The Lex Column:
*Esprit de corporate - France’s corporate landscape has been transformed over the last decade, but the ownership of its top stocks still gives pause for thought.
*CME and Nymex - CME Group, which already runs the Chicago Mercantile Exchange and the Chicago Board of Trade, is in talks to buy Nymex Holdings, which has been touting its attractions for months.
*Fortis reassures - After a 10% share price pummelling, Fortis stated on Sunday that its capital position was fine and confirmed it would maintain its cash dividend. It helped.
*Blackstone’s way out - It is hardly a comfortable feeling to complete a deal where, from the stock market’s perspective, the equity you are putting in is worthless on day one.
*South African power cuts - Electricity demand has been growing strongly on the back of healthy economic performance, but the government has failed to invest adequately in generation.
The Lombard Column:
*The path opens ahead of Logica’s (LOG) new chief.
*Fraud-free fortnight – It seems that Kervier had not had a holiday for months and that the 2-week holiday suggestion which was suggested after the Daiwa Bank scandal and then the 2002 Allied Irish Bank problem. Perhaps if it had been enforced the problems would have come to light sooner and with less of a financial impact.
*A lesson to us all – A look at the Government’s decision to allow companies to award their own qualifications.
*Finally Settled Abroad – Philippe Jabre’s new investment vehicle in Geneva, will have voluntary compliance, based on the FSA’s.
Power Player Column:
*Roddie Fleming, dealmaker in exile.
Feature:
*Philippe Jabre – Freedom to operate away from eyes of FSA.
Further news:
*Rock (NRK) boss beats drum for standalone bid.
*US recession worries hit Asia and Europe hard.
*Sluggish Vyvanse sales result in Shire (SHP) health warning.
*Clapham House (CPH) boosted by bid talk.
*Interest rise in Mitchells & Butlers (MAB) may calm fears.
The Business Commentary Column:
*Société Générale (SGN) boss must take the stand.
*MP’s should know their true limits... (Northern Rock (NRK) fallout) – MP’s are sometimes better at extracting the truth from witnesses and berating backsliders than making policy.
Business Big Shot:
*Jane Shepherdson.
Credit Crunch Feature:
*Bernanke puts economy concern first.
*Blackstone puts the blame on regulator as it scraps deal for Alliance Data.
Feature:
*Housewives cash in as India learns that even gold has its price.
The Tempus Column:
*BG (BG.) – A solid long-term hold.
*James Halstead (JHD) – Avoid.
*Phoenix IT (PNX) - Hold.
Further news:
*Forced ITV (ITV) sale could cost Sky (BSY) 40% of profits.
*Scramble for coal shares in China reflects growing thirst for resources.
*Shire (SHP) hit by fears over hyperactivity drug.
*Talk that Circle Oil (COP) is close to agreeing to buy a share of a block in the Gulf of Suez Basin.
The Comment Column:
*Hutton faces bloody battle against Murdoch might (BSkyB’s (BSY) ITV (ITV) stake).
*Shell (RDSA) keeps schtum on the three Rs (Reserve, Replacement and Ratio) - Shell delays release of key data.
*Wash weak apprentices out of our hair - Here we have Gordon the great grade inflator using apprenticeships to claim that tens of thousands of school-leavers are up to something useful. Included is a drive to increase apprenticeships in the public sector... apprentice to an MP perhaps?
Banking Feature:
*SocGen (SGN) faces legal action after share disposal.
Feature:
*ECB aid to Spanish banks may equal Rock (NRK) bail-out.
The Outlook Column:
*A crisis entirely of SocGen’s (SGN) own making.
*Markets enter overshoot territory.
*Dangerous dogs threaten regulation - The Commons Treasury Committee proposes to answer the supposed failings of the tri-partite arrangements for dealing with banking crises by adding a fourth super regulator on top to provide oversight and intervene when necessary.
The Business Analysis Column:
*BHP (BLT) bid for Rio (RIO) hangs in the balance.
From The FT
*Advisors appointed as efforts to rescue bond insurers progress (p1)
*Cymex in $11-billion move for Nymex (p17)
*Sears Holdings (US) head to step down in days (p17)
*Alliance Data Systems hit as regulator raises doubts on Blackstone’s $7.8-billion buy-out (p17)
From The Times
*Bernanke under fire ahead of Fed rate meeting (p37)
*Hedge funds suffer under burden of volatile markets (p41)
*Competition Commission watchdog reveals huge profits on payment protection policies (p41)
*Hornby (HRN) delayed by the finer points of Europe’s railways (p41)
From The Daily Telegraph
*Shell (RDSA) sparks fears over oil reserves by delaying release of key data (B1)
*BSkyB (BSY) to be told to sell ITV (ITV) stake (B1)
*Jessops (JSP) pays boss £500,000 bonus (B2)
*Diageo (DGE) buys Californian winemaker (B3)
*Vodafone (VOD) and Google tune in to US airwaves sale (B6)
From The Independent
*Euronex warned Societé Générale (SGN) of suspect Kerviel trades in November (p36)
*Hornby (HRN) reports significant growth as its models remain popular (p38)
From The Daily Mail
*Bid to keep SocGen (SGN) in French hands (p66)
From The Daily Express
*Global jitters as fears of US crisis increase (p46)
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow closed up 176.72-points at 12383.89, the Nasdaq added 23.71-points to 2349.91, while S&P put on 23.35-points to 1353.96.
*Private investors take money and run as they withdrew the highest-ever amounts from investment funds last month. Net outflows reached £377.4-million last month, turning the last quarter of 2007 into the investment industry’s worst on record, according to the Investment Management Association.
*Taxpayers face £500-million bill for soaring costs of BAE (BA.) projects, according to the House of Commons Defence Select Committee.
*Councils, police and intelligence services are tapping and intercepting the phone calls, emails and letters of hundreds of thousands of people every year, an official report said.
*Lloyd's of London is to cut back its underwriting capacity by £150-million this year, to take account of a gradual reduction in rates that has been creeping over the industry since the second half of last year.
*Chicago lines up $11-billion takeover of New York’s Mercantile Exchange.
*President George W Bush has admitted US economic growth is slowing, but in his final State of the Union address urged Americans to have long-term confidence. The president acknowledged that the US was facing "uncertainty".
Compiled in association with HB PLC and WH Ireland Ltd
