(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
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