The Evening Standard (London, England) articles from August 2003

The Evening Standard (London, England) archives from August 2003

Evening Standard, London, Asian Markets Column.
August 1, 2003... Byline: Jake Lloyd-Smith Aug. 1--Hong Kong shares, like those in most other Asian centres, ended the week with a firmer tone as strong growth figures from the United States fed the widespread belief that the economic recovery remains on...

Evening Standard, London, Business Briefs Column.
August 1, 2003... Aug. 1--HENLYS HAMMERED OVER PLANT PROBLEM: Shares in Henlys plunged more than 20 percent today after the maker of American yellow school buses said production problems at one of its plants would hammer profits. The group now expects pre-tax...

Evening Standard, London, Anthony Hilton Column.
August 1, 2003... Byline: Anthony Hilton Aug. 1--There has always been a body of opinion that thinks the Financial Ombudsman Service is as necessary as adding a fifth wheel to a car, given the amount of legislation there is already in this country to...

British Insurer Standard Life Cuts Bonus Rates Again.
August 1, 2003... Byline: Steve Stammers Aug. 1--Insurer Standard Life today slashed bonus rates for the fourth time in 18 months and conceded top spot in Britain's life and pensions market to rival Aviva after suffering a bleak start to the year. The...

Lloyds Holds Dividend despite UKpound 300 Million 'Mis-Selling' Bill.
August 1, 2003... Byline: Patrick Hosking Aug. 1--Lloyds TSB held its dividend today despite revealing that the "precipice bonds" scandal and other mis-selling allegations would cost it UKpound 300 million in the first half. Defying sceptics who argue...

Evening Standard, London, Market Report Column.
August 1, 2003... Byline: Malcolm Withers Aug. 1--Fears of costly alleged racial discrimination cases in the US left Reuters in pole position among the blue-chip fallers as its shares lost 2 1/2 percent, to 245 pence, a 6 1/2 pence decline. The class...

Anglo-Dutch Steelmaker Corus Wins a Lifeline from Its Banks.
August 1, 2003... Byline: James Rossiter Aug. 1--Loss-making Anglo-Dutch steelmaker Corus has secured a three-year, euro1.2 billion (UKpound 836 million) lifeline from its banks to replace one due to expire next January. Corus's financing deal under new...

Virgin Steps Up Mobiles Drive with Loyalty Ploy.
August 1, 2003... Byline: Nick Goodway Aug. 1--Virgin Mobile today launched a loyalty scheme in the first example of a concerted effort at cross-selling between different parts of Sir Richard Branson's empire. The scheme, dubbed 'Flash-It', gives the...

Euro Disney Shares Go Crashing amid Debt Crisis Talks.
August 1, 2003... Byline: Ross Tieman Aug. 1--Euro Disney's future is today in the hands of the French government after it breached banking covenants following a slump in the number of visitors, which hit revenue. The shares were suspended this morning...

Secret Bank Account Set to Fuel Pay-Off Row at UK-Based Murray Financial.
August 1, 2003... Byline: Patrick Hosking Aug. 1--The "rewards for failure" row at Murray Financial Corporation is set to intensify as it emerged today that the firm secretly transferred founder Ken Murray's proposed pay-off into a ringfenced bank account....

Music Industry Hits Snag in Fight against Piracy.
August 1, 2003... Aug. 1--The global music industry's campaign against illegal song downloads has hit a snag with internet service providers in the US fighting back at what they see as an unwarranted attack on their customers' privacy. SBC Communications, a...

MyTravel Still Struggling as Price Rises Fail to Stick.
August 1, 2003... Byline: Jim Armitage Aug. 1--Troubled tour operator MyTravel has failed to push through the price rises it had hoped for in its summer package holidays. The shares tumbled 5 pence to 28 pence as the group, formerly known as Airtours,...

Shell May Bid on US Oil Producer Anadarko.
August 1, 2003... Aug. 1--Royal Dutch/Shell is thought to be considering a $10 billion-plus (UKpound 6.2 billion) bid for Texas oil producer Anadarko Petroleum if, as expected, the American firm puts itself on the auction block. It is understood Anadarko...

Singapore Celebrates End of Bar-Top Dance Ban.
August 1, 2003... Byline: Jake Lloyd-Smith Aug. 1--Keen to promote a more entrepreneurial spirit in its risk-averse citizens, the Singapore authorities have lifted one of the country's strangest bans: a law that kept drinkers from dancing on bar tops. ...

