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

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

UK Aerospace Jobs Face Axe.
June 1, 2003... Jun. 1--The UK aerospace industry faces the loss of 15,000 jobs because of falling worldwide demand, senior executives warned today. Speaking at the Paris Air Show, Gordon Page, chairman of Cobham and president of the Society of British...

Bank of England Committee Chairman Quietly Leaves as He Keeps Rates on Hold.
June 5, 2003... Byline: Jane Padgham Jun. 5--Sir Edward George's swansong as chairman of the Bank of England's monetary policy committee went with a whimper rather than a bang today as interest rates were frozen for the fourth month in a row. The...

Young & Co Blames Tough Times at Brewery on London Job Losses.
June 5, 2003... Jun. 5--The demise of the City gent is the latest hardship to keep a peg on sales at Young & Co's brewery, home of the traditional English pint, writes James Rossiter. Britain's oldest brewery blamed tough trading on City job losses, along...

Cable & Wireless Sells Stake in Hong Kong Telecom Firm.
June 5, 2003... Byline: Jake Lloyd-Smith Jun. 5--Cable & Wireless today offloaded its 14 percent stake in Hong Kong telecoms firm Pacific Century CyberWorks to Citigroup for up to UKpound 246 million as part of its plans to rationalise its global...

Channel Tunnel Link Chief Takes on Iraq Challenge.
June 5, 2003... Byline: Jonathan Prynn Jun. 5--The man responsible for the first section of the Channel Tunnel Rail Link, which is close to completion, is leaving the project to head a newly formed Iraq division at consulting engineer Halcrow. ...

Durex Mixes Sex, Chocolate to Woo Teen Market.
June 5, 2003... Byline: Steve Hawkes Jun. 5--SSL International, the condoms-to-surgical gloves group, is planning a stream of sex products for youngsters in a bid to boost sales of its Durex brand. The company wants to make teenagers' first sexual...

Urgency Grips Swiss Luxury Goods Maker after Sales Slide.
June 5, 2003... Byline: Nick Goodway Jun. 5--Halved full-year profits and dismal current sales today pushed shares in Swiss luxury goods manufacturer Richemont down 40 cents to euro21.10. The group said the Iraq war and Sars knocked sales in April and...

P&O Shipping Places New Shares for India Container Port.
June 5, 2003... Jun. 5--Shipping group P&O gave a big thumbs-up to the recovering London stock market today, placing UKpound 120 million of new shares to fund an acquisition of a deep-water container port in India. The placing, the most significant in...

British Supermarket Group Turns Down 'Too Cheap' Takeover Bid.
June 5, 2003... Byline: Fiona Walsh Jun. 5--Supermarkets group Somerfield has strongly rejected a second, improved takeover approach from entrepreneurs John Lovering and Bob Mackenzie, saying their indicative offer of almost UKpound 600 million...

British Toys and Collectables Group Hornby Set to Motor on Movie Boost.
June 5, 2003... Byline: Nick Goodway Jun. 5--"You're only supposed to blow the bloody doors off" will echo around the sitting rooms of Britain this Christmas as kids unwrap the latest Scalextric set, based on the forthcoming remake of The Italian Job. ...

London Firm Mulls Bid for Waste Group.
June 5, 2003... Byline: Robert Lea Jun. 5--Eleventh-hour talks are continuing over whether City financier Guy Hands is prepared to take a punt on the struggling waste industry. Hands' Terra Firma fund, which has run into trouble in its running of Le...

Royal Bank of Scotland Gets Nod to Acquire Insurer for UKpound 1.1 Billion.
June 11, 2003... Byline: Steve Hawkes Jun. 11--Royal Bank of Scotland has swooped for Churchill Insurance in a UKpound 1.1 billion deal that brings two of Britain's biggest direct car and home insurers together under the same roof. Churchill, fronted...

Barings Bank Wins Court Victory against Former Auditor.
June 11, 2003... Jun. 11--Barings Bank today won a partial victory against its former auditor, Deloitte & Touche, branded negligent by a High Court judge. But the bank, which collapsed in 1995 with debts of UKpound 791 million due to the activities of...

British Bars Chain Takes UKpound 10 Million Knock As Drinkers Cut Back.
June 11, 2003... Byline: Nick Goodway Jun. 11--Profits at Yates, the High Street bars chain, plunged by 17 percent to UKpound 10 million as customers decided to restrict big nights out to weekends. Chief executive Mark Jones said: "Market conditions...

