(ITV.L) ITV PLC Buy/Sell

(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 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.

(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.

ITV SEARCH FOR NEW HEAD CONTINUES AS STV LEGAL ROW ESCALATES

ITV found itself embroiled deeper in a cross-border legal war with STV as the broadcaster continued its search for new leadership. ITV's devolutionary Scottish counterpart issued a third-quarter trading statement indicating it was preparing its retaliation over alleged non-payment of unpaid programme costs. ITV is suing STV for 15 million pounds to 20 million pounds. However, the Scottish broadcaster now says it is owed 35 million pounds by ITV.

SPOTTISWOODE'S FINAL SWIPE AT WITH-PROFITS

A parting shot at the regulation of with-profits savings products will be made by Clare Spottiswoode when the policyholder advocate for Aviva's reattribution of excess cash publishes a final report and closes her office. According to Spottiswoode, policyholders received a better share of the funds than expected but insists the new law governing how companies can use such funds needs testing. She told the Financial Times: "The Financial Services Authority still allows companies to use inherited estates to pay for things that otherwise shareholders would have to pay for, which is to the detriment of policyholders."

LCH.CLEARNET DRAWS LINE UNDER OWNERSHIP SAGA

A two-year saga concerning the ownership of one of the most prized derivatives post-trade assets in the world has come to an end after LCH.Clearnet finalised a shareholder streamlining scheme. The move means the group should now be able to move ahead with plans to build its business. Europe's biggest independent clearing house is now 83 percent owned by users of its services and 17 percent by NYSE Euronext and the London Metal Exchange.

WILLIAM HILL LOOKS TO RAISE 300 MILLION POUNDS

William Hill has launched its first corporate bond of 300 million pounds to pay down debt, offering investors a yield of 7.25 percent after seven years. Chief Executive Ralph Topping said: "We always said we were going to diversify our sources of debt funding. The problem was we had this massive lump of debt that was going to come up at the same time. The rights issue took a tranche of it". William Hill's bonds will be issued around Nov. 12.

RENTOKIL STANDS BY REVIVAL PLAN

Rentokil Initial's shares fell on Friday, despite an insistence that its turnaround strategy was on track after cost-cutting helped third-quarter operating profits soar by more than a third. The washrooms-to-pest control company's shares fell 7 pence to 105 pence as investors sought further details of the group's plans to lift revenue. Chief Executive Alan Brown promised shareholders that, 18 months into his five-year recovery plan, there was "so much more to come".

JCB RESHUFFLE HERALDS NEXT GENERATION

Matthew Taylor is to set step down as chief executive of JCB after less than 18 months at the maker of construction equipment. Taylor will be replaced by the group's chief operating officer, Alan Blake, at the beginning of January. The management reshuffle comes less than a fortnight after JCB posted a steep fall in profits for 2008 to 39 million pounds, against 187 million pounds the previous year. Its revenue also fell 12 percent to 2 billion pounds from 2.25 billion pounds.

LLOYDS INVESTORS URGED TO TAKE ACTION

According to private-client stock brokers, Lloyds Banking Group's shareholders should either buy new shares in the bank's 13.5 billion pound rights issue or sell out altogether. They warn that investors could see the value of their existing shares shrink to an "uneconomic" few hundred pounds if they do not top up their holdings in the record capital-raising that was announced last week. "Shareholders should back the fundraising or get out -- this is the wrong time to see your investment diluted," says Paul Kavanagh, partner at Killik & Co.

LACK OF FESTIVE CHEER AS BUSINESSES AXE CHRISTMAS PARTIES

Cash-strapped companies in Britain are axing Christmas parties this year in an effort to save money. KPMG has cancelled a Christmas cocktail party for 1,000 guests in Birmingham, which has been a feature of the city's business calendar for 30 years. Lloyds Banking Group, which is 43 percent owned by the government, has also revealed it is "taking a prudent approach to colleague-related activity" this year. Concerto, a large London-based events company, has reported that one in five of its regular customers have cancelled an organised party in favour of a quick lunch or a few beers in a bar. The news led Mike Kershaw, Concerto's chairman, to warn that many small businesses dependent on Christmas events could be "devastated".

ROYAL MAIL AND UNION PUT OWN STAMP ON DEAL

Following the release of details of the deal that ended recent industrial action by postal workers in Britain, the Royal Mail and the Communications Workers Union (CWU) offered widely opposing opinions of how the move will affect working practices in the future. Royal Mail management said the deal was "on all key issues the same" as that discussed last month before the CWU began its industrial action. However, the CWU said that the new deal contained "significant concessions" by the state-controlled company. It is thought the strike action by postal workers could cost the Royal Mail 40 million pounds in lost business.

ONLINE RETAILERS BEAR BRUNT OF STOPPAGES

Recent industrial action by the Communication Workers Union (CWU) is estimated to have cost the UK economy 1.04 billion pounds, with online businesses being particularly hard hit. According to data from comparison shopping site Kelkoo, online retailers lost in the region of 156 million pounds during the postal strikes, a figure that includes 85 million pounds for extra deliveries and 71 million pounds in lost sales and refunds for undelivered items. Interactive Retail in Media Group, the industry body for online retailers, reported this week that nearly two-thirds of its members had reported a fall in sales during the strike, with the average decline being 30 percent.

Prepared for Reuters by Durrants. Keywords: BRITAIN PRESS/FT

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.

