The Sunday Times reports on plans being drawn up for a $15 billion cash injection into Fannie Mae and Freddie Mac. This is said to be one of several options being discussed by regulators as a means of restoring confidence to the firms.
Wolseley looks set to combine a profit warning with news of further job losses, according to the Telegraph. The same article discloses that last week Taylor Wimpey failed to persuade bankers in another attempt at re-financing.
Expect another nervous week for bank shares; the Observer reminds us that this is decision week for HBOS shareholders. With the share price below the rights issue price there’s little incentive to take the shares.
The Sunday Business Post runs a scare story that EU regulations could lead to less demand for Irish shares. Part of this is due to the 1% stamp duty, compared to 0.5% in the UK and zero in Europe. But the main claim is only based on a directive that makes other markets easier to deal in than before, so don’t take it too seriously.
The Telegraph reckons that a consortium of buyout firms might come up with a counter offer for Informa.
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Market Review 7 Jul 08
The Telegraph is expecting Barratt Developments to announce a £100 million write-down of its landbank this week. But on a more positive note Barratt’s should announce an agreed waiver of its banking covenants. The paper understands that Barratts is close to completing a re-financing agreement on a £600 million loan, used last year to buy Wilson Bowden. For a bit more flavour on woes in the housebuilding sector have a quick look at the Scotland on Sunday, who appear to have more detail on the re-financing plus a preview of results this week from Persimmon.
The institutions offering to bail out Bradford and Bingley still want Clive Cowdery to be involved. The Independent reveals that Cowdery has been approached, but can’t get involved until after the rights issue ‘for legal reasons’. But I guess that’s the price the institutions demanded for stumping up the cash, and it’s only a matter of time before the current boss spends a bit more time with his family.
The Sunday Business Post breaks the news that Energia, Ireland’s largest independent energy company, is to be offered for sale. The current owners, Bahrain based Arcapita, are looking to raise between €1-1.5 billion from the sale.
With inflation fears dominating, the Telegraph has a good read for the Gold Traders out there. The article reckons that gold has been left at the starting blocks in the commodity sprint and that it’s due a proper run. The price of gold relative to oil is at its lowest level for years and, according to the paper, with some central banks turning buyers the shiny stuff looks a good bet.
Looking ahead to Thursday’s interest rate decision in the UK, the Sunday Times’ pretend Monetary Policy Committee vote for no change in rates. The ‘Peter Crouch length’ list of sectors in trouble should persuade the Bank to gamble on inflation rather than the drowning economy.
Perennial take-over target Minerva looks to have broken-up with potential suitor Limitless. The Telegraph reports that since the Dubai property arm, Limitless, made an indicative offer in June it’s all gone eerily quiet. Minerva had presented to the bidding company, also hinting that the offer wasn’t high enough, but the current share price of just 72p suggests little faith in the offer proceeding.
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Market Review 30 Jun 08
Although spurned by Bradford & Bingley, Clive Cowdery’s developed a taste for ailing financial companies. The Independent reckons he’s likely to have a pop at Alliance & Leicester and Paragon next.
Barclays is a bit beyond Clive Cowdery’s reach and, in any case, its chief executive spelt out that the £4.5 billion of capital being raised was all that the bank needed. He was aware of market (Citigroup) talk of needing more but didn’t agree.
The Scotland on Sunday expects Taylor Wimpey and Redrow to write down the value of their landbanks this week, a rare event indeed. But the Sunday Times reckons help might be on hand; the paper expects several knights in pin-stripe suits to come to Taylor Wimpey’s rescue, stumping up £400m of extra capital.
The Scotland on Sunday adds more colour to the much-mooted Lloyds TSB bid for Dresdner Bank. It says that if Lloyds offload Scottish Widows to Allianz as part of the transaction then it would want a deal where it still distributes the Widows’ products through its banking network.
Cable & Wireless will increase its offer for Thus, according to the Sunday Times. After failing to find a white knight, Thus is expected to recommend a sweetened offer of 175-180p a share as early as Monday.
