PRESS DIGEST - British business - June 19

The Times

HEWITT NAMED AS SENIOR INDEPENDENT DIRECTOR AT BT

The former Health Secretary Patricia Hewitt has become the new senior independent director at BT (BT.L). Her role will be to regain the confidence of shareholders concerned by the company's rising pension liabilities, the poor performance of the organisation's Global Services IT consultancy division, and the fate of the dividend. Some BT shareholders are considering demanding the departure of the company's chief executive, Ian Livingston, if the situation does not improve over the next year. Hewitt will be paid in the region of 110,000 pounds a year for her new responsibilities.

NO INSULATING SIG AS SHARES PLUMMET 22 PER CENT ON PROFIT...

The insulation products company SIG (SHI.L) has forecast that its 2009 profits will be lower than predicted by most analysts. The company was expected to report underlying pre-tax profits of between 63 million pounds and 99 million pounds, but SIG stated that earnings would be closer to the lower figure at best. Earnings have been hit by cold weather on the European mainland, meaning that fewer new buildings have been constructed. The news resulted in a fall of 22 per cent in the company's share price to 90 pence.

BHP BILLITON ADDS HANDS-ON MINING EXECUTIVE TO BOARD

Wayne Murdy, former head of gold miner Newmont Mining, has joined the board of directors at BHP Billiton (BLT.L). Originally an accountant, Murdy worked at Newmont from 1992 until December 2007. His appointment will go some way to quelling doubts over the "hands-on" mining experience of the BHP board. "Wayne will be an excellent addition to our board and we are very pleased that he has agreed to join us," stated Don Argus, chairman of the company. "His depth of senior management experience and knowledge of the industry will be an asset to the company."

TEMPUS

Carnival(CCL.L) [Wait before buying]

GKN(GKN.L) [Buy]

Ashtead(AHT.L) [Hold]

The Daily Telegraph

RUDD TO CHAIR NEW DISTRESSED FUND

Sir Nigel Rudd is to chair a new distressed investment fund, Marwyn Alternative Capital, which will specialise in small to mid-cap companies that have short-term liquidity problems. The fund set up by Marwyn will launch next month and is supported by Royal bank of Scotland (RBS.L). The new fund will look at investing in construction, science and engineering, among other sectors. James Corsellis, managing partner at Marwyn, said the opportunity for new investors to exploit the recession would only be available for the next 12 to 18 months.

PROPERTY GIANTS MAKE CONTRASTING DECISIONS ON EXECUTIVE.

Land Securities (LAND.L) has scrapped bonuses, while British Land (BLND.L) has maintained remuneration at pre-crisis levels - two sharply contrasting decisions on executive pay by property companies that have been hit by turmoil in the market. During the 12 month period to march 31, British Land actually increased pay to its board by 11 per cent to three million pounds, despite making a 3.9 billion pound loss. In contrast, Land Securities' remuneration committee cancelled bonuses for executives, as it made a 4.8 billion pound loss last year.