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INVESTORS CHRONICLE
The Cover Story:
*Protect and grow (where to invest in a sell-off).
Comment:
*Cash is king.
Tips:
*Sell – Royal & Sun Alliance (RSA), Imagination Technologies (IMG), LSL Property Services (LSL).
Comment:
*Why sterling’s weak.
FINANCIAL TIMES
The Lex Column:
*ShockGen - Market turmoil, subprime losses, a trading scandal – Société Générale (SGN) has it all. Can it survive?
*Rogue traders - The €5bn trading loss at Société Générale (SGN) has knocked Mr Copper off his perch. Since 1996, Yasuo Hamanaka has held the title of world’s most costly rogue trader.
*Goodwill hunting - At its worst, goodwill is like a beer gut – an unsightly manifestation of having overdone it. But when excess goodwill becomes obvious, auditors demand the equivalent of liposuction: a writedown.
*Cancelled IPO’s - For executives conducting initial public offerings, a clanging sound followed by a price slump in tumultuous markets would be an unfortunate start to life as a public company.
*Nokia (NOK) powers on - The contrast is striking. It is also becoming familiar. Motorola tanks while Nokia continues to forge ahead.
The Lombard Column:
*Calm down, Darling... this scandal’s not one of ours (SocGen (SGN)).
*Regal (Petroleum (RPT)) progress, at last.
*In bids, three is a crowd.
The Small Talk Column:
*AIM indices highlight the attraction of Chinese oranges - Any new issues that do make it on Aim this year are likely to be bigger, well-constructed overseas companies.
*Nomad’s responsibility - The London Stock Exchange (LSE) is clearly taking a tougher stance on regulating Aim in the wake of some harsh criticism, mainly from the US.
*Backtrack not far enough - Alistair Darling, the chancellor, has backtracked over capital gains tax relief, but not enough to satisfy Aim investors.
Further news:
*New rivals lining up to take on bond giants.
*Investors lose taste for Cadbury (CBRY) as cost of ingredients rises.
*Healthy start for Curidium (CUR).
*Takeover talk props up Xstrata (XTA).
THE TIMES
The Business Commentary Column:
*Bankers must take long-term view of their reputations.
*No point crying over spilt beer (Scottish & Newcastle (SCTN)) – It’s rather sad that Britain’s big four brewers will all shortly be under foreign ownership.
*An ugly reality for lenders – Mervyn King may find that the lenders’ new reality is a nail in the lid of his already claustrophobic box.
Business Big Shot:
*Tommy Hilfiger.
Feature:
*What now for a proud bank laid low? (Société Généralé (SGN))
Media Analysis Column:
*Grade waits in the wings for ITV (ITV) plot to develop.
The Tempus Column:
*Lonmin (LMI) – Best avoided.
*Misys (MSY) – Sell at 173p.
*Cable & Wireless (CW.) – It’s worth holding on.
Tiddler to Watch:
*China Eastsea Business Software (CESG).
Further news:
*New mortgage approvals fall as credit crunch and rate rises bite.
*Cadbury (CBRY) misses party after rivals woes hit it.
*Carphone Warehouse (CPW) falls 4.25p to 287.75p after Goldman places 1.3% of the company at 275p.
*Coal International (CLN) jumps 8.75p to 27p after bid approach.
DAILY TELEGRAPH
The Comment Column:
*No amount of monitoring will stop a determined trader.
*All this drama just adds to the fun (Kerviel/SocGen (SGN)).
*Darling’s dithering over CGT has lost him trust.
The Questor Column:
*Cable & Wireless (CW.) – Hold.
*Helical Bar (HLCL) – Buy.
Further news:
*London Stock Exchange (LSE) and ICAP (IAP) soar on the back of trading turmoil.
*Scottish & Newcastle (SCTN) and Xstrata (XTA) – Rollercoaster rides.
THE GUARDIAN
No share news today
THE INDEPENDENT
The Jeremy Warner Column:
*SocGen (SGN) fraud deepens crisis.
The Business Analysis Column:
*Kenya’s economy in crisis.
The Investment Column:
*Severfield-Rowen (SFR) – Hold.
*Clipper Windpower (CWP) – Hold.
*3i (III) – Buy.
Further news:
*Vodafone (VOD) rises after talk of US operation sale.
DAILY MAIL
No share news today
DAILY EXPRESS
Share Whisper:
*Curidium Medica (CUR) – Broker JM Finn believes its potential worth could five times yesterday’s value of £15-million.
Further news:
*SocGen (SGN) faces takeover after its fraud disaster.
*Big five banks lead Footsie revival.
DAILY MIRROR
No share news today
THE SUN
No share news today
COMMENT AND BID NEWS
*Scottish & Newcastle (SCTN) has agreed to be bought by Heineken and Carlsberg for £7.8-billion. S&N started talks with Carlsberg and Heineken over the 800 pence-per-share bid proposal last week, having rejected three previous offers. The company, the UK's largest brewer, makes Newcastle Brown Ale, Foster's and Kronenbourg 1664. S&N employs about 3,300 staff in the UK, with breweries in Manchester, Reading, Dunston and Tadcaster.
*FSA to bear brunt of criticism in MPs’ Northern Rock (NRK) report.
*Carlsberg and Heineken close to S&N (SCTN) takeover.
*Was world market panic set off by France’s rogue trader?
*Luxury brands feeling the pinch as Apax pulls $4-billion flotation.
*Scottish & Newcastle (SCTN) sale expected as deadline is extended until noon today.
*Demand for oil and gas will outstrip supply within 7-years, says Shell (RDSA) chief.
*US mortgage bond insurers need $200-billion boost to protect AAA ratings.
*Société Généralé (SGN) in danger of takeover.
*FTSE-100 sees biggest one day rise.
*Frank Timis signs ‘non-interference’ pact with Regal Petroleum (RPT).
*ECB board at war over rate cut, says minister.
*China’s growth hits 11.4% but price rises cause alarm.
*C&W (CW.) defends bosses’ pay.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow Jones closed up 108.44-points at 12378.61, the Nasdaq added 44.51-points at 2360.92, while the S&P put on 13.47-points at 1352.07.
*Mothers failed by NHS, says watchdog.
*Capital Gains reforms have damaged relations with Government, says CBI.
*Teachers to ballot on strike over pay.
*Asian stocks have risen sharply, with investors cheered by a White House plan to spend £76-billion to revive the flagging US economy. With millions of US consumers due to get tax rebates, the hope is that a US recession will be prevented and so demand for Asian goods will not slow. The Nikkei closed up 4% and Hong Kong was up 6.7%.
Compiled in association with HB PLC and WH Ireland Ltd