Traders searching for bullish news need look no further; the UK government is looking to sell its stake in QinetiQ. This government has an investment record second only to Nick Leeson so news of the £250 million sale could prove to be a turning point for the markets.
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Market Review 23 Jun 08
Breaking news from Jeddah is that although the Saudis are only increasing output to the widely predicted 9.7m barrels per day. Bloomberg quotes the Saudi Oil Minister as offering to supply above and beyond that amount if customers say it's needed. Saudi's capacity will be 12.5 million barrels per day by the end of 2009, but could rise to 15 million if required.
Plenty for traders in Barclays to get their teeth into; the Independent reveals the overseas investors likely to bail out Barclays £4 billion share placing. However, according to The Sunday Times, there could be some problems over one of the potential investors, the Qatari Investment Authority. A senior member of the Qatari royal family is taking legal action against Barclays, alleging gross negligence over a case when he lost £40 million from his account due to fraud.
The Sunday Times puts a bit more fat on last week’s rumour that Lloyds TSB is eyeing up Dresdner Bank. Allianz, Dresdner’s parent company, has put the bank in play and Lloyds is said to be putting a potential deal in place.
The Scotland on Sunday reminds us that as of tomorrow the identity of short-sellers will be revealed, though we don’t reckon too many of us will have to worry. The article focuses on the woes of HBOS and points out that with the share price once more back at the rights issue price the take-up could be pretty dismal. HBOS has 2 million private investors, many who know nothing about the stock market and are unlikely to take up the additional rights. Although HBOS is guaranteed its cash, a poor take-up will reflect poorly on the current management.
News from the Sunday Business Post that BT Ireland has awarded a €12 million contract to ESB. The 12-month deal is to supply BT sites north and south of the border.
The Independent talks about the mess the UK is in, but tells us to be grateful we’re not in the ‘one size fits all’ Eurozone. Despite torrid times in some of the smaller member countries, European interest rates are set to rise. But will it be just the once, or the first of many?
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Market Review 16 Jun 08
The Sunday Times offers an explanation of how Barclays will avoid raising funds through a rights issue. The paper reckons talks are underway with Asian funds to provide £4 billion of capital through a share placing. The suggestion is that the offer will also be open to existing shareholders, but underwritten by the sovereign wealth funds.
Meanwhile Lloyds TSB, which got off lightly during the credit crisis, is looking to cast its net abroad. The Sunday Telegraph reveals an interest in Deutsche Postbank, an £8 billion German retail bank.
The Independent looks forward to this week’s earnings reports from the US banks. It expects further write-downs totalling £4.6 billion and possible news of a bidder, or further cash injection, for Lehmans.
Brazilian miner Vale is back in the news again, at least in the Observer. The company that cast more than an eye over Xstrata is reportedly building a war-chest to take on Anglo-American.
There could be some relief for leading house builders, according to the Telegraph. Plans are being drawn up for some large investment firms to invest directly in builders like Barratt Development and Taylor Wimpey, rather than see the share price destroyed by a rights issue.
If you’ve got 5 minutes and a cuppa the Independent provides a weighty, but worthwhile, read for all you oil barons out there. The article looks forward to next weekend’s meeting of the who’s who in the Crude Oil world (and Gordon Brown) by painting an in-depth picture of the trouble with putting a price to the black stuff.
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Market Review 9 Jun 08
The US Unemployment figures and rising oil price are discussed in the Guardian while Irwin Stelzer looks for answers to the rising oil price in the Sunday Times.
The Bradford and Bingley rights issue failing has, unsurprisingly, grabbed a lot of column inches. The Sunday Times suggests that had private equity group TPG not bought into the bank it could have collapsed a la Northern Rock while the Independent focuses on B&B shareholder dissatisfaction. Saturday's Guardian said that B&B has raised interest rates while Egg is pulling out of the but-to-let market and the FT agreed and said Abbey will also increase some of it's longer term rates.
