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UK's

Sophisticated

Fmance

Market

Attracting

Mining

Majors

Away

From

TSX

to LSE

Economic News
Global

Canada

u.s.
Europe
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UK's Sophisticated Finance Market Attracting Mining Majors Away From TSX to lSE
Fri May 30, 2008 09:47am
Print

Market Recap
Mld.Mornlng Market Recap: Canadian Dollar Dropping Against USD Again
3010510:43 (CEP News)· The Canadian dollar is
decreasing once again, this time on U.S. data, after

previously falling more
If,

one cent

on weak Canadian GOP. The ...

Email London· A mature and more sophisticated UK project finance market is

Resources
TopNewa News

(CEP News) increasingly traditional Exchange

« ..

e aU market

quotes

...

all mar1c.t reCips •

draWing mining companies (LSE)"

away from what analysts

deem to be a "near

listing'· on the Toronto Stoel< Exchange

(TSX) to the doors of the London Stock

News Recap
OVernight Ne_ Recap: Blrrage 01Global
Innatlon Data, ECB Speak
data

Recap

TodIIY'1 Events Weekly Letter Market Recap MarketNewa Market Quote. Economic Stats

Many observers believe the LSE has long held bragging nghts over the TSX when it comes to premium-end miners' listings. Published data suggests that four out Of nve of the largest global London. In recent weeks. Fresnillo. an offshoot company created by Mexico's lndustrias Penoles SAB (the wend's largest silver mining company) became the first MeXican company to be listed on LSE when it launched Its Initral public offering (IPO) in May. 'Moile the Fresnillo IPO made people Sit up and take notice, it is not the sole example that highlights London's recent dominance In mining finance. said Tom Gidley·Kitchin. mining stocks analyst at Charles Stanley Stoel<brokers. mining companies • RTZ. BHP. Anglo~American and Xstrata • are all listed In

3010507·19 (CEP News}. A barrage of inflation
came out in the overnight euro with

Japan,
releasing

France,

Italy,

arcverue and the

zone all

major .. more » an.U»

Economic Calendlr
Central Bank. Email Alerts RSS Useful Link. Financial Glo .. ary Advanced S•• rch

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"In essence, Fresnillo is not alone
the Peruvian fund managers mining company

In

choosing London. Numerous examples spring to mind,
for instance. A London listing rates higher in

Hochschild

various ways than a Toronto listing. Principally it is a market which catches the eye of more
than Toronto. For a miner aspmng to attract top-end Investors. a FTSE 100 he said. to Toronto. which remains listing is among the benchmarks," Gidley·Kitchin

added that London has greater liquidity compared

Corporate
About U.
ProdUcts/SeNlce. Redlstrlb"tlon Advertise

Info

the LSE's main selling point. Analysts at TO Waterhouse overnight "However, analysts, at the same time market legal specialists. perception that London has a much wider pool of believe Toronto's own primary selling point is that it is a market is not something lost

specmcally focused on mining stocks, and that market pre.eminence

Upcoming
advisory services and bankers specializing in natural resources may not be 31/0506:00 does carry weight, liquidity 30/05 12:30

Economic
US
Boston Economic

Events
on

Fed's Rosengren Speaks
Outlook

Care.,.. ConuctUs
Subscrlba

than elsewhere. does come Into play when decisions true and is hotly contested," said a TO spokesperson. A spokesperson a centre Naturally. for

are made. Thrs mayor

IT

Oraghi Speaks at Bank of Itaty
Annual Assembly Speaks in

for the LSE believes such market conjecture

"London IS
positions

mternanonal finance

which

contnbutes

to Its greater

01/0612 10

EU ECB's Gonza'ez~Paramo Cannes,
France

miners are being attracted

to a larger and more sophisticated

project finance 0110619:30

Economic

F0nlC"t

market," she said Jamie Lomelin. chief executive press of Fresnillo. certainly thinks so. Speaking environment here to reporters (in London). at a We

AU AIG Performance of Manufactunng Index

Intelligent Easy- ToRead Analysis Of The

Week's Financial News
www.MoneyWeek.comlE( I Made Millions

serum, he said. 'The board and the management

team are delighted by the level and

01/06 20:30 01106 20:30 01/06 21 :30 01/0621 :30

AU TO Securities Inflation (Monthly) AU TO Secunties Inflation (Annualized) AU
Inventories

quality of Investor demand in the current market preferred London because of the way it treats taxes."

