HIGH COURT BLOW FOR HOMEOWNERS

A High Court case has set a precedent by which mortgage lenders can now sell the homes of borrowers in arrears without needing to obtain a court order. The ruling dismissed the human rights of the homeowners and supported the right of the lender, GMAC-RFC, to appoint receivers and auction the property. The homeowners were then evicted for trespassing by the new owners, Horsham Properties. Conventional lenders are unlikely to resort to these measures, as they have a general policy of seeking repossession orders from judges, but lawyers and opposition politicians expressed their concern over the wide-reaching implications of this case.

AEROSPACE MANUFACTURERS WIN RECORD ORDERS BUT SALES GROWTH.

A survey from the Society of British Aerospace Companies has reported that orders for UK aerospace and defence manufacturers remained resilient during 2007, rising by 65 percent. However, total sales only increased by 1.01 percent to 19.84 billion pounds on the previous year due to the weakness of the dollar against the pound. The society's chief executive Ian Godden expressed his pleasure at the results, but warned that the worldwide financial crisis would certainly start to affect the sector in the near future.

COMPANIES IN DARK OVER LITIGATION COSTS

Despite the credit crisis bringing on a large number of high-level business lawsuits, an Ipsos Mori survey conducted by Addleshaw Goddard has revealed that around half of FTSE 350 executives have little idea of how to keep down the costs of litigation. Many interviewees remain ignorant of cost-cutting options when engaged in a legal dispute, such as "after the event" insurance or "third party funding". The rates for the services of lawyers at top firms can go as high as 750 pounds an hour, with even simple cases often taking a great deal of time to come to trial.

JOBLESS TOTAL SET TO SOAR TO 1.8 MILLION

Official statistics released Wednesday are expected to show unemployment at above 1.8 million, the highest level since 1998. BNP Paribas suggests that unemployment could be up by 175,000 in the three months to the end of September. BNP's Alan Clarke says: "A measure of how bad things are is that during the early 1990s recession, there were only three occasions when the International Labour Organisation measure of unemployment showed an increase bigger than last month's 164,000 increase." The number claiming unemployment benefit is also expected to have risen by 40,000 in October, to just under 1 million.

ADVISERS HIRED TO WORK ON PREMIER SHAKE-UP

Premier Foods and its main bankers, Lloyds TSB and Royal Bank of Scotland, have hired external advisers to work on the restructuring of Premier's debt package, which is forecast to stand at 1.7 billion pounds by the end of the year. Premier has appointed Goldman Sachs while Lloyds and RBS have brought in Deloitte, and both sides are thought to be looking at relaxing covenants, with Premier close to breaching a key covenant according to analysts.

FUND STAR RETURNS TO TAKE SILVERSTREET POST

New Star Asset Management co-founder Alan Miller has been installed as a partner at SilverStreet Capital, a small London-based fund of hedge funds manager. Miller had been one of the City's most prominent fund managers during spells at Jupiter and New Star, and returns to the sector after a two-year absence. SilverStreet is said to be looking at rapid expansion through acquisitions across alternative asset classes.

MACFARLANE TO LEAVE RENTOKIL

Andrew Macfarlane will early next year stand down as finance director at Rentokil Initial. His departure will follow those of Chief Executive Doug Flynn and Chairman Brian McGowan. Macfarlane last month oversaw a critical refinancing by raising 125 million pounds in new debt to provide greater headroom on Rentokil's debt covenants. The losses of three top jobs at the company follow a series of profit warnings, and new Chief Executive Alan Brown has warned that efforts to implement a three-year turnaround plan are being impeded by current financial conditions.

GRIGG TO QUIT KEY POST AT BARCLAYS

Barclays' head of commercial banking, Chris Grigg, is to leave the bank to pursue other interests. The former group treasurer joined Barclays in 2005 and took over the role dealing with business and commercial banking last year. Grigg is to be replaced by Eduardo Eguren Linsen, presently the chief operating officer at Barclays Global retail and commercial banking division. In an interim management statement Barclays said the commercial bank had shown good growth in income even though impairment charges had risen. Barclays' commercial banking division was the largest contributor to group profits in the first half of 2008, generating a pre-tax profit of 702 million pounds. There is speculation that the division is under increasing pressure to help offset the impact of the financial crisis on other divisions, notably Barclays Capital which has just acquired the core of Lehman Brothers' business in the United States.