Aviva, the world's fifth largest insurance company, are planning to remove 1800 jobs from their Norwich Union business according to the Observer.
IAWS (owners of Cuisine De France croissants and La Brea bakers) are in talks to merge with Hiestand holdings says the Sunday Business Post. IAWS know Hiestand well and owns over 30% of that business. The IAWS spread bet is already up 3.7% on the week.
The 'handbags at dawn' saga of O'Brien vs O'Reilly gets ever-bitchier. The Sunday Business Post has O'Brien accusing O'Reilly of taking his eye of the ball at Independent News and Media (IN&M). This lapse, says O'Brien, is due to O'Reilly being distracted by his disastrously performing Waterford Wedgewood group. Meanwhile the Sunday Times has a bit more background to the story and a look at whether cronyism on the IN&M board is an issue. IN&M's Annual General Meeting on Wednesday should be livelier than most!
The Guardian seems to be in a race with itself over who can offer the most depressing news on UK house prices. Separate articles discuss how house prices are falling at their fastest rate since the 1990s property crash and how repossessions at Northern Rock are now running at twice pre-February's privatisation rate. And they've even thoughtfully put the various house price data onto one interactive graph so as to really drive the message home.
British Energy seems to be getting closer to being sold to Electricite De France (EDF) according to the Independent, while the Telegraph agrees and says the UK's Business And Enterprise Secretary John Hutton will call for more nuclear reactors to be built.
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Market Review 2 Jun 08
Oh dear, just when it couldn't get much worse for the banks:
Bradford & Bingley is set to drop a profit-warning bombshell, according to the Sunday Times. The bank, which is in the throes of a rights issue, will also announce the departure of its chief executive, Steven Crawshaw. The paper fears this could re-ignite worries of worse to come from the UK banking sector. The timing's lousy with Royal Bank of Scotland, Bradford & Bingley and HBOS all trying to get rights issues away.
Meanwhile the Scotland on Sunday feels the Royal Bank of Scotland rights issue will be in the balance this week . The paper reckons investors won't decide whether to take up their rights until close to Friday's deadline. Although the rights issue is underwritten and the bank will get its money, the aftermarket could be messy. As so often happens, the price for taking up the rights could be the chairman and chief executives' heads on a pole. The Sunday Telegraph reports on a group of shareholders canvassing support for new heads at the bank.
Ouch! As if there isn't enough to worry about, the Sunday Business Post reveals a doubling of the Bank of Ireland's pension deficit. Recent falls in the equity market reversed an improving trend, showing a deficit of €785 million at the end of March.
Here's a good read for contrarians: the Sunday Telegraph reckons there's almost £6 billion of short bets riding on a fall in retailers. The paper quotes figures from Data Explorers saying that 8% of the retail sector has been short sold, with Next being the most shorted FTSE retail stock. Even the banking sector is only 7% short sold.
The Observer expects Ryanair to ground 10% of its fleet over the winter months. Michael O' Leary is likely to make the announcement on Tuesday when he presents the annual results.
Sofa, not so good for Land of Leather. For those not familiar with the name it's a furniture company, not outfitters to the Conservative party. The Sunday Times reports that KPMG have been called in to advise on the re-negotiation of bank facilities ahead of the company's year-end. Creditors are piling up and the recent Bank Holiday didn't bring the shoppers in.
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Market Review 26 May 08
Vodaphone boss Arun Sarin is looking to dampen speculation over his bidding for MTN. The Sunday Times reckons he’ll use Tuesday’s earnings announcement to tell shareholders he won’t be drawn into bidding for the South African mobile-phone company.
The Telegraph provides a good read for all you oil barons out there. The article has a useful insight into the recent spike in future contracts and warns us to get used to $100-plus oil prices for years to come.
