The Lex Column:
*Happy days are here, a gain!- As stakes go, these ones are well done. Western banks which bought positions in Chinese lenders are now sitting on almost ridiculous capital gains.
*Eni drops Burren (BUR) - Playing hard to get is a high-risk strategy - suits can get frustrated and flounce off. This happened when Eni had an improved offer for Burren Energy thrown back in its face.
*China's delayed 3G - China has been aiming to introduce 3G telecoms services almost since the start of the decade. The fact that it has failed to deliver does nothing to subdue enthusiasm.
*US housing blame - Got a problem? Blame the housing slump. But laying too much at housing's door oversimplifies its impact.
*Roche and Ventana - Now they're talking. Roche and Ventana have been at loggerheads for more than five months. However, Ventana's board has called Roche's $75-a-share offer “grossly inadequate”.
The Lombard Column:
*Control of StanChart’s (STAN) destiny has shifted East.
*Rake can force progress - Private equity.
*Rock's (NRK) stock is too risky.
Further news:
*Credit squeeze could last until next Christmas.
*Pressure pays off as private equity code of conduct is played down.
*Arabian funds eye distressed UK assets.
*Swiss Re (SWI) suffers SFr1.2-billion credit swap loss.
*Barratt (BDEV) hurt by a sharp reduction in house sales.
*Lonmin (LMI) heads the steep declines for mining companies.
*Reports that Pacific Group has amassed a 6% holding in Intercontinental Hotels (IHG).
*Talk of Middle East predatory interest in Kelda (KEL).
*Microsoft (MSF) circuitry contract hopes at Wolfson Microelectronics (WLF).
*Amec (AMEC) bucks trend with 3% rise.
The Comment Column:
*Darling's 'rescue' bid leaves Northern Rock (NRK) with no way out.
*We're all in for a rocky ride if the City stops spending.
*The British are no longer warming to beer.
The Questor Column:
*Wood Group (WG.) - Buy.
*Detica Group (DCA) - Sell.
Further news:
*‘Orwellian’ Darling adds to confusion over Rock’s (NRK) fate.
*Alliance & Leicester (NRK) hits 7-year low as credit crisis rumbles on.
*Rumours that Kelda (KEL) is being eyed up by an infrastructure fund.
The City Focus Column:
*Masters of the Universe fail to end secrecy – Saving private equity.
Further news:
*Markets need the kiss of life.
*Worries over current trading unsettles Robert Walters (RWA).
*Report that Greek shipping magnate Achilleas Kallakis has acquired a 6% stake in Intercontinental Hotels (IHG).
*New fears for banks as Goldman Sachs predicted a further $48-billion of write-downs by the end of next year.
*Chancellor Alistair Darling says depositors and taxpayers must be protected in Northern Rock (NRK) deal.
*Market turmoil forces Cerberus to abandon Northern Rock (NRK) move.
*Paddy Power (PAP) is offering 11-4 that Northern Rock (NRK) will be sold for less than £425-million and 4-1 that it goes for more than £575-million.
*Rio Tinto (RIO) is considering joint ventures with BHP Billiton (BLT) as an alternative to the proposed merger.
*Steelmakers opposed BHP's (BLT) plans for Rio (RIO).
*Vodafone (VOD) sues Deutsche Telekom over German iPhone sales conditions.
*Deutsche Telekom has held talks with EDS of US to sound out the chances of a takeover.
*Synergy Healthcare (SYR) buys Vernon-Carus for £24.4 million.
*Marks & Spencer (MKS) is in talks with potential partners to boost share of Indian market.
*Merrill Lynch joins a number of foreign groups trying to tap into India.
*Commonwealth Bank of Australia has teamed up with JP Morgan to buy United Utilities' (UU.) Norweb electricity distribution business.
*Warner Estates (WNER) sells three UK properties for total of £10.5-million.
*UkrProduct (UKR) wins public tender for 60 tonnes of milk powder to Kraft Foods.
*Richemont may become a pure luxury goods group, as it considers a spin-off of its stake in BAT’s (BAT).
*Tata and OneEquity are the favourites to buy Jaguar and Land Rover.
*Minmet (MNT) to sell Bjork Dal Mine to Gold-Ore Resources after option exercise.
*RCG Holdings (RCG) unaware of any reason for share price movement.
*Your Space (YSP) raises £961,000 via issue of 686,500 shares to Helium Fund.
*Marston's (MARS) has finalised terms of £330-million tap issue of securitisation.
*Caffyns (CFYN) signs conditional contract to sell vacant Sussex site for £3.08 million.
*Progressive Capital holds 19.02% of SPG Media (SPM).
*Aer Lingus (AERL) lodges appeal with EU court to remove Ryanair (RYA) as shareholder.
*Russia's Aeroflot pulls out of the privatisation process for Alitalia.
*BBVA to sell its 6.9% stake in Iberia.
*Begdon Resources to list gas storage and oil & gas units separately on AIM.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*Dow Jones closed down 218.35-points at 12958.44, the Nasdaq fell 43.86-points to 2593.38, while the S&P lost 25.47-points to close at 1433.27.
*Tony Blair unveils measures to boost Palestinian economy.
*UK 3-month overnight libor fixings rise again.
*China expresses concern at the decline of the US dollar.
*OPEC disquiet on exchange rates worries markets.
*Gordon Brown wants meeting with UK retailers to eliminate plastic bags.
*Large retailers and other service sector companies will have just 2-years to prepare for the introduction of carbon trading.
*Private equity pressure forces dilution of industry guidelines.
*Great Britons are drinking less beer than at any time in nearly 40-years, according to brewing industry.
*European Patent Office rules that AstraZeneca's (AZN) Nexium and Losec tablet patent is valid.
*Alarm at rising US car loan defaults.
*US November homebuilder confidence index unchanged at 19 vs 18 expected.
*US Treasury Secretary Hank Paulson says inflation is contained despite high energy prices; long-term strength of US economy to be reflected in foreign exchange market; US housing market still the envy of the world despite turmoil; strong dollar is in the nation's interest.
*US department store Lowe's issues its second profit warning in 2-months.
*US Federal Reserve's economic forecasts likely to give investors a surprise.
Compiled in association with HB PLC and WH Ireland Ltd
