The Lex Column:
*Empire of the son (James Murdoch/BSkyB (BSY)) – Why be a prince in New York, when you can be a king in London? Although being groomed to one day take over from his father Rupert, as head of News Corp, he is wisely staying an ocean away for as long as he can.
*Buying Northern Rock (NRK) – Olivant’s plan, revealed yesterday, is superior to Virgin’s proposal on several levels. However, it’s all about branding, after all, will the public ever again give its money to a bank called Northern Rock? Those who think the answer to that question is yes, should back Olivant.
*Boards and investors – Pfizer’s (PFZ) unusual move, with the board actually meeting its institutional investors, was called by one Wall Street legal eagle, “corporate governance run amok,” saying it would undermine competitiveness. International experience suggests just the opposite, as regular chats between boards and large investors can be beneficial. In fact in the UK, a 2005 company law ‘formalised’ the role of senior independent director.
The Lombard Column:
*Let’s see if Rupert lets James paddle his own canoe (Rupert and James Murdoch and BSkyB (BSY)/News Corp).
*Blue-chip on the block – Eurasia Natural Resources follows in the wake of Kazakhmys (KAZ), another Kazakh miner, which also happens to have an 18.8% stake in ENRC.
*Generalists strike back – Given the mess that banks’ rocket scientists have made, it’s reassuring to see the City and Wall Street place some faith in breadth as well as depth e.g. Rodrigo Rato, Patience Wheatcroft and Jonathan Powell.
The Weekend Share Watch Column:
*Redstone (RED) – Back on track from near-extinction. Investec estimates that Redstone trades on a perspective p/e ratio of 11.3, low considering its revenue visibility.
*Mears (MER) – Proving that caring is profitable. There could be evidence of expansion on Wednesday, when Mears updates the market.
*Andor Technology (AND) – Belfast-made and sold everywhere. If Northern Ireland is to enjoy a ‘peace dividend’, this could be one to watch.
Feature:
*Fags, drugs and phones’ back in vogue as best defensive plays.
*Cash is king, so preserve it where possible.
The Neil Hume on London Column:
*The conspicuous attraction of large caps.
The Traders Column (FT Money Section):
*CSR (CSR) purchased last week when price approached the support line.
*German property play Dawnay Day Sirius (DDS) pleases.
*Home shopping boost for Findel (FDL).
*Sell - Mitchells & Butlers (MAB).
*Can Diageo (DGE) steady the nerves?
*Banks bear market intact.
The Adventurous Investor Column (FT Money Section):
*Going for gold begins to look like a bright move.
Further news:
*Star Energy (STAR) casts net for white knight.
*Moss Bros (MOSB) eyes move upmarket after profit warning.
*Bid approach talk propels Xstrata (XTA) to record high.
*Clapham House (CPH) was in focus yesterday after private equity group Capricorn Venture’s builds an 11.2% stake.
Feature:
*The Wall Street broker whose next big decision could mean life and death – Hedge fund manager to fight in Afghanistan.
The Tempus Column:
*Buy Begbies (BEG) at 88p.
*Star Energy (STAR) – Avoid.
*EMAP (EMA) – Hopes for a dominant commercial radio sector now looks less likely than ever.
The Robert Cole Personal Investor Column (Money Section):
*Builders at knockdown prices – Persimmon (PSN), with a lower risk profile is pick of the crop.
Further news:
*Spurs owner, Joe Lewis increases Bear Sterns stake despite losses.
*Takeover talk boosts Aquarius (AQP) nearly 10%.
Media Feature:
*BSkyB (BSY) chief Darroch wins City’s backing.
The Comment Column:
*Murdoch jnr gets his Christmas stocking filled early.
*Rock (NRK) investors’ interests could mean nationalisation.
Profile:
*Michelle Mone, founder of MJM.
Feature:
*Broker salutes Admiral (ADM) – Credit Suisse reiterates neutral recommendation, but raises price target to 1045p, from 945p.
The Questor Column:
*Weir Group (WEIR) – Buy on weakness.
*May Gurney (MAYG) – Buy.
The Citywire Column:
*Fidelity gives young guns chance to show their worth.
*Neptune Investments launches 2 new funds, one investing in the Asia-Pacific region and the other in Latin America.
Further news:
*Price-fixing stores take £116-million fine.
*Xstrata (XTA) hits high with bidding battle expected.
The Derek Pain, No Pain, No Gain Column:
*Drinks companies have a few rounds left in them yet – Cairns Brewery in Liverpool is the most interesting of the beer bunch. Also liking Marstons (MARS).
The Outlook Column:
*Olivant is the favourite in the race for Rock (NRK).
*EMAP’s (EMA) failure isn’t what it seems.
*Supermarket PR has a lotta bottle (the artificial pricing of milk).
*Sports Direct (SPD) stuck in its own half.
A Day in the Life:
*Joseph Corré – co-founder of Agent Provocateur.
