PRESS DIGEST - Financial Times =3
GENTING POISED FOR CLOSURES
Genting Stanley, which operates 46 UK casinos, is to review the manpower across the sites, a move that could result in over 120 jobs being placed at risk. The gambling industry has suffered from the consumer downturn, the smoking ban, the loss of lucrative gaming machines and increased gaming duty, and Genting is considering closing the Mint in Luton and the Triangle in Bristol. Peter Brooks, executive deputy chairman, said: "It is ironic that the government allowed us all to believe they were going to encourage the gaming industry to be a launch pad for regeneration, when in fact they introduced new levels of tax that are making a major contribution to the serious pressures the industry now faces."
NIELSEN STEPS BACK FROM MOVE ON TNS-GFK MERGER
Taylor Nelson Sofres TNS.L has received a boost to its chances of fending off a bid from (WPP.L), after the Nielsen Company played down its interest in breaking up the agreed merger between TNS and Germany's GfK. David Calhoun, chief executive at Nielsen, said on Wednesday that the strengths of GfK and TNS in consumer panels and customised research were not in the "sweet spot" of his strategy. Citigroup said this has improved the chances of the TNS-GfK deal going ahead and that any further WPP bid for TNS would have to be priced at 250 pence to 260 pence "to be even vaguely competitive".
PHONES 4U FACES OFCOM MIS-SELLING INVESTIGATION
Ofcom, the telecoms regulator, is using powers under the Enterprise Act to investigate alleged phone mis-selling at Phones 4U, which operates more than 440 stores across Britain. The regulator has received complaints about "unclaimable" cashback offers, phone upgrades and monthly contracts with unexpected additional charges and failure to inform customers about their cancellation rights. Phones 4U said that it "intends to co-operate fully with Ofcom in this matter" and that it "prides itself in maintaining the highest standards of customer service".
BUPA CHIEF STEPS DOWN AFTER 12-YEAR STINT
Val Gooding is to step down as chief executive of Bupa at its annual meeting on Thursday, after a 12-year association with the company. In her 10 years at the helm of the healthcare giant Ms Gooding saw revenue more than double from 1.77 billion pounds to 4.25 billion pounds while surplus before tax jumped to 440.7 million pounds from 50 million pounds. After retirement from Bupa Ms Gooding will continue to sit on the boards of Standard Chartered (STAN.L), J Sainsbury (SBRY.L) and the Lawn Tennis Association.
DEBT PAYDOWN HELPS BUOY SENTIMENT AT BARRATT
Barratt Developments (BDEV.L) on Wednesday reported that reservations were down by only one-third since the start of the year, giving the housebuilding sector a much needed boost. Mark Clare, chief executive, estimated that net reservations over the past six weeks were down about 50 percent on the same period last year, but added that there had been no discussion internally about initiating a rights issue. Total housebuilding revenues for the year to date were down 7.6 percent at 825 million pounds.
Prepared for Reuters by Durrants
