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Dreamliner Grounded As White Smoke Spotted

Written By Unknown on Kamis, 16 Januari 2014 | 00.11

A Boeing 787 Dreamliner has been grounded after white smoke was spotted coming from the plane - the latest in a series of problems that have plagued the model.

Japan Airlines said cockpit warning lights on the plane indicated potential problems with the main battery and charger, and a battery cell appeared to have been leaking.

The fault, coming almost one year since the global 787 fleet was grounded by regulators after two batteries overheated, raised fresh concerns about the model's safety and reliability.

Boeing said it was "aware of the 787 issue that occurred on Tuesday afternoon at Narita, which appears to have involved the venting of a single battery cell".

It referred to the process of fumes and heat being channelled outside the aircraft.

The burnt auxiliary power unit battery, removed from an ANA Boeing Co 787 Dreamliner plane which made an emergency landing, is seen next to an undamaged one The entire 787 fleet was grounded after two batteries overheated

In the wake of the news, Boeing shares fell 0.6% to $139.87 on the New York Stock Exchange.

United Airlines spokeswoman Christen David said the company was looking into the matter. United is the only US carrier that uses the 787.

Japan Airlines said maintenance engineers who were in the cockpit saw white smoke outside the plane. When they went outside the aircraft the smoke had dispersed.

On returning to the cockpit, the engineers found warning lights indicating possible faults with the main battery and charger. When they checked the battery they found one of eight cells was leaking a liquid.

A 787 Dreamliner passenger jet. Boeing share fell after news of the latest problem was announced

The plane, due to depart from Tokyo Narita airport for Bangkok, was taken out of service, and the 158 passengers due to board the plane were put on a separate 787, JAL said.

Aerospace experts said the incident was troubling, but were cautious about drawing broader conclusions.

Almost exactly a year ago, All Nippon Airways grounded its 787 fleet after two 787 batteries overheated on two different planes in less than a fortnight.

Global regulators grounded the worldwide fleet days later, with all Dreamliners left out of action for more than three months while Boeing redesigned the battery, charger and containment system to ensure battery fires would not put the aircraft at risk.

The cause of the battery problems has not been determined.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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RBS Bonus Row: Cameron Confirms Cash Limit

David Cameron has told MPs the Government will limit Royal Bank of Scotland's (RBS) cash bonuses to £2,000 for the fourth year in a row.

At Prime Minister's Questions in the Commons, he also said he would reject any proposal by the part-nationalised lender to increase its overall pay and bonus bill.

Mr Cameron was speaking as the Government came under pressure to block an expected move by RBS to double the amount it is allowed to pay out in bonuses from 2014.

The bank, which will next month confirm its 2013 bonus arrangements, is in talks on invoking a new EU rule in 12 months' time which would allow it to pay out up to twice an employee's salary - providing shareholders approve it.

Crucially, Mr Cameron did not mention share award bonus levels when Labour leader Ed Miliband requested the Government reject any bid by the bank to raise its bonus cap this year.

Ed Miliband Ed Miliband sees political capital in targeting bank bonuses

Labour, which has tabled an opposition day motion to be debated today, argues it would be wrong to allow a loss-making, part-nationalised lender to pay such rewards at a time when the country was suffering a cost of living crisis.

The PM said: "We will continue with our plans for RBS that have seen bonuses come down by 85%, that has seen the bonus pool at one third of the level that it was under Labour."

Under the EU cap, bonuses of more than 100% of basic salary must be approved by shareholders - in RBS's case, the British taxpayer, represented by the Chancellor.

George Osborne is challenging the cap in the courts, arguing it would not lead to bankers receiving less money.

He warned on Wednesday that financial institutions could be expected to respond by paying higher basic salaries, which he said would be more difficult to claw back if things went wrong.

Mr Osborne is in a difficult position in that while he tries to protect the City, he does not want to damage RBS through the loss of key personnel to better-paying rivals.

He is also mindful of Labour's accusation he is standing up for the wrong people in the wake of the financial crisis.

Barclays has already moved to support the bigger rewards under the new cap, but the bank received no state help at the height of the financial crisis and so the Government has no means to control its bonus scheme.

