Higher retirement age will benefit the economy

QUITE a few Malaysians would have pumped their fists into the air upon hearing of the plans to increase the retirement age of private sector workers.

That group would certainly be those thinking that their working life was coming close to an end and the prospect of having five or more extra years added into their careers and earning potential now would certainly be a windfall for them.

The fact remains that retiring at 55 in today’s world seems a waste. The mortality age for Malaysians has risen quite a bit from when the Employees Provident Fund (EPF) Act 1951 was first passed. At that time many Malaysians were not expected to live past 55.

The retirement age in Indonesia and Thailand is 60 and any high-income economy, in which Malaysia aspires to be, certainly has a retirement age beyond 60.

Today, with better medicine, diet and exercise, the average life of people has increased. A longer life based on a finite and short working career certainly would put a strain on the finances of many a retiree.

The EPF says 73% of contributors have less than RM50,000 saved while only 17% have over RM100,000 at the point of their retirement. Add in the ever-growing costlier living costs, that amount of money will not last long and many do end up broke just a few years after retirement.

Another reason why the EPF might suggest an extension of the retirement age is that Malaysia is now a greying country. Baby boomers will retire in ever increasing numbers and the money will be withdrawn from the EPF and that will be to the detriment of the current group of savers and the overall equities and securities markets where the fund is a major investor.

Also, the more workers a country retains as the population ages the more the benefit to the economy.

But the decision to increase the retirement age in my estimation will boost the economy in the longer term.

Extending the retirement age will act as a stimulus for the economy and that will be from a group of people with the highest earning power too.

Based on life cycle hypotheses, people tend to spend more during the early age of their careers and save more as retirement approaches. Now that they know retirement is postponed for five more years at least, those people who might be thinking of building a nest egg have the opportunity to spend.

Spending more now will certainly be a boost to domestic consumption which is a main driver of growth.

People will now look to buy a new house, upgrade their cars, do some renovations to their homes or spend on whatever else they want on now knowing that they have the flexibility without worrying about the end of their careers.

Extending the retirement age will not mean people cannot retire early. Anyone can retire today if they wish to but surveys from the United States have shown that people will choose to retire later if the retirement age is extended.

Should the retirement age of government employees be increased to 60, it will be illogical to have separate retirement ages for the public and private sectors.

It will mean having a person at a top salary bracket serve an extra five years instead of giving that person a golden handshake, pay him 50% of his salary for the rest of his life, and replace him with another person at the salary of the retired person. There are also other benefits the Government can save on such as healthcare bills.

Young people who might be worried about not moving up the ladder or getting a job should not. Should the economic transformation programme gain traction, that will mean 3.3 million new jobs over the next 10 years.

Add in the fact we are technically at full employment and have more than 2.3 million legal and illegal foreign workers at least, jobs will be there as the economy grows.

Company CEOs may think that extending the retirement age will mean they are stuck with the deadwood in the organisation.

The fact, however, is deadwood will inevitably exist in every organisation. If CEOs can miraculously be given one chance to remove all unproductive workers, you can bet others will emerge at later years. It’s best that talent management is exercised to ensure such workers are minimised at all times.

 

Chelsea held in Mestalla

Lampard stroked home for Chelsea but the Blues were denied three points

Late Valencia penalty snatches a draw for hosts as Frank Lampard was denied a winning goal on his return to the Chelsea starting line-up as Valencia snatched a late 1-1 draw via the penalty spot in an entertaining UEFA Champions League encounter.

After a goalless first-half, the contest sprung into life in the second period with both goalkeepers on form before Lampard, benched for the last two games, handing Chelsea the lead.

Valencia responded well, though, and equalised through Roberto Soldado’s 87th-minute penalty after substitute Salomon Kalou was adjudged to have handled inside the penalty area.

Andre Villas-Boas’ men lost their discipline following the final whistle as Ashley Cole and Juan Mata received yellow cards for dissent after the Blues were denied the chance to take a free-kick.

The home crowd were almost silenced inside three minutes when captain David Albelda presented the ball to Fernando Torres, who was bundled over on the edge of the box by Adil Rami.

There was no appeal for a penalty from Torres, and the incident was overlooked by Italian referee Nicola Rizzoli.

Victor Ruiz nearly put the ball in his own net two minutes later as Chelsea assumed complete command and, while Valencia began to settle, they looked a threat every time they broke.

