FINANCIAL TIMES
The Front Page:
*M&S wins EU tax verdict
The Lex Column:
*Playing chicken in Turkey (Vodafone (VOD.L)/Telsim) – Has Vodafone been stuffed in Turkey? Buying expensive growth is risky, but it is at least preferable to the alternative sector trend of buying expensive ex-growth.
*European tax – Like scoring a goal, or catching a wave, beating the tax man is instinctively a cause for delight. There is an inherent tension between countries with different tax rates. This is a feature of a global economy, not just of the EU. The court decision seeks a common definition of what is taxable, rather than a common rate of tax. Indeed, a case brought by Cadbury could well see the court underline Ireland's right to attract European companies to its low-tax economy
*Inditex – Inditex, which owns Zara and 7 other fashion chains, opens more than one new store every day. The new chief executive seems likely to introduce a more predictable dividend policy, which could see the payout ratio increase from 30% to 60%. Cavilling at breakneck sales growth seems mean-spirited
*US rates - Ben Bernanke remains likely to demonstrate his inflation-fighting credentials and push rates as high as 4.75% at his first meeting. But he has plenty of flexibility to react to the data. And, since the Fed trimmed this month's statement by 52 words, he has ample space to set his own stamp on how to communicate with markets in the post-Greenspan era
*Lehman Brothers – Parents know that the key to a happy holiday is to manage expectations. With the shares on about 2.8 times tangible book value, even its relative momentum compared to peers has already been amply rewarded
*Cadbury (CBRY.L) - Market overall is undoubtedly slowing, maintaining some pressure for a disposal of US beverages, where, once again, private equity might step in. For now cost-cutting and good organic growth allow the management to focus elsewhere. This time next year, however, when the current phase of the strategy is nearing completion, that could well change.
The Lombard Column:
*It's an ill wind that blows no insurer any good (Lancashire Holdings)
*Marathon Boots (BOOT.L)
*Book bind (Whitbread (WTB.L)).
Further news:
*Chinese link with Indians to bid for oil field stake
*Macquarie acts to calm charge fears
*Glasnost turns sour as Russia fails to oil works for UK groups
*US agency runs rule over BP in inquiry on safety culture
*Predators waiting on sidelines to scupper US bid for Hilton Hotels (HG.L)
*British Energy (BGY.L) steps up performance.
THE TIMES
The Front Page:
*Lib Dem revolt puts Kennedy on brink
The Patience Wheatcroft Column:
*Has victorious Sarin made the right call for Vodafone (VOD.L)?
*Nice try, PPF
*M&S (MKS.L) win is modest but a fillip.
Smaller Stock to Watch:
*Lombard Medical Technologies (LMT.L).
The Tempus Column:
*Avoid Lancashire Holdings
*Buy FirstGroup (FGP.L) and Carpetright (CPR.L).
Further news:
*US Fed signals policy change as it raises interest rates
*China set to unseat UK as fourth biggest economy
*LSE (LSE.L) attracts more investors at prices above Macquarie’s ‘offer’
*Talk that TEG Environmental (TEG.L) has secured planning permission for the installation of its silo cages in Swansea.
DAILY TELEGRAPH
The Front Page:
*Lame duck Blair (cont.) – Now Labour MP’s unite to fight school reforms
*Tell us what you did with Pete’s body (pleads Joanne Lees)
The Business Comment Column:
*Perfect sense in Vodafone's (VOD.L) turkey and trimmings
*Fund managers who shrug off winter chills
*Brussels boxes clever over broadcast ads.
The Questor Column:
*It’s worth holding Go-Ahead Group (GOG.L) and Ashtead Group (AHT.L)
*No reason to hold British Energy (BGY.L) yet.
Further news:
*Shell (SHEl.L) pledges $19-billion capital investment to boost reserves
*Heavy trades in Rentokil (RTO.L) a pest to prices as 14-million shares placed.
THE GUARDIAN
A Selection from the Neil Hume Column:
*Leading broker calls bluff on PartyGaming (PRTY.L)
*Talk of Kevin Stanford stakebuilding lifts Mulberry (MUL.L)
*Raymarine (RAY.L) eased 2p after revealing that £2-million of raw materials had been caught in Buncefield terminal blast
*Rumours of break-up bid for Rank Group (RNK.L).
THE INDEPENDENT
The Front Page:
*See No Evil – Hear No Evil – Speak No Evil (what the Government says it believes)
The Outlook Column:
*Has Vodafone (VOD.L) bought a turkey, or is this an inspired bet on Europe's eastern frontiers?
*Size matters as China overtakes UK
*There's a thing: a sensible tax ruling (M&S (MKS.L))
*Shell (SHEL.L) ups the ante on capital spending.
The Business Analysis Column:
*M&S (MKS.L) tax case victory to cost Treasury tens of millions.
The Investment Column:
*Cadbury (CBRY.L) is at best a hold for now
*Buy La Tasca (LAT.L)
*Take some profits at Ashtead Group (AHT.L)
Further news:
*Boost for Hilton (HG.L) as Icahn checks in to Fairmont
*Mandelson rounds on ‘fake’ US food aid.
DAILY MAIL
At a Glance:
*Mano (MANA.L) manoeuvres
*Telecom crawler Spirent (SPT.L) set for the high life again (Rumours of pending corporate activity at Spirent)
*Private & Commercial Finance (PCF.L) appears to be back on the right road.
The City Focus Column:
*It’s pole position for FirstGroup as new rail era dawns.
DAILY EXPRESS
The Front Page:
*M&S wins EU tax verdict
Share Whisper:
*SpaceLabs Healthcare (SLAB.L) has 'aggressive' plans for the future.
Further news:
*Punters book in for Hilton (HG.L) hotels sale
*Rumours of strong trading and expansion plans at Goals Soccer Centres (GOAL.L)
*Lombard Medical (LMT.L) has a good start on AIM.
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