Bottom Line: Yields falling flat for Land Securities

A BETTER than expected 34.3 per cent rise in Land Securities' net asset value to 677p a share, as the value of its portfolio rose by 19.6 per cent, is a reminder of how gearing can work in favour of property companies in a rising market.

Derivatives exposure 'small'

BRITAIN's futures and options specialists yesterday attacked US calls for greater controls over derivatives as ill-conceived, saying worldwide exposure was relatively small, writes Peter Rodgers.

US report urges tight controls over derivatives: Congressional warning of threat to financial stability

A US CONGRESSIONAL report yesterday branded derivatives a potential threat to financial stability and recommended sweeping regulations of the burgeoning market to head off a 'bail-out paid for by taxpayers'.

Commodities and Derivatives: 'Wannabe' wizards glimpse the future

AS DETAILS emerge of Hillary Clinton's huge successes trading commodities futures in the late 1970s, many investors are asking how they can do the same.

Banks act to avert derivatives crackdown

THE top 15 banks and securities houses in the worldwide derivatives markets are putting the finishing touches to a new voluntary code which they hope will head off pressure for tougher government regulation, writes Peter Rodgers.

Link-up on derivatives control: British and US regulators seek to establish international guidelines

British and American regulators have joined together to tighten control over financial companies that trade in derivatives such as futures and options. This follows concern at the huge increase in the use of such securities.

Post Office raid

An armed gang escaped with a 'substantial amount of money' after hijacking a security van on a run to make three cash pick-ups at post offices in Essex.

Warrants oil wheels of investment trusts: The right to buy future shares at a fixed price is a growing perk

TRADING began last week in the shares of two new investment trusts: Kleinwort Benson's heavily oversubscribed European Privatisation trust, and the Taiwan trust from Jupiter Tyndall, which is more specialised.

City & Business: No stopping shares

LAST week we were subjected to the supreme example of how derivative trading is beginning to dominate activity in equity markets. The episode centred on UBS, which spent up to pounds 1bn in a single day buying constituents of the mid 250 index so as to cover a warrant it was selling to clients on the index. As a consequence the mid 250 went through the roof.

Warrant news

Hargreaves Lansdown Asset Management has produced a free information booklet on warrants, a specialised form of investment with potentially high returns but also a high degree of risk. Call 0272 767767.

Exchange delays

The Stock Exchange has delayed release of a report by one of its own working parties on substitutes for the Unlisted Securities Market. It believes there is insufficient evidence of public support for the creation of a separately administered Enterprise Market. The news will dismay venture capitalists and small enterprise companies with relatively illiquid stock.

View from City Road: ASB's bark has more effect

David Tweedie, chairman of the Accounting Standards Board, calls FRS4 a 'negative standard that should never have been issued in the first place'. And now it seems that he and his team need not have bothered to go ahead with it. Just the threat has been enough to bring most companies into line.

How to check on financial advisers

If you want to check up on a firm giving financial advice you have to consult the central register held by the Securities and Investments Board. A free booklet has been produced that explains how you do this. Phone 071-638 1240.

Mortar attack

Two policemen and several civilians were injured and more than 50 buildings damaged when an IRA mortar bomb exploded outside a security forces base at Lisnaskea, Co Fermanagh.

Trust in Lazards

LAZARD Investors is launching an investment trust with a six-year life that aims for a yield of 8 per cent gross through investing mainly in convertible securities. These offer a fixed rate of interest and the right to convert to ordinary shares at a future date. There will be just one class of share. Minimum investment is pounds 1,000. Prospectuses can be ordered on 071-867 8665/6 from next Wednesday.
Voices
Barn owls are among species that could be affected
charity appeal
News
Sarah Silverman (middle) with sister Reform Rabbi Susan Silverman (right) and sister actress Laura Silverman (left) at Jerusalem's Western Wall for feminist Hanuka candle-lighting ceremony
peopleControversial comedian stages pro-equality Hanukkah lighting during a protest at Jerusalem's Wailing Wall
Arts and Entertainment
The Bach Choir has been crowned the inaugural winner of Sky Arts’ show The Great Culture Quiz
arts + ents140-year-old choir declared winner of Sky Arts' 'The Great Culture Quiz'
Sport
After another poor series in Sri Lanka, Alastair Cook claimed all players go through a lean period
cricketEoin Morgan reportedly to take over ODI captaincy
Life and Style
food + drink
News
i100
Arts and Entertainment
a clockwork orange, stanley kubrick
film
Career Services

Day In a Page

Independent Travel
Burgundy, the River Rhone & Provence – Five-star MS Swiss Corona 7 nights from £999pp
Lake Como St Moritz & the Bernina Express 7 nights from £809pp
Vietnam
Lake Maggiore, Orta & the Matterhorn 7 nights from £939pp
South Africa
Spain
Prices correct as of 19 December 2014
Homeless Veterans appeal: 'You look for someone who's an inspiration and try to be like them'

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Could cannabis oil reverse the effects of cancer?

Could cannabis oil reverse effects of cancer?

As a film following six patients receiving the controversial treatment is released, Kate Hilpern uncovers a very slippery issue
The Interview movie review: You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here

The Interview movie review

You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here
Serial mania has propelled podcasts into the cultural mainstream

How podcasts became mainstream

People have consumed gripping armchair investigation Serial with a relish typically reserved for box-set binges
Jesus Christ has become an unlikely pin-up for hipster marketing companies

Jesus Christ has become an unlikely pin-up

Kevin Lee Light, aka "Jesus", is the newest client of creative agency Mother while rival agency Anomaly has launched Sexy Jesus, depicting the Messiah in a series of Athena-style poses
Rosetta space mission voted most important scientific breakthrough of 2014

A memorable year for science – if not for mice

The most important scientific breakthroughs of 2014
Christmas cocktails to make you merry: From eggnog to Brown Betty and Rum Bumpo

Christmas cocktails to make you merry

Mulled wine is an essential seasonal treat. But now drinkers are rediscovering other traditional festive tipples. Angela Clutton raises a glass to Christmas cocktails
5 best activity trackers

Fitness technology: 5 best activity trackers

Up the ante in your regimen and change the habits of a lifetime with this wearable tech
Paul Scholes column: It's a little-known fact, but I have played one of the seven dwarves

Paul Scholes column

It's a little-known fact, but I have played one of the seven dwarves
Fifa's travelling circus once again steals limelight from real stars

Fifa's travelling circus once again steals limelight from real stars

Club World Cup kicked into the long grass by the continued farce surrounding Blatter, Garcia, Russia and Qatar
Frank Warren column: 2014 – boxing is back and winning new fans

Frank Warren: Boxing is back and winning new fans

2014 proves it's now one of sport's biggest hitters again
Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas