Wednesday 12 February 1997
A pounds 700m contract for the development and production of the RAF's new stand-off attack was signed yesterday. Matra BAe Dynamics - a joint venture between British Aerospace and Matra of France - won the competition against stiff US competition last summer. The Storm Shadow will be fitted to RAF Tornados, Eurofighters and Harrier GR7 jump-jets to attack high-value targets without having to enter heavily defended enemy airspace.Work will secure jobs at company sites at Stevenage, Bristol and Lostock as well as more than 80 sub-contractors across the country.
Hopes of a counter-bid emerging for Clyde Petroleum evaporated as predator Gulf Canada raised its stake in the oil exploration and production firm to about 27 per cent. Gulf's buying activity comes after recent steep falls in crude oil prices, which may have driven investors into the arms of the bidder. Market Report, page 18
Scottish Amicable said yesterday in a letter to policyholders that it had had expressions of interest from more suitors than Abbey National and the Prudential, the two which have gone public on their offers. The mutual insurer said it would seek formal offers from all interested suitors and would take independent financial advice during the selection process. The objective was to maximise financial benefits for with-profits policyholders, "taking into account both short-term and long-term returns".
Allied Irish Banks denied market speculation that it was interested in acquiring the US banking group Riggs National. AIB's results for the year to December exceeded analysts' expectations and the bank said a strong performance in all divisions drove pre-tax profits up by 13 per cent to Irpounds 421m (pounds 412m). But profit-taking and concern about the impact of the planned acquisition of Dauphin Deposit of Pennsylvania for $1.36bn pulled
the shares 2p lower.
The cable industry will be making profits "as the City understands them" by the year 2000, Stephen Davidson, chairman of
the Cable Communications Association, told MPs on the Trade and Industry Select Committee investigating regulation. Mr Davidson said the industry had invested pounds 6bn so far and would invest the same again to the year 2000.
Allied Domecq, the distiller and food retailer, said performance in the first half of the fiscal year would be hurt by the strength of the pound, though profit growth would improve in the second half. The strong pound could cut pounds 20m from full-year earnings.
- 1 Tourist films plane's descent just metres above packed Caribbean beach
- 2 Kate Moss: Previously unpublished nude photo revealed by Mert and Marcus
- 3 Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
- 4 World Book Day: Boy 'excluded' from school after dressing up as Fifty Shades' Christian Grey
- 5 Bad Jews poster 'censored' on London Tube
Tourist films plane's descent just metres above packed Caribbean beach
Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
Becky Watts: Four appear in court charged with hiding body parts after teenager's death
Isis 'bulldozes' Nimrud: UNESCO condemns destruction of ancient Assyrian site as a 'war crime'
Professor Brian Cox brands astrology-believing Tory MP David Tredinnick an 'outlier on the spectrum of reason'
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Elif Shafak: Turkish author warns against rise of British nationalism
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
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