PRESS DIGEST - British business - March 28
ASSOCIATED IN DEAL TO LAUNCH INDIAN DAILY
Daily Mail & General Trust DMGOa.l, through its Associated Newspapers subsidiary, has signed a collaboration agreement with India Today Group. The joint-venture will bring about the publication of a new morning daily newspaper and if the business is successful, could lead to the creation of further titles. The value of DMGT's 26 percent stake in the venture is undisclosed.
The Guardian
BAA WILL HIRE NEW STAFF TO CUT SECURITY QUEUES
BAA, the British airport operator, has stated that it plans to spend 40 million pounds to hire new staff to increase the speed that people pass through airport security areas, to less than five minutes. BAA was criticised last year for the way it tightened security after a terrorist plot was discovered. 1,400 security guards will be employed and 22 new security lanes will be opened.
OFGEM WARNS GREATER GAS SUPPLY IS NOT ASSURED
Ofgem has warned that the UK could face energy shortages next winter despite the fact that gas import capacity has increased, claiming that there is no certainty about how much gas can be provided by the construction of a new Norwegian field, improved pipelines with Holland and two new LNG terminals at Milford Haven.
UNION MEETS PERMIRA BOSS OVER AA COMPLAINTS
Paul Kenny, the general secretary of the GMB union, has met with Damon Buffini, the managing partner of Permira, to discuss claims of anti-labour practices at AA, which Permira purchased in 2004. It is understood that Mr Kenny urged Mr Buffini to increase wages after the group saw increased profits, and called for an end to a culture of bullying and harassment at the organisation. Both parties have agreed to further consultation and wish to build a "constructive dialogue".
The Independent
TCHENGUIZ RAISES SAINSBURY STAKE
Regulatory filings reveal that Robert Tchenguiz has increased his shares in J Sainsbury (SBRY.L) to 4.51 percent from 4.15 percent on Monday. The figures reveal that Mr Tchenguiz now owns 78 million shares in the supermarket chain. Yesterday's share increase of 2.5 pence took the share value to 551 pence.
BUS CHIEF'S ONE MILLION POUNDS IN FOUR MONTHS
It has been revealed in the company's report and accounts for 2006 that the new chief executive of National Express (NEX.L), Richard Bowker, was paid almost one million pounds during his first four months in the job. Mr Bowker received 359,000 pounds in salary and benefits and received an award worth 597,000 in shares.
MONSOON CHIEF LEAVES EARLY
Monsoon, the clothing retailer, will be without a chief executive from today after Rose Foster announced her intention to leave the organisation two months earlier than planned to start her new job at La Senza. The organisation reported yesterday that the former boss of Somerfield, Steve Back, had joined its operating board to replace Mark McMenemy.
Prepared for Reuters by Durrants.