Booked

Ruiz was booked for what was almost a last-man tackle on Ramires, and Lampard’s low free-kick was saved by the impressive Diego Alves, who was making his first start of the season after Vincente Guaita was dropped.

Valencia finally began to look like the side that had caused Barcelona so many problems in their last home game and went close in the 25th minute when Pablo Hernandez sent Jordi Alba’s cross into the sidenetting.

Albelda earned an early second-half booking for tripping Florent Malouda but the game was otherwise in danger of falling flat until it exploded into life in the 51st minute.

Jose Bosingwa was given all the time and space he needed to swing in a cross for Torres, whose bullet header was sensationally clawed away by Alves with the keeper wrong-footed.

Valencia surged down the other end and Soldado somehow failed to get his head on Hernandez’s cross, with the goal at his mercy.

Alves then completely justified his selection with three stunning saves in two minutes, first when one-on-one with Ramires, then from point-blank range from Torres and again when Ruiz diverted a corner towards his own net.

But he was statuesque as Chelsea finally took the lead in the 56th minute, Lampard drilling home his first goal of the season from open play from 20 yards after being picked out by Malouda.

Lampard barely celebrated but was mobbed by his team-mates.

Soldado’s touch let him down after Banega’s ball put him one-on-one with Cech, who then got away with a mix-up with Cole.

The home side sent on Pablo Piatti for Jeremy Mathieu and Villas-Boas responded by withdrawing the lively Ramires – who picked up a knock in the first half – for Raul Meireles.

Cech kept Chelsea’s lead intact when he tipped over Piatti’s rising drive as Valencia began to go for broke.

 

Changes

Manager Unai Emery introduced Jonas and Sofiane Feghouli for the final 18 minutes as Chelsea introduced Nicolas Anelka for Torres.

Cech held Feghouli’s deflected drive and Piatti went close again but Malouda could have killed the contest when he shot tamely at Alves after a well-crafted break.

Lampard left the field to a standing ovation from the travelling fans, as Kalou came on for the final seven minutes.

But Kalou immediately gave the ball to Jonas, whose 25-yard curler was tipped wide by Cech, and the striker then inexplicably handled the resultant corner in the box.

The referee showed no hesitation in pointing to the spot and booking the Ivory Coast international before Soldado stroked the penalty beyond Cech with just three minutes remaining.

But there was still time for Anelka to waste a glorious chance to win it in the final minute as Alves once again came out on top in a one-on-one clash before a heavy touch once again let down Soldado at the other end.

The game finished with a flurry of yellow cards, as Villas-Boas stepped in to calm down his frustrated stars.

 

Arsenal scrape to victory

Oxlade-Chamberlain: Gunners starlet celebrates scoring the game’s opening goal

Oxlade-Chamberlain and Andre Santos on target for Gunners as Arsenal’s UEFA Champions League campaign is up and running after edging out a plucky Olympiakos side 2-1 at Emirates Stadium.

The Gunners started slowly, but they forged ahead in the eighth minute when Alex Oxlade-Chamberlain scored his first Champions League goal for the club with a neat left-footed finish.

The home side were looking dangerous in the final third and left-back Andre Santos got in on the act shortly after when he drifted past Ivan Marcano after his initial cross was cut out before slotting home at the near post.

However, Arsenal’s defensive frailties were exposed on 27 minutes when the Greeks worked a short corner which resulted in David Fuster heading home Ariel Ibagaza’sperfect delivery.

Olympiakos came within a whisker of levelling matters on 64 minutes when Vasilis Torosidis cut in on his left foot and sent a curling effort from outside the penalty area that rattled Wojciech Szczesny’s crossbar.

The Greeks continued to press in the closing stages, but Arsenal’s defence held firm and, if anything, it was the home side who looked more likely to score the game’s fourth goal on the counter attack.

After a positive start by the Greeks, who had lost all of their nine previous European ties in England, with Fuster side-footing wide, Arsenal went ahead in the eighth minute.

Alex Song, dropped back into central defence because of mounting injury problems, chipped the ball up to the edge of the Olympiakos area, where Oxlade-Chamberlain was onto it like a flash, before making the most of a ricochet off Marcano to cut inside and then drive a low shot into the bottom right corner.

Fortunate

Arsenal, though, were fortunate not to concede a quick equaliser when Mikel Arteta had to clear Rafik Djebbour’s close-range effort off the line.

