Tips from the press
Welcome to our summary of the weekend's quality press tips, provided on Mondays by Weekend City Press Review.
■ Tempus: Martin Waller remains cautious about the housebuilding sector's 'impressive' recovery from the depths of recession, although suggests investors should not forget it is a highly-cyclical industry.
■ No Pain, No Gain: Derek Pain is adding Findel, 7p, to his portfolio as a recovery play, with another new entrant to be unveiled next week.
The Daily Mail
■ Investment Extra: Tom Stevenson, an investment director at Fidelity Worldwide Investment, is cautious about investors choosing bonds over equities, suggesting income and security can be gained as easily from shares with high yields as from traditional bonds.
The Sunday Times
■ Inside the City: Danny Fortson says that
■ Analysts expect
The Sunday Telegraph
The Mail on Sunday
■ Midas: Joanne Hart says director buying at North Atlantic Smaller Companies Investment Trust (No recent IC rating) and
Business press headlines courtesy of Weekend City Press Review:
Credit Suisse and JP Morgan settle with SEC
Wall Street banks Credit Suisse and JP Morgan Chase have agreed to pay US$417m in total to settle claims from US regulators that they misled investors in residential mortgage-backed securities. The deals with the two banks are among the first achieved by the Securities and Exchange Commission as result of a special presidential taskforce set up last January to investigate the allegations of mis-selling. [Financial Times p.15]
BP plots £4bn buyback to repel raiders
Ocado's crunch talks with banks
Blackstone backs Barclay twins in Claridge's battle
US fund management group Blackstone has joined the battle for three of London's top luxury hotels - the Berkeley, Claridge's and the Connaught – by backing the attempt by Sir David and Sir Frederick Barclay to wrest control of the Maybourne Hotel Group from Irish property developer Paddy McKillen. Blackstone has offered to provide £530m of debt for a refinancing, with Maybourne investors asked to support a £150m rights issue - a move initiated by the Barclay brothers to try and force McKillen to sell his 36 per cent stake to them. [Sunday Times p.3.1]
Investors to block Xstrata payouts
Politicians 'crippling UK banks'
The Association of British Insurers has warned that 'regulatory upheaval, political interference and opaque accounts' are all making bank shares unattractive to professional investors. The ABI is due to tell the Parliamentary Commission on Banking Standards that institutional investors are reluctant to invest in the major banks because of 'increased risks and shrinking returns'. [Sunday Telegraph p.B1]
Yahoo plots alliance with Facebook in new search deal
Yahoo CEO Marissa Mayer and Facebook chief operating officer Sheryl Sandberg have held discussions over forming an alliance which could mean the end of Yahoo's current relationship with Microsoft over the Bing search engine. Facebook is believed to be particularly interested in linking up with Yahoo to develop search engines on the social networking site. [Sunday Telegraph p.B1]
Shell CEO throws weight behind Government’s 'dash for gas'
Guggenheim in line to snap up Aviva USA
Guggenheim Life, part of US financial giant Guggenheim Partners is in exclusive talks to buy
CBI boss calls on new Bank chief to 'share burden'
CBI president Sir Roger Carr believes the next Governor of the Bank of England must 'share the burden' of the role with colleagues because of the extra responsibilities he or she will be given. Carr, who is also deputy chairman of the BoE's Court, says (in an interview with the Sunday Telegraph) that it is 'critically important' that whoever gets the job is 'someone of experience, real competence and energy'. The CBI is holding its annual conference on Monday at the Grosvenor House in London. [Sunday Telegraph pp.B2, B9]
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