The Sunday Business Post reports on the fate of Waterford Wedgwood. A series of small trades last week knocked a further €10 million off the market value. The company’s market value has now fallen by 80% over the past 12 months, despite several cash injections.
The latest episode of Nightmare on Wall Street comes from this week’s Observer. The paper quotes a US analyst who expects billions of dollars of losses for Wall Street’s finest. He reckons some of the hedges against real estate losses aren’t working properly.
This week’s HSBC AGM could be a lively affair. The Sunday Times writes that a new bonus scheme for top directors will be presented for shareholders’ approval. The five directors will only share the £120 million lottery ticket if they hit stringent performance targets, but the plan might still hit a raw nerve after losses incurred by shareholders recently.
The Independent reports that Silverjet, the ‘airlines for businessmen’ company, is seeking emergency funding from shareholders. Shares were suspended on Friday when funds promised by a UAE company failed to appear, leading to a cash crisis.
British Land and Land Securities are looking into bidding for Wilson Bowden Developments, part of cash-strapped Barratt Developments. Barratt, according to the Independent, is looking for bids of at least £250 million for the commercial property arm of Wilson Bowden, which it acquired last year.
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Market Review 19 May 08
Not much to get excited about in this weekend's financial pages. Major shareholders in British Energy have warned that they won't accept an offer for the company unless it's at a significant premium to the current share price. The Sunday Times reveals that three bids for the company have been submitted; two are worth more than 680p a share.
Mitchells & Butlers look set to invite pain in the neck shareholder Robert Tchenguiz to join the board. The Sunday Times understands that Tchenguiz, who holds a 27% stake in the pub company, could be appointed on Tuesday to coincide with the interim results.
The Observer brings news of another mega rights issue. Imperial Tobacco is likely to use the interim results announcement to ask shareholders for £4 billion to fund last year's acquisition of Altadis.
The Deputy Governor of the Bank of England has handed in her notice. The Independent writes that Rachel Lomax will be leaving her post in June, despite attempts to keep her on.
The Sunday Telegraph reports that Cable & Wireless have begun work on demerger plans. But don't hold your breath, the results of the project to evaluate a £4 billion split won't be announced until the interim results in November.
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Market Review 12 May 08
The papers are looking forward to more earnings announcements from UK banks this week. The Sunday Times reckons that HSBC’s US arm has racked up a further $3.5-4 billion in bad debts, resulting in a loss of at least $1 billion. The same article expects Barclays to surprise the City with good results. By giving a higher value to many of its sub-prime mortgage securities the bank will show that it has no need to raise additional capital.
Good news for shareholders in Anglo Irish Bank. The Sunday Business Post reports that the bank has committed to a policy of raising dividends, despite uncertainty over bank funding.
The Telegraph is looking ahead to Wednesday’s release of the UK’s Quarterly Inflation Report. It expects the Bank of England to unveil new forecasts showing that inflation is set to rise above the target range over the next 6-months. The paper expects the Bank to warn of two years of rising prices and weak growth.
The Sunday Telegraph reveals that Vodafone is looking to splash the cash. Vodafone is thinking about paying £19 billion for South Africa’s MTN in its quest for world domination. But the paper warns that there may be regulatory and competition stumbling blocks ahead.
So, who was attracted to the yield on DSG? The Sunday times expects the retailer to cut its dividend, possibly by 50%, and announce further store closures. DSG International, owner of Currys and PC World, has already issued two profit warnings this year as the slowdown in sales of computers and electrical goods started to bite.
Last Friday’s bidding deadline for British Energy wasn’t really a deadline, merely a polite request. The Independent says that with the only firm bid coming in from EDF the government is happy to keep the date open until June, or until someone else makes an offer. Are you listening RWE, Centrica, Suez…
Ahead of its results on Thursday, BT is in talks with Hewlett-Packard. The Sunday Times reports that BT is selling off its British data systems for £1.5 billion in a move to strengthen ties with HP and increase profits in its global services division.
