Cityam 2012-08-17

Manchester United shares dive after Van Persie splash
SHARES in Manchester United

dropped nearly two per cent during
trading in New York yesterday,
making it the latest so-called broken
initial public offering (IPO).
The stock closed at $13.77 last
night, having sunk to depths of
$13.30 earlier in the day, below the
BY JULIAN HARRIS $14 it floated at just a week ago.
The dip followed news on
Wednesday night that United will
splash up to 24m on Arsenals
centre forward Robin van Persie.
Some analysts suggested that the
extravagant outlay which will see
the club pay tens of extra millions in
wages over the course of the 29 year
olds contract may have dented
investor appetite. Yet others pointed
to the stocks fundamentals, arguing
that a slide was inevitable.
Earlier in the week New York
analysts PrivCo said the shares were
worth less than $5 each, describing
the launch price as having no
reasonable economic basis.
The American Glazer family, the
clubs majority owners, initially
announced a $16-20 price range for
the new shares in its $233m float.
Manchester United are in danger
of becoming the latest in a series of
disappointing high profile IPOs,
following in the unenviable footsteps
of Facebook, Zynga and Groupon.
The IPO has been heavily criticised
by fan groups who are unhappy at
the Glazers for pocketing part of the
raised cash, and for only offering
shares with weak voting power.
Given the overwhelming
scepticism regardingthe ambitious
pricing of this IPO it seems there is
only one way for the price to go
now, said Duncan Drasdo of the
Manchester United Supporters Trust.
Also yesterday, United revealed a
commercial deal with Bwin.Party.
Lonmin PLC
10Aug 13Aug 14Aug 15Aug 16Aug
760
740
720
700
p
680
660
648.00
16Aug
640
BUSINESS WITH PERSONALITY
Women fall
back in KPMG
partner race
KPMG is struggling to find top-class
female employees, having included
just three women in its latest round
of partner promotions, City A.M. has
learned.
Just one in ten of the 30 staff
picked for promotion in October are
women, down from one in four a
year ago despite efforts at KPMG
and across the professional services
industry to foster female talent.
We agree that it would have
been better to employ more women
as partners this year, but we dont
practise positive discrimination,
said a KPMG spokesperson. On this
occasion it wasnt possible to
increase the number of women
partners from the range of people
in front of us.
The firm has recently appointed
two women to its UK executive
committee and has several schemes
to help its female staff progress.
Yet some at KPMG are worried
that former chair John Griffith-
Jones legacy of encouraging
diversity has been lost in a round of
staffing cuts.
KPMGs efforts and those at other
firms are not yet producing the
desired results. Deloitte added 13
women and 50 men in its latest
partner round in June, while Ernst
& Young found two women to
promote compared to 17 male
candidates. PwC chose 30 men and
nine women for its partner round.
Accountancy body the ICAEW
said firms are trying to promote
women to senior positions but face
challenges. Although nearly half of
the new people coming into the
chartered accountancy profession
are women, in their 30s many
women drop out, said executive
director Sharron Gunn.
Lonmin miners who work at the Marikana platinum mines in South Africa had been calling for wage increases before the violence escalated yesterday
LONDON-listed miner Lonmin was
battling to keep control of its South
African mining operations last night
as violent clashes between police and
armed mineworkers left several dead.
Violence erupted between 3,000
protesting Lonmin employees, some
carrying machetes and knives, and
police at the platinum mines in
Marikana following a tense standoff
that has been threatening to escalate
since the start of the week.
Last night, reports from South
African Press Association said 18 were
dead. Video footage appears to show
police firing on protesting workers,
who are demanding higher wages.
In London, Lonmin announced that
in a separate incident chief executive
Ian Farmer had been rushed to hospi-
tal after being diagnosed with a seri-
ous illness, leaving chairman Roger
Phillimore in charge.
Shares in the miner, which had
enjoyed a lift earlier in the day along
with the rest of the sector, closed
almost seven per cent lower, as news
of the violence broke.
Tensions have been rising at the
mines over a dispute between two
rival unions, the National Union of
Mineworkers and the more militant
Association of Mineworkers and
Construction Union. They are fight-
ing over the recruitment of members.
Last weekend, eight Lonmin employ-
ees and two policemen were killed in
clashes.
Phillimore said last night: It goes
www.cityam.com FREE
without saying that we deeply regret
the further loss of life in what is clear-
ly a public order rather than labour
relations associated matter.
Lonmin, which is the third largest
platinum producer in the world, said
it was unlikely to meet its produc-
tion targets following the disruptions.
Forecasts for an annual increase in
unit costs, issued this month, have
also been raised and the crisis could
pile additional pressure on its ability
to pay back its bank debts, the firm
said yesterday.
Platinum, which is used to make cat-
alytic converters for car engines as
well as jewellery, jumped 2.8 per cent
to a six-day high yesterday as traders
digested the news.
Lonmin, which has a joint listing on
the FTSE and Johannesburg Stock
Exchanges, lost 258,000 tons of pro-
duction last year following similar
industrial action.
BUT CAN LONDON CLUBS HALT MANCHESTER DUO?
FTSE 100 L5,834.51 +1.47 DOWL13,250.11 +85.33 NASDAQL3,062.39 +31.46 /$ 1.57 unc / 1.27 unc /$ 1.23 unc
BY MICHAEL BOW
CRISIS ESCALATES
AT LONMIN MINE
FOOTBALLS BACK
GET OUTDOORS
THIS WEEKEND
See Page 18
See Pages 2 and 22-23
EXCLUSIVE
BY MARION DAKERS
ISSUE 1,698 FRIDAY 17 AUGUST 2012
Certified Distribution
28/05/2012 till 01/07/2012 is 132,857
IN BRIEF
Care home costs to be capped
nDavid Cameron is to push ahead
with proposals to cap the cost of care
home fees for the elderly, following a
lengthy debate within government
over the affordability of the plans.
Last month Andrew Lansley, the
health secretary, suggested that the
Treasury was blocking the plan on cost
grounds. But the Prime Minister is now
expected to announce the change in
policy this autumn. The proposal aims
to remove the need for elderly people
to sell their houses to pay for care in
old age. No figure has been set for the
cap but the original intention was a
35,000 limit on fees, with the
government meeting all additional
care costs. This would cost the country
approximately 1.7bn per year.
Ecuador grants Assange asylum
nEcuador yesterday granted political
asylum to WikiLeaks founder Julian
Assange after the government
threatened to storm the Ecuadorean
embassy in London to arrest the
former hacker. Assange has been
holed up inside Ecuador's embassy in
Knightsbridge for eight weeks since
he lost a legal battle to avoid
extradition to Sweden, where he is
accused of rape and sexual assault.
Assange fears he will ultimately be
sent to the United States which is
furious that his website leaked
hundreds of thousands of secret US
diplomatic and military cables.
Ecuadors decision is likely to deepen
the political dispute with Britain. The
Foreign Office said it was
disappointed with Ecuadors
behaviour.
Fed and FSA pushing new
regulator to play by rules
STANDARD Chartereds treatment at
the hands of the New York state
Department for Financial Services
(DFS) has shocked the more estab-
lished authorities, which are in fran-
tic negotiations with the new
regulator to ensure it doesnt strike
out alone again.
Regulators in the UK, US and Hong
Kong are understood to be furious
that they were given almost no
advanced warning of last weeks
explosive accusations by the newly-
established DFS, which sent
Standard Chartereds share price
plummeting. The Bank of England,
which will soon take over many reg-
ulatory responsibilities from the
FSA, and the chancellor have also
made their concerns clear.
A source with knowledge of the
relations between the authorities
told City A.M. the rest of the regulato-
ry establishment feels blindsided
by the surprise publication of claims
that the bank had broken sanctions
with $250bn (158.8bn) of transac-
tions involving Iran from 2001 to
2007.
Four other US regulators were
already negotiating with Standard
Chartered, which hopes to settle the
charges with all four simultaneously.
But the DFS did not join in the co-
ordinated approach.
Gold price fall as Asian demand dips
Global demand for gold is seeing a
significant slowdown as top consumers in
India and China pare purchases amid weak
economic growth, abruptly halting a
consumption boom that started five years
ago with the onset of the financial crisis.
The World Gold Council, a lobby group for
the gold miners, said yesterday that
demand for the yellow precious metal fell
to 990 tonnes during the second quarter
of the year, the lowest since the first
quarter of 2010 and down seven per cent
from last year.
Nestl loses bid to stop rival capsules
Nestl has lost a bid in Germany to stop
two rivals from selling coffee capsules that
were marketed as fitting Nespresso coffee
machines, in the latest round of legal
wrangling over the lucrative premium
coffee market.
Pressure on Best Buy takeover bid
Best Buys founder yesterday warned the
companys board that I am not going
away as he sought to raise the pressure
on directors to take his near $9bn takeover
bid seriously. Richard Schulze sent a letter
to the board repeating a request for access
to the companys books.
Indian tycoon wants a piece of BP
BP is in talks to sell one of its
petrochemical plants in Malaysia to
Reliance, the industrial conglomerate
owned by Indias wealthiest man
Mukesh Ambani.
Rents hit a high as buyers frozen out
Rents in England and Wales reached a
new high last month as demand from
would-be buyers blocked out of the
property market continued to outstrip
supply.
Finland prepares for euro break-up
Finland is preparing for the break-up of
the Eurozone, the countrys foreign
minister warned yesterday. The Nordic
state is battening down the hatches for a
full-blown currency crisis and has said it
will not tolerate further bail-out creep or
fiscal union by stealth.
China blames crisis for trade fall
China has blamed the unexpected
deepening of the debt crisis in Europe for
the worst decline of foreign investment
and trade since the financial crisis.
New details on Apples TV vision
Apple vision for a new television set-top
box includes features designed to simplify
accessing and viewing programming and
erase the distinction between live and on-
demand content, people briefed on
Apples plans said. The Cupertino-based
company proposes giving viewers the
ability to start any show at any time
through a digital-video recorder that
would store TV shows on the internet.
Viewers even could start a show minutes
after it has begun. Time Warner Cable
offers a limited version of this feature.
DELOITTEs senior partner has
called on UK PLC to step up its part
in helping the country return to
growth, telling firms its time to
step forward.
[There are] UK corporate cash
reserves of some 750bn; low levels
of public trust in big business; an
eastward shift in global demand;
and record levels of public and
personal debt, said Sproul. All
point to the need for a recovery
that has to be corporate-led.
Sproul was speaking as the firm
revealed revenues have continued
to bounce back, after it returned to
growth in 2011 following several
years of stagnation.
Deloittes UK arm posted an 11
per cent rise in revenue for the year
to 31 May, bringing in a total of
2.3bn compared to 2.1bn the
previous year. Profits distributable
to the firms partners edged up to
569m, a 6.3 per cent increase on
last years 535m.
Sproul called the
results a robust
performance in what
continues to be an
uncertain economic
environment.
Deloitte calls on
UK businesses
to drive growth
DFS boss Benjamin Lawsky made a name for himself over the Standard Chartered case
2
NEWS
BY ELIZABETH FOURNIER
BY TIM WALLACE
To contact the newsdesk email news@cityam.com
T
heres been too much written
since the end of the Olympics
comparing the (admittedly
inspiring) event with the
oncoming football season, most of
which maintained that football stars
are poor role models, football fans
are foul-mouthed and more
generally that football pales in
comparison with the great sporting
drama that we witnessed early this
month at London 2012.
None of this has managed to dent
my appetite for the beginning of the
new football season, which starts
again in earnest this weekend. For
every football fan, each season begins
with such hopes and such dreams.
There are many reasons why the
comparison between the football sea-
son and the Olympics is a poor one.
The Olympics, albeit sensational in
spirit and atmosphere and achieve-
It cant come soon enough. Welcome to the new season
FRIDAY 17 AUGUST 2012
ment on a personal and team level, is
a once every four year event that lasts
for two weeks.
The training for the athletes is obvi-
ously a lot longer than that but the
watching public comes out in force
only during this period for many of
the sports and therefore the experi-
ence is an immensely different one to
following ones club to the likes of
Wigan, to Middlesbrough or even to
Scunthorpe United on a regular basis
during a period of nine or so months.
Whereas Olympics fans are general-
ly supporting nations, football sup-
porters are tribal. Often they support
their local team but even if they sup-
port a club hundreds of miles away
from where they live their associa-
tion is intense and usually for life.
There is little to equal the bonding
experience of following ones team
away to former industrial towns in
the north in midwinter.
English football, especially the
Premier League, is a global success
story. The last overseas television
rights deal brought in 1.4bn to the
Premier League and its clubs for a
three-year deal, an 80 per cent uplift
from the previous year.