Canadian Billionaire to Borrow Most of Bid for British Department-Stores Group.
June 11, 2003... Byline: Fiona Walsh Jun. 11--Canadian billionaire Galen Weston is putting just UKpound 3 million of his own money into the UKpound 600 million bid for luxury department stores group Selfridges, it has emerged. Weston, the world's 43rd...

British Drinks Giant Tightens Grip on Aussie Winemaker.
June 11, 2003... Jun. 11--Drinks giant Allied Domecq has fuelled speculation over its intentions towards top Australian wine producer Peter Lehmann Wines after grabbing a further 5 percent of the company in a share market raid. Allied now holds 15 percent...

Investment Manager Says London Firms 'Must Unite on Wholesale Regulation'.
June 11, 2003... Jun. 11--City firms and trade associations need to develop a coherent and unified view on what is good for wholesale financial markets, Donald Bryden, chairman of Axa Investment Managers, warned today. They must also work out what kind of...

British Jobless Rate Leaps As Economic Weakness Hits Home.
June 11, 2003... Byline: Jane Padgham Jun. 11--Unemployment leapt in May, posting its biggest-one month increase since the last recession. In a worrying sign that economic weakness is finally filtering through to the jobs market, official figures...

British Security Firm Aims to Secure Future after UKpound 620 Million Takeover.
June 11, 2003... Byline: Jonathan Prynn Jun. 11--Security firm Chubb has accepted a UKpound 620 million takeover bid from the huge US firm United Technologies Corporation. The deal was agreed in principle at a Chubb board meeting yesterday and an...

Two WorldCom Executives Quit after 'Fault Finding' Report.
June 11, 2003... Byline: Lauren Chambliss Jun. 11--Two top executives at WorldCom resigned late last night in the wake of two damaging reports on the biggest corporate accounting scandal in US history. Michael Salsbury, general counsel for 24 years,...

Evening Standard, London, Business Briefs Column.
June 12, 2003... Jun. 12--DEMERGER IS ON TRACK FOR AILING AUSTRALIAN INSURER: Australian life insurer AMP said today it is on track to achieve a separation of its Australian and British operations by the end of the year. "We are on target to achieve the...

British Rail-Maintenance Group Cashes In on Tube Lines Gravy Train.
June 12, 2003... Byline: Robert Lea Jun. 12--The part-privatisation of the London Underground is already proving a bonanza for Jarvis, part of the Tube Lines consortium. The rail maintenance group, which has had a cloud hanging over it since the...

British Security Firm Seals Deal with U.S. Giant at UKpound 622 Million.
June 12, 2003... Byline: Jonathan Prynn Jun. 12--Security firm Chubb, one of the most famous brand names in British industry, has fallen to American giant United Technologies Corporation (UTC) in a UKpound 622 million deal. The recommended offer,...

British American Tobacco Defends Joint Venture with Myanmar 'Thugs'.
June 12, 2003... Byline: Jake Lloyd-Smith Jun. 12--Tobacco giant BAT has strongly defended a controversial joint venture with Myanmar's military rulers as pressure mounted today on the government to release detained Nobel laureate Aung San Suu Kyi. A...

Foster's Brewing Group Sells Pub Chain to Bid for Australian Wine Producer.
June 12, 2003... Jun. 12--Australia's top-ranked but ailing wine producer Southcorp is being stalked by rival Foster's Group, which has confirmed it is divesting its A$1.1 billion (UKpound 440 million) tied pubs business to raise cash for a possible offer. ...

Singapore Airlines Eyes No-Frills Offshoot.
June 13, 2003... Jun. 13--Singapore Airlines, 49 percent owner of Virgin Atlantic Airways, may set up a low-cost carrier as the no-frills model perfected by Southwest Airlines of the US and Ireland's Ryanair starts to turn heads in Asia. The company, the...

British Furniture Group Foresees Big Returns on Revamped Stores.
June 13, 2003... Jun. 13--MFI today predicted sales would rocket by more than 60 percent in the next three years as it benefits from its Sir Terence Conran-inspired store refurbishment programme. It said sales at the group's British stores would increase...

British Engineering Group Set for First with Korean Bridge.
June 13, 2003... Jun. 13--Engineering group Amec is expected to clinch a UKpound 122 million deal today to manage the construction of one of the world's longest cable-stayed bridges. The deal is on behalf of the South Korean government and it will be the...

