The Lex Column:
*International Monetary Funk - The International Monetary Fund, used to whipping fiscal miscreants into shape, had a profit warning itself last year. Things have deteriorated since. In the first quarter of this fiscal year it made an operating loss.
*London Stock Exchange (LSE.L)/Nasdaq – The great European project of exchange consolidation hasn’t quite turned out as its starry eyed proponents expected. Deutsche Börse, which kicked off the whole fiasco, has been reduced to negotiating with the Bulgarian Stock Exchange.
*Goldman Sachs - Sometimes, a bit of repetition is just what is needed to keep up the excitement. For the third year in a row, Goldman Sachs delivered record earnings. What was remarkable was where much of its earnings power came from.
*Metals & mining - It is mating season in the global metals and mining industry. On Tuesday Zinifex of Australia and Belgium’s Umicore said they would merge their zinc smelting assets to create the world’s largest producer of the metal. Analysts say the business could have an enterprise value of $2.1-billion-$2.8-billion.
*US economy - Are the markets doing Ben Bernanke’s dirty work? Goldman Sachs estimates that the looser financial conditions since late June are equivalent to a 1.2 percentage point cut in interest rates across the yield curve.
The Lombard Column:
*Providers get a limited role in national pensions – But bigger benefits may come later.
*Duty unrewarded (Flight emissions).
*A wildcatter in Kiev (Regal Petroleum (RPT.L)).
Further news:
*Treasury faces hefty refund bill after EU dividend ruling.
*Goldman celebrates record year.
*Nasdaq sets clock ticking on LSE (LSE.L) offer.
*Cadbury (CBRY.L) hurt by Nigeria and recall.
*Analysts believe Marks & Spencer (MKS.L) is one of the few winners in the high street this Christmas.
*Talk that Phoenix IT Services (PNX.L) is the mystery bidder behind an approach for ICM Computer (ICM.L).
*Talk of stakebuilding at Sanctuary Group (SGP.L).
The Business Editor’s Column:
*If Nasdaq wins the LSE (LSE.L) it may prove a pyrrhic victory.
*A bonus for all (Goldman Sachs).
*Santa only brings gifts for some – There will be retail winners and losers in the Christmas season.
Smaller Stock to Watch:
*Lewis Charles Sofia Property Fund (LCSS.L).
The Tempus Column:
*Ashtead Group (AHT.L) has further to go.
*Buy - RWS Holdings (RWS.L).
*Avoid - Civica (CIV.L).
Further news:
*AstraZeneca (AZN.L) plan for delivery of medicines triggers protests.
*Foreign investment in Great Britain triples to top £100-billion.
*Speculation mounts that ICI (ICI.L) is a takeover target for Akzo Nobel.
*Undervalued rumour fails to stand up at Quintain (QED.L).
*Russian checks hit Peter Hambro (POG.L).
The Business Comment Column:
*Hostile tactics from Nasdaq can be ignored for now.
*Does Goldman's perfect year mark the peak?
*CPI is an over-simplified view of the economy.
The Questor Column:
*Take profits at LSE (LSE.L).
*Buy - Imperial Energy (IEC.L).
Further news:
*Barclays’ (BARC.L) House of Fraser (HOF.L) card deal in doubt.
*Nasdaq woos funds in its bid to win LSE (LSE.L).
*Inflation hits 10-year high and fuels fears of a rate rise.
*Inflation jitters upset traders while Drax (DRX.L) runs out of energy.
The Outlook Column:
*Lord Turner has won the battle for pensions reform, but can his plans be made to work?
*LSE (LSE.L): more reasons for rejecting Nasdaq.
*Time to set Britain's airports free (BAA).
The Analysis Column:
*Harry Potter publisher stumbles amid trouble on high street for booksellers (BMY.L).
The Investment Column:
*Hold - GKN (GKN.L).
*Avoid - Patientline (PTL.L).
*Hold - La Tasca (LAT.L).
Further news:
*Ban on smoking could damage Rank's (RNK.L) health.
*Vague talk of a break-up bid lifts Scottish & Newcastle (SCTN.L).
*Fears of a rights issue overshadow Hardy Amies (HRD.L).
*Bid hopes revive Greggs (GRG.L).
*Diageo (DGE.L) steps up China presence with joint venture.
*BAE (BA.L) wins share of US army contract worth up to $250-million.
*Smiths Aerospace (SMIN.L) enters $60-million joint venture with General Electric (GEC.L) for F404 engine.
*Rolls-Royce (RR.L) wins $96-million engine order.
*BAT’s (BATS.L) and Imperial Tobacco (IMT.L) are considering bids for Tekel, Turkey's state cigarette company.
*Regal Petroleum (RPT.L) wins court battle for control of important Ukrainian gasfields.
*Gazprom close to deal with Shell (RDSA.L) on Sakhalin-2.
*Countrywide (CWD.L) agrees 550.6p-a-share, £940.7-million, offer from 3i-backed management buyout team.
*Argos seizes MFI's furniture market lead.
*Investors and traders are betting on shares in Trinity Mirror (TNI.L) falling sharply after it announces the results of its strategic review tomorrow.
*Premier Management (PMA.L) confirms reverse takeover talks and requests AIM suspension.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow closed down 12.90-points at 12315.58, the Nasdaq fell 11.26-points to 2431.60, while the S&P lost 1.48-points to 1411.56.
*The Prime Minister takes a tougher line on Iran and backs imposing a no-fly zone over Sudan's Darfur region, calling for tougher action if the government does not halt violence.
*Interest rate rise threat grows, as inflation surges to 10-year high.
*Foreign investment in Great Britain triples to £100-billion.
*Europe is poised to overtake US as the world's largest source of capital markets revenues this year.
*The Government unveils proposals for re-regulating bus industry.
*The National Pension Fund to be run in line with Pensions Commission model.
*UK and US governments sign memorandum of understanding on joint strike fighter.
*The European Court of Justice rules that the UK's treatment of dividend income under the advance corporation tax rules has discriminated against companies in other European Union states.
*Managerial, professional and semi-professional jobs have grown faster than any other areas of work in the past decade, according to a study.
*US Federal Reserve leaves key interest rate unchanged at 5.25%; believes economic growth has slowed over past year as housing cools, although some inflation risks remain; extent of future rate moves depends on inflation and growth.
*US November budget deficit $75.6 billion vs £73 billion expected.
Compiled in association with HB PLC and WH Ireland Ltd
