O & Y wins reprieve

Article Abstract:

A group of 12 banks agreed to maintain a 21 million pounds sterling loan to Olympia and York, developers of Canary Wharf in London's Docklands. The parent company applied for protection from creditors under Canadian bankruptcy law on May 14 1992 but there is no pressure for Canary Wharf to be placed in administration under British insolvency law. The Department of Transport expects the 40 million pounds sterling instalment, due in Mar 1992, of the promised 400 million pounds sterling contribution towards the Jubilee Underground line, without which Canary Wharf would be worth even less. The Secretary of State for the Environment, Michael Howard, is unlikely to move 2,000 civil servants into the office space unless it is good value for money.

Finance, London, England, Buildings and facilities, Subways, England, Olympia and York Canary Wharf Ltd.

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How Brown was transfigured from swan to fall guy

Article Abstract:

It is likely that the recent retirement of Cedric Brown from his post as chief executive of British Gas had been planned by some of his colleagues for some time. He had been the subject of widespread public criticism because of his high salary and expensive lifestyle, but it is possible that he never really realised that his salary was excessive, as he had had little experience of the world of the most highly paid executives. He belonged to a tradition which was closer to public service than to private sector business.

Officials and employees, Appointments, resignations and dismissals, Gas utilities, Centrica PLC, Brown, Cedric

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A bitter pill to swallow

Article Abstract:

The recent controversy about the high costs of beta-interferon, a potential new drug treatment for multiple sclerorsis, has highlighted the difficult decisions which must be made about very expensive drug treatments. The Department of Health will have to establish some priorities about who is to receive beta-interferon, and this will inevitably cause distress for some patients. However, this is a sensible approach if healthcare funding is to be spent effectively.

Economic aspects, Drug therapy, Multiple sclerosis, Drug utilization, Drug monitoring

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