English football is watched in more
than 700m homes worldwide and in
212 countries. People across the
world often know more about the
country through their knowledge of
seat at City A.M.s upcoming awards
as a short-listed candidate for busi-
ness personality of the year.
Aside from its commercial success,
football, while by no means perfect,
does try to do its bit for the commu-
nity. Last year alone, 20,000 Premier
League seat tickets were distributed
to servicemen and women and their
families; and countless football stars
helped out in their communities or
visited the sick in hospital.
Of course football could do more
but sometimes it gets no credit for
what it does at all.
It was easy to love the Games. They
were magnificent. But for those who
love football, there is no better sport
in the world.
SEASON PREVIEW: Pages 22-23
Liverpool, say, or Manchester United,
than they do about our literature or
movies.
Overseas fans love the competitive-
ness of the league. There are usually
four to five clubs capable of winning
the most important trophies in
England compared to maybe two to
three in many other leagues. They
also love the vibrant atmosphere in
the stadiums, the compact grounds,
the occasionally witty sing-songs and
the array of domestic and foreign tal-
ent on offer.
Domestically, the appetite for foot-
ball is as strong as ever, with last
years domestic television rights
contract extracting a 70 per cent
uplift from broadcasters BSkyB, the
satellite company (whose very suc-
cess owes so much to football) and
BT Vision. That deal earnt Premier
League chief Richard Scudamore a
Different regulators usually discuss
these announcements weeks in
advance, said the source.
We have made it clear that this is
not a satisfactory way to do things. But
regulators are pragmatic about this
we are working through what hap-
pened with the DFS to make sure it
does not happen again.
Bank of England governor Sir Mervyn
King last week suggested British banks
were being unfairly targeted by US reg-
ulators.
And George Osborne called US treas-
ury secretary Tim Geithner to express
his concern over the way the allega-
tions were handled.
Standard Chartered expressed sur-
prise throughout the case.
It carried out its own investigation
into transactions involving Iran and
found $14m of rule-breaking trades.
After telling regulators the details of
this internal study, it was hit by the far
higher accusation of $250bn of wrong-
doing.
The bank settled those claims for
$340m earlier this week, and is expect-
ed to settle for a far lower sum with
the other US authorities.
PwCs David
Sproul
The new jobs website for London professionals
CITYAMCAREERS.com
WHAT THE OTHER PAPERS SAY THIS MORNING
EDITORS
LETTER
DAVID HELLIER
david.hellier@cityam.com
Allister Heath is on holiday
IN BRIEF
Desmond launches legal action
nNorthern & Shell chairman Richard
Desmond, owner of OK! magazine and
Channel 5, is understood to be suing
investment bank Credit Suisse at the
High Court over a 50m derivative
deal he said was too risky. Papers
obtained from the Court by reporters
show the media baron is claiming a
2007 transaction he entered into had
been too complex to understand and
inappropriately risky. Both Desmond
and Credit Suisse declined to
comment yesterday.
Brevan Howards Rokos to depart
nA co-founder of Brevan Howard,
one of the world's biggest and most
successful hedge fund managers, is to
leave the firm this month. Chris Rokos,
a star trader on the firms $25bn
(15.8bn) flagship Master fund who
has worked with founder Alan Howard
for more than ten years, is to stop
trading at the end of August, founding
partner Nagi Kawkabani said
yesterday.
Broker fined over trading breach
n A joint brokerage venture between
Morgan Stanley and Citigroup was
fined $450,000 (286,992) after a
trader broke trading limits and
amassed a $1.3bn position, Financial
Industry Regulatory Authority (Finra)
records released yesterday show.
Morgan Stanley Smith Barney, the
joint venture, faced the fine from Finra
after it allowed its trader to breach
caps permitted on the size of a
position, by more than ten times the
limit allowed.
SHARES in African Barrick Gold
(ABG) jumped by eight per cent in
trading yesterday on news that it
could be the subject of a 1.5bn bid
battle.
A source close to the company said
several bidders were circling the
London-listed gold producer, which is
74 per cent-owned by its parent
Barrick Gold, but only a bid from
China Gold was being taken seriously.
Canadas Barrick Gold, which is the
worlds largest gold producer, con-
firmed yesterday that it was in pre-
liminary discussions with China
Gold regarding a sale of its stake in
ABG, as part of its global asset review.
It is thought that another China
gold producer, Zijin, was also looking
at ABG, but the bid was considered
too low for consideration. Randgold
Resources has also been rumoured to
be circling around Barrick Golds
African arm.
FTSE 250 company ABG was floated
on the London Stock Exchange in
2010 by the Canadian producer at
575p a share.
China rivals in
bid battle for
African Barrick
BY CATHY ADAMS
It is understood that Barrick would
consider a deal at around 500p a
share, which values it at 1.5bn.
If China Gold acquires more than 30
per cent of ABG, it will be required to
make a formal offer for the whole
company.
Cailey Barker, mining analyst at
Numis Securities, said there was a
good chance of a sell-down.
Barrick is being advised by Simon
Lyons, Sam Roberts and Paul Knight
from investment bank UBS on the
deal. Lyons and Roberts have previ-
ously advised on the BA and Iberia
merger and Vodafones acquisition of
CWW respectively.
African Barrick Gold PLC
450
440
430
420
p
410
400
425.00
16Aug
390
FACEBOOK shares plunged to a
new low yesterday as early
investors were able to sell their
stock for the first time after the
lock-up period in force since Mays
initial public offering (IPO) came to
an end.
The stock fell as much as seven
per cent to a low of $19.69 less
than half the peak it reached on its
first day in trading as an extra
271m shares were added into the
market. The owners of yesterdays
unlocked stock were those who had
invested in Mark Zuckerbergs
Facebook sinks to record low as
early investor shares unlocked
BY JAMES TITCOMB company before the IPO including
Goldman Sachs, one of the banks
that underwrote the flotation,
Microsoft, and Russian investment
managers DST Global. Another
1.77bn shares are set to hit the
market over the coming months
and the market will keep a keen eye
on 14 November, when the biggest
tranche of shares including the
majority owned by Facebook staff
will be unlocked.
The social network saw a slump
in its share price last month as its
first public results showed that it is
failing to maintain profit margins.
BOTTOM LINE: Page 6
n n
3
NEWS
cityam.com
Chief executive Mark Zuckerberg may see stock fall further as more shares are unlocked
Facebook Inc
22.50
22.00
21.50
21.00
$
20.50
20.00
19.87
16Aug
JOHN LOVERING, the retail veteran
and former chairman of Homebase,
Debenhams and Peacocks, has
returned to the high street as a
backer of fledging maternity brand
Crave.
His investment vehicle Echelon
Partners has injected an
undisclosed sum into the business,
to help fund its growth.
The brand was founded by former
City worker Helen Worsley after she
struggled to find a decent range of
maternity clothes during her
pregnancy. The brand currently
trades through its websites and also
supplies John Lewis.
Lovering backs
maternity line
BY KASMIRA JEFFORD
THE NUMBER of students achieving
the top grade at A-Level has fallen
for the first time in 21 years, new fig-
ures showed yesterday, as more than
300,000 candidates picked up their
results.
Business groups heralded the drop
in A*s and As from 27 to 26.6 per
cent, saying it helps employers sepa-
rate high-flyers from the pack.
Companies tell us that they have
had a hard time assessing the skills
and abilities of job candidates with
A-Level passes, said the British
Chambers of Commerce. An end to
grade inflation will improve busi-
ness confidence in the qualifications
achieved by young people.
Meanwhile the boys overtook the
girls at the very top of the results
table. Eight per cent of male candi-
dates achieved the A* grade, intro-
duced in 2010 to flag up the top
performers, compared to 7.9 per cent
of female students. However, more
girls than boys clinched A grades.
Top grades at
A-Level decline
BY MARION DAKERS Mathematics enjoyed a minor
comeback, with almost 86,000 stu-
dents sitting exams in the subject,
compared to 83,000 a year ago.
Ucas, the universities application
body, said 362,000 students have
already been accepted for courses,
including 3,700 through the clearing
process. Total applicants are down 7.7
per cent on a year ago.
With university fees hitting 9,000,
many A-Level students are opting to
move directly into the world of work.
PwC said it has seen a 34 per cent rise
in applications for its school-leaver
scheme this year, while the CBI
called on the government to better
prepare school students for working
life.
A lot of employers are trying to
snap up people at the school leaving
point, said James Callender, manag-
ing director at recruitment firm
FreshMinds Talent. I think they wel-
come the end of grade inflation...
though candidates should remember
its not all about the grades.
Retail sales surprise
analysts with jump
RETAIL sales did surprisingly well
in July, despite no discernible
impact from the Olympics or the
final arrival of summer weather,
the Office for National Statistics
(ONS) said yesterday.
Retail sales saw a 2.8 per cent
increase in volumes in the year to
July. Values grew yet faster,
climbing 3.1 per cent over the year,
the ONS data showed.
Non-food stores were the main
beneficiaries, seeing four per cent
BY BEN SOUTHWOOD
yearly growth in their volume of
sales, with department stores
doing particularly well.
Steady volume bought with heavy discounting
Apr12 Jul 10 Oct08 Jan07 Apr05 Jul 03 Oct01 Jan00
125
115
105
95
85
75
65
55
Indexpoints2009=100
Storepriceinflation
Value
Volume
INSURANCE giant Zurich
yesterday announced better-than-
expected profits, largely thanks to
the absence of any major disaster
claims this year.
Operating profit at the Swiss
firm was $2.5bn (1.6bn) for the
first half of 2012, up 17 per cent,
while the combined ratio for the
same period a measure of
underwriting profitability
improved to 94.9 per cent.
Zurichs performance
demonstrates our strategy is
working. We have again achieved
strong levels of profitability, a very
good result in the challenging
environment, said chief executive
Martin Senn.
Zurich avoids
disaster to post
strong profits
BY JAMES WATERSON
DANISH cleaning giant ISS yesterday
accepted a 500m (391m)
investment from Ontario Teachers
Pension Plan and KIRKBI Invest, the
trust owned by the descendents of
Legos founder.
ISS will use the funds to pay down
debts ahead of a planned IPO in the
next few years, having abandoned an
attempt to float in March 2011.
The investors paid 105 Danish
kroner per share for new equity,
gaining 26 per cent ownership.
This will be embarrassing for Nick
Buckles, the boss of UK firm G4S,
who last year offered a hefty 130
Danish kroner per share to take over
ISS, only to abandon the bid
following shareholder protests.
ISS eyes float
with 500m
investment
BY JAMES WATERSON
THE FORUM: Page 15
L L
4
NEWS
cityam.com
CASE STUDIES: WORK AFTER A-LEVELS
RACHEL BOWER
THE CO-OPERATIVE
Rachel decided to enter the world of work aged 18 instead of going to
university. Having won a place on the Co-operatives apprenticeship
scheme, she now works full-time at the rms head ofce in Manchester,
assisting with marketing support for the Co-ops retail outlets. She has
achieved an NVQ Level 2 in business administration, and plans to pursue a
career in marketing at the rm.
CONOR SULLIVAN
DELOITTE
Conor joined Deloittes Bright Start programme in September 2011, keen
to earn money rather than spend it on university. He is due to qualify with
the Association of Taxation Technicians in May, with the chance to embark
upon further study. I do the same sort of work as the graduates its
challenging, but so far has been very rewarding, he said. I dont have
any regrets about not going to university. I would denitely recommend
this path.
ANDREW DALY
PWC
Andrew has barely had time to celebrate his A-Level results; hes already
working hard on a tax apprenticeship in PwCs Belfast ofce. He was
offered a place at a top university, but was eager to start a career in profes-
sional services instead. I certainly dont feel that I will be missing out on
the university experience as there are huge social opportunities within
the company and within our particular department, he said.
IN BRIEF
European gold demand soars
nEuropean investors swarmed into
gold in the second quarter of this year,
with demand up 15 per cent year on
year to 77.6 tonnes. The demand for
gold bars and coins was up 19 per cent
from the five-year quarterly average
of 65.2 tonnes, said the World Gold
Council. Overall, global gold demand
in the second quarter reached 990
tonnes, down seven per cent from the
1,065.8 tonnes worth of demand seen
over the same quarter last year.
BHP Billiton cuts jobs down under
nBHP Billiton warned yesterday of job
losses as rising costs and falling com-
modity prices continued to bite. It is
understood that jobs will be cut from
its Australian coal mines. It follows job
cuts from fellow miners Xstrata and Rio
Tinto. The prospect of job cuts raises
doubts about the strength of
Australia's mining boom, which has
previously been dependent on China
importing millions of tonnes of base
metals a year for the past decade.
