/raid1/www/Hosts/bankrupt/TCREUR_Public/020819.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 19, 2002, Vol. 3, No. 163


                            Headlines


* F R A N C E *

VIVENDI UNIVERSAL: Moody's Retains Vivendi Environnement Ratings
VIVENDI UNIVERSAL: Moody's Downgrades Senior Debt ratings to B1

* G E R M A N Y *

DEAG AG: Management Restructuring and Downsizing Almost Complete
DEUTSCHE TELEKOM: Hastens Cost-Cutting Schemes as Losses Mount
KINOWELT MEDIA: Founders Join Forces With Sparkassen on Takeover
PFAFF INDUSTRIE: Set to Undergo Change of Ownership
PHENOMEDIA: Will Not Complete Feedback Takeover

* H U N G A R Y *

MATAV: Announces Share Capital Increase to HUF 104.3 BB

* N E T H E R L A N D S *

LYCOS EUROPE: Reports 53% Growth in EBITDA Results
PHARMING GROUP: Dutch Pharma Group Announces H1 2002 Results

* S W E D E N *

CREDIT SUISSE: Group Announces Q2 and H1 Results 2002
CREDIT SUISSE: Asset Management Boosts Institutional Team
CREDIT SUISSE: Lower Investments in Insurance Arm Result in Loss
FRAMFAB: Supplies AztraZeneca With IT Services
LM ERICSSON: Completes Forward Sale of Infineon Shares
LM ERICSSON: BT Favors Ericsson on Business DSL Access in Ireland

* U N I T E D   K I N G D O M *

BIOCOMPATIBLES INTERNATIONAL: Issues Notice of Interest in Shares
BRITISH AIRWAYS: Issues Disclosure of Interest in Shares
CORDIANT COMMUNICATIONS: Issues Notice of Interest in Shares
CORUS GROUP: Sells 20% Stake in Alouette For US$165 Million
DANKA BUSINESS: Danka Announces Issuance of Participating Shares
INTERX PLC: Cancellation of Listing and Change of Name
NAVAN MINING PLC: Ada Tepe Continues to Return Top Intercepts
NTL INC: Committee Turns to UBS Warburg for Financial Advice
NTL INC.: Loses Market as It Focuses on Restructuring
MARCONI PLC: Confirms Press Speculation on Ongoing Funding Talks
PACE MICRO: Receives Euro-DOCSIS Award for Cable Modem Gateway
WORLDCOM INC.: CEO Issues Letter to Restate 2000 Results


===========
F R A N C E
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VIVENDI UNIVERSAL: Moody's Retains Vivendi Environnement Ratings
----------------------------------------------------------------
Vivendi Environnement S.A.'s Baa1 long-term and Prime-2 short- term ratings
were maintained by Moody's Investors Service, a press release from the
rating agency says.

But the maintained rating is still under review for possible downgrade,
following the downgrade of the long-term senior debt ratings of Vivendi
Universal S.A. to B1 (on review for downgrade) from Ba1 (on review for
downgrade) and the assignment of a Ba2 senior implied rating (on review for
downgrade), the rating agency says.

Moody's observes, "VE's EUR 1.54 billion 2005 convertible bond is guaranteed
by Vivendi Universal and would cross default with any default by Vivendi
Universal. This in turn would trigger a cross default into the company's two
syndicated loan facilities upon which VE would normally rely for its
liquidity requirements."

Nevertheless, Moody's notes "that even in the case of an event of default
being triggered under the convertible bonds, this would not automatically
lead to an acceleration of payments as this would require explicit
notifications by the convertible bondholders or bank creditors,
respectively."

Vivendi Environnement has now arranged for a bondholder meeting on August
20, 2002 and proposes a release of the Vivendi Universal guarantee with
respect to the bonds and the elimination of the cross default terms. A
second bondholder meeting has been scheduled for 27 August 2002 in the case
that the first meeting does not achieve the necessary 25% quorum.

In addition, "the very strong determination of the company to remedy this
cross default issue in the most expedient way possible. However, VE remains
exposed to the deteriorating liquidity problems of Vivendi Universal in the
very short term, meaning over the next few weeks, as the company attempts to
eliminate the cross default provisions. The rating agency points out that,
should there be any material deterioration in the credit situation of
Vivendi Universal during this time, or if the cross-default issue is not
resolved, the ratings of VE could be lowered to be closer to that of Vivendi
Universal's senior implied rating," the rating agency says.

Moody's says it "will re-assess VE's rating status following the outcome of
the bondholders' meeting, although as previously highlighted, Moody's may
continue its review beyond this point until the agency is satisfied that any
other issues which may stop VE being viewed on a purely standalone basis
have been resolved, at which point Moody's anticipates that the ratings will
be confirmed at the Baa1/Prime-2 levels."

Vivendi Environnement, headquartered in Paris, France, is the holding
company of one of the world's largest integrated environmental and
outsourcing services groups.


