The FT leads today with a report that Tyco International, one of the world's biggest conglomera...
The FT leads today with a report that Tyco International, one of the world's biggest conglomerates, is to break itself up, bringing to an end a frenzied decade of acquisitions around the world. The Bermuda-based giant is to be split into four separate companies after investors made clear their concerns about its highly complex and aggressive accounting techniques.
The FT also writes that Stephen Byers, transport secretary, is to consider building three new runways in south-east England to cope with an expected boom in air travel. An early draft of a government aviation study sets out options, including an extra three runways and may also suggest a new airport near the Thames estuary.
The Times reports that FBI officers yesterday raided the Houston headquarters of Enron, the collapsed energy trader, seeking evidence that sensitive financial documents were still being destroyed as recently as last week. An Enron spokesman admitted that Department of Justice and FBI investigators were on site, after Maureen Castaneda, a former Enron executive, said that the company had recently shredded thousands of financial documents, despite a court order banning their destruction.
Geoffrey Battersby, the former financial controller of Wickes, had close ties with Arthur Andersen, the accountancy firm, when he became embroiled in an alleged £22m fraud designed to inflate the DIY company's profits, a court heard yesterday says the Times. It emerged that Andersen acted as auditor for Wickes while the alleged scam, which used so-called "golden hello" payments from suppliers to shore up the Wickes bottom line, was orchestrated by members of the group's board.
More potential embarrassment for Anderson is picked up by the FT - congressional investigators examining the collapse of Enron on Tuesday subpoenaed four key figures - including Joseph Berardino, Andersen chief executive - in the growing inquiry into document destruction at Andersen.
The FT also notes that fund managers delivered the worst performance for more than 25 years last year, damaging the health of employer run pension schemes.
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