Europe Intelligence Wire articles from August 2002

Europe Intelligence Wire archives from August 2002

Further weakness expected at London open.
August 10, 2002... (From FT Investor (Pulses)) London blue chips are expected to open weaker on Tuesday morning following further losses in New York markets overnight. Spread-betting service Cantor index expects the FTSE 100 to open 18 points lower....

European bourses seen following Wall Street lower.
August 10, 2002... (From FT Investor (Pulses)) European stock markets are expected to open lower again on Tuesday following yet another disappointing performance by US shares. Spread-betting service Cantor Index sees the Xetra Dax index in Frankfurt starting...

Further weakness seen at London open.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - London blue chips are expected to open weaker on Tuesday morning following further losses in New York markets overnight. Spread-betting service Cantor index expects the FTSE 100 to open 18...

Bourses seen following Wall Street lower.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - European stock markets are expected to open lower again on Tuesday following yet another disappointing performance by US shares. Spread-betting service Cantor Index sees the Xetra Dax...

London blue chips slightly firmer on open, M&S rises after trading update.
August 10, 2002... (From FT Investor (Pulses)) London blue chips opened slightly firmer on Tuesday morning despite further losses in New York markets overnight. The FTSE 100 opened 0.2 per cent firmer at 3,789.4 and the FTSE Techmark started 0.3 per cent...

Bourses tick higher despite US losses.
August 10, 2002... (From FT Investor (Pulses)) European stock markets opened modestly higher on Tuesday as investors brushed aside a disappointing overnight performance by US shares. The pan-European FTSE Eurotop 100 index rose 0.5 per cent to 1,820.05,...

Abbey National rejects Bank of Ireland approach.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Abbey National on Tuesday rejected an informal approach from Bank of Ireland, arguing that it undervalues the UK's second biggest mortgage lender. Abbey National said the most effective...

UPDATE 1-Bank bounce leads FTSE 100 higher on open.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - A bounce in the banking sector led the London blue-chip index to a firmer start on Tuesday despite further losses in New York markets overnight. The FTSE 100 opened 0.8 per cent higher at...

Sunderland shares fall 3.5% after Peter Reid departs as manager.
August 10, 2002... (From FT Investor (Pulses)) Sunderland shares fell 3.5 per cent on Tuesday after the Premiership football club Peter Reid departed as manager. Mr Reid paid the price for a poor run of form that as seen the club start the new season - where...

UPDATE 1-Bourses shrug off Wall Street decline.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - European stock markets pushed higher in Tuesday's early trade as investors brushed aside overnight weakness for Wall Street and focused instead on early gains for US stock index futures. ...

Marks & Spencer shares jump on strong trading update.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Marks and Spencer on Tuesday reported a sparkling set of figures in its trading update, shedding some positive light on the mixed picture that has recently emerged from the UK high street. ...

UPDATE 2-FTSE 100 extends opening gains.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - London's blue-chip index traded higher on Tuesday morning, buoyed by merger talk and upbeat sales figures from high street retailer Marks and Spencer The rise started in the financial...

Byrne leaves MyTravel in 'mutual decision'.
August 10, 2002... (From FT Investor (Pulses)) MyTravel , the struggling UK package tour operator, announced on Tuesday that Tim Byrne was stepping down as chief executive. Last week, the group, formerly known as Airtours, warned on profits for the second...

CMG soars, Logica dips on merger talks.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Logica, the UK IT services group, said on Tuesday it was in discussions to buy its rival CMG to generate cost savings and boost its mobile messaging operations. Logica said any transaction...

P&O Princess upbeat on full-year earnings.
August 10, 2002... (From FT Investor (Pulses)) Peter Ratcliffe, chief executive of P&O Princess , the company at the centre of a two-way bid battle, on Tuesday said that he had yet to meet with rival Carnival following approval from US regulators to clear a...

Byrne leaves MyTravel in 'mutual decision'.
August 10, 2002... (From FT Investor (Pulses)) MyTravel , the struggling UK package tour operator, announced on Tuesday that Tim Byrne was stepping down as chief executive. Last week, the group, formerly known as Airtours, warned on profits for the second...

Uncertainty remains over Orchestream funding.
August 10, 2002... (From FT Investor (Pulses)) Orchestream , the beleaguered provider of telecoms software platforms, said on Tuesday the third quarter would show improvement but it had further to go in talks to resolve its funding crisis. The UK-based...

