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Argentina will be the surprise package of this year’s rugby World Cup, according to Italian coach John Kirwan.

The Pumas have only once gone past the group stages in the four previous tournaments to date, their best result when they reached the quarter-finals four years ago.

But Kirwan believes Argentina remain potential candidates for a place in the semi-finals.

He told the BBC Sport website: “I see New Zealand and England as the two teams to beat, with Australia and France also in contention.

“But people should not overlook Argentina - they’re the real wild cards and could easily upset that leading quartet.”

France have already been beaten twice in 2003, losing 10-6 and 33-32 in a two-Test series.

And Kirwan tipped the Pumas to cause some other upsets when the tournament begins in 10 October.

They also have that bit of flair that stands them aside from other teams John Kirwan on Argentina

The former All Black wing said: “I was impressed with how they played against both France and South Africa but I wasn’t surprised.

“Argentina are a hard side to knock over. They’re well drilled and they have a good coach.

“They maintain that same solid pack they’ve always had over history and they do the basics very well. But they also have that bit of flair that stands them aside from other teams.”

Argentina are in Pool A - dubbed the “pool of death” - and face defending champions Australia, Ireland, Romania and Namibia.

They look set to easily overcome minnows Romania and Namibia, but are likely to need to beat either Australia or Ireland.

Kirwan added: “I think they’ll do it. Put it this way, I’m pleased it’s a team we won’t have to face.”

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So when he’s not rooting for club member Colin Montgomerie, whose father Dunsmuir plays golf with every week, he will be thinking about getting out on the course on Monday - hopefully, to recreate Monty’s victory march up the 18th.

The members haven’t been allowed on the course for the last two weeks as the R&A, broadcasters and tented village brigade have been let loose on their beloved links.

Don’t feel too sorry for them, though, they’ve been able to satisfy their golf cravings at neighbouring courses like Turnberry, Prestwick, Barassie and the Gailes links.

But it’s the Championship Course on “The Breezy Links o’ Troon” that they miss, and Dunsmuir is no different.

“As long as it doesn’t rain on Monday, things will get back to normal very quickly. It’s a very resilient course,” the captain said.

“We’re all itching to test ourselves on the championship set-up. And it’s great playing with the grandstands still up - we all get to dream a little.”

Dunsmuir would also like to relax a little. This week is just the culmination of a process that started two years ago when the R&A’s course architect visited Troon to make his suggestions for the set-up.

Our members aren’t going to worry about a new bunker 300 yards down the fairway - unless they play two bad shots, that is Arthur Dunsmuir Royal Troon Club Captain Royal Troon’s greens king

The Troon resident is far too discrete to reveal what those suggestions were, and stressed that the R&A is the perfect tenant.

“We have a great relationship with the R&A,” he said. “They know there is a balance to strike: we are a members’ club, and this is an area of special scientific interest.”

In the end, only 96 yards were added to the course that hosted the 1997 Open, but there were 10 new bunkers added.

“Scottish bunkers, too. Not the type you can play seven-irons from. These are ones you have to play out sideways,” said Dunsmuir.

“But our members aren’t going to worry about a new bunker 300 yards down the fairway. Unless they play two bad shots, that is.”

And he was quick to point out that any short-term disturbance to the 126-year-old club’s equilibrium is more than worth it in terms of prestige, revenue and the wealth it brings into the area.

If the wind keeps blowing in this direction (from the west) it will favour a left-hander Dunsmuir’s local knowledge

“I can’t verify the figures, but it is said that this week will bring up to 50m into the local economy. I live locally, and people are always coming up to me to say how pleased they are to have the Open back at Troon,” he said.

“Hosting the Open is an enormous honour. And for the last year Royal Troon has served as a magnet for golfers wanting to play all the great courses in this area.

“This year was our turn, but other years it’s Turnberry, and Prestwick is always very popular because of its history. But all our neighbours are great courses.”