U.K.-Based Life Sciences Group's Cash-Raiser to Fund U.S. Deal.
June 13, 2003... Byline: Malcolm Withers Jun. 13--Medical diagnostic specialist Ferraris Group today joined the stream of companies tapping the market for cash to part-finance acquisitions, writes. The UK-based life sciences group is to buy private US...

Oracle Chief Gets Lawsuit after PeopleSoft Battle Turns Nasty.
June 13, 2003... Byline: Jake Lloyd-Smith Jun. 13--Oracle boss Larry Ellison has been hit with a lawsuit alleging wrongful conduct and unfair business practices as his $5.1 billion (UKpound 3.1 billion) hostile bid for rival software group PeopleSoft ran...

London Pensions Agency Plans UKpound 75 Million Venture.
June 13, 2003... Jun. 13--The retirement savings of London council workers, ranging from probation officers to hygiene inspectors, are to be poured into the potentially risky world of venture capital. The London Pensions Authority, which oversees a UKpound...

British Reinsurance Giant Gets Listings Scene Afloat Again with Storming Debut.
June 13, 2003... Byline: Steve Hawkes Jun. 13--Shares in reinsurance giant Benfield made a blistering flotation debut today, giving the stock market a big shot in the arm. Shares in Benfield, founded by late Chelsea Football Club director Matthew...

British Retailer Marks & Spencer Chiefs Share UKpound 7.2 Million Bonanza.
June 13, 2003... Byline: Robert Lea Jun. 13--Marks & Spencer executives shared a UKpound 7.2 million pay and perks jackpot last year with the majority going to chairman Luc Vandevelde, chief executive Roger Holmes and the latest man charged with pepping up...

Hidden Faces Propel U.S. Celebrity Prosecutors into Limelight.
June 13, 2003... Jun. 13--While the celebrity prosecutors grab most of the credit for their campaigns, they do not do it alone. James Comey runs an office of 42 prosecutors. Eliot Spitzer has a total staff of 1800 spread across New York State. Robert Morgenthau...

U.K. Water Utility Glas Cymru to Slice Bills.
June 13, 2003... Byline: Robert Lea Jun. 13--Glas Cymru, the former Welsh Water, restructured as a pioneering, solely debt-financed company, is to cut bills voluntarily for customers in the principality by about UKpound 20 a year, or 7 percent, writes. ...

Evening Standard, London, Business Briefs Column.
June 16, 2003... Jun. 16--OD2 IN DOWNLOADS TIE-IN WITH SONY: Privately held British company OD2 is set to benefit from Sony Music's latest attempt to combat illegal free music downloads over the internet. OD2 has negotiated the rights to sell music downloads in...

Bond Issue Plan Deals Blow to Cable & Wireless Shareholders.
June 16, 2003... Byline: Patrick Hosling Jun. 16--Shares in Cable & Wireless fell sharply today after the troubled telecoms group announced a UKpound 258 million capital-raising that threatens to dilute ordinary shareholders. Cash raised from the...

British Dairies Group Awaits Merger Approval.
June 16, 2003... Jun. 16--Milk group Express Dairies expects to hear within two weeks whether its proposed merger with Denmark's Arla Foods will be referred to the Competition Commission. A referral would delay completion of the deal until the autumn. ...

British Defence Giant BAE Flags U.S. Link But Aims to Keep Stake in Airbus.
June 16, 2003... Byline: Robert Lea Jun. 16--PARIS--Defence giant BAE Systems has given its strongest indication yet that it has no future as an independent British company and that it will seek a merger with a US partner. Any deal, however, will be...

British Drugstore Chain Targets Brand Breakthrough in America.
June 16, 2003... Byline: Jake Lloyd-Smith Jun. 16--Boots, the High Street chemist, is reportedly set to sell its branded products in the United States in a bid to break into the world's largest market. "We are talking to potential partners about a...

United States Seeks to Draft Telecommunications Firms into Iraqi Rebuilding.
June 16, 2003... Jun. 16--The U.S.-led administration in Iraq will this week issue a tender for a new national mobile phone network, a key part of the reconstruction effort for the war-scarred country. Telecoms companies are expected to take an intense...

Former Rock Star Bob Geldof's Media Group Steps Up Push into Punditry.
June 16, 2003... Byline: Steve Hawkes Jun. 16--Ten Alps Communications, the media group backed by former rock star Bob Geldof, wants to recruit dozens of Scottish political commentators and high-profile academics in a major expansion of its Know Comment...