ITV SEARCH FOR NEW HEAD CONTINUES AS STV LEGAL ROW ESCALATES

ITV found itself embroiled deeper in a cross-border legal war with STV as the broadcaster continued its search for new leadership. ITV's devolutionary Scottish counterpart issued a third-quarter trading statement indicating it was preparing its retaliation over alleged non-payment of unpaid programme costs. ITV is suing STV for 15 million pounds to 20 million pounds. However, the Scottish broadcaster now says it is owed 35 million pounds by ITV.

SPOTTISWOODE'S FINAL SWIPE AT WITH-PROFITS

A parting shot at the regulation of with-profits savings products will be made by Clare Spottiswoode when the policyholder advocate for Aviva's reattribution of excess cash publishes a final report and closes her office. According to Spottiswoode, policyholders received a better share of the funds than expected but insists the new law governing how companies can use such funds needs testing. She told the Financial Times: "The Financial Services Authority still allows companies to use inherited estates to pay for things that otherwise shareholders would have to pay for, which is to the detriment of policyholders."

LCH.CLEARNET DRAWS LINE UNDER OWNERSHIP SAGA

A two-year saga concerning the ownership of one of the most prized derivatives post-trade assets in the world has come to an end after LCH.Clearnet finalised a shareholder streamlining scheme. The move means the group should now be able to move ahead with plans to build its business. Europe's biggest independent clearing house is now 83 percent owned by users of its services and 17 percent by NYSE Euronext and the London Metal Exchange.

WILLIAM HILL LOOKS TO RAISE 300 MILLION POUNDS

William Hill has launched its first corporate bond of 300 million pounds to pay down debt, offering investors a yield of 7.25 percent after seven years. Chief Executive Ralph Topping said: "We always said we were going to diversify our sources of debt funding. The problem was we had this massive lump of debt that was going to come up at the same time. The rights issue took a tranche of it". William Hill's bonds will be issued around Nov. 12.

RENTOKIL STANDS BY REVIVAL PLAN

Rentokil Initial's shares fell on Friday, despite an insistence that its turnaround strategy was on track after cost-cutting helped third-quarter operating profits soar by more than a third. The washrooms-to-pest control company's shares fell 7 pence to 105 pence as investors sought further details of the group's plans to lift revenue. Chief Executive Alan Brown promised shareholders that, 18 months into his five-year recovery plan, there was "so much more to come".

JCB RESHUFFLE HERALDS NEXT GENERATION

Matthew Taylor is to set step down as chief executive of JCB after less than 18 months at the maker of construction equipment. Taylor will be replaced by the group's chief operating officer, Alan Blake, at the beginning of January. The management reshuffle comes less than a fortnight after JCB posted a steep fall in profits for 2008 to 39 million pounds, against 187 million pounds the previous year. Its revenue also fell 12 percent to 2 billion pounds from 2.25 billion pounds.

LLOYDS INVESTORS URGED TO TAKE ACTION

According to private-client stock brokers, Lloyds Banking Group's shareholders should either buy new shares in the bank's 13.5 billion pound rights issue or sell out altogether. They warn that investors could see the value of their existing shares shrink to an "uneconomic" few hundred pounds if they do not top up their holdings in the record capital-raising that was announced last week. "Shareholders should back the fundraising or get out -- this is the wrong time to see your investment diluted," says Paul Kavanagh, partner at Killik & Co.

LACK OF FESTIVE CHEER AS BUSINESSES AXE CHRISTMAS PARTIES

Cash-strapped companies in Britain are axing Christmas parties this year in an effort to save money. KPMG has cancelled a Christmas cocktail party for 1,000 guests in Birmingham, which has been a feature of the city's business calendar for 30 years. Lloyds Banking Group, which is 43 percent owned by the government, has also revealed it is "taking a prudent approach to colleague-related activity" this year. Concerto, a large London-based events company, has reported that one in five of its regular customers have cancelled an organised party in favour of a quick lunch or a few beers in a bar. The news led Mike Kershaw, Concerto's chairman, to warn that many small businesses dependent on Christmas events could be "devastated".

ROYAL MAIL AND UNION PUT OWN STAMP ON DEAL

Following the release of details of the deal that ended recent industrial action by postal workers in Britain, the Royal Mail and the Communications Workers Union (CWU) offered widely opposing opinions of how the move will affect working practices in the future. Royal Mail management said the deal was "on all key issues the same" as that discussed last month before the CWU began its industrial action. However, the CWU said that the new deal contained "significant concessions" by the state-controlled company. It is thought the strike action by postal workers could cost the Royal Mail 40 million pounds in lost business.

ONLINE RETAILERS BEAR BRUNT OF STOPPAGES

Recent industrial action by the Communication Workers Union (CWU) is estimated to have cost the UK economy 1.04 billion pounds, with online businesses being particularly hard hit. According to data from comparison shopping site Kelkoo, online retailers lost in the region of 156 million pounds during the postal strikes, a figure that includes 85 million pounds for extra deliveries and 71 million pounds in lost sales and refunds for undelivered items. Interactive Retail in Media Group, the industry body for online retailers, reported this week that nearly two-thirds of its members had reported a fall in sales during the strike, with the average decline being 30 percent.

Prepared for Reuters by Durrants. Keywords: BRITAIN PRESS/FT

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.