Wednesday Papers: tips and comment

Wed Oct 15, 2008 7:46am BST

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FT Lex Column:

* Bank bail-outs -- how are we supposed to know if governments' plans to tide the markets over are working?

* Banks of USA -- the US's tweaks to the European bail-out model provide a better deal for its banks and their shareholders

* State equity ownership -- so markets are clapping their hands, if no longer roaring their approval, at the latest proposals to end the financial crisis. Yet policy is still being made on the hoof

* European carmakers -- the industry is leaner than the 1990s recession but still faces tough times as consumer confidence dives and credit dries up

* Mortgage lending -- the UK's government has ordered banks receiving public funds to maintain competitively priced lending at 2007's elevated levels. It should drop this demented diktat

* Credit cards -- shares in Visa and Mastercard might seem expensive in a bombed-out financial sector but plastic cards are one American export with a bright future

* Consumer goods and bads -- J&J prospers but Pepsico is greeted with a lack of fizz as the companies release third-quarter numbers

* UK bank capital -- the benefit of the UK government's capital injection into UK banks outweighs the cost. But the cost is still there.

* World trade -- the collapse in the Baltic freight index is a sign of the times. The problems in world trade are a reminder of the fundamental role of credit in the world economy

Lombard (p. 22):

* It will be bloody if regulators take an axe to bonuses -- Royal Bank of Scotland: level that playing field

Other comment:

* Saving the system; whatever it took (p.15)

* Interview Eric Daniels, chief executive Lloyds TSB (p.23)

* Interview Gavin Paterson, head of BT Group's retail division (p.26)

* Fund Focus: Axa Investment Managers (p.31)

* Search of dividend income favours oil majors over banks (p.44)

* Vague bid speculation supports Morgan Crucible (p.44)

THE TIMES

Tempus:

* Cadbury still too dear to buy -- Avoid SABMiller -- Hold on to Connaught

Business Editor:

* Doubts over restrictions on bank dividends -- Shredding credibility at RBS -- Department of Energy and Climate Exchange no cosy nuclear family

Other comment:

* Lloyd-Webber sets his sights on Rodgers and Hammerstein musicals

* Joe Lewis stake increase rumours lift Mitchells & Butlers

* Talk of strong full-year figures from Sportingbet today

* National Milk Records a tiddler to watch on PLUS

DAILY TELEGRAPH

Questor:

* Buy Cadbury -- Buy SSL International -- Avoid Asia Citrus Holdings

Comment:

* Lloyds TSB's tie-up with HBOS could turn out to be the deal of the century -- Inflation figures are irrelevant this time -- Time to diversify Britain's economy

THE INDEPENDENT

Investment Column:

* Avoid SABMiller -- Buy Microgen -- Buy Asian Citrus Holdings

Outlook:

* Problems aplenty emerge in great bank bailout -- There's a problem Houston, the Lloyds TSB dividend -- Don't bank on bounce back in bank shares -- Sir Philip Green to capitalise on decade of debt

Other comment:

* Early plans to create a giant 'Big Brother' database condemned by government's own terrorism watchdog

THE GUARDIAN

Viewpoint:

* Lloyds TSB: an extra that Sir Victor Blank did not bargain for -- Another rate cut needed

Other comment:

* Marks & Spencer expands into energy market

DAILY MAIL

* A sticky wicket for insurance

* Hopes of further contract awards in Iraq lift Petrel Resources

* Vague bid rumours boost Private & Commeercial

DAILY EXPRESS