If smartphones morph into computing devices, as pundits predict, there may be one long-standing PC issue not in play: dealing with spam. At least, that is, as long as wireless carriers continue to do most of heavy lifting in keeping messages spam-free. That’s good news, given that most mobile users aren’t too «www.internetnews.com» about device and messaging security. A recent McAfee...

Without a chief executive until Trevor Matthews arrives from Standard Life in the summer, Friends has endured a terrible year.

It turned a profit of 491m in 2006 into a loss of 113m for 2007 and has faced scepticism from the City about its strategy and long-term future.

Today it confirmed that JC Flowers made an offer of 150p a share, but insists that this proposal ’significantly undervalues Friends Provident and its prospects and does not represent a basis for discussion’.

JC Flowers, run by former Goldman Sachs banker Chris Flowers, has made several offers for Friends - at lower levels on each occasion. Last year it tabled a bid at 175p a share, which Friends also rejected out of hand.

Friends entered a merger deal with Resolution Life before Christmas, but it quickly collapsed after better offers arrived for Resolution.

Chief executive Philip Moore was ousted in the fallout. Last month finance director Jim Smart said he would leave in August, giving Matthews an immediate hole to fill when he starts the new job.

Friends Provident shares have halved in the last year but gained today 4.4p to 124p. The Friends’ board, led by chairman Sir Adrian Montague, feels it cannot sell the company for less than 160p. It believes that any lower would be less than the insurer’s embedded value - or the long-term value of its policies.

However, so many customers have cashed in their policies due to poor investment performance that this embedded value is said by analysts to be in doubt. Friends is looking to sell its stake in F&C Asset Management as well as subsidiaries Lombard and Pantheon Financial. Critics of the company say that pushing through this strategy before Matthews arrives will leave the new chief executive in an awkward position.

FREE: ORDER COMPANY REPORTS

You can find out how companies mentioned in this story earn their profits by getting their official report and accounts for free. . Here are direct links to the most popular sectors:

«thisismoney.ar.wilink.com»
«thisismoney.ar.wilink.com»
«thisismoney.ar.wilink.com»
«thisismoney.ar.wilink.com»

Flowers could yet return with another bid. It has a near 3% stake in the insurer. Friends is headquartered in London and employs 4,000 across the UK. It is cutting 600 of those jobs as part of its strategic review.

Other stories:
Friends to tell Flowers ‘put up or shut up’
In-the-red Friends to lose top money man
Friends Provident destroyed by a good idea
600 jobs go as Friends plans 1bn sell-off
Friends Provident seals its shake-up plans
City focus: Friends comes to the end of its innings
JC Flowers hits Friends Provident bid road
L&G won’t be making Friends with rivals

Since 2002, the Dollar has lost 70% of its value, relative to the Euro. Meanwhile, the same factors that signaled bearishness in 2002 persist in 2008, or even worsened in some aspects. The twin deficits are still growing, though the current account deficit may be leveling off. The US economy is headed towards recession. Inflation is set to rise due to soaring commodity prices and a loosening of monetary policy. As a result, many investors are betting that the Dollar’s slide will continue well...