Evening Standard, London, Asian Markets Column.
August 4, 2003... Byline: Jake Lloyd Smith Aug. 4--Japan's beleaguered banks slid today after the country's financial regulator ordered they submit fresh plans to boost their flagging performance or face a round of penalties, which may include sacking the...

Luxury Car Dealer Revs Up its BMW Presence in Britain.
August 4, 2003... Byline: Nick Goodway Aug. 4--Luxury car dealer Inchcape moved into second position on the grid today with the UKpound 12 million acquisition of six BMW dealerships in the South-East, making it the German manufacturer's number two...

Evening Standard, London, Anthony Hilton Column.
August 4, 2003... Byline: Anthony Hilton Aug. 4--Niall FitzGerald last week blamed slimming fads -- and in particular the way in which the Dr Atkins carbohydrate-free diet had hit sales of Slim Fast -- for Unilever's disappointing growth. The global...

Evening Standard, London, Market Report Column.
August 4, 2003... Aug. 4--Tom Singh, founder and biggest shareholder in the New Look fashion chain, has told the City he wants to bid for the whole company and take it private. Singh is in talks with private equity houses to see if he can obtain the...

Evening Standard, London, Business Briefs Column.
August 4, 2003... Aug. 4--CLOUD OVER QANTAS DRUG-TESTING PLAN: In an echo of the strife that recently crippled British Airways, Qantas staff will begin meeting tomorrow to discuss the Australian airline's new zero-tolerance alcohol and drug testing plan. Unions...

Evening Standard, London, Business Briefs Column.
August 4, 2003... Aug. 4--INVESTORS TOLD TO REJECT HBOS: An influential Australian adviser has reportedly recommended that its institutional clients reject Halifax Bank of Scotland's A$2.4 billion (UKpound 970 million) takeover of the Bank of Western Australia....

Two UK Regions See Rise in Business Confidence.
August 4, 2003... Aug. 4--London and the South-East is one of only two UK regions to enjoy a Baghdad bounce in business confidence over the past three months, a new report shows. Along with Northern Ireland, the region enjoyed the first upturn in sentiment...

Marks & Spencer Looks to Gap for Its New Head of Children's Gear.
August 4, 2003... Byline: Fiona Walsh Aug. 4--Marks & Spencer has poached a new head for its troubled childrenswear business from rival fashion group Gap. Anthony Thompson replaces Michelle Jobling, who left the post almost a year ago after poor sales...

Market Puts French Engineering Firm Shares on Hold Ahead of Debt Bail-Out Plan.
August 4, 2003... Aug. 4--French heavy engineering group Alstom suspended its shares in Paris, London and New York today ahead of an announcement tomorrow about emergency refinancing. The troubled group is aiming to halve its debt from euro5 billion...

First-Half Profits Cheer at HSBC Despite Bad Debt Shock.
August 4, 2003... Aug. 4--Investors brushed aside the revelation that loans at HSBC are turning sour at the rate of UKpound 8 million a day and welcomed stronger-than-expected first-half profits from Britain's biggest bank. The charge for bad and doubtful...

Hyundai Shares Slip After Shocking Death of Executive.
August 4, 2003... Byline: Jake Lloyd-Smith Aug. 4--Shares in several units of South Korea's Hyundai Group dropped sharply today on reports that Chung Mon-hun, son the conglomerate's late founder, had apparently jumped to his death. Chung, who was found...

UK Faces UKpound 4.5 Billion Bill as North Sea Oil Dries Up.
August 4, 2003... Aug. 4--Britain's growing demand for imported gas will blow a UKpound 4.5 billion hole in the trade figures within five years, it emerged today. Experts predict that, after years of self-sufficiency, Britain will become a net importer of...

Ebookers Plans to Treble Indian Call-Centre Operation.
August 4, 2003... Aug. 4--Online travel agency ebookers is to more than treble the size of its Indian back-office and call centre business, moving it from a cost to a profit centre as it takes on work for third parties. The controversial move will see it...

British Billionaires Back Retail Investor's Shopping Centers Bid.
August 4, 2003... Aug. 4--Retail entrepreneur Tom Hunter has linked up with two of Britain's richest men, the billionaire Reuben brothers, who backed the Scottish businessman's abortive attempt on Selfridges earlier this year. Brothers David and Simon, who...

