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European Business News (EBN), 97-05-27

European Business News (EBN) Directory - Previous Article - Next Article

From: The European Business News Server at <http://www.ebn.co.uk/>

Page last updated Tue, May 27 8:11 PM CET


CONTENTS

  • [01] Yeltsin and Clinton sign historic agreement between NATO and Russia
  • [02] AT&T, SBC hold talks aimed at largest merger in history
  • [03] Czech koruna continues slide
  • [04] OECD struggles to find way to accommodate new members
  • [05] Juppe steps down as Prime Minister of France
  • [06] US consumer confidence rises to a twenty eight year high
  • [07] Deutsche Telekom shares skid after Boetsch suggests accelerated new offering
  • [08] UK's water companies expected to announce record profit
  • [09] EMI Group appoints new head of US division
  • [10] Sexual harassment case against Clinton can go ahead
  • [11] Thyssen profit nearly doubles in first half
  • [12] Metro profit reaches $421 million in 1996
  • [13] ENI and Enel plan stock listing for their joint electricity venture
  • [14] Toshiba profit drops 29% to $1.1 billion
  • [15] Corporate and Economic Briefs

  • [01] Yeltsin and Clinton sign historic agreement between NATO and Russia

    Calling it 'a victory for reason,' Russian President Boris Yeltsin signed a historic security agreement today with the 16 NATO allies and said all Russian weapons pointed at the West would be removed.

    'Everything that is aimed at countries present here, all of those weapons are going to be removed,' the Russian president said in an off-the-cuff statement after the signing at the Elysee Palace, home of the French president.

    In signing the agreement with NATO, Yeltsin set aside his often-voiced concerns about NATO's plan to expand into Central and Eastern Europe and signed a document setting out Moscow's future, much more close, relations with the West.

    'This will determine the new quality in the relations between Russia and NATO,' he said in a speech at France's ornate Elysee Palace, home of the French president. 'This document will help promote stability throughout Europe.'

    While Yeltsin says Russia still views the deal negatively, he still heralds it as a 'victory for reason.' He says he recognizes it's a step toward promoting stability throughout Europe.

    The pact gives Russia a formal role in the Western alliance. However, US officials insist the Kremlin will have no veto power.

    The agreement is designed to overcome Russian objections to NATO expansion in Europe.

    [02] AT&T, SBC hold talks aimed at largest merger in history

    AT&T and SBC Communications are holding talks to join forces in a $50- billion-plus merger, which would easily be the largest such transaction in history.

    According to the Wall Street Journal, people close to the talks emphasised that numerous issues could block a deal, including a federal ban on SBC entering the long-distance market until its own local-phone market is open to competitors. Negotiators also are struggling over the transaction's financial structure, the new company's management, its name and base of operations.

    A deal would change the competitive landscape and, some analysts said, could make it harder for smaller players to survive, especially start-ups that have bet billions on everything from wireless licenses to Internet- access services.

    Competitors and regulators are sure to take aim at any deal.

    Combined, AT&T and SBC would have nearly $80 billion in annual revenue, 230, 000 workers, more than 60% of the $80 billion U.S. long-distance market and a virtual vice grip on local-phone and wireless services throughout the Southwest and California. SBC provides local phone services in seven of the 10 largest U.S. cities.

    Public confirmation of the talks could come soon, as AT&T, the nation's largest telecommunications carrier, and SBC, owner of the vast Southwestern Bell and Pacific Telesis Group local-phone systems, draw closer to a definitive merger pact, people close to the negotiations said. Neither AT&T nor SBC would comment.

    'The discussions have grown very serious in the last month,' said one person familiar with the talks. Others said New York-based AT&T has put some business transactions on hold, given the material nature of the current discussions.

    A merger between AT&T and SBC, which only recently paid $16.7 billion for California-based Pacific Telesis, would be the first combination between AT&T and a Bell since the landmark 1984 break-up of the old American Telephone & Telegraph.

    That divestiture, which settled a gruelling federal antitrust suit, split long-distance carrier AT&T from seven regional Bell phone companies.

    'The Justice Department will take a long, hard look at this deal,' said one executive, 'especially given that AT&T would seem to be putting itself back together again at a time when new telecom laws are attempting to open all markets and nurture smaller rivals.'

