Professional Documents
Culture Documents
Cityam 2012-06-20
Cityam 2012-06-20
Cityam 2012-06-20
Chief executive Andy Harrison saw sales boosted by big-hitters Costa and Premier Inns
CITYVIEWS
WEDNESDAY 20 JUNE 2012
cityam.com
10
NEWS
WHITBREAD yesterday reported a
robust rise in sales on the back of a
strong performance at its coffee shop
chain Costa Coffee and hotel group
Premier Inn, sending shares up 6.3
per cent.
Underlying sales rose 4.5 per cent
in the 13 weeks to 31 May, boosted by
a 8.4 per cent rise in like-for-like sales
at Costa and a 4.3 per cent jump at
Premier Inn.
Whitbread has been pursuing an
aggressive expansion programme
across all of its businesses, pushing
total sales up by nearly 14 per cent.
Our plans for profitable growth
are well established, supported by
our strong balance sheet, and we
plan to open 4,200 Premier Inn
rooms, eight joint site restaurants
and 350 new Costa stores this finan-
cial year, creating an additional
3,500 UK jobs, said chief executive
Andy Harrison.
Whitbread sees
sales stirred up
by Costa Coffee
BY KASMIRA JEFFORD
He warned that the group would
face tougher comparatives in the sec-
ond quarter together with the
uncertain impact the impact of this
summers Olympic Games.
Costa is already Britains biggest cof-
fee shop brand with almost 1,400
shops and has a further 800 units
overseas.
It has nearly 50,000 Premier Inn
rooms in the UK and Ireland, as well
as 389 restaurants under brands such
as Beefeater and Brewers Fayre.
Whitbread PLC
19Jun 13Jun 14Jun 15Jun 18Jun
1,850
1,900
1,950
2,000
2,050 p
1,967.00
19Jun
Home Retail is lifted by Argos
despite a slump at Homebase
HOME RETAIL GROUP shares soared
23 per cent yesterday after the
company surprised the City with
better-than-expected sales at its
embattled catalogue chain Argos.
Like-for-like sales at Argos fell 0.2
per cent to 819m in the quarter to
2 June, after improved sales of
laptops, tablets and ebook readers
offset declines in TVs, audio and
video gaming.
That compared with a fall of
about 8.5 per cent in the previous
quarter and exceeded analysts
forecasts of a four per cent decline.
BY KASMIRA JEFFORD
Home Retail chief executive Terry
Duddy, however, warned it was too
early to predict an upward trend in
sales growth at Argos.
When you look at the hard
numbers on macroeconomics, life
has not changed that much; and
when you look at the hard numbers
as far as consumer confidence, that
is still in a difficult place, he said.
Duddy said he was comfortable
with market expectations for full
year profit in a range of 37m to
100m, with analysts settled at
around the 67m mark.
HRG said its DIY chain Homebase
saw like-for-like sales slump 8.3 per
cent, which it blamed on the
countrys wettest April on record
and a 15 per cent fall in sales of
seasonal products.
Home Retail Group PLC
19Jun 13Jun 14Jun 15Jun 18Jun
80
85
90
95
70
75
100 p 91.85
19Jun
A better-than-feared trading statement, although cash gross prots are
still down for both businesses. We remain negative, as we believe that Argos has
too many stores, too high a xed cost base and is close to making losses.
ANALYST VIEWS
22
WEDNESDAY 20 JUNE 2012
STEVE VARLEY
What Britain must do to win back
investors from a surging Germany
tion is severe, with an overall 7 per
cent decline in foreign projects.
Financial services investment, a tradi-
tional source of FDI, dropped by 15 per
cent. In contrast, Germanys share of
overall inward investment rose by 15
per cent, leaving it only 2 per cent
behind the UK. For the first time in 15
years, Germany secured a higher share
of manufacturing projects and over-
took the UK in securing investment
from Japan. Germany also swept up
investment from Bric countries, win-
ning twice as many FDI projects from
Chinese businesses.
The UK is overly dependent on a
small number of countries, especially
the US. Much foreign investment is for
financial services. The UKs mature
retail financial sector does not look
attractive because of opportunities in
less mature or emerging markets and
increasingly thin margins.
Wholesale banking, capital markets
and asset management in the UK do
remain attractive, given we have
among the strongest bases in the
world. The government and regulators
must ensure that concerns over retail
banking security, largely a feature of
western economies, do not inhibit the
wider role of financial services in
financing and facilitating the ongoing
development of global trade.
The mood of investors has also
changed. Domestic demand is the sin-
gle most important factor driving
investor decisions to locate in the UK.
The other consistent theme is the call
for more support for research and
development, and education and
skills development. There is also a
need to improve investment appeal
through incentives, taxation and
attention to real estate and labour
costs.
The traditional appeal of the UK also
looks slightly shakier. Looking to
Germany, investors value its transport
and logistics skills and infrastructure,
and telecommunications infrastruc-
ture. The UK tends to attract investors
on softer criteria, like quality of life
and political stability. Though these
remain crucial, more analysis is
required to understand if further
investment is required in physical
facilities to reposition the UK.
There are bright spots. London
attracts more investment from abroad
than any other European city (and any
country, apart from France, Germany
and Russia). This is based on the capi-
tals supreme position in business
services, software and financial servic-
es. India is the biggest investor to the
UK among the Brics, and we receive by
far the majority of their investment to
Europe. The automotive sector is the
real success story, with inward invest-
ment being used to harness the poten-
tial to relaunch an industry the UK
was once famous for.
The government is also clearly com-
mitted to securing investment. I have
travelled with the Prime Minister and
business leaders on several occasions
to promote the opportunities avail-
able in the UK. UK Trade and Industry
is also a tireless advocate for our indus-
tries. However, Lord Green, minister
for trade and investment, recognises
there is no room for complacency, and
there is always more to do to enhance
our offer to overseas enterprises.
The UK has unrivalled attributes,
and must maintain these while find-
ing new ones. This summer and
beyond the government and busi-
ness must use its moment in the sun
to capitalise on the UKs strengths and
brand.
Steve Varley is managing partner at Ernst
& Young, UK and Ireland. The 2012 UK
Attractiveness Survey is out today at
www.ey.com/attractiveness
failure. Similarly, reciprocal back-
scratching, upward ratcheting of
pay, and the capture by executives of
remuneration consultancies, are not
necessary features of market
operations. They can be corrected by
free market mechanisms. It is the
shareholders responsibility to insist
that rewards fairly reflect the
corporate objective.
