(Corrects third item to make clear Allen & Overy reported a
fall in revenues, not a loss)
The Times
DYSON'S PAY CUT AS PROFITS FALL
The salary of James Dyson was slashed last year as pre-tax profits slid 4 percent at his technology firm, to 85.3 million pound in the 12 months to Dec. 31. The multimillionaire investor took the pay cut as the recession took its toll on the firm. Turnover grew 2.8 percent to 628 million pounds in the period while research and development spending was 6 percent lower at 49 million pound.
CADBURY HAS SUPPORT TO TURN DOWN HOSTILE BID
Cadbury is expected to rebuff Kraft, the U.S. based food group, if it makes a low-ball hostile bid and the bid must arrive by 5 p.m. on Monday. The company has the support of key shareholders to walk away. Legal & General, Cadbury's biggest UK shareholder with a 5.4 percent stake, said in September that it felt Kraft's opening offer was 'materially undervalued'. Kraft is expected to bid for Cadbury either at its initial
745p-a
share offer price or at a small premium to the closing price of 758.5p on Friday.
ALLEN & OVERY REPORTS FALL IN REVENUES AS BIG LAW FIRMS STILL FEEL ECONOMIC PINCH
Law firm Allen & Overy (A&O) reported a 7 percent fall in half-year revenues yesterday as its fee income for the half-year period to Oct. 31 fell to 511 million pounds. The fall was attributed to a slump in transactional work, the latest sign that law firms are continuing to suffer from the economic downturn. A&O is the first big firm to announce half-year results, an action which is not compulsory.
TEMPUS
Cadbury ('Takeover could spur a rebound of M&A activity in Europe')
Daily Telegraph
SALES OF QUIET FIREWORKS TAKE OFF
Tesco has reported that sales of 'quiet' fireworks have doubled compared to last year. The supermarket retailer sold 330,000 sets of the noiseless fireworks last week as consumers move away from buying louder firecracker and cherry bomb varieties in order to protect their children and pets. Separately, the online pharmacy chemistdirect.co.uk reported a large rise in sales of anti-anxiety drugs for pets. Sales of the treatments for pets scared by bangs increased 45 percent this year compared with 2008.
TATE & LYLE ENDS FINAL-SALARY PENSION
Tate & Lyle announced on Friday that its final-salary pension scheme is to close to existing members. The sugar manufacturer and refiner said that around 400 staff, or approximately half of its UK workforce, will be affected by the plans and has started a consultation on the matter. The company also reported first-half profits consistent with analyst forecasts. Excluding a one-off charge to close a sucralose factory, the company's pre-tax profits fell 13 percent to 112 million pounds based on sales which increased 7.4 percent to 1.8 billion pounds.
POSTAL STRIKE DELIVER A BOOST TO RENTOKIL
On Friday Rentokil Initial's parcel business, City Link, reported third quarter figures that exceeded expectations. Rentokil Chief Executive Alan Brown said the company had experienced a benefit in revenue of between 1 and 2 million pounds due the postal strikes by Royal Mail. Brown described the 5 percent rise in revenue as 'modest' due to the costs associated with meeting sudden peaks in demand. Rentokil revised full-year forecasts for City Link from a 12 million pound loss to a 7 million pound loss. The division had expected to move into profit during the fourth quarter.
The Independent
ETHICAL TRAVEL COMPANY DROPS CARBON OFFSETTING
The founder of the online ethical travel operator responsibletravel.com has strongly criticised the carbon offset industry and has stopped offering offsets to its customers. Travellers pay for carbon offsets in the belief that CO2 released during their journey will be counterbalanced by investment in carbon-reducing schemes in developing countries. Justin Francis, though, likened the practice to a 'medieval pardon that allows people to continue polluting'.
STV TO LOSE TWO MILLION POUND IF ITV AXES 'TAGGART'
STV has pledged to continue producing Taggart regardless of whether ITV axes the long-running detective series. The Scottish media group has warned that its earnings could fall by 2 million pound if ITV does not commission the series for 2010. However, talks are continuing amid an increasingly bitter dispute between STV and ITV over the Scottish ITV franchisee's decision to opt out of a growing number of peak-time networked shows in favour of local programming.
The Guardian
GOVERNMENT DEMANDS PROOF OF RBS EFFORTS TO HIT 25 BILLION POUND LENDING TARGET
The Treasury is demanding that RBS provide evidence of its efforts to lend 25 billion pounds to businesses and households after the bank admitted that it would miss government targets. RBS announced a third-quarter loss of 2.1 billion pounds and Chief Executive Stephen Hester warned that its investment banking arm could be hit by staff departures. Staff earning more than 39,000 pounds will be prohibited from receiving cash bonuses as a condition of receiving state aid.
BRITISH AIRWAYS POSTS RECORD 292 MILLION POUND LOSS
British Airways announced plans for a further 1,200 job losses on Friday, with Chief Executive Willie Walsh arguing that the move was necessary due to losses of 292 million pounds in the first half, the airline's worst results since privatisation. The union Unite says it will press ahead with a strike ballot which could see staff stage a walkout from Dec. 21. Walsh said talk of strike action was 'premature' and that passengers should make bookings for the Christmas period.
Prepared for Reuters by Durrants.
