The Lex Column
* Slash & Bernanke - Ben Bernanke, the Federal Reserve chairman, has acted pre-emptively, bringing forward the aggressive 75 basis point interest rate cut that would otherwise have arrived next week
* Bric markets - Some safe haven. With bonds and commodity prices wobbling, will any of the emerging markets prove immune? Increased risk aversion is justified in many cases
* Mauled mining - Mining folk have always known joy and despair. But the golden run in resources has lasted so long that many must have forgotten what a rough patch feels like
* Perky Morrison - Not all the news is gloomy. Wm Morrison (MRW), the UK supermarket chain, reported like-for-like sales over the 12-weeks including Christmas had jumped a smashing 9.5%.
* Hedge fund regulation - Amid the global financial turmoil, Tuesday’s publication of a set of voluntary standards for UK hedge funds felt like a solution to yesterday’s problem
The Lombard Column
* Hedge funds insure against the risk of more rules
* So Close, yet so far – Which of the two side’s reason for the withdrawal of Cenkos’ (CNKS) bid for Close (CBG) will seen to be true?
* The FSA shows its teeth – The insider dealing case against Christopher McQuoid, former general counsel of TTP Communications and James William Melbourne
The Power Play Column (p20)
* Teun Draaisma of Morgan Stanley
Further news
* Land Securities set to use war chest to exploit market rout (p21)
* William Morrison (MRW) is cream of supermarket crop (p21)
* JD Wetherspoon (JDW) raises the prospect of a tough year ahead (p22)
* Banks perform strongly in highly volatile conditions (p42)
* Humberts (HUM) slides on warnings (p42)
* ENRC (ENRC) up 3% on ‘buy’ advice from ABN Amro (p42)
Further news
* Commercial property fund investors face continued slide in asset prices (p44)
* FSA to investigate comparison websites (p45)
* BT (BT.) retreat continues on pension fund fears (p53)
* Essentially Group (ESN), a sports marketing company that has arranged sponsorship of the British Lions’ rugby tour of South Africa next year, was steady at 13.25p. There was talk it is about to sign Guateng, a South African province, to sponsor the ING Renault Formula One team for 3-years, starting with a Johannesburg street race in July (p53)
The Comment Column
* Fed’s move is spectacular but it smacks of panic
* Morrisons’ (MRW) turnaround has Sir Ken on a high
* Hedge funds urged to sign up to voluntary rules
Feature (B3)
* Bernanke plays his ace .... now what?
The Questor Column
* William Morrison (MRW) – Buy
* GW Pharmaceuticals (GWP) - Buy
Further news
* With huge trading volumes the FTSE regains ground (B7)
From The FT
* Sovereign Wealth Funds warned to adopt code of conduct (p19)
* United Company Rusal, the world’s largest aluminium producer, is considering shifting its $9-billion IPO from the London Stock Exchange to Hong Kong, amid souring relations between the UK and Russia and proposed tougher listing rules in Great Britain (p19)
* Big hedge funds agree voluntarily code of practice (p20)
* Southern Cross (SCHE) hit by another departure (p22)
* Peter Dicks returns to Sportingbet (SBT) (p22)
From The Times
* Fed rate cut triggered by fear of bond insurance collapse (p40)
* My hands are tied, says Mervyn King, as he braces UK for downturn (41)
* Downturn overtakes regulation as big threat to businesses (p51)
From The Daily Telegraph
* US makes biggest rate cut since 1984 (B1)
* Mervyn King issues inflation alert as UK prices rise (B2)
* Land Securities (LAND) open to bids for Trillium (B4)
* Ongoing battles boost Chemring (CHG) (B4)
* Confidence of world’s CEO’s plummets (B5)
From The Independent
* Bank of England’s warning on inflation dampens hopes of rate cuts (p36)
* FSA tells Treasury committee it will be vigilant with troubled insurers (p36)
* DSG (DSGI) is first to ditch analogue televisions (p38)
* Pearson (PSON) set for record sales in education unit despite US fears (p41)
From The Daily Mail
* US rate cut puts pressure on the Bank of England (p70)
* Wetherspoon (JDW) woes deepen (p70)
* Tesco (TSCO) eyes raid on High Street (p73)
From The Daily Express
* Renewed interest in Northern Rock (NRK) (p64)
From Newswires
* Ping An Insurance may spend 100 billion yuan ($13.8-billion) to buy a stake in Prudential, the 21st Century Business Herald cited an unidentified person familiar with the matter as saying. Ping An's Shenzhen-based spokesman, and Chad Tendler, London-based Prudential's communications manager in Hong Kong, both declined to comment in phone interviews today, saying they don't “comment on market rumours.''
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
* The Dow closed down 128.11-points to 11971.19, the Nasdaq fell 47.75-points to 2292.27, while the S&P 14.69-points to close at 1310.5
* Price of gold turns back towards $900
* Mervyn King warns against dramatic UK moves
* Richard Lambert, the director general of the CBI, predicts a "soft landing" in the UK with some growth this year, despite the recent market turbulence.
* Great Britain lashes out at EU over carbon tariffs that amount to ‘trade barriers’
* Plans for a wider roll-out of identity cards to British nationals appear to have been delayed for two years. Foreign nationals will have ID cards this year and it was intended to introduce them in "significant volumes" for UK citizens from 2010. But documents leaked to the Tories suggest it has been put back to 2012.
* Stronger wine and the trend for larger measures mean that 12-million Britons are regularly drinking too much alcohol, Government statistics have showed
* Iranian importers find new ways to skirt big banks and US threat
* Bank of America profits plunge 95% as the credit crunch tightens its grip
* Apple (AAPL) falls 12% after quarterly forecast fails to hit expectations
* Australian actor Heath Ledger (star of the film ‘Brokeback Mountain) was found dead in New York, with empty bottles of sleeping tablets beside him. Initial thoughts are that it was an accidental overdose.
Compiled in association with HB PLC and WH Ireland Ltd