The High Pay Commission, an
inquiry set up to look at executive
remuneration, concluded that high
pay is corrosive and unfair. But the
purpose of corporations is not to
promote an egalitarian society.
Corporations arent creatures of the
state, there to serve official social
ends. They are the private property
of their shareholders, and serve the
ends designated by their owners.
Corporate governance refers to
ways of ensuring that corporate
actions, agents and assets are
directed at the constitutional
objectives of the corporation, set by
the shareholders. It should be up to
the shareholders to determine the
rights, responsibilities and
remuneration of all their corporate
agents, and to specify the kinds of
accountability they require. Given
the varied history, size, activity,
jurisdiction and shareholder
composition of corporations, one
size will emphatically not fit all.
Regulation is counterproductive.
It is inflexible and imposes
substantial costs, both in funds and
freedoms: even disclosure is not
costless. The High Pay Commission
programme would increase
intervention, impede corporate
governance, and damage business.
In demanding detailed disclosure,
greater diversity, inexperienced
directors, claw-back provisions, and
binding votes, the High Pay
Commissions suggestions would
further constrain shareholders from
governing their corporations in
their own ways.
The government needs to reduce
obstacles to free markets and
genuine owner control. Free
markets elicit innovative solutions
to problems as they arise, in all their
real-life variety; they effectively test
those solutions and disseminate best
practice. In a genuine market for
corporate control, companies would
compete for shareholders, and
investment managers would
compete for funds, partly on the
degree and kinds of accountability
they offered to owners and investors.
The best way to ensure good
corporate governance would be to
maximise shareholders freedom to
govern their own corporations in
their own ways.
Dr Elaine Sternberg is author of Mind
Your Business, published today by the
Adam Smith Institute.
AGAINST
THE GRAIN
ELAINE STERNBERG
Government must stop meddling and leave pay decisions to shareholders
FROM YOUR OFFICE
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23
Marital business
[Re: Selling off unproductive assets is
liberating music to a capitalists ears,
yesterday]
Anthony Evans says he has merged his CD
collection with his wifes, and she has made
unofficial assurances that the new entity
now belongs to him. Im afraid his wife now
sees the entire collection as a problem. After
a brief honeymoon period, she will urge
Evans into an ongoing restructuring
programme that may include the sale of key
assets (limited editions that dont fit on the
shelf). He will ultimately be asked to
identify 100 titles that will need to satisfy
key covenants. These will, six months later,
share the fate of the rest of his collection.
Dont say I didnt warn him.
IlkleyMoore
Diversity in the City
[Re: Will the City ever be representative of
Londons broader workforce?, Monday]
Elaborating on David Lammys point on the
distinction between the Citys desk workers
and its desk cleaners, visiting the City
during the day is starkly different to visiting
at night. But if the things are really going to
change, the Cabinet must take a lead. Is this
government really representative of
Britain as it is today?
YinkaOyesanya
[Re: Why Germany could eventually lose
patience with the euro, yesterday]
For all this talk of countries leaving the euro,
there are a good number considering joining
Latvia for one. Will anyone warn them?
JohnMatthews
V
ICTORY for the centre-right
New Democracy party in
Greeces election has been
widely hailed as a victory for
pro-bailout and pro-austerity
forces. However, the fine print tells a
different story.
Even though a broadly pro-bailout
government is now likely, a renegoti-
ation of the bailout terms is almost
inevitable given austerity fatigue.
Only 42 per cent of the electorate
voted for the two pro-austerity par-
ties New Democracy and the cen-
tre-left Panhellenic Socialist
Movement (Pasok). Hardly an
endorsement of continued fiscal
pain. And recent opinion polls indi-
cate that around two thirds of voters
are against the memorandum docu-
ments made between the govern-
ment and the EU/IMF troika. Any
new government lacks the democrat-
ic legitimacy to impose further fiscal
pain at the same pace. If it does, it
risks an escalation of social unrest,
potentially leading to another desta-
bilising election and a likely victory
for left-wing, anti-austerity forces.
The Greek economy has entered
the fifth year of economic depres-
sion and contracted by 6.5 per cent
year-on-year in the first quarter of the
year. From its pre-crisis peak in the
third quarter of 2008, until its latest
trough recorded in the first quarter
of 2012, the Greek economy contract-
ed by almost 16 per cent in real, sea-
sonally adjusted terms.
Unemployment in March came in at
22.7 per cent, up from 16.2 per cent a
year earlier. More than half of all
young people are unemployed.
The pursuit of internal devaluation
through fiscal cuts and structural
reform has helped to bring the budg-
et deficit down to 9.2 per cent of GDP
last year, from 15.6 per cent in 2009.
However, further progress on deficit
reduction is hampered by the weak-
TOP TWEETS
The Germans are way too emotionally invest-
ed in the euro to ever consider leaving.
@TowusuAdjei_PwC
Inflation is down to 2.8 per cent because of
lower fuel prices. If Cameron really cares
about the economy, reduce fuel duty now.
@yogs1961
Burmas reform process is the autocrats ver-
sion of a dot.com IPO: a way for elites to cash
out their stakes and ensure comfy retirement.
@jay_ulfelder
It took two years from the launch of the iPad
to Microsoft to announce Surface. During that
time Apple shipped iPad 1, 2 and 3.
@mikko
Is Microsoft likely to find success with the
launch of the Surface Windows 8 tablet?
YES
Can Microsofts new tablet beat the iPad? No. Apples category-
defining product had a US tablet market share of around 73 per cent
last year and it shows no sign of slowing. But Microsofts offering
can still be a success the market for tablets is growing
exponentially (by 91.7 per cent this year and 62.2 per cent in 2013,
according to Morgan Stanley) and the remaining 27 per cent is
well worth playing for. And here the real question is: can Microsoft
beat Googles Android, the only other serious competitor. The
answer is yes. Despite being in the market for 18 months, Android
has failed to convince users it is a viable competitor to the iPad.
Microsoft, on the other hand, has built its new Windows 8 operating
system around touch and it looks good. Apple wont be unduly
worried but Google should be.
Steve Dinneen is deputy lifestyle editor at City A.M. and writes a
weekly Geek Speak column.