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Market Review 5 May 08
There wasn’t much excitement in the weekend press ahead of this week’s interest rate decisions in Europe and the UK. The general feeling was that there will be no change in either rate. However, the Sunday Times reflects the tight vote of its pretend Monetary Policy Committee, which voted 5-4 for no change.
Barclays is under growing pressure to explain its capital raising strategy. The bank’s capital ratios mean that it will have to raise money; the question is whether it will go cap in hand to its largest sovereign wealth fund shareholders, rather than launch a discounted rights issue. In contrast, the Scotland on Sunday reports that Lloyds TSB, who report on Tuesday, have a healthier balance sheet and are in no need of a rights issue.
The Independent reports on a kick up the backside for New Star; the investment management company could potentially lose £1.7 billion of assets if performance doesn’t improve. The Family Investments Company is said to be getting itchy feet and has looked at the possibility of moving its funds.
The Sunday Telegraph reveals Wal-Mart as the sneaky whistle-blower behind the investigation into price fixing of supermarket goods. Wiley Wal-Mart has spilled the beans on its competitors whilst guaranteeing immunity from any fines for its Asda stores.
The bidding deadline for British Energy is fast approaching, and the Scotland on Sunday reckons Gaz de France is back in the race. The paper also expects a few late contenders from the US to pitch up against the likes of EDF, RWE and Centrica. The Sunday Times reveals a tie-up between Centrica and EDF to make an £11 billion bid, though both sides are keeping their options open.
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Market Review 28 Apr 08
The FSA investigation into the rumour-fuelled short-selling of HBOS sharesis to be widened. The Sunday Times reports that the FSA is linking up with other regulators to look at price movements in Lehman Brothers and Anglo Irish Bank.
The Independent is looking forward to the HBOS annual meeting on Tuesday. The paper warns that write downs could be as high as £1 billion and that a rights issue will be needed if the bank is looking to increase its capital reserve. A more considered piece in the Sunday Times reckons write downs could total as much as £3 billion, but that a rights issue is an option rather than a necessity.
Oh, and on the subject of rights issues, the Observer’s expecting Barratt Developments to be rattling the collection box fairly soon. The housebuilder has £700 million of debt maturing in the next 12 months and is set to outline its strategy on May 14th.
The Sunday Business Post has learned that Dutch insurance giant Eureko is to merge FBD with Friends First. The combined group will be listed on the Irish Stock Exchange if the €1.2 billion bid is successful.
The Telegraph provides an interesting read for all you oil barons out there. The article argues that the world isn’t running out of oil; the trouble lies with the countries (Nigeria, Russia and Venezuela to name but three) that are sat on top of the oil reserves.
Credit crunch. Pah, what credit crunch? A report commissioned by the British Chamber of Commerce warns industry not to be swayed by tales of woe from the City. The survey, reported in the Telegraph, says that only a quarter of firms had found it more difficult to raise finance, but that 57% had not experienced any problems. However, a resilient corporate sector hasn’t stopped the BCC from expecting UK rates to fall to 4.75%.
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Market Review 21 Apr 08
Yawn, yawn. At last it seems the Bank of England will announce its £50 billion rescue package this week. The Independent reckons the rescue will involve taking over mortgage loans held on the banks’ balance sheets and offering new government bonds against them. The move is designed to leave the credit risk with the banks, but to resolve the lack of liquidity.
The Telegraph anticipates the Royal Bank of Scotland rights issue, expecting a size of £10-12 billion. According to the paper the Financial Services Authority, following secret talks in the past two weeks, has already approved this. However the Observer ups the ante. It speculates that UK banks could follow RBS and look to raise a collective £30 billion in rescue rights issues. This is thought to be a sort of ‘quid pro quo’ for the government’s rescue package.
If you’re getting a wee bit bored with the whole banking crisis story, the Observer has come up with an alternative. The paper reckons that utility companies could be next to suffer in the credit crunch. Not long ago it was fashionable for power and water companies to raise huge amounts of debt, using their steady cash flows as security. But now, further borrowing could prove difficult, raising the prospect of failing services or more price rises for customers.