VIVENDI UNIVERSAL: Moody's Downgrades Senior Debt ratings to B1
---------------------------------------------------------------
Vivendi Universal's long-term senior debt ratings were downgraded by Moodys
Investors Service last week, assigning B1 (from Ba1) and at the same time
assigned a Ba2 senior implied rating to the company, a report from the
rating agency says.

Further, Moody's also downgraded the long-term senior debt ratings for
Houghton Mifflin to Ba2 (from Ba1). All ratings remain under review for
possible further downgrade.

Moody's notes, "the rating action and the continuing review for downgrade
reflect the ongoing liquidity problems the company faces as well as
significant execution risks in implementing its restructuring plans, in
particular the timely implementation of its Euro 5 billion disposal program
to be completed over the next nine months. They also reflect a worsening of
the company's expected operating cash flow generation for 2002, a
challenging operating environment for some of its activities and its
continuing contingent liability exposure."

"While Vivendi Universal obtained a Euro 1 billion liquidity back-up
facility on July 10, Moody's highlighted that the timely conclusion of a new
Euro 3 billion bank facility (which is expected to absorb the original Euro
1 billion facility) remains of paramount importance for the company. In this
process Vivendi Universal remains critically dependent on the continuing
support of its banks."

In addition, Moody's says, "that the company has made progress towards
negotiating the new Euro 3 billion facility which is reflected in the rating
level. However, failure to put the facility in place over the next few weeks
would lead to a severe short-term liquidity problem and with that to further
ratings downgrades by several notches."

Moody's expects that "should an adequate longer term refinancing be
achieved, terms and conditions of the new financing will be onerous and will
result in effective and structural subordination of these holding company
notes. Houghton Mifflin's senior ratings are not notched based on the
assumption that the negative pledge language in Houghton Mifflin's
indentures remains unchanged and in full force. Any changes would result in
additional notching for the Houghton Mifflin bonds."

The ratings continue to derive support from Vivendi Universal's broad and
deep asset base and, in this context, Moody's acknowledges that the
company's board yesterday authorized further asset sales including the
disposal of US-based educational publisher Houghton Mifflin.

However, Moody's notes that asset sales, even of quality assets such as
Houghton Mifflin, have significant timing and execution risks aggravated by
the current unpredictable global economic climate. While Vivendi Universal
has identified assets for sale, the broader strategic goals of the company
remain unclear at least until the end of September when new management is
scheduled to present a longer-term strategy to the board.

Furthermore, the rating agency says, "Vivendi Universal also faces a
shortening timeline for the re-financing of a bridge loan at its VU
Entertainment unit entered into in connection with the
USA Inc. acquisition which falls due in early November. The ratings assume
that all current financing arrangements, including the Euro 1 billion
stand-by facility, will remain available to the company."

Lastly, Moody's says, "a probe by the Commission des Operations de Bourse,
the French market regulator into Vivendi Universal's financial information
as well as several shareholder class action suits are ongoing."

The rating agency ends that it would comment further if the need arises.

Ratings assigned that remain under review for further downgrade are:

Vivendi Universal SA: - senior implied rating at Ba2.

Ratings downgraded that remain under review for possible further downgrade
are:

Vivendi Universal SA: - senior unsecured ratings to B1 (from
Ba1).

Houghton Mifflin Company: - senior unsecured ratings to Ba2 (from
Ba1).

Vivendi Universal SA is a globally operating media and communications group
with headquarters in Paris, France.


=============
G E R M A N Y
=============


DEAG AG: Management Restructuring and Downsizing Almost Complete
----------------------------------------------------------------
In reducing the size of the management board to two members, DEAG Deutsche
Entertainment AG (Security ID No. 551390) has continued with the
restructuring and cost reduction measures agreed in recent months by the
management and supervisory boards.

After a lengthy illness, Dietmar Glodde, board member in charge of
operations, is leaving the company as of August 12, 2002. CEO
Peter Schwenkow, who has been temporary in charge of operative business for
several months, will now handle this area on a permanent basis.

The management and supervisory boards would like to thank Mr.
Glodde for his good work and cooperation with us over the past 22 months.

The corporate communications department is to be downsized markedly and to
report directly to the CEO. The present head of department, Conrad Rausch,
is leaving the company as of September
30. The management board would like to thank Mr. Rausch expressly for the
work he has put into developing in-house and external corporate
communications.

In addition, as part of concentration on the group's core business, two
smaller holdings are being sold that cannot in the medium achieve corporate
targets for profitability and market strength.

The 50% holding in catering company LSG Event is being sold to co-partner
LSG Airport Gastronomie GmbH. Long-term catering contracts are to be signed
for the Wintergarten variety theatre in Berlin and the Jahrhunderthalle in
Frankfurt.

The 40% stake in Richard Ogden Management, London, is being sold and
accompanied by an exclusive cooperation contract to co-partner Richard
Ogden.

These measures will lead to cost savings of well over 1 million euro a year.