Steve Dinneen
NO
Craig Cartier
Despite the innovations expected in the recently announced Surface,
Microsoft faces an uphill battle in establishing itself in the tablet
space particularly considering Apples dominant 60 per cent share
of the tablet market. The Arm version of the Surface will require
developers to rewrite applications for the Windows RT operating
system. Thus, from an applications perspective, Microsoft faces not
only the challenge of making up ground on Apple, but also of
convincing hesitant developers that the Microsoft tablet ecosystem
will be strong enough to invest the time and effort to develop
applications. Additionally, the iPad is simply cool, and it is this cool
image that has inspired legions of Apple faithful to camp out at
stores worldwide, awaiting its latest release. At least initially, its
hard to imagine Microsoft inspiring a reaction at a similar scale with
the Surface.
Craig Cartier is an ICT analyst at Frost & Sullivan.
RAPIDresponses
Just 42 per cent
of Greek people
are for austerity
ening economy, which is trapped in a
vicious cycle of budget cuts and eco-
nomic contraction.
As such, a renegotiation of the
bailout terms is almost inevitable.
Such a renegotiation may not go as
far as many Greeks hope, in revers-
ing spending cuts and reducing
taxes, but could involve an extension
of the deadlines for the countrys fis-
cal adjustment. Under current plans,
the incoming government has to
identify further fiscal consolidation
measures equivalent to 7 per cent of
GDP, around 14.3bn (11.5bn) 1.5
percentage points in revenue increas-
es and 5.5 percentage points in
spending reductions to fill a gap
looming in targets for 2013-14.
Pasok and New Democracy want
the targets to be extended from 2014
to 2016, or 2017, reducing the cuts
necessary in 2013 to 2bn-3bn from
around 7bn. This may allow the par-
ties to sell this as a political victory. If
coupled with a commitment to con-
tinue to pursue fiscal austerity,
Greeces international lenders may
agree. This would buy more time,
but nothing more.
The path of internal devaluation
looks too long and painful in the
medium term; competitiveness may
only be restored by a Greek euro exit,
but in the short term the costs for
both Greece and the Eurozone would
be incredibly high. But not doing so,
is just delaying the inevitable.
Martin Koehring is an economist for the
Europe team at the Economist Intelligence
Unit.
WEDNESDAY 20 JUNE 2012
MARTIN KOEHRING
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one of todays columns? Do you have another subject you want
to share your opinion on? We want to hear your views.
Email theforum@cityam.com or comment at cityam.com/forum
WEDNESDAY 20 JUNE 2012
24
cityam.com
FOREIGN EXCHANGE
T
HE Eurozone is in crisis and it
is impossible to argue
otherwise. For years, the
governments of member states
spent more than they were able to
collect from their citizens in taxes.
So they went to the debt markets to
make up the shortfall. The markets
took the view that the stronger
Eurozone nations would always
come running to the rescue and
underwrite the sovereign debts of
their common currency brothers in
arms allowing them to borrow at
artificially low rates. But when
creditors saw through this,
European bond yields rocketed and
severed their close correlation with
the German bunds. This is not
breaking news and it will continue
to run. However, the constant
Eurogeddon headlines have created
a number of misunderstandings
about the nature of currency
markets.
BONDS, EQUITIES AND CASH
The Eurozone has monetary union
without fiscal union and political
union. And yes, the euro is linked to
the European integration that made
the creation of the Eurozone possi-
ble. But one of the biggest fallacies is
that this is somehow a currency valu-
ation crisis. It simply is not and to fall
into this trap can be a costly mistake
for traders and investors. How many
times have you watched rolling news
headlines of one ineffective political
summit after another, revolting
Greeks and ever widening Club Med
sovereign bond yields, but yet the
euro has seen gains over the day? If
you were trading simply on the views
of political commentators, your bot-
tom line would have been torn to
shreds in days. If you trade what you
see, rather than what you want to
see, you will have much more chance
of staying in the black.
You can argue that the adoption of
a common currency across a collec-
tion of disparate economies, with no
means for those member states to
exert sovereignty over their currency,
has contributed to the predicament
in which we find ourselves. You can
argue that Greeces situation would
not be quite so severe if it held a cur-
The euro may rise
despite the crisis
rency that was quasi-independent of
its northern European neighbours.
And you can argue that being part of
the Eurozone caused mis-pricing of
credit risk for European sovereign
debt. Whether or not you agree with
these arguments, they are all linked
to the use of the euro by the
Eurozone economies. But they are
not linked to the euro as a currency
and certainly not to its value. The
Eurozone crisis has made investors
less willing to hold certain European
sovereign debts. But it has not under-
mined the euros ability to serve as a
medium of exchange and a store of
value. The 12-month cumulated sea-
sonally adjusted current account of
the Eurozone recorded a surplus of
9.6bn in March 2012 (around 0.1 per
cent of Eurozone GDP), compared
with a deficit of 16.7bn the same
time last year (around 0.2 per cent of
Eurozone GDP). This shift resulted
from increases in the surpluses for
goods (from 2.5bn to 15.4bn), servic-
es (from 51.1bn to 62.5bn), and
income (from 31.5bn to 32.4bn),
and a decrease in the deficit for cur-
rent transfers (from 101.7bn to
100.6bn).
Another mistake is to conflate
volatility in the European equity and
debt markets with volatility in the
euro against its pairs. Against the dol-
lar, the euros annualised standard
deviation of percentage change in
daily price is 9.06 per cent. While this
isnt as flat as some pairs, it is par for
the course among the majors. By way
of comparison, Hungary, a country
within the EU, but not the Eurozone,
has a dollar-Hungarian forint volatili-
ty of 17.69 per cent.
CRISIS CURRENCIES
If you want to see the price action of a
currency in crisis, recent history is
not short of them. Mexico in 1994,
the 1997 Asian financial crisis, Russia
in 1998 and Argentinas woes from
1999 onwards. The faith in their cur-
rencies as a store of wealth simply dis-
integrated. Their bond crises are
useful examples of the legal twists
and turns of trying to settle sovereign
debts in different legal jurisdictions
(lex monnetae) an issue that
Greeces creditors may have to face.
But as comparisons with the current
European situation they fall short.