Brokers are falling over themselves to slash profit forecasts for Irish recruitment firm CPL. The Sunday Business Post reports that brokers are taking last week’s company profit warning to heart. They reckon that things must be really bad if the company is basing its lower full-year guidance on just one quarter. Mind you, a lower share price would suit rumoured plans of a management buyout…
The battle for British Energy cranks up another level. The Sunday Times reveals French company Suez as the latest to cast an eye over the UK power company’s books. It’s thought that Suez, who’s already merging with Gaz de France, would only entertain a deal as part of a consortium, as it doesn’t have the financial muscle to go it alone.
Barclays are expecting a new board member, according to the Telegraph. The governor of the China Development Bank could become a non-executive director as soon as this week. This move is part of a deal struck last year when the Chinese bank bought a 3% stake in Barclays.
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'Spread Betting News' by paddypowertrader.com, updated 14-Jul-08
For related pages also see:
Spread Betting News Week, updated 21-Jul-08
Weekly review: Strip out the HBOS rights issue disaster and there's not a lot in this weekend's press. The Telegraph warns that up to 1.35 billion HBOS shares will have to be...read article. Spread Betting News, updated 14-Jul-08
Free spread betting news, weekly reviews, daily comments and archives...read article. Spread Trading News w/c 14 Apr, updated 14-Apr-08
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Spread Trading News: On the downside, Bradford & Bingley suffered a drop in one of its credit ratings. The Sunday Times reports that Moodys has cut one of its ratings, with a warning that there may be further downgrades to come. This cut in ratings suggests that there is a growing likelihood that B&B might need help from...read article. Spread Trading News w/c 17 Mar, updated 17-Mar-08
Spread Trading News: The Telegraph expects Goldman Sachs to this week announce write-downs of around $3 billion. Ironically, the majority of this is not due directly to exposure to toxic loans but to a stake in a...read article. Spread Trading News w/c 10 Mar, updated 10-Mar-08
Spread Trading News: Here is a welcome good news article. The Sunday Times expects Morrisons to announce bumper full-year results with a minimum £500 million share buyback thrown in for good measure. This is all likely to tie in with Sir Ken Morrison stepping down after...read article. Spread Trading News w/c 3 Mar, updated 03-Mar-08
Spread Trading News: The HSBC results were keenly anticipated in the press. The Sunday Telegraph forecasts the bank will reveal a record £8.1 billion of bad debts, but will aim to re-assure investors with a 10% hike in the dividend. The Sunday Times presents a different angle, disclosing that shareholder activist, Knight Vinke, has presented 4 options to the bank for dealing with the troubled US subsidiary HFC. These include walking away from HFC, leaving...read article. Spread Trading News w/c 25 Feb, updated 25-Feb-08
Spread Trading News: Softly, softly, the Vale bid for Xstrata looks to be getting nearer, but is still a tricky one to trade. The Sunday Times quotes banking sources saying that a £46 a share offer could happen as soon as this week, but it also suggests that the deal...read article. Spread Trading News w/c 18 Feb, updated 18-Feb-08
Spread Trading News: If you have a bit of spare time the Telegraph provides an interesting read on commodities and why the price of peak crude oil is famine. With oil production failing to meet increasing supply, agricultural land is being diverted to the production of biofuels, a strategy...read article. Spread Trading News w/c 11 Feb, updated 11-Feb-08
Spread Trading News: The UK banks reporting season is starting to rock and roll with plenty of weekend speculation. The Independent puts Barclays in the spotlight, questioning the extent of sub-prime losses the bank will reveal on Tuesday. This fear follows larger than expected write-downs from Bradford and Bingley who chose to value some of their exposures...read article. Spread Trading News w/c 4 Feb, updated 04-Feb-08
