The Lex Column:
*Mutual admiration society - Hot on the heels of Chinese art comes another must-have investment: mutual funds. Domestic-based retail fund managers have raised $18bn this quarter and are said to be on track to reach assets under management of $75-billion by the year-end.
*Corus (CS.L) takeover - Monday mornings, long depressing, are turning vicious, but shareholders of Corus will not care, having now received two recommended offers for the Anglo-Dutch steel producer in less than 24-hours.
*Second acts - There are no second acts in American lives, wrote F. Scott Fitzgerald. Wall Street regularly proves him wrong. Alumni of Drexel Burnham Lambert, the fallen junk bond kings of the 1980’s, have become luminaries. Now Amaranth can be added to the list.
*EU accession trades - The EU convergence play ain’t over yet. The Romanian leu has risen more than 20% against the US dollar since the beginning of 2006 and is, according to Bloomberg, this year’s best performing currency. It is not alone.
*SAC Capital/Phelps - Does SAC now stand for Steven Activist Cohen? The hedge fund manager, famous for huge returns from quick-fire trading, recently said the days of that approach were numbered. On the face of it, SAC’s stance on Phelps Dodge is a test case for his new strategy.
The Lombard Column:
*iSoft (IOT.L): condition stabilising, prognosis uncertain – Weston works to revive the ailing company.
*Relatively permanent - Some investors would prefer their fund managers to spend all their time investing.
*Out of the Corus (CS.L) line.
Further news:
*ECB backs fund register to reduce risk of global crisis.
*3i (III.L) backs Countrywide (CWD.L) buy-out.
*DP World to sell US ports for at least $1-billion.
*In Russia, control justifies the means.
*Deutsche Bank's (DBK.L) delicate touch.
*How industry in the west is learning again to compete.
*Distribution centres lie at the heart of Wolseley's (WOS.L) expansion strategy.
*Prospect of adopting Reit status lifts pub groups to record highs.
*Merrill Lynch believes Rolls-Royce (RR.L) has leveraged buyout potential.
*ZincOx (ZOX.L) rises as Teck Cominco looks to raise stake.
*Reports that Equator Exploration (EEL.L) is in the sights of African Arabian Petroleum.
*GlaxoSmithKline (GSK.L) bid rumours lift Cenes Pharma (CEN.L).
*Talk that Gaming VC (GVC.L) has received approaches.
The Business Editor's Commentary Column:
*Echoes of Stalin mean that Russia is still a gamble (Shell (RDSA.L)).
*London detached (House prices).
*Rivals in love (Corus (CS.L)/CSN).
*Worthy project – PM invites major industry to breakfast meeting to encourage carbon-conscious consumption.
The Tempus Column:
*Lloyds TSB (LLOY.L) - No more than a hold.
*Buy - Northgate Information Solutions (NIS.L).
*Carter & Carter (CART.L) - Keep buying.
Further news:
*Speculation that Rentokil Initial (RTO.L) has received an informal approach from a private equity firm.
*Big matchmaking analysts are bellying up to the bar.
*Builders’ demand fuels Powerfilm (PFLM.L).
The Business Comment Column:
*Shell (RDSA.L) can take 'comfort'; it's not personal, just business.
*Just when BP (BP.L) thought it was safe to go back...
*Time for tit-for-Tata play.
*Labour's pensions policy thinks shares can only go up.
The Questor Column:
*Hold Prudential (PRU.L).
*Hold SMG (SMG.L).
*Take profits at Arriva (ARI.L).
Further news:
*CSN launches £4.9-billion cash bid for Corus (CS.L).
*US banks predict sterling to crash next year.
*A Bank of America assault on Barclays (BARC.L) is no turkey shoot.
*Hunt for rate catcher (Rentokil (RTO.L)) sends shares through the 'golden cross'.
The Outlook Column:
*In the battle between CSN and Tata for Corus (CS.L), the biggest loser may end up being the victor.
*John Lewis bucks retailing trend.
*Harry Potter loses his magic (Bloomsbury Publishing (BMY.L)).
The Business Analysis Column:
*Shell (RDSA.L) cedes control of Sakhalin-2 as Kremlin exerts its iron fist.
