40 216.00 Rotork . . . . . . . . . . . . . . . . . . .1306.00 –22.00 1482.00 779.50 WPP . . . . . . . . . . . . . . . . . . . . . .647.50 –10.50 744.00 380.50
Catlin . . . . . . . . . . . . . . . . . . . . .319.90 –2.70 380.50 284.75 Inmarsat . . . . . . . . . . . . . . . . . . .781.00 –6.50 819.00 491.00 Royal Bank Of Scot . . . . . . . . . . . .41.45 –1.64 58.95 28.25 Xstrata . . . . . . . . . . . . . . . . . . . .924.90 +5.90 1344.50 555.10
Centrica . . . . . . . . . . . . . . . . . . .277.30* –4.10 320.00 212.50 Intercontl Hotels . . . . . . . . . . . .1067.00 –20.00 1175.00 584.50 Royal Dutch Shell A . . . . . . . . .1780.00* –8.50 2068.50 1431.00 Yell Group. . . . . . . . . . . . . . . . . . .26.60 –2.15 86.00 20.25
Charter Intl . . . . . . . . . . . . . . . . .660.00 –1.00 855.50 395.25 Intermediate Capital . . . . . . . . . .252.40 –3.90 332.00 170.25 Royal Dutch Shell B . . . . . . . . .1708.50* –7.50 1997.50 1437.00 LONDON TOP 250 BY MARKET CAPITALISATION
Chemring . . . . . . . . . . . . . . . . .3259.00 –11.00 3711.00 1910.00 Intertek . . . . . . . . . . . . . . . . . . .1379.00* — 1576.00 987.50 RSA Insurance . . . . . . . . . . . . . . 117.30 –1.40 142.00 113.10
Chloride Group . . . . . . . . . . . . . .344.50 +55.90 345.00 129.00 Intl Power . . . . . . . . . . . . . . . . . .289.60* –2.80 354.00 228.00 SABMiller . . . . . . . . . . . . . . . . .1883.00 –7.00 2090.00 1210.00 * Ex-Dividend † Suspended
Close Bros . . . . . . . . . . . . . . . . .697.00 –23.50 806.50 623.00 Invensys . . . . . . . . . . . . . . . . . . .269.40 +1.30 350.30 212.25 Sage . . . . . . . . . . . . . . . . . . . . . .236.80* –4.40 260.50 167.20
Cobham . . . . . . . . . . . . . . . . . . .228.30* –1.20 278.60 164.90 Investec . . . . . . . . . . . . . . . . . . .468.00 –3.90 565.00 309.75 Sainsbury(J) . . . . . . . . . . . . . . . .321.50* –1.90 373.00 306.50 www.interactivedata.com

FTSE sunk Bernanke’s


by BP’s oil bullishness
slick woes 4"-&
61
boosts US
THELONDON
REPORT
50
 
0''
THENEW YORK
REPORT
B
ritain’s FTSE 100 share index

U
fell yesterday, led down by ener- S stocks mostly rose in volatile
gy shares as BP dropped again /080//"5*0/8*%&0/-*/& trading yesterday, led by materi-
on fresh Gulf of Mexico oil slick als and financial shares, but
worries and banks which were hit by
Eurozone debt concerns and the
888"645*/3&&%$06, investors shied away from big-
cap technology shares on concerns
threat of punitive taxes. *Selected Austin Reed branded merchandise only. about their European exposure.
By the close the FTSE 100 was off The Dow Jones industrial average
40.91 points, or 0.8 per cent at gained 123.49 points, or 1.26 per cent,
5,028.15 after a choppy session, hav- to 9,939.98. The Standard & Poor’s 500
ing recovered from an intraday low of over the Gulf of Mexico oil spill, the Meanwhile, in a direct warning to Fresnillo, Randgold Resources, BHP Index rose 11.53 points, or 1.10 per
4,984.66. worst enviromental disaster the US British investors, ratings agency Fitch Billiton, Anglo American, and cent, to 1,062.00. But the Nasdaq
“It has been a bit miserable again has faced. said the UK faced a formidable fiscal Antofagasta added 0.8 to 4.6 per cent. Composite Index dropped 3.33 points,
today, with the bad news over the Royal Dutch Shell, Cairn Energy, challenge, sending up the cost of pro- or 0.15 per cent, to 2,170.57.
past few days for BP, and the banks and Tullow Oil shed 0.5 to 1.2 per tecting British government debt ANALYSIS l FTSE Overnight, Federal Reserve chair-
holding sway,” said David Morrison, cent, failing to benefit from a firmer against default. man Ben Bernanke said the US econo-
6,000
market strategist at GFT Global. crude price, although BG Group Lloyds Banking Group, Barclays, 5,028.15 my seemed to have enough
“With the FTSE testing the psycho- added 0.5 per cent after a closing auc- Royal Bank of Scotland, and Standard 5,800 8 Jun momentum to avoid a “double-dip”
logically and technically significant tion rally. Chartered fell 1.9 to 4.1 per cent. But 5,600
recession, giving support to domestic-
level at 5,000 ... it’s all a little bit wor- UK-focused banks were poor per- global bank HSBC added 0.6 per cent. oriented companies.
rying.” formers on twin concerns over the Retailer Tesco shed 2.4 per cent 5,400 Banks amd telecommunications
Energy shares were the biggest Eurozone debt situation, and the after long-standing chief executive 5,200 services ranked among the top per-
blue-chip fallers, led lower by BP threat of possible levies on lenders. Terry Leahy announced he would formers. AT&T rose 2.7 per cent to
which dropped five per cent after US European finance ministers sought retire in March 2011. 5,000 $24.97. Bank of America rose 3.4 per
president Barack Obama said that he agreement yesterday on how to make Miners rose with a firming in met- 4,800 cent to $15.33 and Procter & Gamble
wanted to know “whose ass to kick” banks pay for financial crises. als prices following recent sharp falls. 8 Mar 26 Mar 19 Apr 10 May 28 May 2.5 per cent to $62.14.
20 Investment | Fund Management CITYA.M. 9 JUNE 2010

