The Lex Column:
*Stimulating debate - It’s the economy, stupid. With an election looming, the White House and its prospective residents are anxious to show they are doing all they can to head off a US recession.
*New Star (NSAM) slumps - Is Friday morning’s 30 per cent dive in New Star Asset Management’s stock price overdoing it? Hardly. The former darling of the UK retail fund sector is in a nasty spot of bother.
*Monolines - Yesterday saw Ambac, one of the bigger so-called monolines, scrap capital-raising plans. This is quickly turning into a desperate situation.
The Lombard Column:
*Why Britain doesn’t need to mind its language – One has to wonder about the eclectic selection of baubles Gordon Brown is expecting his Chinese and Indian hosts to import as a result of his trip to Asia.
*Finally, a SCi (SEG) of relief – Untrammelled by conflicts of interest, the board has acted with admirable despatch.
*Falling Standard (Standard Life (SL.)).
Pub Feature:
*Pub companies look through glass darkly.
The Weekend Share Watch Column:
*Kingfisher (KGF) - A forward price/earnings ratio of about 11 times is a premium to the battered retail sector and looks too high.
*Aveva (AVV) – Finding growth in face of IT cutbacks.
*Itis (ITH) – Prospective multiple of 9 looks cheap for a stock with 20% projected earnings growth.
The Neil Hume on London Column:
*Anxious eyes await turning point (in the market).
Further news:
*RAB (RAB) hit hard by market slide.
*Rio Tinto (RIO) proclaims its superiority.
*Robust miners are unable to shore up weakened Footsie.
*Aveva (AVV) rises 11% as it says that full-year figures would beat expectations.
*Senior shake-up boosts SCi (SEG).
*Prime Minister begins his visit to Beijing with an invitation to the £100bn sovereign wealth fund to pour cash into the UK.
*Christmas delivery woes hit Entertainment Rights (ERT) and analysts say that the group is vulnerable to a takeover bid.
*New Star (NSAM) plunges £110-million as investors panic.
*Darling props up Northern Rock (NRK) with £30-billion guarantee - Alistair Darling has made a last-ditch attempt to save Northern Rock by proposing a huge new government guarantee.
*Blood flows at Lara Croft headquarters (SCi (SEG)) - Top three go after shareholders in computer games group express 'no confidence' in management team after profits warning.
*Homeowners face 15% rise in cost of energy.
*BHP (BLT) unlikely to increase £70-billion Rio (RIO) offer.
*Fall in retail sales sparks ‘long-term’ fears.
*Time to win friends in China - Stephen Green is emphatic. The HSBC (HSBA) chairman argues that there is simply no country more strategically important to his business than China.
*SocGen (SGN) leads French banking decline.
*Carphone (CPW) misses third-quarter forecasts.
*Standard Life’s (SL.) chief tipped for top job at Friends Provident (FP.).
*What happens when oil runs out?
The Comment Column:
*Plenty of time for Duffield to make New Star (NSAM) rise again (John Duffield, chief executive of New Star).
*Carlsberg may well face a rival bid for S&N (SCTN).
Profile:
*Stuart Rose, chief executive of Marks & Spencer (MKS).
The Citywire Column:
*New Star’s (NSAM) Pease apologies to investors for funds fall.
Further news:
*Xstrata (XTA) leaps as takeover talk mounts.
*“That’s just the ticket” – Cineworld (CINE).
*Out of tune GCap (GCAP) chief quits group.
The Derek pain, ‘No Pain, No Gain’ Column:
*Why I had to kick Goals Soccer Centres (GOAL) into touch - The five-a-side football group, have suffered an unexplained bout of selling and fell nearly 50p in just two days, taking them below the 300p sell put in place.
*The dark shadow of Chancellor Alistair Darling hovers threateningly over the small-caps. His plans to change investment tax rules are already having an impact. Come April, the junior Alternative Investment Market (and possibly Plus) will be much less attractive places for investors.
The Outlook Column:
*Fear stalks commercial property funds.
*New Star (NSAM) will shine again.
*Hanging up on Talk Talk at last (Carphone Warehouse (CPW)).
A Day in the Life:
*Sir James Dyson, founder and chairman of Dyson (DYS).
Further news:
*Takeover rumours bring relief to mining firms.