British Web Brand Forms Alliance with Yahoo!
June 16, 2003... Byline: Nick Goodway Jun. 16--Two of the biggest names in web brands are getting together -- BT Openworld is joining forces with Yahoo! to provide a single internet service provider to rival market leaders AOL and Freeserve. No money...

Majestic Wine Celebrates Bumper Dividend Payout.
June 16, 2003... Byline: Nick Goodway Jun. 16--The corks popped again at Majestic Wine today as it unveiled a sharp jump in profits and celebrated with a larger-than-expected dividend. Sales of wines from Australia, South Africa, Italy, southern France...

British Bank's UKpound 2 Billion New Zealand Unit Plays Down Early Sale.
June 17, 2003... Jun. 17--Bank group Lloyds TSB could take months to sell its New Zealand bank and may even hold on to the business, the Kiwi company said today. Lloyds confirmed that it was considering a sale of National Bank of New Zealand, saying it had...

Evening Standard, London, Business Briefs Column.
June 17, 2003... Jun. 17--ABBEY TURNS TO TOP DUO TO BOOST SERVICE: The TV executive behind The Big Breakfast and The Word was today appointed to help beef up Abbey National's products and customer service. Lord Alli, founder of Planet 24 and an executive...

Interest Rate Cut 'On Way' As Inflation Falls, British Economists Predict.
June 17, 2003... Byline: Steve Hawkes Jun. 17--Interest rates may come down again as early as next month after new figures today showed inflation dropped unexpectedly in May. Falling petrol prices and the cooler housing market meant underlying...

London Financial Regulators Get Bonus Despite Splits Row.
June 17, 2003... Byline: Patrick Hosking Jun. 17--The City's two most senior regulators received performance-related bonuses last year despite being lambasted by MPs over the split-capital investment trusts debacle. Sir Howard Davies, chairman of the...

London Financial District Gets Key Pointer on Interest Rates.
June 17, 2003... Byline: Jane Padgham Jun. 17--Inflation stayed well above the Government's 2.5 percent target for the seventh month in a row in May, official figures will show today. The news will be the first of a raft of key economic data this week...

Chief Gets UKpound 1.2 million in Sale of British Toy Store.
June 17, 2003... Byline: Steve Hawkes Jun. 17--Hamleys chief executive Simon Burke will land a UKpound 1.2 million golden goodbye after the world famous toy store today accepted a UKpound 47.4 million takeover led by Icelandic retailer Baugur. ...

Fight over British Transportation Group Enters Court Showdown.
June 17, 2003... Byline: Robert Lea Jun. 17--Richard Bowker's authority to oversee the running of the national rail network was being challenged in the High Court today in a case that could have serious ramifications for his reform of train operating...

British Officials Extend Probe of ITV Merger.
June 17, 2003... Jun. 17--Advertising chiefs were shocked to learn today that the Department of Trade and Industry has extended the Competition Commission probe into the planned UKpound 3.2 billion Carlton-Granada merger by two months. Trade Secretary...

Scottish Power's Convertible Bonds to Fund Wind Farms.
June 17, 2003... Jun. 17--City shareholders were today digesting their second offering of deferred equity in as many days as Scottish Power launched a $575 million (UKpound 343 million) convertible bond to help it build wind farms in Scotland. Convertible...

British Advertiser Raises UKpound 100 Million to Fund Takeover of Rival Firm.
June 19, 2003... Jun. 19--Sir Martin Sorrell's advertising empire WPP today raised UKpound 100 million through a share placing to fund its UKpound 266 million takeover of Cordiant, the former Saatchi & Saatchi business. As Sorrell revealed the terms of his...

Games Publisher Eidos to Release New Version of Best-Selling 'Tomb Raider'.
June 19, 2003... Jun. 19--Games publisher Eidos has said it will finally release the new version of its best-selling "Tomb Raider" in North America tomorrow. Chief financial officer Stuart Cruikshank had suggested the game featuring Lara Croft might not be...

German Economy Grapples with Wave of Business Bankruptcies.
June 19, 2003... Jun. 19--Germany suffered record bankruptcies in the first quarter with 24,500 firms and individuals going bust, up 27 percent on the year. Banks are squeezing small firms, overseas investment is shrinking and the global downturn is...