THE UK LEADS
IN THE RACE
FOR RECOVERY
DICK TURPIN
MANAGING DIRECTOR, ARTEMIS

D
EBT is the thing: staggering amounts of it,
now taken on by sovereign states. And as a
result, there’s a strong bear case for
investors. But there’s a bull case too.
If you accept that the “debt repayment race”
will be won by the least impaired economy, then
the UK has a pretty good chance. An experi-
enced US investor visiting London this week has
professed to being mystified as to the popularity
of his currency. From his perspective, US indebt-
edness and public finances are on a par with the
pariahs.
But if it plays its cards right, the UK has the
prospect of emerging with a better reputation.
How? Its currency is independent, its economic Commercial property is back on investors’ horizons Picture: Micha Theiner/City A.M.
policy can be adjusted to fit its circumstances
and its debt has a long maturity. So it is less like-
ly to be bullied by financial markets. What is
more, the UK has a relatively developed tax base.
We generally play cricket by the rules. We
understand why tax should be paid. And our
banking system, although not without its prob-
lems, is comparatively transparent.
Contrast this with economies where a savings
Property’s renaissance
bank with €45bn of assets is run by a priest-
hood; where in the suburbs of a certain There are good property prices fell by 45 per cent from
June 2007 to July 2009. However, prices
says there are attractive opportunities in
central Copenhagen, where distressed
Mediterranean city the required swimming pool have staged a recovery in the past 10 assets are still selling at a large discount,
tax is paid by 300 good folk when Google Earth opportunities in the months and have risen by 14 per cent. and he also favours the Swedish market.
has identified 17,000 pools; where doctors The second factor is yields. Mark Property can pay off. Schroders West
declare €15,000 of annual earnings yet have commercial sector, Callender, head of property research at London Property Unit Trust, which is
over a million euros in the bank; and a govern- Schroders, says that the average yield in the focused on central London office space, has
ment where the state uses 626,000 official cars,
many of which are Maseratis costing €150,000
says Kathleen Brooks commercial property market in the UK is
rising and is currently at 6.5 per cent. Even
an average return of 7.9 per cent over five
years. It’s also possible to invest in property
each. The UK economy, which is still a large when you subtract inflation, currently 3.7 funds through equity investments.

C
manufacturer, could grow out of its problems. To OMMERCIAL property is back in fash- per cent, commercial property is still yield- Aberdeen Property A Share, a £200m fund
do so would see UK assets, gilts and equities, ion. A recent survey by Aberdeen ing 2.8 per cent, which is superior to the that invests in property company securities,
become sought after by investors once again. Asset Management found that UK nominal yield on 10-year gilts, which is 3.47 has returned nearly 20 per cent in the last
Yet until now, courtesy of some prominent com- pension funds are actively looking to per cent. 12 months.
mentators, we seem determined to align our- increase their commercial property expo- Some sections of the market are more The property sector remains far from
selves with those countries in the Eurozone sure. It found that out of the 166 pension attractive than others, says Callender. He healthy, but it is looking like an increasing-
entrapped by debt. funds it interviewed, two thirds had expo- favours second-tier commercial property, ly attractive addition to a portfolio.
Standing back from this and taking a long- sure to property and 36 per cent of those for example shopping centres or office
term perspective, there is scope for UK equities said they would increase their holdings. blocks located in affluent areas, rather ANALYSIS l Yields are rising
to do well. Valuations are not demanding, and Out of the pension funds that weren’t than prime property in the City of London, 3 month change in
we have many world-class companies here. invested in property, 35 per cent said they which he says is starting to look overpriced. commercial property
So even amid the debt, let’s think positively. were actively considering making an invest- He says that the tertiary sector is looking (% points)
Retail Office
You never know: it might work. ment. less attractive. “Old shopping centres or 1.5
All Property Industrial
So what makes property so attractive for industrial estates with high vacancy rates
institutions? According to John Danes, might have yields of 9-10 per cent, however, 1.0

Source: IPD/Aberdeen AM
head of UK research and investment strate- the uncertainty about the economic out- 0.5
gy at Aberdeen Asset Management, there look makes these types of investments
are two reasons for this. Firstly, property more risky.” 0
prices have started to rise again, although It can also be worth looking outside of
-0.5
at a more sustainable rate than before the the UK for opportunities, says Jesper
crisis. Data from the Investment Property Dambourg, chief executive officer of Saxo -1.0
Databank (IPD) shows that commercial Properties, a property investment fund. He Mar 2007 Mar 2008 Mar 2009 Mar 2010
CITYA.M. 9 JUNE 2010 Investment | Fund Management 21

There’s room
Look beyond the core
to the satellites

Picture: GETTY

for both active


and passive
Investors should get the best of both worlds
and blend the two strategies, says Jessica Mead

C
ONFRONTED by the statistics, it ment report showed that 23 per cent of
could be hard to argue in favour of institutional assets were passively man-
active management. Very few active aged in 2008. Saker Nusseihbeh, head of
fund managers succeed in beating investment at Hermes, says that the active-
either the benchmark or their peers on a passive debate is a primarily English issue
consistent basis. Research by Thames River thanks to the size of the UK pension fund
Capital revealed that only 10 funds of the industry – the second largest in the world
1,065 with a three-year track record after the US – relative to the small size of
appeared in the top performance quartile the main market. “The index size makes it
in all three years. much more difficult for active fund man- ments where you really believe that the ANALYSIS l Use of Passive and Active Management
Disillusionment with active manage- agers to add value,” he says. individual fund manager can add value. Active Passive
ment has been growing. Choosing an Given all of this, it is tempting to won- A passive core of around 70-75 per cent 100%
active fund did not protect investors from der what place there is, if any, for active gives investors exposure to the benchmark,
the worst of the financial crisis despite fund management. In Nusseibeh’s view, which provides them with beta and allows 80%
expensive fees and mediocre performance. many pension funds still have too much them to devote the time and resources to
Active funds naturally incur greater costs, exposure to what he would call core plus. selecting the best active satellite strategies. 60%
making it more difficult for their man- These are ostensibly active funds but There are some very successful fund
agers to generate enough returns to offset which perhaps only outperform the index managers out there but statistics would
40%
the fees and create alpha for their by 1-1.5 per cent per year. After fees, the suggest that unfortunately they are the

Source: IMA
investors. value of these funds is questionable. exception rather than the norm.
Little wonder, then, that UK pensions The typical model nowadays, says David Institutional investors should choose very 20%
funds and the like are increasingly recog- Norman, co-founder of tcfinvestment, is high alpha active strategies that comple-
nising the attraction of passive invest- for sophisticated individuals to have the ment their low-cost core holdings and ded- 0%
Corporate Local Charity Sovereign Third In-house Other Total
ments. The Investment Management bulk of investments in a passive strategy icate resources to finding a consistently Pension Authority Wealth Party Insurance Insurance Institutional
Fund Fund Insurance
Association’s (IMA) latest asset manage- but then have a satellite of racier invest- good manager.