~

'0

AU Retail Sales AU Company Operating Profit (Quarterly) JP Labor Cash EarnIngs (Annualized)

He added that the LSE"s comply-or -exptam "combined any day better than the U.S. Sarbenes-Oxley The TO Waterhouse spokesperson London more attractive. especially legislation.

code" of corporate

govemance

is

01/0621 30 01/062130

I Will Show How You Can Do It Too? Join
Free Stock Market uk

Seminar Now wwwwirnnvesting,CQ

believes avoidance of Sarbanes-Oxley Act was making to miners based in developing markets but added that

see more »

the NYSE was likely to feel the pinch more than the TSX "Ultimately managers· he said Analysts dithering; further believe that, on the subject are committed. of market regulation, the Amencans are and it is about rmnosets If any company not just a mining concern or ItS IPO lead perceive local laws In a particular market as 'draconian' that market Will suffer,"

Friday's Events
Friday's Events: Canadian
PCE, Chicago PMI Q1 GOP; U.S. Core

and core

3010507;32 (CEP News) . Canadian Ql and March GOP peE In the U S~ will dominate the eccncrruc

news of the day as markets prepare for the final trading

the Canadians

while the British are In tum being proactive

more •
H •• II»

clear. On Fnday, Chancellor of the Exchequer Alistair Oa~ing published 'Embracing Financial Globahsation', a UK Treasury document ctearty setting out the nature. Impact and policy response to financial globalization.

Save Up to 34% on THE BEST OF

~8':-

For LSE's part. the spokesperson said, ·The British approach to corporate governance through our 'combined cooe: is much more appealing to international companies. Major Independent governance surveys. one of them US-based, have consistently

voted the UK corporate
This highly regarded

regime as supenor to that of other developed

economies.

corporate governance environment adds real value and can improve valuations."
Preferring not to comment said. "Our on Sarbanes.oxley National Instrument scientific Act or the British scenario, a TSX secorues

spokesperson Administrators·

43·101

IS the

Canadian criteria

policy governing

and technical

disclosure

by mining companies. and disclosure

We believe it is a global standard in mining disclosure. listing standards reflect TSX's better understanding of the business .,

http://www.economicnews.ca/cepnews/wire/article/85765

30105/2008

CEP News

I The

Canadian Source for Global Economic, Financial and Market News

Page 2 of2

If the sheer number of minmg companies the fonmer has a substantial exchange (AIM) had 207 listings, excluding

listed on the TSX is compared the recent rise

to the LSE, then

lead over the latter As of April 29, 2008, the LSE and Its

juruor
such

.n

listings from compames

as Fresnillo In companson, by Dec 31 2007, the TSX and Its junior market (TSX Ventures) had over six nmes as many listings, totalling 1,373

"we have
considered said.

57% of the world's public mining companies the largest mln.ng industry

listing with us and have specialized of offenng mining companies what is the TSX spokesperson

minmg indices. London does not have the advantage

peer group m the world,"

Market analysts acknowledge the sheer weight of numbers in Toronto, but rernam skeptical about the "peer group" angle. TD Watemouse the m.nlng analyzing spokesperson feels aspirations observers have a lot to do with listings. "LSE gives staff attuned to would vote either way on this one after

you access to a wider pool of capital. TSX puts you m touch with exchange business. Most industry the miners' prospectus," he said.

G.dley-Kitchin said, ''The market sometimes sees a bit of a herd mentality when It comes to listings. The same can be said about the recent rise in mterest m the LSE by mining companies. Ultimately image and conditions matter. IfII\th four of the five largest miners listed on the LSE, it has lot going for it." The LSE spokesperson's for "ultra-early own take is that although the TSX IS still very

acnve .n the market
it is gradually

stage" companres

raising very small amounts for explorations,

losing m.mng majors for example Alcan, FalCOnbridge and Inco. Market conditions could well have a say in the recent move in favour of London. Justin UrqUhart-Stewart, director of Seven Investment Management, wrote in an Investment note. "From the resolute equ.ty markets of only a year ago, all the confidence and enthusiasm seems to have been totally dissolved over the first quarter of 2008." Given such current and somewhat difficult circumstantial market permutations, GldleyKitchin believes London is a safer bet for raising capital than Toronto for miners at time of a boom in the commodities Such sphere.

according to Laura Herrera, market analyst with the Mexican bank Speaking to BNamencas, Herrera said, "If we look at Fresnillo, Considenng on precious

a chain of thought has not escaped Latin American m.ning companies .n particular, Vector.
the offering on the LSE IS with the MeXICO is likely to Fresnillo

seen as a positive move City bourse have

that the London market compared metals companies,

is more knowledgeable

a

better valuation." acknowledge their exchange that tradition matters little m a high stakes makes a compelling case for mining

Both LSE and TSX spokespersons game, with each saying that companies.