The euro is stable, strong and in
demand. And there is no reason why
it should not remain so. Greece may
leave the Eurozone and Spain may
need another liquidity injection to
keep its banks solvent. But as long as
there is a core, solvent grouping of
European economies trading in the
euro, it can remain a strong currency.
Even if that group is just Germany by
itself.
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Dont confuse forex values with politics, writes Craig Drake
WEALTHMANAGEMENT
Bonds and banks may be in crisis, but the common currency is much more calm
Dollar-yen in the Asian crisis
1 Jun1997 31 Dec1997
111
115
120
125
130
B
ELIEVE it or not, this is the
fourth generation Lexus GS
model, a car that has been in
production since 1993, quietly
going about the business of offering
buyers a unique alternative to the
more familiar premium saloons like
the Audi A6, BMW 5 Series and
Jaguar XF.
Unique? Really? Well Lexus does
things a little differently. Whereas
competitors have relied on improving
the efficiency of their petrol and
diesel engines, Lexus has stuck with
its petrol/electric hybrid technology.
Its something that other manufac-
turers are catching on to now that big
hybrids are increasingly in vogue,
thanks to high fuel prices and tax
advantages for hybrid cars Audi,
BMW and Mercedes-Benz are all
bringing hybrid versions to market.
And the GS450h is impressive. It has
the best horsepower to CO2 ratio of
any car on sale. In combination, its
3.5-litre petrol V6 engine and electric
motor produce a massive 341bhp. It
can accelerate from 0-62mph in just
5.9 seconds, all the while emitting
just 141g/km of CO2 and returning
46.3mpg (combined). In practice, this
means you get big car performance
with low economy and emissions:
you can have your cake and eat it too.
As far as Lexus is concerned, its GS
is a grand touring sedan, which is
one reason why we drive the car from
Munich and into Austria and on to
the South Tyrolean mountain roads.
In this generation of GS, Lexus has
produced a more youthful, engaging
and convincing alternative to the
diesel-powered saloons of its premi-
um competitors. Remember this is a
car that you can drive on electric
power only albeit over a limited dis-
tance and to a maximum speed of
25mph yet on the unrestricted auto-
bahns of southern Germany the
GS450h had impeccable manners at
speeds above 240km/h. Thats
150mph in real money and even at
such a speed the driving was effort-
less and the GS was stable, quiet and
the ride extremely comfortable. As a
motorway cruiser it proved an excel-
lent companion.
More surprisingly, in top spec F
Sport guise, Lexuss hybrid saloon
was also capable in the corners. I
drove both the GS450h and the
GS450h F Sport with its additional
Lexus Dynamic Handling system.
Here Lexus has used technology to
improve the handling of this car,
which was always going to be fairly
heavy. Though the body is stiffer, the
GS450h still weighs in at 1,800kgs, so
the dynamic handling system works
to improve the cars agility. It cleverly
monitors speed, steering direction
and driver input, then calculates the
best angle for its four wheels to be at
to improve turn-in and rear grip. The
result is a more dynamic driving expe-
rience.
The latest generation GS has an
entirely new exterior and interior.
From the outside the car looks
younger and more aggressive. The
new face takes cues from the CT200h
compact and LFA supercar and has an
unusual spindle-shaped grille
between striking daytime running
lights and a three-light headlamp
design. The car has flared wheel arch-
es the new GS has a wider running
track and in F Sport guise has bigger
19-inch wheels and a rear spoiler.
But it is the inside where the new GS
design is the most impressive. The
interior is simply excellent.
Dominated by the largest LCD screen
in production the 12.3in display is
perhaps the most flamboyant feature
of the interior all of its menus are
accessed via a joystick on the centre
console. The cabin is swathed in
leather aluminium and chrome and
the layout is driver-focused so all of
the controls are easy to reach. The GS
is packed with technology blue-
tooth, a head-up display, lane depar-
ture warning, adaptive cruise control,
the list goes on. The car can be driven
in Eco, Sport and Sport Plus
the instrument display switches its
readout depending on the mode
and you can manually control the
CVT transmission using paddle
shifters. Amazingly, the air-condition-
ing system makes use of nano technol-
ogy to release particles which purify
and deodorise the air and even mois-
turise your skin, apparently.
So if you thought green was dull,
youd better think again. Lexus has
built a cleaner, greener, more power-
ful, autobahn-eater of a hybrid saloon.
Its automotive alchemy. Skincare
included.
The car drives well and has good stats, but the interior is a real, unadulterated treat.
Lexus makes automotive alchemy
The hybrid GS450h has the best horsepower to CO2 ratio of any car on sale...and it looks fabulous too
25
WEDNESDAY 20 JUNE 2012
LIFE&STYLE
cityam.com
MOTORING
CAR TALK
BY RYAN BORROFF
Porsches special Club Coupes
Porsche is building 13 special 911 Club Coupes to celebrate the 60th
anniversary of the first Porsche enthusiast clubs. Based on a 911 Carrera
S, each car has a 30bhp improvement on the standard car up to
424bhp meaning 0-62mph is possible in four seconds flat. Painted in
Brewster Green, each car gets an aluminium sill engraved
with the buyers name.
WORDS BY
RYAN BORROFF
THE VERDICT:
DESIGN hhhii
PERFORMANCE hhhhi
PRACTICALITY hhhhi
VALUE FOR MONEY hhhii
THE FACTS:
LEXUS GS450h F SPORT
PRICE: 50,995
0-62MPH: 5.9 secs
TOP SPEED: 155mph
CO2 G/KM: 141g/km
MPG COMBINED: 45.6mpg
Land Rovers extra special ranges
If you are a Land Rover Defender fan but you crave the indulgence of its
Range Rover siblings, tuners Twisted Performance rebuilds Defenders into
something more individual and luxurious. Each of its Alpine, French and
Retro ranges rework the spartan and functional off road icon into something
much more special. Options include increased engine performance with
brake and suspension upgrades and unique interior leather trim.
Alfas 4C sportscar wins concept car award
The Alfa Romeo 4C sportscar has won the prestigious concept car award
at the recent Villa d'Este Concours d'Elegance. The two-seater rear-
wheel drive coup beat beautiful rivals including Stile Bertones Jaguar
B99, the Lexus LF-LC and even Aston Martin's Project AM310 concept
the new DBS in concept form in the public poll. The 4C is expected to
go on sale next year.