Reed Elsevier picks Palmer as CFO
nPublishing and events group Reed
Elsevier named Duncan Palmer as its
new chief financial officer yesterday to
replace Mark Armour who will stand
down after 16 years. Palmer will join
from American building materials
maker Owens Corning, where he had
been the chief financial officer for five
years. Prior to that, Palmer held a sen-
ior finance role at Royal Dutch Shell.
ORACLE yesterday agreed to pay a
$2m fine to settle US Securities and
Exchange Commission (SEC) charges
that an India subsidiary secretly set
aside money used to make
unauthorised payments to phony
vendors in that country.
Yesterdays settlement, which
involved no admission of
wrongdoing, resolved charges that
the firm violated the federal Foreign
Corrupt Practices Act (FCPA).
The SEC said the payments occurred
in 2005 to 2007 with Oracle India
Private and the Indian government.
Oracle settles
with SEC over
India charges
BY CITY A.M. REPORTER
THE CHIEF EXECUTIVE of Asda yester-
day came out in support of Sunday
opening hours being extended on a
permanent basis, as the debate over
Sunday trading continues to divide
retailers.
Andy Clark said it was too early to
say what the impact of the extra trad-
ing hours has had on sales but shop-
pers had welcomed the extra hours
over the Olympics period.
The fact that shoppers are telling
us that they would enjoy the benefit
of shopping outside of those six
hoursthen, giving customers greater
accessibility to more hours across the
trading week has got to be a benefit,
he said.
Retailers have been in two minds
over the benefits of scrapping restric-
tions. Sainsburys chief Justin King
argued that Sundays was a special
day and that the current status quo
was a good British compromise.
Clarke was speaking as the UKs sec-
ond largest supermarket revealed a
Asda boss says
yes to relaxing
Sunday trading
BY KASMIRA JEFFORD
slowdown in quarterly sales, which it
attributed in part to the wettest spring
in a century and the squeeze in shop-
per spending power.
But Asda said it was continuing to
gain market share by lowering more
product prices and driving harder
on quality. The group has invested
more than 113m over the past two
years on improving the quality of its
product ranges.
Finance director Rob McWilliam said
the retailer was seeing a continued
trend towards budgeting and that it
was continuing to focus on low prices
for basics like bread, mince and milk.
He also slammed the increasing
number of promotions and gim-
micks being used by rival retailers to
try and disguise a weak price posi-
tion, calling it unsustainable.
McWilliam said customers were
being made to play basket bingo to
try and qualify for certain promotion-
al deals. While Asda has been offering
deals the company said that it has
been carrying out less promotions
than its rivals.
First Group trumps
Virgin on rail delays
BY MARION DAKERS
YESTERDAYS Office of Rail
Regulations performance figures
were good news for West Coast rail
customers who will see First Group
take over the route from Virgin.
Many of First Groups franchises
have beaten Virgin in the punctuality
stakes. First Capital Connect, which
carries commuters into central
London, completed 90 per cent of its
journeys within five minutes of their
scheduled time in the last financial
year, while 96 per cent arrived within
20 minutes.
Virgin, meanwhile, managed 75.3
per cent within a five minute
window, rising to 93 per cent within
20 minutes on the West Coast line
linking Glasgow to London.
Great Western, a long-distance
route currently run by First but up for
fresh bids later this year, saw 89.2 per
cent of its trains run on time to
within five minutes.
First fares worse when it comes to
passenger satisfaction, however. The
latest survey by Passenger Focus shows
77.5 per cent of First Capital Connect
customers were satisfied with the serv-
ice, putting them among the most
unhappy rail travellers in the country.
Virgin, meanwhile, scored an average
of 91 making its customers some of
the happiest in Britain.
Social media firms need to turn
a profit if they want to cash in
I
S THIS the end of the social media
IPO? M&A advisory firm Magister
Advisors says that weak showings
from Facebook, Groupon and
Zynga mean tech entrepreneurs
looking for their big payday might
be wise to sidestep listing and focus
on getting bought up instead, like
Skype, bought by eBay in 2005 for
$4.1bn, and YouTube, bought by
Google for $1.65bn in 2006.
Yet its not necessarily as clearcut
as it sounds. The sale of YouTube
made its founders Steve Chen, Chad
Hurley and Jawed Karim into
millionaires, and Skypes founders
did even more handsomely. But even
the flawed IPO of Facebook was in
another league. Its market cap
remains north of $40bn. Zynga has
lost 80 per cent of its value since its
IPO and still clocks in above $2bn.
Likewise, if you care about your
company, cashing out risks selling
out. YouTube benefited from
Googles scale, but Skype languished
in eBays hands. Twitter may yet see
a fresh offer from Google of its own,
but it would be better continuing its
focus on how to turn a profit, not
how to pass that problem on.
BOTTOM
LINE
NAME NAME
We see Micro Focus as a core cash-backed value opportunity in the sec-
tor, with todays cash return supporting this view. With more cash returns likely
down the line, and forecast expectations sensibly set, we remain buyers
and retain our 600p target price.
ANALYST VIEWS
Micro Focus returned a 50 pence per share return earlier than we

expected, although accelerated cash returns were always on the cards given its
leverage target of 1.5 times earnings. We expect a further 120 pence per
share to be returned as capital or through dividends by April 2014. Buy
Even on at revenue, management can deliver growth. The market con-

tinues to undervalue the prodigious cash generation and sensible capital alloca-
tion. With the 30 per cent of the current share price to be returned in cash
over the next two years, the shares remain undervalued. Add from Buy
ARE FURTHER PAYOUTS IN

LINE FOR MICRO FOCUS
INVESTORS? Interviews by James Titcomb
JULIAN YATES INVESTEC
MICHAEL BRIEST UBS
DAVID TOMS NUMIS

WALMART, the American retail
giant and owner of Asda, reported
a six per cent rise in profits to
$3.8bn in the second quarter of
the year, despite grappling with
tough economic conditions in its
home market and overseas.
The company said like-for-like
sales at US stores rose 2.2 per cent
in the three months to the end of
June, slower than the 2.6 per cent
gain in the first quarter as gas
prices, higher food costs and the
job market prevented consumers
from spashing out.
Walmart shares fall as the US
retailer sees slowdown in sales
BY KASMIRA JEFFORD
At Asda, second quarter sales
also slowed to 0.7 per cent
compared with a 2.2 per cent rise
in the previous quarter. Overall,
half year sales rose 1.5 per cent.
Asda finance director Rob
McWilliam described this as a
solid performance in what has
been a very tough market and a
slowing market.
Walmart raised its profit
forecast for the year after net
income beat expectations. But
global revenue of $114.3bn, up 4.5
per cent, fell short of Wall Street
forecasts, causing shares to slide
three per cent yesterday.
MICRO Focus International plans
to pay out 83m to shareholders
50p per share the software
company announced yesterday.
The FTSE 250 company, which
provides computer mainframes
for large organisations, also said it
had traded in line with
management expectations in the
quarter to August. Analysts said
the dividend, set to be paid in
November following approval at
Septembers annual meeting, came
earlier than expected.
The Berkshire-based firm
reported a 30 per cent annual
profit leap in June, but said
revenue over the next year would
be fairly flat due to weakness in
Micro Focus set for 83m payout
despite challenging conditions
BY JAMES TITCOMB
the Eurozone. Micro Focus
reiterated their concerns today,
saying turnover would be between
minus three per cent and one per
cent compared with last year.
Executive chairman Kevin
Loosemore said in a conference
call that the sector was
challenging at the moment but
that there was healthy interest in
new products from Micro Focus.
Analysts welcomed the
announcement as a commitment
to providing investors with
returns despite growth being flat,
and predicted that the firm will
continue with similar yields.
The payout will be funded by
Micro Focuss debt, which has
fallen from $113.2m (72m) to
$90m since the end of April.
ETIHAD is keen to buy Ryanairs 30
per cent stake in Irish carrier Aer
Lingus, the firms boss James Hogan
said yesterday.
The Gulf carrier, which already
owns three per cent of Aer Lingus,
would be very happy to have that
discussion, he told Bloomberg,
adding that Etihad has also been in
talks about snapping up the Irish
governments 25 per cent stake.
Aer Lingus last month rejected a
takeover bid from Ryanair that
valued the firm at 694m (544m).
Etihad later said in a statement
that it is not currently in talks with
Ryanair, but is very keen to
strengthen our partnership [in
Dublin].
Etihad eyes up
Aer Lingus bid
BY MARION DAKERS
6
NEWS
cityam.com
Asdas Andy Clark said pressures on disposable income caused a slowdown in sales
HOUSE PRICES were clobbered in
their biggest ever August fall, as the
Olympics depressed housing market
activity, said Rightmove in research
published today.
Prices fell 2.4 per cent, the largest
fall Rightmove has ever recorded for
August. Online search activity
plunged during key Olympic
moments such as super Saturday
and the opening and closing cere-
monies, Rightmove said. This fall
added to the 1.7 per cent contraction
seen in July, but prices remain two per
cent up on the year, and 92.2 per cent
higher than all the way back in 2002.
Londons market was typically
strong, performing better than the
country as a whole despite the impact
of the Olympics. Prices fell by half as
much as the headline figure, a
decline that was unable to reverse the
8.8 per cent year-on-year expansion.
But asking prices in Newham, the
House prices in
Olympic slump
BY BEN SOUTHWOOD
main Olympic borough, have grown
less than half as fast as London houses
on average since the capital secured
the Olympics in July 2005.
Other data, released by Knight Frank
and Markit yesterday, revealed a north-
south divide in house price percep-
tions and expectations.
While most households believe their
houses have declined in value over the
past month, those in the north expect
further falls, whereas southerners
expect prices to recover.
Credit Suisse raises 600m to
address regulatory concerns
CREDIT SUISSE is more than half
way to hitting its capital target
announced last month, the bank
said yesterday.
The capital boost is aimed at
calming regulators and markets
who had feared it was under-
capitalised.
Of the SFr930m (608m)
announced yesterday, roughly
SFr550m came from swapping
future bonus payments from cash
and into shares.
Although this was less than the
SFr750m expected, as fewer staff
than forecast took part in the swap,
moves to repurchase outstanding
BY TIM WALLACE securities raised more than
expected, allowing the bank to beat
its SFr800m target.
Combined with the SFr8.7bn
already raised, that puts Credit
Suisse on track to raise SFr15.3bn
by the end of the year.
However other areas of the
banking industry are still
struggling under slow market
conditions.
Mergermarket data yesterday
showed merger and acquisition
activity slumped again in the first
two quarters of this year.
The EMEA region saw 2,307 deals
worth 267bn (209.7bn) an 18
per cent fall on the year by volume
and a 10 per cent fall by value.
IN BRIEF
US jobs market improves again
n Unadjusted US new jobless claims
ticked down 4,000 last week, with a
decrease in the seasonally adjusted
rolling four week average solidifying
the positive picture.
American construction soars
n The number of US building permits
granted in July 2012 exploded 812,000
compared to Junes revised rate, an
increase of 29.5 per cent on the year.
UK car production accelerates
n Car manufacturing in the UK sped
ahead in July, climbing a colossal 22.2
per cent on the month and 15.1 per cent
on the year. This figure represents a
total of almost 120,000 cars and just
over 9,000 commercial vehicles. Engine
production edged up 0.3 per cent on
the year, reaching over 180,000 in July.
Credit Suisse chief exec Brady Dougan is bolstering its capital base to appease regulators
Rightmove monthly asking price trend
Aug12 Jun12 Apr12 Feb12 Dec11 Oct11 Aug11
250k
245k
240k
235k
230k
225k
220k
215k
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THE WORLD economic climate
deteriorated dramatically in the
third quarter of the year, according
to a survey released jointly by a
think-tank and a business group.
The current economic situation
was rated as the worst for over two
years, while the indicator for
economic climate dropped off a
cliff, the survey from the Institute
for Economic Research (IFO) and
New surveys show economic
outlook at worst for two years
BY BEN SOUTHWOOD
the International Chambers of
Commerce (ICC) said. Respondents
expectations for the next six
months also worsened significantly.
Perhaps surprisingly, western
European respondents were most
positive about the economic
climate, with an index of 89.3,
compared to 81.2 and 83.3 in the
relatively healthier North America
and Asia. But all three indices
remain under 2005s level of 100,
underlining the ongoing slump.
THE ECONOMY remains unbalanced
and so any recovery in growth will
lack resilience and sustainability, the
Trades Union Congress (TUC) warns
in a report published today.
Exports and investment are still
too low to help the UK return to
growth, the report says, while there
has been little change in the sectoral
make-up of the economy either.
Despite the chancellors promise
to rebalance the economy, both net
trade and investment growth have
been somewhat patchy since the
recession took hold, the report
argues, saying George Osborne has
failed to raise long-term prospects.
TUC: Economy
unbalanced
BY TIM WALLACE
8
NEWS
cityam.com
THOUSANDS of youngsters received
their A-level results yesterday, with
the traditional focus on university
places or career paths open to the
school leavers.