Spread Trading News: As usual the Bank of Englands forthcoming decision on interest rates makes easy copy for the press. The Independent reckons the Bank will adopt a cautious approach, cutting rates by a restrained...read article. Spread Trading News w/c 28 Jan, updated 28-Jan-08
Spread Trading News: The Observer reveals plans to split the beleaguered Societe Generale between the top French banks BNP Paribas and Credit Agricole. The banks have apparently been approached in an attempt to prevent a takeover by...read article. Spread Trading News w/c 21 Jan, updated 21-Jan-08
Spread Trading News: The Telegraph reveals that the US private equity firm JC Flowers has built up a stake in Friends Provident. However the motive behind the 3% stake is unclear as both sides have refused to comment. The Sunday Times is bolder, suggesting the firm could launch a £4 billion bid for the friendless Friends Provident; a company in desperate need of...read article. Spread Trading News w/c 14 Jan, updated 14-Jan-08
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Spread Trading News: AstraZeneca and GlaxoSmithKline are both in need of an Aspirin. The Telegraph reports that the pharmaceutical companies have been ordered to hand over documents to the Serious Fraud Office relating to an investigation into bribes paid to Saddam...read article. Spread Trading News w/c 17 Dec, updated 17-Dec-07
Spread Trading News: Oil barons out there might be interested in David Smiths piece in the Sunday Times. He disputes the *peak oil* theory, arguing that lower levels of production now is a lagged response to a much lower oil price and that we are more likely to have passed...read article. Spread Trading News w/c 10 Dec, updated 10-Dec-07
Spread Trading News: The Scotland on Sunday expects HBOS (referred to as the Bank of Scotland) to please analysts with lower sub-prime write downs than previously expected. But it quotes analysts as being...read article. Spread Trading News w/c 3 Dec, updated 04-Dec-07
Spread Trading News: Unsurprisingly there was a strong focus on the credit crunch this weekend; some articles concentrated on the big picture with the Telegraph warning that the Eurozone is unlikely to escape the effects of the US credit crunch, but that the UK would be wise not to take too much pleasure from this...read article. Spread Trading News w/c 26 Nov, updated 26-Nov-07
Spread Trading News: The Observer highlights the nervousness surrounding the forthcoming trading statement from Alliance and Leicester. The bank, whose share price has fallen 40% in the past 3 months, is thought to have £10 billion of funding due for renewal in the next 3 months and between £5 - 600 million of *toxic loans* that need to be re-valued. The fact that the bank has not...read article. Spread Trading News w/c 19 Nov, updated 19-Nov-07
Spread Trading News: The Sunday Telegraph understands that Royal Bank of Scotlands chief executive, Sir Fred Goodwin, has been informally approached by Citigroup in their search for a new boss. Royal Bank of Scotland is due to issue its trading statement on December 6th, but an impatient market may...read article. Spread Trading News w/c 12 Nov, updated 12-Nov-07
Spread Trading News: Plenty of rainforests dedicated to the banking crisis this week; The Telegraph expects HSBC to lead the disclosures, owning up to a further $1 billion of bad debts from its US mortgage business. Barclays is under pressure to bring forward its trading...read article. Spread Trading News w/c 5 Nov, updated 05-Nov-07
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Spread Trading News: Whilst most papers concentrated on the move by JC Flowers for Northern Rock the Sunday Times reveals that the private equity group Cerberus has the firepower of GMAC...read article. Spread Trading News w/c 22 Oct, updated 22-Oct-07
Spread Trading News: The press was predictably alarmist after Fridays sell off in the US. The Telegraph warns of a repeat of 1987s Black Monday with the FTSE falling by at least 100 points. The Observer focuses on the oil price, claiming that...read article. Spread Trading News w/c 15 Oct, updated 15-Oct-07
Spread Trading News: Once again Northern Rock features prominently in the press. The Sunday Telegraph reports that the three submissions for the bank offer virtually nothing to shareholders. In a separate article the same paper questions whether the Virgin...read article.
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