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British water utility sector witnessed a wave of corporate action after Wessex Water agreed to a £1.4 billion takeover by Enron Corporation, an American energy group based in Houston, Texas. This move marks Enron's first foray into the UK water market, three years after the US company
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Wessex Water is poised to take control of the remaining shares of UK Waste, following a default notice issued by the water company after the change of ownership of Waste Management Inc, its American partner. The UK Waste profits fell by 10% last year due to a sharp decline in
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Foreign companies spent a record Pounds 29.2 billion on British firms in the first half of the year, with American companies leading the way. British companies, on the other hand, spent a significantly lower Pounds 16.8 billion on overseas acquisitions. The surge in foreign takeover activity has made
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Shell is reportedly in advanced negotiations with Texaco for a deal that could create the largest petrol retail chain in the UK, surpassing Esso. The joint venture or buyout would see Shell, currently third-largest in the market, move into the top spot, potentially leading to thousands of job losses. The
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In a surprising move, Dominion Resources, a Richmond-based electric power monopoly, has announced that it will sell its UK subsidiary, East Midlands Electricity plc, to PowerGen plc, the UK's second-largest electricity generator. The sale, valued at $3.2 billion in cash and assumed debt, marks the end of
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The British power market is set for a tumultuous period as seven of the eight regional electricity companies sold to American utility firms in recent years have returned to the market, according to senior sources within the power industry. The decision by these American companies to exit the UK power
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As Chancellor Helmut Kohl asks for relief from Germany's massive net payments into the European Union budget, Britain faces a dilemma. Kohl's plea is as serious and well-founded as Mrs Thatcher's demands almost 20 years ago. Britain must navigate two problems: the fear that
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British beef producers are preparing to re-enter the continental market after a ban of over two years, following a recommendation from the European Commission to end the embargo on British beef exports. However, the industry faces widespread mistrust among consumers and a determined backlash from other EU producers, who have
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British Prime Minister Tony Blair is set to counter an attempt by German Chancellor Helmut Kohl to increase the European Union's budget, potentially threatening the UK's rebate on its EU contributions. The dispute could overshadow the two-day European Union leaders' summit in Cardiff, which marks
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The UK's thriving art industry, valued at £2.2 billion, is facing two major threats from European taxes, warns Conservative Eurosceptic David Heathcoat-Amory. The introduction of a 5% value-added tax (VAT) on imported art goods from June and the harmonization of the Artists Resale Right, also known as
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Former prisoners of war have expressed outrage over Prime Minister Tony Blair's statement calling for a warm welcome to Japan's Emperor Akihito, citing the UK's significant trade ties with Japan. This comes as the Emperor and Empress Michiko prepare for their state visit. Blair&
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Tony Blair acknowledges the devastating impact of World War II on prisoners of war and civilians captured by the Japanese, but believes it would be wrong for past bitterness to dominate relations with Japan. He views the upcoming state visit by the Japanese Emperor and Empress as an opportunity to