FUND MANAGEMENT NEWS


KATHLEEN BROOKS
EARN INCOME IN EMERGING MARKETS FUND RATINGS ALERT NEW UCITS THREE MACRO FUND
JP Morgan Asset Management has announced OBSR, the fund ratings service, suspended the M&G’s new Macro Episode Fund is a Ucits III
that it intends to launch the first investment A rating for DWS Invest Diversified Fixed version of a global macro fund managed by
trust that will focus on dividend income from Income Strategy after it was announced that Prudential Life for the last decade, which has
emerging markets. Traditionally, emerging Mark Dowding, the head of fixed income in returned an average of 12.2 per cent per
market equities are a good play on growth. Europe for DWS, was leaving the company. annum. Not only does the fund adhere to the
However, as markets mature, more and more OBSR says it will review the situation in the high regulatory standards demanded by Ucits
companies are paying good dividends. The coming weeks. The ratings service also III, but it also aims to offer investors higher
fund’s initial target is a 4 per cent dividend announced that the Schroder Asian Income total returns than global equities over the
yield. JP Morgan Asset Management is hoping Fund has been awarded an A rating. It argued medium to long term but with lower volatility.
to have a prospectus available by the end of that the fund has employed a pragmatic and The minimum investment is £1m. The fund is
this month, and it plans to launch at the end of valuation-driven approach, adding that it managed by Dave Fishwick and Eric Lonergan,
July. The fund will be managed by Richard believes the fund is a “solid proposition” in the who use elements from behavioural finance in
Emerging markets such as India offer juicy dividends Picture: REX Titherington. Asia sector. their investment strategy.

Each determined, tenacious and above all independent.


Yet united in a common cause.

Talk to your Financial Adviser, call 0800 092 2051 or visit www.artemisonline.co.uk
Issued by Artemis Fund Managers Limited which is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk), 25 The North Colonnade, Canary Wharf, London E14 5HS.
For your protection calls are usually recorded. CAM/AE
22 Investment | Foreign Exchange CITYA.M. 9 JUNE 2010

DOW-GOLD
RATIO COULD Mixed fortunes
HIT PARITY
BORIS SCHLOSSBERG
for the buck to
help the euro
DIRECTOR OF CURRENCY RESEARCH, GFT

L
AST Friday’s surprise commentary from
Peter Szijjarto, a spokesman for the new
Hungarian prime minister Viktor Orban, trig-
gered yet another selling frenzy in the euro.
He noted that the Hungarian economy was in a
“very grave situation” and said that the spectre of
a default “isn’t an exaggeration”. Although
Hungary is not a Eurozone member, many The longer-term view likely push the currency down to $1.15,
after July sovereign debt redemptions in
Hungarians hold mortgages denominated in low-
yielding Swiss francs. Szijjarto’s ill-considered for the single currency Spain will ease significantly and, com-
bined with the European Central Bank’s
remarks sparked a vicious sell-off in the Hungarian bond purchases, pressure on the euro
forint-Swiss franc pair, which pushed euro-Swiss is less cloudy, writes should start to decrease. It argues that
franc lower and sent the euro to fresh yearly lows. with the market massively short euros,
Hungary now becomes the latest problem for Kathleen Brooks such a one-sided view of the currency
the beleaguered euro as traders grow concerned should make one stop and pause. It also
that the recent volatility in the region’s financial adds that the market has unfairly

A
markets will now result in a significant slowdown NOTHER week, another lurch shrugged off the policy response devised
in growth in the real economy. As the troubles for lower for the euro. This time it was by Eurozone members and announced on
the Eurozone mount, the possibility of euro-dollar fears about the finances of 10 May, even though it significantly
hitting parity becomes more viable every day. Hungary, not even a fully fledged reduces the probability of a default in the
However, while most investors continue to member of the Eurozone, that caused next three years.
focus on the daily drama in euro-dollar, some ana- investors to flee the single currency. And It even goes as far as to say that the cri-
lysts are beginning to consider a much more omi- the arguments continue to mount about sis has led to greater integration within
nous parity – gold versus the Dow Jones whether the euro ca survive. the Eurozone, since it introduces a mecha-
Industrial Average (DJIA). At first glance, the Just this week the Royal Bank of Canada nism to share fiscal risk. Investors should
idea of parity between the Dow and gold appears (RBC) and Merrill Lynch Wealth give the plan a chance, Deutsche analysts
absurd. The Dow is currently trading near the Management were the latest financial note, since when the US government
10,000 barrier while gold holds steady at a much organisations that forecast further weak- announced a scheme to protect its bank- the Euro area’s,” the analysts wrote. It also
more modest $1,215/oz. level. For the gold-Dow ness for the single currency. RBC now ing system in 2008 and purchased billions argues that the longer-term outlook for
relationship to reach parity, the Dow would have expects it to fall to $1.18 by the end of the of mortgage-backed securities, it took sev- the US’s fiscal health is worse than it is for
to fall to 5,000 while gold would have to rise to September, and to fall even further to eral months for the US markets to sta- Europe. For example, its analysts calculate
that mark. Although such moves may seem pre- $1.10 within one year, while Merrill Lynch bilise. that the US’s debt-to-GDP ratio will bal-
posterous, there is a historical precedent. In 1979 Wealth Management expects it to drop to Deutsche Bank argues that once the loon to 240 per cent by 2040, compared to
it only took 1.4 ounces of gold to purchase one $1.15 and $1.10 by the end of this year and ECB’s bond purchasing scheme takes 160 per cent for Europe, and the markets
share of the DJIA. next. place that should reduce pressure on the should start to focus on this: “So just as
The Dow-gold parity argument rests on the Although uncomfortable for investors single currency since it would cut signifi- markets have moved from Greece to Spain
supposition that the sovereign debt problem will sitting on piles of euros, they might have cantly the risk premia of a member and now to Italy, they would likely move
become markedly worse as time progresses. I found RBC’s justification for downgrading default within the Eurozone. But the real on to re-price the US fiscal risk premia.”
think that is accurate when you consider that the their forecast positively chilling. “The key to a change in fortune is the US dollar. The Eurozone is not in a healthy state,
US debt burden will reach 100 per cent of GDP impact of the euro’s diminishing status as “What helps the euro more fundamental- but for those with a cup half full mentali-
within 12 months. At that point, the dollar’s sta- a reserve currency may have only just ly is that the US’s fiscal balance is not that ty there is a chink of light at the end of a
tus as a safe haven currency could come under begun to play out,” RBC analysts wrote in a much better than Spain’s and worse than very dark tunnel.
the same type of assault that the euro is current- note to investors on Monday. Likewise, cur-
ly experiencing. Then, the notion of Dow-gold par- rency strategists at Bank of America ANALYSIS l Public debt-to-GDP projections
ity will become a much more reasonable scenario Merrill Lynch argue that “fragmented pol-
300
as gold becomes the only safe haven bet. icy responses across the Eurozone, selling % of GDP
Boris Schlossberg and Kathy Lien are directors of by foreign exchange reserve managers, 250 Greece
currency research at GFT. Read commentary at and risks around the Eurozone banking Germany
www.GFTUK.com/commentary or e-mail sector are expected to drive the euro down 200 UK
borisandkathy@gftuk.com. [further]”. Right now it’s hard for investors US
to construct a scenario where the euro can 150
Euro area
appreciate.
100
But in amongst this horror story for the
single currency, there are a few in the 50
market willing to show some vocal sup-
port for the euro. Deutsche Bank argues 0
that although short-term pressures will 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040

