As soon as John Reid was legged on to his back he bucked into extravagant action, much the same as a fairground bucking bronco after a 50p piece has been inserted.In the race proper, the antics were transferred to another runner, Chilly Billy, who pulled and swerved so violently that there was a suggestion he had not been broken in. As the five runners (Traikey was withdrawn because of a temperature) paraded it became clear that Painter's Row had not lost his mischievousness over the winter. Now that smells very odd to me.How do you mean?It suggests very strongly that all the people on The Moral Maze are fictitious Made up, with made-up names Played by actors It's a soap opera It's not real. Lionel Blue, Hugo Green ...Any comment on that, Rabbi Scarlett?None, except that nobody has yet pointed out the one startling feature of The Moral Maze, and that is that everyone, but everyone, on the programme has their name spelt wrong. But I am confident it will be competent, as are the vast majority of the established financial institutions. The body count does not include an unknown number of victims still contained in the wrecked building.Vigil of hope, page 8Leading article, page 14. Those with binoculars though could recognise the figure as Munwar's 61-year-old trainer.2,000 GUINEAS (Newmarket, 6 May): Coral: evens Celtic Swing, 3-1 Pennekamp, 7-1 Sri Pekan, 8-1 Diffident, 14-1 Painter's Row; Ladbrokes: 5-4 Celtic Swing, 5-1 Diffident & Pennekamp, 8-1 Sri Pekan; William Hill: 5-4 Celtic Swing, 4-1 Pennekamp, 9-2 (with a run) Diffident, 6-1 Sri Pekan, 12-1 Painter's Row.Results, page 39.
The concept is a good one.But if the idea is worthy, how on earth did the pension providers manage to make such a hash of selling these products?Sensible commentators believe at least half the blame should be placed not on the companies but on the new system of regulation under which they were forced to operate. From Professor Paul Richards Sir: Why, I wonder, does David Orr ("Hopes grow for hostages held by Sierra Leone rebels", 18 April) describe the Revolutionary United Front leader Corporal (not Colonel) Foday Sankoh as "mysterious"? His origins and military service are well-known facts. From Ms Beverley Thompson Sir: Your editorial (19 April) "An own goal for Cantona?" is right not only in endorsing community service as a more appropriate penalty than prison for the errant footballer, but also in its support for the kind of work involved. Nacro has a particular interest in this case. So what has changed? In the past, such terrorists found it easier to attack US embassies abroad or to seize American citizens there. Its withdrawal leaves Tracinda without any Wall Street adviser."No one else as far as we know has stepped up to the plate," Joseph Philippi, a car industry analyst at Lehman Brothers, said. He also noted that Chrysler shares have been slipping in recent days as the credibility of Mr Kerkorian's $55-a-share offer has appeared to erode.Other investment banks that have a track record with Mr Kerkorian include Merrill Lynch and Salomon Brothers. Analysts thought it unlikely that Merrill would want to get involved while Salomon is already helping Chrysler plot its defence.Mr Kerkorian, who has teamed up for the bid with Lee Iacocca, the former Chrysler chairman, may face more serious difficulties, meanwhile, in raising financing, particularly with Chrysler arm-twisting the banks.
His proposed takeover would require up to $12bn in new loans, together with $3bn from outside investors. The rest would come from Chrysler's own cash and from Mr Kerkorian and Mr Iacocca themselves.Many big banks have relationships with Chrysler they would be loath to jeopardise by helping Mr Kerkorian. They include Chemical Bank, Chrysler's lead bank, JP Morgan and Chase Manhattan. One bank that conspicuously does not have ties with Chrysler is Citicorp.And while Tracinda will now have to search for a new investment bank, Chrysler has lined up three of Wall Street's main players: Salomon, Morgan Stanley and, principally, CS First Boston.. Against the backdrop of a circulation price war and rising newsprint costs, Mirror Group yesterday announced 1994 pretax profits of £189.3m, up 43 per cent, and provided further details of its push into television. Stripping out exceptional items, underlying profits on ordinary activities were 15 per cent ahead, at £84.7m.
Earlier this month, Mirror announced it had reached a global agreement on the company's pension liabilities, created by the Mirror's previous owner, the late Robert Maxwell. The agreement allowed Mirror Group to release £111m from reserves. "We have pretty much put that saga behind us," David Montgomery, chief executive, said yesterday.The operating results were lower than some of the more optimistic City estimates, sending the shares down 5p to close at 135p. Mirror Group's spending on its new television venture, Live TV, was also a cause for concern, some analysts said."The results were slightly disappointing, and I am a bit surprised at the [TV] start-up costs," Jonathan Helliwell, media analyst at James Capel, said.Mirror is spending £30m over three years to launch a new 24-hour cable channel, providing 12 hours of live programming a day.But other analysts were less critical. "It has been fashionable to tackle Mirror Group on their television investments, but it should be put into perspective.
