The Lex Column:
*Smoking thrills - Historically, large tobacco companies have been great defensive stocks because smokers still light up during a recession. However, these days, the stocks are no longer cheap.
*European retail outlook - US consumers bucked expectations during last week's Thanksgiving holiday by spending strongly. Will Europe's retailers feel customers' belts tightening?
*Covered bonds - After a three-day suspension in bank-to-bank trading of covered bonds, market makers are back quoting prices but at a third of normal sizes.
*Citigroup (CGP) taps Abu Dhabi - Abu Dhabi Investment Authority is injecting $7.6 billion into a bank battered by expected sub-prime losses, with no permanent chief executive and dogged by investors' balance sheet worries.
The Lombard Column:
*Virgin should volunteer to join private equity's code.
*Battered survivor.
*Pendragon (PDG) humbled.
The Power Play Column:
*Drilling the Rock (NRK): Philip Richards, RAB Capital (RAB).
Further news:
*Sovereign funds upbeat on growth of financials.
*Four problems that could beset debt markets for years.
*Oil exploration and production groups provide a haven.
*RAB (RAB) hurt by Rock (NRK) exposure.
*Inmarsat (ISAT) dips after executives sell.
The Business Editor’s Column:
*Gulf loan to Citigroup (CGP) marks a significant shift in balance of power.
*Mining sector up in the air.
*Weird is not always wonderful (BBC/ITV (ITV)/Channel 4 joint venture Kangaroo).
Business Big Shot:
*Trevor Finn.
The Tempus Column:
*Avoid Topps Tiles (TPT) and Kcom (KCOM) for now.
*Bloomsbury Publishing (BMY) worth a look.
Further news:
*Prospects in Vietnam boost Premier Oil (PMO).
*Fears that Eagle Investment Trust (EIN) will be wound up.
*Rumours that Connemara Mining (CON) has struck potentially commercial quantities of oil in south west Ireland.
The Comment Column:
*Darling needs to pull a rabbit out of the CGT hat soon.
*Abu Dhabi deal shows how desperate Citi (CGP) is for cash.
*Driving towards recession if Winnebagos are right.
The Questor Column:
*Sell WS Atkins (ATK) and Big Yellow (BYG).
Further news:
*Bid tales rouse traders as share index tumbles.
*MOL of Hungary bid rumours lift Premier Oil (PMO).
The Outlook Column:
*Middle East comes riding to Citigroup's (CGP) rescue.
*Capital gains tax reform up in the air.
*No capitulation in stock prices yet.
The Business Analysis Column:
*Abu Dhabi’s lifeline for Citigroup (CGP).
The Investment Column:
*Buy - De La Rue (DLAR).
*Buy - Intec Telecom Systems (ITL).
*Sell - Kcom (KCOM).
Further news:
*MOL the new name in frame for Premier Oil (PMO) bid.
*Olivant set to seize on frustration with Virgin in Northern Rock (NRK) bid.
*SRM Hedge Fund increases stake in Northern Rock (NRK) to 8.5% in a clear power play intended to cajole the bank's board into looking at other bidders in addition to the Virgin Group consortium.
*Virgin is set to get 'super-bonus' if it can return Northern Rock (NRK) to health.
*Northern Rock (NRK) is facing a Charity Commission investigation, after it emerged that the bank exploited the name of a charity for disabled children while creating an elaborate financial arrangement for maximising benefits from home loans.
*BHP Billiton (BLT) faces opposition from German steel groups to Rio Tinto (RIO) bid.
*BAE Systems (BA.) unit to buy Pitch Technology of Sweden for 613-million Swedish kronor.
*The proposed merger between Thales and Safran has been abandoned.
*Lehman set to snap up the US specialist business Van der Moolen.
*Vladimir Potanin, the Russian oligarch, is trying to raise £7.3-billion from leading banks to take control of Norilsk Nickel.
*AMEC (AMEC) buys US-based Hydrosphere Resource Consultants for £1.4-million cash.
*Tiscali may float UK unit to raise funds for acquisition.
*Government to auction £2.5-billion in 5.25% Gilts maturing 2012 on 4th December.
*LPA Group (LPA) receives £2.2-million conditional offer on Saffron Walden site.
*Towergate acquires Broker Network for £95-million cash.
*e-Therapeutics to list on AIM.
*Plastics Capital to raise £16.2-million on UK listing.
*Man Group's AHL fund net asset value up 3.09% vs last week.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow Jones closed up 215.00-points at 12958.44, the Nasdaq added 39.81-points to 2580.80, while the S&P put on 21.01-points to close at 1428.23.
*Harriet Harman, Labour's chair and deputy leader, fighting for her job over involvement in party-funding scandal.
*The Government will overshoot borrowing forecasts by £6-billion, according to Grant Thornton.
*Bank of England Monetary Policy Committee member warns economy may be in for a 'bumpy ride'.
*National Savings and Investments will cut interest rates for the second month in a row today.
*Commuters face 14% rail fares rise.
*Major retailers lose sparkle as figures slump ahead of year's biggest spree.
*Alistair Darling pledges to announce concessions on capital gains tax.
*OPEC to discuss rise in output.
*ISA sales dive as volatility hits confidence.
*Peacemakers set one-year deadline for an end to Israel-Palestine conflict.
*Gazprom warns of record gas prices ahead.
*Eurozone inflation rise likely to test the European Central Bank.
*Goldman Sachs predicts the US Federal Reserve will have to slash interest rates to 3% by the middle of next year to head off recession.
*Federal Reserve Bank of Philadelphia president Charles Plosser says only weaker-than-expected growth in 2008 would change policy.
*US home prices see worst fall in 21-years.
*US mortgage company Freddie Mac is to halve its dividend and raise $6-billion selling preferred stock to shore up its capital base.
*US November consumer confidence falls to 87.3 vs 90.5 expected, the lowest in two years.
*US September S&P/Case-Shiller 20-city home price index down 4.9%.
*Investment funds from the Middle East and Asia have invested an estimated £17.8 billion in shares of western financial companies this year in a sign that the funds are taking a more optimistic view of prospects.
*Vodafone (VOD) and Telefonica (TDE) move into mobile ads.
Compiled in association with HB PLC and WH Ireland Ltd