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CITYA.M. 9 JUNE 2010 Investment | Foreign Exchange 23

The clouds may part


on the euro later this THE TIPSTER
year
OIL JUMP
Picture: REX
SEES LOONIE
RALLY, BUT
NOT FOR LONG

T
HE recent recovery in the oil price has
seen the Canadian dollar strengthen off
its lows against the US dollar due to the
loonie’s high sensitivity to Canadian oil
exports to the US. A continued rebound in the
oil price could well see US dollar-Canadian
dollar fall towards trend line support around
C$1.0400 and C$1.0330. However, with crude
oil prices currently looking a little weak, we
could see a recovery back towards the recent The Canadian dollar relies on oil Picture: GETTY
highs dollar-Cad highs of C$1.0650. CMC
Markets spread on US dollar-Canadian dollar bouncing off the American dollar at the
is C$1.0534-C$1.0538. $0.81 level that lent it support on two occa-
The euro continued to be out of favour sions in late May. The last time it touched
with investors and hit a new all time low $0.81 it rallied to $0.85 in a matter of days
against the Swiss franc, despite the Swiss but it will take a break of the $0.855 level to
National Bank’s (SNB) Herculean attempts to confirm a reversal for the pair. Look to buy on
intervene and weaken the franc. The SNB’s dips back to $0.81. Spread Co offer a spread
president has said in the past that he plans on Australian dollar-dollar of $0.8226-
action to counter “excessive appreciation” of $0.8228.
the franc, and the bank’s efforts saw a sharp The euro-dollar pair was “unnaturally bid”
rise in the euro. But the fundamentals look according to some traders yesterday morning
set to win out and overall, the chart contin- as it found plenty of support in the
ues to look bad for the euro. Further losses $1.1900–$1.1950 area. This might be the
could be made, so any traders who are short time for traders to take advantage of the
might want to add to positions by selling euro’s support by selling, since prospects oth-
more. Capital Spreads quotes the euro-franc erwise look gloomy for the Eurozone, as its
at Sfr1.3805-Sfr1.3809. recent lows suggest. Spread Co offer a
The Australian dollar continues to fall spread on euro-dollar of $1.1978–$1.1980.
against most currency pairs, once again Juliet Samuel

Japan wins the forex ugly contest


With gloomy global prospects,
the yen might be the best of a
bad bunch, writes Juliet Samuel

I
T IS testament to the uncertainty of
the times that the yen, the currency
of a country with public debt at over
200 per cent of GDP, is still viewed as
a “safe haven.” But as CMC Markets’
Michael Hewson says: “Currencies are
vying for the title in battle of the uglies”
and the yen is a serious contender.
Ever since the euro crisis deepened five
weeks ago, prompting a monthly euro low
of ¥112 and a dollar low of ¥89, specula-
tion has been rife that the Bank of Japan
(BoJ) might move to stop the yen from
strengthening further and hurting
Japan’s vital export sector. These rumours
were given a push recently when prime
minister Hatoyama resigned (see chart),
making way for his finance minister,
Naoto Kan, who has said he would make
efforts to “bring the exchange rate to
appropriate levels”. Japan is still seen as a therefore forecasts a dollar-yen level of Hardy says that there isn’t anything the Even so, with the euro testing Brussels’
Most analysts, however, admit that safe haven in a dan- ¥100 by the end of the year. Bank of Japan can do: “The situation will resolve and rumours of a second stimulus
direct intervention is unlikely, given its gerous world A fall in the yen would help Japan’s elec- continue until there’s just a horrible col- in time for mid-term elections in the US,
probable ineffectiveness and its potential tronics exporters, but this scenario relies lapse in trust in Japanese bonds and the the yen could still be the best of a bad
to undermine efforts to persuade China to Picture: REX on the cooperation of external events: a currency.” bunch.
un-peg the yuan. global downturn or further euro crisis
But while direct intervention is out, fur- could spark additional risk aversion that ANALYSIS l The ‘Hatoyama effect’
Source: SG Cross Asset Research
ther QE and fiscal intervention are still strengthens the yen no matter how the 93.00
possible if the dollar-yen drops into the BoJ responds. Many are still inclined to
mid-80s, depending on how the new view Japan as a viable safe haven: its high PM Hatoyama resigns
prime minister chooses to address the public debt is counterbalanced by low pri- 92.50
public debt problem. Despite his more vate debt and a solid financial sector. And
hawkish rhetoric, Kan is viewed with sus- there seems to have been a levelling out in
picion by the markets: his government has consumer confidence.
92.00
so far only promised to stabilise debt at But as Jessop points out, even if Japan
200 per cent of GDP. does lead a recovery, there will still be
Consequently, Capital Economics’ pressure on the central bank to ensure a
91.50
Julian Jessop sees the yen as almost certain low yen, if not through direct interven-
to weaken in one of two ways: either the tion, then potentially by firing up the
government will fail to tackle the debt, printing presses.
prompting a fiscal crisis and collapse in And growth is by no means certain. The 91.00
confidence in the yen as a safe haven, or country’s ageing population is quickly US dollar-yen
“if the government does its bit and tight- making its debt burden unsustainable as
ens, the Bank of Japan (BoJ) would do its former high-saving earners become 90.50
bit and loosen monetary policy”. Jessop spenders in retirement. Saxo Bank’s John 30 May 31 May 01 Jun 02 Jun 03 Jun 04 Jun
Lifestyle
24 CITYA.M. 9 JUNE 2010
WORDS BY
| Motoring RYAN BORROFF