    [03] Czech koruna continues slide

    Tremors from the Czech Republic continued to rock the Slovak koruna, with the Slovakian currency seen weakening against its fixing basket in highly illiquid, erratic trading.

    Meanwhile, Czech Prime Minister Vaclav Klaus said the existing three-party government will continue negotiations to replace various members of the cabinet and that various leading political figures are in agreement that the present government should remain in place.

    As reported late Monday, the central bank announced that it would let the koruna float freely with a peg against the mark. At the same time, the central bank expressed a wish that it would like to see the koruna to trade between 17.000 to 19.500 koruna to the mark. The central bank abruptly altered its policy of keeping the koruna in a band of plus or minus 7.5% around the midpoint of currency basket 65% Deutsche mark and 35% dollar.

    There was no discussion of dissolving the government at a midday meeting between Klaus and Czech President Vaclav Havel, Klaus said, speaking to reporters shortly afterward. 'There's no country in the world that would have the leading party resign after one opinion poll,' Klaus said, referring to recent polls showing that support for his party, the Civic Democratic Party (ODS) had eroded in recent months.

    'For us the result of last year's elections is binding,' Klaus said, adding the three-party ruling coalition should serve its entire four-year term. Klaus said the new monetary policy introduced by the Czech National Bank was overdue and should have been considered previously to help ward off speculative attacks on the koruna.

    After the koruna stabilizes, the government can better analyze what costs and effects the monetary policy has had on inflation, gross domestic product growth and the balance of payments. 'Only then will we decide about necessary budget cuts,' Klaus continued.

    Klaus said details of budget cuts aren't the main issue of the day. Rather, 'what's crucial is the government's readiness and willingness to proceed in (negotiations).' 'We are carefully monitoring the economic and monetary situation,' Klaus said, adding that the government will consider 'all these issues,' including where the exchange rate settles.

    [04] OECD struggles to find way to accommodate new members

    The Organization for Economic Cooperation and Development wrapped up a two- day meeting still struggling with structural reforms in the face of mounting political pressure to open its doors to new members such as Russia.

    The prestigious think-tank signed an agreement with Russia to help it make the economic reforms needed for OECD membership, but ministers said that both Russia and the 29-member organization have serious challenges to face.

    Ministers also agreed to criminalize bribery during the Monday session, and today began discussing the strategic changes that will be needed to comply with budget cuts.

    French Finance Minister Jean Arthuis, who chaired the event, said that the ministers had focused on three issues during today's meeting including relations between the OECD and non-member countries, OECD expansion and the internal reform process that will take place over the next year.

    'By the next meeting progress should show as the structural reforms take place,' Arthuis said. At the same time, Arthuis cautioned against the OECD losing its identity by giving up one of its unusual characteristics - decision by consensus.

    'We don't want to do 'clonage' We want to maintain our particularity,' he said.

    OECD secretary-general Donald Johnston, who took over at the helm of the OECD a year ago, pledged then to make significant inroads into overhauling the aging think tank.

    [05] Juppe steps down as Prime Minister of France

    France's Prime-Minister, Alain Juppe, will stand down after the second round of voting in the general election on Sunday.

    The move appears to be a last ditch attempt to rally support for the flagging centre-right coalition, after its unexpectedly low result in the first round. Mr Juppe, who has suffered from historically low opinion poll ratings in recent months, said yesterday, 'a new step has to begin now, it requires a new team, led by a new leader.'

    The unexpectedly strong showing of the Socialist/Communist alliance prompted some selling of the French franc yesterday, although the French currency has since stabilised. On the Paris Bourse today, shares steadied after plunging nearly 4% yesterday. At 0912 GMT, the CAC 40 index of most actively traded stocks was at 2655.01, up 0.27 point from yesterday's close. And French Treasury bonds and bond futures also steadied after dropping early yesterday and early today.

    In an interview given to a regional newspaper, Juppe noted that he had become 'a sort of scape-goat' for the rights poor showing in Sunday's first round of legislative elections. 'I didn't want that to harm the majority. It was clear that the French people were sending a message to the majority that we had to take into account'.

    He added that he felt the combination of a Socialist and Communist government would be confused, whereas the conservative's goals will be cleared up by French President Jacques Chirac's televised statement at 1800 GMT. 'The president will clearly explain his vision of what the new government's policies should be,' Juppe said.