RBS chief executive Ross McEwan RBS boss Ross McEwan is planning further job cuts

Sky News learned last week that the new chief executive of RBS, Ross McEwan, was drawing up cost-cutting plans to be announced next month that could result in thousands more job losses at the bank.

It has significantly slashed its investment banking operation - traditionally employing those on the biggest bonuses - since its bailout, under orders to concentrate more on day-to-day lending in an effort to boost the UK economy.

A new round of job losses should help bring down the bonus total.

Mr Miliband is to use a speech on Friday to demand the five biggest players on the high street, HSBC, RBS, Lloyds, Barclays and Santander, be forced to sell branches in a bid to stimulate improved competition.

The banks last year accounted for 90% of bank customers and total lending.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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Toshiba To Buy British Nuclear Power Firm

Toshiba is to take a controlling stake in a nuclear firm planning to build three power plants in Cumbria.

The Japanese company - best known for its electronics business - has agreed to buy 60% of NuGeneration, which is owned by France's GDF Suez and Spain's Iberdrola.

The deal - expected to be completed within six months - is seen as an attempt by Toshiba to rekindle its atomic interests which were badly damaged in Japan as the country rowed back from nuclear power after the Fukushima crisis.

The purchase was worth about £102m but was "subject to adjustment", Toshiba said, in an announcement that sent its Tokyo-listed shares 4.5% higher in early afternoon trading.

Its statement said: "Toshiba, in collaboration with its group company Westinghouse Electric ...intends to move forward with the construction of three (pressurised water) nuclear reactors (in Moorside, England) in partnership with GDF Suez."

Hinkley Point nuclear plant CGI picture The Government wants the UK to have a broad energy generation capability

Toshiba boosted its interest in US-based Westinghouse last year as it eyes nuclear opportunities outside disaster-struck Japan.

Rival Hitachi said in 2012 it would buy British power firm Horizon to expand its business overseas.

Japan's nuclear stations have been shut down since 2011, when reactors at the Fukushima power plant were sent into meltdown after being hit by the devastating earthquake-born tsunami, causing the world's worst atomic accident in a generation.

It also decimated demand for new atomic plants in Japan.

Japan's pro-nuclear Prime Minister Shinzo Abe has been pushing a drive to sign atomic contracts abroad.

Last year, Japan and Turkey agreed a long-awaited deal to build a sprawling nuclear power plant on Turkey's Black Sea coast, marking the first order for Japan's atomic sector since the 2011 crisis.

The UK Government agreed last year a £16bn deal with French energy firm EDF to build the Hinkley Point C nuclear plant in Somerset - the first new nuclear investment in the country for 20 years.

Britain has agreed to subsidise the project to build the two reactors, promising guaranteed power prices from the plant for 35 years, but the agreement is under threat from a European Commission investigation into whether the subsidised deal was the result of a genuine market failure.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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China's Car Manufacturing Market Cruises Ahead

By Mark Stone, Asia correspondent in Beijing

The boss of Mercedes-Benz in China has told Sky News that survival in the automotive industry is based largely on success in China.

Hubertus Troska, chairman and CEO of Daimler Greater China, the parent company of Mercedes, was speaking to Sky News from the wheel of a Mercedes E-Class built not in Germany, but in China. 

"You look back 30 years, you couldn't own a car," Mr Troska says. "It was all bicycles and now you look at the city of Beijing - it is so fascinating; China is absolutely unbelievable."

Mercedes-Benz is sold as a brand and a badge synonymous with safety, reliability and quality. China, historically at least, is known for none of those qualities.

And yet, in 2008, Mercedes made an historic decision to manufacture some of its cars in Beijing. Last month it chose China for the company's first engine plant outside Germany.

Made in China Many German car companies now build their products in China, for China

"[It] really is the biggest automotive market in the world, so all car companies in the world would like to be in China and want a strong position in China," he explains.

"There is no doubt, this is already today the greatest and biggest market in the world and it is the fastest growing market as well."

Mercedes' continued expansion into China follows moves made by Volkswagen, Audi, Fiat, BMW and more. It speaks volumes for the importance of the Chinese market.