26
TV & GAMES
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SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5 6
7 8
9 10 11
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16 17 18
19 20
29 30
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8 6 7
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ACROSS
1 Air cavity in
the skull (5)
4 Military trainee (5)
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practice (7)
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12 Frighten away (5)
14 Common
crustaceans (5)
16 Allow (3)
17 Climb awkwardly (7)
19 Sloping mass of
loose rocks at the
base of a clif (5)
20 Cardinal number (5)
DOWN
1 Ordered series (5)
2 Mesh (3)
3 Person held in
servitude (5)
4 Board game (5)
5 Bram Stokers
vampire (7)
6 Adjust nely (5)
10 Electric motor
for bringing an
engine to life (7)
12 Cut-price events (5)
13 Compere (coll) (5)
14 Go after with the
intent to catch (5)
15 Lofty proud gait (5)
18 Appropriate,
seize (3)
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S A L T T A R I F F
U A T O M O
B A R S P O L I C E
T K U U
L O W S P I R I T S
E E F A F
R E A S S E M B L E
A W O I
M I L D E W O D D S
T D A I S T
C A L V E S E A S Y
1 2 6 4 8 9 2
3 6 8 9 7 8 3 9
5 9 4 1 1 6
5 1 3 7 4 8
8 3 1 4 9 5 7 6 2
9 8 5 6 3 6 2 1
7 4 2 5 1 6 9 8 3
3 7 5 9 9 8
5 3 1 2 9 7
7 5 9 8 9 8 5 3
1 4 2 2 4 3 1
4
4
4
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4
The nine-letter word was
STRAPLINE
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
WEDNESDAY 20 JUNE 2012
SILK
BBC1, 9PM
Marthas loyalty is tested as she
defends Jody Farr, the man
responsible for the death of her former
client Brendan Kay.
THE SECRET HISTORY OF OUR
STREETS BBC2, 9PM
The social history of the Caledonian
Road in Islington, which for a mile-
and-a-half provides a major route
heading north from Kings Cross.
THE KILLING
CHANNEL4, 10.30PM
Sarah tries to organise a search for
Holder but is blocked by Lt Carlson,
while Richmond continues to be
hounded by the press.
TVPICK
T
HE Prince of Waless Stakes
(3.45pm) is often one of the
most thrilling spectacles
during Royal Ascot, none
more so than last year when
Frankie Dettori produced the ill-
fated Rewilding to collar So You
Think in the final strides. That
defeat was a big blow to
Ballydoyle who had marked
down the son of High Chaparral
as one of their bankers of
the meeting.
So You Think went on to win
the Coral-Eclipse and Irish
Champion Stakes, but again
found one too good in the QIPCO
Champion Stakes back at this
venue in October. Cirrus Des
Aigles outpointed him that day
and its a great shame that
Corine Barande-Barbe pulled her
stable star out of this race earlier
in the week, as I think he would
have won.
Aidan OBrien ended his
Emirates amnesty back in
March, but So You Think could
only finish fourth in the Dubai
World Cup. However, he
bounced back to take the
Tattersalls Gold Cup at the
Curragh for the second year run-
ning and he is 10/11 with Star
Sports to win this afternoon.
The former Australian-trained
horse is undoubtedly the most
likely winner in the field, but I
wouldnt want to be taking odds-
on about him he was turned
over at 4/11 in this race 12
months ago. He is also now a six-
year-old and only one horse older
than five has won this race
since 1979.
So, who can beat him? The
obvious place to start is the
Queens Carlton House, who
looked back to his best in the
Brigadier Gerard at Sandown last
month. He was a hugely impres-
sive winner of the Dante last sea-
son, but just didnt look suited to
1m4f in the Investec Derby.
I have no doubt that this is his
best trip, but hes short enough at
3/1 with Coral and I can see that
price getting even shorter as
everyone will want to be on a
Royal winner. Im still not entirely
convinced by the form of Sir
Michael Stoutes stable and the
yard actually has a pretty poor
record in this race, winning it just
the once with Stagecraft in 1991.
Marco Botti received a big
boost when PLANTEUR was sent
to him earlier this year and the
former Ellie Lellouche-trained
son of Danehill Dancer looks a
knocking each-way bet at 9/1
with Star Sports. He finished half
a length in front of So You Think
in the Dubai World Cup, and
actually ran well in the Prix
DIspahan at Longchamp last
time, where he was unsuited by
the steady pace.
He came home a slightly dis-
appointing fourth in this race
last year, but it doesnt look a
particularly strong contest and
Id be surprised if he wasnt in
the first three this time.
Another one who interests me
is Godolphins FARHH, who anni-
hilated his rivals in the Thirsk
Gold Cup last month. Not many
horses would have come into this
Group One contest having previ-
ously contested a handicap at the
North Yorkshire track, but the
manner in which he put the race
to bed was stunning and he is
unbeaten in three career starts.
This is obviously a huge step
up, but he has clearly always
been well regarded by Saeed Bin
Suroor, and if he handles the
extra two furlongs he could go
very close. Frankie Dettori takes
the ride and there isnt a better
jockey around this course, so
Farhh is also worth backing
each-way at 10/1 with Coral.
The second day kicks off with
the Group Three Jersey Stakes
(2.30pm) and an astonishing 26
runners line-up. There were only
nine contenders when Strong
Suit won last year, but this years
field can be narrowed with plen-
ty looking out of their depth.
Fillies have a decent record in
this contest and William Haggas
saddles the likely favourite,
Sentaril. She has won both her
career starts in impressive fash-
ion and should go close.
However, she might struggle to
beat Roger Varians ALJAMAA-
HEER, who easily won a Listed
race at Newmarket last time.
That form was boosted yesterday
when The Nile was behind him
that day and he was running a
big race in yesterdays St Jamess
Palace before tragically breaking
his leg. The 11/2 available with
Coral is worth taking.
You can never rule out Aidan
OBrien at this meeting, so Reply
has to be respected, while Jeremy
Nosedas Valbchek also looks pro-
gressive. But Im going to take
Aljamaaheer to give Varian his
first Royal Ascot winner.
The Windsor Forest Stakes
(3.05pm) looks a straight
shootout between the front
three in the betting and I fancy
Dermot Welds EMULOUS to
come out on top. She, along with
Nahrain, has to carry a Group
One penalty, but she has won her
last four and I just cant get out
of my mind the way she
beat Together in the Matron
Stakes at Leopardstown
last September.