And with that, the diplomatic Dunsmuir disappeared for a lunch with the captains and captains’ wives from all those clubs.

He did, however, give me a tip before he left.

“If the wind keeps blowing in this direction (from the west) it will favour a left-hander. When it blows like this it is hard on the right-handers on the back nine,” he said.

A left-hander? You work it out.

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Justin Urquhart Stewart, the co-founder and director of Seven Investment Management answered your questions on Friday’s programme.

I’ve always wanted to “dabble” in the world of shares but have never known where to start! Where do I go? Is there a dummies guide to shares somewhere?

How do you know when in the year is a good time to start buying? Initially how much should you put down to “test the water?”

Ajay.

Without wishing to endorse any particular guide, there are a number of online resources for this sort of thing, examples of which can be found at:

Stock markets are, by their very nature, in a constant state of flux, so it is impossible to state categorically when is ‘the right time’ to begin dabbling - it will depend on market fluctuations and economic conditions at the time. Most experts will agree that “time in the market” is more important than trying to time the market.

As a general rule, due to the relatively high-risk / high-volatility nature of directly traded shares, they should be treated as medium to long-term investments (a minimum of five years), and should only really make up the proportion of an individual’s portfolio that they can afford to lose.

I have found the best way to learn is with an investment club. These allow you to learn about shares and share trading but without losing your shirt!

Contact Proshare Clubs to find out more and it can be a great way of learning with friends from as little as say 25 per month - well they start off as friends anyway. I belong to one as well.

How do I learn about shares, with a view to investing and hopefully trying to make some money, I don’t have much to invest to start with, say between 2,000 to 5,000.

Any advice would be very helpful as I know very little at present.

Simon Cobrettie.

The stock market, and ways to make money investing, is a vast topic to cover and as such I can recommend the following websites. These should provide good overviews of the markets, how they work and advice for novice investors.

In light of the money you have to invest, you may want to avoid investing in listed companies directly as this could be a very risky and volatile strategy.

Instead I would advocate a much lower risk approach and recommend you invest through instruments that track markets as a whole i.e. the FTSE 100, S&P 500 etc. The cheapest way to access to these tracking instruments is through Exchange Traded Funds (ETF). These trade like ordinary shares but track specific indices and for more information I recommend you take a look at the ishares website.

Pooled investments such Unit Trust and OEIC funds are a way of gaining exposure to stock markets with the advantage of lower levels of risk via diversification, with actively-managed funds benefiting further from the continued expertise and monitoring of experienced investment managers. But watch out for the charges (and their deductions).

Eurotunnel has been through a long period of restructuring and we’ve heard from two of their shareholders. I own some Eurotunnel shares and I’ve recently received something in the post about a share swap scheme, unfortunately the accompanying information is extremely difficult to understand and I wanted to know whether it would be better for me to participate in the share swap or keep what I have? I don’t even know what the purpose of the share swap scheme is so it’s hard to make a decision either way.

Antonio Montana.

I have just received a mass of paper from Eurotunnel regarding an offer to exchange my units for new ones. If you have time perhaps a few minutes of your programme could explain what the choices are. The closing date is May 15th.

Julian Fisher.

Groupe Eurotunnel SA is in the process of absorbing Eurotunnel Plc and Eurotunnel SA in a bid to restructure the company’s 6.2bn debt. You are being offered shares/bonds in the new company Groupe Eurotunnel SA and the options available to you are to exchange each unit of Eurotunnel Plc for 1 ordinary Groupe Eurotunnel SA and 1 ordinary equity warrant.

Should you wish to take up this offer you will have the added option of subscribing to a basket of bonds, further details of which should be provided by Eurotunnel Plc shortly. Alternatively, you may wish to take no action at all. However, you should be aware that the cut off date for responses is 10 May 2007.

Lastly, it is my understanding that under the new agreement shareholders will be eligible for six single journeys a year at a discount of 30% until 2010. After this date all shareholder perks will be at the discretion of the management, full details of which can be found in your pack.