It also illustrates just how far China has come because in so many sectors it is no longer the sweatshop factory floor of the world. It has transformed into a first-world player with much to offer.

"This is the size of 19 football pitches!" Dr Markus Keicher boasts as we enter one of the vast buildings which makes up Mercedes' vast factory complex in the south of the Chinese capital.

Made in China Hubertus Troska: 'You look back 30 years, you couldn't own a car'

It has taken months to persuade the company to let Sky News have a peak inside. It takes about an hour's journey through the thick Beijing traffic to reach it.

Dr Keicher is the general manager of Mercedes Powertrain Engines and this building, Mercedes' new Chinese engine plant, is his kingdom.

The sprawling complex is so large, a golf buggy is provided to show us around. Everything around us looks state-of-the-art.

German-branded robotic arms, attached to the ceiling, whoosh from one zone to another.

Workers, almost all Chinese, man their stations and with the help of a few robots build their engines.

"The workers are all trained in Germany," Dr Keicher tells us. "They are trained to the highest standard."

His colleague then interrupts: "We give them the full German experience; we try to get them to the beer festival while they are over [training in Germany]!"

Mercedes-Benz is one of countless German brands, not limited to the automotive industry, who have been plugged into China, and are reaping the financial rewards for many years.

Germany's manufacture-based economy gives it a clear advantage in the export market. However, many German companies have taken their China operations to another level; they now build their products in China, for China.

Made in China The Chinese workers in the factory are trained in Germany

The domestic consumer base in China is growing larger and more wealthy. It is increasingly becoming the key to financial growth for brands like Mercedes.

Placing their factories in China reflects a complete confidence in Chinese workmanship, but it also proves the company believes local manufacturing is the key to winning the Chinese market.

Britain's Jaguar Land Rover, now Indian-owned, is in the process of building a factory outside Shanghai; a move it hopes will help build on its remarkable success in the Chinese market.

It insists the decision represents an expansion, not a shift in production from their West Midlands plant.

To operate in China, foreign companies must establish joint ventures with Chinese counterparts. The result, for Mercedes, was the Beijing Benz Automotive Company (BBAC).

The president and CEO of BBAC is a German called Frank Deiss. The next two managerial levels are both Chinese positions.

"We are growing here extremely fast," he says. "If you have a look outside, much construction is going on," he tells me as we watch a Chinese-made C-Class roll off the production line.

Made in China BBAC President Frank Deiss: 'We are growing here extremely fast'

"Currently we have a capacity of around 140,000 units [cars] a year but as you can see, the capacity is increasing," he adds.

BBAC currently makes three models of Mercedes in China: the C-Class, a specially designed long, wheel-base E-Class, and the GLK SUV 4x4.

They are identical to their German cousins in every way except the Chinese writing on the back.

For now, the Chinese Mercedes' are sold only in China. But other foreign firms with Chinese factories are considering selling their cars abroad.

Volvo Chief Executive Hakan Samuelsson said recently that his Chinese-made cars could soon be on sale in the West.

"No one cares if Volvos come from ... Ghent in Belgium, or Sweden ... Nationalities are for football," he says.

In 2012, approximately 50% of Mercedes-Benz cars sold in China were built in China. They hope this will increase to three quarters in a year or so.

Made in China Global sales for the parent company of Mercedes-Benz are up 15%

The engine plant has a current capacity of 250,000 per year. Again, we're told, this will increase.

In October 2013, global sales for Daimler, the parent company of Mercedes-Benz, Smart and BBAC, were up 15%.

In China, their October sales were up 9.1% with 17,348 vehicles shifted in the month.

The figures from other German car manufacturers with an even bigger footprint in China underline importance of local investment and local production.

Audi car sales in China rose a staggering 32% to 407,738 in 2012. BMW's sales increased 41% over the same period.

"We fully recognise the overall company success, of Mercedes worldwide, is dependent to a good extent to our success in China," Daimler CEO Hubertus Troska says.

"So we want to become even more successful in China, contributing to the overall success of the company."

Made in China The companies engine plant has a current capacity of 250,000 per year

After being asked why it makes sense to build locally, Mr Troska says: "As we want to grow in this market, we have to become more local.