TELECOMS STRATEGY IS CHIEF FOCUS

Cable and Wireless and Vodafone are to publish results on Monday and Tuesday respectively. Vodafone's results will be the first under the leadership of their new chief executive Vittorio Colao. Analysts are hoping for a greater overview of Colao's acquisitions strategy and cost-cutting plans. Meanwhile, the focus for Cable and Wireless will be on any indications of progress with the company's plans to improve the performance of its UK division.

Prepared for Reuters by Durrants.

Keywords: BRITAIN PRESS/FT

Financial Times

PLUNGE IN HIGH STREET SALES AND HOME DEALS

The latest surveys from the British Retail Consortium and the Royal Institute of Chartered Surveyors have revealed that high street sales suffered their greatest fall in over four years in October and that house purchases dropped to a record low. The surveys highlight the plight of consumers faced with diminishing credit availability and fears of job losses. The surveys are also expected to take their toll on the value of the pound, which dropped to 0.8208 pounds against the euro on Monday before recovering slightly. The BRC report says total sales were 0.12 percent below the figure for October 2007, while data from the RICS said the average number of completed sales per surveyor fell to 10.9.

BROWN SIGNALS IMMINENT TAX CUTS

The prime minister told a City audience on Monday that it was sensible to allow "a temporary and affordable increase in borrowing to support economic growth". The remark was widely interpreted as Gordon Brown's strongest indication that tax cuts will be implemented in an effort to boost the economy. Speaking on GMTV on Monday, Brown expressed his wish to "get all countries around the world trying to get their economies moving again, and one way you do that is by putting more money into the economy by tax cuts or by public spending rises".

RETAIL BODY ATTACKS PLANS TO SCRAP ALCOHOL OFFERS

Supermarkets have stressed that they have no intention of abandoning alcohol promotions despite calls from MPs on Commons home affairs select committee to ban them from selling alcohol at below cost. The British Retail Consortium, which represents chains such as Tesco and Sainsbury, said supermarkets were the most responsible sellers of alcohol, whereas clubs and pubs were often "the sources of insobriety". Stephen Robertson, of the BRC, said the practice of selling alcohol at below cost prices was only used occasionally to promote new brands, adding: "Promotions don't create excessive consumption".

SAINSBURY LOSES ITS STRONGHOLDS TO TESCO

J Sainsbury is losing its dominance in the home counties and among the middle classes to Tesco, which is undertaking aggressive expansion. Sainsbury has lost its number one position in three of the UK's 121 postcode areas in the south-east to its main competitor over the last 12 months. According to research by location planners CACI, Tesco is now dominant in 87 areas, compared with 81 areas last year. Paul Langton, of CACI, warned that Sainsbury could begin to feel the impact of the credit crisis if consumers choose to shop at cheaper rivals such as Aldi and Lidl.

PERMIRA OFFERS HELP TO ITS STRUGGLING INVESTORS

According to SVG Capital, Permira has contacted its investors to offer help should they find they are struggling to meet their funding commitments to the private equity group. The move highlights fears among buyout bosses that the credit crisis could upset their funding model. The offer follows a similar move by Carlyle Group. SVG Capital, the biggest investor in Permira, tried to calm investors' concerns about its 1.25 billion pound uncalled commitments by pointing to its 298 million pound cash pile and undrawn 613 million pound bank line. SVG said it expected total capital calls to be around 527 million pounds this year, against inflows of 492 million pounds.

HAMMERSON HALTS DEVELOPMENT

Hammerson has suspended big development activity and embarked on a cost cutting programme as it begins to feel the impact of the economic crisis on its retail and office property business. The group warned that demand from office occupiers and retailers would shrink. Hammerson said staff restructuring and cost cuts should bring about annual savings of three million pounds after a one-off charge of one million n pounds. Chief executive John Richards said that despite the state of the economy, "our prime shopping centres fully let are the most defensive assets in the property market."

