Companies Results:
*Good value – Vantis (VTS), Goodwin (GDWN).
*Fairly Priced – IG Group (IGG), Stonemartin (SOA).
*Buy Triple Plate (TPJ), VTR (VTR), Coffee Republic (CFE), Uruguay Mineral Exploration (UGY), Indian Film Company (IFC), United Carpets (UCG), Southern Bear (STBR), Travelzest (TVZ), Jacques Vert (JQV).
The Lex Column:
*Gilty party - Many regard gold as an insurance policy against mankind’s folly – be it our propensity to lob bombs at each other or to lose control of the money supply. That is why gold has risen more than one-third since August.
*Anglo American – Anglo American’s proposed $5.5-billion purchase of the bulk of Brazilian ore producer MMX certainly fits with a bullish mood music.
*Hotel stocks - When the economy slows, does it matter who owns the hotel rooms?
*Index Trackers - Institutional investors are piling into funds that track indices. In part, the influx reflects reduced risk appetites when markets come off the boil.
*Merrill Lynch’s pain - A $3.1-billion hit looks puny against other writedowns on display from Merrill Lynch. But that charge is in some ways scarier than the $11.5-billion hit it took on mortgage-related products.
The Lombard Column:
*Banks should bulldoze Acronym Alley now.
*Fox’s tale wags the dog (the measured approach of HMV chief executive, Simon Fox).
*Probably the best offer (Scottish & Newcastle (SCTN) /Carlsberg consortium).
Power Player:
*Chris Saul of City lawyers Slaughter and May.
The Small Talk Column:
*The party is over for the struggling small-caps.
*Property puzzle – On Monday, shareholders will have to vote whether to oust the board of Gresham House (GHE), which was set up 150-years ago and which has been on the main market since 1950.
Further news:
*Enterprise Inns (ETI)predicts more gloom for pubs.
*HSBC’s (HSBA) investment division renamed under strategic shift.
*Falkland Gold (FGML) abandons drilling search.
*British Land (BLND) rises as Morgan Stanley upgrades property.
*Northumbrian Water (NWG) rises on talk it could be the next water company to be bought by an infrastructure fund.
*LeFrank link boosts Minerva (MVA).
*Rentokil (RTO) call options in demand.
The Business Commentary Column:
*Time to win friends in the Middle Kingdom (the strategic importance of China).
*Darling needs a capital gain.
*Lesson in art of brinkmanship (Sir Brian Stewart, chairman of Scottish & Newcastle (SCTN)).
Business Big Shot:
*Stephen King, non-executive chairman of HSBC (HSBA).
Feature:
*World not running out of oil, say experts.
The Tempus Column:
*Barratt Developments (BDEV) - Buyers may be enticed in by a stock that, judging by promises on future dividend cover, will yield 9% but will have to hold on through volatile times for medium-term gains.
*HMV (HMV) – Avoid.
*Diploma (DPLM) – Worth holding.
Further news:
*Panamanian face-off looming for C&W (CW.).
*Providence Resources (PVR) is said to be close to obtaining a new licence from the Irish Government to explore further areas of the Atlantic west of Ireland in conjunction with its partner ExxonMobil.
The Comment Column:
*The towels are going up on the handpumps at S&N (SCTN).
*Cut the carbon and eliminate the hot air too - Next week the European Commission intends to outline changes to the third phase of the ETS (European Emissions Scheme) which begins in 2013 and must do a better job than the scheme's discredited first phase.
*Rate setter’s need careful touch on economy’s pedals.
Feature:
*Merrill in $11.5-billion sub-prime write-off.
From The FT
*Bond insurers spark fresh fears over credit crisis (p1)
*UBS (UBS) revamps unit to cut risk (p17)
*Virgin-led group to strengthen Northern Rock (NRK) bid (p17)
*Great Britain to become centre of European distressed debt market (p17)
*Resolution in £3-billion drive (p18)
*BAE (BA.) to buy Tenix defence business (p18)
From The Times
*EMI’s private equity boss makes a grab for Chrysalis (CHS) (p52)
*S&N (SCTN) opens its books after Carlsberg and Heineken offer £7.8-billion (p52)
*HSBC (HSBA) to seek China listing if authorities lift restriction (p5)
*Leading UK property developer, Simon Halabi, to abandon Shard of Glass project (p59)
*Merrill Lynch reports record $9.8-billion loss in 4th-quarter (p61)
The Daily Telegraph
*Power users to pay green charges (B1)
*CGT increase will ‘create false market on AIM’, says Brewin Dolphin (BRW) (B1)
*Bernanke backs fast rescue package (B2)
From The Independent
*HMV (HMV) defies retail gloom to post best-ever Christmas sales (p52)
*Share Centre founder promises free shares (p54)
From The Daily Mail
*Sub-prime losses ‘may hit £250-billion (p103)
From The Daily Express
*Barratt (BDEV) lifts homes gloom (p66)
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow closed down 306.95-points at 12159.21, the Nasdaq slipped 47.69-points to 2346.90, while the S&P fell 39.95-points to close at 1333.25.
*China tops global gold mining list to end South Africa’s century reign.
*Bank of England warns that inflation spike could jeopardise interest rate cuts.
*Gordon Brown is under pressure to postpone reform of the capital gains tax system following months of Government "dithering" that senior business and City figures say is leading to mass confusion. Ministers pledged to announce revised plans to reform capital gains tax before Christmas following criticism of their proposals to raise the levy by up to 80 per cent for small businessmen and entrepreneurs.
*Thousands of people are dying unnecessarily from treatable diseases despite more than £34 billion of investment in the NHS, a report says today. Poor performance within the health service meant that 17,157 people died in 2004 alone from conditions that should have been successfully treated, the TaxPayers' Alliance claims.
*US factory data stoke fresh recession concerns.
*Federal Reserve backs fiscal action to boost US growth, as Chairman Ben Bernanke is said to be gunning for interest rate cuts.
Compiled in association with HB PLC and WH Ireland Ltd