The car that delicately sips its fuel


The new Volvo lacks
space and beauty,
but it’s a knockout if
you’re after serious
petrol economy

I
F YOU’RE the kind of driver that gets
their kicks out of economy and effi-
ciency and can’t wait for the advanc-
ing wave of super economical electric
vehicles to get here, then Volvo’s C30 1.6D
DRIVe could be the car for you.
The coolest thing about Volvo’s C30
DRIVe Start/Stop model is undoubtedly
reading the LED screen in front of the
steering wheel which always seems to
read “450m to empty tank”, regardless of
how many trips you’ve made. It sips so lit-
tle fuel it’s virtually teetotal – in a publici-
ty stunt, it was driven from Land’s End to
John O’Groats without refuelling.
Which is pretty clever. Thanks to its fuel
efficiency of more than 74mpg, refuelling
is not something you’re going to need to
worry about very often. Any performance
compromises with its tweaked 107bhp 1.6
litre diesel motor are surprisingly bear-
able. The car feels speedy enough and the
engine, though loud around town, is sur-
prisingly quiet on the motorway. In fact
there’s not much here to grumble about.
The car seems quick and, despite a lack of
oomph at the top end the drive, was per-
fectly satisfactory. The handling was better
than expected, if a little softer than I
would have liked and the Start/Stop sys-
tem worked fine.
Looks-wise, the C30 is attractive. It’s
undoubtedly the looker in the Volvo
range, not a brand known for its aesthetic The gas-sipping Volvo. reduces drag. It even gets its own specially theory, although God knows I wouldn’t input, and though people shouldn’t do it,
appeal in the past. The C30 won’t be to designed spoiler for the same reason. want to introduce anything else into the we all know that people do operate these
everyone’s taste –  it’s a rival to cars like The elements of the C30 DRIVe that are cabin. systems when driving. Volvo has at least
the Audi A3 and even the kind of design- difficult to live with are specific to the As for the boot…well, thanks to the attempted to make this reality a little
savvy buyers that may also be up for a C30’s design and not its fuel-efficient unusual multifaceted shape of the rear of safer.
MINI or, more recently, a Citroen DS3. But DRIVe engine. Inside it feels cramped. The the car the boot is only big enough for a For the economy alone I can’t hesitate
the C30 DRIVe beats both hands down on seats are comfortable but stiff – it felt like couple of overnight bags. If you can stow to recommend a test drive in this car.
economy, for sure. The DRIVe model is we sat on them rather than in them – and them that is, because you’ll have to shove Think again, though, if you require any
even more intriguing thanks to its tur- the interior materials – though decent them through a ludicrous parcel shelf load-lugging practicality. For an urban
bine-like alloy wheels, which reduce drag, (particularly the soft-touch dash and alu- with a tiny opening flap as if you’re trying commute and occasional weekender
further increasing fuel efficiency. Volvo minum trim) are a little Scandinavian in to post an oversize parcel into a postbox. there’s no doubt that the Volvo C30 DRIVe
has put the bulk of its efforts into aerody- understatement. But the steering wheel is However, there are some really nice, is worth a look. Just pack light.
namics, and the car now has a smooth just too big and the design of the console thoughtful touches. There’s a little clear
underbody, which – like the wheels – between the front seats – particularly the
armrest and cupholders – intrusive. The
plastic clip for parking permits so useful
that I wondered how I had ever lived with-
THE FACTS:
VOLVO C30 1.6D DRIVe START/STOP
cupholders are a particular bugbear. out it. And operating the audio and cli-
Located as they are behind the gear stick, mate controls – which are housed in what PRICE: £17,690
if you put your Innocent smoothie inside, is the thinnest centre console in produc-
your elbow will jam into it every time you tion, with a “floating” aluminium fascia – 0-62MPH: 11.3 secs
change from third to fourth gear. What is simplicity itself. The navigation system TOP SPEED: 118 mph
with that and the oversized steering functions via a remote which is stored in CO2 G/KM: 99
wheel, I found myself wanting to sit in the the centre cubby, or via switches on the MPG COMBINED: 74.3 mpg
back just so I could have some elbow steering wheel for when the car is moving,
room. which means the system has been THE VERDICT:
It does seem more spacious in the back, designed to allow you to input an address
though there are two rear seats rather while driving (although I suspect a dis-
DESIGN hhhii
PERFORMANCE hhhhi
The facts: than a bench, so it’s only a four-seater.
Instead there’s an armrest and a hatch
claimer is needed here that it’s far better
to just pull over). Still, it’s superior to a lot
PRACTICALITY hhiii
VALUE FOR MONEY hhhii
you can afford a Mercedes that you can poke your skis through in of daft systems that require touch-screen

The figures: OUT OF OFFICE


ZOE STRIMPEL
mercedes-benz.co.uk/offers
LOTUS ART POP UP SHOP TASTE OF LONDON: CLEAR THE DIARY
For more information on our tailor-made Bespoke luxury service Couturelab is to London’s iconic restaurant festival
packages or to book a test drive, visit us online. host a pop-up store for high-end Thai begins next week, and anyone who
brand Lotus Arts de Vivre, a rare oppor- likes good food would be a fool to miss
tunity to purchase one-off pieces. it. The great and the good of the capi-
Founded by a Bangkok-based family, tal’s world-leading restaurant scene
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One of Lotus Arts de Vivre’s colourful pieces. Couturelab, 37 Davies Street, W1. ers. 17-20 June, www.tastefestivals.com
CITYA.M. 9 JUNE 2010 Lifestyle | TV& Games 25

BBC1 BBC2 ITV1 CHANNEL4 FIVE


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TV PICK
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Apprentice King looks for young roe deer in 8.30pm Coronation Street Nicola T compete. Mystery Revealed; Five News at
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10.25pm Regional News 9pm CHOICE Make Me a New suspects DI Conroy cannot be Launch: New series. The new 9pm NCIS: A scientist goes
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Draws Children 10pm ITV News at Ten compound. 10pm CSI: NY BIG BROTHER: THE LAUNCH
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Menu 4.55am-6am BBC News 5am-6am Close 3.30am-5.30am ITV Nightscreen Countdown 6am Home and Away

SKY SPORTS 1 PGA Tour 1am Champions Tour Highlights 3.30am VW E4 Made 3am Extreme
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7pm Live Twenty20 Cup Golf 2am F3 Euroseries 3am Scirocco Cup Review 4.30am- 7pm Hollyoaks 7.30pm My Engineering 3.50am Treasure
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Championship Rugby Union 10.10pm Sailing 10.40pm 4.40am Nothing to Declare Films 11pm How the Earth Real A&E 3am Hospital 4am
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10pm Live Churchill Cup Rugby 12.40am Soccer City BBC THREE Ancient Discoveries 3am Not
Union 12.30am Live Churchill 7pm The World’s Strictest Forgotten 4am-5am Weird SKY1
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Weekly 12.30am Inside the Championship 2.30am DTM Mandela? They Do It? 2.30am How It’s the Answer them to retailers back in the UK.