    While no successor to Juppe will be named until the second round results are in, if the conservatives make a come-back and conserve their majority, Edouard Balladur and Philippe Seguin are two leading candidates to be the next prime minister.

    Meanwhile, in an effort to make the Socialists' economic program more credible, Socialist leader Lionel Jospin said, 'we will neither raise taxes nor spending,' and said jobs and wages plans would be phased in over a period of several years. Jospin also reaffirmed the Socialists' commitment to economic and monetary union - with conditions. Among those conditions are a renewed emphasis on job creation.

    [06] US consumer confidence rises to a twenty eight year high

    U.S. consumer confidence climbed to a 28-year high in May. The private business research group, Conference Board, said the business index measured 127.1 in May, up almost nine points from an upwardly revised reading for April of 118.5.

    'Consumers are not only upbeat about the current state of business activity, but believe the economy will continue to expand over the next six months,' Lynn Franco, associate director of the Conference Board's Consumer Research Centre, said.

    'Consumer projections are in sync with most of the key economic barometers, which are signalling healthy growth and only modest inflation ahead,' she added.

    Both components of the index rose sharply. The present situation index jumped to 152.2 in May, up from April's upwardly revised 141.6 reading, and the expectations index reached 110.3, up from an upwardly revised 103.2 in April.

    The percentage of consumers labelling current business conditions 'good' increased modestly, and the percentage of those who feel 'jobs are plentiful' rose to 36% in May from 31% in April. The consumer confidence survey is based on a representative sample of 5,000 U.S. households and is conducted monthly for the Conference Board by NFO Research in Greenwich, Conn.

    [07] Deutsche Telekom shares skid after Boetsch suggests accelerated new offering

    Deutsche Telekom's stock price dropped 2.1% after German Post Minister Wolfgang Boetsch said Bonn was considering accelerating the sale of its remaining holdings in the telecoms giant to help qualify for Economic and Monetary union.

    The news refuelled investors' fears that their holdings would be diluted by another huge public offering so soon. Telekom's shares fell 85 pfennigs to 39.20 Deutsche marks ($23.2) and were the biggest loser in floor trading on the Frankfurt Stock Exchange.

    In afternoon electronic trading, the stock ended down DM1.33, or 3.32%, at DM38.72.

    'We will certainly sell our shares faster than had hitherto been planned,' Boetsch told German news channel n-TV.

    Boetsch added that how state-owned shares in the German telephone monopoly would be sold had not yet been decided, but he was looking at three options. They were: a sale on the stock exchange, which would not require legislation; the sale of shares to a strategic partner, and the disposal of the state's entire stake.

    Josh Waiblinger, equities salesman at BHF-Bank, said he ruled out 'completely a public offering of a tranche of Telekom shares at this time.'

    Deutsche Telekom said it would keep its right to a capital increase if the German government proceeds with the plan.

    And Telekom spokesman Ulrich Lissek also said the company would not lose sight of shareholders' interests. Lissek said Telekom was in close talks with the German Finance Ministry, but declined to specify what the two sides were discussing. Referring to Germany's difficulties in qualifying for EMU, Boetsch said the privatisation would take place in such a timely way that 'the problems were are now facing can be dealt with satisfactorily'.

    That meant Finance Minister Theo Waigel should be able to book the proceeds of a further Telekom sale during the current year. 'It must be realisable,' Boetsch said.

    Bonn still controls nearly three-quarters of Telekom after last November's successful privatisation of a 26% stake, which raised 20 billion Deutsche marks ($11.86 billion).

    [08] UK's water companies expected to announce record profit

    The U.K.'s privatized water companies will probably vex the government by revealing record profit and dividends when they publish their results for the year to March 31 this week. Analysts forecast the sector's combined profit is likely to top £2 billion ($3.2 billion) for the first time.

    That could deeply annoy the Labour Party, which won power for the first time in 18 years at the beginning of the month. Since privatization of the ten regional water companies by the Conservative Party back in 1989, Labour has consistently attacked the sector for making ever-increasing profits while underinvesting in infrastructure. It has been partly due to this belief that the party decided to levy a one-off windfall tax on the privatized utilities to fund a youth-employment scheme.

    ''There's always the risk that the Labour Party could be enraged,'' said one analyst at Dresdner Kleinwort Benson, who asked to remain anonymous. However, she added that the party's antagonism to the water companies dates back a long time and politicians are unlikely to be genuinely shocked by the results.