As the debate rages on, mining and metal companies London floatation. Published on the LSE (including £314 billion. SUCh is the rise .n interest from mining by market capitalization finance. majors, analysts say. By AI M) outstripped

continue

to put newfound

faith in

figures suggest new listings by metals and mining companies all its other sectors in 2007 with 22 deals which of LSE's m.ning sector to approxrrnately

raised £3.6 billion. It took the market capitalization

rruners that the LSE had only two larger sectors above
at the end of 2007 - oil and gas, as well as banking and

rtns rs a testament to a market hitherto considered a hub for finance and banking

Gaurav Sharma, gsharma@economicnews.ca,

edited

by

Cristina

Markham,

cmarkham@economicnews.ca

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Ottawa

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BOE

Sees

Real

Risk of High

UK CPllnflation,

May Rise to Near

4% Over

2008

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Global
GalUlda

BOE Sees Real Risk of High UK CPI Inflation, May Rise to Near 4% Over

Market Recap
European Market Reclp: Equities
Lower

European Bonds Fall,

u.s.
Europe Asia/Australia

2008
wed May 14, 2008 07:42am Print
Email

1410507:37 (CEP News) - European equrty markets are
trading day. lower with

the

Eurostoxx

losing

4.36 pcmts
61.0 ticks

on the

In Germany,

the bund

was down

to .. more

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Top News NeWit

(CEP News) London - The Bank of England delivered

a stark warning

on Wednesday

that

«

see all market quotes

see

all market

recaps.

the UK faced a real risk of inftation rising well above the target rate of 2% to the autumn of 2008 before the scenario improves In its May Quarterly

nearly 4% by

News Recap
Overnight PBOC News Recap: UK FaCing Inflation
Problems,

Recap

Inflation Report, the UK Central Bank said the inflation picture remains

Today'. Ev~nt6 Weekiy Letter
Market Re<:ap

grim even though it has

nearly halved projections for the country's economic growth.
is that the annual CPI inflation rate is likely to rise to around 2008, chiefiy on account UK rates ring true. of nSlng energy costs. provided that

to Fight Higher Prlc ..
(CEP rates News) - Continuing concems from o v er the the and hawkish highlighted comments the bulk

BOE's base case scenario 3.5% to 3.7% by autumn market projections

14/0507:24

UK's

Inflation Bank

Market News Market Quotes Economic Stats Economic Calendar Central Banks Email Alerts RSS Useful Links Financial Glossary Advanced Search

on benchmark

People's

of

China

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However, a regulation fan chart (contained In all inflation reports) for May indicates the BOE IS worried that inflation could touch 4%, a clear rise from the fan chart contained in the February inflation report. Furthermore, the inflation the BOE projects that if UK rates are left at 5.0%. then inflation could fall to of picture makes a regulation letter from BOE Governor Mervyn King to UK

the 2.0% target. while GDP growth would fall below 1 % in 2008. The bleak assessment

Chancellor Alistair Da~ing a near certainty, as the CPI measure is forecast to rise above its current 3% rate seen in April BOE believes the UK economy IS at risk of stalling. However. even though one to
tNO

quarters of negative growth are expected, the report does not suggest the UK risks going Into a recession as a result of the credit Crisis. Inflation report projections or below by December suggest that GDP growth could fall to an annualized rate of

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1%

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1410510:30 "The Committee companies' will concentrate It said emphaSIS on price and quantity of credit, asset pnces, on surveys of household inflation expectations and 14105 10:30 14105 10:30
14/0510:30 14/05

US DOE U.S. Crude Oil Inventories US DOE U.S. Distillate Inventory US DOE U.S. Refinery UtiHzation
US US

pricing Intentions,

measure

of inftationary

pressures

in the supply chain and

Coogle
Fore!