But HM Revenue and Customs has
revealed plans to shake-up the cur-
riculum a move which could create
a generation of young tax spies.
Officially, the aim of the tax
matters campaign is to make
children grow into better citi-
zens, teaching them the basics
of the tax system and the pur-
pose behind it, as well as a
greater sense of civic respon-
sibility.
It even covers the basics of
how to pay tax and national
insurance all laudable aims and
useful life-skills, one might
assume.
But the taxmans plan also
HMRC accused
of recruiting a
child tax army
calls for pupils to think about people
who do not want to pay tax or try to
defraud the system.
On top of that, pupils are then chal-
lenged to think of any examples they
may have heard of in their local area?
Coming on top of the latest crack-
down in which HMRC published an
online photo gallery of the top 20 tax
fugitives, Baker Tillys George Bull
fears the taxman is creating a gen-
eration of tax spies.
In the Soviet era, children were
recruited to inform on their
parents, the tax lawyer said,
perhaps a little tongue-in-
cheek.
While we support HMRC
in its reasonable efforts to
manage the tax system, recruit-
ing children in to a Stasi-style
venture might, we suggest, be
going a little too far.
L
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A

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C
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A
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M
.
Got A Story? Email
thecapitalist@cityam.com
9
cityam.com
cityam.com/the-capitalist
THECAPITALIST
THE sporting festivities may only
just be over, but for parents who
dream of sporting success for their
offspring thoughts should be already
turning to Rio 2016. The Rio Games will
see the return of rugby to the Olympic
agenda for the first time since 1924,
when it was dropped from the official
sports selection. To honour the end of
the more-than 90 year hiatus, pre-
school rugby training team Ruggerbeez
is bringing the sport to Holland Park
and hosting a family fun day this
weekend, complete with sporting
celebrities, drop-in coaching sessions
and experts on hand to spot any
potential future Jonny Wilkinsons.
Head down to Holland Park tomorrow
between 9.30am-4pm to join in.
FRESH from warning David
Cameron to stop pussyfooting
around, Mayor of London Boris Johnson
will today be at the shark tank at
Sealife London Aquarium telling
Londoners to do exactly that. Boris
mission is to let everyone know how
much fun there is to be had in London
this summer with cheap hotel deals and
various two for one ticket offers. If only
hed let the Prime Minister know before
he jetted off on his hols to Spain. Then
Cameron would have been closer to
hand to keep Boris under control.
Before he went, Cameron said anyone
who didnt believe in holidays should
have a serious think. With Boris
trying to stage a coup in his absence,
maybe the PM needs a serious think.
LOTS are going fast in the Mayor's Fund for London auction of Olympic memorabilia,
supported by City A.M., but as of this morning theres a brand new piece of history on
offer. Visit www.mayorsfundforlondon.org.uk to bid on City Wenlock a mascot close to
our hearts with his bowler hat, pinstripe suit and smartphone. Signed by Mayor of London
Boris Johnson, the charitys patron, bidding on City Wenlock will be open until 31 August.
CITY WENLOCK UP FOR AUCTION FROM TODAY
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Cineworld said the new Bond will lift sales
CINEWORLD, Britains biggest movie
theatre group, said it expects
performance to pick up in the
coming months as blockbusters
including the new James Bond film
are released.
The company posted a modest
rise in revenues in the first half of
the year to 165m, as a five per cent
hike in ticket prices offset a slight
decline in admissions. Only one of
Cineworlds expected top-five
grossing films, The Avengers, was
released in the first half of the year.
The other four The Dark Knight
Rises; the new Bond film, Skyfall;
The Hobbit; and the final Twilight
film will boost sales in the second
half of the year, chief financial
officer Philip Bowcock told City A.M.
The firm announced a dividend
of 3.8p per share as operating
Cineworld banking on 007 and
Batman for second half growth
BY JAMES TITCOMB profits rose 21.5 per cent to 15.8m.
The group has also completed a
move to digital in all of its cinemas,
a move that is estimated to save up
to 2m a year.
Cineworld, which operates 79
cinemas in the country, is the
highest-grossing cinema group in
the UK ahead of Odeon and Vue.
The three make up around three-
quarters of the market.
Sales in July and August are
expected to have been dented by the
Olympics, but chief executive
Stephen Weiner said performance
had been in line with
expectations over the period.
While H1 was relatively
unexciting from a numbers
perspective, it is the medium to
long-term structural margin
opportunity that is the main
attraction, Nick Batram, an analyst
at Peel Hunt, said.
11
cityam.com
S&P surges to 4-month
high boosted by Cisco
T
HE S&P 500 closed at its highest in more than four
months yesterday on signs of German support for
the European Central Banks effort to fight the
regions debt crisis, and as Cisco Systems led gains
in the tech sector after a dividend hike.
The Dow Jones industrial average rose 85.33 points,
or 0.65 per cent, to 13,250.11. The S&P 500 Index
gained 9.99 points, or 0.71 per cent, to 1,415.52. The
Nasdaq Composite added 31.46 points, or 1.04 perc
ent, to 3,062.39. Among key stock movers, Cisco
Systems rose 9.6 per cent to $19.02 a share after the
worlds largest network equipment maker reported
better-than-expected results and raised its dividend.
LONDONREPORT
U
K equities steadied near
four-month highs
yesterday and technical
resistance levels kept a lid
on gains with investors
unwilling to push the market
further pending harder evidence
that policymakers will deliver
more long-awaited stimulus.
The benchmark FTSE 100
index closed flat at 5,834.51 ,
around 50 points below an
intra-day peak hit on Tuesday.
Volumes on the benchmark
index remained subdued, at 70
per cent of the 90-day average.
Traders described recent
activity levels as dire, with
Monday seeing the lowest daily
activity in 13 years outside of
the traditionally quiet year-end.
Miners shone against the
broad market, bolstered by
expectations for more merger
and acquisition activity in the
sector on news that Chinas
largest gold producer is in talks
to buy a stake in African
Barrick Gold. African Barrick
Gold shares rose eight per cent,
topping the FTSE 250 gainers
board, with volumes
approaching five times of their
daily average by mid-session.
Blue chip precious metal
miners also benefited, with
Polymetal, Randgold
Resources and Fresnillo up 1.2
to 1.5 per cent. Deutsche Bank
said this could cause a re-rating
of the mid-tier gold sector
FTSE 100 treads water as
investors sit on their hands
BESTof theBROKERS
Interserve PLC
345
335
330
320
325
340
341.00
17 Aug
p
INTERSERVE
N+1 Brewin has upgraded
its price target on the
support services firm from
347p to 400p and moved
its rating from add to
buy after interim
results, saying it continues
to deliver to plan.
DASHBOARD CITY
YOUR ONE-
STOP SHOP
FOR JOB MOVES,
BROKER VIEWS AND
MARKET REPORTS
Rotork PLC
2,320
2,300
2,290
2,270
2,280
2,310
2,251.00
17 Aug
p
2,260
2,250
ROTORK
Panmure Gordon has cut
the valve manufacturer
from buy to hold and
raises the target price
from 2,150p to 2,290p,
saying the buying window
for the highly rated stock
has been short lived.
Eurasian Natural Resources Corp PLC
430
410
400
380
390
370
420
372.40
16 Aug
p
ENRC
UBS has cut its target
price on the miner from
585p to 565p but kept its
buy rating after
disappointing first-half
results including weak
net cash flow and an
increase in its debt pile.
RSA
The insurer has appointed
Matt Hotson as its investor
relations director. He joins
from Cable & Wireless
Worldwide, where he was
responsible for corporate
finance and investor
relations. Hotson was also
previously director of investor
relations and strategy at Legal & General.
Mercer
Edmund Teo has been appointed director of wealth
management, Asia, at the consulting firm. He has
over 20 years experience in financial services and
joins from Russell Investments, where he was a
regional director. Additionally, Pierre DeGagne joins
Mercer as a principal consultant in its Asia wealth
management team. He was previously head of funds
select at Standard Chartered Bank.
Ignis Asset Management
Ingrid Neitsch has been appointed head of credit
strategies at the asset management firm. She will
oversee Igniss new specialist strategic credit fund.
Neitsch joins from Financial Risk Management, an
institutional hedge fund manager, where she was
the sector head responsible for credit.
M&G Investments
The institutional investment firm has made two hires
to its Nordic distribution team. Robert Heaney joins
after five years at RBS, where he covered the Nordic
insurance sector. Billyana Kuncheva joins from Aktia
Invest, where she was responsible for its fixed
income and alternative manager selection.
Medgenics
The Aim-listed biotechnology firm has appointed Dr
Marvin Garovoy as its chief medical officer. He is a
former professor of surgery, medicine and
laboratory medicine at the University of California,
San Francisco.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
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FTSE
10Aug 13Aug 14Aug15Aug 16Aug
5,880
5,860
5,850
5,870
5,830
5,840
5,820
5,834.51
15 Aug
NEW YORKREPORT
IN BRIEF
Talvivaara cuts nickel forecast
n Finnish miner Talvivaara yesterday
slashed its nickel production forecast to
17,000 tonnes for 2012, down from the
previously forecast 25,000-30,000
tonnes. It blamed heavy rain over the
summer, which hindered operations at
its Sotkamo mine, for the cut. Talvivaara
reported nickel production of 6,568
tonnes over the first half of the year to
end of June. The miner slumped to an
operating loss of 22.3m (17.5m) over
the period, driven by weak nickel prices,
which have fallen by 28 per cent this
year, driven by macroeconomic
uncertainty and weak steel
fundamentals. Chief executive Harri
Natunen said yesterday: Whilst excess
water at the minesite has affected our
production guidance, it has also
impacted our mining operations, and
we have had to mine lower-grade ore
further away from primary crushing
than originally planned. The shares fell
by 2.35 per cent to close at 137p.
Hikma enjoys strong first half
n Pharmaceutical company Hikma
reported strong first-half results yester-
day, with revenues from its injectables
business up 94 per cent to $225.2m
(143.1m). The Jordon-based generics
firm reported operating profit up 53 per
cent to $75.1m in the first half of the year
to 30 June, with the global injectables
business, which makes up 42 per cent of
Hikmas business, driving profit.
Injectables growth was driven mainly by
new product launches and private mar-
ket demand. Revenues in the generics
division fell by 27 per cent to $55.8m, as
it was hurt by increasing pricing pres-
sure. Chief executive Said Darwazah said
the generics business was expected to
pick up in the second half of the year.
Hikma increased its dividend to six cents
a share, up from 5.5 cents over the first
half of 2011, and it reiterated its forecast
for revenue growth of 20 per cent for the
full year. The shares rose by 3.38 per cent
to close at 749.5p in trading yesterday.
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T
HE Manchester velodrome is a
medal factory. It won as many
golds in this summers
Olympics as the whole of
Australia. As well as a cause
for national celebration, thats a
problem. Because the truth is, we
dont know enough about why.
Genius clusters. Renaissance
Florence. Elizabethan London. The
Scottish Enlightenment.
Extraordinary individual
achievements, sporting or cultural,
tend to overlap in time and space.
The problem is, its not very clear
why. Genius is a bolt from the blue
sudden achievement at a historically
high level. But its clustered nature
suggests it gets summoned forth as
much by external circumstances as
T
HE Mayor of London owns 530
hectares of land and is the
largest public landowner in
London. He is responsible, with
the London Boroughs, for
addressing the needs of the 350,000
Londoners on the housing waiting
list, for planning for the future
housing needs for the capital, and for
a budget of around 3bn to spend on
housing development up to 2015.
Additionally, Boris has activated new
powers, available to him under the
Localism Act 2011, to take control of
the Olympics legacy directly through
a new Mayors development agency
(the London Legacy Development
Corporation), which, from October,
will have impressive planning powers.
As Bicycling Boris gives way to
Builder Boris in his second term, the
Mayor will have an opportunity to
deliver bottom-line growth figures
and to kick-start the economic recov-
ery in London. Housing development
is important for the economy about
1 per cent is added to GDP for every
100,000 homes built.
Previous recessionary periods have
Spread betting, CFDs and
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in March from which the Dow Jones declined
by 9.5% over the subsequent 11 weeks.
cityam.com/forum
Housing is important
about 1 per cent is
added to GDP for every
100,000 homes built
THEFORUM
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Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.
14
NATALIE ELPHICKE
Boris needs to be innovative to get
the private sector building houses
resulted in an added impetus to build-
ing houses, delivered in different ways
and in accord with that time. As a
thumbnail summary, after the 1930s,
Britain saw a huge contribution from
the building societies movement, fol-
lowing the 1948 Olympics there was a
substantial local authority house-
building phase, and the late 1980s and
early 1990s recession saw dramatic
growth in the contribution made by
the housing association movement,
which continues today. It is private
housebuilding, not social housing,
which has fallen behind since the
credit crunch to levels last seen in
the 1950s. By contrast, local authority
and housing association completions
are at the strongest levels since 1995.
