The Lex Column:
*Wind chill (Banks in 2007) - It was a year in which careers were cut short, reputations damaged and brands tarnished, not to mention the financial losses from the subprime crisis.
*Bind insurers - When an insurer refers to ‘supplementing’ its list of collateralised debt obligation exposures, as MBIA has, that can only be bad news.
*Banking regulators - Why didn’t regulators clamp down harder and earlier as banks courted disaster?
*Securitisation - What happened in the world of securitisation this year was like Nasa sending men to the moon before it knew how to get them back.
The Lombard Column:
*Murdoch is not the only spellbinder in the market.
*Not as safe as houses (Friends Provident (FP.) and the limiting of redemptions from its £1.2-billion property funds).
*Why cards must fold – The number of real cards is dwindling and the number of virtual ones is increasing.
Feature:
*Low-key Kazakh group with global ambitions (ENRC).
Further news:
*BSkyB (BSY) told to cut ITV (ITV) stake by Competition Commission.
*Barclays (BARC) goes to court after talks with Bear Sterns fail.
*Keller (KLR) remains upbeat over profit forecasts.
*Persistent credit concerns keep lid on equities.
*Housebuilders fall after Citigroup (CGP) warns of another tough year.
*Rift Oil (RIFT) rises on gas reserves.
*Rumour of GSK (GSK) account win boosts WPP (WPP).
The Business Commentary Column:
*Bad news will be worse if retailers delay (Trading updates).
*Could be a trap – Regulators should be asking whether open-ended funds are suitable vehicles to invest in lumpy, illiquid assets such as office blocks.
*The law is now an asset class – The notion of litigation as a separate asset class is a novel one.
The Business Big Shot Column:
*Fru Hazlitt.
Feature:
*MBIA suffers biggest decline in 20-years as it reveals £8.1-billion sub-prime exposure.
*Bear Sterns suffers first quarterly loss in 84-years.
Media Feature:
*Happy New Year is a wish, and not a guarantee.
The Tempus Column:
*Carnival (CCL) – Demographics, plus the huge potential of the Asian market, give reason to hold.
*Senior (SNR) – Buy.
*Unitech Corporate Parks (UCP) – Worth a look.
A Tiddler to Watch:
*Braemar Shipping Services (BMS).
Further news:
*HSBC (HSBA) gambles on political changes to secure Korea Exchange Bank.
*Doughty triples its money as it sells Móller for €1.55-billion.
*Johnson Matthey (JMAT) hits a high amid bid talk.
*Strategic Natural Resources (SNRP) is expected to reveal today a threefold increase in the area it is exploring for coal in Sout Africa.
*Petra Diamonds (PDL) sells the 9943 carat diamond recently found in South Africa, for $1.3-millon (£655,000), or $13,125 per-carat.
The Comment Column:
*£200-million ITV (ITV) hit will be price worth paying for Sky (BSY).
*Exchequer’s shocking failure to plan for famine.
*It may be wine now, but be prepared for whine later – 91% surge in the price classic wine. But be prepared for a slump in the price similar to that of classic cars 20-years.
The Questor Column:
*Tullow Oil (TLW) – Buy.
*Keller Group (KLR) – Buy.
*Augean (AUG) - Hold.
Further news:
*Barker quits RAB (RAB) for Renaissance.
*Turbulence ahead for Virgin Atlantic as cabin crew vote to strike.
*Spotlight on Rio Tinto (RIO) as frozen credit lines start to thaw.
Further news:
*Johnson Matthey (JMAT) glitters on bid rumours.
*Imprint (IMP) climbs after it backs revised bid.
*Sofa sellers in sales blitz to lure shoppers.
*Brewers slide with a pre-Christmas hangover.
*National Express (NEX) motors after the Office of Fair Trading clears its winning of the Inter-City East Coast rail franchise.
*UBS (UBS) shareholders threaten revolt over plans for capital injections.
*Tata leads race for Jaguar and Land Rover.
*M&A – Deal volumes suffer sharp fall.
*Writedown reveals more pain for Bear Sterns.
*MBIA’s higher bonds exposure deals blow to credit confidence.
*Lakshmi Mittal takes 20% stake in QPR.
*UBS (UBS) called to account over US sub-prime fallout.
*AIM debut today for investor in courtroom fights – Guernsey-based lawsuit company Juridica.
*Rising profit warnings spark fear of high street meltdown.
*Gordon Brown’s claims on economy undermined by double dose of grim news – Current account deficit hits 5.7% of GDP – Public borrowing set to breach forecasts.
*Equitable Life to sell after approaches from suitors.
*Sports Direct (SPD) boosted by buy-back scheme.
*McBride (MCB) hit by soaring price of fuel.
*QPR welcomes the billionaire effect as Mittal strikes a deal.
*Families of victims of Texas City oil refinery explosion reject $50-million deal negotiated by BP (BP.).
*JCB staff get £1,000 Christmas bonus.
*Rolls-Royce (RR.) subs pension funds.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow Jones closed up 38.37-points at 13245.64, the Nasdaq added 39.85-points to 2640.86, while the S&P put on 7.12-points to close at 1460.12.
*UK’s shocking reliance on debt revealed by ONS.
*UK deficit data ‘bodes badly for pound’, say experts.
*The Building Societies Association says it has seen the 3rd-consecutive booming month for nation’s building societies.
*According to a report from Mneysupermarket.com (MONY) more than half of lenders deny homeowners full base rate cut.
*OFCOM prepares to act over mobile cash-back ‘rip-off’.
*BT (BT.A) to offer free directory enquiries with ads.
*At least 30 people have been killed in a suicide attack in north-western Pakistan, according to police. Some reports said that the bomber blew himself up at a mosque close to former Interior Minister Aftab Sherpao's house near the city of Peshawar.
*Clean up operations are under way in the New Zealand city of Gisborne after a powerful earthquake damaged buildings and opened holes in roads. No major injuries were reported after the magnitude 6.8 earthquake, which struck late on Thursday evening. But officials declared a state of emergency for the city, where three buildings collapsed and others suffered partial damage. Aftershocks were continuing to rock the city, on the North Island's east coast. The earthquake struck at 2055 local time (0755 GMT) about 31-miles off the coast.
Compiled in association with HB PLC and WH Ireland Ltd