COFFEE BREAK
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QUICK CROSSWORD
    

SUDOKU KAKURO
5 31 12 8 37 24 17
9 7 16
15   
39 8
Place the numbers from 1 to 9 in each empty cell so that each 12  
row, each column and each 3x3 block contains all the numbers Fill the grid so that each block 7 30
29 41 6
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 14 10
  
above or to the left of it. 42 23
13 38  
You can only use the digits 1-9
    and you must not use the
28
22 25   
same digit twice in a block.
    The same digit may occur 21
5
4   

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column, but it must be in a 6 19
11
9
11
 

   separate block. 27
16 12
5
4
11 37
  3 23 10
 

   ACROSS DOWN
1 In a softened tone (5) 1 Shared by two or

    WORDWHEEL A G
4 Lone Star State
of the USA (5)
7 Unspecified items (6)
more parties (6)
2 Skeletal muscle having
three origins (7)
Using only the letters in the Wordwheel, you have
    ten minutes to find as many words as possible,
S O 9 Endorsement made 3 Lodgings (4)
in a passport (4)
5 Projecting edge
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters A 10 Fill to satisfaction (4)
12 Child of Adam
of a roof (5)

LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
N E and Eve (4)
6 Drench (4)
8 Of or relating to
SOLUTIONS KAKURO is at least one nine-letter word in the wheel.
P R
13 Appetising (5)
15 Appropriate, seize (3)
the Devil (7)
11 Children’s game (3)
QUICK CROSSWORD 17 Poplar tree (5)
SUDOKU
4 9 8 6 2
19 Live-action film 14 Apprentice (7)
6 3 2 1 4 2 1 5         
& 8 7 8 3 ' 8 9 ( 7
9 2 6 9 7 5 3 8         
about a piglet (4) 15 Honey-producing
$ 2 5 1 9
6 , 5 , 8 6 6 : $ % 7 1 5 8 7 4 9
         21 Successor (4) insect (3)
8 7 9 2 3 1
6
$
6 1 ( $ 7
9 2 & ( 7 5
1
$ 6 3
         23 Motor vehicle (4) 16 Improved (6)
6 7 4 8 9 5
3
         24 Is unable to (6)
9
$
/
& 1 (
7 $
, 0 3
5
$ / (
1 5
8 6 9
4 2
7
9
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2
3
WORDWHEEL         
25 Souvenir (5)
18 Means of
communication (5)
/ 0 $ 1 ( 5 7         
' 2 / ( * $ / 2 5 ( 4 7 3 1 5 2 6 1 The nine-letter word 26 Smudge, daub (5) 20 Stop (4)
2 8 1 9 7 6 8 5         
1 1
% ( 7 7 <
/
6 &
6 ;
( 1 7
was DESERTING          22 Tatters (4)
9 6 1 4 2
Sport
26 CITYA.M. 9 JUNE 2010

Murray squeezes through at Queen’s


ly coming through 7-6 (10-8), 6-3. “I thought I moved pretty well

TENNIS
BY JON COUCH “It isn’t what I expected from a and I hit the ball well.”
Spaniard, having a player come Earlier, fellow Briton Alex
ANDY MURRAY admitted he was forward to the net,” said Murray, Bogdanovic crashed out after suf-
given a tough test after opening the who now takes on Mardy Fish or fering a 4-6, 6-3, 6-4 first-
defence of his Aegon Championship Santiago Giraldo in the third round defeat to Bulgarian
title with a hard-fought victory over round. wildcard Grigor Dimitrov,
Ivan Navarro at Queen’s Club. “I haven’t played a serve-volley- while sixth seed Gael
Murray, considered as one of the er this year so it was tricky but I Monfils became the tour-
best grass court tacticians in the started returning it well and we nament’s first high-profile
game, was given a thorough early sea- had some good rallies and I made casualty after going down
son workout by Spaniard’s effective some good lobs and pass- 6-3, 6-7 (4-7), 6-2 to German
serve-and-volley game before eventual- ing shots. Rainer Schuttler.
AM G
I T D IN
BR A

England’s Dan Ward-Smith is brought down by Mark Chisholm. Picture: ACTION IMAGES
Y
LE L E
CE ’ S

Attwood in
O UK
PR HE
T

FROM YOUR DESK ban fear as


IN THE CITY
TO THE FIRST TEE RETURN IN 24HRS!
ARCHERFIELD LINKS, MONDAY 19TH JULY 2010
England toil
last-minute penalty miss by Berrick
AUST. BARBARIANS 28 Barnes.
Wallaby wonderkid James
O’Connor did much of the early dam-
ENGLAND 28 age, scoring a superb hat-trick of tries
and adding 10 points with the boot
after two Olly Barkley penalties had
given England an early advantage.

