The Independent: Jeremy Warner’s Outlook: As it struggles to find its raison d’être, should Cable & Wireless really be buying Energis? “A year ago, the FSA imposed a £17m fine on Shell in full and final settlement of the scandal of mis-stated reserves. To most people this would seem a much more heinous case of market abuse. Apparently knowingly, the company had overstated its reserves over a period of years, yet so far there have been no criminal prosecutions, only a fine which though large is of barely any significance at all for a company of Shell’s size. Shell is a Goliath of a company, with teams of lawyers and compliance officers pawing over everything it says and does, yet still it failed to correct the stream of misleading statements on reserves that were issued from the late 1990s onwards.”
Saturday 8 October 2005
Just nothing as AIT two get harsh justice
Published: 08 October 2005
The Cable & Wireless turnaround story stumbled badly yesterday, raising fresh doubts about the future of this one-time stalwart of the telecommunications world.
C&W was one of the first privatisations of the 1980s and for a while it blossomed in the excitement of telecommunications deregulation which the Thatcher government pushed through, launching Mercury, the first direct rival to the British Telecom monopoly, and later One2One, the mobile phone operator. Yet somewhere in the mid-1990s it lost its way and it has been struggling, both strategically and operationally, ever since.
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