Virgin Blue Gets Helping Hand from Australian Rival.
August 4, 2003... Aug. 4--British Airways' partner Qantas has been pushed into helping arch-rival Virgin Blue establish flights from Australia to New Zealand in a bid to win regulatory approval for its controversial alliance with Air New Zealand. The two...

Evening Standard, London, Business Briefs Column.
August 6, 2003... Aug. 6--SOHO SQUARE NETS ADS DEAL WITH YAHOO: Yahoo has hired WPP subsidiary Soho Square to lead its US brand advertising. Soho Square will help the internet company with strategic planning, online and offline ad campaigns and media planning...

Evening Standard, London, Anthony Hilton Column.
August 6, 2003... Byline: Anthony Hilton Aug. 6--DEBENHAMS BUY DOESN'T CHECK OUT: The Permira offer document for Debenhams is full of information that does not get you very far but it is absolutely devoid of guidance on what plans Permira has for the...

Luxury London Hotel Toasts 114th Year with UKpound 11.8 Million Profit Surge.
August 6, 2003... Byline: Jonathan Prynn Aug. 6--The Savoy, London's best-known luxury hotel, has defied the doom and gloom threatening the top end of the industry with a surprise upturn in profits. The 263-room hotel, which today celebrates its 114th...

Evening Standard, London, Market Report Column.
August 6, 2003... Byline: Michael Clark Aug. 6--CAPITA ON SICK LIST AFTER NHS CONTRACT SETBACK: Fears that Capita, which runs London's congestion charge, may have failed to win a major contract left the shares nursing a fall of 5 1/4 pence at 233 1/2 pence,...

UK Medical Device Manufacturer Backs Off Battle for Swiss Hip Maker.
August 6, 2003... Aug. 6--Medical devices group Smith & Nephew's ambition to become a global player in the multi-billion-pound orthopaedics market were dashed today as it decided not to increase its UKpound 1.5 billion offer for Swiss artificial hip and knee...

Hong Kong Road-Builder Newcomer Eyes Landmark.
August 6, 2003... Byline: Jake Lloyd Smith Aug. 6--Hong Kong has seen some decent offerings this year. Sinotrans, a Chinese freight courier, raised HK$3.4 billion (UKpound 273 million) in February, listed at HK$2.19 and now trades at HK$2.40. Lianhua, a...

London-Based Bank Announces Move into South Korea.
August 6, 2003... Aug. 6--Standard Chartered today garnished forecast-busting profits with the announcement of a two-pronged advance into South Korea. While reporting a 17 percent rise in first-half profits to $741 million (UKpound 459 million), the...

German Bank Writes Off Loan by Dealmaker.
August 6, 2003... Aug. 6--Dealmaker Robin Saunders suffered a fresh blow today as her employer WestLB wrote off another euro200 million (UKpound 141 million) on a loan she made. The euro680 million loan to the TV rentals business Boxclever is now written...

Cathay Pacific Airline Nosedives to Record Loss on SARS Hit.
August 6, 2003... Aug. 6--In another blow to Hong Kong's battered morale, Cathay Pacific reported its biggest-ever loss today as the effect of the deadly Sars virus hit home, writes Bill Condie. Cathay, the Asian carrier hardest hit by Sars with traffic at...

French Government Backs Deal for Electric Engineer.
August 6, 2003... Aug. 6--The French government today backed a controversial euro2.8 billion (UKpound 2 billion) rescue package for heavy engineer Alstom which is certain to be challenged by the European authorities in Brussels. Today's deal is expected to...

Owner of UK Power Plant Pulls Plug on Creditor Talks.
August 6, 2003... Byline: Bill Condie Aug. 6--True to its word, AES, the owner of the massive Drax power plant in Yorkshire, today said it "threw in the towel" over negotiations with creditors and walked away just before its deadline of midnight last night....

Swiss Insurer Snaps Up UK Life Insurance Group for UKpound 287.5 Million.
August 6, 2003... Aug. 6--Zurich Financial Services stepped up its restructuring drive today by agreeing to sell part of its UK-based life assurance business to Swiss Re for a total of $460 million (UKpound 287.5 million), writes Steve Hawkes. The indebted...

UK Telecommunications Firm Reports Earnings Surprise.
August 6, 2003... Byline: Nick Goodway Aug. 6--Telecoms testing equipment group Spirent, which suffered a Marconi-like boom-to-near-bust ride a year ago, today continued its painful crawl back to recovery. The radical management measures have been so...