"And therefore we put a lot of manufacturing into this country now. We are investing heavily - two billion alone in the next two years - to expand our capacity to build local vehicles so that we can better cater for the local needs of our customers here in China."

But what about safety? Are their Chinese-made cars really as safe and reliable as the German-made ones? Of course, he tells me, no question.

"We are Mercedes-Benz, so we build to Mercedes-Benz standards and the vehicles we produce in China are exactly the same high quality than in Germany or any other plant," he insists.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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China Defends Blocking Some Western Websites

By Mark Stone, China Correspondent in Beijing

China's ambassador to the UK has defended his country's long-standing decision to block some Western media companies, in an interview with Sky News.

Speaking to Sky's Jeff Randall, Ambassador Liu Xiaoming said the websites of the New York Times, Bloomberg, Facebook and Twitter would remain blocked because "they have to fall in the law of China and they have to serve the interests of the people".

"Are you really saying that you want propaganda rather than the truth?" Randall asked the ambassador.

"No. That's not true. We are looking for truth," the ambassador replied.

"We manage the media according to the law. The important thing is that the media, whether it's foreign or Chinese, they have to fall in the law of China and they have to serve the interests of the people.

"What we are concerned about is the healthy content, is whether it's in the interests of improving mutual understanding in China."

Asked what the media companies could possibly publish that would damage China's interests, Mr Liu said: "You should ask them.

Facebook And Twitter Logos Twitter and Facebook are among the websites blocked

"We expect them to be a good citizen in China rather than spreading rumours and bias against China, and we don't see that's the purpose of increasing mutual understanding between China and the outside world."

The blocking of the New York Times and Bloomberg websites is believed to stem from investigative journalism done by both organisations which exposed the huge wealth of China's leaders including the country's current president and general secretary of its Communist Party, Xi Jinping.

Twitter and Facebook are both unavailable inside China because of their ability, as the ambassador put it, to "spread rumours".

China has its own very popular version of Twitter called Weibo, but because it is controlled domestically, the authorities are able to censor it and delete posts which they deem damaging to their interests.

They are unable to do the same with Facebook and Twitter.

Many users in China, including most foreigners, manage to get round the so-called "Great Firewall of China" using virtual private networks (VPNs) which trick their computer or smartphone into believing it is operating outside China.

Since Mr Xi took office in March 2013, there has been a marked increase in the number of people detained for speaking out online against corruption or other aspects of displeasure with their local or national government.

Bloomberg error message in China This is the message that comes up if you try to access Bloomberg in China

Those detained include known "dissidents" of the Chinese Communist Party, but also other regular citizens, lawyers and academics.

Despite this, Mr Liu insisted that China was reforming in several key areas.

"Comprehensive deepening reform … five major areas including economic reform, political reform, education, cultural, environmental …," he said.

"So I think the country will be completely changed as a result of this reform."

Mr Liu said he believed the West suffered from a significant lack of knowledge of China, and said it was up to the Western media to "open their eyes" in China.

"Unfortunately, Western countries know not enough of China," he said.

"There is a big imbalance about how much Chinese people know about the outside world and how much the outside world knows China, especially in the Western world, there's still some people haunted by this so-called Cold War mentality.

"They see China through the stained glass and they see China through their stereotype mindset of China.

"So I think it's really up to the media, for Western journalists, they have to open their eyes to see the comprehensive picture of China."

However, foreign journalists operating in China are routinely blocked from carrying out their work objectively.

In March, Sky News faced detention for four hours after mentioning the pro-democracy protests in Tiananmen Square in 1989.

And in November we were forcibly prevented from meeting the wife of the Nobel Peace prize winner Liu Xiaobo.

He remains in jail, convicted of subversion of the government.

Even seemingly simple reports are off limits: a comprehensive look at China's remarkably impressive high-speed rail network had to be filmed in the guise of tourists because a year-long attempt to get permission to film on trains and stations was rejected by the government with no reason given.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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German Economy Slips As World Forecast Raised

The World Bank raised its forecast for global growth for the first time in three years just as Germany reported its worst economic performance since 2009.