The Gunners looked to have given themselves some breathing space when Andre Santos doubled their lead on 20 minutes.

The Brazil full-back, signed ahead of the deadline from Fenerbahce, burst down the left before crossing to Marouane Chamakh.

Jose Holebas made a saving tackle in the six-yard box, but the loose ball fell back to Santos, who turned Marcano before rolling his shot inside the near post.

It should have been cruise control from then on in for Wenger’s men, but this season, nothing is that simple.

Arsenal failed to defend a short corner, and Ibagaza pumped the ball back into the penalty area, where Fuster arrived unmarked to plant a header past the stranded Szczesny.

Olympiakos – who had only scored once on English soil before tonight, conceding 29 – were soon pressing again as Djebbour found room down the right channel before driving in an angled shot which Szczesny tipped over.

Tomas Rosicky, captain for the night with van Persie on the bench, then tripped Kevin Mirallas just a yard outside the penalty area, and received a yellow card for his thoughtless challenge.

The visitors continued to be positive after the restart, with Mirallas drilling wide from 22 yards.

 

Main threat

Oxlade-Chamberlain, playing in England’s third tier with Southampton last season, continued to look Arsenal’s main threat, as he scampered away down the right and forced Olympiakos goalkeeper Franco Costanzo off his line to make a near-post block.

Arsenal were living dangerously, though, and the Greeks came within inches of drawing level on the hour when Torosidis cut inside to curl a brilliant 25-yard effort over Szczesny, which rattled the crossbar.

Oxlade-Chamberlain was substituted by assistant manager Pat Rice, who was calling the shots in the dugout, and left to a standing ovation on 67 minutes, Wales captain Aaron Ramsey his replacement.

Andrey Arshavin was released down the left and charged into the Olympiakos penalty area, before turning former Villa defender Olof Mellberg and bringing a save out of Costanzo.

With 20 minutes left, Robin van Persie replaced Chamakh as the home side looked for a third to kill off the tie.

After being played at such a frantic pace, it was no surprise to see the tempo drop in the closing stages.

Rice looked to protect Arsenal’s lead when he sent on England full-back Kieran Gibbs to replace Arshavin for the final seven minutes.

Despite defending deep, the Gunners were never really threatened and made it four points from their opening two Group F games.

 

 

Here’s Why Gold Is A Safe Investment Despite Record Highs

With gold only few dollars shy of marking another all-time high, it’s appropriate to review the investment and central banking ramifications of gold at $1250/oz.

When approaching gold from the point of view of an investor, the first thing you should ask yourself is whether you think gold prices can rise by enough in the future to at least equal the returns you can lock in on risk-free investments. (I’ll ignore transactions and storage costs for the sake of simplicity.) To be attractive, any risky investment needs to at least promise to do better than the risk-free alternative, and Treasuries are effectively the “gold standard” of risk-free investments, the benchmark against which all risky investments need to be evaluated. (Those who think the U.S. will default on its Treasury obligations may be excused from this class.)

A central bank pursuing a gold standard might ask itself a similar question, but from a different perspective: is today’s interest rate environment sufficient to leave investors indifferent between owning Treasuries or gold?

Investors who buy gold need future gold prices to exceed the hurdle represented by, say, 10-yr Treasury yields. With 10-yr Treasuries trading today at 2.5%, an investment in gold makes sense only if gold prices rise by at least 2.5% per year over the next 10 years. Central bankers following a gold standard are content as long as investors in aggregate can’t decide whether gold will outperform Treasuries, a condition which if met results in relatively stable gold prices, but interest rates that change to offset investors’ changing perceptions of gold’s potential price performance.

This chart shows the historical price of gold in blue, and is plotted with a semi-log scale for the y-axis to facilitate the comparison of annual returns. The slope of the colored lines represents the hurdle price of gold that an investor at different points of time must expect gold to exceed. Gold is good investment when future prices exceed today’s hurdle rate, and a bad investment if future prices fall below today’s hurdle rate.

From 1970 through 1980, gold beat its hurdle rate almost every year, except for 1975-78. By 1979, investors were so anxious to buy gold, figuring it would have another winning year, that gold prices briefly soared to $850/oz. in early 1980. By this time, however, the Fed had taken a hugely restrictive policy stance, with the result that 10-yr Treasury yields had reached double-digit levels.

