Mr Rodrigues’ total salary rose 4 per cent

Mr Rodrigues’ total salary rose 4 per cent.The short-term bonus was calculated according to targets relating to profit and cost performance, and “personal goals”.. The Anglo-Dutch steel maker Corus warned yesterday of tough action to rectify the “unsatisfactory” performance of its operations in the Netherlands but promised that it had “drawn a line in the sand” as far as further UK job losses were concerned. The Anglo-Dutch steel maker Corus warned yesterday of tough action to rectify the “unsatisfactory” performance of its operations in the Netherlands but promised that it had “drawn a line in the sand” as far as further UK job losses were concerned.
Sir Brian Moffat, the Corus chairman, also disclosed that the embattled company, formed 15 months ago through the merger of British Steel and Hoogovens, would look seriously at a further consolidating merger with another European steel maker.He was speaking as Corus unveiled a £1.3bn pre-tax loss for the 15 months to the end of December 2000. The huge loss was a result of a £1bn restructuring charge to pay for 6,000 UK job losses and the closure of four plants including the Llanwern steel making facility and the Ebbw Vale tinplate works in South Wales.Corus said that over the 15-month period, its UK carbon steels business had lost £449m.

However, its results also revealed that profits from its Dutch steel-making operations were virtually wiped out in the second half of last year as the market softened and prices fell.The former Hoogovens steel-making operations, based around the giant Ijmuiden plant, went from an £82m profit in the first half to a £9m profit in the second six months. A major exercise is now under way to raise productivity at the plant, which employs 9,000 workers and has the capacity to produce 6.5 million tonnes of steel.But it is not thought that there will be any significant job losses in the Netherlands.Sir Brian is to meet leaders of the ISTC steel union later this month to discuss a plan to limit the job losses in Wales and on Teesside, the other region hardest hit by the cutbacks.But privately, Corus executives said there was no prospect of any of the plant closures or job reductions being reversed, arguing that its UK carbon steels business was still losing close to £1m a day.Including restructuring charges, Corus’ carbon steels business lost £1.4bn over the 15-month period.Sir Brian blamed the plight of its British steel-making operations on the decline of the UK manufacturing base and called on the Government to come up with a coherent industrial strategy. Blaming “neglect over time” on the part of both Labour and Conservative governments, he highlighted Britain’s lack of a domestic appliance manufacturing industry of any substance “despite the huge underlying market on our doorstep”.In a speech in the West Midlands today to mark the anniversary of BMW’s withdrawal from Rover, the Secretary of State for Trade and Industry, Stephen Byers, will stake a claim that “manufacturing matters to the UK”.He will also announce a package of measures to help the West Midlands modernise and regenerate its industrial base and diversify from traditional industries using the £129m aid package granted last year after BMW’s shock move.. The Government was warned yesterday that a new system for trading electricity could be “overwhelmed” when it is launched later this month, resulting in chaos and incorrect bills being sent out. The Government was warned yesterday that a new system for trading electricity could be “overwhelmed” when it is launched later this month, resulting in chaos and incorrect bills being sent out.
The warning came as Peter Hain, the Energy Minister, confirmed that the New Electricity Trading Arrangements, or Neta as they are known, would go live on 27 March in accordance with the recommendation of the energy regulator Callum McCarthy.Mr McCarthy, chief executive of Ofgem, welcomed the announcement and said that all parties involved, including National Grid and Logica, which has designed the central computer system, would be working hard to ensure a successful launch of the system.However, Neil Bryson, chairman of the Electricity Pool, which will disappear when Neta goes live, warned that the system could be overwhelmed and pointed to the very short space of time there had been to test the computers.

“The concern is not that the lights will go out but that errors and delays in contract notification and metering will increase greatly the risk of imbalances, price volatility and incorrect bills [to suppliers] being dispatched during the settlement process.”Mr Bryson said that electricity generators and suppliers had had barely a month to test the system. During that time there had been a number of failures in the central computer system, leading Ofgem to warn only last Friday that further testing was needed to confirm the “resilience” of Neta.The system, developed at a total cost of £1bn, has already suffered two delays and has taken three years to come to fruition. Ministers claim that the new trading arrangements will mean a much more competitive market, leading to cuts of up to 10 per cent in electricity prices. But Mr Bryson said it would be very difficult to separate the effect of Neta from other developments in the market, adding that rising fuel costs were likely to put upward pressure on wholesale prices.. Businesses are undecided about whether Britain should join the euro but are open to persuasion, according to a survey published yesterday by the Engineering Employers’ Federation. A strong majority supported EU membership and the single market, but almost as many thought the EU plays too big a tax and social policy role.

Businesses are undecided about whether Britain should join the euro but are open to persuasion, according to a survey published yesterday by the Engineering Employers’ Federation. A strong majority supported EU membership and the single market, but almost as many thought the EU plays too big a tax and social policy role.
The poll of its membership, conducted by Mori, showed 10 per cent in favour of joining the single currency as soon as possible and another 11 per cent by 2005. At the other extreme, 8 per cent said Britain should never join and 6 per cent said membership ought be ruled out before 2007.The majority lay in between, with 29 per cent favouring a decision in principle to join without a firm timetable and 36 per cent saying the government should wait and see.Martin Temple, director general of the EEF, said: “It is clear that opinions on the euro’s introduction could swing either way over the next few years.” He said business opinion would be shaped by EU policies as well as the British government’s attitude.Ian Peters, head of external affairs at the EEF, said: “The issue of taxation is one where we hear loud and clear from our members that they want to see competition to bring taxes down, not harmonisation.”The survey found that the rest of Europe was by far the most important destination for engineering exports and seen by respondents as likely to become more important over the next five years. The European market was most important to bigger companies, especially to those in the motor industry.Three out of five companies source components abroad and 38 per cent invoice in euros; 41 per cent invoice in US or Canadian dollars. The proportion expecting to shift some production overseas is likely to rise..

European Telecom, a distributor of mobile phones and accessories, yesterday warned it was on the verge of making “significant” redundancies after announcing it would report a “substantial loss” for the year to 31 March. European Telecom, a distributor of mobile phones and accessories, yesterday warned it was on the verge of making “significant” redundancies after announcing it would report a “substantial loss” for the year to 31 March.
The company, which employs around 550 staff globally, is expected to lay off 60 to 100 of its 330-strong UK workforce. Its shares closed down 38 per cent at 24.25p, after already being knocked heavily last December by another profits warning.A “full strategic review” will be undertaken, and KPMG Corporate Finance has been appointed as financial adviser.European Telecom has suffered significant costs after a computing system proved difficult to install. It also had to continue financing its share of losses at Global Telematics, a joint venture with Thales, after market conditions forced it late last year to pull an IPO.A string of management changes will now be implemented. David McKinney will be joining from Motorola as managing director while Warren Hardy, who holds 40 per cent of the equity, is giving up his role as chief executive to become executive chairman.