The Olympic Park site, with its
11,000 homes, will inevitably be a
focal point for housing development.
With so much already invested into it,
it must be hoped that the legacy site
can be self-funding and not absorb
social housing grants that could be
applied elsewhere.
There are now a number of tried and
tested models for large-scale develop-
ments without social housing grants.
New housing sites and additional
affordable housing could be brought
forward using a successful social
housing enterprise approach pio-
neered in Ely Bridge alongside the
Welsh Government. Other good mod-
els to explore would be the Rettie-
Resonance model which has been
successfully delivered in Scotland, and
the Barking & Dagenham/Laing
ORourke lease structure. These types
of models have had to explore and
resolve many common problems that
can significantly delay a project
before housebuilding starts. These can
include issues around state aid, public
procurement, and the balance of plan-
ning contributions and responsibili-
ties.
The lack of mortgage availability
continues to hamper development
activity, as developers are nervous of
building homes which may not get
sold to first time buyers. While institu-
tional rental portfolios are certainly
part of the equation, there are new
solutions that can allow first time
buyers to purchase their home gradu-
ally, without the need for separate
mortgage finance. The Genie, devel-
oped by Gentoo Group, is a stunning
example of how you can help young
people into responsible home owner-
ship, and it is thriving in the North
East. The Mill Groups co-ownership
structure is another approach to the
first time buyer/ shared ownership
segment which has secured institu-
tional investment backing.
Alternative ownership solutions could
be showcased within the Olympic vil-
lage portfolio and on other publicly
owned sites.
Builder Boris also needs to consider
the mix of housing to be brought for-
ward in London. There is a longstand-
ing need for affordable family
housing in London. The focus on
building smaller one and two bed
homes over the last decade has left an
overcrowding issue which is pro-
nounced in parts of the capital.
Rather than relaxing or reducing
affordable housing targets, this is an
opportunity to build quality afford-
able family homes for Londoners.
No doubt the Mayor will continue to
bang the drum for additional infra-
structure investment into London as
is his job. He has called for the right to
deal with housing in London. Now he
has not just the responsibility but
also the opportunity to light the
London housebuilding growth torch.
Natalie Elphicke is a partner at
Stephenson Harwood.
the birth of extraordinary
individuals. If only we knew what
those necessary conditions were, it
might be possible to reach the
heights of our potential more often.
David Banks of Duke University
wrote about this problem of excess
genius in 1997, calling it one of the
most important questions I can
imagine but bemoaning the lack of
progress on resolving it. The author
Jonah Lehrer recently flagged up
Banks article and offered a few
answers of his own: the importance
of a commercial spirit, open
immigration, educational
experimentation and a tolerance for
risk-taking. Those all sound sensible
enough, but the truth is they dont
add up to a magic formula.
Look at the Manchester velodrome.
It is not just an almost unbelievable
success, but an unexpected one. Born
of Manchesters failed bid for the
2000 Olympics, it was Britains sole
Olympic-standard track and seen by
many as a white elephant. By 1996,
British Cycling was too broke to pay
its 130,000 electricity and gas bill,
and the council had to step in to
keep the lights on. It was, on one
account, ten days from becoming a
B&Q warehouse. In the aftermath,
cat shows took precedence over
cycling, as the emergency committee
tried to make ends meet. Yet
somehow this project became the
hub of Britains cycling renaissance.
There will no doubt be claims that
Manchester provides a model for
how to invest in the future of British
sport. The real lesson seems to be
only that sometimes we get lucky,
the stars align and a cluster of genius
emerges, even when the odds of a
white elephant are far higher.
Perhaps the best response to such
moments of fortune is simply a mix
of gratitude and humility. Humility
because the sudden appearance of
high achievement under certain
conditions suggests it is latent in all
of our lives to a degree
uncomfortable to contemplate.
Gratitude because something so
mysterious, so hard to force into
being has somehow emerged. Such
protective, generous thoughts are
easy to have for Team GBs Olympian
achievements. But they ought to be
our response to clusters of
achievement of all kinds, whenever
they emerge including the City
itself, and the new tech cluster on its
borders, Silicon Roundabout. We
dont know enough about how to
build such clusters up, but we do
know how little it can take to close
them down.
Marc Sidwell is managing editor at
City A.M.
THE LONG
VIEW
MARC SIDWELL
The Manchester medal factory: Be grateful for this strange cluster of genius
FX trading can result in losses greater than your initial deposit.
POINT
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TRADE WALL STREET
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15
Smokers choice
[Re: As Australia confirms a law banning
branded tobacco packaging, should the UK
follow suit?, yesterday]
Both contributors focus on whether children
are swayed by cigarette packets. But this
ignores the fact that this policy is essentially
the infantilisation of adults. All adults know
the dangers of smoking, yet many choose to
do so regardless. Will plain packets stop
some people smoking? Perhaps. But at
what cost? Another nail in the coffin of our
ability to direct our own lives.
JasonGreener
Simon Clark believes people arent attracted
by glitzy packaging, yet fears for the jobs of
graphic designers. Thats a bit of a slip.
Daniel Lowbridge
Grade inflation
[Re: Raise a glass to students success, but
we need to talk about A-levels, yesterday]
A-levels have certainly become easier.
When A-level maths was first introduced,
the questions would have a preamble, but
the the question would ask you, straight
up, to Find X (20 marks). By the time I
took the exams, the questions would
provide detailed instructions on the stages
needed to find the same X. The total
marks would still be 20. By dumbing down
the questions into smaller chunks, and
leading candidates through them, the
exam boards have done themselves no
favours even though they can assert that
the syllabus remains fundamentally
unchanged.
Helen-Frances Pilkington
O
NCE again, the transfer
season for the big five
European leagues in
England, Germany, Spain,
France and Italy has seen
top players move club for incredible
sums. But the evidence shows that
not all transfers benefit the buying
club. And this not only raises
interesting questions for football,
but some that can also be applied to
business.
Manchester United has just shelled
out 24m for Arsenals Robin van
Persie, while Chelsea paid a whop-
ping 25m for Oscar, a 20-year-old
Brazilian. Even in France, where the
Socialist government is planning a
monstrous 75 per cent tax on earn-
ings over 1m (785,000), Paris Saint
Germain has paid 20m for Zlatan
Ibrahimovic.
But are these transfer fees justified?
In Simon Kuppers and Stefan
Szymanskis Soccernomics, they sur-
prisingly find that the net amount
that almost any club spends on trans-
fer fees bears little relation to where
it finishes in the league. The trans-
fer market is highly inefficient, and
being a buying club rather than a
selling club doesnt help your team
perform significantly better.
In business, a new chief executive
may want to make his or her mark
and will fire talented rivals in the
company. This can be a costly mis-
take. In football, some of the most
successful clubs have promoted
young players from within their own
football academies rather than look-
ing outside for talent. Incoming
chief executives might be best
advised to hold fire before gutting
the existing management.
Another costly mistake, which
Kupper and Szymanski identify, is to
hire the stars of a recent World Cup
or European Championship. These
players are often overvalued. In the
TOP TWEETS
The number of top A-levels drops for the first
time in 20 years. Dont worry, you dont need
a degree to make your first million.
@greggsulkin
Although falling productivity may explain
why jobs are up and GDP is down, its more
likely that GDP figures need serious revision.
@DavidOser
There was another massive drop in the
claimant count in East London. It was the
highest drop in the country.
@EastLondonDM
I like Boris Johnsons idea of going for big
infrastructure projects like a new London
airport. No doubt hell be a future PM.
@rectorjon
After A-level results came out yesterday, is
a degree always the best route to success?
YES
In tough economic times, a good degree remains a smart investment.
Most graduates earn a six-figure premium over those with two A-
levels, and Russell Group graduates typically receive a 10 per cent
top-up over those from other universities. Our students work with
world-class experts, use first-rate facilities, are part of a highly
motivated and talented peer group and often engage in cutting-edge
research themselves. Employability is embedded into the culture of
universities and many are going further than ever to produce work-
ready graduates. Our graduates are among the most sought after
globally, with graduate recruiters ranking ten Russell Group
universities among the top 30 worldwide. With no up-front fees and
income-contingent repayments, if youre good enough to get in, you
can afford to go. Students with the talent, potential and ability should
jump at the chance to go to a leading university.
Dr Wendy Piatt is director general of the Russell Group of universities.
Wendy Piatt
NO
Richard Irwin
Degree or no degree, anyone with the right talents can succeed.
University fees, economic forecasts and unemployment are all having
a bearing on students decisions. Employers who want to attract the
most talented need to offer the best opportunities. Students can join
PwC as graduates, undergraduates, straight from school or through
our employer-led degrees. While graduate recruitment is still at the
heart of our business, this year weve expanded our school leaver
programme and received 2,352 applications for 100 vacancies; 34 per
cent more than 2011. Drive, tenacity, intellectual agility and the ability
to build relationships are attributes we look for in students, however
they join us. Its key that students take responsibility for seizing
opportunities. The extent to which they do so is the biggest
differentiator between those that leave school or university with the
talents employers want, and those that dont.
Richard Irwin is head of student recruitment at PwC.
RAPIDresponses
Football can teach
businesses plenty
of useful strategy
business world there are parallels in
companies hiring rising stars from
major corporations, who are head-
hunted to become chief executives of
distressed corporations or recently-
floated firms. Its not unlike the foot-
ball transfer market, where fans
demand famous players. According
to Kupper and Szymanski, Real
Madrid is the supreme sucker of
shooting stars, having paid 136m
for Ronaldo and Kaka in 2009.
Moneyball Michael Lewiss
famous book on baseball suggests
that there is a tendency to be overly
influenced by a guys most recent
performance. But the statistics
show that what he did last was not
necessarily what he will do next. So
with business. Success in the soft-
ware industry is not always a guide
to an executives ability to run a
mobile phone company.
And finally, some footballing
nations are overvalued. It is probably
easier to sell a mediocre Brazilian
player than one from Paraguay to a
European club. In the British corpo-
rate world, there is also a tendency to
hire overseas managers. There are
more international chief executives
in the FTSE 100 than in the compa-
nies of the Forbes 100.
At the end of the day, football, like
business, is a funny old game. The
glamorous stars of both will always
command a high price, whatever
their true value.
Gil Shidlo is an academic. He contributes
to various London School of Economics
publications.
GIL SHIDLO
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22 23
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25 30
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28
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34 13
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22
10
22
28
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6
9
12
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20
40
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10
9
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29
35
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17
17
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4
T I B I A A L D E R
I A B E T
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P O S T S S A I D
O S A F E C
T A P S W N E S T
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M A L L A I S L E
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A G B N C
G R U E L A D D L E
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1 6 4 5 3 2 8 9
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1 8 8 6 5 9 4 7
8 6 9 3 1 2
2 3 6 1 5 2 9
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4
4
4
4
4
4
4
4
4
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18
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deckchairs and heaps of golden
sand, this location has been the
perfect backdrop to the summer
sporting events. Inspired by the
Olympics, with ping pong,
badminton and boules all
available on the sandy dunes,
you will also find an ice
cream/alcohol van and a
Margarita shack. Food is also
provided at the Grill Tiki bar
with steaks, burgers and all your
dietary desires. Sadly it will
come to an end next Wednesday
so if you fancy a trip to the
beach head down this weekend
before it gets washed away.
roundhouse.org.uk
Foodies Festival
Battersea Park
18 for three days; 17-19August
THE TRAILER for The Wedding
Video is awful. The adverts are awful.
Even the name is awful, inspiring
the unique kind of dread that clings
to movies about weddings. At first
glance it looks like a low-rent
remake of the stereotypical
American wedding movie, which
places a hord of ridiculous family
members in a series of predictably
calamitous events. However its
absurdity falls neatly within the
canon of British eccentricity, lifting
it above its American counterparts.
If you dont like the hand held
camera, documentary approach,
though, it may not be for you, as the
film consists entirely of the
FILM
THE WEDDING VIDEO
Cert 15
hhiii
How to enjoy the sun while it lasts
Battersea Park plays host to a
feast of gastronomic delights
this weekend. Foodies festival
brings the most exciting food
and culinary talents to your
doorstep. Nourishment is
provided throughout the day
with a host of food and bar tents.
You can try the very best of UK
restaurants without ever having
to leave the premises. Over 100
artisan stalls offer you the
chance to buy and sample their
organic produce, whilst
mixologists are on hand to
ensure that you never go thirsty.
