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SATURDAY 9TH DECEMBER 2006
The Lex Column:
*Searching the sky - Everybody, except of course Microsoft (MSF.L), wants to be friends with Google. It has the best search technology and the best system for making money from each query. Because of that, even those threatened by its power have selected it as an advertising partner.
*Hybrid securities - Not for the first time this year, the hybrid securities market is in a bit of a spin. Some investors are irritated by last month’s proposals by Moody’s to tighten its approach to hybrids, which mix the attributes of equity and debt instruments.
*Singapore casinos - Welcome to the pleasure dome. Genting, the Malaysian gaming group that recently acquired Stanley Leisure (SLY.L) of the UK, has won the rights to develop Singapore’s second casino resort.
The Lombard Column:
*Let the market decide about UK hedge fund floats – Ban on secondary listings excessive.
*Close call – The next downturn will be bad for the economy. But given the sheer complexity of many leveraged deals on the way up, the rewards available for City professionals with the expertise to unravel them on the way down are likely to be generous.
*Anthony Bolton is hedging a quarter of his £3-billion equity fund against a fall in the market.
Feature:
*Fears over corporate credit downturn.
The Weekend ShareWatch Column:
*Phoenix IT (PNX.L) - Disaster strategy should galvanise a recovery.
*Enodis (ENO.L) – Throw in the real possibility of other bidders emerging and the shares, trading at 204p, look attractive.
*Ambrian Capital (AMBR.L) – Despite the risks of the sector, Ambrian offers genuine mining experience as well as the chanc`e to get into the more highly rated business of asset management.
Lead Story of the FT Money Section:
*Inheritance tax U-turn hits new wave of Sipp investors.
Fund Manager in Focus:
*James Henderson (Henderson Global (HGPC.L)) – The answers to his interview focus on the Lowland Investment Company (LWI.L) - His current top tip is Support Services companies - one stock he favours is Alfred McAlpine (MCA.L).
Further news:
*Thomson to bear the brunt of 4,000 job losses at Tui (TUI.L).
*GlaxoSmithKline’s (GSK.L) £230-million buys drugless Domantis.
*Russia’s Timan to test AIM appetite.
*ReneSola (SOLA.L) lights the way to junior market.
*Six of the biggest 10 fallers in the FTSE-100 on Friday were miner’s, after a Merrill Lynch downgrade of mining stocks.
The Business Editor’s Column:
*Nostalgia pricier than it used to be - Allan Leighton is forcing a much-needed debate about what Britain wants from the post office. He may not like the outcome. Mr Leighton may not like to think of the Royal Mail as a public service. But the public does.
*Polestar shows the way for deal mania - Small-scale collapses such as Polestar will not deter buyout firms from investing the $300-billion-plus at their disposal. Global default rates are historically low. And corporate credit is cheap, as banks remain eager lenders. But a large collapse could suddenly change the banks’ appetite for risk. David Rubinstein of Carlyle’s claim that a $100-billion buyout will happen within two years may come true, but ultimately will be seen for what it is: hubris.
*Sony can console itself on PS3.
The Tempus Column:
*The real hangover from dot-com party may still be waiting – After the bubble burst, the market bounced in 2003.
Further news:
*Bidders are circling National Grid Wireless, the £2-billion mobile phone mast and broadcast business, after it hired Morgan Stanley to advise it on options.
*Decline of British manufacturing forces Rolls-Royce (RR.L) to find staff abroad.
*Permira must pay to the tune of £3.2-billion for EMI (EMI.L).
*BoA eager to offer £60-billion for Barclays (BARC.L), says Merrill analyst.
*Miners simply digging deeper hole, say analysts (Merrill’s downgrade).
*Talk of a £24 approach from private equity lifts Forth Ports (FPT.L) 85p to £21.91.
*Best of the Best (BEST.L) slips to its worst.
*Tanzania Gold (TZG.L) added 3.5p to 40.5p on whisper that a positive drilling report was imminent.
The Comment Column:
*Here comes the celebrity analyst, get me out of here (Merrill/Barclays (BARC.L)).
*Fraudster at large (Animal Rights activists).
*Ford’s timing is puzzling (the departure of Mark Schulz).
Feature:
*IT presence in UK faces extinction as students shun sector.
Profile:
*Peter Johnson, Executive Chairman of Park Group (PKG.L).
The City Trader Column:
*Forth Ports (FPT.L) (UBS admits if someone wants to do the deal badly enough a way can be found).
The Questor Column:
*Northumbrian Water (NWG.L) – Buy.
*Worthington Nicholls (WNG.L) – Buy.
*Carluccio (CARL.L) – If you bought in at the float, they are certainly worth holding on to.
Further news:
*Extremists launch new attack on drug firms (Forged administration documents are being lodged at Companies House).
*Mark Schulz’s exit from Ford fuels Jaguar sale rumours.
*EMI (EMI.L) edges closer to Permira but price still adrift.
*US jobs rise lifts market but housing still on slide.
*Spanish conglomerate (Ros Roca) is ready to cart off dustcart manufacturer Dennis Eagle.
*Akzo Nobel rumours put a definite spring in ICI’s (ICI.L) step.
*Hugh Fearnley-Whittingstall takes on Tesco (TSCO.L) in battle of Axminster supermarkets.
*Going up for homewares, fashions, electricals and profits at John Lewis.