Keywords: BRITAIN PRESS/BUSINESS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Times
DYSON'S PAY CUT AS PROFITS FALL
The salary of James Dyson was slashed last year as pre-tax profits slid 4 percent at his technology firm, to 85.3 million pound in the 12 months to Dec. 31. The multimillionaire investor took the pay cut as the recession took its toll on the firm. Turnover grew 2.8 percent to 628 million pounds in the period while research and development spending was 6 percent lower at 49 million pound.
CADBURY HAS SUPPORT TO TURN DOWN HOSTILE BID
Cadbury is expected to rebuff Kraft, the U.S. based food group, if it makes a low-ball hostile bid and the bid must arrive by 5 p.m. on Monday. The company has the support of key shareholders to walk away. Legal & General, Cadbury's biggest UK shareholder with a 5.4 percent stake, said in September that it felt Kraft's opening offer was 'materially undervalued'. Kraft is expected to bid for Cadbury either at its initial
745p-a
share offer price or at a small premium to the closing price of 758.5p on Friday.
ALLEN & OVERY REPORTS FALL IN REVENUES AS BIG LAW FIRMS STILL FEEL ECONOMIC PINCH
Law firm Allen & Overy (A&O) reported a 7 percent fall in half-year revenues yesterday as its fee income for the half-year period to Oct. 31 fell to 511 million pounds. The fall was attributed to a slump in transactional work, the latest sign that law firms are continuing to suffer from the economic downturn. A&O is the first big firm to announce half-year results, an action which is not compulsory.
TEMPUS
Cadbury ('Takeover could spur a rebound of M&A activity in Europe')
Daily Telegraph
SALES OF QUIET FIREWORKS TAKE OFF
Tesco has reported that sales of 'quiet' fireworks have doubled compared to last year. The supermarket retailer sold 330,000 sets of the noiseless fireworks last week as consumers move away from buying louder firecracker and cherry bomb varieties in order to protect their children and pets. Separately, the online pharmacy chemistdirect.co.uk reported a large rise in sales of anti-anxiety drugs for pets. Sales of the treatments for pets scared by bangs increased 45 percent this year compared with 2008.
TATE & LYLE ENDS FINAL-SALARY PENSION
Tate & Lyle announced on Friday that its final-salary pension scheme is to close to existing members. The sugar manufacturer and refiner said that around 400 staff, or approximately half of its UK workforce, will be affected by the plans and has started a consultation on the matter. The company also reported first-half profits consistent with analyst forecasts. Excluding a one-off charge to close a sucralose factory, the company's pre-tax profits fell 13 percent to 112 million pounds based on sales which increased 7.4 percent to 1.8 billion pounds.
POSTAL STRIKE DELIVER A BOOST TO RENTOKIL
On Friday Rentokil Initial's parcel business, City Link, reported third quarter figures that exceeded expectations. Rentokil Chief Executive Alan Brown said the company had experienced a benefit in revenue of between 1 and 2 million pounds due the postal strikes by Royal Mail. Brown described the 5 percent rise in revenue as 'modest' due to the costs associated with meeting sudden peaks in demand. Rentokil revised full-year forecasts for City Link from a 12 million pound loss to a 7 million pound loss. The division had expected to move into profit during the fourth quarter.
The Independent
ETHICAL TRAVEL COMPANY DROPS CARBON OFFSETTING
The founder of the online ethical travel operator responsibletravel.com has strongly criticised the carbon offset industry and has stopped offering offsets to its customers. Travellers pay for carbon offsets in the belief that CO2 released during their journey will be counterbalanced by investment in carbon-reducing schemes in developing countries. Justin Francis, though, likened the practice to a 'medieval pardon that allows people to continue polluting'.
STV TO LOSE TWO MILLION POUND IF ITV AXES 'TAGGART'
STV has pledged to continue producing Taggart regardless of whether ITV axes the long-running detective series. The Scottish media group has warned that its earnings could fall by 2 million pound if ITV does not commission the series for 2010. However, talks are continuing amid an increasingly bitter dispute between STV and ITV over the Scottish ITV franchisee's decision to opt out of a growing number of peak-time networked shows in favour of local programming.
The Guardian
GOVERNMENT DEMANDS PROOF OF RBS EFFORTS TO HIT 25 BILLION POUND LENDING TARGET
The Treasury is demanding that RBS provide evidence of its efforts to lend 25 billion pounds to businesses and households after the bank admitted that it would miss government targets. RBS announced a third-quarter loss of 2.1 billion pounds and Chief Executive Stephen Hester warned that its investment banking arm could be hit by staff departures. Staff earning more than 39,000 pounds will be prohibited from receiving cash bonuses as a condition of receiving state aid.
BRITISH AIRWAYS POSTS RECORD 292 MILLION POUND LOSS
British Airways announced plans for a further 1,200 job losses on Friday, with Chief Executive Willie Walsh arguing that the move was necessary due to losses of 292 million pounds in the first half, the airline's worst results since privatisation. The union Unite says it will press ahead with a strike ballot which could see staff stage a walkout from Dec. 21. Walsh said talk of strike action was 'premature' and that passengers should make bookings for the Christmas period.
Prepared for Reuters by Durrants.
Keywords: BRITAIN PRESS/BUSINESS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.