    Even if the politicians aren't shocked, as such, they might well act as though they are, especially if the media jumps on the bandwagon.

    ''It will be stirred up by the media as much as it can be,'' said Panmure Gordon analyst Angelos Anastasiou. Indeed, he said the media will probably calculate the water companies' profits per second, without putting in a comparable rate for investment per second or wages per second.

    Outside the U.K.'s financial press, this is the usual way large profits by privatized utilities are reported, with British Telecom suffering a similar comparison earlier in the month.

    Nobody knows how the tax will be calculated. Anastasiou said there are 'millions' of theories, but he cautioned that even the simplest form of windfall taxes are complicated to assess.

    By Rupert Cocke

    [09] EMI Group appoints new head of US division

    EMI Group has picked Ken Berry, its senior international music executive, to oversee its lacklustre North American music operations.

    The appointment of Mr. Berry, who helped create chart-topping successes such as the Spice Girls and Smashing Pumpkins, follows the apparent ousting late last week of two North American music executives. The shake-up is another indication that years of investments in artists and operations haven't been enough to overhaul EMI's music operations in the U.S.

    EMI Music, the record and music-publishing arm of London-based EMI Group, is home to such artists as Garth Brooks and the Rolling Stones, but sales in the U.S. last year were weak compared with the five other biggest music- recording companies.

    The departures come following speculation that EMI Group is looking for a buyer or is considering a merger with another music company. About two years ago, Bertelsmann, which owns the RCA Record label, held secret discussions with EMI over just such a plan.

    Both companies walked away after preliminary talks, but late last year, rumours swirled that EMI's Chairman, Sir Colin Southgate, was talking with Edgar Bronfman, chief executive of Seagram, which owns Universal Music Group. People close to EMI Music said yesterday that the company isn't for sale, and that no talks are under way.

    Meanwhile , the EMI Group reported a 25% fall in its full-year pretax profit to £283.9 million ($452.8 million) from £376 million in the previous year. However, the group's pre-exceptional profit rose to £380.5 million from £367.3 million. EMI made a £117.2 million provision for the integration of its North American operations.

    EMI is also recommending a rise in its full-year dividend to 30 pence from 27 pence a year earlier.

    EMI said it will also be seeking approval at its annual shareholders' meeting in July to repurchase around 10% of the group's shares.

    [10] Sexual harassment case against Clinton can go ahead

    Paula Jones can pursue her sex-harassment lawsuit against President Clinton while he is in office, the U.S. Supreme Court has ruled.

    The Constitution does not shield the President from having to face lawsuits over acts unrelated to his official duties, the justices ruled unanimously in a case that already has been a major embarrassment to the White House.

    However, Justice John Paul Stevens wrote for the court, 'A stay of either the trial or (pre-trial fact-finding) might be justified by considerations that do not require the recognition of any constitutional immunity. The high respect that is owed to the office of the chief executive, though not justifying a rule of categorical immunity, is a matter that should inform the conduct of the entire proceeding,' Stevens said.

    'We assume that the testimony of the President ... may be taken at the White House at a time that will accommodate his busy schedule, and that, if a trial is held, there would be no necessity for the President to attend in person, though he could elect to do so,' Stevens wrote.

    The President has denied Jones' allegation that he propositioned her in an Arkansas hotel room in 1991, the court noted.

    The ruling means Clinton could become the first President to go to trial while in office to defend against a private lawsuit. However, his lawyers still can seek dismissal of Jones' claim on other grounds, or they could renew their previous effort to reach a settlement with her lawyers.

    Clinton - already enmeshed in the Whitewater affair and fund-raising investigations - argued that dealing with Jones' lawsuit would take time away from his presidential duties. His lawyers also said that giving a trial judge control over when Clinton must be in court would violate the constitutional separation of powers between the executive and the judiciary.

    Jones says Clinton summoned her to a Little Rock hotel room in 1991, exposed himself to her and asked her to perform a sex act. He was governor of Arkansas at the time and she was a state worker.

    Jones' lawsuit says she can identify 'distinguishing characteristics' of Clinton's private parts. She sued in 1994 and is seeking $700,000 in damages.

    Clinton has denied ever having an encounter with Jones and has said he cannot recall whether he ever met her.

