The Lex Column:
*Cayne not able – News that Jimmy Cayne is stepping down as chief executive of Bear Stearns seems commensurate with the scale of investors’ pain. But it still smacks of half measures.
*Credit cards – It may seem extraordinary but in 2008 a US consumer overwhelmed by a crushing mortgage and falling property prices may prefer to walk away from their house rather than default on credit card debt.
*London skyscrapers – London’s skyline bristles with cranes clearing the ground for new developments. But if a full-blown recession develops, will there be anyone to fill them?
*China’s airline rebellion – By rejecting the Singaporean bid to buy a $920-million stake in their company, China Eastern Airline shareholders have disobeyed Beijing and kissed goodbye to a badly needed injection of capital.
*Buffett’s bond issuer – Before the emergence of sovereign wealth funds, Warren Buffett was everyone’s favourite saviour. For the bond insurance industry at least, he still seems to have the magic.
The Lombard Column:
*Mecom (MEC) tactics open Monty’s bold strategy to new doubt (David Montgomery).
*Defiance on the High Street – Forecasters need not throw out their crystal balls yet.
*Risks and rewards – The financial sector’s compensation practices are deeply flawed.
Power Player:
*Steve Ingham, chief of Michael Page (MPI).
Interview:
*Jonathan Russell, head of 3i’s (III) buyout business.
Feature:
*Government time running out over Northern Rock (NRK).
Further news:
*easyJet (EZJ) falls 14% on weak traffic.
*Lloyd’s of London likely to reveal modest fall in capacity.
*Investors turn defensive amid volatile trading.
*Lloyds TSB (LLOY) under pressure as broker sounds glum note.
*Yell (YELL) drops 6.2% on back of UBS downgrade.
*Mood lightens for Blacks Leisure (BSLA).
*Well received trading update lifts Aurum Mining (AUR).
*Minerva (MNR) reaches new heights.
The Business Commentary Column:
*Nine reasons to make a brave, bold cut (interest rates).
*Barclays (BARC) bonus is not sub-prime.
*It’s so changeable at the moment (US Countrywide Financial having to deny bankruptcy talk, as Bank of America faces a huge loss from its investment in Countrywide).
The Power 100:
*Those in power of UK’s boardrooms No’s 41 to 60.
The Tempus Column:
*Michael Page (MPI) – Avoid.
*Domino’s Pizza (DOM) – Buy.
*Aurum Mining (AUR) – Worth a flutter at 114.5p.
Tiddler to Watch:
*Zenergy Power (ZEN) - Charles Stanley has initiated coverage with a buy and 350p price target. Ambrian, Zenergy’s broker, has it as one of its top picks for 2008.
Further news:
*Schwartz is the right man to lead Bear Sterns, says Wall Street.
*Advertising market causes Yell (YELL) more pain.
*Ascent (AST) falls on drilling update.
*Allied Gold (AGLD) closed down 1.5p at 36p despite being named one of three top mining tips for 2008 by Mirabaud Securities.
The Comment Column:
*Darling should leave rate cut decisions to the lenders.
*Scottish & Newcastle (SCTN) shareholders shouldn’t capitulate to Carlsberg.
*New US opportunity beckons for Barclays (BARC).
Feature:
*Crunch catches up with Wall Street legend (Jimmy Cayne).
Feature:
*A ray of light to brighten the High Street gloom.
The Jeff Randall Column:
*Sir Stuart Rose will find that M&S’s (MKS) share price is still pants.
Further news:
*Microsoft (MSF) data search deal boosts rival Autonomy (AU.).
*Defensive moves prop up FTSE as builders tumble down.
*Digging down – Hochschild (HOC) (feature in market report).
The Outlook Column:
*S&N (SCTN) struggles to unlock Russian value.
*Not the time for vanity advertising (Barclays Capital).
*Mervyn King heads for second term at Bank.
The Business Analysis Column:
*Sony changes its tune.
*Marks & Spencer’s (MKS) like-for-like sales down 2.2%, against analysts estimates of up 1.1%, with 3rd Qtr international sales up 15.1%.
*Mecom (MEC) shaken by share slide.
*Credit crunch claims Barclays Capital co-president.
*Companies face being forced to reveal off-balance sheet vehicles.
*EMI’s UK chief to resign.
*British Airways (BAY) on course to fly direct from US to Continent.
*Carlsberg and S&N (SCTN) renew BBH hostilities.
*Quiet man Jerry del Missier, emerging as Bob Diamond’s successor.
*Hochschild Mining (HOC) warning knocks shares by a quarter.
*Jessops (JSP) seeks new finance terms.
*John Lewis warns of tough 2008.
*Dunelm (DNLM) sets store on expansion.
*Solid sales boost Topps Tiles (TPT) shares.
*Savills (SVS) defies gloom with upbeat outlook.
*Michael Page (MPI) beats banking lull.
*Entertainment One (ETO) furthers ambitions with RCV purchase.
*Inflationary threat looms as tide of cheap Chinese goods dries up.
*Northern Rock (NRK) board faces broader shareholder challenge.
*Shares in Mecom (MEC) fall 30% after downgrade by broker, Numis.
*House prices stage comeback in end-of-year survey by Halifax.
*Co-president of BarCap is latest victim of credit crunch.
*Shell (RDSA) and Total (TTA) square up over gasfield in Iraqi’s Sunni heartland.
*M&S (MKS) aims to tempt foodies as profits fall.
*Eurotunnel (ETL) asks banks to prepare for rights issue.
*Zombie fund’s name all set to rise again (Resolution (RSL)).
*Temp staff help Michael Page (MPI) to beat forecasts.
*Close Bros (CBG) boss rallies staff after departures.
*No need for panic says jaunty Savils (SVS).
*Bob Diamond names del Missier as heir to BarCap empire.
*Treasury scrambles to achieve private Northern Rock (NRK) sale.
*Network Rail faces fresh attack from Virgin Trains chief.
*Beijing may revalue as inflation hits.
*Slowdown in new issues fuels fears over China.
*S&N (SCTN) details case for acquiring Russian venture.
*Domino’s (DOM) delivers 17.6% sales jump as online orders increase.
*Funds dose up on drug firms.
*Amlin (AML) and Findel (FDL), 2 of KBC’s platinum picks for 2008, find favour in the market.
*BA (BAY) in Iberia showdown talks.
*easyJet (EZJ) fails to fill seats.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow closed down 238.42-points at 12589.07, the Nasdaq fell 58.95-points to 2440.51, while the S&P lost 25.99-points to close at 1390.19.
*Chancellor Alistair Darling's bid to portray himself as a consumers' champion over soaring energy bills is said to have back-fired spectacularly, with power companies revealing that higher Treasury taxes account for almost 50pc of last weeks' rise in household energy bills.
*Annual cost of MP’s pensions triples.
*Hilary Clinton wins New Hampshire Primary.
*At least 28 people are reported to have died in Iran's heaviest snowfall in recent years. Eight people froze to death as severe blizzards left 40,000 people stranded in their cars, authorities said. Although most have now been rescued, another 20 people are reported to have died in car crashes caused by the weather, officials said. Tehran has declared two days of national holiday, urging people to stay at home to avoid the bitter cold. The temperature has been down as low as -24 degrees Celsius, and for the first time in living memory there has been snow in the country's southern deserts.
Compiled in association with HB PLC and WH Ireland Ltd
