The board is understood to have discussed a demerger, and Mr Clarke is believed to be keen on the idea.Bass is on Thursday expected to report pre-tax profits before exceptional items of £320m to £340m in the six months to March, from £324m in last year's first half. Analysts said the company could be suffering from the foot-and-mouth epidemic's effects on UK tourism. The sharp slowdown in the US economy could also be harming trade at its hotels.The company is working on a new identity, as it sold the Bass name along with its breweries. It has until August next year to make the change and is working on a name shortlist.Shares in Bass closed unchanged at 782p.. Banking experts, including advisers to Lloyds TSB, yesterday dismissed as "loony" rumours that Lloyds had offered to sell customers in a bid to win regulatory clearance for its proposed acquisition of Abbey National.
Banking experts, including advisers to Lloyds TSB, yesterday dismissed as "loony" rumours that Lloyds had offered to sell customers in a bid to win regulatory clearance for its proposed acquisition of Abbey National.The comments came as Denise Kingsmill, deputy chairman of the Competition Commission, began preparing her report into the proposed deal after a three-month investigation. She will block a bid from Lloyds if she concludes a tie-up with Abbey is against the public interest, but she may clear the deal subject to certain remedies.It is thought that Lloyds has ruled out agreeing to large-scale concessions. That includes so-called structural remedies, such as the sale of current account customers, or that of entire branches to rival banks.Lloyds is understood to have discussed with Ms Kingsmill only those remedies that the Commission itself proposed last month. Apart from blocking the deal, these include selling branches, divesting the Cheltenham & Gloucester building society, and improving the terms on current accounts.The sale of Abbey customers is widely perceived as impractical, as customers cannot be obliged to break their contract with banks and they could in any case move to another Lloyds branch "It's a loony idea. It's nonsense," one Lloyds adviser said yesterday.Jonathan Pierce, an analyst at HSBC, one of the few City banks not advising either Lloyds or Abbey, said: "It would be quite difficult to structure [selling current account customers]."In earlier assessments of the banking sector, the Commission has noted the advantage enjoyed by branch-based players. Some analysts said the sale of C&G's branch network could stimulate competition.. The world's largest drugs company, GlaxoSmithKline, might re-launch Lotronex, the treatment for irritable bowels that was pulled in November after fear that it could cause death in some cases.
The world's largest drugs company, GlaxoSmithKline, might re-launch Lotronex, the treatment for irritable bowels that was pulled in November after fear that it could cause death in some cases. Its revival would help the Jean-Pierre Garnier, Gsk's chief executive, answer critics who have questioned the quality of Gsk's drugs pipeline. Gsk shares rallied 24p yesterday, but closed down 2p at 1,935p.Gsk said it had been in discussions with the US Food and Drug Administration since January. It is thought that an advisory panel to the FDA is to review Lotronex next month. With a positive appraisal, the drug could be prescribed as soon as September. A company insider put the chances of Lotronex returning to the market as high as 30 per cent.Glaxo Wellcome launched the drug in March last year but was forced to tighten warnings on the label in August. The drug was subsequently withdrawn following meetings with the FDA about reported fatalities.