MILK PRICES SOUR DAIRY CREST TAKINGS

Shares in Dairy Crest lost over a quarter of their value on Monday after the group issued a profit warning due to soaring prices in raw milk markets and gloomy consumer outlook. Chief executive Mark Allen said that consumers were "buying more on promotion than they do on conventional full-price sales" and that this would continue to have an impact on the business. Pretax profits for the six months to September 30 fell from 30.6 million pounds to 28.4 million pounds following 4.4 million pound exceptional charge relating to the disposal of its specialty cheese business. Dairy Crest warned that full year profits would be ten percent lower than last year's.

CARR'S INVESTORS TO REAP REWARDS

Shareholders at Carr's Millings are set to benefit from the group's two-fold increase in pre-tax profits as the agricultural supplier profited from the purchase of commodities ahead of a substantial rise in market prices. The group has recommended its seventh successive increase in annual dividend. Chairman Richard Inglewood said the company had had an "extraordinary" year that saw various crucial materials more than double in price. However, Inglewood warned that the agriculture unit, which was responsible for generating over 90 percent of its profit was "most unlikely" to see a repeat of this year's exceptionally favourable commodity prices. Pretax profits for the year to the end of August rose to 12.9 million pounds, compared to last year's 5.5 million pounds.

BRAKE IN RETAIL CAR SALES TAKES TOLL ON PENDRAGON

Pendragon, the UK's largest car retailer, has suffered a worse-than-expected drop in car sales and will report a 30 million pounds loss before exceptional items for the full year to December. In an interim management statement for the period since July 1, Pendragon pointed to the worsening state of its market. Figures from the Society of Motor Manufacturers and Traders revealed that retail car sales fell 24 percent year-on-year in August, 23 percent in September and 29 percent in October. Chief executive Trevor Finn said that although the next 18 months would be tough, the group was on track with its debt repayment schedule.

'STABLE' DIGNITY REASSURES

Shares in Dignity climbed almost six percent to 609.5 pence after the listed undertaker issued a positive third quarter trading statement. Finance director Mike McCollum said the group was not suffering amid the economic downturn and that its financing through publicly traded bonds was "about as stable as you can get". Revenue to the end of the third quarter rose from 119.2 million pounds to 130.7 million pounds, with operating profits up from 36.3 million pounds to 40.1 million pounds. Analysts anticipate pretax profits of around 34 million pounds, up from 30.2 million pounds.

Prepared for Reuters by Durrants

Keywords: BRITAIN PRESS/FT

COPYRIGHT

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"Proactive Online Lead Generation can act as a very cost-effective and powerful distribution model for various organisations and we are noticing that more and more catalogue companies are benefiting from adding this new strategy into their marketing mix," commented Luke Pursey, UK Managing Director, Clash-Media.

"Performance-based marketing is certainly coming to the forefront with the current market conditions - with marketing managers having to prove ROI from any initiatives that they undertake. Traditional direct mailing campaigns have often been criticised for wasting both time and money, as well as not being seen as the most 'green' DM approach. Proactive Online Lead Generation is targeted, can be switched on or off quickly and can provide a significant and important boost to any campaign. This performance-driven approach enables retailers to drive seasonal sales," Luke Pursey concluded.

About Clash-Media:

Clash-Media is a global leader in performance-based data marketing that has pioneered new techniques in Online Lead Generation. The company's powerful lead generation network connects advertisers to consumers producing qualified leads in line with advertisers' exact specifications.

Clash-Media launched in 2006 and now delivers around three million fully opted-in sales leads globally every month, complete with detailed profiles on their interests, to key accounts including Whiskas, Toyota, Cheapflights and AXA.

Clash-Media currently has offices in London, New York, Copenhagen and Munich. It plans to expand into France, Spain and Italy, followed by Asia-Pacific.