VV

data on wages and earnings," MPC would consumer place particular

DOE
Fed's

U.S. Gasoline Lockhart

Inventories

(EX' Only 5

12:00

to Speak

at

Financial

and corporate

spending,

energy and food

pnces, Value of the pound stertinq
14/05

Mac1<.ets Confe

Trade.

would also be studied In the run-up to August. Elsewhere In the report, the BOE said both UK residential and commercial property

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markets were taking a hit amidst the ongoing tightening of credit availability The central bank descnbed the link between house pnce rises and consumer spending as a complex one. The report mentions that lower house pnces do not implicitly mean lower consumer

19:50 19:50

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spending. However, It notes that, "The impact on consumption could be further amplified if lower house prices coincided with a penod of markedly lower Income growth, for example ~ companies By Gaurav begin to shed labour" Sharma, gsharma@economicnews.ca, edited by Cristina Markham.

Wednesday's Events
Wednesday's Invent»ries
14/0507:34 some (CEP News) - U.S. CPI and comments most oflhe weekly attention 011. .. from on

Events: U.S CPt, Fed Speaker •• DOE

011

cmarkham@economicnews.ca

Fed speakers along

will gamer

Wednesday

With the release

of

more •

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BCE Governor
King

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Say s No

UK Receasion May Rise to Near 4% Over 2008 (Updare) May Rise to
IS Near 4%

BOE Sees Real Risk of High UK CPllnflation. BOE Sees Real Risk of High UK CPllnfiation. UK Unemployment F.. nch CPI Stow. to 0.3·t. in Aprit (Upd .... ) Inflation
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14/05/2008

UK's Sophisticated Finance Market Attracting Mining Majors Away From TSX to LSE

Page 1 of2

CEP
news UK's Sophisticated Finance Market Attracting Mining Majors Away From TSX to LSE
(05/30/08 09:47) (CEP News) london - A mature and more sophisticated UK project finance market is increasingly drawing mining companies away from what analysts deem to be a "near traditional listing" on the Toronto Stock Exchange (TSX) to the doors of the london Stock Exchange (lSE). Many observers believe the LSE has long held bragging rights over the TSX when it comes to premium-end miners' listings. Published data suggests that four out of five of the largest global mining companies - RTZ, BHP, Anglo-American and Xstrata - are a" listed in London. In recent weeks, Fresnlllc, an offshoot company created by Mexico's Industrias Penoles SAB (the world's largest silver mining company) became the first Mexican company to be listed on LSE when it launched its initial public offering (IPO) in May. While the Fresni"o IPO made people sit up and take notice, it is not the sole example that highlights London's recent dominance in mining finance, said Tom Gidley-Kitchin, mining stocks analyst at Charles Stanley Stockbrokers. "In essence, Fresnillo is not alone in choosing London. Numerous examples spring to mind, the Peruvian mining company Hochschild for instance. A London listing rates higher in various ways than a Toronto listing. Principally it is a market which catches the eye of more fund managers than Toronto. For a miner aspiring to attract top-end investors, a FTSE 100 listing is among the benchmarks," he said. Gidley-Kitchin selling point. added that London has greater liquidity compared to Toronto, which remains the LSE's main

Analysts at TD Waterhouse believe Toronto's own primary selling point is that it is a market speclflcallv focused on mining stocks, and that market pre-eminence is not something lost overnight. "However, at the same time market perception that London has a much wider pool of analysts, legal specialists, advisory services and bankers specializing in natural resources than elsewhere, does come into play when decisions are made. This mayor may not be true and is hotly contested," said a TD spokesperson. A spokesperson for the LSE believes such market conjecture does carry weight. "London is a centre for international finance which contributes to its greater liquidity positions. Naturallv, miners are being attracted to a larger and more sophisticated project finance market," she said. Jamie Lomelin, chief executive of Fresnlllo, certainly thinks so. Speaking to reporters at a press scrum, he said, "The board and the management team are delighted by the level and quality of investor demand in the current market environment here (in London). We preferred London because of the way it treats taxes." He added that the LSE's comply-or-explain the U.S. Sarbanes-Oxley legislation. "combined code" of corporate governance is any day better than

