| | Friday 16 November 2012 THOUGHT FOR THE DAY  Another Irritating Period Hello Gang,
We are in one those irritating sequences again when fears about Europe interfere with our chances of making good money.
There is little that can be done about this. When people take to the streets of many countries, which they have this week, we can expect the markets to get a spooking.
There are good things around, though, which give some hope for optimism. For one thing, the people of Britain did not join the clamour. This is sensible. I think we have to recognise that the UK has big debts and that these debts are not being brought down.
But our interest rate, compared to the really beleaguered countries is not too high. And if we can get the spending under control, we should see share prices rise. Remember, too, that share values look into the future. And once we see green shoots, the big buyers will see them as steadily growing plans in the future. This could encourage them to invest soon, if not now.
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Paper Round BP, John Lewis, UK bank bonuses
The US Government yesterday warned BP that its troubles were far from over as it levied a record fine of $4.5 billion on the company for criminal failures arising from the Deepwater Horizon oil disaster. BP pleaded guilty to 14 criminal charges — including manslaughter, environmental violations and obstruction of Congress — in a deal that was greeted with relief by investors. However, Eric Holder, the US Attorney-General, reminded BP that a civil action was still pending in which the Administration hopes to extract yet more compensation from the company. [The Times]
The chief executive of Dixons Retail has backed warnings that UK retailers are at risk of collapse if the Government does not act to force foreign companies to pay their share of tax. Sebastian James said he agreed with the views of John Lewis boss Andy Street who warned on Wednesday that rivals such as Amazon would be able to use their tax position to "out-invest" and "out-trade" UK companies. [...] Writing on Twitter, Mr James said: "I agree with Andy Street: retailers making profits in the UK should pay tax in the UK." [The Telegraph]
Megafon has launched its delayed London-Moscow initial public offering, seeking to sell shares worth up to $2.1bn in a breakthrough deal for the mobile operator's oligarch owner Alisher Usmanov. If successful, the deal will be the biggest IPO by a Russian company since early 2010 and will see the largely private metals tycoon submit to greater scrutiny by public markets. [The Financial Times]
A British car parts supplier has come the rescue of Manganese Bronze, the black cab maker that went bust after problems with a Chinese steering box forced it to recall 400 taxis. PricewaterhouseCoopers, the company's administrators, last night said the recalled fleet would be fitted with new parts "from a UK supplier" and be back on the road by December 14. [The Telegraph]
Co-op Energy, which has 60,000 customers nationwide, will cut its electricity price by 2 per cent next month, making its average annual dual-fuel bill £178 cheaper than those of its rivals. Most of the "Big Six" suppliers are about to increase average bills by about £100 a year. British Gas's 15 million customers will pay 6 per cent more from today. Npower will raise its prices by 9 per cent on 26 November, followed in early December by EDF (10.8 per cent) and ScottishPower (7 per cent). [The Independent]
France's socialist government seized on better than expected economic growth figures to reject concern that France could become the next focus of the eurozone crisis, insisting it is acting to reform the flagging economy. "France is not the sick man of Europe. France remains the world's fifth largest economic power that has all its resources but which needs to recover its competitiveness," Pierre Moscovici, the finance minister told the FT. [The Financial Times]
TODAY'S TIP ON SHARECRAZY  Ariana Resources - Significant potential for the discovery of additional resources A report by GECR - Offer the potential upside that could come with the discovery of a major gold project in Turkey as Ariana not only has the near term promise of gold production and revenue but also a well-diversified portfolio of interests in other gold exploration in the country.
- Red Rabbit Gold Project is scheduled to go into production in 2013 and continuing exploration work has uncovered new zones of mineralisation that could act as satellite deposits and which look likely to improve the economics of the project.
- Based on just a valuation of Ariana's stake in the Red Rabbit Gold Project, we have a target price of 4.7p on a fully diluted basis.
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THE LATEST ON THE CRAZY BOARD The top 5 hot company threads on the Bulletin Board: Optos Leni Gas & Oil Costain Fenner The Running Trading Thread
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BOOK OF THE WEEK  By Nassim Taleb
A book review by Ross Jones The majority of us want to push for more in our lives and it is my belief that without the drive and ambition to succeed in your job, and your everyday life, things would be pretty boring. But that then sparks the question; what makes some people more successful than others? The typical answer would be skill, talent, effort and dedication, but Nassim Taleb suggests it is something altogether more unpredictable. The author of the fantastic The Black Swan argues that success, and even life, is all about luck. Taleb proposes that it is only because we fail to truly grasp the role of probability in our lives that we continue to put our respective successes down to skill and talent, as opposed to chance.
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