With the huge hurdle rates that resulted from tight money, gold investors were by and large extremely disappointed from 1980 through 2001, as gold consistently underperformed Treasuries. Not coincidentally, inflation fell from 14.8% in early 1980 to a mere 1.1% in early 2002.

Since 2002, gold has consistently exceeded its Treasury hurdles, leaving investors emboldened and anxious for more. Unlike the situation in 1980, however, the Fed has done the opposite of tightening, pledging instead to keep interest rates very low for an extended period. That means that the future hurdle rate for gold is so low that it shouldn’t be too hard to beat. Thus, gold prices are still rising, and will probably continue to rise until such time as the Fed decides to change course. I should note here that in real terms, gold is still significantly below its peak price in January ’80 (which I calculate would have been $2370 in today’s dollars), so it’s not unreasonable at all to think that gold could reach $1500 or even $2000.

I have said as much in the past (e.g. that gold is likely to rise further), but have also cautioned that with gold at these levels, it is a very risky investment and not for the faint of heart. As a retired person and a long-term investor, I have decided to eschew any exposure to gold, but a more adventurous speculator would likely find gold attractive. For my part, I think equities hold out the better promise of long-term expected returns.

 

 

November Rain For Najib ?

 

He maybe confident in his game of a November election victory but is Najib really ready to face the hidden reality ??

The prime minister apparently has an affinity for November, more accurately this particular one, for being the 11th month in a year ending with 11.

It’s not his birthday month, but the number 11 apparently recurs enough times — parents’/son’s birthdates, pivotal moments etc — that it’s his lucky number.

Unsurprisingly, the first half of 2011, using Najib’s numerology preferences and need for his own national mandate, coupled with an expectation of a weaker economy in 2012, many pundits have been plugging away that November 11, 2011 (11-11-11) will be polling day.

These opinions have rescinded, and the revised pundit’s schedule sees Najib facing his own party members first at their general assembly (December 1-3).

The desired prognosis: Having built broad support internally while skipping around the potential landmines, the prime minister then heads with his party in tow — dragging the rest of pack making up Barisan Nasional (BN) — to a successful general election in early 2012.

Successful or not at the assembly, the months of October and November will define Najib’s prospects in a March general election scenario. Bad months will force a rethink and increase the likelihood of elections later in 2012.

This column is of the position that Najib Razak is likely to have one tricky November especially as his party goes into assembly mode.

October is a bit of breathing space, but he is likelier to use the time as he already has in the last few weeks to rebuild on his “Renaissance man” initiative.

After the slip-up with Bersih 2.0 rally in Kuala Lumpur, he has reorganised himself to get back on the reform leader saddle.

Starting with the legislative agenda to retire repressive elements in security laws, and then attending feverishly all the Merdeka (National) Day festivities with hip clothes and camera to help colour up his Facebook page, and then following on with his island cycling turn over the weekend.

Najib wants to be seen less distant especially to those below 30.

There will be more, for most of October. They will inundate Budget 2012, to be tabled on October 7.

Najib has the privilege of cherry picking what more he can offer to a Malaysian populace as an olive branch, to reaffirm his administration’s desire to reform from within to meet the more modern elements Malaysians are expecting from their government.

These are the very Malaysians propping up the Pakatan Rakyat (PR) marginal seats across the country, not necessarily Umno seats in their heartland — smallish seats fending off mostly PAS and then PKR. Over there, the issues are direct economical benefits and culture.

Which is why by November the prime minister has to turn his eyes to the party. The lead-up to the Umno assembly is where his deputy Muhyiddin Yassin has a window of opportunity. To test Najib’s Malay credentials on an Umno scale.

No Umno president can persist without being clear about a race hierarchy in Malaysia. The party’s first president’s insistence for desegregation led to his departure. Onn Jaafar has his portraits in all the proper corners of the party’s convention centre in Kuala Lumpur despite having spent the larger portion of his party politics leading to his death outside Umno. The portraits celebrate as much as they act as a warning sign to all who seek to tinker with the party’s race prioritisation.

In this regard, Muhyiddin, the deputy prime minister, has been crystal clear.

He is pro-business, but not an apologist for the long-standing rent-seeking behaviours. These things have gone on long enough to be cultural, and those not benefiting from it have already adjusted to it, so why worry over it seems to be the refrain from Muhyiddin.