DEUTSCHE TELEKOM: Hastens Cost-Cutting Schemes as Losses Mount
--------------------------------------------------------------
Deutsche Telekom AG's Chief Executive Helmut Sihler is speeding up
expenditure cuts to save billions of euros and cut losses,
Bloomberg reports.

Though first-half earnings are in line with the debt-laden group's
expectations, the company will incur a "significant loss" in 2002, Sihler
says.

"We have to drastically improve our results and reduce our debt in order to
again gain financial mobility," Sihler reveals in an interview.

The Bonn-based group ousted former CEO Ron Sommer last month after his
expansion strategy boosted debt to EUR 67.3 billion
(US$66.2 billion) and the shares collapsed.

Sihler confirms the company's plans to cut 22,000 jobs in two years and also
said Deutsche Telekom is slashing its spending on marketing, the paper adds.

The CEO reveals that the German group is currently evaluating whether or not
to continue its operations outside the country.
The company's U.S. mobile-phone arm VoiceStream Wireless Corp. is currently
Seattle-based VoiceStream. In a filing with the U.S.
Securities and Exchange Commission, DT's U.S. subsidiary lost
US$296.3 million in the second quarter, compared with a loss of US$721.6
million in the previous period.


KINOWELT MEDIA: Founders Join Forces With Sparkassen on Takeover
----------------------------------------------------------------
After funding talks with creditor banks, Leipzig-based bank
Sparkasse group and Michael and Rainer Kolmel, the brothers who originally
founded the media concern, will take control of the insolvent media company,
said Die Welt and FT Information in a report last week.

It is believed that the brothers bid EUR32 million for the company's core
business, and that the Sparkasse group has agreed to provide EUR 23 million
in credit for a possible takeover, the papers add.

Sparkasse has the option of taking a stake in Kinowelt's assets, with the
investment being floated as a listed company at a later date, the papers
say.

The Troubled Company Reporter-Europe said on July 16 that Dr.
Wolfgang Ott, the Administrator of Kinowelt Medien AG and
Kinowelt Lizenzverwertungs GmbH, begun negotiations on the takeover of the
core business of Kinowelt (theatrical distribution, home entertainment,
license dealing) with the group of investors led by Marcus Schofer and Dr
Jerry Payne (both managing directors within the Kinowelt Media Group).

On July 9, 2002 the Creditor Committee (ABN Amro Bank, BHF Bankand
HypoVereinsbank) for both insolvent companies had empowered the
Administrator to accept the offer made by this group of investors, the
company said.

The so-called management buy out (MBO) model by Schofer and Payne envisages
the rapid formation of a new company to trade under the name "Neue Kinowelt
Medien GmbH".

The new company will take over and continue business operations in
theatrical distribution, home entertainment and license dealing.

The brand "Kinowelt" as well as the subsidiaries Kinowelt Home
Entertainment GmbH, Kinowelt Filmverleih GmbH and various
rightholding companies will be taken over by way of a share deal.

In addition, "Neue Kinowelt Medien GmbH" will aquire all assets held by the
insolvent Kinowelt Lizenzverwertungs GmbH.

Kinowelt's core businesses are running and will continue to run according to
plan and in their full extent.

Subsidiaries or holdings that do not belong to the core business (such as
MCP Sound & Media, Rialto Film) have been sold by the
Administrator. Other holdings peripheral to the core business are for sale
and will go into liquidation.


PFAFF INDUSTRIE: Set to Undergo Change of Ownership
---------------------------------------------------
German industrial sewing machines maker, Pfaff Industrie
Maschisen AG, will again have another owner, a report from the
Frankfurter Allgemeine Zeitung and the Financial Times says.

Efibanca, the Italian investment bank, is said to have bought the
Pfaff on behalf of a customer, a prominent Italian trading company and major
customer of the German sewing machine manufacturer, the papers report.

The involved parties are reported to have decided on a price already and the
signing of the purchasing deal is set on
September 10, the papers say.

Necchi, an Italian company bought Pfaff a year ago. Due to the refusal of
banks to grant credits, Necchi payment estimated at about EUR30 million for
the full purchase of the company has not yet been completed, the papers say.


PHENOMEDIA: Will Not Complete Feedback Takeover
-----------------------------------------------
Insolvent German computer games developer, Phenomedia, backed out of the
planned takeover of multimedia agency, Feedback, announced last year, a
report from Borsen-Zeitung and the Financial Times said.

Phenomedia is currently facing investigation from the country's public
prosecutor, the report says.

In April, the company claimed to have acquired 95% of the voting rights in
Feedback, although in reality, the figure was closer to
13%. As part of a public swap, it acquired 34.3%, the papers report.

Phenomedia began insolvency proceedings on August 1 at the district court in
Bochum.  Insolvency administrator Dr.
Joneleit had announced that the company has solid ground in order to
guarantee the continuation of its core operations, a report from the
Troubled Company Reporter says.

By terminating the activities of its unprofitable units and through the sale
of Phenomedia's subsidiaries, the group expects to raise funds for
additional capital, the TCR reports.