RUGBY UNION
BY JON COUCH A Lee Mears try split O’Connor’s
scoring spree, before Dan Ward-Smith
LOCK Dave Attwood could be forced to and Matt Banahan touched down to
return home in disgrace after being complete a rousing England fightback
cited over two alleged stamping inci- to put them 28-25 ahead.
dent’s in England’s opening tour But, not for the first time, ill-disci-
match with the Australian Barbarians pline cost England dear as Barnes
in Perth yesterday. kicked over once to level the scores
The Gloucester forward is said to before then missing the vital kick to
have waded in on Barbarians scrum- win the game at the death.
half Josh Valentine and then opposite Johnson was not wholly satisfied
number Mitch Chapman in separate with his team’s display and insisted
incidents either side of the break. such mistakes must be rectified ahead
Attwood will now appear before an of Saturday’s first Test with Australia.
independent disciplinary hearing this “Every part of our game today was
morning where, if found guilty, could good in bits and inconsistent in bits,”
be forced to sit out the rest of the five- he said. “We did lots of good things
TEAM PACKAGE INCLUDES: match summer tour. but we also compounded a few errors.
The incident capped a disappoint- “If you make mistakes at this level
1 team of 3 Amateurs and 1 Celebrity G Champagne Reception G Gala Auction Dinner ing tour opener for Martin Johnson’s you get punished. Our defence got too
men, who only survived defeat by a narrow and we paid the price.”
ACCOMMODATION, FLIGHTS AND TRANSFERS INCLUDED
For further information please call Sophia Tabiowo at WSM Sponsorship Results
on +44 (0) 20 7183 4621 or email sophia.tabiowo@wsmsponsorship.com CRICKET 6-3, Xavier Malisse (Bel) bt Dmitry Tursunov (Rus) 6-2 7-6 (7-
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PREMIER PARTNER: Leicestershire 149-8 v Northamptonshire 137-9 (M N Malik 6-3, Marc Gicquel (Fra) bt Michael Russell (USA) 7-6 (8-6) 6-
4-25). Leicestershire (2pts) beat Northamptonshire by 12 3, Dustin Brown (Jam) bt Frank Dancevic (Can) 7-5 6-7 (4-7)
runs. South Division: (The SWALEC Stadium): Hampshire 6-4, Marcel Granollers (Spa) bt (10) Janko Tipsarevic (Ser) 6-
114-9 v Glamorgan 115-3. Glamorgan (2pts) beat Hampshire by 4 3-6 6-3. 2nd rnd: (3) Andy Murray (Gbr) bt Ivan Navarro
7 wickets. (Brit Insurance Oval): Surrey 97 v Gloucestershire (Spa) 7-6 (10-8) 6-3, Rainer Schuettler (Ger) bt (6) Gael
98-0. Gloucestershire (2pts) beat Surrey by 10 wickets. Monfils (Fra) 6-3 6-7 (4-7) 6-2, (11) Richard Gasquet (Fra) bt
Rajeev Ram (USA) 6-3 7-5, (4) Andy Roddick (USA) bt Igor
LV COUNTY CHAMPIONSHIP—DDivision Two: (Derby): Kunitsyn (Rus) 6-2 6-1.
Sussex 429 (R S C Martin-Jenkins 130, M W Goodwin 121)
and 71-7 v Derbyshire 337 (C J L Rogers 79, L J Wright 5-65). ATP GERRY WEBER OPEN (Halle, Germany)—11st rnd:
Derbyshire (8pts) drew with Sussex (11pts). Andreas Beck (Ger) bt Sergiy Stakhovsky (Ukr) 6-1 7-5,
Nicolas Kiefer (Ger) bt (3) Mikhail Youzhny (Rus) 4-6 6-1 7-5,
SPONSORS: TENNIS Marco Chiudinelli (Swi) bt Olivier Rochus (Bel) 6-3 2-6 6-3,
ATP AEGON CHAMPIONSHIPS (Queen’s Club, London)—11st Mischa Zverev (Ger) bt Florent Serra (Fra) 6-4 6-4, Philipp
rnd: Grigor Dimitrov (Bul) bt Alex Bogdanovic (GB) 4-6 6-3 6- Kohlschreiber (Ger) bt Ruben Bemelmans (Bel) 7-6 (7-2) 6-7
4, Mardy Fish (USA) bt Somdev Devvarman (Ind) 6-1 6-4, (10-12) 6-4, (1) Roger Federer (Swi) bt Jarkko Nieminen (Fin)
Nicolas Mahut (Fra) bt Yen-Hsun Lu (Tpe) 7-6 (7-2) 6-4, (13) 6-4 6-4, (6) Jurgen Melzer (Aut) bt Alexandre Kudryavtsev
Santiago Giraldo (Col) bt Evgeny Korolev (Kaz) 7-6 (8-6) 4-6 (Rus) 3-6 7-6 (7-2) 6-2.

SPORTS EDITOR JON COUCH


email sport@cityam.com
CITYA.M. 9 JUNE 2010 Sport 27

The King and I can relive our WORLD CUP NEWS | IN BRIEF
Nani blow for Portugal 26-year-old will still play some part in

schoolboy link, insists Terry


PORTUGAL have been dealt a massive their group stage games.
blow after winger Nani was ruled out of
the World Cup with an injury to his col- Gallas in media boycott
larbone. The Manchester United star FRANCE defender William Gallas is
picked up the injury while training in refusing to speak to the media during the
Lisbon on Friday before the team jetted World Cup finals.
off to South Africa. The Arsenal centre back, who is due to
WORLD CUP The pair played together for
London amateur side Senrab FC as
standing is there and always has been.
We’ve worked a few times in training
Nani, who scored three goals during
qualifying for Carlos Queiroz’s side, has
start in Les Bleus’ opener against
Uruguay on Friday, refuses to say why,
2010 promising schoolboys before King as well so we understand each other’s been replaced in the squad by Benfica’s but some French media have suggested
BY JON COUCH joined Tottenham and Terry ended games and each other really well.” Ruben Amorim. he is angry at coach Raymond
up at rivals Chelsea. King’s chronic knee problems lim- Domenech’s decision to make Patrice
JOHN TERRY is confident he can Now, after Ferdinand broke down its his opportunities to train along- Robben to miss Dutch opener Evra captain now that Thierry Henry is
strike up a solid partnership with with a knee injury last Friday, the side Terry and redevelop their HOLLAND will be without star winger on the bench.
Ledley King in the centre of defence – pair are back together, on the highest understanding, but Terry insists that Arjen Robben for their World Cup opener
just like they did as teenagers. stage, and Terry is confident they can is not a problem. with Denmark on Monday. Mixed fortunes for Danes
King is set to get the nod to replace form a winning partnership. “He still does a lot of gym work and The Bayern Munich man sustained a DENMARK suffered good and bad news
injured captain Rio Ferdinand and “We’ve got a good understanding,” pool work which is good for his fit- small tear to his left hamstring in after injured pair Nicklas Bendtner and
partner Terry at the back for the the Blues skipper said. “I think every- ness,” he added. “He is always on the Saturday’s 6-1 warm-up victory over Simon Kjaer resumed training yesterday,
World Cup opener with USA on one knows we used to play together at side of the pitch watching on which Hungary. although coach Morten Olsen sat out
Saturday. Senrab many years ago. The under- the manager wants.” The Dutch are confident, however, the through illness.

