“The presentation of information must go hand-in-hand with a very strong commitment to objectivity and independence.”. British Airways yesterday confirmed that its chief executive Rod Eddington was looking to join the board of Qantas, the Australian airline, and hopes to foster closer links between the companies. But it denied suggestions that it was in talks which might lead to a takeover of Qantas. British Airways yesterday confirmed that its chief executive Rod Eddington was looking to join the board of Qantas, the Australian airline, and hopes to foster closer links between the companies.

But it denied suggestions that it was in talks which might lead to a takeover of Qantas.
BA, which owns 25 per cent of the Australian national carrier, said yesterday it had “no plans to increase its shareholding in Qantas”. However, it is supporting moves to raise the limit on foreign ownership of Australian airlines from 25 per cent to 49 per cent, said a spokeswoman.If the so-called “Qantas Law” were repealed, this would effectively help to smooth the way for a takeover of the carrier. The two airlines already sell tickets for each other, and share facilities at airports.A spokeswoman for BA said yesterday: “We have been speaking to the Australian government in support of Qantas’ efforts to achieve a level playing field but that doesn’t mean we are seeking to increase our shareholding.”She said it was up to Qantas whether or not it appointed to its board Australian-born Mr Eddington, who joined BA earlier this year after the departure of Bob Ayling.”When Rod was in Japan last month, he was asked that question and his response was that it was a decision for the Qantas board to make but he felt it would probably be appropriate in due course, that it would make sense,” said the spokeswoman.”We have a very deep relationship with Qantas anyway and we are a major stakeholder, and they are an important partner. However, there are no other initiatives on the horizon to strengthen links at the moment.”. Equal pay hearings will be speeded up under Government plans to streamline tribunals, it was announced today. Equal pay hearings will be speeded up under Government plans to streamline tribunals, it was announced today.
Tribunals receive around 2,500 complaints about equal pay every year, and reaching a settlement can take years.Employment minister Tessa Jowell today launched a consultation paper aiming to cut delays by making tribunals speedier and simpler.Ms Jowell said she hoped the move would help tackle the gap between womens’ and mens’ pay.”If we are to make real progress on pay equality, we must streamline the system for dealing with equal pay claims.”The gender pay gap has halved from 37% when the Equal Pay Act was brought in 30 years ago but it is still too high.”Equal pay tribunals were among the slowest and most complex in the system, ministers argued.The proposals include helping tribunals decide cases more quickly by calling in an assessor to give expert advice..

The UK is falling further behind its international competitors in terms of the amount of investment spending committed by industry, a government study published today shows. The UK is falling further behind its international competitors in terms of the amount of investment spending committed by industry, a government study published today shows.
The third annual Capital Expenditure Scoreboard produced by the Department of Trade and Industry reveals that this year the UK’s performance has deteriorated across a wide range of sectors from oil and gas, motor manufacturing and IT hardware to electronics, chemicals and transport.The figures are worrying because levels of productivity are strongly linked to the amount of business investment. The Government has made catching up to overseas levels of productivity a policy priority, and further measures are likely in next March’s Budget.Stephen Byers, the Secretary of State for Trade and Industry, said: “These figures show that productivity is linked to the scale of investment that firms undertake. Part of our current productivity gap is therefore likely to be the consequence of the boom and bust economics of the 1980s and 1990s, and this is the legacy we are striving to put right.”In only two sectors – telecoms and food retailing – did the level of capital expenditure per employee rise between 1999 and this year, when the UK is compared with the likes of the US, Japan, Germany and France.The analysis, carried out by the DTI’s future and innovation unit, shows that UK manufacturing is investing at only two-thirds of the rate of its international counterparts. The weakest sectors for capital expenditure are automotive, IT hardware, electronics and chemicals.The gap is most marked in “physics-based” sectors of industry – IT hardware, electronics, and engineering – which account for 25 per cent of all capital expenditure internationally but only 12 per cent in the UK.Only companies in the telecommunications industry in the UK invest more per employee than their competitors overseas, while pharmaceuticals, transport and retail companies match international investment levels.The DTI research does lend some support to the notion that the UK remains a nation of shopkeepers. General retail is one of only two sectors where accumulated capital per employee is as high as the international average.Among food retailers, only Carrefour of France put more into capital expenditure last year than its UK counterparts, investing £2.8bn compared with Tesco’s £1.5bn.The research, based on data from the UK’s 500 biggest companies by capital expenditure and the world’s top 300, shows there are strong links between the amount spent per employee on investment and research and development and productivity. Norman Price, an industrialist seconded to the future and innovation unit, said: “Capital expenditure is a key indicator of the UK’s future ability to compete effectively.”However, many industrialists have blamed the strength of the pound in recent years for eating into investment plans.Lord Sainsbury, the science and innovation minister, urged companies to use lower hurdle rates in assessing new capital expenditure programmes.

“Our people cannot compete using yesterday’s tools,” he added.. J Sainsbury said yesterday that it hoped to wrap up a sale of Homebase, its DIY chain, in time for Christmas. J Sainsbury said yesterday that it hoped to wrap up a sale of Homebase, its DIY chain, in time for Christmas.
It is now believed that the deal could net Sainsbury’s between £700m and £800m, significantly less than the £1bn-plus that it originally hoped the chain might fetch. Sainsbury’s is also now expected to keep a small stake in Homebase.The supermarket group declined to comment in detail on the expected deal with Schroder Ventures. Exclusive talks with the venture capital group are believed to be well advanced, but no one from the firm was available for comment.A spokeswoman for Sainsbury’s said yesterday: “It’s a long process that’s taking a little longer than we had hoped. We hope to make an announcement before Christmas.”Potential bidders once included the US private equity firm Kohlberg Kravis Roberts and Duke Street Capital, owner of the Wickes and Focus Do-It-All chains Last week it bought Great Mills, Homebase’s smaller rival. Both have since dropped out of the race for Homebase, founded in 1979 and now with nearly 300 UK outlets.It was put up for sale by Sir Peter Davis, Sainsbury’s chief executive, in the summer, when he unveiled a strategic review to speed up change at the group.

Proceeds are likely to go towards improving Sainsbury’s UK supermarkets division, and for the acquisition of new stores.. Shire Pharmaceuticals today announced plans to create one of the world’s largest specialist pharmaceutical companies by merging with Canadian firm BioChem Pharma. Shire Pharmaceuticals today announced plans to create one of the world’s largest specialist pharmaceutical companies by merging with Canadian firm BioChem Pharma.
Nasdaq-listed BioChem has developed the HIV drug Epivir while Andover-based Shire focuses on products in four areas, including the central nervous system and gastroenterology.The two companies believe the tie-up, which still needs the approval of shareholders, will add financial strength to their development work.Francesco Bellini, chief executive of BioChem, said the combined company was on track to become one of the world’s leading speciality pharmaceutical companies.. Telewest, Britain’s largest cable operator, confirmed yesterday it had pulled out of the process to supply internet services to residential customers through BT’s local exchanges Instead it will invest in beefing up its cable network.