What The Papers Said
A round-up of Sunday business stories
Monday 24 May 1999
Fund manager Philips & Drew is making up for years of underperformance with a dazzling performance since Easter. It is heading for its best quarterly performance in five years after investing in smaller companies and retaining high cash holdings. P&D's UK equity investments have risen by 7 per cent compared with the stock market's 2 per cent increase since the beginning of April.
Sunday Business British Airways staff are to lose nearly pounds 60m in bonus payments following poor performance by the airline. Tuesday's results are expected to show a pounds 200m drop in pre-tax profits from pounds 580m last year. The pounds 1,400-per-employee bonuses are triggered only if BA hits its pounds 400m pre-tax profit target.
Rover is to cut 400 jobs at its tooling and pressings plant in Swindon in the first phase of a review of the future of the plant following a decision by BMW, Rover's owner, to move more components production to Germany and elsewhere in Europe.
The Sunday Telegraph BT is to offer totally free Internet access with no call charges. The secret plans, which are at an early stage, involve customers paying a marginal increase in the normal monthly line rental charge for access to a freephone number. BT is said to be in talks with the industry regulator Oftel about the move.
The Barclay Brothers, the millionaire owners of the Scotsman and Scotland on Sunday, want to buy Express Newspapers, owner of the Express, Sunday Express and the Daily Star, for around pounds 200m. In the past month they have approached United News and Media, the media group controlled by Lord Hollick. The bid would be through Press Holdings, a company headed by Andrew Neil. The brothers would be likely to sell off the Daily Star.
United Utilities is considering floating its telecoms arm. It has already received expressions of interest from a number of trade buyers, including Energis, but is unwilling to sell outright.
British Biotec is holding merger talks with rival biotech groups in a bid to reverse the the company's disastrous performance. Dresdner Kleinwort Benson has initiated talks with biotech groups involved in cancer treatment, including Chiroscience.
The Observer The Government is to allow Railtrack to charge higher prices to train companies and make extra profits on high-risk investments in return for modernisation programmes.
Virgin is to replace NTL with another cable company, thought to be Cable & Wireless Communications, as the conduit for its Internet service following persistent criticism.
The Sunday Times The sons of the late Robert Maxwell are making a stock market comeback eight years after the collapse of their family business empire. Kevin and Ian Maxwell have reversed Telemonde Investments, a private telecommunications company, into Pac-Rim Consulting, a shell-company quoted on Nasdaq's tertiary over-the-counter market. The deal values Telemonde at pounds 30m and will make the pair multi-millionaires again when their stakes are made public.
Storehouse chief executive Keith Edelman is facing pressure from institutional shareholders to step down following the group's disastrous results last week. Investors are to make their feelings known to Edelman in a series of meetings organised by the company following the results presentation.
Camelot has invited the Post Office, the largest retailer of lottery tickets, to join its bid to retain its lottery licence which expires in 2001. Camelot's partners, Cadbury Schweppes, De La Rue, ICL and Racal, may reconstitute the company to offer the Post Office a significant stake in Camelot itself.
The Mail on Sunday Barclays Bank wants to take over another firm in the UK financial services sector. Chief executive Sir Peter Middleton said Barclays was looking at insurance companies, mortgage banks and mutual funds. Legal & General, Norwich Union, Bradford and Bingley and Scottish Widows are possible targets.
n Institutional investors favour John Devaney, former head of Eastern Electricity, to head up National Power in succession to Keith Henry, who was recently fired. Through non-executive directors they have made it plain they will not tolerate an internal appointment.
n BSkyB is recruiting 1,500 more staff to stave off disaster in its free digital TV offer. Senior executives are seriously concerned they will not be able to meet demand. More than 1,000 engineers will be trained to install the systems and 500 customer assistants are being hired to handle inquiries.
Threat of 'catastrophic cascade of collisions' must be averted, warn scientists
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
Exclusive: Impact of immigrants on British workers ‘negligible’
Vince Cable: Teachers 'know absolutely nothing' about the world of work
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
The quiet diplomat: Catherine Ashton - recognised and admired in all the world’s troubled countries, yet ridiculed at home
- 1 Oxford is the least affordable city in the UK, where houses cost 11 times local salaries
- 2 Australian man Rod Sommerville reacts to bite from deadly snake by reaching for cold beer
- 3 North Korea elections: Kim Jong-un wins 100% of the vote
- 4 David Cameron resorts to paying for Facebook fans because not enough people like him
- 5 Steve Irwin’s final words: Cameraman present at death opens up about deadly stingray attack for the first time
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