Business news in brief
Wednesday 19 February 1997
The Bank of England wants senior managers of banks it supervises to take more formal responsibility for internal controls, a key lesson from the collapse of Barings. In a consultation paper published yesterday the Bank also said it wanted to meet directly with banks' auditors. The Bank already holds meetings with reporting accountants but these are also attended by the bank which has been audited. The Bank expects lively debate on the paper and has called for comments by 18 April.
HF Ahmanson & Co, the largest Savings & Loan group in the US, launched a hostile $6bn (pounds 3.75bn) bid for Great Western Financial Corporation yesterday. Ahmanson then launched legal action to stop its target from putting up takeover defenses. Ahmanson filed a lawsuit yesterday morning at Delaware Chancery Court, a state court where most takeover fights are waged. Earlier yesterday, Ahmanson offered stock valued at $42.53 for Great Western's shares. The deal would create an S&L, similar to a British building society, with $93bn in assets and 600 branches.
Colt Telecom, the UK-based business telephony group which specialises in business customers, yesterday reported a 281 per cent surge in its turnover to pounds 35m for last year as its network became established. Colt recently floated part of its shares on the UK and US stock markets, raising pounds 180m. Direct customer connections to buildings rose by 96 per cent to 580. Colt has networks in central London and has been moving into service provision in Germany and France in preparation for the liberalisation of the European telecommunications market in 1998. Total losses for the year increased from pounds 2.7m to pounds 11.2m.
- 1 Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 5 Israel's propaganda machine is finally starting to misfire
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
Drew Barrymore’s sister Jessica found dead in her car surrounded by 'dozens of white pills'
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
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