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SATURDAY 23RD DECEMBER 2006
The Lex Column:
*Emerging markets - the worry, of course, is that, as in developed markets, both private and public emerging markets investors are becoming less and less fastidious in their choices. Some of the improvement in balance sheets and external positions look permanent. But the lesson from Thailand is that it is still important to be picky.
*Shell (RDSA.L)/Sakhalin - Sakhalin-2 is pretty marginal for Shell in terms of its value and reserves. BP (BP.L), however, relies on Russia for perhaps a third of its non-proven oil and gas reserves, the basis for its long-term growth. Peace in Sakhalin, on these terms, will provide some comfort, but reducing its dependence on Russia remains a priority for BP.
The Lombard Column:
*A Square Mile where fairy tales come true.
Further news:
*Tornadoes' upkeep role opens deal for BAE Systems (BA.L).
*FT Man of the Year: Lakshmi Mittal.
*Pub company shares still seen as good bets: Mitchells & Butlers (MAB.L), Greene King (GNK.L), Punch Taverns (PUB.L), Wolverhampton & Dudley (WOLV.L), Enterprise Inns (ETI.L), JD Wetherspoon (JDW.L), Caffe Nero (CFN.L).
*AIM IPOs that will leave little room for festive cheer.
The Tempus Column:
*Father Christmas gets some good presents as his portfolio blooms in Russian, Norwegian, Finnish and Swedish markets.
Further news:
*Jimmy Wales, founder of Wikipedia, plans a search engine to rival Google.
*Schroders (SDR.L) is set to lose a big chunk of Strathclyde pension fund mandate.
*Games setbacks take fun out of Christmas for DSG International (DSGI.L).
The Questor Column:
*Hold Rentokil Initial (RTO.L).
*Buy Innovation Group (TIG.L).
*KSK Power (KSK.L) could be worth investing in.
The Business Comment Column:
*Premier Foods' (PFD.L) appetite for brands may bring indigestion.
*Land Securities (LAND.L) shrewd move into private finance initiative sector looks a winner.
Interview:
*Ofcom chief Dominic White.
Profile:
*Grant Hearn, Chief Executive of Travelodge.
Further news:
*Japanese expert Hideo Shiozumi shrugs off wild fluctuations of 2006.
*The real value of Britain's markets.
A Day in the Life:
*BT (BT.L) chairman Sir Christopher Bland.
Further news:
*Where next for Shell (RDSA.L) after Sakhalin-2 seizure debacle?
*Rumours that Procter & Gamble (PGM.L) is mulling an offer for SSL International (SSL.L) is gathering momentum.
*Talk of more acquisitions in the pipeline for Interquest (ITQ.L).
The Investment Extra Column:
*Uranium gives a warm glow this Christmas (Urasia Energy (UUU.L), Paladin Resources).
*Impax (IPX.L) shares have further to go.
*Cut any loses now at Subsea Resources (SUB.L).
Further news:
*The £50 million British Airways (BAY.L) faces losing in the fog.
*Marks & Spencer (MKS.L) gets into the festive mood.
No share news today
DAILY MIRRORNo share news today
THE SUNNo share news today
COMMENT AND BID NEWS*Vodafone (VOD.L) could face a bidding war after it emerges that India's Reliance Communications is talking to private equity firms about an offer for Hutchison Essar.
*Tesco (TSCO.L) is facing the prospect of potentially damaging opposition from the main US grocery workers' union as it prepares to enter the country next year.
*Independent News & Media (INWS.L) set to acquire APN with private equity help.
*Rolls-Royce (RR.L) set to expand its US operations by building new facilities in eight states.
*Highland Acquisitions, the Baugur-fronted consortium, has completed a sale and leaseback of House of Fraser's (HOF.L) HQ for an estimated £60 million a month after completing a £351 million buyout.
*European Commission clears Tata Steel's proposed acquisition of Corus Group (CS.L).
*European Union launches in-depth investigation into Ferd/CVC acquisition of SIG (SHI.L); Ferd/CVC raises SIG takeover offer to 400 Swiss francs a share vs 325.
*News Corporation sells DirecTV stake to Liberty Media for News Corporation stake and $550 million.
*Lufthansa sells stake in Thomas Cook to Karstadtquelle; raises stake in Thomas Cook's Condor to 24.9% from 10%.
*Charles Schwab buys pension business from Nationwide Financial for $11.5 million.
*Bella Media (BLL.L) terminating Springfield project; full-year pre-tax loss widens.
*Uranium Resources (URA.L) raises £1.85 million to advance uranium exploration in Tanzania.
*Cardinal Resources (CDL.L) refinances bridging loan; increased facility by $17.5 million to $55.5 million.
*John Menzies (MNZS.L) unit in joint venture with Eason & Sons to combine distribution operations.
*BAE Systems (BA.L) wins £947 million UK Ministry of Defence Tornado support contract.
*Comland (COM.L) to sell seven properties for £29.35 million.
*Venture Productions (VPC.L) agrees Sevan deal to drill pilot in 2007; sees oil in 2009.
*Land Securities (LAND.L) buys Secondary Market Infrastructure fund.
*Peter Gyllenhammer raises stake in Swallowfield (SWL.L).
*Last Night in New York the Dow declined 78 points and the Nasdaq lost 15 points.
*University of Michigan December US consumer confidence index 91.7 vs 92.1 in November.
*US durable goods orders up 1.9% after October's steep decline.
*US November consumer spending up 0.5%, the largest increase since July.
*US November core price index unchanged after rising 0.4 in October.
*US November personal incomes up 0.3% as expected.
*German December preliminary consumer price index rises 0.8% vs November; up 1.4% year-on-year.
*BP (BP.L) halts output at Caspian gas field.
*TNK-BP is bracing itself for a full investigation within weeks into its licence agreement for a giant Siberian gas field.
*Santas pad up for last-minute crush as big spenders rescue Christmas profits.
*Last minute discount could leave UK consumers 'shopped out' by January, according to Deloitte.
*Internet taking bigger slice of Christmas spending, according to Footfall.
*Five US troops killed in Iraq.
*Rio Tinto's (RIO.L) Hammersley agrees 9.5% iron price hike with China's Baosteel.
*Copper prices close to eight-month lows due to rise in inventories.
*The UK economy got off to a slow start in the final quarter, according to official figures that showed services sector posted its weakest growth for four months in October.
*Hermes. the UK's biggest pension fund, joins City criticism of the government decision to halt a Serious Fraud Inquiry into the Saudi arms deals.
*The chief executives of Britain's 100 biggest companies have more than £1.1 billion in assets tied up in their businesses, an average of £11 million each.
*British Airways (BAY.L) to reinstate all domestic flights from Heathrow today.
*An activist investment group led by Edward Bramson has won its battle to remove John Weston as non executive chairman of Spirent Communications (SPT.L).
*F&C Asset Management (FCAM.L) questions prudence of allowing Russian companies to list in UK.
*Aquabella (AQA.L) first-half pre-tax loss widens; sees improved sales in second half.
Compiled in association with HB PLC and WH Ireland Ltd
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