The Lex Column:
*Realogy check - That did not take long. Only months after the private equity bubble burst, investors are betting that a number of buy-outs are already close to the rocks. The price of credit default swap protection on some deals, including Realogy and Tribune, suggest extreme stress.
*Following the Fed - As central bankers decide whether to copy the Federal Reserve’s emergency rate cut, they can console themselves that interest rates have long followed a leader.
*Industrial gases - In an unstable world, could industrial gases provide some certainty?
*Buffett and Swiss Re (SWI) - When Warren Buffet puts his money somewhere, other investors tend to leap in behind him. This pushed Swiss Re’s share price up, but is the reaction justified?
*Motorola’s (MOT) woes - Motorola’s shareholders have grown used to disappointing news, but many have now abandoned all hope of a bounce-back with the shares falling another 19%.
Feature on Front Page of the Companies & Markets Section:
*Turmoil puts big takeovers on hold.
The Lombard Column:
*C&W’s (CW.) big challenge: Keeping John Pluthero keen.
*When gossip is good (Prudential (PRU)/Ping An).
*Magpie Mike (Ashley) flies again – Is Mr Ashley’s trading “strategic”.
Power Player:
*Sir David Clementi, Prudential (PRU) chairman.
Corporate Finance Feature Section:
*Sovereign Wealth Funds: The new kids on the block.
Further news:
*BP (BP.) downbeat on Russia output.
*Aviva (AV.) hits out at delays after FSA ruling.
*BAT’s (BATS) struggles for air on fears over Richement stake.
*RAB Capital (RAB) under pressure.
*Energy price hike boosts Andes (AEN).
Further news:
*Asos (ASC) passes a crucial test and Dolcis fails ... is this a sign of the future of British retail?
*Investors turn off ITV (ITV) on fears of ad slump.
*Volume on Plus Markets (PMK) has been creeping up since MiFID.
The Comment Column:
*World’s central bankers are fighting different battles.
*Sports Direct’s (SPD) Ashley lets his maverick side show.
*Darling’s CGT U-turn doesn’t go far enough.
Feature:
*Britain on way to recession, says Soros.
From The FT
*Wall Street rally on talk of credit rescue plan (p1)
*Incentive plan for Cable & Wireless (CW.) chiefs risks reviving anger of investors (p1)
*Buffet move boosts Swiss Re (SWI) as Berkshire Hathaway buys 3% of reinsurer (p15)
*Luxury goods brands suffer from rich customers’ fear of recession (p15)
*Renishaw (RSW) revels as a specialist (p19)
*Sharper focus for Tullow (TLW) on Africa oil (p19)
*US ends turbulent day with last-minute charge (p38)
From The Times
*Energy body (The Energy Retail Association) to disclose its minutes after cartel claims (p48)
*Citigroup (CGP) to shed London jobs as fears grow of UK recession (p48)
*Setback for GSK (GSK) as US health panel casts doubt on new drug (p53)
*The funding is in place insists Carlsberg as deadline for S&N (SCTN) bid looms (p54)
From The Daily Telegraph
*Rank (RNK) on brink of £700-million fund deal with Goldmans (B1)
From The Independent
*Aviva (AV.) threatens to walk away from talks on distribution of £5-billion surplus (p54)
From The Daily Mail
*S&N (SCTN) loses fizz as fears over bid funding start to surface (p80)
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow Jones closed up 298.98-points at 12270.17 (having been down about 300-points during the day), the Nasdaq added 24.14-points to 2316.41, while the S&P put on 28.10-points to close at 1338.60.
*Fat people will be offered cash incentives to lose weight and take regular exercise under a radical Government strategy announced yesterday to tackle the obesity epidemic.
*The government is set to unveil details of its proposed changes to capital gains tax (CGT), amid reports of concessions after business criticism. Business leaders still expect ministers to scrap CGT taper relief from 1st April 2008 and set a single 18% rate.
*MPs are due to decide whether to back Prime Minister Gordon Brown's call for a below-inflation pay increase. The independent Senior Salaries Review Body has recommended a 2.56% salary rise from £60,277 to £61,820. The government says the rise should mirror below-inflation public sector deals, and be awarded in two stages, making it effectively worth 1.9%. The Labour, Conservative and Liberal Democrat front benches are all in agreement on the lower figure.
*The Chinese economy has expanded by 11.4% over the past year, reaching its fastest growth rate in 13 years, officials have announced. Increased exports and a boom in the construction industry helped the rapid expansion during 2007.
Compiled in association with HB PLC and WH Ireland Ltd
