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SATURDAY 16TH DECEMBER 2006
The Lex Column:
*The devil’s in the retail - Christmas is heaven for some, but hell for many. For UK retailers too, the festive season seems likely to widen the gap between winners and losers.
*Bernanke in China - Linguistic contortion is de rigueur for any central banker. Federal Reserve supremo Ben Bernanke, however, took it to the next level with his speech to the Chinese Academy of Social Sciences on Friday.
*Gallaher (GLH.L)/Japan Tobacco - Sharing a cigarette has always been a great way to bond. Friday’s recommended bid by Japan Tobacco for Gallaher was certainly friendly, indeed management believe the companies complement each other “perfectly”. But might other suitors for Gallaher emerge, and what does the deal mean for the competitive landscape?
*Citigroup (CGP.L) - Citigroup’s CEO Chuck Prince has begged for patience as its share price has disappointed. Over the past week, he has finally tried to at least address some of the challenges Citi’s shareholders fret about.
The Lombard Column:
*Realpolitik helps BAE (BA.L) investors see more clearly – Government restores the cynical certainties.
*Inspector Gadget – The FSA’s campaign against insider trading is inching closer to the 21st Century, with a ‘gizmo’ that provides early warning of possible dodgy dealing.
*Misys (MSY.L) after the crisis.
The Weekend Share Watch Column:
*Accident Exchange (ACE.L) – Attractive growth story in spite of revised forecasts.
*Laird (LARD.L) – Investors surprised by a positive trading update.
*Antisoma (ASM.L) – Back in good health after Roche (ROG.L) move upsets market. The news sent the sharews down 3.8%, a small irritant for investors who have seen the stock come good.
The Lead Story of the FT Money Section:
*Interest-only mortgage risks heightened by rate pressure.
Fund Manager in Focus:
*Richard Scott (Iimia Growth and Income Funds).
Further news:
*BSkyB (BSY.L) buys online sport group 365 Media, in £96-million deal.
*Siemens (SIE.L) bribery scandal escalates.
*Babcock (BAB.L) eyes Devonport docks.
*Lukewarm response to Cairn India float (CNE.L).
*Equities brush aside volatility over US rates.
*Prudential (PRU.L) rumours boost Footsie.
*Merrill said to have been bidding for large blocks of stock in Star Energy (STAR.L).
Feature:
*Bonuses: are they necessary, evil, or both?
Interview:
*Muhammad Yunus.
The Tempus Column:
*Beware of investing in infrastructure – it may be the next bubble.
Further news:
*Centrica (CNA.L) to delay cuts in gas prices and sheds 1,300 staff.
*EADS executives seek to drop government shareholders.
*Jimmy Choo strikes against M&S (MKS.L).
*Lara Croft to cosy up with Batman (Time Warner (TWX.L) has snapped up a 10% stake in Sci Entertainment (SEG.L)).
*L&G (LGEN.L) creams fivefold return from Café Rouge owner.
*Bid fever for mid-cap firms puts big players on sideline.
*Clipper Ventures (CLV.L) dips after crew departure.
*Petards (PEG.L) signs £1.3-million MoD deal.
Feature:
*Britain faces tough defence of its reputation - The BAE (BA.L) controversy is not over yet.
The Comment Column:
*By pleasing the Saudis we’ve risked angering the US.
*Credit crunch caveats.
*Will the real Mike Ashley... (What is Mike Ashley up to at Blacks Leisure (BSLA.L)?)
Profile:
*Toni Mascolo (Chairman of Toni & Guy).
The Questor Column:
*Berkeley Group (BKG.L) – Buy.
*Anite (AIE.L) – The shares are worth buying on the dip after the results this week.
*Carter & Carter (CART.L) – Well worth holding on to.
The Citywire Column:
*Richard Buxton (of Schroders (SDR.L)) leads the call for companies to take on debt.
Further news:
*BA (BAY.L) chief in green challenge Chancellor.
*BAE (BA.L) shares soar as inquiry is pulled.
*Market high proves that old Christmas chestnut (Christmas rally).