The TD Waterhouse spokesperson believes avoidance of Sarbanes-Oxley Act was making London more attractive, especially to miners based in developing markets, but added that the NYSE was likely to feel the pinch more than the TSX. "Ultimately it is about mindsets. If any company, not just a mining concern or its IPO lead managers' perceive local laws in a particular market as 'draconian' that market will suffer," he said. Analysts further believe that, on the subject of market regulation, the Americans are dithering; the Canadians are committed, while the British are in turn being proactive and clear. On Friday, Chancellor of the Exchequer Alistair Darling published 'Embracing Financial Globalisation', a UK Treasury document clearly setting out the nature, impact and policy response to financial globalization. For LSE's part, the spokesperson said, "The British approach to corporate governance through our 'combined code' is much more appealing to international companies. Major independent surveys, one of them US-based, have consistently voted the UK corporate governance regime as superior to that of other developed economies. This highly regarded corporate governance environment adds real value and can improve valuations. "

http://www.economicnews.calcepnewslbackend/newswire/details.php?newsid=85765

30105/2008

UK·s Sophisticated Finance Market Attracting Mining Majors Away From TSX to LSE

Page 2 of2

Preferring not to comment on Sarbanes-Oxley Act or the British scenario, a TSX spokesperson said, "Our National Instrument 43-101 is the Canadian Securities Administrators' policy governing scientific and technical disclosure by mining companies. We believe it is a global standard in mining disclosure. Listing criteria and disclosure standards reflect TSX's better understanding of the business." If the sheer number of mining companies listed on the TSX is compared to the LSE, then the former has a substantial lead over the latter. As of April 29, 2008, the LSE and its junior exchange (AIM) had 207 listings, excluding the recent rise in listings from companies such as Fresnillo. In comparison, by Dec. 31 2007, the TSX and its junior market (TSX Ventures) had over six times as many listings, totalling 1,373. "We have 57% of the world's public mining companies listing with us and have specialized mining indices. London does not have the advantage of offering mining companies, what is considered the largest mining industry peer group in the world," the TSX spokesperson said. Market analysts acknowledge the sheer weight of numbers in Toronto, but remain skeptical about the "peer group" angle. TD Waterhouse spokesperson feels aspirations have a lot to do with listings. "LSE gives you access to a wider pool of capital. TSX puts you in touch with exchange staff attuned to the mining business. Most industry observers would vote either way on this one after analyzing the miners' prospectus," he said. Gidley-Kitchin said, "The market sometimes sees a bit of a herd mentality when it comes to listings. The same can be said about the recent rise in interest in the LSE by mining companies. Ultimately image 'and conditions matter. With four of the five largest miners listed on the LSE, it has lot going for it." The LSE spokesperson's own take is that although the TSX is still very active in the market for "ultra-early stage" companies raising very small amounts for explorations, it is gradually losing mining majors for example Alcan, Falconbridge and Inco. Market director of only quarter conditions could well have a say in the recent move in favour of London. Justin Urquhart-Stewart, of Seven Investment Management, wrote in an investment note, "From the resolute equity markets a year ago, all the confidence and enthusiasm seems to have been totally dissolved over the first of 2008."

Given such current and somewhat difficult circumstantial market permutations, Gidley-Kitchin believes London is a safer bet for raising capital than Toronto for miners at time of a boom in the commodities sphere. Such a chain of thought has not escaped Latin American mining companies in particular, Herrera, market analyst with the Mexican bank Vector. according to Laura

Speaking to BNamericas, Herrera said, "If we look at Fresnillo, the offering on the LSE is seen as a positive move. Considering that the London market compared with the Mexico City bourse is more knowledgeable on precious metals companies, Fresnillo is likely to have a better valuation." Both LSE and TSX spokespersons acknowledge that tradition matters litt!e in a high stakes game, with each saying that their exchange makes a compelling case for mining companies. As the debate rages on, mining and metal companies continue to put newfound faith in London floatation. Published figures suggest new listings by metals and mining companies on the LSE (including AIM) outstripped all its other sectors in 2007 with 22 deals which raised £3.6 billion. It took the market capitalization of LSE's mining sector to approximately £314 billion. Such is the rise in interest from miners that the LSE had only two larger sectors above mining by market capitalization at the end of 2007 - oil and gas, as well as banking and finance. This is a testament to a market hitherto considered a hub for finance and banking majors, analysts say. By Gaurav Sharma, gsharma@economicnews.ca, edited by Cristina Markham, cmarkham@economicnews.ca

