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 Woman 'suffocates newborn baby in plastic bag and puts it in her desk minutes after giving birth'
- 2 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
- 5 Chinese student carries disabled friend to school every day for three years
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...