*BSkyB (BSY.L) looks at broadcasting to mobiles.
*Some traders are still convinced of a Sci Entertainment (SEG.L) deal with Time Warner (TWX.L).
*Talk of a $47-a-share bid for US software group Cognos.
*Hopes of a positive drilling update before Christmas boost Tanzania Gold (TZG.L).
The Derek Pain, “No Pain, No Gain” Column:
*City of London Group (CIN.L) wakes from a long slumber.
The Outlook Column:
*Barclays (BARC.L) has a good future as an independent bank - No need to sell up to the Americans yet.
*(Michael) Grade lambasted by former colleagues.
*The Pru (PRU.L): that old chestnut again.
A Day in the Life:
*Mark Elliott, Chief Executive of Arena Leisure (ARE.L).
Further news:
*WPP Group (WPP.L) courts Wal-Mart (WAL.L) after Interpublic is axed.
*GSK (GSK.L) snaps up Domantis to move into biotech field.
*Oxford BioMedica (OXB.L) secures EU boost for cancer drug.
*Rumours mount that Next (NXT.L) is lining up warning.
At a Glance:
*Forth flyer (Forth Ports (FPT.L)).
The Investment Extra Special - What the Pre-Budget Report means for you:
*Get ahead in the new ISA age.
Further news:
*Miners brought down to earth.
*Schools ‘fail UK industry’ says Sir John Rose.
*Tote buyers to meet with Government.
*Christmas comes early with a £14-million pay packet for hedge fund manager, Crispin Odey.
*Talk of a mega-merger between BP (BP.L) and Shell (RDSA.L) revives hopes of big gains. ABN Amro reckons a deal could add up to £93-billion of value.
*ICI (ICI.L) and Britvic (BVIC.L) combine to stir bid pot.
*Terror alert hits Go-Ahead (GOG.L).
*Talk of a major gas find lifts Pantheon Resources (PANR.L).
No share news today
THE SUNNo share news today
COMMENT AND BID NEWS*The S&P warns over PIK’s (Payments-In-Kind) as default fears grow.
*Barclays (BARC.L) close 3% up on Bank of America bid speculation.
*BoA eager to offer £60-billion for Barclays (BARC.L), says Merrill analyst.
*Expect 20 hedge funds to collapse each year, warns FSA.
*Ladbrokes (LAD.L) bid talks with 888 Holdings (888.L) continue.
*Forum Energy (FEP.L) denies it has held talks or contacted Chinese National Oil & Gas Corporation.
*The European Commission launches an in-depth investigation into Universal Music Group's proposed purchase of BMG Music Publishing.
*Trinity Mirror (TNI.L) will publish the eagerly awaited findings of its strategic review on Thursday which could lead to the break up of the newspaper group.
*YouGov (YOU.L) takes its research to the US.
*Renal cancer lift for Oxford BioMedica (OXB.L).
*Airport delays hit Best of the Best (BEST.L).
*YooMedia (YOO.L) benefits from BT Vision (BT.L).
*Lower Kent franchise costs boost Go-Ahead (GOG.L).
*Kazakhstan's third biggest bank Halyk hopes to raise £258-million from its Initial Public Offering.
*The Treasury’s nod to nuclear bonds helps fuel the market.
*North West Airlines may launch a competing bid for Delta Airlines.
*Verdant Holdings to raise £3-£3.5-million via AIM flotation.
*Andrew Monk to become Chief Executive of Corporate Synergy (CSG.L) when Edward Vandyk steps down.
*Last Night in New York the Dow Jones closed up 29.08-points at 12307.49, the Nasdaq put on 9.67-points to 2437.36, while the S&P added 2.55-points to 1409.84.
*The Prime Minister tells migrants, “Adopt our values or stay away.”
*Only 1-in-100 High Street Christmas cards has religious theme.
*Great British and Danish forces have carried out a pre-dawn raid in southern Iraq that was described by coalition officials as the largest offensive in the area since the war began nearly 4-years ago. The raid targeted rogue Shiite militiamen blamed for recent attacks in the area. More than 800 Great British forces and 200 Danish troops fought Iraqis during the raid in the Hartha area on the outskirts of Basra, coalition officials said.
*A suicide car bomb has exploded near a revered shrine in one of Iraq's holiest Shiite cities, killing 5 people and wounding 36.
*A fire at a Moscow drug rehabilitation hospital has killed 45 women, most of them young addicts.
*The closure of thousands of post offices is set to be announced next week, with rural loss-making outlets likely to bear the brunt of the cuts. The Royal Mail has told the government it could shut 10,000 outlets, under a re-organisation to save money, and still run a viable commercial service.
*DNA tests on blood samples appear to prove the driver of Princess Diana's car was drunk on the night of her fatal accident, the BBC has learned. The tests indicate original post-mortem samples, which showed Henri Paul was three times over the French drink-drive limit, were accurate and were his. BBC Two programme The Conspiracy Files was told the French authorities carried out the tests within the past year. Conspiracy theorists have claimed that Mr Paul's blood samples were swapped.
*A “vicious new death tax” will see 82% of money inherited by families wiped out.
*London sees 12% increase in house prices.
*There is to be a bar on the transfer of low-cost pensions.
*Expectations for a US rate cut are scaled back.
*Increasing costs by stealth sees homeowners paying £900, on average, to change their mortgage.
Compiled in association with HB PLC and WH Ireland Ltd
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