AFX UK at a glance share guide - 3

MARKETS
Tokyo: Nikkei midday 11,403.71 down 133.32
Hang Seng midday 14,165.28 down 65.01

BREAKING NEWS - MONDAY
* Rise in bankruptcies feared; Bank of England warns on corporate insolvencies; slowdown in profits growth expected; derivatives seen as a problem area - FT
* Rising energy prices outstrip capacity of users to absorb them in consumer charges - FT
* Hardliner in Iran has oil market spooked; new president's threats and unrest in the Gulf kindle fresh price warnings - Telegraph
* Wal-Mart chief reveals expansion plans in central and eastern Europe, a development likely to send shivers down the backs of European retailers such as Metro, TESCO and Auchen - FT
* Travellers could soon have to pay a 1 stg levy on flights and holidays to protect them from the collapse of airlines and tour operators - FT
* Colin Smith, new director of engineering and technology at ROLLS-ROYCE, says the government is dragging its feet on a plan to increase public spending on aerospace research and development - FT
* ITV may abandon its licences for public service broadcasting if industry regulators fail to offer cuts in licence fees - FT
* House prices have fallen every month for a year; the value of the average home dipped by another 0.2 pct this month, says Hometrack - Independent
* Archie Norman, former head of Asda, denies he is seeking a role at WILLIAM MORRISON - Independent
* AMEC tells government that it will bid for British Nuclear Group, the clean-up arm of British Nuclear Fuels, if it is put up for sale - Times

PRESS COMMENT
THE LEX COLUMN comments on PARTYGAMING (having a large pool of players already could give PartyGaming an edge; but there are several snags), US newspapers, Telecom regulation
Independent
Small Talk: Michael Jivkov comments on EASIER scandal (Fulton bid could finally end the saga over Easier), BANGO (to expand overseas after debut on AIM)
Express
THE INVESTMENT STRATEGIST: Hilary Cook, director of investment strategy at Barclays Stockbrokers recommends switching BT shares into VODAFONE

PSN http://www.moneyam.com/action/news/showArticle?id=844640

Brokers recommendations
http://www.moneyam.com/action/news/showArticle?id=844999

LONDON (AFX) - World oil prices surged to fresh record levels, approaching 61 usd a barrel in New York on heightened supply worries, and amid an election victory for the ultra-conservatives in OPEC heavyweight Iran.

New York's main contract, light sweet crude for delivery in August, shot up 76 cents to 60.60 usd a barrel in electronic deals today.

It had reached a historic high of 60.64 usd earlier today -- the highest level since it was first traded in 1983 -- after reaching 60.47 usd overnight.

In London, the price of Brent North Sea crude oil for delivery in August jumped 74 cents to 59.10 usd per barrel after earlier hitting 59.21 usd -- a new historic high.

Persistent supply concerns could push prices up even further, analysts said.

'People are getting more and more concerned about the second half. OPEC is going to be very streched in the fourth quarter to meet demand,' said Investec analyst Bruce Evers.

'I think we could see 65 dollars, 70 dollars quite quickly.'

Prices are reaching fresh records amid continued fears that refineries will struggle to turn enough crude oil into heating fuel to meet fourth-quarter demand amid the onset of the northern hemisphere winter.

Meanwhile, traders were keeping an eye on developments in Iran, the second biggest member of OPEC, after news yesterday that the ultra-conservative Tehran mayor, Mahmood Ahmadinejad was elected president.