The Lex Column:
*Chuck's away - A second vicious tumble in the credit market; a second scalp on Wall Street. Citigroup (CGP) has lost its boss, Chuck Prince just days after Merrill Lynch's Stan O'Neal left. Who would have thought a year ago that both men would be laid low by an obscure form of debt securitisation?
*Pressure on banks - Do banks have enough capital to withstand continuing bombardment from the credit markets? The scale of write-downs in the third quarter, further deterioration in structured finance markets since then and accelerating credit downgrades suggest some may not.
*Container ports - The world needs more container ports. And investors will now be able to get a bigger slice of the action. The global ports business is highly profitable, relatively immune to economic downturns and inaccessible to investors since none of the big operators are quoted.
The Tony Jackson on Monday Column:
*Brakes on lending could be the new banking reality.
*Feeding other bubbles - The longer the liquidity freeze, the worse the defaults are likely to be in the next stage of the cycle. And this, above all, is where investors still seem too sanguine.
Interview:
*Lord Ashcroft.
In the Spotlight:
*Jerry Yang – Chief executive and co-founder of Yahoo (YAH).
Further news:
*Tesco (TSCO) opens US store campaign.
*Stalling on Sainsbury (SBRY) hurts Qatari reputation.
*Amelia Fawcett to launch PensionsFirst, a securitisation group selling bonds to cover the risks of company pension schemes.
*Offshore haven (Isle of Man) tops AIM floats.
*BlackRock (BLR) looks solid in two-deal battle.
The AIM Market:
*With entrepreneurs you are investing trust, not just money.
Further news:
*Rubin set to take over at Citigroup (CGP).
*Friends Provident (FP.) will today launch a charm offensive to convince the City it can still grow.
The Stephen King Column:
*A transfer of wealth causes a simple shift of emphasis to rob dollar of global status.
The Small Talk Column:
*Akers Biosciences (AKR) could begin to pump with a radical new deal.
*Priorities at Erinaceous (ERG).
*Adilli looking to raise £1.5-million to cash in on ethical consumer boom.
Further news:
*O2 (OOM) gears up its customer services in preparation for iPhone launch.
*Solid results in store for Marks & Spencer (MKS).
*Charles ‘Chuck’ Prince has resigned as chairman and chief executive of Citigroup (CGP) after the bank revealed pre-tax losses in its sub-prime mortgage-related holdings of between $8-and $11-billion dollars.
*The former US Treasury Secretary, Robert Rubin will takeover as chairman at Citigroup (CGP) and former head of Schroders (SDR), Sir Win Bischoff will act as temporary chief executive.
*Bear Stearns moves to liquidate the feeder hedge fund that invested in its collapsed high-grade enhanced leverage fund.
*Northern Rock (NRK) has said that claims that depositors have taken out £14-billion from the bank are a 'big overestimate'.
*Chancellor, Alistair Darling has been urged to impose a new management at Northern Rock (NRK).
*Qatari Investment Authority on the brink of abandoning its £10.6-billion bid for Sainsbury (SBRY).
*Invesco (IVZ) is to launch a European exchange-traded funds business to tap the sector's growing popularity.
*Standard Life (SL.) has asked Swiss Re (SWI) to consider taking a stake in the group in its attempt to win Resolution (RSL).
*Tate and Lyle (TATE) may sell sugar manufacturing business.
*Tesco (TSCO) opens first store in its ambitious US venture.
*Russia's Gazprom is understood to be the mystery bidder that has begun looking to buy a 25% stake in Imperial Energy (IEC).
*MySpace to target advert sales system that targets individuals.
*Zhaikmunai, the Kazakh oil and gas company, to float in London.
*Investment banks submit proposals to float Virgin Active gym business next year.
*Private equity fund HarbourVest is to unveil a plan for an IPO of a new fund on NYSE Euronext in Amsterdam, that it hopes will raise £191-million.
*Online retailer Adili is planning a flotation.
*China blocks share-buying in Hong Kong.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*Pakistan prime minister Shaukat Aziz warns that general elections due in first half of January, could now be delayed for up to a year.
*Kurdish crisis eases as Turkish soldiers are freed.
*9,000 civilian jobs at risk under Ministry of Defence cost-cut plan.
*A small rise in the number of companies going bust could herald a fresh threat to economic growth.
*Debt forecast to rise as shoppers head for a credit card Christmas.
*Interest rate decisions in the UK and Europe will be the central focus of attention, as this week's data will also provide more evidence of the effect of the credit crisis on the service sector.
*Companies face five-fold rise in Pension Protection Fund levy due to undercharging.
*The Office of Fair Trading is 'hunting' for high-profile Microsoft-style cases, in which companies are abusing dominant market positions, according to chief executive John Fingleton.
*The volumes of derivatives based on property have more than doubled in the past year.
*Southern Cross Healthcare (SCHE) will attempt to reassure investors following an investigation by an undercover journalist who worked at one of the company's care homes.
Compiled in association with HB PLC and WH Ireland Ltd