(END) ©CEP Newswires - ©CEP News Ltd. 2008. All Rights Reserved. www.economicnews.ca

http://www.economicnews.calcepnewslbackend/newswire/details.

php ?newsid=85 765

30105/2008

Soccer-Mad UK Counts Economic Cost Of A Eurocup Flop; Retailers To Bear The Brunt

~V

"'~=CE
- news
Cost Of A Eurocup Flop; Retailers To

Soccer-Mad UK Counts Economic Bear The Brunt

(11/2210711:54) (CEP News) London - Nothing invigorates a soccer-crazy UK more than .porting success, but failure goes well beyond a "mere" loss of pride, according to Economists contacted by CEP News on Thursday. Late on Wednesday night, on a rain soaked pitch at Wembley Stadium in London, the biggest of he UK home nation teams - England - missed out on qualifying for the 2008 European Soccer Championship to be held in Austria and Switzerland in June next year, losing to Croatia. Northern Ireland and Scotland fought in their respective pools, but narrowly lost out on qualification, while Wales never realistically turned-up. As the nation awoke to a bad sporting hangover, economists were turning their thoughts to the after effects of sporting failure on the economy. Some opined the UK had missed out on a £2 billion bonanza, while others toed the more realistic line that retailers would bear the brunt of it. The stock market seemed to share the latter view. The shares of retailer Sports Direct, owner of the iconic Lillywhites retail chain, dipped by a massive 19%, after it issued a corporate statement, saying "it was no longer confident its profits for this year would beat last year's level now that England had failed to qualify". Shares of another major sports retailer, JJB Sports, which had warned of tougher days ahead almost two weeks ago, also suffered, falling by 8.4% at one point. On the manufacturing side, replica England kit-manufacturer Umbro, soon to be taken-over by sports giant Nike, warned that it expected a "substantial reduction" in sales of England shirts. Umbro said that it was particularly worried about demand for the new England away shirt, which is due to be released in 2008. Economists believe that it is not just businesses directly related to football that could take a hit next summer, as pubs, catering and restaurant businesses were expected to miss out on the sales impetus provided by major soccer championships. Not discounting the other home nations, Richard Dodd of the British Retail Consortium believes hat it was England's non-qualification that is likely to have the deepest impact on the economy. "Based on England's participation in the 2006 World Cup, our estimate was that it boosted the economy by £1.25 billion in terms of spending," Dodd told CEP News. "This would include just about anything from consumables to consumption from widescreen televisions to football memorabilia and replica shirts. The !Fevercourtesy England's non-qualification could potentially result in a 50% estimate, the economy has missed out on a £600 million boost as result of Wednesday night," Dodd added. of alcohol and food, near absence of football dip in spending. By our England's failure on

rt"he British Beer and Pub Association agreed with the BRC. It estimates that a bare minimum of hree England matches in next summer's tournament would have netted an extra 20 to 25 million pints of beer. Some believe the defeat could hit supermarket sales as well. Professor Simon Chadwick of Coventry Business School said that a successful run to the Euro 2008 Championship final by a British Team would have netted the economy an extra £2 billion. "The

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Soccer-Mad UK Counts Economic Cost Of A Eurocup Rop; Retailers To Bear The Brunt

impact of England not playing in Euro 2008 could even go deeper than just lower retail sales," Chadwick told the BBC. "Evidence from previous tournaments also shows that, at another level, worker productivity normally increases as the England national team progresses through major tournaments and the 'feel good factor' takes hold," he added. However, Philip Shaw, of Investec, told CEP News that the economic impact of a sporting disappointment must be tempered with a dose of pragmatism, adding that above everything else, Wednesday's failure on the soccer pitch was much more of a case of inconvenient timing for retailers. "Given the current economic picture and the confidence level indicators, the economy in general and the high street retailers in particular, did not need all the British Teams, especially England, missing out on qualifying for a major tournament. Retailers will bear the brunt in the short-term," Shaw said "However, I think this issue will have no long-term reaction. The macro effect will not be of any particular significance, though the sports retailers will feel hard done by the sporting failure over he coming months," he concluded. By Gaurav Sharma, gsharma@economicnews.ca (END) ©CEP Newswires - ©CEP News Ltd. 2008. All Rights Reserved. www.economicnews.ca

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