RMC in talks to sell UK waste control unit.
August 10, 2002... (From FT Investor (Pulses)) RMC , the heavily-indebted ready-mix concrete and cement group, said on Tuesday it was in talks with a number of parties over the sale of its UK waste management business. The group broke news of the talks in a...

UPDATE 2-Bourses hold gains as US futures rise.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - European equity markets on Tuesday morning finally got some respite from the recent sell-off as investors brushed aside overnight weakness for Wall Street and focused instead on early gains...

Allied Optical Technology warns of worsening market conditions.
August 10, 2002... (From FT Investor (Pulses)) The security authentication technology group, Allied Optical Technology (AOT) [uk:ALT], saw its shares fall to an all time low on Tuesday, dropping 32.9 per cent to 24.5p after it warned that its earnings would...

Allied Optical Technology warns of worsening market conditions.
August 10, 2002... (From FT Investor (Pulses)) The security authentication technology group, Allied Optical Technology (AOT) , saw its shares fall to an all time low on Tuesday, dropping 32.9 per cent to 24.5p after it warned that its earnings would fall...

Thomson falls 9% on US labour dispute worries.
August 10, 2002... (From FT Investor (Pulses)) Thomson Multimedia shares fell 9 per cent on Tuesday after the French consumer electronics group warned the lock-out of US west coast ports would have a "significant" impact on its operations if it was not...

MyTravel CEO leaves in 'mutual decision'.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - MyTravel, the struggling UK package tour operator, announced on Tuesday that Tim Byrne was stepping down as chief executive. Last week, the group, formerly known as Airtours, warned on...

HSBC buys 10% stake in Chinese insurer for $600m.
August 10, 2002... (From FT Investor (Pulses)) HSBC , the London-listed global banking group, said on Tuesday it would pay $600m for a 10 per cent stake in the second largest Chinese life insurer as part of efforts to establish itself in China. HSBC said it...

UPDATE 3-Telecoms gains keep FTSE 100m above 3,800.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - London's blue-chip index was higher on Tuesday, buoyed by merger talk and upbeat sales figures from high street retailer Marks and Spencer, but had pulled back from the day's best levels in...

UPDATE 3-Bourses break three-day decline.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - European bourses snapped a three-day losing streak on Tuesday morning as investors brushed aside overnight weakness for Wall Street and focused instead on a strong early rise for US stock...

Bookham/Nortel, Michael Page, Capita, Invensys.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Bookham's deal with Nortel looks promising but it needs to deliver on the tough challenge it has set itself, the UK press concludes. The Financial Times's Lex column Equity research:...

M&S upgraded after Q2 sales update.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Marks and Spencer's better-than-expected second quarter sales figures were greeted with a round of ratings and earnings upgrades from analysts, though some caution remains that buoyant...

Logica in talks to take control of CMG.
August 10, 2002... (From FT Investor (Pulses)) Logica , the UK IT services group, said on Tuesday it was in discussions to buy its rival CMG in a bid to generate cost savings and boost its mobile messaging operations. CMG shares soared almost 43 per cent to...

Abbey shares up after formally rejects Bank of Ireland approach.
August 10, 2002... (From FT Investor (Pulses)) Abbey National on Tuesday rejected an informal approach from Bank of Ireland, arguing that it undervalues the UK's second biggest mortgage lender. Abbey National said the most effective means of restoring value...

Marks and Spencer shares jump on buoyant Q2 sales update.
August 10, 2002... (From FT Investor (Pulses)) Marks and Spencer on Tuesday reported a sparkling set of figures in its trading update, shedding some positive light on the mixed picture that has recently emerged from the UK high street. The upbeat trading...

ABF buys Ovaltine brand from Novartis.
August 10, 2002... (From FT Investor (Pulses)) Associated British Foods (ABF) is paying SFr400m ($268m) to gain British control of Ovaltine, the old-fashioned malt drink which fuelled Sir Edmund Hillary's conquest of Everest. Novartis , the Swiss...

UPDATE 4-Telecoms gains keep FTSE 100 above 3,800.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - London's blue-chip index was higher on Tuesday, buoyed by merger talk and upbeat sales figures from high street retailer Marks and Spencer, but had pulled back from the day's best levels in...

BT Group gains as UK reaches 1m broadband connenctions.
August 10, 2002... (From FT Investor (Pulses)) Shares in BT Group , the incumbent telecoms operator, rose 4 per cent on Tuesday, boosted by news that the number of new internet broadband customers in the UK was increasing sharply. Oftel, the telecoms...