By chance I received an offer from Hargreaves Lansdown this morning to buy shares in their company which is floating in a few months. My question is how do you analyse the market potential of a financial institution, especially one that is essentially an intermediary?

Nick.

Good question - I will be looking at the proportion of recurring income from fees as opposed to sales. The value being that the fees are likely to increase the longer term value of the business.

Hargreaves Lansdown have grown their business very well but I would be tempted to wait until after the flotation to see if the valuation comes back a bit.

However, I suspect with that client base they may become a takeover target for firms wishing to enter the UK market in scale.

Please could you explain, what is meant by “share buy back” when a company announces this, is it a benefit to shareholders?

Bob Hunt.

‘Share Buyback’ is the buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may be looking for a controlling stake in that company.

A buyback is a method for a company to invest in itself since they can’t own themselves. Thus, buybacks reduce the number of shares outstanding on the market which increases the proportion of shares the company owns. Buybacks can be carried out in two ways:

1. Shareholders may be presented with a tender offer whereby they have the option to submit (or tender) a portion or all of their shares within a certain time frame and at a premium to the current market price. This premium compensates investors for tendering their shares rather than holding on to them.

2. Companies buy back shares on the open market over an extended period of time.

I have been trying for a year to transfer my shares in an American oil company to my son. However I have so far been unable to do this because it requires Medallion Guarantee Signature. Can you tell me how someone in my position living in Scotland can possibly gain the Medallion Guarantee Signature?

GS Bennett.

The Medallion Guarantee Scheme is a method of trying to provide assurance to a transfer of US stock. It is a bit like and indemnity that would be signed if you lost a share certificate.

A good stockbroker who handles US stocks should be able to help. My old firm of Barclays Stockbrokers in Glasgow should be able to help. There will be a charge but this will vary from firm to firm.

I bought just over 4000 shares in British Airways via the ’staff incentive scheme’ over several years, all at different price levels. The last acquisition of the shares was in 1999.

My question is twofold:

a. If I sell now, would there be an amount of profit where I enter the capital gains tax arena?

b. Could you also advise the best way to sell shares thereby minimising agent fees?

John Cunningham.

John, without knowing the amounts and purchase dates of your British Airways shares I am unable to comment on your capital gains tax liability. What I can tell you is that any gain over 9,200 is subject to Capital Gains Tax for the 07/08 tax year.

To find out what level of tax you would need to pay, if any at all, I recommend you look at the Inland Revenue’s website:

If you are still unsure about your tax liability I suggest you seek advice from a qualified accountant.

In answer to your second question there are a number of online share dealing firms that offer varying commission rates. I have provided internet addresses for a number of these and I’ll let you make your own comparison.

Alternatively, if you hold the shares in certificated form, the easiest way to sell them would be directly through the registrar - Computershare Investor Services 0870 702 0002.

I am being approached by ‘phone by a company in the name of “Regency” whom I understand are in Bahrain. They are offering me shares in a company which apparantely is due to float into the stock market arround September/October 2007. The company’s name is US Petroleum Holdings.

My questions are:

a. Is there a way I can check out these Companies, Regency and US Petroleum Holdings.

b. Is there a way I can check out whether or not US Petroleum Holdings are due to float into the stock market.

c. Is this usual for companies to approach individuals and try to sell them shares in companies before they float? I am only a very, very small investor in the stock market and therefore would not make any difference to these companies with my investment. However, if what they claim is true they could make a little difference to me.”

Manuela Vazquez .

The internet is a good way to find basic details of a company. If the company is UK based you can check its validity with Companies House. Their website is:

You should always seek professional guidance from an adviser or stockbroker as not all companies advertised are as honest as they appear. They will be able to reassure you of the validity of the company and whether they are about to float.