=============
H U N G A R Y
=============


MATAV: Announces Share Capital Increase to HUF 104.3 BB
-------------------------------------------------------
Matav, the leading Hungarian telecommunications service provider, announces
that the share capital increase of the company - related to the new
management share option program launched on July 1, 2002 - has been approved
by the Hungarian Financial
Supervisory Authority (resolution No. 18276/4/2002 dated July 17,
2002) and registered by the Court of Registry (decree No. 01-10-
041928/165 dated August 7, 2002).

As a result, the share capital of the company has increased from
HUF 103,791,170,000 to HUF 104,281,170,000 as of August 7, 2002 according to
Hungarian Accounting Rules.

Contact Information:

Szabolcs Czenthe
Telephone: +36-1-458-0437

Tamas Dancsecs
Telephone: +36-1-457-6084
Matav Investor Relations
Email: investor.relations@ln.matav.hu


=====================
N E T H E R L A N D S
=====================


LYCOS EUROPE: Reports 53% Growth in EBITDA Results
--------------------------------------------------
The online media company reports continued loss reduction and 53%
improvement in EBITDA results in the first half of 2002.

In the first half of 2002, Lycos Europe`s total revenues amounted to EUR
62.1 million, a 24 % decline compared to the same period last year (EUR 81.9
million).

Revenues for the three months ended June 30, 2002, were down by
25 % to EUR 30.0 million, compared to EUR 40.2 million for the three months
ended June 30, 2001.

The decline in revenues was due to the weak advertising market, the ongoing
slowdown in the overall economy and Lycos Europe`s decision to discontinue
non-strategic loss making offerings.

EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) amounted to EUR (39.8) million for the six months ended June
30, 2002, which is an increase of 53 percent compared to the same period
last year (EUR (85.2) million).

The EBITDA loss for the three months ended June 30, 2002, improved by 44
percent to EUR (22.4) million compared to EUR (39.8) million in the quarter
ended June 30, 2001. EBITDA was strongly influenced by the restructuring
charges recorded for the six months ended June 30, 2002 (EUR 12.5 million).

Excluding the restructuring charges the EBITDA result for the six months
ended June 30, 2002, would have amounted to EUR (27.2) million.  Net loss
improved by 83 percent from EUR (841.9) million in the first half of 2001 to
EUR (147.1) million for the first half of 2002.

The net loss amount of EUR (147.1) million includes a goodwill impairment
loss of EUR (100.4) million due to the adoption of new US GAAP statements.
During the six months ended June 30, 2002,
Lycos Europe used EUR 27.7 million cash for operating activities, which is a
reduction of 84 percent compared to EUR 178.4 million for the six months
ended June 30, 2001.

On June 30, 2002, Lycos Europe`s cash position amounted to EUR
262.6 million. Lycos Europe`s financial statements have been prepared in
accordance with the United States generally accepted accounting principles
(US GAAP).


PHARMING GROUP: Dutch Pharma Group Announces H1 2002 Results
-------------------------------------------------------------
Pharming Group N.V. announces its financial results for the first half (H1)
2002.

Pharming has reduced its cash costs by over 80% to EUR 2.9 million from EUR
16.1million in H1 2001. The revenues of the Company were EUR 1.5 million
from licensing its intellectual property, with no revenues from partnerships
or grants.

In addition, Pharming benefited by EUR 2.3 million from the spin-off of its
subsidiary, ProBio, Inc. and the final settlement of claims with Genzyme
Corporation. As a consequence, the net result of Pharming has improved
dramatically with a profit of EUR 0.5 million in H1 2002 compared to a loss
of EUR 16.9 million in H1 2001.

"Pharming's positive first half results clearly demonstrate the success of
our business model and turnaround plan," said Dr.
Francis Pinto, CEO of Pharming. "We expect to continue the fast track
development of our innovative products, exit the legal moratorium, and
deliver strong financial and product development results in the second half
of 2002."

The reduction in costs of the Company has been achieved while preserving key
competencies. In the first half of 2002, Pharming reported the successful
completion of the Phase I clinical trial of its product, recombinant human
C1 Inhibitor for Hereditary
Angioedema and is initiating a Phase II study.

Pharming made significant progress on the development of its other products,
achieving large-scale protein production capabilities of these recombinant
proteins. Pharming was also able to improve its technology position by
restructuring the relationship with ProBio and by establishing a
cross-licensing arrangement with GTC Biotherapeutics.

A creditors meeting has been set for September 26, 2002 to reach agreement
with the creditors and end the legal moratorium. A proposal has been sent to
the creditors by the trustee, on which most creditors have responded
positively.

Highlights of H1 2002

-- Successfully completed a Phase I clinical trial of recombinant
   human C1Inhibitor for Hereditary Angioedema

-- Signed a cross-licensing agreement with GTC Biotherapeutics

-- Completed a spin-off of its subsidiary, ProBio, Inc.

