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Monday's news and tips

Created:

6 October 2008

Written by:

Tanya Malick

■ Electricity and gas regulator Ofgem has given notice to the energy companies to change some of the ways energy is supplied in the UK but says its seven-month probe found no evidence of a cartel

■ Ferrexpo said majority shareholder Fevamotinico has sold a 20.8% stake in the Ukraine-based miner to Czech coal producer New World Resources at 83p per share. (IC COMMENT)

■ Business outsourcing specialist Xchanging has acquired a 75% interest in Indian IT services provider Cambridge Solutions for approximately £83m.

■ Electrical retailer Kesa said chief executive Jean-Noel Labroue has decided to retire and will be replaced by Thierry Falque-Pierrotin.

■ Easyjet increased the number of passengers it flew in September as travellers continued using budget airlines amid tough economic times.

■ Industrial ceramics group Cookson said overall trading in the third quarter showed a strong improvement, reflecting the addition of Foseco's contribution and continuing currency translation gains. (IC COMMENT)

Continues below...

■ Engine maker Rolls-Royce has won a £96m contract to power two Royal Navy aircraft carriers.

■ Balfour Beatty has agreed to pay £2.25m plus costs after the Serious Fraud Office (SFO) investigated payment irregularities at one of the construction firm's subsidiaries.

■ Nasstar, whose software allows users to access desktop applications over the internet, has signed a three-year deal with London planning consultant CGMS.

■ Shares in Leed Petroleum surged after the oil and gas company said it should soon start selling gas from its Eugene Island field in the Gulf of Mexico.

■ Shares in aim listed gold and copper miner Bezant rose after it said drill results at its Mankayan project in the Philippines were "extremely encouraging".

■ Aim-listed insurer Lancashire Holdings plans to apply for admission to the main list during 2009.

■ Media buying group Aegis has bought UK based brand consultant Clownfish as it beefs up its digital agency network. The terms of the deal were not revealed.

■ Engineering consultant WS Atkins has boosted its position in the nuclear sector with the acquisition of consultant MG Bennett & Associates Ltd for £2.5m cash.

■ Student accommodation providers Unite said valuation of its properties continue to outperform the wider market as it raised £58m of equity in the third closing for its Unite Student Accommodation Fund.

■ Private firm Progressive Capital has made a recommended cash offer for the remaining shares it does not own in the business media outfit SPG Media.

■ Beer flow monitoring company Brulines expects results for the half year ended 26 September to be in line with market expectations.

■ Smart card and ID management software specialist Intercede said it has generated a profit at both pre and post tax level for the six months to September.

■ Gas cylinder supplier Pressure Technologies expects results for the full year ending 27 September to be ahead of forecasts and said market conditions remain favourable across all markets.

■ Engineering and environmental consultancy Waterman Group raised its dividend as pre-tax profits and revenues came in ahead of market expectations.

■ Aim-traded DVD technology firm Zoo Digital said its financial performance has improved and is optimistic for the future.

■ Continuing efforts by hospitals to fight infections such as C. Difficile helped disinfectant supplier Tristel report sharp rises in profits and revenues.

FOR A SUMMARY OF LATEST MOVEMENTS IN EQUITY, COMMODITY AND CURRENCY MARKETS, SEE FT.COM'S MARKETS PAGE.

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NEWSPAPER SHARE TIPS (5 OCTOBER 2008)

Full round-up of newspaper share tips (sourced from Sharecast)

PRESS SUMMARY:

An emergency plan to pump billions of pounds of taxpayers ' cash into Britain's banks emerged yesterday as the global financial crisis deepened.

German Chancellor Angela Merkel buried any remaining semblance of a unified European response by guaranteeing individuals' deposits in an effort to avert a crisis of confidence in the nation's banks. Alistair Darling hinted yesterday that the Government could use public funds to take stakes in many, if not all, of Britain's banks to help to restore the system, writes the Times.

Business leaders have stepped up pressure on the Monetary Policy Committee for a half percentage point cut in interest rates. David Kern, economic adviser to the British Chambers of Commerce, said the UK was facing "a potential emergency". "To reduce the threat of a major recession," Mr Kern said, "the MPC must cut interest rates to 4.5pc next week, and continue cutting rates to at least 4pc over the following three to four months," reports the Telegraph.

The Tories have hit back at British Airways' chief executive Willie Walsh and accused him of "spinning the figures" over the number of Heathrow flights that could be displaced by high-speed rail links. Shadow transport secretary Theresa Villiers, accused both Mr Walsh and the government of trying to play down the impact of high-speed rail lines to bludgeon through the runway project, writes the Telegraph.

Canary Wharf Group is pushing forward with expansion plans, in spite of the impact of the credit crunch on investment banks, the group's main source of tenants. The group is confident that it will secure JPMorgan Chase as a key tenant for a new phase of the Docklands financial district by the end of the year, George Iacobescu, its chief executive, said, according to the Times.

The battle for control of Wachovia has taken a dramatic turn after Citigroup succeeded in temporarily blocking Wells Fargo's $15.4bn (£8.7bn) takeover of the North Carolina-based bank. Citigroup said it had been granted "emergency injunctive relief" from the Supreme Court of the State of New York to extend the exclusivity agreement governing its $2.1bn takeover bid, according to the Telegraph.

BNP Paribas, the French bank, will take control of the remaining assets of Fortis after the Belgian government was forced to find a buyer following the shock Dutch nationalisation of its part of the troubled banking and insurance group. The all-share deal, announced on Sunday night by the Belgian government, is set to make BNP the biggest bank in the eurozone by deposits and will over time make Belgium and Luxembourg shareholders in the French bank, reports the Financial Times.

A large number of UK retailers could go bust in the new year, according to the country's largest corporate insolvency specialist. Begbies Traynor said banks were likely to support retailers until the Christmas period but a spate of insolvencies was likely to follow in the new year. The insolvency specialist has 323 UK retailers on its "critical watch list", writes the Financial Times.

One of Italy's largest banks outlined its plans for survival last night as UniCredit said that it was seeking up to €6.6 billion in fresh funds. The bank, Italy's second-largest with operations throughout mainland and Eastern Europe, announced a scheme to sell 973 million shares at €3.083 a share, writes the Times.

Germany's government and financial regulators on Sunday agreed a second bail-out package for Hypo Real Estate after the abrupt failure of a first attempt to rescue the property lender, reports the Financial Times.

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