Bourses slightly higher ahead of US open.
August 10, 2002... (From FT Investor (Pulses)) Equity markets in Europe were moderately higher in early afternoon trade on Tuesday as investors anticipated a firm start for US shares. Insurance stocks extended Monday's rally, and there were also useful gains...

FTSE 100 clings to 3,800 as gains fade.
August 10, 2002... (From FT Investor (Pulses)) London's blue-chip index was higher on Tuesday, buoyed by merger talk and upbeat sales figures from high street retailer Marks and Spencer , but had pulled back from the day's best levels in lunchtime trade....

Pace Micro CEO to leave.
August 10, 2002... (From FT Investor (Pulses)) Pace Micro Technology , the maker of set-top boxes for digital TV, said on Tuesday that Malcolm Miller, its chief executive, would leave the company at the end of the year. During his five years at Pace Micro,...

JJB Sports CEO Duncan Sharpe dies.
August 10, 2002... (From FT Investor (Pulses)) Duncan Sharpe, chief executive of UK retailer JJB Sports , has been found dead. Mr Sharpe, 43, was found by a farmer on Monday afternoon hanging from a tree near his home. Lancashire police said they were not...

M&S upgraded after sales update.
August 10, 2002... (From FT Investor (Pulses)) Marks and Spencer's better-than-expected second quarter sales figures were greeted with a round of ratings and earnings upgrades from analysts, though some caution remains that buoyant high-street spending...

Barratt Development CEO Frank Eaton dies.
August 10, 2002... (From FT Investor (Pulses)) Frank Eaton, the chief executive of Barratt Developments , the UK's third largest housebuilder, has died in a car accident. Mr Eaton, who had been chief executive since 1991, was one of the most well respected...

Marks & Spencer upgraded after better-than-expected sales update.
August 10, 2002... (From FT Investor (Pulses)) On the back of the better-than-expected sales update, WestLB Panmure raised Marks & Spencer [s; uk:mks] to 'outperform from 'neutral' while Schroder Salomon Smith Barney upgraded the UK high-street retailer to...

UPDATE 5-FTSE 100 clings to 3,800 as gains fade.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - London's blue-chip index was higher on Tuesday, buoyed by merger talk and upbeat sales figures from high street retailer Marks and Spencer, but had pulled back from the day's best levels in...

Merrill Lynch says if MobilCom went bankrupt other players would benefit.
August 10, 2002... (From FT Investor (Pulses)) If MobilCom [s :DE:662241] were to go bankrupt, it would be a positive for the other mobile phone carriers in the German market, Merrill Lynch claimed. MobilCom was rescued from insolvency in September by a...

UPDATE 1-M&S upgraded after Q2 sales update.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Marks and Spencer's better-than-expected second quarter sales figures were greeted with a round of ratings and earnings upgrades from analysts, though some caution remains that buoyant...

A return at last for Patsystems shareholders.
August 10, 2002... (From FT Investor (Pulses)) Patsystems , the electronic trading software group, pleased the market on Tuesday when it announced a cash return of as much as GBP11.8m to shareholders. By mid-day the shares had gained 46.9 per cent, reaching...

UPDATE 4-Bourses firmer ahead of US open.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Equity markets in Europe were moderately higher in early afternoon trade on Tuesday as investors anticipated a firm start for US shares. Insurance stocks extended Monday's rally, and there...

SSSB sees deceleration risk at Tomkins.
August 10, 2002... (From FT Investor (Pulses)) UK engineering group, Tomkins , which joined the FTSE 100 at its last quarterly review, has been downgraded by Schroder Salomon Smith Barney to "2M" (neutral with medium risk) from "1M" (outperform with medium...

British Energy warns about extra pension payments.
August 10, 2002... (From FT Investor (Pulses)) Shareholders of British Energy , the troubled nuclear generator, suffered a new blow on Tuesday when the company warned that it might have to find up to an extra GBP13m ($20m) a year to fill a pension fund hole....

The good the bad and the ugly.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Analysing the major stock index charts is like trying to see which one of several mangy dogs has the most fleas. My vote for the mangiest dog currently goes to the Frankfurt Xetra DAX ,...

Capita leads FTSE 100 gainers, rising over 8%.
August 10, 2002... (From FT Investor (Pulses)) Capita , the UK outsourcing group, led the FTSE 100 gainers on Tuesday for a second day, adding to its 12 per cent climb with a further 8 per cent rise on the back of its announcement on Monday that it would buy...

