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.
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 2 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 4 Matthew Miller: American sentenced to hard labour in North Korea 'wanted to be Snowden II'
- 5 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Isis in Syria: 60,000 Kurds flee terror in new exodus
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
4Chan naked photos leak: Celebrity Twitter reactions to the mass breach of privacy
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Portuguese academic says British are 'filthy, violent and drunk'
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