The Benchmark Column:
*Mr Kipling unites to cook up a right Branston pickle (RHM (RHM.L)/Premier Foods (PFD.L)).
*EMI (EMI.L) tunes into Permira offer but plays off key.
Business Focus:
*BT (BT.L) – Beyond Telephone lines.
Core Values:
*Inflation doesn’t figure in the real cost of living.
The Alchemist Column:
*Forget the dollar sideshow: invest in FTSE firms in Asia.
The Private Equity Column:
*The big beasts battle it out to control Europe.
*EMI’s (EMI.L) investors cup their ears for a melodious offer.
The AIM Investor Column:
*Why it’s too easy to lose AIM when you need some liquidity refreshment.
*National Accident Repair (NARS.L) speeds ahead om earnings growth.
SHARES MAGAZINE
The REIT stuff (Make it a Happy New Year with new-look property stocks):
*British Land (BLND.L) (2273p) - Land Securities (LAND.L) (2445p) – Hammerson (HMSO.L) (1944p) - Liberty International (LII.L) (1268p) – Brixton (BXTN.L) (719p) - Workspace Group (WKP.L) (476p) - Big Yellow (BYG.L) (485p) - Primary Health Properties (PHP.L) (548p) - Great Portland (GPOR.L) (718p) - McKay Securities (MCKS.L) (590p) - Slough Estates (SLOU.L) (1022p) - Derwent Valley (DWV.L) (2156p) - London Merchant Securities (LMSO.L) (351p) - Warner Estate (WNER.L) (1010p) – Shaftesbury (SHB.L) (637p) - Terrace Hill (THG.L) (72p).
Feature:
*Gold shines again.
Plays of the Week:
*Buy Carnival Corporation (CCL.L) and Avingtrans (AVG.L).
The Lex Column:
*Figure skating - No-one can say Gordon Brown’s pre-Budget speech lacked breadth. From China’s manufacture of Christmas presents, the chancellor sought to illustrate his suitability for higher office.
*Green budget - Green is a nice camouflage for Brown. There appears little political cost to raising so-called “environmental” taxes. Although they may provide an easy way to raise revenues, their impact is disputable.
*Royal Bank of Scotland (RBS.L) - Has unhappiness over Royal Bank of Scotland’s 2004 purchase of Charter One blinded investors to some of the bank’s virtues?
*Oil stabilisation funds - Saving for a rainy day gets tricky when piggy banks bulge but no one can agree on the weather. For countries lucky enough to have funds for the safekeeping of oil revenues, high prices have boosted assets to staggering levels.
*MAN/Scania - Sitting on a fence while planting a foot firmly on both sides of the divide sounds like an uncomfortable position. Yet that is what Volkswagen is doing in the protracted bid battle between MAN and Scania.
The Lombard Column:
*BSkyB's (BSY.L) blocking tactics puts NTL back in its box – Without ITV (ITV.L), risks to the model are exposed.
*Brokers take note (Numis (NUM.L)).
*The engine that could (Stagecoach (SGC.L)).
Further news:
*Japan Tobacco eyes Gallaher (GLH.L).
*Native American tribe to acquire Hard Rock Café.
*How banks are bracing for a slew of defaults.
*Citigroup merger suggestion lifts Electrocomponents (ECM.L) and Premier Farnell (PFL.L).
*Rumours that Smith & Nephew (SN.L) is preparing a rival offer for Biomet of US.
*Rumours that SABMiller (SAB.L) is preparing a bid for C&C Group (CCR.L).
*FDA stroke trial application boosts Reneuron (RENE.L).
*Melrose (MRO.L) firm on aerospace sale hopes.
*Rumours that Commoditrade (CMM.L) has received at least three takeover approaches.
*Talk that Filtronic (FTC.L) could be a bid target.
The Business Editor’s Commentary Column:
*A prelude to another act for Brown.
*Back after the break (ITV (ITV.L)).
*Good old day - America seems to be adopting a near-Chinese respect for maturity.
Smaller Stock to Watch:
*Alternative Networks (AN.L).
The Tempus Column:
*Royal Bank’s (RBS.L) approach to organic growth pays off, but for how long?
*Hold James Fisher (FSJ.L).
*Avoid Numis (NUM.L).