Nahrain is respected following
her win in the Prix De LOpera,
but Im not entirely convinced
she will have the speed to cope
with Emulous. Sir Henry Cecils
Chachamaidee was second in
this race last year, and I think
shell definitely get placed again,
but this looks a hotter race and
seven furlongs might just suit
her better.
Dermot Weld doesnt normal-
ly send many over to this meet-
ing, so thats a hint in itself and
Emulous is a solid bet at 11/4.
You can follow me on Twitter
@BillEsdaile for all my views
from the track.
Planteur and Farhh are the
value calls in Prince of
Waless Stakes
27
THEPUNTER
RACING TRADER
BILL ESDAILE PREVIEWS TODAYS OPENING THREE RACES AT ROYAL ASCOT
cityam.com
WEDNESDAY 20 JUNE 2012
n Pointers
ALJAMAAHEER e/w 2.30pm Royal Ascot
EMULOUS 2.30pm Royal Ascot
PLANTEUR e/w 2.30pm Royal Ascot
FARHH e/w 2.30pm Royal Ascot
20 FREE BET!
FOR NEW CUSTOMERS
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IF YOUR HORSE FINISHES 2ND TO
DIMENSION
IN THE ROYAL HUNT CUP
GUARANTEED
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JERSEY STAKES
PLUS
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BETT!N0 F0RECAST. I0-II So You Think, ? Carllon Rouse, 8 Planleur, I0 Farhh, I2 Reliable Man, 20
Wigmore Rall, Colombian, 25 Cily Slyle, 50 0lhers.
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Planteur holds strong each-way claims in the Prince of Waless Stakes
T
ODAYS big betting race is
the Royal Hunt Cup
(4.25pm) and a maximum
field of 30 means the draw
often plays a big part. However,
there didnt look to be any real
bias yesterday and hopefully the
straight course will continue to
ride fairly over the next few days.
James Fanshawe pulled
Primaeval out of this race
earlier in the week and relies
on Dimension, who will
probably go off favourite. The
four-year-old won a decent
handicap at this course in
September and he didnt run
badly on his reappearance at
Lingfield. He is definitely one of
the leading lights and it
wouldnt be a surprise to
see him go close under
Johnny Murtagh.
The big gamble of the race is
Edinburgh Knight who has been
backed down from 33/1 to a best-
priced 12/1 with Coral. He is a
big danger and proved his liking
for this track when winning the
closing handicap on QIPCO
Champions Day. That said, he
has to carry 9st 8lb and no horse
has successfully carried such a
burden in the past 30 years.
David Simcocks yard are
hitting form at exactly the right
time and Im pretty sweet on the
chances of MABAIT at 25/1 with
Paddy Power. The former Luca
Cumani-trained inmate was
rated as high as 114 in his pomp,
yet races off just 96 today. He
was second to Dandy Boy in the
2010 Victoria Cup off 104, so this
8lb lower mark should mean
hes ready to go close.
Mabait only moved to
Simcocks stable in December
and, although he ran
disappointingly in Meydan
during the winter, his third at
Chester last time over seven
furlongs was a marked
improvement. He was unlucky
in running that day and the
return to a straight track over a
mile should eke out some more
improvement. His draw in stall
30 against the stands rail could
be good and he has a much
better chance than his odds of
25/1 suggest.
Its always worth having a
couple of arrows to fire in these
big handicaps and my other
selection is CAPTAIN BERTIE
for Charlie Hills. He ran a
disappointing race in last years
Britannia Stakes at this meeting
for Charlies father, Barry, but
he has looked a completely
different animal this term
thanks to a gelding operation.
You would struggle to find an
unluckier loser than this fellow
on his seasonal debut at
Doncaster when he got
absolutely no run at all and
finished like a train. All was not
lost, though, as he got a much
better passage on his next start
at Newbury to land the Spring
Cup. That form was franked
when runner-up, Fury, came out
and won a Listed race at York,
while the third, Global Village,
took the Victoria Cup here three
weeks later.
Captain Bertie has shown that
he handles all types of ground
and with four-year-olds winning
the last five renewals of this
race, he is worth backing at 11/1
with Star Sports. There are
plenty of others with solid
claims, including Belgian Bill,
Prince of Johanne and
Bridgefield, but Mabait and
Captain Bertie should give us a
good run for our money.
IRISH trainers have tasted
plenty of success at Royal Ascot
in recent years, particularly
Aidan OBrien, but David
Wachman has a solid record
too and DUNTLE can give him
another winner in todays
finale, the Sandringham Stakes
at 5.35pm. She broke her
maiden tag at Dundalk in
April, beating her rivals by an
incredible 18 lengths, and form
on the all-weather often counts
for plenty at
Ascot.
The daughter of Danehill
Dancer then stepped up in
class for the Irish 1,000
Guineas Trial, but Wayne Lee
took up the running too early
in the straight and eventually
finished fourth. That wasnt a
bad effort at all and the drop
back to Listed level this
afternoon should see her go
very close indeed. At 7/1 with
Star Sports, she represents
solid each-way value.
Electrelane is the class horse
in the race and her presence
means eight of the 18 runners
start from out of the handicap.
She won the German 1,000
Guineas on her last start and
prior to that she finished
second to the progressive
Laugh At Loud at York. The
ground is likely to be much
quicker by the end of today
and that isnt certain to suit
Ralph Becketts filly whose
best form has been with
plenty of cut.
Godolphin have some decent
fillies and Id favour Pimpernel
over Falls Of Lora. She was
disappointing in the Nell
Gwyn, but she had some solid
form as a juvenile and is
rated the main danger to
the selection.
The Queen Mary Stakes
(5.00pm) features some of the
fastest fillies in Europe and
with 27 runners its going to
be another cavalry charge.
Michael Owen was in floods of
tears when Brown Panther won
at this meeting last year and
he could be reaching for his
hanky again if Manor Houses
UPWARD SPIRAL can follow
up her debut win at Sandown.
I was very taken by that
performance and so were
Qatar Racing Limited who paid
a tidy sum for her. She beat
Jubilee Diamond from the
Richard Hannon stable and
that rival reopposes today, but
I would be very surprised if she
can reverse the form. Johnny
Murtagh is an interesting
jockey booking and the 6/1
available with Coral should be
snapped up.