Deutsche Bank buys Kirch's Axel Springer stake.
August 10, 2002... (From FT Investor (Pulses)) Deutsche Bank on Tuesday bought the bankrupt media group Kirch's 40 per cent stake in Axel Springer, the German publisher, for [euro]667.3m ($655m). Deutsche described the widely-expected move as a "temporary...

FTSE 100 gains little benefit from firmer US but clings to 3,800.
August 10, 2002... (From FT Investor (Pulses)) London blue chips gained little suppport from a firmer start on Wall Street on Tuesday but managed to cling on near to 3,800, supported by merger talk and upbeat sales figures from high street retailer Marks and...

FTSE 100 gains little benefit from firmer US but clings to 3,800.
August 10, 2002... (From FT Investor (Pulses)) London blue chips gained little support from a firmer start on Wall Street on Tuesday but managed to cling on near to 3,800, supported by merger talk and upbeat sales figures from high street retailer Marks and...

Bourses mostly higher as Wall Street opens higher.
August 10, 2002... (From FT Investor (Pulses)) Opening gains for US stocks helped keep most European equity markets on an upward track on Tuesday afternoon, although there was a distinct lack of confidence among market observers that the gains could be...

UPDATE 6-FTSE 100 slips below 3,800 as gains fade.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - London blue chips gained little support from a firmer start on Wall Street on Tuesday and slipped back below 3,800 despite support from merger talk and upbeat sales figures from high street...

UPDATE 1-Abbey National rejects Bank of Ireland approach.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Abbey National on Tuesday rejected an informal approach from Bank of Ireland, arguing that it undervalues the UK's second biggest mortgage lender. Abbey National said the most effective...

UPDATE 5-Bourses dip as confidence fades.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Fading gains for US stocks left European bourses heading lower on Tuesday afternoon, as all confidence in the markets evaporated. "There's a plethora of reasons to remain very much on the...

Patsystems shares soar on cash return plan.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - There was contrasting fortunes for shareholders in small technology stocks on Tuesday with Patsystems shares soaring on a plan to return cash to shareholders, while Allied Optical Technology...

UPDATE 1-Patsystems shares soar on cash return plan.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - There was contrasting fortunes for shareholders in small technology stocks on Tuesday with Patsystems shares soaring on a plan to return cash to shareholders, while Allied Optical Technology...

FTSE ends lower again as Wall St gives up early gains.
August 10, 2002... (From FT Investor (Pulses)) London blue chips ended lower for the fourth consecutive session on Tuesday after Wall Street gave up early gains and fears about war and corporate health kept weighing on sentiment. The FTSE 100 held on to...

Bourses end lower as downgrades hit banks.
August 10, 2002... (From FT Investor (Pulses)) Fading gains for Wall Street stocks, added to credit rating downgrades in the German banking sector sent European stock markets lower by the close of play on Tuesday. After spending most of the session modestly...

UPDATE 6-German banks hit in late trade.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - Fading gains for Wall Street stocks, added to credit rating downgrades in the German banking sector sent European stock markets lower by the close of play on Tuesday. After spending most...

UPDATE 7-FTSE 100 drops again as US gains fade.
August 10, 2002... (From FT Investor (Stories)) LONDON (FT.com) - London blue chips ended lower for the fourth consecutive session on Tuesday after stocks on Wall Street failed to hold on to opening gains and war fears and corporate health worries kept...

Brazilian stocks fall as Lula-Serra set to square off.
August 10, 2002... (From FT Investor (Pulses)) Brazilian stocks fell Tuesday as investors geared up for a battle between leftist candidate Luiz Inacio Lula Da Silva and ruling party candidate Jose Serra for the hearts and minds of Brazilian voters ahead of...

Skellett 'shock' at YTL success.
August 25, 2002... (From The Express) Byline: Mark Watts THEWessex Water executive at the centre of a GBP1million bribe investigation has said he was as surprised as anyone that YTL Power of Malaysia won the bid battle for his company. The City of...

Non-execs row stirs at brewer.
August 25, 2002... (From The Express) Byline: ROB GRIFFIN GREENE KING chairman David McCall faces a potential shareholder rebellion this week, the Financial Sunday Express can reveal. The powerful National Association of Pension Funds (NAPF) is...