Further news:
*Bronwyn Curtis joins Times Monetary Policy Committee with 'hold' vote.
*C&C Group (CCR.L) firm on gossip that it could be a takeover target for SABMiller (SAB.L).
*Electrocomponents (ECM.L) lit up by Premier Farnell (PFL.L) merger hopes.
*Talk of vague bid interest lifts BSS (BTSM.L).
*Renesola (SOLA.L) catches Merrill’s eye.
The Outlook Column:
*Special pleading from business has fallen on deaf ears. The Chancellor wasn't listening.
*RBS (RBS.L) has earned right to pursue growth.
The Investment Column:
*Hold Northumbrian Water (NWG.L).
*Sell API Group (API.L).
*Buy Premier Asset Management (PAM.L).
Further news:
*Broker backing sparks gains in electrical firms (Citigroup – Premier Farnell (PFL.L)/Electrocomponents (ECM.L)).
*Gallaher (GLH.L) receives preliminary bid approach from Japan Tobacco.
*The FTSE confirms Whitbread (WTB.L) to rejoin blue chip index, replacing British Energy (BGY.L).
*Rank Group's (RNK.L) Hard Rock Cafe to be sold to a Native American Tribe for £486-million.
*GlaxoSmithKline (GSK.L) starts new Phase III trial of platelet growth drug eltrombopag.
*Renesola (SOLA.L) knows of no reason for share price increase apart from US roadshow.
*US corporate raider Samuel Hayman increases stake in London Stock Exchange (LSE.L), after talks with chief executive Clara Furse.
*News Corporation understood to be close to a stake swap deal with Liberty Media.
*CVC Capital reduces holding in Halfords (HFD.L) by 5%.
*Netstore (NES.L) confirms all-share bid for ICM Computer Group (ICM.L), an offer it does not intend to raise; ICM tells shareholders to take no action.
*Filtronic (FTC.L) sells shares in Powerwave Technologies.
*BSkyB (BSY.L) agrees online advertising deal with Google.
*One of China's four telecoms companies could bid for BT Group (BT.L), according to Cyrus Mewawalla, an analyst at Westhall Capital.
*Airwave is set for a possible £2-billion sale after a decision by O2 to review its business options.
*Interserve (IRV.L) wins Metropolitan Police contract worth up to £150-million.
*Applied Intellectual Capital to raise about £30-million via AIM listing.
*Chariot (CRT.L), the lottery operator, will consider winding down if it cannot find further investment, or sell off assets.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow fell 22.35-points to 12309.25, the Nasdaq dropped 6.52-points to 2445.86, while the S&P lost 1.86-points to 1412.90.
*General Sir Mike Jackson, the former head of the Army, has criticised the way in which the Ministry of Defence runs the armed forces. Speaking at the annual Dimbleby Lecture, he said there was a failure in the MoD to understand the fundamental nature of soldiering. He added that wages paid to soldiers were "hardly impressive" and "some accommodation" was "frankly, shaming". But the MoD said it was always working to improve conditions for its forces.
*At least 20 killed in Iraq attack.
*Great Britain's security services have concluded that al-Qaeda is rebuilding its headquarters in Pakistan and that the UK is the western country most at risk from the development.
*Iraq policy group sets 2008 goal for pulling out combat troops; demands overhaul of US Iraq policy.
*About 55% of anti-social behaviour orders have been breached, government spending watchdog the National Audit Office says. The Asbos were either breached by offenders committing more offences or by breaking the terms of the order. The NAO said 35% of Asbo holders breached the order on five or more occasions, but the average number of breaches was four per person. Minister Tony McNulty said breaches did not mean Asbos were failing.
*Oil edges up after surprise fall in US crude stocks.
*Government investigating measures to tackle spirits duty fraud.
*The Government looks at closing tax loophole for low cost imports from Channel Islands.
*UK factory output fall raises fears over shrinking demand.
*Cautious US Federal Reserve adopts wait-and-see policy over volatile markets.
*UK shopper numbers down 8% year-on-year in week to December 3.
*November shop prices record biggest rise since April 2004, according to British Retail Consortium.
*Meteorological experts have warned that Great Britain is facing a terrible winter with the worst storms for decades.
Compiled in association with HB PLC and WH Ireland Ltd