-- Published peer reviewed article on the Company's production
   technology in Nature Biotechnology

-- Consolidated trading of its shares on the Euronext trading
   platform

-- Successfully completed the Company's restructuring plan with a
   focus on key products and cost reduction

-- Strengthened corporate management and governance with a new
   BOSD, new CEO and CFO, and a strong senior management team


===========
S W E D E N
===========


CREDIT SUISSE: Group Announces Q2 and H1 Results 2002
-----------------------------------------------------
Credit Suisse Group reports a net loss of CHF 579 million and a net
operating loss, excluding the amortization of acquired intangible assets and
goodwill, of CHF 285 million in the second quarter of 2002.

This unsatisfactory result is primarily attributable to the extremely low
investment income in the insurance businesses due to the significant
deterioration in the equity markets, which had a negative impact of
approximately CHF 1.5 billion on the Group's result compared to the second
quarter of 2001.

Private banking and Swiss corporate and retail banking recorded solid
earnings given the challenging market conditions, and investment banking
reported continued improvements in costs and revenues. The Group remains
adequately capitalized and is implementing measures to strengthen
Winterthur's capital base.

Lukas Muhlemann, Chairman and Chief Executive Officer of Credit
Suisse Group, stated, "The lower equity market valuations in the second
quarter had a very negative impact on the insurance units' results, although
they once again succeeded in improving their technical results. Private
banking and the Swiss corporate and retail banking business recorded solid
earnings given the challenging market conditions, and investment banking
achieved further progress."

He added, "Our main aim going forward is to restore the earnings strength of
the insurance businesses. In addition to realigning the investment strategy
of the insurance units, the focus will be placed on further improving their
technical results by means of
repricing to reflect market conditions, a selective underwriting policy and
active management of the business portfolio, as well as the accelerated
realization of cost reductions."

He concluded, "The strength of our capital base is of the highest priority,
and we are committed to maintaining strong capital levels compared with our
peers. In view of the challenging market conditions for the insurance
business, we are implementing extensive measures to limit the impact of
current equity market volatility on our capital base. Based on the results
for the first half of this year, we anticipate a lower dividend for 2002.
However, the final dividend proposal to the Annual General Meeting and the
form of the dividend will be decided by the Board of Directors, based on the
full-year 2002 Group results."

Group Results: Second Quarter 2002

Credit Suisse Group reported a net operating loss of CHF 285 million in the
second quarter, excluding the amortization of acquired intangible assets and
goodwill. This compared with a net operating profit of CHF 686 million in
the first quarter of 2002 and a net operating profit of CHF 1.6 billion in
the second quarter of 2001.

After accounting for the amortization of acquired intangible assets and
goodwill, a net loss of CHF 579 million resulted in the second quarter of
2002, versus a net profit of CHF 368 million in the first quarter of 2002
and a net profit of CHF 1.3 billion in the second quarter of 2001. A further
writedown of CHF
192 million on the Group's investment in Swiss Life in the second quarter
also contributed to this loss.

The operating return on equity for Swiss corporate and retail banking in the
second quarter was 9.5%, versus 12.1% in the previous quarter and 7.8% in
the second quarter of 2001, and the operating return on equity for Credit
Suisse First Boston was
9.9%, compared with 6.9% in the previous quarter and 12.3% in the second
quarter of 2001.

The Group's net new assets totaled CHF 4.2 billion in the second quarter,
versus CHF 13.5 billion in the first quarter of 2002. Of the CHF 7.2 billion
in net new assets recorded by Credit Suisse
Financial Services, the Private Banking segment contributed CHF
5.6 billion. At Credit Suisse First Boston, the Investment
Banking segment recorded CHF 1.4 billion in net new assets.

Within the CSFB Financial Services segment, CHF 2.2 billion in net new
assets at Private Client Services were offset by outflows of CHF 6.5 billion
from the institutional asset management business. The Group's total assets
under management stood at CHF
1,293.2 billion as of June 30, 2002, a decline of 8.1% versus
March 31, 2002, and down 9.6% versus December 31, 2001, reflecting lower
market valuation and a negative foreign exchange impact.

Group Results: First Half 2002

For the first half of the year, the Group posted a net operating profit of
CHF 401 million, excluding the amortization of acquired intangible assets
and goodwill, versus a net operating profit of
CHF 3.3 billion in the first half of 2001. A net loss of CHF 211 million was
recorded for the first six months of 2002, compared with a net profit of CHF
2.7 billion in the corresponding 2001 period.

The operating return on equity was 2.2% in the first half of the year,
compared with 16.0% in the corresponding 2001 period. The operating return
on equity for Swiss corporate and retail banking in the first half of 2002
was 10.9%, versus 9.3% in the first half of 2001, and stood at 8.5% for
Credit Suisse First Boston, compared with 15.4% in the first half of 2001.