If you wish to learn, you should
head to the chefs theatre, where
Michelin starred and TV chefs
will be will be sharing their
culinary secrets. food.festival.com
London Mela
Gunnersbury Park
Free; 19 August
eponymous video footage. It
documents the build up to Tim
(Robert Webb) and Saskias (Lucy
Punch) nuptials, with the video
doubling up as a wedding present
from the grooms outlandish
brother Raif, who returns from his
travels to act as best man; a role he
continuously falls short of. The style
isnt exactly distracting but it is
somewhat limiting, with laughs
often sought through predictable
Youve Been Framed style sketches.
The Wedding Videos saving grace
is its cast. The overbearing, nouveau
riche Cheshire mother, played by
Harriet Walker, is great, as is her
mother Patricia, brought to life by
the brilliant Miriam Margoyles.
These two, along with a fine
performance from Rufus Hound as
the affable brother Raif, somehow
manage to prevent what could quite
easily have turned into a complete
car crash.
Marriage abounds this week but these lacklustre movies are on the rocks
FILM
TAKE THIS WALTZ
Cert 15
hhhii
TAKE THIS Waltz is a film that is
easier to admire than it is to like.
It centres around a young married
couple, Margo and Lou, played by
Michelle Williams and comic
actor Seth Rogan, exploring how
long-term relationships can effect
love, happiness and sex.
Kooky Margo meets stranger
Daniel while away on work, and
feels an instant chemistry. On her
return she finds that he lives just
across the street and with this
distraction so close to home she
begins to question her seemingly
great relationship with chef Lou.
Torn between the comfort and
intimacy she shares with her
husband and the chance to
encounter something new
and exciting, we follow
her on this exploration of
desire and despair.
There is a
poignancy to the
whole affair, with
director Sarah
Polley highlighting
that we are always
searching for
something else
and questioning
whether we can
ever really be
truly satisfied with
what we have.
Set in Toronto,
Polley beautifully
captures the
vitality of the city,
with the vibrant,
sensual colours of
the hot summer
months aptly reflecting
Margos growing lust.
The problem is that,
while visually sumptuous,
you never completely
warm to the characters.
Intimate portrayals of
Lou and Margos
playful relationship
paint the female
lead as annoyingly
needy, while
Luke Kirby is
simply not
charismatic
enough as Daniel.
Take this Waltz
isnt short of
charming
moments but, in
the end, your lack
of empathy for the
characters will
leave you feeling
dissatisfied.
Dig out your shorts,
summer is finally
here. We take a
look at ways to
make the most of
the weekend sun
Canary Wharf Jazz Festival
Canada Square Park
Free; 17-19 August
This weekend London will
celebrate the very best of jazz.
Bands from all over the world will
descend on the capital to take part
in this extraordinary festival. A
mixture of cultures and sounds
will find harmony in Canada
Square, with music ranging from
classic modern jazz to free form
improvisation. After a weekend of
unbelievable talent, the finale on
Sunday will see Manchester based
Beats and Pieces take centre stage
as they perform their modal jazz,
Latin and bossa mixed music. Any
fans of the genre would be mad to
miss out. canarywharf.com
This festival is a celebration of the
colour and life of the Asian
community. Held for one day at
Gunnersbury Park, the event
promises to be a visual delight. Art,
music, comedy, theatre and dance
are all represented, while eclectic
music will add to the party
atmosphere. There is a range of
entertainment for children,
including a funfair, to ensure little
ones wont get bored. Food markets
with a mix of flavoursome produce
provide the best of Asian cuisine.
The Mayors office will be among
the spectators joining Londons
Mela and celebrating the Eid ul-Fitr
that marks the end of Ramadan and
the month of fasting. londonmela.org
WORDS BY
ALBANY BELL
Film 4 Summer Screen
Somerset House
10; Until 25 August
Set in the jaw-droppingly beautiful
Edmond J Safra fountain court, this
is the ideal way to spend a summer
evening in London. Likewise, if you
enjoy open-air cinema then this is
the destination for you. Classics
including Hitchcocks menacing
The Birds will be showing on Friday,
with the hallucinogenic Enter the
Void beating out the Chemical
Brothers electric sounds on the
Saturday. Surround sound and an
impressively large screen covering
the faade of the house ensure that
a truly great cinematic experience
is to be had. Tickets are selling fast
for this summer extravaganza so
get them as soon as you can.
somersethouse.org.uk/film
19
THEPUNTERFOOTBALL TRADER BEN CLEMINSON PREVIEWS THE UPCOMING FOOTBALL SEASON
n Pointers
Manchester City at 13/10 with Coral
City-Unitedstraight forecast at 3/1 with Coral
SergioAguerotopgoalscorer at 8/1 general
Swansea tobe relegatedat 2/1 with Coral
Buy Swansea onrelegationindex at 19 with Sporting Index
Buy Readingpoints at 36.5 with Sporting Index
MKDons at 7/1 with Coral
T
HE 2011/12 Premier League
season will go down in history as
one of the most dramatic ever. It
was like a heavyweight title fight
where both contenders dusted
themselves off from a nine-count to
floor their opponent in the next
round, until Sergio Aguero landed the
knockout blow in the 94th minute
against QPR at the Etihad Stadium. It
was a remarkable end to a remarkable
season and will surely have left
emotional scars on the players and
fans of both clubs.
Sir Alex Fergusons worst nightmare
was realised by losing out on goal dif-
ference, to his now even noisier neigh-
bours, and he will make it a personal
vendetta to wrest the title back.
Manchester United are now no bigger
than 9/4, with the signing of Robin van
Persie imminent, but, even after the
arrival of the Dutchman and Shinji
Kagawa from Borussia Dortmund
they dont have the firepower
that MANCHESTER CITY have at
their disposal.
It is incredibly difficult to retain the
title in the top flight, only United and
Chelsea have managed it since 1984,
but City have unprecedented financial
muscle and their squad is packed full
of quality players. Im not concerned
that Jack Rodwell is the only signing
Roberto Mancini has made so far,
although another central defender
will surely come in before the end of
the transfer window.
City should have wrapped up the
league with plenty to spare last season
and I just cant see past them at 13/10
with Coral. United will push them
hard again, and they are without
doubt the main danger, but they may
have to settle for second once again.
We backed the CITY-UNITED straight
forecast last season at 11/1 and, while it
is now just 3/1 with Coral, that still
looks a fair bet.
SERGIO AGUERO had a fantastic
first season in Manchester, scoring 23
league goals, and he is strongly fancied
to win the top goalscorer award at a
general 8/1. Carlos Tevez (16/1) looks
like playing more of a part this term,
which may take a few goals away from
his fellow Argentine, but the same can
be said of Wayne Rooney (8/1) and van
Persie (9/1) at United. This could be the
season when Aguero stamps his
authority as one of the very best strik-
ers in the world.
If there is a team who can upset the
Mancunian dominance it will be
Chelsea, who have made some decent
signings this summer and will be full
of confidence after winning the
Champions League. Roberto Di Matteo
did an excellent job and has
been rewarded with a permanent
contract, but I worry if he has enough
experience to oversee a title
winning campaign.
Arsenal have been active in the trans-
fer market again, although they keep
losing their best players and there will
be serious questions asked of Arsene
Wenger if the Gunners get off to a slow
start, like last term. With van Persie
going and Jack Wilshere still out for at
least another couple of months, I think
they will struggle.
As is normally the case in this divi-
sion, the betting markets towards the
bottom of the table are far more com-
petitive than the top. The three pro-
moted sides all survived last campaign
for the first time since 2001/02, but we
all know about the dreaded second
season syndrome and it could be about
to strike again.
SWANSEA were a joy to watch last
year after stepping up from the
Championship, with manager Brendan
Rodgers adopting a free-flowing style.
However, he has left to join Liverpool
and the exodus has continued with the
likes of Joe Allen following him to
Anfield and Gylfi Sigurdsson signing
for Tottenham instead, while Scott
Sinclair could also be on his way.
Michael Laudrup takes the helm and
although he was a world-class player he
is yet to prove that he is equally adept as
a coach. He did reasonably well at
Getafe a few years ago, but his last spell
as manager of Mallorca was disappoint-
ing and the Swans could be in trouble.
They are 2/1 with Coral to be relegated
and that is worth backing.
They should also be bought at 19 on
Sporting Indexs relegation index
where different points are awarded to
the teams that finish in the bottom six
places. The club that finishes last
receives 60 points and sixth bottom
five points, so wed only need Swansea
to finish no better than fourth bottom
(20 points) to turn a profit.
The three promoted teams all face a
massive challenge just to stay in the
league, but Im surprised that
READING are the bookmakers
favourites for relegation. Brian
McDermotts men put an unbelievable
run together towards the back-end of
the season, winning 15 of 17 league
games between January and April.
Sporting Index have the Royals at the
bottom of their season points list and
Id be happy to buy them at 36.5. Pavel
Pogrebnyak could prove to be an
inspired signing and lets not forget
that Reading finished above both
Southampton and West Ham last sea-
son. Hopefully they can manage a
repeat of their first stint in the Premier
League in 2006/07, when they finished
eighth with a haul of 55 points.
The Championship looks absolutely
impossible this year, so Im going to
concentrate on League One instead.
Sheffield United are the favourites,
having heartbreakingly lost out to
Huddersfield on penalties in the play-
off final in May, and they wont be
far away.
However, the best value lies with MK
DONS, at 7/1 with Coral. Alan Smith
has been brought in permanently now
from Newcastle and manager Karl
Robinson has made some other decent
signings which can give them the edge.
Manchester rivals set to
dominate title race again
Manchester Citys Argentinian international striker Sergio Aguero can again be key this season as City target another Premier League title to follow last seasons dramatic success
1700+ Shops Text MOBILE
to 65559
coral.co.uk 0800 242 232
FIGHTBACK CASHBACK: Singles only on specied markets qualify. Max refund 100 per customer per market. Pre-match bets only. Applies
to Cardiff City v Hudderseld Town, Ross County v Celtic, Leeds Utd v Wolves, Newcastle Utd v Spurs, Dundee Utd v Dundee, Wigan v Chelsea,
Man City v Southampton, Everton v Man Utd only. Any remote refunds will be credited within 24hrs. Coral rules apply. For additional terms
see coral.co.uk. NEW ACCOUNT OFFER: Available on mobile, coral. co.uk and by phone. New customers 18+ & UK residents only.
Deposit and stake up to 30 on any sporting event(s) to receive a matched deposit free bet on selected markets. Free bet stake not
returned with any winnings. Full terms at www.coral.co.uk/30tc You will be charged the cost of a standard SMS by your mobile
network provider. Mobile service compatible with all internet enabled handsets. Bet Responsibly. Gambleaware.co.uk Need
Help? Call GamCare on 0808 802 0133.
30 FREE BET
ONLINE, MOBILE AND PHONE
5/6 Cardiff 5/2 Draw Hudderseld 10/3
Championship, Kick-off 7.45pm, Live on Sky Sports
Fightback Cashback: Applies to First / Last Goalscorer and Correct Score
markets on this weekends Live domestic matches.
Prices subject to uctuation.
5/1 C. Bellamy (C)
5/1 H. Helguson (C)
5/1 E. Velikonja (C)
11/2 J. Mason (C)
6/1 J. Rhodes (H)
8/1 A. Lee (H)
8/1 L. Novak (H)
11/1 S. Scannell (H)
FIRST GOALSCORER
CORRECT SCORE
17/2 0-0 17/2
13/2 1-0 12/1
13/2 1-1 13/2
8/1 2-0 25/1
15/2 2-1 14/1
14/1 2-2 14/1
14/1 3-0 70/1
14/1 3-1 40/1
Cardiff Hudderseld Cardiff Hudderseld
Magpies and Spurs to
cancel each other out
Strong Suit can give
Hannon another win
in Hungerford Stakes
20
PUNTER SPORTS TRADER
cityam.com
N
OT even the most passionate of
Newcastle fans would have predicted
12 months ago that their side would
end the season in fifth place. It was a
magnificent effort from everyone at the
club and Alan Pardew must take special
credit as he wasnt the most popular
appointment back in December 2010.
Demba Ba was a revelation, with 16 league
goals, but even he was slightly overshadowed
by his Senegalese team-mate Papiss Demba
Cisse, who joined in January and scored 13
times in as many games. The two will prove a
handful for any defence in the Premier
League this season and they will be hoping
to get off to a flyer against Tottenham in
tomorrows early evening game.
Its the end of an era at White Hart Lane
with Harry Redknapp being replaced by
Andre Villas-Boas. The Portuguese had a dis-
appointing spell at Chelsea last season, but
showed at Porto that he has the potential to
be a top-class manager. Luka Modric looks
certain to go and Emmanuel Adebayor is
unlikely to return. This could be a challeng-
ing season for Spurs and they will certainly
be relying heavily on Gareth Bale to produce
the goods.
