The Times
WHITEBOARD WORKERS TO SHARE THREE MILLION POUNDS IN BONUSES
Over 800 workers at Promethean are to share nearly three
million pounds in cash bonuses after the electronic teaching
aids company made its stock market debut. Promethean, which
completed its 400 million pound listing last week, has 360
workers in Blackburn, Lancashire, and also employs 260 people in
Shenzhen, China. The bonuses will be paid from cash reserves
built up before the listing and represent a quarter of the
company's 10 million pound employee bonus scheme, the remainder
of which will be paid in share options. Shares, which listed at
200 pence each, closed at 193 pence on Wednesday.
B&Q GOING GREENER
Home improvement retailer B&Q is to open 'eco-shops' in its
stores so as to capitalise on the planned introduction of the
Pay As You Save scheme. The scheme is part of attempts by the
government to reduce carbon emissions from homes by 29 per cent
from 1990 levels by 2020.
BET OF THE DAY
The demerger of Cable & Wireless will take place on
Friday evening. The company will be split in two, with one of
the new companies serving the corporate market and the other
wrapping up its string of telecoms companies. Investment bank
Execution Noble recommends buying the shares ahead of the split,
up to a value of 200 pence.
NEED TO KNOW: MILLER HOMES
Miller Homes has said that its pre-tax losses have eased
from 170 million pounds reported in 2008 to 73.4 million pounds
in 2009. The housebuilder added that sales have increased 13 per
cent since the start of 2010.
NEED TO KNOW: NORTHGATE
Northgate has warned that it may have to make further cost
reductions after admitting that the outlook for its UK market
remains uncertain. The van hire group said that it had achieved
an average utilisation rate of 91 per cent for its UK fleet
during the four months to the end of February, an 86 per cent
improvement on a year ago.
NEED TO KNOW: SKIPTON BUILDING SOCIETY
Leon Kaye Solicitors has said that Skipton Building Society
may have breached consumer contract regulations when it
increased its standard variable rate for 64,000 borrowers. The
solicitors said that customers may have a potential claim under
the Unfair Terms in Consumer Contracts Regulations
The Daily Telegraph
JUDGE BACKS BP OVER 100 MILLION DOLLAR AWARD
A judge in Texas has been persuaded by BP to overrule
a 100 million dollar award against the oil company over a
release of chemicals at its refinery in Texas City in 2007. The
judge ruled that while it was reasonable for the jury to
conclude that BP had been negligent, a finding of gross
negligence was needed to uphold the 100 million dollar award.
The judge did however leave intact awards totalling 326,000
dollars for pain, suffering, medical costs and lost earnings.
DERWENT SAYS RENTAL GROWTH IS RETURNING
FTSE 250 property company Derwent London is planning
to spend over 260 million pounds on new projects in central
London. Chief executive John Burns forecasts that rental values
in central London will grow by the end of 2010 and chairman
Robert Rayne said, that while economic indicators have yet to
demonstrate a sustained recovery, rents in the company's Central
London villages have virtually stabilised. An improvement in the
capital value of Derwent's property helped slash pre-tax losses
from 606.5 million pounds in 2008 to 34.9 million pounds.
ETHEL AUSTIN STORES FACE CLOSURE
After the closure of 124 stores in February, administrators
to the Ethel Austin and Au Naturale retail chains have announced
that a further 81 stores are to be closed over the next four
weeks, a move which will see 696 staff being made redundant. 56
redundancies were also announced at the company's Knowsley head
office.
The Independent
SSE GRANTED 6.3 MILLION POUNDS FOR CARBON CAPTURE PILOT
Scottish and Southern Energy has been awarded
funding of 6.3 million pounds for a pilot project to capture
climate-warming carbon from part of its Ferrybridge coal-fired
power plant. The project will form part of a new carbon capture
and storage economic area which will cover Yorkshire and Humber.
The pilot will bridge the gap between laboratory-scale trials
and larger-scale projects which the government plans to fund
from 2011.
DEUTSCHE BAHN IN APPROACH FOR ARRIVA
Arriva confirmed on Wednesday that it has received a
takeover approach from German rail group Deutsche Bahn. The
offer, which could value the UK bus and train operator at 1.4
billion pounds, follows the collapse earlier in March of merger
talks with France's SNCF. Shares in Arriva rose 17 percent to
677 pence on the news, giving the company a market
capitalisation of 1.35 billion pounds. ComfortDelGro, which runs
London's Metroline bus company, has also been linked to a
possible bid for Arriva.
The Guardian
GOING EAST: CHINESE COMPANY BUYS BLACK-CAB MAKER
Black-cab manufacturer Manganese Bronze has agreed to sell a
majority stake to China's Geely Group and move most of its
production to China. Manganese Bronze says that since the credit
crunch in 2007 it has suffered a 30 per cent fall in sales which
has caused a slump in profits. Chief executive John Russell said
that the company was considering offering Geely shares at 70
pence to give the Chinese group a controlling stake. Shares in
Manganese Bronze have been trading at around 85 pence since the
end of January. Manganese Bronze already produces parts in China
through a joint venture with Geely and moving body and chassis
construction to Shanghai will result in around 60 redundancies
at its factory in Coventry.
Keywords: PRESS DIGEST British Business Press March 18
COPYRIGHT
Copyright Thomson Reuters 2010. 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.
