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This is Money

Royal Bank of Scotland is preparing to launch a rights issue of between 5bn and 12bn in a move that will raise questions about the future of the group's chief executive Sir Fred Goodwin.
Royal Bank of Scotland calls on investors for cash in rights issue

Royal Bank of Scotland is preparing to raise up to 12 billion through a rights issue to shore up its balance sheet. RBS is expected to announce the fundraising in a trading statement that is due to coincide with its annual shareholder meeting on Wednesday. RBS issued a statement last night saying that it notes recent speculation about a possible rights issue.
RBS expected to ask investors for cash

The bank last night responded to the frenzied speculation. "RBS notes recent speculation about a possible rights issues. RBS confirms that its interim management report covering trading performance and capital will be next week".
RBS considering rights issue

The unwritten rule is straightforward: if a company says it doesn't need to raise new capital, and then hits its shareholders with a big rights issue, it's time for the chief executive to pack his bags. When the company is a bank that last year led a huge cross-border takeover, and then declined to walk away from the deal when the credit markets blew up, it is hard to believe that shareholders would make an exception.
The rights and wrongs of a cash call too far

Gilt yields have soared in the past three days - partly it seems because of worries that the Government may have to issue lashings of extra debt to feed its putative mortgages-for-gilts swap plan. Details of the plan, intended to lubricate the paralysed interbank lending market, have yet to be released. But banks are expecting to take a haircut of 5 to 15 per cent on the value of the securities they swap.
Haircuts for everyone at the bank

The cost of UK government bonds continued to fall yesterday as investors prepared for a deluge with new gilts issued to bring the paralysed interbank lending market back to life.
Treasury bond scheme depresses gilts prices

The construction industry has launched its defence against bid-rigging allegations made by the Office of Fair Trading, and argued that if excessive fines are imposed there is a risk that some of the companies accused will go bust.
Construction industry: Bankruptcy threat from OFT fines

UK house prices are forecast to fall by 15 per cent over the next two years that would push 10 per cent of Britain's homeowners into negative equity, signalling a return to the housing crash of the early 1990s.
One UK home in 10 'to fall into negative equity'

The Bank of England's chief economist last night rejected calls for more aggressive cuts in interest rates when he said Threadneedle Street was walking a tightrope between rising inflation and a deepening credit crunch.
Bank's chief economist rejects cutting interest rates as way forward

A key inter-bank borrowing rate surged yesterday in the wake of comments by economists questioning its credibility. The three-month dollar London Interbank Offered Rate climbed more than eight basis points - its biggest jump since last August - following criticism that the pivotal measurement was being understated.
Dollar Libor soars as banks rethink their borrowing rates

Jean-Claude Juncker, the EU's 'Mr Euro', has given the clearest warning to date that the world authorities may take action to halt the collapse of the dollar and undercut commodity speculation by hedge funds.
Authorities lose patience with collapsing dollar

Fears that the economic slowdown in the US has infected advertising spending were assuaged last night after Google beat Wall Street expectations with a 42 per cent surge in revenues for the first quarter of the year.
Googles 42% revenues rise lays fears of advertising slowdown

Global trade growth is expected to slow to a six-year low of 4.5 per cent this year but China has overtaken the US as the world's second-biggest exporter, the World Trade Organisation (WTO) said yesterday.
China passes US as second-biggest exporter

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

US Video: Stock Market Technical Analysis 4/17/08

Good morning traders!

In Asia today, the Hang Seng reched the midpoint up 15.76 points at 24,274.72,
while the Nikkei was recently down 4.41 points at 13,398.89.

New York's main oil futures contract, light sweet crude for delivery in May, was 17
cents higher at $115.03 a barrel.

Happy Friday!

G.

TFN UK calendar and forecasts for todayTFN economic and business calendarThomson Financial Europe AM at a glance share guide: Shares, dollar mixed.

The Friday Press RoundupLondon shares outlook - Higher after New York steadies; banks key ahead of Citi

BROKERWATCH AstraZeneca, GlaxoSmithKline cut to 'underweight' at JP Morgan

BROKERWATCH AstraZeneca, GlaxoSmithKline cut to 'underweight' at JP Morgan

Tokyo shares close higher on Google earnings, weaker yenThomson Financial UK at a glance share guide

BROKERWATCH Cadbury Schweppes raised to 'overweight' at Lehman Brothers

UK smallcap opening - Citel up on trading updateAustralian shares close lower as resources, bank issues fall

UK smallcap opening - Food & Drink lower on FY profits warning

BROKERWATCH British Land upped to 'buy', Hammerson cut to 'neutral' by UBS

Tokyo shares close higher on Google earnings, weaker yen - UPDATE

BROKERWATCH Vedanta Resources cut to 'hold' vs 'buy' at ABN Amro, target 2,630pUK smallcap opening - Prime People up after bullish update

Australian shares close lower as resources, banks fall; Brambles tumbles -UPDATE

STOCKWATCH Banking sector down on RBS rights issue report, ahead of Citigroup Q1

BROKERWATCH Compass Group upgraded to 'buy' from 'hold' at Panmure GordonUK smallcap opening - Toledo Mining drops as weather hits production, shipments

UK smallcap opening - Adili dips on increased FY loss warning

Metals - Copper rises as dwindling stocks, Codelco strike spook investors