Milner next
Wayne won’t to miss out
let us down, with illness
promises Rio WORLD CUP FOOTBALL


JAMES MILNER’S hopes of claiming
an England start for the World Cup
opener with the USA suffered a blow
after he was forced to miss training
31-year-old, ruled out of the finals yesterday through illness.
WORLD CUP with a knee injury, says Rooney will The Aston Villa midfielder was con-
2010 be under control. fined to the team hotel after com-
BY JON COUCH “I don’t see Wazza [Rooney] having plaining of a slight temperature after
a problem disciplinary-wise at the England’s 3-0 practice match victory
RIO FERDINAND last night shrugged World Cup at all,” he said. “Wayne’s over Platinum Stars on Monday.
off concerns over Wayne Rooney’s ill- disciplinary record has been magnifi- In his absence, Capello conducted a
discipline and backed the striker to cent over the last couple of years, light training session as he steps up
keep his cool at the World Cup. since the incident in Germany. He’s his preparations for Saturday’s clash
The hot-headed Manchester United done so well to get where he is now.” in Rustenburg.
star was booked in Monday’s low-key Ferdinand was due to captain the Chelsea pair Ashley and Joe Cole,
warm-up win over Platinum Stars and side in South Africa before a training plus centre back Ledley King, spent
accused of spouting foul language at ground clash with team-mate Emile the morning in the gym, all as a mat-
referee Jeff Selogilwe. Heskey last Friday saw him ruled out ter of course after Monday’s warm-up
Rooney, 24, was sent off at the last of action for six weeks. game, while Shaun Wright-Phillips
World Cup in Germany four years ago But the centre back, who will stay had a light session after picking up a
for stamping on Portugal’s Ricardo out in South Africa until after slight knock to his knee.
Carvalho in their quarter-final tie. Saturday’s opener with the USA, says There was no sign, however, of goal-
And official Selogilwe has warned he has now got over his initial disap- keeper David James, who missed
the petulant 24-year-old he faces a pointment and is focusing his atten- Monday’s game with a knee injury
similar fate at this World Cup unless tions on supporting his team-mates. and is yet to resume training, throw-
he curbs his temper. “I can’t sit and sulk and cry over ing his involvement on Saturday into
Ferdinand knows Rooney as well as spilt over milk. It’s disappointing, but doubt, although Gareth Barry, already
anyone having taken him under his I’ve come to terms with it now,” he out of the opening game, is back train-
wing at Manchester United, and the added. “I’ve got to get on with it.” Rooney was sent off in the World Cup in Germany four years ago. Picture: GETTY ing with the rest of the squad.

Reds reject Benitez set for San SPORT | IN BRIEF


Toulouse give Wasps a buzz Radio error prompted tussle

Siro after agreeing Inter deal


RUGBY UNION: Wasps have been drawn FORMULA ONE: McLaren have admitted
in a ‘group of death’ for next year’s that a breakdown in radio communica-
Heineken Cup, alongside defending cham- tion led to team-mates Lewis Hamilton
pions Toulouse. and Jenson Button tussling for the lead
Also in Pool 6 with Tony Hanks’ side in the Turkish Grand Prix.
are Glasgow Warriors and Newport Hamilton led home a one-two but was
Dragons. upset that Button had passed him on lap
“All that is needed now is a counter- He added: “Next season we’ll go Saracens take on Leinster, Clermont 50 after their Red Bull rivals had collided.

PREMIER LEAGUE ROUND-UP


BY JON COUCH signature. Tomorrow we will tell you again and bring back the title to the and French newcomers Racing Metro 92 Team principal Martin Whitmarsh
when he will be presented.” best place in the world. We’ll come in Pool 2, while Premiership champions said: “Chief engineer Phil Prew told Lewis
RAFAEL BENITEZ will be unveiled as Meanwhile, Benitez’s old foe, back next year, that’s exactly what Leicester face Scarlets, Perpignan and that Jenson would not overtake. It was
the new manager of Inter Milan today Manchester United boss Sir Alex Manchester United do.” Treviso in Pool 5. an instinctive response but that opinion
after agreeing a deal to succeed Jose Ferguson, says he expects to reclaim Fulham have completed the sign- was clearly wrong.”
Mourinho at the San Siro. the Premier League title from ing of centre back Philippe Senderos GB snub for Ohuruogu
Benitez has been locked in discus- Chelsea’s grasp next season – with or from Arsenal on a three-year deal. ATHLETICS: Olympic champion Christine Symonds flops on Lions debut
sions with the European champions without the aid of big-money sign- The Swiss international, 25, joined Ohuruogu has been left out of the 400m CRICKET: Australian all-rounder Andrew
after his six-year spell in charge of ings this summer. the Gunners from Servette in 2003, by the Great Britain team for this Symonds lasted just two balls for one run
Liverpool was ended by mutual con- “In the market today it’s very diffi- but has had loan spells at AC Milan month’s European Team Championships on his Twenty20 debut as Surrey were
sent last week. cult and the structure of our squad is and Everton in the last two seasons. in Bergen. thrashed by ten wickets by
The Spaniard is due to fly into good in terms of ages, the balance, “I’m delighted that I am joining Ohuruogu has been edged out by Gloucestershire at The Oval.
Milan this morning to finalise the the numbers and there’s a lot of good the club during the most successful Nicola Sanders, but has been named in The Lions were skittled out for just
deal with president Massimo Moratti. young players,” the Scot said. period in its history,” Senderos said. the 4x400m team for the two-day event. 97 – easy meat for the visitors who
Moratti confirmed last night: “We “Sometimes you have to trust in all Manchester City trio Martin Petrov, Sanders has been given the chance to cruised to victory in just 9.5 overs with
have agreed the final details, which the development, and I’m going to Sylvinho and Benjani will all leave prove her form after a disappointing William Porterfield (48no) and James
were not important things. stick with that – or most of it.” the club this summer. start to the year. Franklin (41no) seeing them home.
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exclusive concierge service
• Trade 155+ FX Currency Crosses, including Spot, Forward and FX Options,
6500+ Equity CFDs, 16 Index-tracking CFDs, ETFs, Futures and Stocks from
22 Exchanges
• Multiple Trading Sub Accounts – perfect if you’re trading in multiple markets
• Direct access to a range of customised trading modules, including prices,
market analysis and charting functions
• Stay up to date with relevant market news and data streamed directly to your
trading platform

Our service includes complex derivative products which carry a high degree of
risk and are not suitable for every investor. You can lose more than your initial
deposit and you should ensure you fully understand all the risks involved.

Enjoy the benefits of a Saxo Premium Account today.


For more information visit us at www.saxobank.co.uk or call 020 7151 2100
*Minimum account balance £60,000.

Saxo Bank A/S is authorised by Finanstilsynet, the Danish Financial Supervisory Authority.

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