CONTACT: Louise Sambells, IBA - PR for Clash-Media Tel: +44 (0)1780 721 433 e-mail: lsambells@iba-europe.com Diana Herriott, Marketing Director, Clash-Media Tel: +44 (0)20 7096 1963 e-mail: diana@clash-media.com WWW: http://www.clash-media.com

M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.

The latest surveys from the British Retail Consortium and the Royal Institute of Chartered Surveyors have revealed that high street sales suffered their greatest fall in over four years in October and that house purchases dropped to a record low. The surveys highlight the plight of consumers faced with diminishing credit availability and fears of job losses. The surveys are also expected to take their toll on the value of the pound, which dropped to 0.8208 pounds against the euro on Monday before recovering slightly. The BRC report says total sales were 0.12 percent below the figure for October 2007, while data from the RICS said the average number of completed sales per surveyor fell to 10.9.

BROWN SIGNALS IMMINENT TAX CUTS

The prime minister told a City audience on Monday that it was sensible to allow "a temporary and affordable increase in borrowing to support economic growth". The remark was widely interpreted as Gordon Brown's strongest indication that tax cuts will be implemented in an effort to boost the economy. Speaking on GMTV on Monday, Brown expressed his wish to "get all countries around the world trying to get their economies moving again, and one way you do that is by putting more money into the economy by tax cuts or by public spending rises".

RETAIL BODY ATTACKS PLANS TO SCRAP ALCOHOL OFFERS

Supermarkets have stressed that they have no intention of abandoning alcohol promotions despite calls from MPs on Commons home affairs select committee to ban them from selling alcohol at below cost. The British Retail Consortium, which represents chains such as Tesco and Sainsbury, said supermarkets were the most responsible sellers of alcohol, whereas clubs and pubs were often "the sources of insobriety". Stephen Robertson, of the BRC, said the practice of selling alcohol at below cost prices was only used occasionally to promote new brands, adding: "Promotions don't create excessive consumption".

SAINSBURY LOSES ITS STRONGHOLDS TO TESCO

J Sainsbury is losing its dominance in the home counties and among the middle classes to Tesco, which is undertaking aggressive expansion. Sainsbury has lost its number one position in three of the UK's 121 postcode areas in the south-east to its main competitor over the last 12 months. According to research by location planners CACI, Tesco is now dominant in 87 areas, compared with 81 areas last year. Paul Langton, of CACI, warned that Sainsbury could begin to feel the impact of the credit crisis if consumers choose to shop at cheaper rivals such as Aldi and Lidl.

PERMIRA OFFERS HELP TO ITS STRUGGLING INVESTORS

According to SVG Capital, Permira has contacted its investors to offer help should they find they are struggling to meet their funding commitments to the private equity group. The move highlights fears among buyout bosses that the credit crisis could upset their funding model. The offer follows a similar move by Carlyle Group. SVG Capital, the biggest investor in Permira, tried to calm investors' concerns about its 1.25 billion pound uncalled commitments by pointing to its 298 million pound cash pile and undrawn 613 million pound bank line. SVG said it expected total capital calls to be around 527 million pounds this year, against inflows of 492 million pounds.

HAMMERSON HALTS DEVELOPMENT

Hammerson has suspended big development activity and embarked on a cost cutting programme as it begins to feel the impact of the economic crisis on its retail and office property business. The group warned that demand from office occupiers and retailers would shrink. Hammerson said staff restructuring and cost cuts should bring about annual savings of three million pounds after a one-off charge of one million n pounds. Chief executive John Richards said that despite the state of the economy, "our prime shopping centres fully let are the most defensive assets in the property market."

MILK PRICES SOUR DAIRY CREST TAKINGS

Shares in Dairy Crest lost over a quarter of their value on Monday after the group issued a profit warning due to soaring prices in raw milk markets and gloomy consumer outlook. Chief executive Mark Allen said that consumers were "buying more on promotion than they do on conventional full-price sales" and that this would continue to have an impact on the business. Pretax profits for the six months to September 30 fell from 30.6 million pounds to 28.4 million pounds following 4.4 million pound exceptional charge relating to the disposal of its specialty cheese business. Dairy Crest warned that full year profits would be ten percent lower than last year's.