Mironica also comes into
this race with one victory from
one start and Ive already
talked up the chances of her
stablemate Duntle in the
finale. Wachman has done well
in the Queen Mary in the past
so this filly is much respected.
Mick Channon is another
trainer with a strong record
in the race and Graphic Guest
is another who should
go close.
Frankie Dettori has been
booked by James Given to ride
the unbeaten Jadanna and she
has won on both soft and firm,
so the ground shouldnt
matter too much to her. I can
see her finishing in the first
three, but Im happy to stick
with Upward Spiral as my sole
selection.
David Simcocks runner Mabait has tumbled down the weights and has some solid course form, so should benefit from returning to a straight track over a mile
David Wachmans Duntle has
a big chance in the last
Duntle can bag the Sandringham for Wachman and the Niarchos family
28
THEPUNTER RACING TRADER
n Pointers
MABAIT e/w 4.25pm Royal Ascot
CAPTAIN BERTIE e/w 4.25pm Royal Ascot
UPWARD SPIRAL e/w 5.00pm Royal Ascot
DUNTLE e/w 5.35pm Royal Ascot
Yes, you cun. we wIII luy uny
horse in uny ruce ut Royul
Ascot to lose go,ooo. So, II
you`re Ied up wILI consLunLIy beIng
knocked buck und Iuncy u reIresIIng
cIunge, you cun open un uccounL by
cuIIIng oSooo g1 1 or by
vIsILIng www.stursportsbet.co.uk.
SLur SporLs Isn`L IIke every oLIer
bookmuker us we oIIer LIe mosL
personubIe, prIvuLe, IrIendIy und
proIessIonuI LeIepIone debIL und
credIL beLLIng servIce uvuIIubIe. I
you`re goIng Lo AscoL, LIen pIeuse
come und suy IeIIo us we ure once
uguIn stunding in the ring.
__________
WINNER
MOST CREATIVE
MARKETING CAMPAIGN
__________
Cnn 1 renllg hnck
nng horse to uin
go,ooo?
WEDNESDAY 20 JUNE 2012
BILL ESDAILE PREVIEWS TODAYS FINAL THREE RACES AT ROYAL ASCOT
Well-handicapped
Mabait has a big
chance in Royal
Hunt Cup at a
massive 25/1
G
E
T
T
Y
PLAYERS paid tribute to late Surrey batsman Tom Maynard, who was killed by a Tube
train on Monday, before Englands series-clinching one-day international win over West
Indies at the Oval yesterday. Captain Alastair Cooks century swept the hosts to an
eight-wicket victory that leaves them 2-0 ahead with one match remaining. Paceman
Stuart Broad, who took two wickets, dedicated the win to Maynard later on Twitter.
ENGLAND DEDICATE WIN TO TRAGIC MAYNARD
ENGLAND coach Stuart Lancaster
confirmed Harlequins winger Ugo
Monye is unlikely to be available for
Saturdays third and final Test in
South Africa after being knocked
unconscious in last nights difficult
win against Northern
Barbarians.
A hat-trick from
Nick Abendanon,
two tries from Jonny
May and further
scores from Ben
Morgan and
Anthony Allen
inspired
Englands
victory as
Charlie
Head injury rules Monye out of
improving Englands final Test
Hodgsons accuracy with the boot
ensured their efforts did not go to
waste in Potchefstroom.
Ugo was knocked out during the
tackle, said Lancaster, whose
attention will turn to Englands final
fixture on Saturday.
He was taken to hospital but he
has come round and he is fine, albeit
a bit groggy. He will go through the
concussion protocols and he will
struggle to be fit for Saturday.
We wanted to improve on the
quality of the performance we put in
last week. I thought there was a
better intensity and shape about
what we did.
I thought the boys adapted to the
conditions better, [and] it was good
for the boys in the stand as well.
As well as seven conversions
and a penalty from fly-half
Hodgson, England were
awarded a late penalty try.
FRANCE manager Laurent Blanc
lamented his squads fitness after
their surprise defeat to Sweden
left them facing a daunting
European Championship quarter-
final with European and world
champions Spain on Saturday.
A spectacular scissor kick from
Zlatan Ibrahimovic followed by
Sebastian Larssons stoppage-time
volley were enough for already-
eliminated Sweden to salvage some
pride and weaken Frances hopes
of tournament victory.
We were not strong enough in
the tackles, said Blanc. I think
Sweden played with a lot of heart,
they gave everything, physically
they were much better than us.
We suffered a great deal at the
back and also in midfield. Sweden
had a lot of physical impact there.
We were dominated in terms of
tackles, in the air, on the ground,
throughout. Sweden had a lot of
physical presence and we could
not fight that.
Full-back Nick Abendanon
scored a hat-trick for England
We werent strong or fit enough
to beat Sweden, admits Blanc
SPORT
29
WEDNESDAY 20 JUNE 2012
cityam.com
BRITISH gold medal hope Mark
Cavendish insists he would have
skipped the Tour de France if he
thought it would boost his London
2012 road race chances.
The Isle of Man cyclist has already
jeopardised his hopes of retaining
the green jersey in the Tour, which
starts next week, with an Olympics-
oriented training regime.
If I thought Id be in better
condition for the Olympics, I would
[miss the Tour]. I am doing both for
different reasons, said Cavendish.
It [London 2012] is a big thing. That
is why I am changing [my training].
Cav: Id ditch
Tour for gold
BY SPORTS DESK STAFF
SWEDEN.....................................2
FRANCE......................................0
BY DECLAN WARRINGTON
EURO 2012
SA NORTHERN BARBARIANS...31
ENGLAND.................................57
BY DECLAN WARRINGTON
Results
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IN BRIEF
Exiles promotion appeal delayed
nRUGBY UNION: London Welshs
appeal hearing over the Rugby
Football Unions decision to deny
them promotion to the Premiership
has been postponed seven days to
Thursday 28 June.
Mayweather out-earns Woods
n SPORT BUSINESS: Boxer Floyd
Mayweather (54.3m) has overtaken
golfer Tiger Woods (37.9m) as the
worlds highest-paid sportsperson,
says Forbes magazine. Woods is third,
after boxer Manny Pacquiao (39.6m).
Kvitovas Wimbledon hopes hit
n TENNIS: Wimbledon champion
Petra Kvitovas title defence
preparations suffered a blow yesterday
when she lost to world No48 Ekaterina
Makarova at Eastbourne.