WorldCom Set to Learn Fund Verdict.
August 6, 2003... Aug. 6--A judge will today decide whether to approve a $750 million (UKpound 464 million) deal between bankrupt WorldCom and its regulators to settle the disgraced US telecoms firm's accounting fraud. The decision by US bankruptcy Judge...

Evening Standard, London, Asian Markets Column.
August 7, 2003... Byline: Jake Lloyd-Smith Aug. 7--Standard Chartered provided the focus in Asian trade today as the bank stirred up interest in South Korea, expanding its stake in one of the country's biggest lenders. Koram Bank, Korea's sixth largest,...

Evening Standard, London, Business Briefs Column.
August 7, 2003... Aug. 7--ABN SOARS TO UKPOUND 550 MILLION THANKS TO US BOOM: Cost-cutting and booming sales of mortgages in the US helped Dutch bank ABN Amro to a 46 percent increase in second-quarter net profits to euro782 million (UKpound 550 million). ABN,...

Evening Standard, London, Anthony Hilton Column.
August 7, 2003... Byline: Anthony Hilton Aug. 7--There are signs that things are picking up. Manufacturers are more confident than they have been for months, and with the new budget year for many companies beginning in October purse strings are loosening a...

London Stock Market Floats May Need to Carry Wealth Warning.
August 7, 2003... Byline: Steve Hawkes Aug. 7--Nearly two-thirds of companies that have come to the stock market in recent years now have lower profits, research out today shows. Far from being the promised land, a share float can cause management to...

Evening Standard, London, Market Report Column.
August 7, 2003... Aug. 7--Pubs operator Eldridge Pope slaked the thirst of City speculators today with a rise of 9 pence to 163 1/2 pence following terms of a tender offer for a further 19 percent of the company at 165 pence by 10 percent shareholder Michael...

Barclays Bank Confounds Critics with UKpound 2 Billion Pre-Tax Profits.
August 7, 2003... Byline: Patrick Hosking Aug. 7--Barclays wrongfooted its critics today, beating every City forecast as it posted a 12 percent rise in first-half pre-tax profits to UKpound 1.96 billion. A surprise reduction in bad and doubtful debts,...

U.K. Casino, Dog-Tracks Group's Buyout Is 'Not on Cards Yet'.
August 7, 2003... Byline: Jim Armitage Aug. 7--Shareholders should not hold their breath for a management buyout of casino and dog tracks group Wembley. Speculation has been rife that activist fund manager Active Value had met with chief executive Nigel...

Upscale U.K. Hotelier Remains Upbeat Despite Cutbacks by Airlines.
August 7, 2003... Aug. 7--Upmarket hotelier Millennium & Copthorne suffered heavy losses in the first half of the year amid a huge shortfall in the number of airline flight attendants and crew staying at its Kensington hotel. Uniformed hostesses and pilots...

Bank of England Holds Interest Rates As Shoppers Splash Out.
August 7, 2003... Byline: Jim Armitage Aug. 7--The Bank of England today put interest rates on hold, keeping the cost of borrowing at a 48-year low. The decision had been widely expected, following a flow of positive news on the economy since July's...

First Strike Set to Hit Luxury-Car Maker Aston Martin.
August 7, 2003... Byline: Nick Goodway Aug. 7--Luxury car maker Aston Martin faces its first ever strike when workers at its two UK factories down tools for three hours tomorrow morning. The strike is over a new shift pattern -- nicknamed the Martini...

U.K. Financial-Services Agency Fines Northern Bank Record UKpound 1.25 Million.
August 7, 2003... Byline: Patrick Hosking Aug. 7--The Financial Services Authority has meted out its biggest fine for money-laundering control failings, clobbering Northern Bank with a UKpound 1.25 million penalty today. Belfast-based Northern, owned by...

British Nuclear Fuels Ignites UKpound 1 Million Pay-Off Row.
August 7, 2003... Aug. 7--A UKpound 1 million compensation payment to ex-British Nuclear Fuels director Chris Loughlin looks set to prompt an outcry over fat cat payoffs in the public sector. Accounts for the year to March show Loughlin, who joined the board...