CARR'S INVESTORS TO REAP REWARDS

Shareholders at Carr's Millings are set to benefit from the group's two-fold increase in pre-tax profits as the agricultural supplier profited from the purchase of commodities ahead of a substantial rise in market prices. The group has recommended its seventh successive increase in annual dividend. Chairman Richard Inglewood said the company had had an "extraordinary" year that saw various crucial materials more than double in price. However, Inglewood warned that the agriculture unit, which was responsible for generating over 90 percent of its profit was "most unlikely" to see a repeat of this year's exceptionally favourable commodity prices. Pretax profits for the year to the end of August rose to 12.9 million pounds, compared to last year's 5.5 million pounds.

BRAKE IN RETAIL CAR SALES TAKES TOLL ON PENDRAGON

Pendragon, the UK's largest car retailer, has suffered a worse-than-expected drop in car sales and will report a 30 million pounds loss before exceptional items for the full year to December. In an interim management statement for the period since July 1, Pendragon pointed to the worsening state of its market. Figures from the Society of Motor Manufacturers and Traders revealed that retail car sales fell 24 percent year-on-year in August, 23 percent in September and 29 percent in October. Chief executive Trevor Finn said that although the next 18 months would be tough, the group was on track with its debt repayment schedule.

'STABLE' DIGNITY REASSURES

Shares in Dignity climbed almost six percent to 609.5 pence after the listed undertaker issued a positive third quarter trading statement. Finance director Mike McCollum said the group was not suffering amid the economic downturn and that its financing through publicly traded bonds was "about as stable as you can get". Revenue to the end of the third quarter rose from 119.2 million pounds to 130.7 million pounds, with operating profits up from 36.3 million pounds to 40.1 million pounds. Analysts anticipate pretax profits of around 34 million pounds, up from 30.2 million pounds.

Prepared for Reuters by Durrants

Keywords: BRITAIN PRESS/FT

COPYRIGHT

Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

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The City will be looking for reassurance that WPP's recent torrid time on the stock market is not reflected in its underlying performance when the marketing services group issues a third-quarter trading statement on Thursday. Last week, WPP shares dropped over 16 per cent. However, while the company is likely to say that its like-for-like growth was around three per cent in the three months to September, it is expected that full-year figures will be at the lower end of expectations.

GMTV PROFITS FROM SCANDAL

Profits have soared at GMTV after the TV station included revenue from rigged premium-rate phone-in quizzes in its results. Figures just filed at Companies House show that operating profits jumped from 15.7 million pounds in 2006 to 21.7 million pounds in 2007 on sales of 81 million pounds, up from 75 million pounds. The latest accounts show that Paul Corley, GMTV managing director at the time, was given a 325,908 pound pay-off in compensation for loss of office after the vote rigging scandal, and that GMTV paid out 5.6 million pounds in relation to the investigation into the scandal.

LITTLEWOODS AND BOOTS LEAD JOB CUTS

Shop Direct, the owner of the Littlewoods catalogue brand, is understood to be in consultation with more than 400 staff over job cuts, and Alliance Boots is planning to lose up to 240 staff. The job cuts by the two leading retailers come as fears grow that thousands of high street workers may be made redundant. At Boots, half of its 300 staff at its office in Feltham are expected to leave and 100 workers may go at its Nottingham headquarters.

The Sunday Times

BG FIRES UP 2 BILLION POUND TAKEOVER OF AUSTRALIAN GAS FIRM

Six weeks after withdrawing a bid for Origin Energy, BG Group is in talks over a two billion pound takeover of Queensland Gas This weekend, BG is holding negotiations for the purchase of AGL Energy's 25 per cent stake in Queensland, and this agreement would pave the way for a full offer which could come as early as Monday. BG bought a 10 per cent stake in Queensland earlier this year as part of a deal to use the latter's coal-seam gas reserves as feedstock for a huge LNG facility it plans to build. BG has hired JP Morgan to lead its talks and AGL is being advised by Citigroup.

