PRESS DIGEST - British Business Press - Oct 8

The Times

LAING O'ROURKE PLANS 650 JOB CUTS IN REORGANISATION

Laing O'Rourke plans to cull around 650 jobs, one in five of its UK support staff, as part of a sweeping reorganisation. Ray O'Rourke, chairman and chief executive of the privately owned construction company, is understood to have sent a message to staff yesterday in which he attributed the redundancies to the delayed impact of the recession and a focus towards energy and waste management - key growth sectors. The job losses come amid speculation that Tony Douglas, the chief operating officer, may leave the company.

CLIFFORD CHANCE BEEFS UP GLOBAL LITIGATION PRACTICE

Clifford Chance has promoted Jeremy Sandelson, a senior partner, to head up its 200 million pound dispute-resolution group, the first of several appointments expected before the end of the year. The City law firm is trying to recover from one of its most difficult years which saw revenue fall by 5 per cent to 1.26 billion pounds. The former London managing partner Sandelson, 52, was elected to the litigation role for four years after defeating Denis Brock, former head of the firm's Asian litigation practice.

LADBROKES BETS ON 300 MILLION POUND RIGHTS ISSUE TO FORTIFY BALANCE SHEET

Ladbrokes(LAD.L) plans to raise 300 million pounds in new equity to bolster its balance sheet in the face of a tough trading climate. The move by the bookmaker has surprised the market, as until recently, the group had given the impression it would not follow rival William Hill which launched a 350 million pound rights issue in February. Although Ladbrokes has no immediate debt refinancing requirement given the trading outlook and market appetite for equity raising, it decided it would be prudent to reduce debt.

TEMPUS

JPMorgan Private Equity [Potential for long-term capital growth makes the shares a buy]

Cranswick(CWK.L) [Hold on]

Sportingbet [Hold]