WORLDCOM MADE it clear on Sunday that most of the bankrupt telecoms group's directors and creditors ...
WORLDCOM MADE it clear on Sunday that most of the bankrupt telecoms group's directors and creditors still back John Sidgmore, the chief executive, as he tries to restructure the company, The Financial Times newspaper reports.
A report in the Washington Post on Saturday said Max Bobbitt and Stiles Kellett, two directors, were pressing for Mr Sidgmore to be fired.
Mr Sidgmore, who was vice-chairman until Bernie Ebbers resigned as chief executive in April, is working on a plan to restructure the company while its under bankruptcy protection. Mr Bobbitt and Mr Kellett, both of whom were close to Mr Ebbers, have been pressing for an outright sale of the group.
CARLTON AND GRANADA, the UK's two largest commercial television broadcasters, are to combine large parts of their operations in an attempt to win back advertisers and viewers, and cut costs, saya the Financial Times.
Amid growing concerns about the financial well being of both companies, Carlton and Granada are planning deeper collaboration on marketing and programming.
Gerry Murphy, chief executive of Carlton, told the Financial Times: "What we are trying to do is manage it as a virtual enterprise."
POTENTIAL BIDDERS for Hershey's, America's largest confectionery business, are losing interest in the company after discovering that all 14,000 employees qualify for generous severance benefits, The Times newspaper reports this morning.
In an unusual move for corporate America, all employees, from senior executives to junior cleaning staff, are covered by a lucrative benefit scheme that will add about $400 million (£261 million) to the estimated $10 billion cost of acquiring the business.
Hershey's is owned by the Milton Hershey School Trust and the generous benefits are attributed to its historical community-orientated policies. The factory is in the purpose-built town of Hershey, Pennsylvania. The trust last month said that it would consider selling Hershey's because this was the best way to protect its sole beneficiary, a school for disadvantaged children, the newspaper adds.
MARCONI IS this week expected to sign a refinancing deal with creditors owed £4bn that will return the group to a stable financial footing after a year of turmoil, the FT reports.
The struggling UK telecommunications equipment group on Monday resumes talks with banks and bondholders aimed at resolving minor outstanding details of its restructuring. A deal is expected by midweek.
TIM BELL, renowned as Margaret Thatcher's favourite public relations man, is setting himself up for another five years at the helm of Chime Communications, the London listed media company which he chairs, says The Times.
THE FALL in the stock market could lead to large numbers of smaller charities merging, or even ceasing to exist, according to investment advisers and charity leaders, The Daily Telegraph reports this morning.
Colin Paine, of Close Brothers Wealth Management, estimates that the asset base of charities could have fallen by over 10pc in the recent stock market rout.
Paine says the effect is already leading to the merger of several charities, but could also lead to the closure of others.
Organisations affected include the Guide Dogs for the Blind Association. Last year, the charity reported a loss of £16m on top of a £20m fall in the value of its investments. The organisation now estimates that it will need to increase voluntary contributions by £5m a year by 2004 to maintain its position.
LLOYD'S NAMES will today launch a new association aimed at protecting the interests of private investors in the London insurance market, according to The Daily Telegraph.
The Lloyd's Private Capital Association has sent out 3,000 mail shots throughout Europe, the US and Australia and aims to attract at least 500 members. It is being advised by lawyers SJ Berwin and will hold its first general meeting of members early next month.
COMPANIES HAVE begun to lay off staff to reduce their employers' liability insurance premiums, says The daily Telegraph.
This is the latest measure that businesses are taking to prevent insurance rates rising by up to 1,000pc. Some are already trading without cover, even though it is required by the law.
CITY BLUEBLOOD Cazenove last night refused to rule out scrapping ambitious plans to list on the London Stock Exchange in favour of floating on the AIM market, says The Scotsman newspaper today.
The latest twist comes amid heightened speculation that a number of the firm's senior partners want Cazenove to abandon its flotation plans and instead sell out to one of the giant US investment banks, the newspaper adds.
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