Net new assets totaled CHF 17.7 billion for the first half of the year, or
1.2% of assets under management as of December 31, 2001.
This compared with CHF 41.8 billion in net new assets in the corresponding
2001 period. In the first half of the year, Credit
Suisse Financial Services recorded net new assets of CHF 18.0 billion (first
half 2001: CHF 24.4 billion), despite a CHF 3.3 billion net outflow related
to the Italian tax amnesty program.

Based on the results for the first half, Credit Suisse Group expects a
significantly lower cash dividend for the financial year 2002 and, as a
consequence, has reduced interim accruals to
CHF 150 million per quarter, down from CHF 600 million per quarter in 2001.
The Group will continue to monitor this issue for the remainder of the year,
and the Board of Directors will propose the final dividend to the
shareholders at the Annual
General Meeting on April 25, 2003, based on the full-year 2002
Group results.

Equity Capital

As of June 30, 2002, the Group's consolidated shareholders' equity totaled
CHF 36.5 billion, BIS risk-weighted assets stood at CHF 220.5 billion and
BIS tier 1 capital was CHF 20.2 billion.
The BIS tier 1 ratio for the Group stood at 9.2% at the end of the second
quarter versus 9.0% at the end of the first quarter of
2002. The BIS tier 1 ratio for the banking business increased from 8.5% to
9.3% over the same period. This is within the capital target ranges set by
the Group.

Winterthur's capital base declined considerably in the first half of 2002
due to negative equity market conditions. However, as of
June 30, 2002, Winterthur exceeded the local statutory capital requirements
in all of the countries in which it operates.
Winterthur's consolidated solvency margin (calculated in line with the EU
directive) stood at 123% as of June 30, 2002, and was thus above the
required regulatory minimum of 100%.

Winterthur has implemented a number of measures to limit the impact of
current equity market volatility on the capital base.
In addition, the Group plans to implement measures to strengthen the capital
base of the insurance businesses in the second half of the year. Further
steps being considered include the injection of additional equity capital
into Winterthur from excess liquidity at the Credit Suisse Group parent
company.

Business Unit Results

The Credit Suisse Financial Services business unit reported a net operating
loss, excluding the amortization of acquired intangible assets and goodwill,
of CHF 271 million in the second quarter of
2002. This compared with a net operating profit of CHF 620 million in the
previous quarter and a net operating profit of CHF
1.1 billion in the second quarter of 2001.

A net loss of CHF 297 million was recorded for the second quarter versus a
net profit of CHF 592 million in the first quarter of
2002 and a net profit of CHF 1.1 billion in the corresponding
2001 period. In the first half of 2002, the business unit posted a net
operating profit of CHF 349 million, excluding the amortization of acquired
intangible assets and goodwill, down 84% versus the first half of 2001, due
mainly to a decrease in the insurance unit's investment income from CHF 4.5
billion to CHF
617 million.

A net profit of CHF 295 million was recorded in the first half of the year,
down 86% versus the corresponding 2001 period. Assets under management
declined 5.7% to CHF 713.3 billion during the second quarter and were down
4.7% versus the end of 2001.

The Private Banking segment posted a net operating profit before minority
interests of CHF 486 million in the second quarter, down 23% on the first
quarter. Operating income decreased 7% from the previous quarter to CHF 1.7
billion due to lower income from the sale of structured products and from
securities transactions, as well as a reduction in asset-based income.
Operating expenses rose 5% quarter-on-quarter.

The Private Banking business recorded a performance and foreign
exchange-related decrease in assets under management of 5.4% versus the end
of 2001, to CHF 517.3 billion.

The Corporate & Retail Banking segment reported a net operating profit
before minority interests of CHF 95 million in the second quarter, down 21%
on the previous quarter but up 23% on the second quarter of 2001.

Operating income increased 2% quarter-on-quarter, and operating expenses
rose 18% to the expected full-year run rate. The operating cost/income ratio
stood at 65.2% in the first half of 2002 versus 69.8% in the first half of
2001.

The Life & Pensions segment recorded a 13% increase in gross written
premiums in the first half of the year, adjusted for divestitures in Austria
and France and exchange rate impacts. The expense ratio was reduced from
10.2% in the first half of 2001 to
9.2% in the first half of 2002, and the segment reported net new assets of
CHF 4.3 billion in the first half of 2002, compared with CHF 3.1 billion in
the corresponding 2001 period.

Despite these improvements versus 2001, Life & Pensions reported a net
operating loss before minority interests of CHF 412 million in the first
half of the year, versus a net operating profit before minority interests of
CHF 434 million in the first six months of 2001 (CHF 414 million excluding
divestitures). This result reflects a 75% or CHF 2.4 billion decline in
investment income in the first half of 2002.

In the first six months of 2002, the Insurance segment reported an increase
in net premiums earned of 3% and, adjusted for acquisitions and divestitures
as well as exchange rate impacts, organic growth of 9%. The combined ratio
stood at 103.8% for the first half of 2002, an improvement of 3.8 percentage
points versus the corresponding 2001 period.