He is the closest fit with the party’s longest-serving president, Dr Mahathir Mohamad. This becomes more relevant since the influential Dr Mahathir has been between lukewarm and antagonistic towards both men who have succeeded him, Abdullah Ahmad Badawi and Najib. Dr Mahathir has yet to be critical of Muhyiddin, and whether that is an endorsement is left to be seen.

Which is why Najib’s bigger threat is not from Pakatan Rakyat right now, but from within his party. This was inevitable when the decision was made to gain popularity at the party do before beating the general election drums.

Muhyiddin has to wait for the present public relations exercise to end, with the expected Budget to further lift Najib’s ratings, for now.

It is important for Muhyiddin’s sake that Najib does not come out of the party assembly galvanised and then propel BN to an electoral landslide in 2012. The double blow will both reduce Muhyiddin’s party credentials and lead to speculation he will retire within the next cycle or face a viable contest for the deputy presidency. Every year as number two, his stocks depreciate.

So the battle lines are drawn. Najib has to not lose ground at the Umno assembly in two months’ time, and then hit the 160 parliamentary seats goal in 2012. In that landslide scenario, winning back Penang and Selangor would be likely as moderate voters would have moved back to the Barisan Nasional.

Muhyiddin’s best outcome on the other hand will be for Najib himself to be hit enough times that no progress is made through the 1 Malaysia branding at the party’s assembly, and that a sluggish general election campaign period will yield the same 140 or less snagged in 2008 or less. In this lose-to-win stratagem, Muhyiddin’s home state Johor, where his Pagoh seat is, must not concede too much ground to Pakatan Rakyat for his own sake.

This will posit Muhyiddin in prime position to displace Najib at the next party polls, as a whole round of “we need a stronger leader” — as it happened after Election 2008 for Abdullah — will ensue, prodding Najib to leave.

Those are the respective best-case scenarios for both leaders, and the key battle line is managing Umno members’ perceptions.

That is the battle line, and the battleground will be in November, intensifying by the week.

Najib’s multilayered, multidimensional plans to win the new Malaysia, while keeping the Malay heartland, against the blunt instrument which is Muhyiddin, who does the tried and tested.

The execution should be straightforward. To keep chugging at Najib’s policy overreach and outline how it is foreign to the larger Umno membership.

Images of the prime minister cycling for Chinese charities, and promising a somewhat end of the New Economic Policy (but not really), are just examples of what can be in the frontline of misinformation about the prime minister’s efforts.

If Muhyiddin-ists in the party can force Najib to consider taking the “Malays come first, no matter what or how” pledge, then the dual play by the prime minister will stall.

But in this climate, just accepting to reconsider the reform game plan is defeat. It won’t be seen as careful consideration, but rather as an admission of indecision.

The lack of conviction Najib often has will rise, and there will be various speakers baiting the prime minister if there is enough traction by the time the delegates arrive in Kuala Lumpur.

The most difficult part for the Najib camp is, there is no real play against Muhyiddin — who has so little to defend in the party, and therefore energy to exhaust to advance his own political ambitions. The Umno world is Muhyiddin’s playfield.

Of course, Najib can shortcut the internal threats by going to polls within 2011 and suspend the Umno assembly.

He is most certain to retain parliamentary majority, with the prerogative to cull some dissenters from the candidates’ list.

The prime minister might fancy his strength in the party once he has managed a general election unscathed, with a reasonable majority.

Or Najib can still meet the Umno assembly in December, but not hold polls in early 2012. This way he may stomach some of the criticism, while navigating the assembly to unifying the party further and not have the added burden of mustering up the posse for an election.

This will force him to rely a little on a kinder economy, or at least for a more insulated Malaysian economy however the global outlook might materialise.

The permutations are boundless, and the prime minister is obviously looking for a magic 8-ball to end 2011 on a high note.

As lucky as Najib might think of November, this one is not going to be plain sailing.

 

Gomez at double as Bayern flex muscles against City

Mario Gomez (C) celebrates his second of the match just before half-time

FC Bayern München 2-0 Manchester City FC

Mario Gomez continued his incredible run of form as two goals at the end of the first half extinguished the embers of a positive start from the visitors.

FC Bayern München made a significant statement of their UEFA Champions League intent with a home victory against Manchester City FC in Group A.

Mario Gomez continued his rich vein of goalscoring form with two goals shortly before half-time as the German title holders extended their winning run to ten matches in all competitions. It was also Bayern’s tenth successive clean sheet, though their resolve was tested in a bright start by City before sealing a win that maintains their two-point advantage at the top of the section.