Further news:
*Xstrata (XTA) fired up by talk of Anglo American (AAL) bid.
The City Focus Column:
*Murdoch is anxious to secure his dynasty.
At a Glance:
*Worthington woes (Worthington Nicholls (WNG)).
The Investment Extra Column:
*A market that has achieved its AIM (Companies that have the X Factor): - Domino’s Pizza (DOM), Goals Soccer Centres (GOAL), Majestic Wine (MJW), Mavinwood (MVW) and Synergy Healthcare (SYR).
Further news:
*Sir John Gieve may face axe over Rock (NRK) debacle.
*Miners keep the Footsie afloat.
*Talk that Dignity (DTY) might replace Luminar (LMR) in the FTSE-250 next week.
*Traders recall Cable Wireless (CW.) rumour (interest from France Telecom?).
*Restaurant Group (RTN) firm on talk of a possible buyout of Gaucho Grill.
*Punters bet on solid first-quarter figures from Sportingbet (SBT) next Tuesday.
*Credit crunch is late for Begbies (BEG).
*Shares in Maxjet Airways (MAXJ) have been suspended in London as the US group struggled to put together a financial rescue package.
*Investors are fleeing troubled sectors, such as UK commercial property, to take refuge in ‘safe haven’ funds and cash deposits, in preparation for what could be further instability in global financial markets.
*Jonathan Powell, one-time top aide for Tony Blair is to join Morgan Stanley as managing director of the investment banking division.
*David Stout, head of pharmaceuticals at GlaxoSmithKline (GSK) is to quit, after losing the battle to become the new chief executive of the drugs giant.
*Berkeley (BKG) stresses resilience of London housing market.
*Brazilian miner Vale moves to consider bid for Xstrata (XTA).
*EMAP (EMA) shocked as business-to-business operations left on the shelf by bidders.
*Copper Resources (CRC) lifted 19p to 144.5p, after receiving a formal all-share offer from Metorex.
*Olivant’s Northern Rock (NRK) bid claims shareholder backing.
*EMAP (EMA) shares slump as it pulls sale of B2B arm.
*Cheap drinks at supermarkets behind rise in alcohol deaths, according to figures.
*Halifax (HBOS) predicts house price standstill after decade of rises.
*Pension funds are ignoring social issues, according to a report from the charity Fair Pensions.
*Rock (NRK) is far from steady despite bids.
*Tesco (TSCO) locks horns with the OFT over price fixing.
*More travel with easyJet (EZJ).
*Lonrho (LONR) awarded 20% of LonZim and exclusive management contract for the new Zimbabwean investment company to list on AIM.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow Jones closed up 5.69-points at 13625.58, the Nasdaq slipped a little to close at 2706.16, off just 2.87-points, while the S&P closed down 2.68-points at 1504.66.
*Bombers kill 26 in attacks on Iraq police.
*International mediators fail to broker an agreement between Serbia and Kosovo over the future status of the province.
*Four of the five British residents held by the US at Guantanamo Bay are to be released, the BBC has learned. The UK Government requested the release of all five men in August after previously refusing to intervene as they were not British citizens. Jamil el-Banna, Omar Deghayes and Abdenour Samuer will come back to the UK, while Shaker Abdur-Raheem Aamer will return to his native Saudi Arabia. Campaign group Amnesty International said the news was "extremely welcome".
*The wife of a man presumed drowned in a 2002 canoe accident has said he lived in the family home for three years after being declared dead. Anne Darwin said her husband hid in a bedsit in a house they owned next door when family or friends visited to prevent them discovering the truth.
*North-South house price divide looms, as the annual prediction from HBOS (HBOS) suggests that homeowners in the North and the Midlands have more to fear next year than those in the rest of Great Britain.
*Insolvency fears as Libor fails to mirror base rate cut.
*Four-million still paying off credit card debts for last Christmas, according to MoneyExpert.com.
*UK third-quarter construction output up 1% vs fourth quarter, up 3% year-on-year.
*UK shopper numbers fall again in early December by 3.7%, according to Footfall.
*Tesco (TSCO) to fight OFT over milk price rises.
*AstraZeneca (AZN) boosts productivity target.
*Truckers angry about high diesel prices have threatened to take 'legal protest action' in a bid to get the government to cut fuel duties.
*US no-farm payroll figures encourage hopes of a 25 basis point rate cut next week, after creating 94,000 jobs last month, slightly ahead of expectations.
*US non-farm payrolls up 94,000; unemployment steady at 4.7%.
*US early December Reuters/Michigan consumer sentiment falls to 74.5-million vs 76.0-million expected.
*US November average hourly earnings up 0.5% to $17.63 vs 0.3% rise expected.
*IMF prepares to shed staff as crisis looms for the global lender.
*Top banking executive murdered as contract killings return to haunt Moscow.
Compiled in association with HB PLC and WH Ireland Ltd
