BT pre-tax net up 44 per cent in '03 on pension relief
London: Britain’s dominant telecoms group BT delivered strong full-year profits and a better-than-expected dividend on Thursday, while also putting some fears to rest about its huge pension fund deficit. Shares, which have recovered recently from a massive sell-off amid concerns about BT's pension fund, rose up to 6 per cent. Under Britain's FRS17 accounting standards yet to be used in practice, BT reported an end-March £6.3bn ($10.4bn) shortfall in one of the UK's largest pension funds, which has been hammered by three years of declining stocks. But under the less stringent Funding Valuation measure, BT reported a pension scheme deficit of £2.1bn as of December 31. As a result, its annual cash contribution to top up the fund will rise by only £32m pounds to £232m.
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Soros clued in to Iraq's oil revenues
London: Financier George Soros is back doing the two things he does best — punishing a global currency and spending some of his billions on projects that irk those in power. This week, Soros, who drove down the British pound in 1992, helped push the US dollar down to a near all-time low against the euro by announcing he was selling greenbacks. The man who calls himself a “dissident by nature” also said he was setting up a watchdog group to make sure Washington does not misspend oil revenues from Iraq.
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Bush to sign $350-bn tax cut plan
Washington: US President George W Bush said on Thursday he will sign a $350-billion 10-year tax cut package even though he once derided that amount as "little bitty" and not enough to boost the anemic economy. Bush travelled to the Capitol to congratulate Republican leaders in the Senate and House of Representatives for the plan the two chambers expect to pass this week. "I look forward to signing the economic recovery bill soon," Bush said after a meeting with congressional leaders. "The principle of the Bill is pretty simple -- that we believe the more money people have in their pockets, the more likely there is somebody that's going to be able to find work in America."
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Iraq work: Bechtel asked to favour coalition partners
Washington: As the Bechtel Group, the main US contractor, seeks subcontracts to help with millions of dollars in repairs and rebuilding in Iraq, some US officials have asked the group to favour companies from coalition countries, media reported on Thursday. If true, this will freeze out companies of many non-coalition nations with experience of working in Iraq, The Wall Street Journal said. Officially, said the Journal, the US government is saying the subcontracting process is going to be fair and open and that nobody will be discriminated against because of politics.
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