Further news:
*Tycoon denies shopping spree - Sir Philip Green says he’s not stakebuilding in M&S (MKS).
*Broker St Helens Capital believes buyers should be all over DermaSalve Sciences (DRM) like a heavy rash.
*Sativex decision may send GW Pharma (GWP) investors on a high.
From The FT
*iPhone sales miss UK target (p13)
*Deutsche Bahn close to winning fight for Laing Rail (p13)
*Bond insurer Ambac left reeling after Fitch Ratings cuts triple-A rating (p13)
*Property funds log record low result (p14)
*Carphone (CPW) misses seasonal sales targets (p14)
*Northern Rock (NRK) decision imminent, as the Government is expected to announce the bank’s fate (p14)
From The Daily Telegraph
*Bush backs America’s emergency shot in the arm (p33)
*Stay-away shopper put paid to pound recovery (p33)
*New Star (NSAM) plunges on profit warning (p33)
*Investors support Rio (RIO) over BHP’s (BLT) £67-billion approach (p35)
*‘Difficult trading’ hits Rock (NRK) shareholder, RAB Capital (RAB) (p35)
*Gordon Brown woos $200-billion China fund (p35)
From The Independent
*Commercial property managers in race to prevent investor panic (p52)
*Gordon Brown boosts LSE (LSE) with Beijing opening (p53)
*Official: worst Christmas on High Street for 13-years (p54)
*Carphone Warehouse (CPW) says outlook good despite sales fall (p34)
From The Daily Mail
*BHP Billiton (BLT) won’t dig any deeper for Rio Tinto (RIO) (p110)
*Top trio quit SCi (SEG) amid profit warnings and merger failure (p110)
*Northern Rock (NRK) set to fight state takeover (p111)
*An unbearable time for Rupert the Bear’s owners, Entertainment Rights (ERT) (p111)
From The Daily Express
*EMI moves in on Chrysalis (CHS) (p98)
*Older clubbers lighten up Luminar (LMR) (p99)
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow Jones closed down 59.91-points at 12099.30, the Nasdaq fell 6.88-points to 2340.02, while the S&P lost 8.06-points to close at 1325.19.
*West Midlands police are investigating the theft of a laptop from a Royal Navy officer which held the personal details of 600,000 people. Police said the laptop was taken from a vehicle parked overnight in the Edgbaston area of Birmingham. The laptop contains data including passport numbers, National Insurance numbers and bank details. They relate to people who had expressed an interest in, or joined, the Royal Navy, Royal Marines and the RAF.
*Scottish and Southern Energy (SSE), Great Britain's second biggest energy supplier, has promised to keep its prices unchanged until at least 30th March, with the help of gains from the European Union's emissions trading scheme.
*US citizens living in Great Britain are likely to face double taxation under the new tax regime for foreign residents, according to advisers who warn that the changes could trigger a fire sale of assets.
*Gordon Brown welcomes Chinese investment in the UK.
*Anglo-Chinese projects to tackle global warming.
*Millions of households across southern England face above-inflation council tax rises this year after Ministers quietly introduced rules to divert central Government money to Labour heartlands in the north. Typical bills in wealthier southern areas are likely to rise by between four and five per cent as authorities struggle to cover shortfalls in their Whitehall funding. In many northern regions the increase will be 2.5% or below. The SNP intends to freeze council tax in Scotland.
*British Gas (CNA) raised bills for gas and electricity by 15% Friday, pushing average annual bills for 13-million customers past £1,000 and prompting further calls for a regulatory inquiry into the UK's £25-billion-a-year energy business.
*Figures from the Office for National Statistics, showing that Christmas on the High Street was the worst for 13-years, will put pressure on the Bank of England to cut interest rates to 5.25% next month.
*Bobby Fischer, chess genius and estranged American, dies in isolation, aged 64.
*The Iraqi authorities have stepped up security as Shia Muslims gather to mark the end of Ashura - one of the holiest events in the Shia calendar. Up to 2-million pilgrims are expected to gather on Saturday in the city of Karbala for the festival's climax. Tensions are high after dozens died in clashes on Friday in two southern cities between police and a group thought to be linked to a Shia cult. Clashes between Iraqi troops and the cult last Ashura left 263 people dead.
Compiled in association with HB PLC and WH Ireland Ltd