Publisher Reed Elsevier Looks to U.S. for Stronger Second Half.
August 7, 2003... Aug. 7--Despite a flat first-half performance, publisher Reed Elsevier is still expecting a strong second half which, according to chief executive Crispin Davis, will "deliver our targets of above market revenue growth and double-digit earnings...

British Takeaway-Food Shops Operator Feels Heat As Workers Skip Lunch.
August 7, 2003... Byline: Jonathan Prynn Aug. 7--The old saying "selling like hot cakes" took on a new and less flattering meaning today when the country's leading chain of bakers revealed that its buns and pies are being shunned by the sweltering British...

U.K. Wealth Management Firm's Stock Plummets amid Fresh Fears.
August 7, 2003... Byline: Bill Condie Aug. 7--AMP shares crashed more than 8 percent in Sydney today, hitting a record low of A$4.37 (UKpound 1.76), but there may be worse to come if a Citigroup insurance analyst's warning that the company could be forced...

Evening Standard, London, Asian Markets Column.
August 11, 2003... Byline: Bill Condie Aug. 11--Troubled Australian financial services group AMP clawed back some of its recent losses today as the company reassured investors there would be no nasty surprises in its first-half results next week. AMP,...

Evening Standard, London, Business Briefs Column.
August 11, 2003... Aug. 11--TRADE GAP WIDENS AS U.S. EXPORTS WEAKEN: Britain's trade gap ballooned in June to its widest for seven months as exports to the US dried up. In a sign that America's economy remains weak, British exports to non-EU countries...

Senior U.K. Financial, Insurance Jobs to Go in Rush to Cheap Asia Outsourcing.
August 11, 2003... Byline: Boyd Farrow Aug. 11--At least 30,000 highly paid executive jobs within Britain's financial and insurance sector could disappear within five years as big institutions gear up to transfer operations to low-cost centres such as India,...

Evening Standard, London, Anthony Hilton Column.
August 11, 2003... Byline: Anthony Hilton Aug. 11--The chairman of the Financial Services Consumer Panel, Colin Brown, has reminded us that the Treasury is as determined as ever to bring in a range of low-cost financial products to encourage more saving in...

Evening Standard, London, Market Report Column.
August 11, 2003... Byline: Michael Clark Aug. 11--A Bidding auction is developing for Ghana's Ashanti gold mines after another suitor emerged over the weekend. Ashanti says it has received an indicative proposal from Randgold, down 80 pence at 1275...

Bond Issue Mars British Airports Operator's Passenger Boost.
August 11, 2003... Byline: Robert Lea Aug. 11--Britons are flying again in record numbers, according to official figures out today. BAA, the airports operator that runs Heathrow, Gatwick and Stansted, said it handled 13.2 million passengers in July, its...

Market Slide Clips London Bankers' Pay Rises.
August 11, 2003... Byline: Jane Padgham Aug. 11--Stock market turmoil and economic uncertainty cut City pay awards in the first four months of the year. A survey by Industrial Relations Services found that the average financial sector pay increase was 3...

U.K. Property Firm Has Stake in UKpound 400 Million London Development Plan.
August 11, 2003... Aug. 11--The acquisitive Livingstone brothers have bought 12 acres of land on the western side of the Greenwich Peninsula, less than a mile from the Millennium Dome, through their London & Regional Properties group. Insiders say Ian and...

HIT Entertainment Faces Dilemma As Sales Fall for Bob The Builder.
August 11, 2003... Byline: Jim Armitage Aug. 11--Bob The Builder's workmanship came under question today after Merrill Lynch warned investors about his flagging appeal to children the world over. Global revenue for the licence owner of the Bob franchise,...

London Leads U.K. Economic Rally.
August 11, 2003... Byline: Jim Armitage Aug. 11--London's economic fightback gathered pace last month as the private sector staged its strongest growth spurt for 10 months. Along with the South-East region, the capital was in the vanguard of a promising...

U.S. Prosecutor Probes Former Merrill Lynch Trader over $43 Million Theft.
August 11, 2003... Byline: Steve Hawkes Aug. 11--A former chief energy trader at Merrill Lynch is being investigated for allegedly embezzling $43 million (UKpound 26.9 million) from the firm in what is believed to be the largest-ever employee theft from a...

Lucrative Deal Wins Vodafone Driving Seat for U.K. Mobile Navigator.
August 11, 2003... Aug. 11--AIM-listed traffic-buster Yeoman has won a lucrative deal to provide maps and breaking news on travel hot spots to Vodafone Live! subscribers. Drivers with the latest handsets will be able to access information on how to beat jams...