    The President's lawyer tried unsuccessfully to negotiate a settlement before Jones sued.

    [11] Thyssen profit nearly doubles in first half

    Thyssen said six-month group net profit rose to 631 million Deutsche marks ($374.1 million) from 349 million a year ago, despite a sales decline to 17.9 marks from 18.4 billion marks.

    However, Thyssen said it expects business to pick up in the second half, leading to an increase in profit.

    'For the business year 1996/1997, we're expecting earnings above the level of the previous year, making possible a dividend at least at the level of 1995/1996,' Thyssen said. The company paid an 8 mark dividend for 1995/1996.

    The company also said restructuring measures were already starting to bear fruit and lead to an improved result this year in its trading and services and capital goods divisions to a noticeable rise in earnings.

    Thyssen said its steel business would also post a clearly positive result, although it was not yet clear whether the division would match its year- earlier result. The company last year announced a strategy to spin off non- core businesses and focus on its five main business areas. It has also agreed to merge its steel operations with Fried Krupp Hoesch-Krupp.

    The company added that the leap in earnings in the first half was partly due to 'extraordinary effects.' Barring such influences, first-half group pretax profit rose 22%, Thyssen said without providing numbers. All divisions achieved a profit in the first half, it said. Also, adjusted for deconsolidations, Thyssen said group sales in the period rose by 2%. Again, no detailed figures were provided.

    Meanwhile, the Duesseldorf-based company said 'since the beginning of 1997, we have been able to book clearly more new orders.' In the first half of the financial year, incoming orders totalled 17.8 billion marks. Unadjusted for changes in the corporate structure, new orders were down 2%, Thyssen said. Adjusted, there was a rise of 1%, mostly due to increased foreign orders.

    [12] Metro profit reaches $421 million in 1996

    Metro said that 1996 group net profit reached 717 million Deutsche marks ($421 million) on group sales of 62 billion marks.

    Earnings data for 1995 were not available because the company was formed in 1996, out of the merger of three big German store groups. Metro has said, however, that annual 1996 sales were flat compared with the combined sales of its subsidiaries in 1995.

    The company, in a statement announcing annual results, said that although 1997 would be another difficult year for German retailers, management still expected 'a positive development in the company'.

    The company said it expects group sales to grow in the current year by about 3 billion marks. 'This result expectation is based on our conviction that we will improve results in our business areas, lossmakers will no longer be part of the group and that we still have further merger synergies, ' chief executive Klaus Wiegandt said.

    Taking divestments and acquisitions into account, Metro said the rise in sales corresponded to 1.8% on the year.

    Metro said operating profit totalled 1.06 billion marks in 1996, with earnings per 5-mark share according to the German DVFA standard at 7.10 marks.

    The company said it will pay shareholders a dividend of 2 mark plus a bonus of 2 marks on common shares and a dividend of 2.25 marks plus a bonus of 2 marks on preferred shares.

    Metro said the individual business divisions developed differently, with its electronics stores, department stores and, taking extraordinary expenses into account, Adler clothes stores showing the best development.

    Operating profit at Metro department stores totalled 202.6 million marks, while the electronics stores posted operating profit of 240.4 million marks. Metro's clothes stores reported operating profit of 28.2 million marks.

    [13] ENI and Enel plan stock listing for their joint electricity venture

    Italian energy group ENI and electricity group Enel told a parliamentary commission in Rome that they plan to float a stake in their new electricity joint venture, but had not yet decided how much.

    The companies also said that the details of a the planned venture will be decided by the end of the summer.

    Enel managing director Franco Tato said the two companies plan to seek a stock market listing in New York for the joint venture, using the cash raised to develop the new company. Following the listing, ENI and Enel will hold a stake of about 20% in the venture, Tato said.

    ENI and Enel announced plans earlier this spring to establish an electricity joint venture, but have so far released few details. The planned joint venture has been criticised for limiting competition in the electricity sector. Indeed, ENI and Enel are awaiting a pronouncement from the Italian antitrust authority regarding the deal.

    ENI managing director Franco Bernabe said the company didn't know what stake would be offered but noted that 'we have said from the start that the majority will not be held by the two founding partners but will be in private hands.'

