Oil in 15 years

Outlook

Wolverhampton & Dudley to raise 800m debt secured vs property

DGE

AFX UK at a glance share guide - 2

MARKETS
FTSE 100 5,229.6, up 39.5
FTSE 250 7,496.9, up 89.5
DJIA 10,270.70, down 101.10
Nasdaq Comp 2,068.65, down 10.10
S&P 500 1,194.95, down 10.05
Tokyo: Nikkei closed at 11,590.14, down 13.39
Hang Seng midday 14,150.31 up 0.38
Gold 423.65 usd (423.15 usd)
Oil - Brent Aug 59.85 usd (58.29 usd)

BREAKING NEWS
* Opec will be unable to meet projected western demand in 10 to 15 years, Saudi officials warn - FT
* Anglo-US fund manager AMVESCAP put into play after rebuffing an "unsolicited" approach by Canadian fund manager CI Financial - FT
* SABMILLER said to be lining up a 585 pence-a-share, 5.2 bln stg tilt at SCOTTISH & NEWCASTLE - Mail
* WOLVERHAMPTON & DUDLEY planning to raise 800 mln stg in securitised debt against the property and income streams from almost the whole of its 2,000-strong pub estate - Guardian
* Baugur to walk away from the consortium planning to bid for SOMERFIELD, possibly today - Guardian

PRESS COMMENT
FT
THE LEX COLUMN comments on Olympics (claims that the Olympics will help regenerate east London must be treated with caution), SHELL/Gazprom, General Motors/VW, ABN Amro - SOMERFIELD (look expensive given the risks; as for a possible offer at 205 pence, shareholders would be so lucky) - GREENE KING (better value elsewhere)
Mail
REGUS (revived gossip of a private equity bid approach at 120 pence a share)
Express
WHITE NILE (talk that a deal could be announced next week) - SHARE WHISPER: NEW MILLENNIUM RESOURCES (bullish update; traders expect more good news in the next few weeks relating to diamond production at its "jewel in the crown" prospect in Angola) - WHO'S DEALING: ENTERTAINMENT RIGHTS (boardroom buying)
Times
RUMOUR OF THE DAY: PHS GROUP (talk that an offer in the 113 pence to 115 pence range could come as soon as today) - DIRECTORS' DEALINGS: TRL ELECTRONICS (chairman sells stock for 252,000 stg) - TEMPUS: AMVESCAP (readers who bought into the stock at the start of the year - Amvescap was one of our Tempus Ten - might consider taking some profit), GREENE KING (hold), GALLIFORD TRY (buy)
Telegraph
QUESTOR: GREENE KING (hold), JOHN WOOD GROUP (still worth holding), WSP (still worth holding if you have a few already)
Guardian
HENDERSON GROUP (traders take the view it could be the next in the sector on the receiving end of a bid) - TOTTENHAM HOTSPUR (whispers that chairman had received and rejected an unsolicited offer for his holding)
Independent
THE INVESTMENT COLUMN: UMBRO (worthy hold), JOHN WOOD GROUP (worthy hold), MARSHALLS (worth holding) - SCOTTISH & NEWCASTLE (Carlsberg tipped as a bidder, but so is private equity)

Good Morning All

I hear that a bomb has gone off in London?

LW

there have been multiple explosions on both tube network and buses - its a very sad day

The BBC News website is covering events as they unfold:

1055 A doctor tells Reuters there are at least 90 casualties at Aldgate station

1053 Home Secretary Charles Clarke makes a statement outside Downing Street about "dreadful incidents" causing "terrible injuries". He says Prime Minister Tony Blair has been informed and advises the public in London not to make unneccessary journeys

1049 Police say there are serious casualties, but no deaths are confirmed, Associated Press reports

1025 The BBC's Andrew Marr, with the prime minister in Gleneagles, says Number 10 is "still unsure" whether the explosions are a terrorist attack

1023 confirmed explosion on a bus in Tavistock Place

1021 Scotland Yard reports "multiple explosions" in London, the Press Association reports

1014 An eyewitness tells PA that a bus has been ripped apart in an explosion in central London

1009 Witness Christina Lawrence, who was on a train leaving Kings Cross, tells BBC News 24: "There was a loud bang in the tunnel and the train just stopped and all of a sudden it was filled with black, gassy smoke and we couldn't breathe"

1002 Scotland Yard says it is dealing with a "major incident"

0940 British Transport Police say power surge incidents have occurred on the Underground at Aldgate, Edgware Road, King's Cross, Old Street and Russell Square stations

0933London Underground reports "another incident at Edgware Road" station, PA reports

0933 Passengers are told that all London Underground services are being suspended because of a power fault across the network, PA reports

0924 British Transport Police say the incident was possibly caused by a collision between two trains, a power cut or a power cable exploding. Police report "walking wounded"

0915 Press Association reports emergency services called to London's Liverpool Street Station after reports of an explosion

# 0849 An incident on the Metropolitan Line between Liverpool Street and Aldgate is reported to British Transport Police

Has the market stopped panicing, or are we looking at a "dead cat bounce"!

maybe - or willthe yanks add to the panic?
terrible for the victims & familys
but on a socio-economic level
- the odd thing is
- govt wants more & more control
- wins olympics
- which need to heavy security
- very next day bomb blasts rock the capital & police chief BLAIR comes on tv congratulating himself & colegues on a job well done handling crisis !
- watch for more calls for even less privacy & more controlls on ordinary people in near future
- its just too handy a co-incidence in so many ways.

watch & see

ID Cards?????

Police to be given more powers??????

Maybe I should reitre overseas now!

Have they postponed the interest rate decision until tomorrow?

No bunny, taken - no change

Thanks JJ - so in view of that the market has recovered better then I would
have expected frankly, as I thought they were expecting a cut.

Bunny

cut not expected till next month - was expected by most to be held this time - will be interesting when the minutes come out next week as to whether the vote was more in favour of a cut than the 2-7 margin last month

Cheers Fundy - got me wires crossed! LOL
Mind you makes a change from crossed ears!!
;>)