Despite significantly improving its technical results versus the first half
of 2001, the Insurance segment posted a net operating loss before minority
interests of CHF 637 million in the first half of 2002 due to the
realization of losses when reducing the equity exposure of the non-life
business' investment portfolio and the income statement recognition of lower
equity valuations.

Erwin Heri, Head of Investment Management at Credit Suisse
Financial Services, has decided to leave the Group. He will focus on his
academic work and establish himself as a consultant in the areas of
investment management and corporate finance.

In this capacity, he will continue to be available to the company as an
advisor. Credit Suisse Group would like to thank Erwin Heri for his
longstanding commitment and his contribution to the development of our
investment strategy. His successor will be named in due course.

The Credit Suisse First Boston business unit reported a net operating
profit, excluding the amortization of acquired intangible assets and
goodwill, of USD 229 million (CHF 371 million) in the second quarter, up 48%
on the first quarter of 2002 but down 24% on the corresponding 2001 period.
Net profit was USD 61 million (CHF 101 million) in the second quarter,
compared with a net loss of USD 19 million (CHF 32 million) in the first
quarter and a net profit of USD 127 million (CHF 224 million) in the second
quarter of 2001. The improvement in results over the first quarter of 2002
reflects both continued progress in cost reductions and increased operating
income.

In the first half of 2002, the business unit posted a net operating profit
of USD 384 million (CHF 630 million), excluding the amortization of acquired
intangible assets and goodwill, versus a net operating profit of USD 747
million (CHF 1,251 million) in the first half of 2001.

A net profit of USD 42 million (CHF 69 million) was recorded in the first
six months of 2002, compared with a net profit of USD 399 million (CHF 669
million) in the corresponding 2001 period.
Assets under management, including private equity, totaled USD
389.1 billion (CHF 579.9 billion) as of June 30, 2002.

Further progress was achieved in the cost reduction program, with second
quarter operating expenses down 19%, personnel expenses down 17% and other
operating expenses down 25% versus the second quarter of 2001.

Credit Suisse First Boston now expects cost savings for 2002 of
approximately USD 1.8 billion on an annualized basis, which is well in
excess of the previously announced target of USD 1 billion. These savings
were achieved through a combination of significant headcount reductions, the
sale or closure of certain non-core businesses and offices, and reductions
in discretionary spending.

The Investment Banking segment reported operating income of USD
2.9 billion (CHF 4.7 billion) in the second quarter of 2002, up
7% on the first quarter but down 18% on the second quarter of
2001. As a result of cost reduction measures, second quarter operating
expenses fell 19% versus the corresponding 2001 period.

Despite difficult market conditions, the Investment Banking segment was able
to maintain or improve market share, including achieving a number one global
ranking in mergers and acquisitions for the first half of 2002.

The CSFB Financial Services segment recorded second quarter operating income
of USD 553 million (CHF 885 million), up 3% on the previous quarter but down
7% on the second quarter of 2001.
Operating expenses decreased 21% versus the second quarter of
2001 owing to cost reduction measures and the sale of CSFBdirect and
Autranet reported in the first quarter of 2002.

Par value reduction

As approved by the shareholders at the Annual General Meeting on
May 31, 2002, Credit Suisse Group will today, August 14, 2002, pay a par
value reduction of CHF 2 per share -- in lieu of a dividend -- for the
financial year 2001, and the par value of the
Credit Suisse Group share will thus be reduced from CHF 3 to CHF
1.

Outlook

Credit Suisse Group expects the market environment to remain challenging in
the second half of the year. Additional realized losses and the income
statement recognition of lower equity valuations in the insurance businesses
will likely lead to negative insurance results in the third and the fourth
quarters of 2002. In the coming months, the Group will concentrate in
particular on restoring the earnings strength of the insurance businesses.

In private banking and Swiss corporate and retail banking, business
expansion will be very focused and will proceed at a pace in line with
prevailing market conditions. The priorities at
Credit Suisse First Boston will be to maintain its market positions and to
achieve further progress in its business operations.

Credit Suisse Group is a leading global financial services company
headquartered in Zurich. The business unit Credit Suisse
Financial Services provides private clients and small and medium-sized
companies with private banking and financial advisory services, banking
products, and pension and insurance solutions from Winterthur.

The business unit Credit Suisse First Boston, an investment bank, serves
global institutional, corporate, government and individual clients in its
role as a financial intermediary. Credit Suisse
Group's registered shares (CSGN) are listed in Switzerland,
Frankfurt and Tokyo, and in the form of American Depositary
Shares (CSR) in New York. The Group employs around 80,000 staff worldwide.
As of June 30, 2002, it reported assets under management of CHF 1,293.2
billion.

Contact Information:

Credit Suisse Group
Media Relations
Telephone: +41 1 333 8844

Credit Suisse Group
Investor Relations
Telephone: +41 1 333 4570


CREDIT SUISSE: Asset Management Boosts Institutional Team
---------------------------------------------------------
Credit Suisse Asset Management (CSAM) continues to strengthen its U.K.
institutional marketing team with the appointment of Annabel Stephens from
Barclays where she worked for both Barclays Stockbrokers and the Private
Bank.

