PRESS DIGEST - British business - Oct 24

The Times

PORTMAN CHIEF TO GET 1.7 MILLION POUND PAY-OFF

Robert Sharpe, chief executive of the Portman Building Society at the time of its takeover by Nationwide (POB.L: Quote, Profile, Research, Stock Buzz), is to receive a total pay-off of 1.7 million pounds, according to Portman's final accounts for the nine months to August 27. Portman's customers received a minimum of 200 pounds from the merger, with some getting windfalls of up to 1,000 pounds. The combined company, which has kept the Nationwide name, is now the second largest mortgage lender after HBOS (HBOS.L: Quote, Profile, Research, Stock Buzz).

DROP IN CONFIDENCE AND DEMAND TAKES TOLL ON MANUFACTURING

The quarterly Industrial Trends report from the CBI showed a sharp drop in confidence and the weakest export orders in a year following the Northern Rock NRK.L crisis. The survey found the confidence index declined to a balance of minus 13 in October, the lowest figure since January 2006, and down from minus two in July. The report equally found companies were less confident about putting up prices.

ITV CONSIDERS MAKING BID FOR JAMES GRANT

ITV (ITV.L: Quote, Profile, Research, Stock Buzz) Productions is thought to be among the parties interested in acquiring James Grant Media Group, the management agency, which has put itself up for sale. Though the founders of the agency say they want to bring in a strategic partner, interested parties are believed to be keen in acquiring the company outright. James Grant, which is behind television personalities including Ant and Dec and Simon Cowell, is said to be worth about 30 million pounds.

The Daily Telegraph

MPC'S TOP PROPERTY EXPERT WARNS OF BUY-TO-LET DANGERS