Surprise Increase in U.S. Oil Reserves Depress Asian Crude Prices.
June 19, 2003... Byline: Steve Hawkes Jun. 19--Key figures showing the US has higher domestic oil stocks than expected knocked world oil prices in Asian markets today. Brent crude and US light crude dropped as the influential inventory data took...

OPINION: Higgs Got It Right: Widen Pool of Nonexecutive Directors.
June 19, 2003... Jun. 19--One of the things Higgs got right was that the pool of nonexecutive directors needs to be widened. There are hundreds of people who have run very large business units within companies such as Mars, Unilever or Rolls-Royce but remain...

UK Savings Giant Axa Tells Pension Holders to Go Back to State Second Pension.
June 19, 2003... Byline: Patrick Hosking Jun. 19--The Government's pensions policy suffered a fresh blow today as one of Britain's biggest pension companies recommended that millions of people should contract back into the State Second Pension. ...

Singapore Airlines to Cut 415 Positions after First-Ever Quarterly Loss.
June 19, 2003... Jun. 19--Singapore Airlines has launched an unprecedented wave of job cuts after crashing to its first-ever quarterly loss, writes Jake Lloyd-Smith. The State-linked company is cutting 414 jobs, 1.5 percent of its Singapore-based staff, to...

Cantor Index Lifts Margin on Nine Unnamed Spread-Bet Targets.
June 19, 2003... Jun. 19--A leading player in the City's spread betting market has asked clients to stump up tens of thousands of pounds because of fears about the financial health of the companies they are punting on. The demand by spread betting...

Some New Zealand Financial Firm Shareholders Object to Recapitalisation Plan.
June 19, 2003... Jun. 19--Corporate raider Sir Ron Brierley's plan to raise his stake in Kiwi financial services group Tower is facing opposition from fellow shareholders. Brierley's London-listed Guinness Peat Group is seeking to lift its interest to at...

British Energy Watchdog Blames Companies, not Market, for Utility Failures.
June 19, 2003... Jun. 19--Energy regulator Callum McCarthy has blasted electricity companies that have gone bust and the banks that lent to them for their failure to read the new competitive market. In what is seen as a valedictory salvo at the industry...

Study Says Airport Expansion Would Hurt British Economy.
June 23, 2003... Byline: Jonathan Prynn Jun. 23--Airport expansion in the South-East would be a disaster for the British economy as it would lead to a huge surge in imports, crippling the balance of payments, it was claimed today. A study for the Stop...

Probe into German Bank WestLB May Sting Accountant PricewaterhouseCoopers.
June 23, 2003... Byline: Allan Hall Jun. 23--The first victim of the regulatory probe into WestLB and its high-risk London office may be accountant PricewaterhouseCoopers. But the bank described as "speculation" reports in the German press that PwC...

Head of Troubled German Bank WestLB May Quit.
June 23, 2003... Byline: Allan Hall Jun. 23--WestLB boss Jurgen Sengera is considering resignation following the German financial regulator's probe into the troubled bank. Financial daily Handelsblatt reported today that Sengera doesn't rule out...

Evening Standard, London, Business Briefs Column.
June 23, 2003... Jun. 23--PNC SHARES SUSPENDED: Former dot-com star PNC Telecom applied to go into administration today and suspended its shares on AIM. The suspension came mid-morning by which time the price had halved from 2.67 pence to 1.37 pence. At...

BP Lands $740 Million in Gas Deal with Statoil.
June 23, 2003... Jun. 23--BP has pocketed another $740 million (UKpound 445 million) to spend on the shake-up of its global oil and gas interests. Statoil is buying half of BP's stakes in two of the largest gas projects in Algeria. The two firms will...

Latest in Harry Potter Series Flies Out of U.S. Bookstores.
June 23, 2003... Jun. 23--Following yesterday's announcement that the new Harry Potter book had broken sales records in Britain, two major US booksellers said they had sold almost a million copies each over the weekend. Barnes & Noble, the largest US...

Lloyds TSB Calms Dividend Fears with News of Lending Rise, Debt Squeeze.
June 23, 2003... Byline: Steve Hawkes Jun. 23--Hopes that Lloyds TSB will refrain from slashing its dividend were boosted today as the bank said lending was up across its UK business and bad debts were under control. The banking giant also repeated...