The bank's latest Global Economics Prospects report predicts world output will firm from 2.4% in 2013 to 3.2% this year and 3.4% in 2015.

The growth would be led, the study said, by advanced economies starting to pick up pace following the financial crisis.

But just hours after the upbeat report was released, Germany confirmed its economy - Europe's biggest - slowed more than expected last year.

GDP output growth was measured at just 0.25% in the fourth quarter.

Germany, unlike many other countries in the 18-nation eurozone, avoided recession as the continent struggled to put its debt crisis behind it but the effects of the downturn hit demand as exports weakened.

Apple Begins Selling iPhone 5 S/C In Berlin Consumer spending is the main driver of German growth currently

Nevertheless, the Bank's rosier outlook suggests the wider world economy is finally breaking free of the shackles caused by the credit crunch and resulting depression - led by improving growth in the United States.

Its chief economist Kaushik Basu said: "For the first time in five years, there are indications that a self-sustaining recovery has begun among high-income countries - suggesting that they may now join developing countries as a second engine of growth in the global economy."

The bank again shaved its forecasts for developing countries, to 5.3% for 2014 from the 5.6% it predicted in June.

Emerging markets have grown at their slowest pace in a decade for the past two years, after chalking up growth rates of around 7.5% before the financial crisis hit.

However, the report warned that growth prospects remain vulnerable.

It cited the threat from rising interest rates and potential volatility in capital flows as the US Federal Reserve eases up on the extraordinary stimulus it has been providing to the US economy.

However, the bank said it expected the Fed and other major western central banks to keep their core interest rates low for at least another year.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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Chancellor Warns The EU: 'Reform Or Decline'

George Osborne has threatened Britain will leave the European Union unless it reforms to reverse economic decline.

The Chancellor said that over the last six years the European economy had stalled, while in the same period the Indian economy has grown by a third and the Chinese economy by 50%.

Mr Osborne said economic power was "moving eastwards and southwards" and that Europe's share of global output was expected to halve by 2030.

"Make no mistake, our continent is falling behind," he said.

In what was widely regarded as an attempt to quell the growing unrest over Britain's membership of the EU among the Conservative party, Mr Osborne insisted the Government would fight to deliver reform in Europe - and then there would be an in-out referendum.

Addressing a conference on EU reform organised by Open Europe and the Fresh Start Project, Mr Osborne said: "The biggest economic risk facing Europe doesn't come from those who want reform and renegotiation - it comes from a failure to reform and renegotiate.

"It is the status quo which condemns the people of Europe to an ongoing economic crisis and continuing decline. And so there is a simple choice for Europe: reform or decline.

"Our determination is clear: to deliver the reform, and then let the people decide."

Hague Osborne invoked Hague: 'We should be in Europe but not run by Europe'

The speech comes after 95 eurosceptic Tory backbenchers put their name to a letter demanding that Parliament be given a veto over EU legislation.

Pointing out Europe's failings, Mr Osborne said: "Look at innovation, where Europe's share of world patent applications nearly halved in the last decade.

"Look at unemployment, where a quarter of young people looking for work can't find it. Look at welfare.

"As Angela Merkel has pointed out, Europe accounts for just over 7% of the world's population, 25% of its economy and 50% of global social welfare spending. We can't go on like this."

And he quoted Foreign Secretary William Hague's position on Europe that Britain should be "in Europe but not run by Europe".

The Chancellor also warned that Britain would protect the UK's financial services from binding legislation passed by the countries in the Eurozone.

He also blamed EU rules on bankers' bonuses for driving a sharp increase in bankers' salaries.

Mr Osborne's intervention comes at a time of heightened tensions over EU immigration. 

The Prime Minister, who has committed to a 2017 referendum on EU membership, has drawn-up a fresh economic plan for Britain which includes cutting the deficit and taxes, better schools, and addressing the issue of jobs and immigration.

However, on Tuesday Robert Chote from the Office for Budget Responsibility - the Government's economic forecasters - said cutting net migration would harm the British economy.

A Sky News poll in the summer showed that 51% of British people would vote to leave the EU, while 49% would vote to continue membership.