Inspired by a capacity crowd, both sides began positively with the visitors fashioning the first chance. Micah Richards made early strides down the right and crossed low for Edin Džeko to fire into the grateful arms of Manuel Neuer. Bayern responded as Rafinha made his way to the byline, but his fierce centre was diverted beyond the lurking Franck Ribéry.

Yaya Touré tested Neuer with a free-kick midway through the first half as the English side enjoyed a good spell of the possession. However, Bayern’s counters were becoming increasingly dangerous with Ribéry and Bastian Schweinsteiger each calling Joe Hart into action. Schweinsteiger then spurned a fine opportunity to open the scoring, clipping narrowly over after his run was picked out by Thomas Müller.

City failed to heed the warning and were two down by the interval. Having gone into the game on the back of nine goals in six outings, Gomez almost inevitably weighed in with both, first pouncing to turn in the rebound after Hart had denied both Ribéry and Müller on 38 minutes. The Bayern striker showcased his predatory instincts again on the stroke of half-time after Daniel Van Buyten’s near-post header was parried into his path.

Rather than go in search of a reply, visiting coach Roberto Mancini opted instead to limit the damage in the second period by bringing on midfield stopper Nigel de Jong for striker Džeko. As a result it was Bayern who continued pressing, Schweinsteiger’s fearsome drive pushed around the post by Hart midway through the half.

Hart was outstanding, his one-man mission to deny the four-time European champions a third goal reaching its apogee late on when he made a quality one-handed save to deny Gomez’s glancing header. Müller could not quite turn it in at the far post, but the job was already complete. City, though, have much to do before their trip to Villarreal CF on 18 October, when Bayern are away to SSC Napoli.

 

United strike late to deny Basel famous win

Ashley Young stoops to head in United’s equaliser in an extraordinary game at Old Trafford.

Manchester United FC 3-3 FC Basel 1893

The visitors were on the verge of a remarkable win after coming from two behind at the break to lead, but Ashley Young struck to rescue United a point.

Ashley Young marked his UEFA Champions League debut with a last-minute header to save Manchester United FC from defeat in a remarkable 3-3 draw with FC Basel 1893.

Sir Alex Ferguson’s men were just minutes away from a first home defeat in 17 months after Basel had overturned Danny Welbeck’s first-half double, drawing level through quick-fire goals from Fabian and Alexander Frei before the latter’s spot kick 14 minutes from time put the visitors in front. But Young came to the rescue as he nodded in substitute Nani’s cross at the far post to earn United their second draw in Group C.

Sir Alex Ferguson had warned about United’s “careless mistakes” in their last home fixture against Chelsea FC but those worries initially appeared redundant after Welbeck’s early strikes. With Wayne Rooney and Javier Hernández injured, the 20-year-old was starting ahead of Dimitar Berbatov and Michael Owen and he benefitted from the support of Ryan Giggs, 17 years his senior, with whom he combined for both goals.

After 16 minutes, Fabio put over a low cross that Giggs, with a clever touch, laid back to Welbeck and although the striker did not get the cleanest touch, he did enough to send the ball spinning in off Yann Sommer’s left-hand post. Within 60 seconds, it was 2-0 as Giggs slid a pass across the area to Welbeck who beat Sommer with a precise side-footed finish.

United had had chances even before scoring, Antonio Valencia sending a free header off target, but then so had Basel when Fabian Frei shot wide. That set a frustrating template for the visitors in the first period; with United looking vulnerable at the back, Alexander Frei and Jacques Zoua both spurned opportunities to get back into the contest.

United had further chances too, but Sommer saved from Valencia with his foot while Young was denied a goal by an offside call moments after the restart. The second half then took an unwelcome course for the home side, however. Although De Gea foiled Streller, Basel finally got the goal they had been threatening after 58 minutes as the Spanish goalkeeper punched out a corner only as far as Fabian Frei and he drove the ball in off the post.

Two minutes later, the Swiss title holders had parity as Fabian Frei crossed from the right and his namesake Alexander headed powerfully past De Gea. Phil Jones’ failure to clear the ball then led to Valencia bringing down Streller and Alexander Frei sent De Gea the wrong way from the spot. But Basel coach Thorsten Fink, part of the FC Bayern München team beaten by a late United comeback in the 1999 final, would know better than anyone that the Red Devils are never beaten and so it proved.