What The Sunday Business Papers Said
Monday 23 August 1999
Savers who have placed money in Individual Savings Accounts will face a back-tax bill of millions of pounds next year because they have failed to understand the rules that govern tax-free savings.
A series of rule changes will be implemented at casinos across Britain this week as part of an attempt by the Government to ease the Draconian legislation that governs them.
Racal Electronics is preparing for breakup with the sale of its telecommunications and defence arms, which could together raise pounds 1.5bn.
Owners of Britain's 59 racecourses are to launch their own tax-free bookmaking business to bring low-cost betting direct to millions.
Saatchi & Saatchi, the world's best-known advertising agency, is planning a bid for the National Lottery.
P&O, the UK's largest listed shipping company, has rejected a pounds 7bn approach from America's Carnival Corporation, the world's biggest cruise line operator and owner of the QE2. Analysts say the decision by Lord Sterling, P&O's chairman, to turn down the offer will have failed to quell Carnival's interest.
BSkyB will raise the stakes in the battle for digital television customers by witholding coverage of next month's Ryder Cup golf event from its rival, Ondigital.
Unions have made an eleventh-hour plea to Ford motor group to save a threatened engine plant at Bridgend in South Wales that employs 1,400 people.
Peter Johnson, majority shareholder and former chairman of Everton Football Club, is auctioning his shares in the Premier League side, having failed to agree a deal to sell them to board director Bill Kenwright.
Labour's attempts to curb "fat cat" boardroom pay excesses have suffered a blow as two directors of a loss-making company have awarded themselves payouts worth up to pounds 370m. The bonuses have easily set a record for British industry even though the company, Colt Telecom, is not forecast to make a profit until 2002.
Railtrack faces further fines of at least pounds 50m for neglecting the crumbling network and failing to fix broken rails. The penalty would come on top of the pounds 40m fine it faces if it fails to reduce train delays and would amount to Railtrack surrendering up to a fifth of its pounds 428m annual profits.
Dan Wagner, chief executive of Dialog, the online business-information specialist, is considering splitting off Sparza, his e-commerce software- licensing arm, to reduce the group's debt.
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