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From Times Online
June 3, 2004

Need to Know: Global Business Briefing

Edited by Neelam Verjee and Joe Bolger

Banking & Finance
Up 0.2%

Construction & Property
Up 0.6%

Consumer Goods
Unchanged

Engineering
Up 0.5%

Health
Down 1.2%

Industrials
Up 0.9%

Leisure
Down 0.4%

Media
Up 0.3%

Natural Resources
Up 0.3%

  • Randgold Resources, the London-listed African goldminer, has announced plans for a two-for-one share split to meet liquidity demands.

    Retailing
    Up 1.1%

  • Peacock Group, the low-cost clothing retailer, announced the £15 million acquisition of the Fragrance Shop as it beat expectations with a 56 per cent jump in underlying pre-tax profits to £36 million.

    Support Services
    Up 0.1%

  • Securitas, the Swedish security group, has pulled out of an agreement to buy the cash-handling business of Sweden’s central bank, blaming the competition regulator’s insistence on a three-month trial period for the change in ownership.

    Technology
    Up 1.3%

  • Acquisitor, the corporate raider, has increased its stake in Baltimore Technologies to 21 per cent ahead of a second attempt to oust the former technology company’s board. Acquisitor has spent £270,000 over the past two trading days to raise its stake in Baltimore by more than 1 per cent.

    Telecoms
    Down 0.3%

  • Cable & Wireless, Britain’s second biggest telecoms provider, will invest nearly £70 million on the development of broadband services to restore sales growth in its British business. The pledge came as the company reported sharply reduced annual losses of £227 million and unveiled the €162 million (£108 million) purchase of a controlling stake in Monaco Telecom.

    Transport
    Up 0.3%

  • The debt burden of Network Rail, the rail infrastructure operator, will rise to £20 billion in two years as the company turns to the debt markets to replace a shortfall in government funding. The company also reported a £758 million operating loss last year, against an £80 million profit the year before, blaming the timing of grants from the Strategic Rail Authority for part of the shortfall.

    Utilities
    Down 0.7%

  • AWG ruled out selling its troublesome infrastructure business in the short term. Pre-tax profits fell by 26 per cent to £77.9 million for the second successive year.

    • sectors@thetimes.co.uk

    Up/Down = sector index percentage change

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