UK Independence Party leader Nigel Farage dismissed Conservatives' claims to be able to lead a process of reform in Europe and said: "Once again we have the Conservatives talking about EU reform, and once again their claims are utter bunkum."

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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Tax Fugitive Michael Voudouri Held In Cyprus

One of Britain's most-wanted tax fugitives has been arrested in Cyprus after spending months on the run.

Michael Voudouri was seized at his home in the north of the country after allegedly using a forged passport, Police Scotland said.

He was listed among the UK's 10 most wanted tax fugitives last August after failing to appear for sentencing in connection with a multimillion-pound scam. 

Voudouri had pleaded guilty to money laundering charges linked to VAT fraud at the High Court in Glasgow, but was not present for sentencing in March 2012.

He is believed to have cost UK taxpayers an estimated £10m. 

His associates, Richard Housley and Caroline Laing, are serving four-year and two-and-a-half-year jail terms respectively.

A Crown Office spokesman said: "We are aware that Michael Voudouri has been arrested and is currently in custody in northern Cyprus in connection with an alleged immigration offence.

"We await the outcome of those proceedings with interest."

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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Npower Says Sorry As Bill Complaints Soar

One of the 'big six' energy suppliers, npower, has told Sky News it has let many of its customers down amid a rising tide of complaints to regulators and charities.

Information compiled by the watchdog Consumer Futures found that the company continued to receive the highest number of complaints between July and September - around eight times more than the best-performing firm, SSE.

Its data suggested npower collected nearly half of all gripes against energy firms to third parties in the period, numbering 253 per 100,000 customers - a rise of 25% on the previous three months.

Npower responded to the findings by apologising.

Its director of retail, Roger Hattam, said: "Last year, we apologised to our customers for the service issues they may have faced, following the installation of a new billing system.

SSE SSE got the least number of complaints

"I know that we've let many of our domestic customers down and I want to apologise personally for this and promise that they will not lose out financially as a direct result of these issues.

"We're working on these issues as top priority and, while we still have a long way to go, we're making good progress.

"Our customers deserve to get the best service possible and this is my commitment to them."

Audrey Gallacher, director of energy at Consumer Futures, added: "It's very disappointing to see that since our last reporting period (April - June 2013), complaints about npower have increased.

"While npower has acknowledged and apologised for its poor billing systems and agreed to pay vulnerable customers who have been disadvantaged, its deterioration in performance is still wholly unacceptable and the company must address the failure of its systems, processes and customer service to put things right.

"We expect Ofgem to monitor npower closely, so that any customers who have been a victim of poor billing practices will not lose out financially. 

"Energy companies have repeatedly said they want to rebuild consumer trust.

"Good customer service and complaints handling are key ingredients to achieving this and suppliers still have a long way to go.

"Along with price, good service is important to customers. 

"People want to know the relative performance on complaint handling to help them make informed choices when deciding whether to switch."

Energy firms have recently confirmed reductions to their recent hikes in bills to take account of a Government decision to reduce so-called green levies but remain under pressure on prices amid a lack of clarity over profits.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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Former BT Telco Arm Plots £150m London Float

By Mark Kleinman, City Editor

The main telecommunications provider on the Isle of Man is preparing for a float on London's junior stock market that will value it at about £150m.

Sky News understands that Manx Telecom, which was founded in the late 19th Century, is expected to announce in the next few weeks that it will seek a listing on the Alternative Investment Market.

The move will provide an exit for Manx's main shareholder, the private equity group Hg Capital, and will form part of a bulging pipeline of listings being planned for 2014.

Liberum Capital, an investment bank, has been appointed to work on the flotation.

Manx has been through several changes of ownership since being set up 120 years ago, with BT at one stage owning the company, before it was offloaded as part of the demerger of MMO2, the mobile phone group which was subsequently acquired by Telefonica of Spain.

Employing several hundred people, Manx has a track record of technological innovation, becoming the first company in Europe to launch a live 3G service.

Last year, the company made a pre-tax profit of about £25m.

Manx's management team will begin holding discussions with City institutions before the end of January, one insider said on Wednesday.

A spokesman for Hg Capital declined to comment.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.


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