The Lex Column:
*Pandering to growth - Such is the scrutiny of monetary policy in the West that central bank statements are scoured for tiny shifts in emphasis. It is therefore odd that few seem to mind that monetary policy in China is largely unfathomable.
*Carlsberg’s S&N (SCTN) gag - As anyone who has bought a second hand car knows, the seller in a transaction usually has the most information. Yet Carlsberg can be certain that it is not bidding for a lemon.
*US retail anguish - The latest spike in oil prices could tighten the screws even more, damping consumer spending further while boosting retailers’ transport costs.
*McD’s (MCD) smells coffee – The US coffee market faces a Mac Atack, as MacDonald’s plans to open coffee bars across nearly 14,000 US locations.
*Sony and Blu-ray - It looks like we have a winner. After months of see-sawing, the battle to determine the dominant format for high-definition DVDs has tipped strongly to Sony’s Blu-ray.
The Lombard Column:
*It’s rational for the Rock’s (NRK) investors to be selfish.
*Radio kills the radio star (Global Radio/GCap Media (GCAP)).
*Patience Therapeutics – When the chairman of a company called Silence (SLN), expends 1,500 words explaining why there is no reason for the 40% fall in the share price over the past 6-months, you really have to listen.
Power Play:
*Samir Assaf, of HSBC Global Markets.
Banks feature:
*Rock (NRK) is no lame duck, say funds.
*Activists flex muscles as markets falter.
Further news:
*Gresham House (GHE) battle looms.
*NY Times and CNBC join forces against News Corp.
*Prospects for US economy hinder sentiment.
*Takeover rumours generate interest in British Energy (BGY).
*Blackstone link boosts Close Bros (CBG).
*Artilium (ARTA) target price lowered.
*Victoria Oil & Gas (VOG) rises 22.5% as market belatedly picks on news that a group of Abu Dhabi-based investors had picked up a 29% in the exploration group.
The Business Commentary Column:
*GCap (GCAP) should have broadcast Global bid.
*Someone has to share the pain (City bank job losses).
*Always stick to what you know (the call for church to counsel on debt).
Feature:
*More defectors walk through the door at Close Brothers (CBG) as bidders wait to pounce.
Business Big Shot:
*Colin Keogh, chief executive of Close Bros (CBG).
The Power 100 (UK Business leaders):
*Those leaders from No. 61 to 80.
The Tempus Column:
*Marshall’s (MSLH) – Hold on.
*Homeserve (HSV) – Buy.
*Ricardo (RCDO) – Resilience, long-term support offered by tightening emissions and fuel economy legislation, give reason to hold.
Tiddler to Watch:
*Land of Leather (LAN) - Kaupthing says that the shares had fallen too far and that, without a correction, its cash and low p/e of only six for this year would be impossible for private equity predators to ignore.
Further news:
*Writedown warning rocks Housebuilders.
*Stockbroker Hichens Harrison (HICH) rises 33.5p to 243.5p after saying it was confident that growth had been impressive in the second half. It has also been the subject of takeover talk.
*European Nickel (ENK) rose 0.75p to 50.25p amid speculation that it was about to revise upwards the nickel reserves at its joint venture with Rusina Mining (RMLA) at Luzon, in the Philippines.
*Property sales takes a beating.
*Gulf states to stay on trail of foreign companies.
*Credit squeeze casts doubt over US corporate debt issuance.
*Big Four auditors buoyed by set caps.
*Bad news on homes hits top builders.
*Projects hit by haggling, Shell (RDSA) chief warns.
*House of Fraser (HOF) reports Christmas sales rise.
*Travelodge checks in hotel room modules from China.
*Micro Focus (MCRO) loses another executive.
*Nasdaq chief says sector will fragment.
*Jeffries warns of quarterly losses.
*Two top executives exit CIBC.
*Pressure for rate cut grows as High Street reports grim sales.
*Citigroup (CGP) could axe 32,000 workers to stem losses.
*Global talks to shareholders as pressure on GCap Media (GCAP) grows.
*S&N (SCTN) goes public on Russia’s love of beer to ward off suitors.
*SRM Global steps up campaign before key Northern Rock (NRK) meeting.
*National Express (NEX) furious at rail track owner.
*Goldman told to deliver Rock (NRK) report this week.
*EMU stability threatened by southern states’ debts.
*Bank of England to tighten rules on reserves targets.
*Evolution (EVG) may face bid from Portugal’s BES bank.
*GCap (GCAP) rejects derisory offer.
*Nationwide accuses rivals over temporary bonuses.
*Crude oil dips over slowdown fears.
*Hedge funds fight Northern Rock (NRK) board for small investor’s votes.
*Write-down fears weigh on Credit Suisse (CRD).
*Peter Hain urges employers to ‘take responsibility’ for pensions.
*Gordon Brown hires Brunswick spin doctor.
*HSBC (HSBA) payments delayed.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow Jones closed up 27.31-points at 12827.49, the Nasdaq fell 5.19-points to 2499.46, while the S&P added 4.55-points to close at 1416.18.
*UK retailers had their worst Christmas in three years, the British Retail Consortium (BRC) has said. Like-for-like sales across the sector - which exclude new store openings - increased by just 0.3% last month from a year earlier, the trade body said. While overall sales advanced 2.5%, the BRC said it remained the worst December on the High Street since 2004. Calling for further interest rate cuts, the BRC said the figures pointed "to a very challenging first-half of 2008".
*UK car sales buck trend with 2.4-million registrations in 2007.
*US accuses Iran of harassing navy vessels with speedboats.
*US has entered recession, says Merrill Lynch.
*EU split over plan to levy import tax on polluters.
*A Sri Lankan minister, DM Dassanayake, has died in hospital after his convoy was hit by a powerful roadside blast near the capital, doctors said. The minister for nation-building was in a convoy between Colombo and the international airport when the bomb went off. Seven others were wounded. The blast, in Ja-Ela town, 12-miles north of Colombo, has been blamed on the Tamil Tiger rebels.
*Having too little vitamin D has been linked to an increased risk of heart disease, a US study has found. The Harvard Medical School team said the risk was particularly high for those who also had high blood pressure. Writing in the journal Circulation, they said correcting vitamin D deficiency could be beneficial.
Compiled in association with HB PLC and WH Ireland Ltd