GUY HANDS IN 1.2 BILLION POUND WIND POWER BID

Infinis, the waste-to-energy company owned by Guy Hands' buyout firm Terra Firma, has begun a 1.2 billion pound plan to build itself into one of the largest wind energy producers in the UK. The company's aim is to buy or build up to 800 megawatts of onshore wind-generating capacity over 10 years. Infinis has just received its first approval for a 27 megawatt wind farm on one of its landfill sites in Scotland.

PLANT BID CALLED OFF

ConocoPhillips has called off the 500 million pound auction of Immingham power plant after bids came in too low. The U.S. oil giant hired Citigroup to auction a 50 per cent stake in the site earlier in the year and Danish energy group Dong Energy, Ireland's ESB and EDF are understood to have lodged final offers.

The Sunday Telegraph

BP EDGES CLOSER TO NEW CHAIRMAN

The Sunday Telegraph has learnt that BP chairman Peter Sutherland has agreed to extend his tenure at the oil company in order to facilitate the potential appointment of Paul Skinner as his successor. Mr Skinner, a former executive at Shell, has been chairman of Rio Tinto since 2003 but is refusing to hold conclusive discussions with BP while the fate of BHP Billiton's hostile takeover bid for Rio Tinto is unresolved.

DELOITTE CALLED IN TO HELP STRUGGLING WOOLWORTHS

Burdale Financial and GMAC Commercial Finance, key lenders to Woolworths, have appointed Deloitte to advise them amid growing concerns over the future of the pick'n'mix retailer. Deloitte held discussions last week with Woolworths and its adviser, KPMG, about its business plan and budget. Woolworths' chief executive Steve Johnson has promised to unveil a new strategy for the business after Christmas, but some retail analysts believe the group may not make it that far due to the difficult conditions expected on the high street in the run up to Christmas.

WYEVALE PLOTS REVIEW

Growing concern about the performance of Wyevale Garden Centres has prompted HBOS to draft in KPMG to conduct an independent review of the business and to ascertain whether its profits are sustainable. HBOS has a 19 per cent stake in Wyevale which also has a large debt facility with the bank. Wyevale has an annual turnover of around 125 million pounds.

The Independent on Sunday

GATWICK LOOKS FOR A BUYER WHO'S IN IT FOR THE LONG HAUL

BAA is to put Gatwick airport up for sale in early November with a price tag of around three billion pounds. A source close to BAA, which is selling because of pressure from the Competition Commission which wants to break up BAA because it believes it has a monopoly, said that the process would take at least a year. BAA's advisers on the deal are HSBC and Royal Bank of Scotland

CROSSRAIL ON AGENDA AS VT CHIEF LENDS COMMERCIAL VOICE TO STATE.

Paul Lester, chief executive of VT, has been appointed to the Major Projects Review Group, a Treasury committee which decides how and when large government infrastructure contracts are awarded to the private sector. Mr Lester will add a strong private sector voice but will be unable to comment on areas such as defence where VT has a number of large government contracts. The Major Projects Review Group is to meet next month, with Crossrail likely to be on the agenda.

OBAMA AND BROWN URGED TO JOIN HANDS ON FINANCIAL REGULATION

Poul Nyrup Rasmussen, MEP and former prime minister of Denmark, is lobbying advisers to Gordon Brown and Barack Obama over plans to create a transatlantic financial regulation regime. Mr Rasmussen is drawing up a 'roadmap' to regulation which will call for an end to excessive borrowing by banks, hedge funds and private equity, and sets limits on remuneration for executives.

The Observer

QATAR COMES TO BARCLAY'S' AID AGAIN

Barclays is set to unveil a two billion pound rescue package which will see the Qatar Investment Authority increase its investment in the bank in which it already has a stake of eight per cent. The deal will see the Qataris subscribe to one billion pounds worth of new loan stock with another one billion pounds being taken up by Barclays existing shareholders. The funds will enable Barclays to say that it is on track to meet new government requirements that force banks to raise additional cash to meet tighter capital adequacy ratios.

tf.TFN-Europe_newsdesk@thomson.com vjt

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