You should beware of ‘Boiler rooms’, who are high pressure sales firms, often based overseas, who target investors - often sophisticated investors - to illegally offer them non-tradeable, overpriced or even non-existent shares. They acquire shareholder lists legitimately using data supplied under the Companies Act or from other sources.

The best advise I can give is that if you are unsure always check with a trusted professional advisor.

I understand that brokers have their private clients, and the clients pay for a service, which includes advice on shares.

What puzzles me is the status of broker’s tips that are found in the media and on certain internet financial pages.

Are these tips leaked information by clients, or freebies released by brokers to advertise their service.
I’m not really sure how brokers actually buy and sell shares, match deals and how prices are fixed.

Dave Lawton .

An Analyst within a stock broking firm will produce research notes and initially present them to existing clients. Thereafter, the stock broking firm may chose to release these notes to the media with the intention that if a particular recommendation does well, it may raise the profile of the firm.

However beware as often research can be produced by brokers who represent the company and therefore have a certain bias. Also beware it’s age as they go out of date very quickly and also if it is for the retail market or for the institutional market (if you have a spare 500,000 around!)

In basic terms, the role of the stockbroker is to act on behalf of investors in the purchasing and selling of securities. To do so, they approach “Market Makers” who make markets by quoting both the buy and sell price of individual stocks and shares.

Alliance Boots has just been taken over by a private equity group. Many of our viewers are shareholders in the company - what happens to them?

The shareholders are going to be offered 11.39 per share and that includes the last dividend.
Not all the details have been finalised yet, so you have to wait for Alliance Boots to write to you.

The opinions expressed are Justin’s, not the programme’s. The answers are not intended to be definitive and should be used for guidance only. Always seek professional advice for your own particular situation.

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Pakistan coach Bob Woolmer says England spinner Monty Panesar is destined for greatness after seeing him take 8-93 in the second Test at Old Trafford.

Panesar took 5-72 as England wrapped up victory with two days to spare, including the prized wickets of Mohammad Yousuf and Inzamam-ul-Haq.

“He’s a fine bowler and is going to be a great bowler. He’s a really good find for England,” Woolmer told BBC Sport.

“If the wicket helps him he looks like he’s going to bowl sides out.”

Woolmer was particularly impressed with left-arm spinner Panesar’s ability to beat the bat without the help of a “doosra”.

Many leading finger spinners, such as Muttiah Muralitharan and Harbhajan Singh, have felt the need to develop the controversial delivery.

Monty did Mohammad Yousuf and that’s something England haven’t been able to do for some time Pakistan coach Bob Woolmer

The “doosra” spins the opposite way from conventionally spun balls but can lead to problems with the legality of the action.

“He’s got this lovely looping flight and his change of pace is very good,” added Woolmer, who played in the same Test side as Derek Underwood, arguably England’s last great spin bowler.

“He beats people on both sides of the bat without a ‘doosra’, he’s got a very good arm ball and bowls at a very good pace so people find it difficult to come down the pitch to him.

“He bowled beautifully in the second innings and this will give him terrific encouragement.

“England will want to play him at Headingley [in the third Test starting on Friday] because he gets wickets.

Mohammad Yousuf is stumped by Geraint Jones off Panesar

“He did Mohammad Yousuf and that’s something England haven’t been able to do for some time. Myself and Yousuf will be sitting down and working out how we stop him.”

Yousuf, who scored 202 and 48 in the Lord’s Test, made just 38 and 15 at Old Trafford, and was dismissed by Panesar in both innings.

England’s chairman of selectors David Graveney joined the chorus of approval and hailed Panesar’s partnership with paceman Steve Harmison, who took 11-76 in the match.

“Throughout his Test career Monty has only every bowled at sub-continent batsmen, who are good players of spin, so it shows how well he is bowling,” said Graveney, a former spinner himself.

“The two of them combined very well. The key was building pressure at both ends and while Steve or Monty was taking wickets at one end the other was building pressure at the other.”

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