PRESS DIGEST - British business - July 7

The Times

CHANGES AT CINVEN

Cinven [CINV.UL], the private equity group, has appointed Robin Hall as its new executive chairman. Hall, managing partner of the company since 1998, will be in charge of day-to-day management of the group and its 5.6 billion pounds fourth fund, which closed in mid-2006. Cinven said Hugh Langmuir will be Hall's replacement as managing partner.

PHORM STRANDED AS BT AND CARPHONE PULL PLUG ON ONLINE "SPYING" TECHNOLOGY

Shares in Phorm (PHOR.L) plunged 192.50 pence, or 40 percent, to 282.50 pence on Monday after BT (BT.L) decided to shun its service, which tracks Internet users as they browse and sends specially tailored advertisements to them based on the trail of personal information that they leave behind. Following BT's decision, Charles Dunstone, head of Carphone Warehouse (CPW.L), dealt another to blow to Phorm, saying the group was not willing to join the service on its own.

DELOITTE ON STANDBY AS FINANCE BATTLE CONTINUES AT THE INDEPENDENT

Deloitte has been positioned as standby administrator by Independent News & Media (INME.I) in case its debt-restructuring negotiations come to nothing. The publisher of The Independent newspaper is facing serious financial challenges as it struggles to repay a 200 million euros bond and has had to extend the payment deadline twice to the end of July.

The Daily Telegraph

FRIENDS PROVIDENT PLACES 58.1 MILLION F&C SHARES AS DEMERGER MOVES FORWARD

Friends Provident (FP.L), the life assurance group, has placed 58.1 million F&C Asset Management (FCAM.L) shares as part of its demerger from the fund manager. The placing, which means that F&C will become a fully independent listed fund manager for the first time in its 140-year history, represents about 11.7 percent of the group's total share capital. Friends Provident placed the shares, at 62 pence each, on behalf of investors entitled to fewer than 251 shares under the terms of the reshuffle. Shareholders entitled to a bigger amount of shares will receive one F&C share for every 10 Friends shares they hold, with the transfer to be completed by July 17.

TURNOVER FALLS THREE PERCENT AT TELEGRAPH MEDIA GROUP

Telegraph Media Group saw its turnover dropping just three percent to 343.4 million pounds in the year ended December 28 2008, despite the decline in advertising revenues across the media industry. Operating profit, before 47.1 million of exceptional costs, fell 6.7 percent from 34.3 million pounds to 32 million pounds. On a like-for-like comparison, before exceptionals, operating profit was one million pounds ahead of 2007 due to a one-off credit recognised during the year. The publisher of The Daily Telegraph and The Sunday Telegraph also announced that negotiations for the sale of its interest in West Ferry Printers have ended.

INVESTEC GIVES A HIGH FIVE TO FIRMS

Investec Private Bank will launch a savings account that will pay the average of the five highest interest rates on the market. The Business High Five Account will appeal to businesses with more than 50,000 pounds that they are willing to lock away for three months. Moneyfacts, the personal finance information provider, will define the rate of interest, which is currently at 2.44 percent, based on a series of no-notice and longer-term savings accounts.

The Independent

BA CABIN CREWS SQUARE UP FOR A FIGHT OVER JOB CUT PLANS