BOSSES MUST SPEND TO KEEP CUSTOMERS COMING.
August 25, 2002... (From The Express) BOSSES MUST SPEND TO KEEP CUSTOMERS COMING

Now Green lines up bid for TV soccer.
August 25, 2002... (From The Express) Byline: David Hellier PHILIP GREEN, the billionaire owner of retail group Bhs, is assembling a consortium to bid for the international television rights for Premier League football. The offer could be valued at up to...

EXCLUSIVE: MORTGAGE THAT COULD SAVE YOU A FORTUNE.
August 25, 2002... (From The Express) EXCLUSIVE: MORTGAGE THAT COULD SAVE YOU A FORTUNE

Protestors set sights on oil giant.
August 25, 2002... (From The Express) Byline: Rob Griffin ANIMAL rights activists are planning a campaign against international petrol giant ChevronTexaco. The Stop Huntingdon Animal Cruelty group (Shac) is threatening to protest at garage...

Dilbert.
August 25, 2002... (From The Express) Byline: Scott Adams Dilbert - CARTOON

Batchelor in TV rights bid.
August 25, 2002... (From The Express) Byline: ROB GRIFFIN FLAMBOYANT York City Football Club chairman John Batchelor is preparing to take legal action to reclaim lost revenues in the wake of the television rights fiasco. He has sent a letter to the...

Rover clashes with staff over Longbridge plans.
August 25, 2002... (From The Express) Byline: DAVID PARSLEY MG ROVER is facing a battle with its 7,000-strong workforce over redevelopment plans which would involve closing the social club and creche at the company's Longbridge site. MG Rover has...

Thumbs down for AOL.
August 25, 2002... (From The Express) Byline: ROB GRIFFIN AOL Time Warner has been revealed as the most distrusted brand in Europe - just weeks after being accused of artificially inflating its profits. The unenviable honour was given to the media...

Disney faces legal action over Pooh.
August 25, 2002... (From The Express) WALT DISNEY faces a class-action lawsuit by shareholders who are arguing over the status of the rights to cartoon favourite Winnie the Pooh, writes Mark Watts. The claim, lodged in Los Angeles last week, alleges the...

Green's Arcadia bid backed by Hunter.
August 25, 2002... (From The Express) Byline: James Robinson Deputy Business Editor SCOTTISH retail entrepreneur Tom Hunter is backing Bhs owner Philip Green's GBP690million bid for clothing group Arcadia. Hunter, who has a stake in Bhs, said: ...

Former Schroder banker sues for GBP1/2m.
August 25, 2002... (From The Express) SCHRODERS Salomon Smith Barney (SSSB) is being sued in the High Court by a former employee who claims the bank owes him more than GBP500,000. Thomas See, an investment banker with the firm from 1988 until the end of...

Al Fayed's Fulham plans in a quagmire.
August 25, 2002... (From The Express) Byline: Rob Griffin MOHAMMED AL FAYED is facing a potentially fatal blow to his ambitious plans to redevelop Fulham Football Club. Residents have issued another High Court writ against the project. It means...

Treasury fights to keep files on BCCI secret.
August 25, 2002... (From The Express) TREASURY officials are to try to convince the High Court that documents detailing the collapse of the BCCI bank should stay secret. Government representatives will argue at a special hearing early in October that...

Emma's so happy to cast off Gartmore.
August 25, 2002... (From The Express) Byline: Lucre GLAMOROUS round-the-world yachtswoman Emma Richards must be glad to see the back of Gartmore, former sponsor of her boat. Days before she set off on her latest global race the yacht broke down while...

Is anyone safe from Green's attentions?
August 25, 2002... (From The Express) Byline: DAVID PARSLEY IS THERE a British retailer that Philip Green does not want to buy? One of the all-time barrowboys-made-good, Green is on a mission to prove those blue-blooded doubters in the City were wrong to...

Big spenders can beat those recession blues.
August 25, 2002... (From The Express) IT IS a false economy for firms to cut back on promotional outlay when times are hard, warns SIR MARTIN SORRELL, chief executive of advertising giant WPP THE shrewd businessman pondered the question for just a second....

Tough guy who would tear Top Man apart.
August 25, 2002... (From The Express) PHILIP GREEN made his first fortune by buying and breaking up retail giant Sears. He still owns a battered old desk retrieved from the company's Oxford Street head office because he believes it brings him good luck....

Can this desert surv ivor make a headline prof it?
August 25, 2002... (From The Express) Byline: Jeremy Hunt BY THE age of seven Kelvin MacKenzie knew he wanted to be a journalist. There was no doubt in his mind as his parents worked in the industry. At the age of 10 he was putting on a deep voice and...