This isnt an easy start for either team and
a DRAW looks the most likely outcome at
23/10 with Coral. The last two meetings
between the sides at St Jamess Park have
been stalemates and Im sure both managers
would be happy with a point. Ill also be sell-
ing goals at 2.6 with Sporting Index.
Ive already said why I think Swansea
might struggle this season and they face a
tricky trip to West London to take on QPR
tomorrow afternoon. Michael Laudrups
men had a poor record on their travels last
season and the tightly enclosed Loftus Road
will be quite daunting for the Dane on his
first game in charge in the Premier League.
Mark Hughes had an interesting first few
months as QPR boss after taking over from
Neil Warnock. His side avoided relegation by
the skin of their teeth last term, but Id
expect better from them this time around
and they can get off to a winning start, at
11/10 with Coral.
Rangers have a decent looking squad and
plenty of talent in midfield and upfront.
They will have learned plenty from their dis-
astrous run last winter and, with plenty of
money in the coffers, they should make a
bold bid for a top-half finish.
Stoke had a slightly disappointing time of
it in 2011-12 and they could slip up at newly-
promoted READING tomorrow. The Potters
have won just one of their last 11 Premier
League matches and none of their last nine
away games.
Reading, on the other hand, took 25 points
from a possible 27 in their last nine games at
the Madejski last term and will feel confi-
dent of starting life back in the top flight
with a bang. Brian McDermotts side are 7/5
with Coral and that is a decent price for a
side who I think will do better than expected
this season.
Id expect both Manchester City and
Chelsea to win on Sunday against
Southampton and Wigan respectively, but
Manchester United have a tough trip to away
to David Moyess Everton at Goodison Park
on Monday. They might have to do with a
point there, although I dont have a strong
view on the game and am happy to sit
it out.
n Pointers
Newcastle v Tottenhamdrawat 23/10with Coral
Sell total goals at 2.6 with Sporting Index
QPRat 11/10with Coral
Readingat 7/5 with Coral
Ben Cleminson previews the best of the weekends football bets and Bill Esdaile gives us his top racing tips
n Pointers
A LADIES MAN 1.50pm Newbury (today)
PYTHAGOREAN 2.20pm Newbury ( today)
MOUNT ATHOS 2.30pm Newbury (tomorrow)
STRONG SUIT 3.05pm Newbury (tomorrow)
BERTIEWHITTLE e/w 3.30pm Ripon (tomorrow)
NEWBURY racecourse received plenty of
rain on Wednesday, but the forecast is
much better over the next couple of days
and it should be nearer good-to-firm by the
time tomorrows card gets underway.
That is good news for STRONG SUIT,
who has always been very well regarded by
Richard Hannon, and is much better on a
sounder surface. His last three runs have
been disappointing, but there have been
excuses for each defeat and the return to
seven furlongs will suit perfectly in
tomorrows Group Two Hungerford
Stakes (3.05pm).
Hannon won this race in 2008 with Paco
Boy and if Strong Suit can reproduce his
performance from last October in the
Challenge Stakes he will take this. He beat
tomorrows rival, Chachamaidee, four-and-
a-half lengths that day, giving her 5lb, and,
with him only giving her 1lb this time, will
surely uphold the form. Soul and Pastoral
Player are both dangers, but if Strong Suit is
in top form he will take all the beating.
The Geoffrey Freer Stakes (2.30pm)
features some decent stayers, but MOUNT
ATHOS is the one I will be backing
provided conditions are no worse than
good. He seems to be an improved animal
since joining Luca Cumani and a win in this
race will set him up for a crack at the
Melbourne Cup where he would have a big
chance on decent ground.
Tomorrows big betting race is the Great
St Wilfrid (3.30pm) at Ripon and the draw
normally plays a big part. Pepper Lane won
this last year for David OMeara from stall
17 up the stands side rail, but in recent
years it has generally paid to be drawn low
on the far side.
BERTIEWHITTLE has landed the plum
draw in stall one and, after his decent run at
Ascot last time, I will be backing him to win
his first race of the season at 12/1 with Coral.
Richard Faheys consistent Alben Star is the
one I fear most after a series of solid efforts
and he is also well-berthed in stall three.
However, hes now 8/1 and that is just a little
too short for such a competitive handicap.
There is some interesting action at
Newbury this afternoon and the opening
two maidens are always informative.
Hannons A LADIES MAN has reportedly
been working very well at home and he
should prove hard to beat for Richard
Hughes in the opener at 1.50pm.
However, an even stronger fancy comes
in the shape of Roger Charltons
PYTHAGOREAN in the second division at
2.20pm. This is the same maiden that the
stable won with Top Offer 12 months ago
and, even though he has proven to be
disappointing, Pythagorean is expected to
win after a solid debut behind Montiridge
last month.
The QIPCO British Champions Series rolls
back into action at York next week, the
highlight being Frankels first attempt over
10 furlongs in Wednesdays Juddmonte
International. He simply cannot be beaten
and it will be wonderful to see him out
again in what could be the penultimate race
of his career.
Well be back on Friday to preview the Nunthorpe
Stakes and Ebor, but you can follow me on Twitter
@BillEsdaile for all my views on the weeks racing.
The last two meetings
between Newcastle
and Tottenham at St
Jamess Park have
been draws and
another stalemate is
on the cards
tomorrow
SEAMER Steven Finn played down
suggestions England had been fired
up by the Kevin Pietersen saga after
his three wickets helped the hosts
take control on the first day of the
third Test against South Africa.
Fellow paceman James Anderson
(3-58) also took a trio of scalps at
Lords, including opposition captain
Graeme Smith, as England reduced
the tourists to 54-4 early in a match
they must win to retain their No1
Test ranking.
Duminy (61) and Vernon Philander
(46 not out) got South Africa back on
track and helped steer them to 262-7
at the close, as England attempted to
prove they could compete without
axed batsman Pietersen.
His text messages to Proteas play-
ers disparaging his own skipper have
made him a pariah and plunged his
international future into huge
doubt, but Finn insisted the players
had ignored the storm.
Whats happened hasnt affected
the way weve approached this game.
Finn fights back
as England save
series hopes
I thought we were great as a team out
there today, as 11 people out there on
the pitch, said Finn.
Whenever we go and bowl, regard-
less of whats happening elsewhere,
we always want to do what we do
well. Even if what happened in the
last week hadnt happened, wed still
have gone out there and had the
same intentions.
Bowling first, theres always a bit
of pressure to take early wickets. I
thought we bowled beautifully in the
first session. As the day went on the
ball got a bit softer, the wicket didnt
have as much zip, but I thought we
stuck to our guns really well.
Englands attempts to avoid a first
home series defeat for four years were
aided by the television umpire, whose
controversial decision to give Jacques
Kallis out bemused, and significantly
dented, South Africa.
Its one of those things we cant
comment on, but we were a little dis-
appointed, said Duminy. You win
some, and you lose some. England are
more on top, but we are happy with
the fighting spirit that we showed.
IN BRIEF
Liverpool sign winger Assaidi
n FOOTBALL: Liverpool are to sign
Heerenveens Morocco international
winger Oussama Assaidi, 24, for 3m,
and further recruits could follow.
Manager Brendan Rodgers said: We
hope in the next couple of days we'll
have one or two coming in.
Anita heads to Newcastle
n FOOTBALL: Newcastle have signed
Vurnon Anita for 6.7m from Ajax.
Wenger has no choice with RVP
n FOOTBALL: Arsenal manager Arsene
Wenger insists the club has little choice
but to sell Robin van Persie because he
only has one year left on his contract.
Murray continues fine form
n TENNIS: Andy Murray yesterday
reached the third round of Cincinnati
Masters with a 6-2, 6-4 victory over
Americas Sam Querrey.
Joshua not ready to turn pro
n BOXING: London 2012 gold medallist
Anthony Joshua insists he will remain
an amateur fighter for now. He said:
Im still an amateur boxer and proud to
be Olympic champion.
Cipriani targets England return
n RUGBY UNION: Sale fly-half Danny
Cipriani says he aims to return to the
England scene following talks with
coach Stuart Lancaster.
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BY FRANK DALLERES
SPORT
21
cityam.com
At Aberdeen, we know teamwork matters.
Thats why we all pull together.
Aberdeen Asset Management Cowes Week
11 18 August 2012.
www.aberdeen-asset.com/cowes

August 2012. 11 18
deen Asset Aber
s wh That
deen, Aber t A

August 2012.
C Management deen Asset
pull all y we
we know deen,
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work matters. team we know

work matters.

deen-asset .aber www
August 2012. 11 18

.com/cowes deen-asset
August 2012.

COWES WEEK
DIARY
SARAH GOSLING
Results
Team GB stars
come out for
end of regatta
A
BERDEEN Asset Management
Cowes Week is drawing to a
close and today sees the last
day of racing for most boats.
Zara Phillips was in town yesterday,
starting off the round the island
race, but her husband Mike Tindall
was hit with a training schedule
change so missed the hospitality.
Thursday was Ladies Day, which
celebrates outstanding female
contribution to sailing. With so
many of the London 2012 Olympics
medals coming from females, its
the perfect year to honour the
woman! The day culminated in an
evening reception awarding the
Ladies Day Trophy to Annie
O'Sullivan, director of Sail for Girls,
sailing this week in IRC Class 4.
Sarah Ayton, my former Olympic
team-mate, is in town today, but
rather than on the water were
meeting with her sons and mine,
while her husband Nick Dempsey
joins 12 other Team GB sailors for a
celebration day in Cowes.
Back on the water, sailors will be
keeping a close eye on scores and
their rivals. As its windy Id want to
know what my competitors are up
to, but Id be sailing my own race,
trying to sail fast at all times and
slowing them down if I could
without affecting my race. The
overall leaders in the White Group
are Ziva, a Victory, Harlequin, a
Redwing, and Lady Penelope, a
Squib. The Black Group leaders are
Elandra a First 40.7, the IRC 5 Fever
Glenfiddich and Woof, an IRC 7.
While the official prize giving is
tomorrow at 7pm, tonight Cowes
sees the unofficial closing of
another great regatta with a
fireworks display at 9:30pm. Im
sure, as ever, itll be spectacular.
Sarah Gosling is a double gold medal-
winning former Olympic sailor.
England seamer Steven Finn took three South African wickets on the Tests first day
T
HE crucial question this
season surrounds whether
the two Manchester clubs,
United and the champions
City, can truly be challenged.
Its difficult to see that
happening, but I am very
interested in seeing how Chelsea
evolve. Before it became clear that
Robin van Persie was going to leave
Arsenal, they would have been
rivals too, but theyve now lost
around 30 goals from their team
and will have to settle in a new
forward line, which takes time.
Chelseas potential surrounds
their new players and how quickly
they can have an impact. The
sooner they impress, the better,
because you have to be very
careful if a points gap appears in
the league during the season it
could be difficult to overcome, so
they need a good start. If they do
that then Chelsea could be up
there Eden Hazard and Marko
Marin are good buys but they
still need another goalscorer to
help Fernando Torres.
CONCERNS
The two Manchester teams are
really well positioned, and it would
come as no surprise if City make
another big purchase. If you look
at their back five, it really is very
solid. Their key player last season
was Yaya Toure. He was just
exceptional, so if he stays fit,
theyve a chance in any game. Its
difficult to find a weakness in City.
Carlos Tevez appears to have been
accepted back, too, but if they
dont make a signing, Roberto
Mancini wont be happy, so they
might yet look for a wide man.
For United, it could come down
to how well the older players Rio
Ferdinand, Patrice Evra, Paul
Scholes and Ryan Giggs perform.
Shinji Kagawa will be interesting ;
hes a high-energy, all-action
player. Add Van Persie who I
actually think theyre paying too
much for and Wayne Rooney to
that and its a potent threat. The
league was only won by one goal
last season, so thats how close it
was, and theyve had a better
transfer window than City.
That said, their weakness
remains central defence.
Ferdinands ageing and Nemanja
Vidic is returning from a long
absence, so there are some
22
SPORT
cityam.com/sport @cityam_sport
Chelsea
Arsenal
LAST SEASON 5TH
NET SPEND 64m
MAJOR INS
Eden Hazard (below) Lille, 32m;
Oscar Internacional, 25m;
Marko Marin Werder Bremen,
7m; Thorgan Hazard Lens, free
MAJOR OUTS
Didier Drogba Shanghai Shenhua,
free; Salomon Kalou Lille, free; Jose
Bosingwa released Thibaut Courtois
Atletico Madrid, loan Romelu
Lukaku West Brom, loan Kevin De
Bruyne Werder Bremen, loan
WHERE THEYRE AT
Champions League triumph or
not, Chelsea are back at square
one and with a much
changed squad. Will hope to
compete for the title, but huge
questions remain over their
tactics and selection.
