The Lex Column:
*Nyet effect - The rise of so-called national oil companies (NOCs) has been punctuated by the sound of doors slamming – mostly in the faces of western energy companies.
*Oil price outlook - Forget sophisticated economic models and swotting up on Iranian politics. Since 2003, there has been a much simpler way to guess the next year’s average oil price: add on another $10 or so a barrel.
*BT Pension fund - Had BT Group’s (BT.L) triennial pension review, announced on Monday, happened four years earlier, it is just possible that the UK company would have gone under.
The Lombard Column:
*There is still a future for defined-benefit pensions – The larger the scheme the better the chances.
*War and peace (Peter Hambro Mining (POG.L) in Russia).
*Roundly beaten abroad (Smith & Nephew (SN.L)/Biomet).
Further news:
*Millionaire sues Citibank after Swiss funds go missing.
*How faults at BP (BP.L) led to one of America's worst industrial disasters.
*Sony and Toshiba could be left behind in format war.
*Bid rumours swirl around Hays (HAS.L) and David S Smith (SMDS.L).
*Arena (ARE.L) gallops ahead on Reuben brothers talk.
*Talk that XFT Technology has raised £61-million from placing of convertible shares.
*Leisure division sale hopes boost Alba (ABA.L).
The Business Editor's Commentary Column:
*Rail competition has hit the buffers.
*(Lord) Browne still gets the brickbats (BP (BP.L)).
*In a flap over nothing (UK energy policy).
*Tortoise-like S&N (SN.L) is easy prey.
The Tempus Column:
*5.5% yield is reason enough to hang on to Provident Financial (PFG.L) for now.
*Hold Petrofac (PFC.L).
*Sell TDG (TDG.L).
Further news:
*Next (NXT.L) investors cheered by talk of a leveraged buyout.
*Talk of stakebuilding lifts Alphameric (ALM.L).
*Arena Leisure (ARE.L) gallops ahead on bid talk.
The Business Comment Column:
*BP (BP.L) needs someone from outside to dig it from its hole.
*Will 2007 be the year the debt train hits the buffers.
*Pensions crisis - what pensions crisis? (BT (BT.L))
Further news:
*Britvic (BVIC.L) on bid alert after sale of major stake.
*BP's (BP.L) road to succession starts to become bumpy.
*Investors see David S Smith (SMDS.L) as an attractive takeover package.
The Outlook Column:
*Actuaries put to shame as staying with equities saves BT (BT.L) pensions from catastrophe.
*Productivity: don't blame planning laws.
*Insider trading, an intractable problem.
The Investment Column:
*Avoid - Provident Financial (PFG.L).
*Buy - Photo-Me International (PHTM.L).
Further news:
*Traders gamble on Tata retreat from Corus (CS.L) battle.
*BP (BP.L) insists senior executive's outburst is not a veiled attack on Lord Browne.
*Some of the biggest UK takeovers of the past year are being scrutinised by the FSA as it attempts to stop sensitive information leaking into the market.
*Samuel Hayman raises stake in London Stock Exchange (LSE.L) to 9.6%.
*Mystery buyer builds 11.5% stake in Britvic (BVIC.L) at 280p-a-share following Axa's (AXA.L) sales of its 9.2% holding.
*BAT’s (BATS.L) refuses to enter bidding war for Gallaher (GLH.L) with Japan Tobacco.
*Smith & Nephew (SN.L) ends talks with Biomet.
*Biomet agrees to be acquired by a private equity consortium led by Blackstone and Goldman Sachs for $10.9-million cash.
*GlaxoSmithKline (GSK.L) discontinues development of Brecanavir for HIV.
*Rentokil Initial (RTO.L) has received early expressions of interest in Initial Electronic Security that it is hoping to sell for up to £550-million.
*BDI Mining (BMG.L) issues 2.9-million shares in exchange for loan cancellation.
*Statoil of Norway's purchase of Hydro in a $30-billion transaction that creates a European oil major at a time of high energy prices.
*Sports World acquires Streetwise Sports chain.
*Goldman Sachs, Deutsche Bank and Citigroup to finance Eurotunnel (ETL.L) debt deal.
*BG Group (BG.L) to buy interests in Armada and Everest fields and Block 22/14a for $143 million.
*Petra Diamonds (PDL.L) to buy De Beers' Koffiefontein mine operations for £5.98-million.
*Primary Health Properties (PHP.L) to convert to Reit status on 1st January.
SOME ITEMS THAT COULD INFLUENCE SHARE PRICES
*The Dow closed down 4.25-points at 12441.27, the Nasdaq fell 21.63-points to 2435.57, while the S&P slipped 4.61-points to close at 1422.48.
*Think–tank group, Chatham House has attacked the foreign policy of Tony Blair, branding the decision to invade Iraq as a 'terrible mistake'.
*OPEC keeps 2007 on demand forecast unchanged; crude price falls below $63 as Opec sees downside price risk next year.
*Dollar to strengthen in 2007 as US economy recovers, according to American Express Bank.
*Eurozone growth expected to slow, according to the European Commission.
*High demand cuts stock of unsold homes to 2-year low, according to Royal Institution of Chartered Surveyors.
*UK shopper numbers down 11.4% year-on-year last weekend, according to Footfall.
*Non-European Union airlines have won a two-year exemption from the EU's carbon emission trading scheme after the US threatened legal action.
*Iron ore to beat coal as biggest export earner for Australia.
*US NAHB housing market index 32 in December vs 33 in November.
*US current account deficit grows to $225.6 billion, equal to 6.8% of gross domestic product, in line with expectations.
*Aim-listed property companies will be able to slash their tax bills by becoming Real Estate Investment Trusts next year.
Compiled in association with HB PLC and WH Ireland Ltd