No share news today
The Derek Pain ‘No Pain, No Gain’ Column:
*Some festive cheer but no irrational exhuberance (Portfolio revue) – The portfolio is looking at a £100,000 gain, but new recruits will be needed.
The Outlook Column:
*Much gnashing of teeth as pre-Christmas rally vanquishes the stock market bears – The great thing about being a bear is that if you say it often enough, eventually you’ll be proved correct.
*Laidlaw acts to stem Centrica (CNA.L) outflow.
A Day in the Life:
*Nick Robertson, Chief Executive of Asos (ASC.L).
Further news:
*East Coast line up for grabs as GNER is axed.
*Doubts over debt plague Tote bid.
*Credit Suisse (CRD.L) sweetens (a bit) to Tate & Lyle (TATE.L).
The Investment Extra Column:
*Antrim (AEY.L) counts on North Sea riches.
*Torrent of takeovers transforms our tips.
*Neptune Investment Management tunes into China’s boom.
The Alex Brummer Column:
*Sun rises over Gallaher (GLH.L).
At a Glance:
*Dazzling Dow (Dow Jones).
Further news:
*High Street is shrugging off festive fears - Markets are smoking hot.
*Panmure Gordon (PMR.L) rose 5.5p on a bullish update and dealers say the shares are due a rally. Staff should be looking forward to a useful bonus, as board says fofrecasts exceed analysts’ forecasts.
*Tata ready to walk away from Corus (CS.L).
*£20-million bonus for Morgan Stanley boss.
*Game on again for in-shape JJB Sports (JJB.L).
*FTSE in spurt to 6-year record.
*Misys (MSY.L) promises new blood.
No share news today
THE SUNNo share news today
COMMENT AND BID NEWS*Failed buy-out of Misys (MSY.L) cost group £5-million.
*Mike Ashley declares that he wants his Sports World International to go global.
*Feelgood factor brings seasonal cheer to markets.
*Japan Tobacco buys Gallaher (GLH.L) in £7.5-billion deal.
*Centrica (CNA.L) to reduce domestic gas prices.
*Collins Stewart (CSTL.L) sets up joint venture in India.
*Blackstone enters Great Britain’s restaurant picture by buying Tragus.
*Detica (DCA.L) benefits as FSA upgrades abuse systems.
*Last Night in New York the Dow closed up 28.76-points at a record 12445.52, the Nasdaq added 3.35-points to 2457.20, while the S&P put on 1.60-points to 1427.09.
*US President George W Bush is likely to boost troop levels in Iraq next year, an administration official has said. Up to 25,000 more troops could be deployed to try to help end the violence, the official said, speaking on condition of anonymity. The comments come a day after prominent Republican John McCain called for up to 30,000 more troops to be sent to Iraq.
*Phishing on online banking increases 8,000%.
*The problem of multidrug-resistant tuberculosis may be even more severe than previously thought, experts warn.
*The Prime Minister has said that Turkey's membership of the European Union is fundamental to the Middle East peace process.
*The exiled political leader of Hamas has urged restraint to prevent civil war breaking out in Gaza and the West Bank between Palestinian factions. Khaled Mashaal, based in Syria, said the Palestinians' fight was against Israeli occupation, not each other. His comments come after a week of escalating violence between Hamas and President Mahmoud Abbas's Fatah.
*Sharply deteriorating security in the Darfur region of Sudan has led to the withdrawal of 250 relief workers. Aid workers face "unprecedented difficulties" because of military activity and direct violence against them, a statement by 6 agencies says. They said the withdrawal of staff affects the provision of aid to nearly 500,000 displaced people in Darfur.
*Former Russian spy Alexander Litvinenko was murdered because of information he held on a powerful Kremlin figure, an ex-business associate has said.
*Police investigating the murders of 5 women are examining CCTV footage and may release images showing the last known movements of one of them. Det Chief Supt Stewart Gull said he was confident of finding footage of prostitute Anneli Alderton. Assistant Chief Constable Jacqui Cheer said Ms Alderton was pregnant but added this was irrelevant to the inquiry.
Compiled in association with HB PLC and WH Ireland Ltd
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