    'We don't have pre-fixed percentages in mind,' said Enel chairman Chicco Testa. 'We'll see what the market's response is. We hope the shareholder base will be as broad as possible.' ENI and Enel confirmed that General Electric Co. of the U.S. had expressed an interest in buying a stake, but that nothing had yet been agreed. 'No deal has been done. There isn't even a letter. They've just expressed their interest,' Testa said.

    Tato said the business plan was still being discussed with ENI , but the companies hoped it, and flotation plans, would be ready by summer. Testa said they had not ruled out quoting the new company in Italy, but there were technical problems related to an Italian flotation at the moment.

    Bernabe said investment of some five trillion lire ($3 billion) is planned, mostly in the national thermoelectric industry, and create many jobs.

    The Treasury said it plans to sell a third tranche of ENI in late June. Enel had been due to be privatised this year but the schedule has slipped.

    [14] Toshiba profit drops 29% to $1.1 billion

    Japan's Toshiba Corp., one of the country's top semiconductor makers, reported that its consolidated pretax profit dropped 29% from a year earlier to 125.46 billion yen ($1.1 billion), as weak chip prices broadsided the company's results.

    Group net profit dipped 26% to 67.08 billion yen and operating profit plunged 30% to 154.25 billion yen on a 6.5% rise in sales to 5.453 trillion yen.

    Consolidated results were hurt at the operating level by weak chip prices, as cost of sales and sales promotion and general administrative costs increased at a faster pace than sales.

    Speaking at a press conference, Toshiba Senior Executive Vice President Atsumi Uchiyama said that despite an increase in sales, Toshiba suffered from sizable drops in its profits because of tumbling semiconductor prices.

    Parent sales of information systems and electronic devices rose 10% to 2.430 trillion yen, but sales of other products declined. Heavy electric machinery sales fell 9.0% to 881.26 billion yen, while sales of home appliances slipped 4.0% lower to 510.13 billion yen.

    Parent exports jumped 13% to 1.301 trillion yen.

    Toshiba expects mild improvement in its earnings in the current year, with parent pretax profit forecast to rise to 100 billion yen and parent net profit seen increasing to 63 billion yen on sales of 4 trillion yen.

    [15] Corporate and Economic Briefs

    Guinness and Grand Metropolitan have formally notified the European Commission of their planned merger, giving the commission one month to decide whether to clear the transaction or begin an in-depth four-month investigation. The commission said in a statement published in the European Union's official journal that on first sight the agreement appears to fall under the scope of the E.U.'s merger legislation. This rule gives the commission the power to block, modify or approve big mergers that have an effect on the European market.

    Ireland's Waterford Foods said it had agreed improved merger terms from Avonmore Foods to create a dairy giant which would be one of the five biggest milk producers in the world. The deal will be worth 337 million punts ($221.7 million). Ireland's dairy sector is consolidating following the announcement. The merger will be completed by combining the companies' creamery operations based on net assets, and the acquisition of the outstanding issued share capital of Waterford Foods by Avonmore Foods.

    Bayerische Hypotheken- und Wechselbank, Germany's fifth-largest listed bank, said its operating profit before risk provisions rose moderately in the first four months of 1997 and exceeded the 1.5% growth rate recorded in the first quarter. The bank also predicted full-year 1997 earnings would exceed 1996. Chief executive Eberhard Martini said in a speech prepared for the annual shareholders meeting that the bank had made progress in reducing its exposure to problem loans.

    German insurer Allianz said management board member Roberto Gavazzi will step down June 30 to be replaced by Helmut Perlet, currently a director at the Allianz head office. Gavazzi is resigning in order to return to Italy, Allianz said. The company said current board member Detlev Bramkamp will take over Gavazzi's role on the board covering European activities. New board member Perlet will be in charge of controlling, accounting and taxes. He will officially assume his new post July 1. Meanwhile, the company said a new International Executive Committee will be formed as part of the group's efforts to internationalize its management structure.

    Spanish bank Banco Santander and Sudacia, 100%-owned by the Perez Companc family, have signed an agreement by which Santander will take control of Banco Rio de la Plata of Argentina, Santander said. 'The operation will involve payment of $594 million by Banco Santander, and the transfer to Sudacia of approximately 6% of Banco Santander Chile,' the company said. Gregorio Perez Companc is the main shareholder in Banco Rio de la Plata.


    From the European Business News (EBN) Server at http://www.ebn.co.uk/


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