Pair Share UKpound 2 Million for Rolling Out Britain's Railtrack Successor.
June 23, 2003... Byline: Robert Lea Jun. 23--John Armitt, the man brought in to run Britain's railways, was paid UKpound 761,000 last year while Adrian Montague, the Government fixer, is likely to have received up to UKpound 1.26 million for his part in...

Evening Standard, London, Business Briefs Column.
June 24, 2003... Jun. 24--WAGE DEALS HIGHER THAN A YEAR AGO: Pay rises in Britain averaged 3 percent in the three months to May, unchanged from the previous three months but still mostly higher than a year ago, pay consultants Industrial Relations Services said...

British Retail Chain's Reports Ex-CEO Earned Ukpound 1.2 Million Pension Bonus.
June 24, 2003... Jun. 24--Former Boots chief executive Steve Russell received a UKpound 1 million boost to his pension pot last year, on top of a UKpound 757,000 compensation package. His pension fund now totals UKpound 7 million, worth UKpound 377,000 a year....

China May Seek Revaluation of Yuan, Economist Says.
June 24, 2003... Byline: Jake Lloyd-Smith Jun. 24--China could revalue its currency higher against the US dollar as Beijing responds to calls that its cheap exports are adding to global deflationary pressures, economists say. ING chief economist Tim...

Mortgage Refinancing Boom Puts Two British Banks on Right Path.
June 24, 2003... Byline: Steve Hawkes Jun. 24--The red-hot mortgage market is helping two of Britain's biggest banks towards their full-year targets. Alliance & Leicester and HBOS today stuck to their profits goals and said interim results this summer...

Morrisons Gets Boost from Probe into Bid Battle for Britain's Safeway Chain.
June 24, 2003... Byline: Fiona Walsh Jun. 24--The planned UKpound 2.9 billion merger of Safeway and Morrisons supermarkets could benefit consumers, the Competition Commission declared today. Though the inquiry into the Safeway bid battle will not end...

New York Judge Says Evidence against Former Tyco CEO Strong Enough for Trial.
June 24, 2003... Jun. 24--Tyco's former chief Dennis Kozlowski was given short shrift by a New York judge yesterday when he requested a dismissal of the fraud case against him. "There is compelling evidence that the defendants took money from Tyco that...

Valuation Rise Puts Banker's Bid for German Employer's Financing Unit in Doubt.
June 25, 2003... Byline: Allan Hall Jun. 25--BERLIN--WestLB's erstwhile golden girl, Robin Saunders, may be thwarted in her bid to buy the financing business of her troubled employer after an internal audit found it to be worth far more than previously...

Evening Standard, London, Business Briefs Column.
June 25, 2003... Jun. 25--CHEP TURNAROUND BOOSTS BRAMBLES: Anglo-Australian services company Brambles Industries said earnings this year were in line with forecasts and should be in the middle of analysts' range of forecasts of A$742 million (UKpound 296...

British Financial Firm Lloyds TSB Considers Sale of Brazilian Unit.
June 25, 2003... Byline: Jake Lloyd-Smith Jun. 25--Lloyds TSB is reportedly looking at the sale of a second overseas unit, with its Brazilian operations now on the block alongside those in New Zealand. "A sale [in Brazil] is a distinct possibility," an...

Hutchison Whampoa Seeks Independent Valuation in U.K. Mobile-Network Row.
June 25, 2003... Jun. 25--Britain's fledgling third-generation (3G) mobile network, 3 UK, may have its value independently assessed as leading shareholders fight in court over funding for the controversial venture. Hong Kong's Hutchison Whampoa said today...

British Transportation Firm Travels Recovery Road.
June 25, 2003... Byline: Robert Lea Jun. 25--Stagecoach crashed to a UKpound 500 million loss last year on the back of its disastrous foray into American passenger transport. But the depth of the writedowns at its Coach USA acquisition four years ago...

German Travel Giant Axes 1,750, Sets Off U.K. Jobs Fear.
June 25, 2003... Byline: Allan Hall Jun. 25--There was more glum news for hard pressed tour operators today as European travel giant TUI said it was to axe 750 jobs in Germany and a further 1000 abroad -- possibly some in Britain -- as it struggles to...

Evening Standard, London, Business Briefs Column.
June 26, 2003... Jun. 26--CHEMRING CASHES IN ON IRAQ WAR SALES: Flares to decoy missiles aimed at US military aircraft are providing good earnings for UK defence contractor Chemring, which turned in record order books of UKpound 97 million at the half-year mark...