The Sunday Times (UK): Shell pumps out £9.8bn profits: “ROYAL DUTCH/SHELL announced record pre-tax profits for a UK company of £9.8 billion but also cut its proven oil and gas reserves by a further 10%.” (ShellNews.net) 6 Feb 05

February 06, 2005

The week that was

ROYAL DUTCH/SHELL announced record pre-tax profits for a UK company of £9.8 billion but also cut its proven oil and gas reserves by a further 10%. 

Support-services group Jarvis secured its future by completing refinancing deals on all 14 of its PFI contracts and extending its banking facilities by one year.

BT unveiled a reorganisation that will ensure its rivals get equal access to its network, in an attempt to find a lasting settlement with Ofcom.

Private-equity group Apax Partners was preparing to bid for Woolworths.

US communications group Qwest was reported to have tabled a $6.3 billion offer for MCI, the country’s No 2 long-distance carrier. Fellow “Baby Bell” firm SBC agreed its $16 billion takeover of AT&T.

Insurance broker Marsh & McLennan agreed to set up an $850m fund to compensate clients charged excessive premiums as a result of so-called bid-rigging.

Deutsche Bank revealed 6,400 job losses, many in London and New York.

The FSA warned that a foreign takeover of the London Stock Exchange could radically alter the regulatory regime for British investors.

Citigroup placed on leave the traders who were involved in a €12 billion European government bond trade in August.

Talks broke down between Fiat and General Motors over ownership of the Italian group’s loss-making car division.

Luc Vandevelde was appointed chairman of Carrefour with José Luis Duran as his chief executive.

http://www.timesonline.co.uk/article/0,,2095-1471822,00.html