http://www.montaguepitman.com News Feed - Latest market analysis by our experienced investment team Stockbroking Trading Stock Market Investment CFD FTSE AIM Dow Jones Nasdaq Market News 2007 Montague Pitman Stockbrokers Ltd. All rights reserved. en-uk http://www.montaguepitman.com/images/montague_pitman_logo_full_dark_03.gif http://www.montaguepitman.com http://www.ft.com/cms/s/d437a660-b63e-11dd-89dd-0000779fd18c,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fd437a660-b63e-11dd-89dd-0000779fd18c.html&_i_referer=http%3A%2F%2Fwww.ft.com%2Fhome%2Fuk The Federal Reserve will do whatever it takes to ensure the US does not fall into a deflation trap, its vice-chairman said on Wednesday, as US stocks fell to the lowest level of the financial crisis. The comments by Don Kohn will reinforce expectations that the US central bank may cut interest rates again by as much as 50 basis points from the ­current level of 1 per cent in December. As reported in the FT. http://www.ft.com/cms/s/7569d392-b61b-11dd-89dd-0000779fd18c,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F7569d392-b61b-11dd-89dd-0000779fd18c.html&_i_referer=http%3A%2F%2Fwww.ft.com%2Fhome%2Fuk Woolworths’ biggest shareholder on Wednesday criticised talks between the retailer and Hilco UK, the retail restructuring company, arguing the group’s stores were worth much more than the nominal price under discussion. Shares in Woolworths fell to their lowest ever level after the company acknowledged it was in talks to sell its 800-store retail division. Hilco UK, which invests in troubled companies, has indicated it would pay £1 for the stores and assume part of the group’s debt. As reported in the FT. http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article5193470.ece Britain’s biggest retailers will ring the opening bell on a brutal pre-Christmas price war today as they prepare to slug it out for the shrinking consumer purse. Marks & Spencer is holding a 20% off sale, with some stores staying open until midnight tonight. Sir Philip Green’s Arcadia Group hit back with a 20%-off campaign and Debenhams will go on the offensive with a three-day “spectacular” sell-off. As reported in the Times. http://business.timesonline.co.uk/tol/business/economics/article5194179.ece The International Monetary Fund (IMF) approved a $2.1 billion emergency package for Iceland last night to help Iceland rebuild its tattered economy. The two-year “stand-by” arrangement is structured to allow about $827 million available immediately. As reported in the Times. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3485458/Lloyds-shareholders-vote-for-HBOS-deal.html Shareholders in Lloyds TSB have given overwhelming backing to the proposed takeover of HBOS. They voted 95.98pc in favour of a deal that will create a banking giant with 145,000 staff and 3,000 branches, and also supported plans to raise £5.5bn through the Government's bank bail-out plan. As reported in the Telegraph. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3484910/FSA-cracks-down-on-rumours.html It is OK to spread rumours, the Financial Services Authority has ruled after a seven-month investigation. But financial services workers who are regulated by the FSA must make clear that the gossip they are passing on is unsubstantiated. And, the City watchdog said in a paper published yesterday, at times of financial turmoil, or if the rumour would benefit an individual or his or her company at the expense of its rival, silence is the best policy. As reported in the Telegraph. http://www.independent.co.uk/news/business/news/cowdery-to-press-ahead-with-resolution-listing-in-december-1026332.html Clive Cowdery will brave one of the worst markets for initial public offerings in history when he goes ahead with the listing of his second Resolution vehicle next month. Mr Cowdery has decided the need to have cash and currency to do deals in coming months has become stronger than hitting the best value for the IPO. As reported in the Independent. # In House Group PLC has issued 285,714,286 ordinary shares to UEB Consulting Ltd. to raise working capital. The group, which acquires property portfolios for break up and resale, said the shares of 0.001 pence were issued at a price of 0.007 pence on conversion of £20,000 of the loans drawn down on Nov 4. http://www.ft.com/cms/s/f5e92cc0-b544-11dd-ab71-0000779fd18c,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff5e92cc0-b544-11dd-ab71-0000779fd18c.html&_i_referer=http%3A%2F%2Fwww.ft.com%2Fhome%2Fuk Barclays was facing renewed shareholder anger in spite of moves aimed at heading off a revolt over its plans to raise more than £7bn in fresh capital from Middle Eastern investors. The UK bank announced a limited retreat on some elements of its plan to raise capital from Qatar Holding and Sheikh Mansour Bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family. As reported in the FT. http://www.ft.com/cms/s/fcbf4122-b555-11dd-ab71-0000779fd18c,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ffcbf4122-b555-11dd-ab71-0000779fd18c.html&_i_referer=http%3A%2F%2Fwww.ft.com%2Fhome%2Fuk Consumer prices tumbled in October, justifying the Bank of England’s 1.5 percentage point interest rate cut this month and opening the door to further reductions in the costs of borrowing. The official measure of consumer prices last month dropped 0.7 percentage points year-on-year to a lower than expected annual rate of 4.5 per cent, down from 5.2 per cent in September. The fall in inflation was the first in 15 months and the largest one-month drop since the Consumer Price Index began in 1997. As reported in the FT.