TREVORS VERDICT
Their fantastic end to last
season has obviously got
Chelsea buoyant, and
the belief is back.
There have been some
good acquisitions,
such as Eden Hazard,
but those will
need to
impress
from the
off.
Roberto
Di
Matteo
must find his best
line up quickly.
Vying for third
with Arsenal.
Fulham
LAST SEASON 9TH
NET SPEND 0m
MAJOR INS
Mladen Petric Hamburg, free; Hugo
Rodallega Wigan, free; Sascha Riether
Cologne, loan; Moussa Dembele Jr
Paris Saint-Germain, 250k
MAJOR OUTS
Andy Johnson QPR, free;
Danny Murphy Blackburn,
free; Dickson Etuhu
Blackburn,
undisclosed
WHERE THEYRE AT
Continue to punch
above their weight,
but scant investment
leaves a repeat
resting on last
seasons star men Clint Dempsey
and Moussa Dembele (below).
TREVORS VERDICT
Despite losing the likes of Danny
Murphy, who has been key for
them, the quality in Fulhams
squad has remained
consistent. Theyve got to
depend on going on a few
decent runs, and hope that
Dempsey wants to
stay Martin Jol will
certainly be pleased
when the transfer
window shuts but
not many like to
play at Craven
Cottage, either.
May threaten the
top eight, but
are likely to
finish in mid-
table.
QPR
LAST SEASON 17TH
NET SPEND 5.1m
MAJOR INS
Park Ji-Sung Manchester United,
2m; Samba Diakite Nancy, 3.5m;
Robert Green West Ham, free; Andrew
Johnson Fulham, free; Fabio da Silva
Manchester United, loan;
Junior Hoilett Blackburn,
free
MAJOR OUTS
Paddy Kenny Leeds,
400k; Heidar
Helguson
Cardiff,
undisclosed; Danny Gabbidon
released
WHERE THEYRE AT Mark Hughes
kept them up and has recruited
en masse for the infamously
difficult second season. Djibril
Cisses (below) goals and the new
arrivals could be key to
pushing on.
TREVORS VERDICT
QPR will be delighted to
have a second season in
the Premier League,
and Hughes is
building a squad
with better
quality, though
he as a good
manager
remains their
greatest asset.
Theyre a work in
progress and need
three or four years to
be established in mid-
FOOTBALL
COMMENT
TREVOR STEVEN
Can London halt rise
concerns. Of United and City, the
latters defence is superior, but
theres little between them up
front. Because of that, Van Persies
signing could be a risk because that
money may have been better spent
elsewhere, even if having a fit Van
Persie does guarantee goals.
INTRIGUING
Though hes a huge loss, Arsenals
squad is actually stronger than it
was last year, but a lot will depend
on how quickly Santi Cazorla,
Olivier Giroud and Lukas Podolski
settle. Arsenals movement is great
and theyve a goal threat, but
they and Arsene Wenger could
come under pressure very quickly.
Last season, Theo Walcott created a
lot for Van Persie and knew what
was needed of him, but his
understanding with a new front
line will need to develop quickly.
THE KEY
QUESTIONS
Trevors verdict
Who will win the title?
Manchester City. Robin
van Persie will
strengthen Manchester
United, but I question
his fitness throughout
the season, and I think
Mario Balotelli will be
exceptional for City.
Who will make up the rest
of the top four? Chelsea
and Arsenal. I think
Chelsea will be much
better this season, and
I see them finishing
third with Arsenal just
behind them.
Which team will be the
surprise package?
If Liverpool can adapt
quickly to Brendan
Rodgers style of play,
and get Fabio Borini,
Luis Suarez and Steven
Gerrard scoring, it
could be them. But I
still dont see them
breaking into the
top four.
Who will be relegated?
Norwich, Swansea and
Reading.
Who is your player to
watch this term?
Balotelli. He was
excellent at Euro 2012,
and I think hell finally
use all of the talent
hes got. Im also
interested in Borini at
Liverpool, however.
LAST SEASON 3RD
NET SPEND 15.5m
MAJOR INS
Santi Cazorla Malaga, 16.5m;
Olivier Giroud Montpellier, 13m;
Lukas Podolski Cologne, 11m
MAJOR OUTS
Robin van Persie Manchester
United, 24m; Manuel Almunia
Watford, free; Denilson Sao
Paulo, loan; Ryo Miyaichi
Wigan, loan; Kyle Bartley
Swansea, 1m
WHERE THEYRE AT
Scraped into the Champions
League last year and are tipped
for another battle to maintain
their top four status. The sale
of Van Persie to one-time rivals
United hasnt helped morale,
but Arsene Wenger has spent.
TREVORS VERDICT
With Van Persies exit, and the
players signed, if they achieve
what they did last season its
been a great year, but
whichever one it is, they
really need to try and
win a cup. Podolski
(below) scores goals
but hes not a natural
centre forward,
and theres a
big question
mark over
whether
Giroud will
deliver.
Arsenal will
be vying with
Chelsea for
third.
23
England take the upper hand in the first
day of the third Test against South Africa
Cricket, Page 21
cityam.com
West Ham
LAST SEASON PROMOTED
NET SPEND 10.5m
MAJOR INS
Jussi Jaaskelainen Bolton, free;
Mohamed Diame Wigan, free; George
McCartney Sunderland, 1m; James
Collins Aston Villa, 2.5m; Alou
Diarra Marseille, 2m;
free Modibo Maiga
Sochaux, 5m
MAJOR OUTS
Robert Green
QPR, free;
Julien Faubert
Elazigspor, free; Abdoulaye
Faye Hull, free; John Carew
released; Papa Bouba Diop
released; Ravel Morrison
Birmingham, loan
WHERE THEYRE AT
Sam Allardyce and captain Kevin
Nolan (below) dragged them back
up at the first attempt, although
only just, via the play-offs. Staying
in the top flight is the main aim.
TREVORS VERDICT
I question West Hams
judgment in trying to
rebuild their team after
promotion; that can be
dangerous. Its a big ask
to have consistency
after throwing several
players together,
even for someone
like Big Sam.
Survival has to
be their target
and theyll be
in a battle for
it.
of Manchester?
Their rivals, Tottenham, need to
sign a striker as soon as they can
thats a priority. Also, how much
will Andre Villas-Boas affect the
dressing room, and how quickly
can he get them results and into
the top six? If, as expected, Luka
Modric goes, thats their most
creative player gone, so there could
be a lot of pressure there.
With Brendan Rodgers taking
charge, Liverpool look intriguing,
as he wants them to adopt a more
sophisticated style. Theyve had
quite a turnaround of players and
expectations are obviously different
to those at Swansea. I look forward
to seeing their line-up on Saturday,
because it should reveal a lot.
Trevor Steven is a former England
footballer who played at two World Cups
and two European Championships. He
now works as a talent scout and media
commentator.
Tottenham
LAST SEASON 4TH
NET SPEND 6.5m
MAJOR INS
Jan Vertonghen Ajax, 10m; Gylfi
Sigurdsson Hoffenheim 8m
MAJOR OUTS
Vedran Corluka Lokomotiv Moscow,
5m; Steven Pienaar Everton,
4.5m; Niko Kranjcar Dynamo
Kiev, 2m; Louis Saha
Sunderland, free; Ryan Nelsen
QPR, free
WHERE THEYRE AT
New manager Andre Villas-
Boas, formerly of Chelsea, has
replaced his antithesis Harry
Redknapp but faces the
daunting task of matching his
top-four finish. Scott Parker
(below) could be key in
providing some stability.
TREVORS VERDICT
Tottenham have got a real
challenge, and I expect them to
be competing with
Newcastle and
Everton. The pressure
is on Andre Villas-Boas
so itll be very
interesting to see if the
players are happy
with him in the
dressing room.
Theyll still
need to do
more work
in the
transfer
market, too.
Battling for
fifth, sixth or
seventh.
FRANK
DALLERES
Sports Editor
Manchester City
Who will make up the rest of the top four?
Manchester United, Chelsea and Arsenal
Which team will be the surprise package?
QPR have makings of much improved side
Norwich, Reading and Southampton
Who is your player to watch this term?
Lukas Podolski. I think hell get 20 goals
DECLAN
WARRINGTON
Sports Reporter
CITY A.M. VERDICT
He excites me more
than any other player
ESPN analysts tell Frank Dalleres whos
bound for the top and the drop
WHO WILL WIN THE TITLE?
Kevin Keegan: Manchester City are the
team everyones got to catch. They have
got a very powerful squad and I wouldnt
be worried that theyve only signed Jack
Rodwell. The only problem they could
have is if they argue among themselves,
because they have so many good players.
Craig Burley: If Robin van Persie has the
same luck with injuries hell be a real
coup for United and could just make the
difference. Fergie will have a wry smile on
his face right now. The last player he
nicked off City, Dimitar Berbatov, didnt
work out but this is different as Van
Persie is coming off a tremendous season.
Frank Leboeuf: I still go for City. They
havent made changes, which is a concern
for Roberto Mancini, but I also think its a
plus because the players know each other
very well. With a new team, it might take
Manchester United time to settle down,
and that time could be crucial.
WHO WILL MAKE UP THE REST OF
THE TOP FOUR?
KK: I think the title is going to Manchester,
but you wouldnt be surprised if United
won it back. Signing Van Persie is a
masterstroke from Alex Ferguson. The top
four will probably be them, Chelsea and
Arsenal. But Liverpool, Tottenham and
Newcastle will be waiting if they slip up.
CB: Ill go for a reverse of last season, so
City second. Theres a gulf between those
two and the rest. I fancied Arsenal to have
a better season, but now Van Persie has
gone a lot will rest on how Olivier Giroud
and Lukas Podolski do. If they can get
that right I can see them jostling with
Chelsea for third.
FL: Its still going to be a Manchester race.
My heart says Chelsea but itll be huge
battle for third spot. Id put Liverpool
there because I have great respect for the
manager; the way he sees football is
exactly how I see it. I love what he did
with Swansea for me it was no miracle,
there was a lot of work behind it.
WHICH TEAM WILL BE THE
SURPRISE PACKAGE?
KK: A lot of people are tipping them to go
down but I think Southampton might get
some momentum, especially now theyre
at St Marys. Theyve got a tough opener
at Man City but even if they lost 4-0 I
think theyll be OK; Swansea did last year
and they stayed up.
CB: Newcastle arent a surprise any more
but it would be if they could do it for a
second season. But its a going to be
tough for them. It would be nice to see
Liverpool get back into the mix, but I
think that could be a bit down the road.
FL: Liverpool aside, I dont see any big
surprises. There is a world between the
top six or seven and the others.
WHO WILL BE RELEGATED?
KK: If I have to name three, then Id say
Wigan, Norwich although I hope not
because I like Chris Hughton and
Swansea. They have lost their manager
but also some key players, like Joe Allen.
CB: Norwich have lost Paul Lambert and I
could see Chris Hughton going back to
where hes come from. The managers
gone, the surprise elements gone, maybe
players have got a bit more comfortable
I can see Norwich coming a cropper. Its a
massive problem for Swansea too. Both
of those clubs were about the managers,
not the players, and theyve both lost
them. Dont know what Nigel Adkins is
going to do at Southampton.
FL: Its always hard and harsh but
Wigan, Swansea and West Brom.
Swansea have lost players and the coach,
the second season is always harder and
there seems to be a curse on teams who
build a new stadium.
WHO IS YOUR PLAYER TO WATCH?
KK: I wonder if theres more in Luis
Suarezs locker. If he can step it up then
Liverpool fans could be in for a real treat.
Bill Shankly once said to me, Go around
and drop hand grenades everywhere,
meaning go anywhere you like but cause
trouble. I see Suarez like that. He excites
me more than any other player in the
Premier League.
CB: Podolski will do a good job Ive
always been a fan. Hes coming from the
Bundesliga, which is a robust league, so
the Premier League wont be a problem.
With Van Persie leaving he is going to be
massively important, but I think its a
burden that he can shoulder.
FL: Chelseas new attacking players will
help Fernando Torres, who there will be a
lot of focus on. Eden Hazard and Marko
Marin will bring pace, and pace makes
space. Its easier to stop Torres when his
back is to goal and he is 18 yards out, but
with more forward players alongside him
he will be more efficient.
Manchester United
Who will make up the rest of the top four?
Manchester City, Arsenal and Chelsea
Which team will be the surprise package?
Liverpool will challenge the top four
Norwich, Reading and Swansea
Who is your player to watch this term?
Fernando Torres. Hes returning to his best
ESPN has live, exclusive coverage of
23 Barclays Premier League games this
season. Frank Leboeuf features on
ESPNs daily football debate show,
ESPN FC Press Pass. For details visit:
www.espn.co.uk/tv

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