What The Papers Said: A round-up of Sunday business stories
Monday 15 March 1999
Mirror Group has written to shareholders to seek approval for the sale of its 19 per cent stake in Scottish Media Group for pounds 110m. The approval is necessary under Takeover Panel rules because of the group's status as a takeover target. Trinity, one of the companies bidding for the Mirror, has complained to the Panel about the proposed sale.
Britain will this week offer BMW pounds 150m to build a new generation of Rovers at Longbridge, clinching the plant's long-term survival. The final package will amount to pounds 200m, including local authority grants. Senior BMW executives, who have said they will invest pounds 1.5bn if they decide to build the new models in the UK, will weigh the offer against a subsidy package offered by the Hungarian government.
n The Government is set to collect a pounds 1.6bn windfall because of a 12- month gap between the abolition of the married couple's allowance and the introduction of the new children's tax credit. Economists and accountants criticised the Treasury for implying in last week's Budget that the tax credit would replace the allowance immediately.
The Office of Fair Trading may ask News International to give an undertaking not to cut the price of The Times, the paper said. John Bridgeman, the director general of Fair Trading, has been advised a referral to the Monopolies and Mergers Commission will be on safer legal ground if NI has turned down the request.
Co-Operative Retail Services is close to agreeing a deal to sell 41 department stores to Helical Bar, the property company, for pounds 75m. Helical is thought to be the front-runner among 12 bidders for the stores, known on the high street as Living.
Warren Buffet, the investment guru known as the Sage of Omaha, has beaten the S&P 500 index for the 18th year running. But he also owned up to a losing year on the world's markets. Mr Buffet's investment company, Berkshire Hathaway, made a 43 per cent gain, partly by issuing stock in subsidiaries when the market was willing to pay more than the assets were worth.
European interest rates are set to be cut from 3 per cent to 2.75 per cent in the wake of the resignation last week of Oscar Lafontaine, Germany's finance minister. However, the cut will be put off until the meeting of the European Central Bank's governing council on 8 April.
The Government is set to offer BMW pounds 200m towards the pounds 1.5bn-plus cost of transforming Rover's Longbridge factory and creating a new family of medium-sized cars.
n Dresdner Bank is looking for a way to step into the takeover battle in French banking. Dresdner is considering a bid for Bank Nationale de Paris, which last week launched a hostile bid for both Societe Generale and Paribas.
A pounds 1bn bid battle for Manchester United plc could be sparked by new forecasts on the future of pay-per-view TV. A report commissioned by Premiership clubs is to suggest that pay-per-view revenues should add between pounds 50m and pounds 100m to Manchester United's annual profits.
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 How the language you speak changes your view of the world
- 4 The top 50 cities for young people to live in
General Election 2015: Fishing is on Nigel Farage's mind as he casts a line to the disaffected of Grimsby
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
The man who filmed the Freddie Gray video has been arrested at gunpoint
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...