Europe South Asia Asia Pacific Americas Middle East Africa BBC Homepage World Service Education



Front Page

World

UK

UK Politics

Business

Sci/Tech

Health

Education

Sport

Entertainment

Talking Point

In Depth

On Air

Archive
Feedback
Low Graphics
Help

Business: News In Brief


Thursday, July 15, 1999 Published at 14:07 GMT 15:07 UK

Montgomery may bid for Mirror

The UK's Mirror Group could face a 1.3bn ($2.04bn) bid from David Montgomery, its former chief executive who was ousted from the company earlier this year.

UK newspapers said on Monday that Mr Montgomery had already signed financial agreements with UK and US banks and private equity firms to launch an agreed cash offer for Mirror at 270p per share.

Mirror shares closed at 244.5p on Friday on the London Stock Exchange.

Mr Montgomery was forced to quit in January, having been chief executive of the group for more than six years.

He is believed to have drawn up plans which would see a faster movement of the Mirror Group into electronic media, including the Internet.

Mirror Group has already had bids from regional newspaper groups Trinity and Regional Independent Media.


Fiat quiet on DaimlerChrysler

Italian car maker Fiat declined to comment on a DaimlerChrysler official's disclosure that the German-American group is interested in acquiring it.

Juergen Hubbert, in charge of DaimlerChrysler's automobile operations, told 'Die Welt' newspaper that DaimlerChrysler was interested in Fiat, but that a merger was unlikely soon.

"We've seen that the Fiat owners in reality don't even want to sell yet," he was quoted as saying.

The Agnelli family, which controls around 30% of Fiat via holding companies Ifil and IFI, has indicated it is not against a major alliance, but that there will not be any outright sale of the company.

Shares of Fiat-related stocks rose for most of last week following Fiat's centennial anniversary celebration and the unveiling of a new Punto compact car.


ONdigital boss rejects Murdoch

The former boss of ONdigital, Stephen Grabiner, who quit on Tuesday as head of the UK digital television company, said he was not going to work for Rupert Murdoch, owner of the rival BSkyB digital satellite TV company.

Mr Grabiner had initially said he would be joining eVentures, a venture capital firm backed by Mr Murdoch and the Japanese Internet investment company Softbank.

But now he says he will take a job at British venture capital firm Apax instead.


Boost for US industry

US industrial production rose by 0.2% in the month, in line with analyst expectations. The manufacturing sector is experiencing something of a revival as the recovery in export prospects, especially in Asia, has boosted output.

But capacity utilisation, a measure of how much extra margin there was to boost production, remained steady at 80.3%, indicating that there was no squeeze that could lead to higher prices.


UK pay settlements fall

Pay settlements in the UK engineering industry fell to the lowest level in five years.

A survey by the Engineering Employers Federation showed that the average pay settlement for the three months to June was 2.5%, down from 2.7% in the previous period.

One in five deals actually involved a pay freeze.

"These latest figures show that engineering companies are continuing to manage their controllable costs .. and that wage inflationary pressures in our sector are benign," said David Yeandle of the EEF.





Advanced options | Search tips




Back to top | BBC News Home | BBC Homepage |


Business Contents

Your Money
Market Data
Economy
Companies
Business Basics
E-Commerce
In this section

Microsoft trial mediator welcomed

Vodafone takeover battle heats up

EU fraud: a billion dollar bill

NatWest bid timetable frozen

No longer Liffe as we know it

France faces EU action over electricity

Inquiry into energy provider loyalty

The growing threat of internet fraud

Christmas turkey strike vote

Brown considers IMF job

Train robbery game hope for SCi

From Sport
League to rule on Sky shares

Mannesmann fights back

Online share dealing triples

Chinese imports boost US trade gap

Pace enters US cable heartland

The rapid rise of Vodafone

Storehouse splits up Mothercare and Bhs

Brown's bulging war-chest

The hidden shopping bills

Europe's top net stock

House passes US budget

Rate fears as sales soar

Safeway faces cash demand probe

Mitchell intervenes to help shipyard

Maxwell pledge to pensioners

Power cuts spark union warning

New factory creates 500 jobs

Drugs company announces 300 jobs

Oil reaches nine-year high

'Asian management culture must change'

US 'prepared for Millennium Bug'

Gucci on a spending spree