Evening Standard, London, Jim Armitage Column.
August 12, 2003... Byline: Jim Armitage Aug. 12--BSkyB today unleashed a volley of positive trading news, beating City forecasts and posting a first full year of profits since 1998. In a statement justifying its decision to rack up vast debt and pile...

Evening Standard, London, Asian Markets Column.
August 12, 2003... Byline: Bill Condie Aug. 12--Japanese stocks were boosted by official figures showing better-than-expected economic growth in the second quarter. While investors in some Asian markets were sitting tight ahead of the US Federal...

Evening Standard, London, Business Briefs Column.
August 12, 2003... Aug. 12--WORLDCOM FACES $250 MILLION BILL FOR BAN: WorldCom says its net profit could fall by between $36 million (UKpound 22 million) and $250 million over three years, depending on the length of its ban from government contracts. The ban is...

Evening Standard, London, Business Insider Column.
August 12, 2003... Aug. 12--OSCAR'S SUMMER OF DISCONTENT: It hasn't been a good summer for Oscar Owide, once reputedly the "biggest pimp in Britain" and now facing charges brought by the Department of Trade and Industry. On top of his Companies Act woes, a couple...

Time Runs Short As Ailing Fashion Giant Tommy Hilfiger Bids to Smarten Up.
August 12, 2003... Byline: Richard Thomson Aug. 12--Time may soon be up for Tommy Hilfiger. Not long ago one of the most recognisable brands on the High Street, the struggling clothing company has appointed a new chief executive and still has to decide...

Evening Standard, London, Anthony Hilton Column.
August 12, 2003... Byline: Anthony Hilton Aug. 12--The cheerleaders for the American economy have been out in force again in the past few days, trying to convince themselves and indeed everyone else that the world's biggest economy has got over its woes and...

Evening Standard, London, Market Report Column.
August 12, 2003... Aug. 12--Shares of the two big drugs companies were back on investors' shopping lists today. GlaxoSmithKline rose 13 pence to 1207 pence after several players in the City threw their weight behind the group and begun pushing it to their...

'Rogue Trade' Went Undetected for 18 Months by Merrill Lynch.
August 12, 2003... Byline: Richard Thomson Aug. 12--Merrill Lynch said today it did nothing to stop the alleged theft of UKpound 26 million from its funds because it thought chief energy trader Daniel Gordon was involved in hedging deals. In an attempt...

Hammer May Soon Come Down on Home of U.K. Auction House Mallett.
August 12, 2003... Byline: Damien McCrystal Aug. 12--After months of pressure from predatory investor Jack Petchey through his Trefick vehicle, auction house Mallett has at last conceded that it is examining "how to maximise the benefit" of the jewel in its...

London Entrepreneur Quits Drug-Testing Software Firm, Sells Stake.
August 12, 2003... Byline: Malcolm Withers Aug. 12--Paul Davidson -- the controversial entrepreneur known in the City as the Plumber -- today made his exit from Cyprotex, the company that gained him notoriety when its flotation was underpinned by a UKpound 5...

Long-Term Rate Worries Surface As U.S. Federal Reserve Policymakers Meet.
August 12, 2003... Byline: Richard Thomson Aug. 12--The US Federal Reserve is unlikely to change interest rates when it meets today, but analysts believe the central bank's policy-makers will be under intense pressure to do something to stop the steep rise...

Punters Lift Gloom on London House Prices.
August 12, 2003... Byline: Malcolm Withers Aug. 12--Gamblers are far less pessimistic on future London house prices than they were in May, and now expect a modest 3.3 percent decline in the average price in the capital against expectations of a precipitous 9...

French Insurer's Profits Tumble amid Sharp Drop-Off in U.K. Sales.
August 12, 2003... Byline: Steve Hawkes Aug. 12--Britain's fragile life and pensions market, falling share prices and the weak US dollar left insurer Axa nursing a sharp drop in first-half profits today. The French group, one of the world's largest...

Microsoft Must Pay University of California, Chicago Firm $521 Million.
August 12, 2003... Aug. 12--Software giant Microsoft has been told to pay $521 million (UKpound 324 million) to the University of California and a Chicago company, which claimed they invented technology used in the Internet Explorer browser. A federal jury...