MATCHWINNER Wayne Rooney
insists rival teams will now fear
England after he capped his
comeback with the goal that
secured top spot in Group D and
set up a Euro 2012 quarter-final
with Italy.
Striker Rooney, returning
from a two-match ban for a red
card in qualifying, headed the
decider in the 48th minute from
a cross by captain and man of
the match Steven Gerrard.
Defeat eliminated co-hosts
Ukraine, who felt aggrieved that
officials did not see Marko
Devics potential equaliser had
crossed the line before John
Terry hooked it clear.
In keeping with the rest of
their campaign, England
displayed more grit than guile,
but Rooney believes they have
shown enough in three games
to suggest they can overcome
Italy on Sunday.
I think we know our
qualities and what were
capable of, he said. I dont
think there is any team that
would fancy playing us. Were
difficult to break down and
weve got the players who can
score goals, so its going well.
Manager Roy Hodgson, who
has already exceeded some
expectations by winning the
group ahead of France,
welcomed his teams slice of
good fortune.
If it was over the line then
that was a slice of luck, he said.
Weve suffered bad luck in
those areas so if it was good luck
today then we got it.
England needed only a draw
while Ukraine required a win to
progress, and it showed in the
opening stages as Scott Parker
and Terry had were called upon
to deny Marko Devic and Andriy
Yarmolenko.
Rooney, starting an England
game for the first time since his
red card against Montenegro in
October, should have scored on
28 minutes but headed wide
unchallenged from Ashley
Youngs left-wing in-swinger.
The Manchester United striker
made no mistake just after the
interval, however, nodding in
from virtually on the line after
goalkeeper Andriy Pyatov had
fumbled a menacing right-wing
delivery from Gerrard.
Artem Milevskiy might have
levelled quickly but headed over
from close range, although
Ukraine would soon have the
ball in Englands net, when
Devic escaped John Terry and
shot past Joe Hart.
Terry tried in vain to clear off
the line, with replays showing
the ball had fully crossed,
leaving the co-hosts furious, not
least manager Oleg Blohkin.
RooneysetsupItaly tie
Ascot romp extends Frankel run
OWNER Sir Henry Cecil believes
Frankel is still improving after the
worlds highest-rated racehorse
extended his unbeaten record to 11
races with an explosive victory
yesterday at Royal Ascot.
Frankel, who went off 1-10
favourite in the Queen Anne Stakes,
beat Excelebration by a staggering
11 lengths after jockey Tom Queally
conjured an electric turn of pace in
the last two furlongs of the mile-
long contest.
Hes a great horse, said Cecil. He
did exactly what I thought he would
but hes still improving. On plans for
the colt, he added: He looks like he
can stay a mile and a quarter so well
keep options open.
Queally said: It looks like hes
improving. He settled, he travelled,
he got everything else off the bridle
when I was still sitting there. Hes
amazing. Thats his best
performance. He ticked all the boxes,
he did everything right.
Elsewhere on the first day of Royal
Ascot, Kieren Fallon rode Most
Improved to success in the St Jamess
Palace Stakes, while Hong Kong 12-1
shot Little Bridge won the Kings
Stand Stakes. Undefeated Dawn
Approach earned his fourth career
win in the Coventry Stakes while
Willie Mullins continued National
Hunt trainers fine record in the
Ascot Stakes with Simenon.
I
F you have only seen the
result a win against the co-
hosts, Wayne Rooney
scoring on his return,
finishing top of the group you
might think England had
enjoyed a perfect night.
But if you did watch the
game youll know Ukraine
were very unlucky not to get at
least a draw while England
were poor in possession and
relied on Steven Gerrard, their
best player by a country mile.
It was nothing to get carried
away about, although for now
lets enjoy this slightly lucky
streak England are on. Roy
Hodgson deserves great credit
for creating such a strong
spirit in the squad and
shielding them from
expectation so well.
A quarter-final against Italy
does not have the same fear
factor as one with Spain and I
give England a good chance of
progressing but, like last
night, it wont be pretty.
Trevor Steven is a former
England international who now
works as a talent scout and pundit.
FOOTBALL
COMMENT
TREVOR STEVEN
Striker scores on
return as England
top their group
STARS slammed Uefa last night
after European footballs
governing body fined Croatia
64,500 for racial abuse just a day
after issuing Denmarks Nicklas
Bendtner with a 80,000 penalty
and a one-match ban for showing
his underwear.
Croatia were punished after fans
made monkey chants towards Italy
striker Mario Balotelli during a
Euro 2012 group game, while
Bendtner was rapped for exposing
pants bearing the name of a well
known bookmaker as he
celebrated a goal.
Manchester City captain Vincent
Kompany wrote on Twitter: Uefa
might need to review their order
of priorities, dont you think?
WEDNESDAY 20 JUNE 2012
30
SPORT
cityam.com/sport
BY FRANK DALLERES
BY SPORTS DESK STAFF
Croatia fined less for racism than
Bendtner is for flashing pants
Captain Cook
steers England to
poignant one-day
series clincher
ENGLAND 1
UKRAINE 0
BY FRANK DALLERES
EURO 2012
Rooney, making a first England start since his October red card in Montenegro, headed in Steven Gerrards cross from close range
Tomorrow, Warsaw: Czech Rep v Portugal
Friday, Gdansk : Germany v Greece
Saturday, Donetsk : Spain v France
Sunday, Kiev : England v Italy
EURO 2012
QUARTER-FINALS
Maynard remembered in
West Indies match: Page 29
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cushions not included unless otherwise stated. Mobile charges may apply when calling 0800 110 5000. DFS is a division of DFS Trading Ltd. Registered in England and Wales No 01735950. Redhouse Interchange, Doncaster, DN6 7NA.
Visit your nearest store, order direct at www.dfs.co.uk or call free on 0800 110 5000 24 hours a day, 7 days a week
4 years interest free credit on everything
Or pay nothing until January 2013 then take 3 years
interest free credit
0
%
REPRESENTATIVE
APR
No deposit with 4 years interest free credit. 48 equal monthly payments of 31.22. Or pay nothing until January 2013 then 36 equal monthly payments of 41.63. 0% APR. Total 1499.
50%
OFF
RIVO COLLECTION
SOFAS
ACTION
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WITH BED AND STORAGE
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