The Investment Column:
*Hold Shaftesbury (SHB.L).
*Byotrol (BYOT.L) worth a punt.
*Sell Filtronic (FTC.L).
Further news:
*AstraZeneca (AZN.L) catches chill after UBS downgrade.
*Desperate retailers resort to viral marketing to boost sales.
At a Glance:
*Faltering health (Southern Cross (SCHE.L)).
The City Focus Column:
*Back comes The Devil in Corus (CS.L) battle.
Further news:
*Dealers sniff a deal at Rentokil Initial (RTO.L).
*Word is that Densitron Technologies (DSN.L) has won a legal spat with founder and former chairman and can now remove the Old Addeyans Football Club from its land at Blackheath.
Share Whisper:
*Keep an eye on ICM Computer Group (ICM.L), after receiving an approach from another suitor.
Further news:
*Swiss interest sends Hays (HAS.L) on a roll.
*Takeover speculation continues to support David S Smith (SMDS.L) and Rentokil Initial (RTO.L).
*Smith & Nephew (SN.L) to submit a £5-billion-plus cash and debt offer for Biomet today.
*The Office of Fair Trading refers Wienerberger bid for Baggeridge Brick (BGBK.L) to Competition Commission.
*EMI (EMI.L) non executives seek advice about Permira prospects.
*EMI (EMI.L) has teamed up with Yahoo! (YAH.L) to offer music videos.
*Royal Dutch Shell (RDSA.L) and its 2 Japanese partners have succumbed to pressure from the Russian government and offered to cede majority control of the £10.2-billion Sakhalin project to Gazprom.
*Countrywide (CWD.L) set to agree a management buyout backed by 3i Group (III.L) in a deal that could value the group at about £900-million.
*GlaxoSmithKline (GSK.L) reports positive results in short-term Phase II trial of its bleeding reducing drug Promacta.
*BT (BT.L) poised to re-enter the UK mobile market to offer advanced mobile broadband service.
*SMG (SMG.L) confirms nil premium merger approach from UTV (UTV.L).
*Carnival (CCL.L) confirms Tui (TUI.L) talks but denies discussion of exclusive distribution deal.
*Prudential (PRU.L) looks at alternatives to entire UK life sale.
*Sirvis IT (SRV.L) receives approach from K3 Business Technologies (KBT.L) at 4p-a-share cash.
*Co-Operative Group in merger talks with United Co-Operative.
*Bloomsbury Publishing (BMY.L) warns on full-year results with full-year pre-tax around £5-million after low pre-Christmas sales, although confident of satisfactory outcome for 2007.
*Music Copyright Solutions (MCS.L) places 8.7 million new shares at 15p each.
*Inmarsat (ISAT.L) agrees to sell Burses to ING for £106.3 million to pay creditor.
*HBOS (HBOS.L) and its subsidiaries hold 12% of Eastern European Property Fund (EEP.L).
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*Last Night in New York the Dow closed up 20.99-points at 12328.48, the Nasdaq put on 5.50-points to 2442.86, while the S&P added 3.20-points to 1413.04.
*Cheaper oil helped relieve some pressure on UK manufacturers last month.
*UK interest rates to rise then fall in 2007 and savings to jump, according to HBOS (HBOS.L).
*Interest rates had to increase last month to head off inflationary wage demands and maintain the Bank of England's credibility, according to Monetary Policy Committee member Paul Tucker.
*UK business to save £7.5-million by 2010 as Office for National Statistics simplifies data reporting.
*European Central Bank backs fund register to reduce risk of global crisis.
*UK shoppers not tempted by early Christmas bargains, according to Footfall.
*Falling stock piles buoy base metals prices.
*UK and France seek to dilute European Union plans for cap on mobile roaming fees.
*Branded providers of pension products are to be given a new role in the planned new system of personal pension savings after all.
*BBC Money Programme claims banks are overcharging on overdrafts and bounced cheques.
*Employment figures add weight to hopes of soft landing for US.
*US October wholesale inventories up 0.8%, sales fall for second straight month.
Compiled in association with HB PLC and WH Ireland Ltd
