Financial Services Industry
Industry: Email Alert RSS FeedCable & Wireless.
Financial News, May, 2001
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The Sunday Telegraph
Graham Wallace, chief executive of Cable & Wireless, will refuse to give any of the group's [pound]6bn (E9.7bn) cash to shareholders.
Investors have been hoping for a payout when the group announces its results on Wednesday. Many hope to raise cash from their C&W holdings to help fund some of BT's record [pound]5.9bn rights issue.
The Observer
Wallace is understood to believe it would be "crazy" to give back money when telecoms and internet businesses are trading at rock-bottom prices. He will attempt to restore his reputation by outlining a detailed acquisition strategy.
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