Annabel will initially be responsible for pooled pension fund client
servicing and assisting with consultant development. She is an experienced
equity analyst, discretionary private client portfolio manager and a senior
client adviser.

Annabel will report to Jane Collins and Jim Owen, co-heads of the U.K.
institutional business.

Jane Collins Co-head of CSAM's U.K. institutional marketing said,
"We are delighted to welcome Annabel to the team. Her knowledge and previous
experience make her an ideal fit with the other members. Annabel's
appointment enables us to build upon the successful integration of SLC Asset
Management and is indicative of our commitment to the U.K. institutional
marketplace."

Credit Suisse Asset Management is the institutional and mutual fund asset
management arm of Credit Suisse First Boston, part of the Credit Suisse
Group, one of the world's largest financial organizations with approximately
GBP 588 billion in assets under management.

Credit Suisse First Boston (CSFB) is a leading global investment bank
serving institutional, corporate, government and individual clients. CSFB's
businesses include securities underwriting, sales and trading, investment
banking, private equity, financial advisory services, investment research,
venture capital, correspondent brokerage services and asset management.

CSFB operates in 78 locations in 37 countries across 6 continents. The Firm
is a business unit of the Zurich-based
Credit Suisse Group, a leading global financial services company.
For more information on Credit Suisse First Boston, please visit their Web
site at http://www.csfb.com.

As of March 31, 2002, Credit Suisse Asset Management employed
2,305 people worldwide and had global assets under management of
approximately GBP 213 billion.

Please note that this is not an offer for advisory services by
Credit Suisse Asset Management. For more information on Credit
Suisse Asset Management, please visit their Web site at
http://www.csam.com.


CREDIT SUISSE: Lower Investments in Insurance Arm Result in Loss
----------------------------------------------------------------
In the first half of 2002, Winterthur Life & Pensions reports strong premium
growth of 13% in a year-on-year comparison.
Despite this significant growth, lower investment returns led to an
operational loss of CHF 412 million.

The expense ratio was reduced from 10.2% to 9.2% versus the first half of
2001. Credit Suisse Group has implemented measures to strengthen
Winterthur's capital base.

Winterthur Life & Pensions posted a 13% increase in gross written premiums
in the first half of 2002, compared with the corresponding period of 2001
(adjusted for divestitures in Austria and France and exchange rate impacts).

This significant growth was driven primarily by new business in
Italy and the U.K., as well as increased volumes in the traditional life
insurance business in Switzerland, with a slight shift in the portfolio mix
towards single premium and individual business compared with 2001.

The expense ratio was reduced from 10.2% to 9.2% versus the corresponding
period of the previous year. Net new assets totaled
CHF 4.3 billion in the first half of the year, versus CHF 3.1 billion in the
corresponding 2001 period.

Despite these improvements on the first six months of 2001,
Winterthur Life & Pensions posted a net operating loss before minority
interests of CHF 412 million in the first half, compared with a net
operating profit before minority interests of CHF 434 million in the first
half of 2001 (CHF 414 million excluding divestitures).

This reflects a 75% or CHF 2.4 billion decline in investment income
(excluding separate account business) to CHF 796 million in the first half
of 2002, owing to the realization of losses when reducing the equity
exposure of the life business' investment portfolio and the income statement
recognition of lower equity valuations.

The corresponding impact on net operating profit before minority interests
was approximately CHF 850 million. Winterthur Life &
Pensions strengthened its cooperation with Credit Suisse Private
Banking in the first half of 2002 and developed products geared specifically
towards the needs of wealthy private clients.

Given that investment income is not expected to return to levels seen in
previous years in the short to medium term, further measures - such as
increased streamlining of expenses, revision of the product portfolio with a
focus on capitallight products and adjustments to pricing and bonus
policies - have been initiated to improve profitability.

Winterthur Life & Pensions (Winterthur Life and subsidiaries), a
Credit Suisse Group division, is one of the leading European life insurers.
It offers individual and corporate clients tailor-made, local and
international life insurance and pension solutions.
Winterthur Life & Pensions achieved a premium volume of CHF 17.4 billion in
2001 and reported assets under management of CHF 113.5 billion as at June
30, 2002.

There are more than 7,000 people working for Winterthur Life & Pensions all
over the world (around 15,000 including sales agents). Credit Suisse Group
Credit Suisse Group is a leading global financial services company
headquartered in Zurich.

The business unit Credit Suisse Financial Services provides private clients
and small and medium-sized companies with private banking and financial
advisory services, banking products, and pension and insurance solutions
from Winterthur.

The business unit Credit Suisse First Boston, an investment bank, serves
global institutional, corporate, government and individual clients in its
role as a financial intermediary. Credit Suisse Group's registered shares
(CSGN) are listed in Switzerland, Frankfurt and Tokyo, and in the form of
American Depositary Shares (CSR) in New York.

The Group employs around 80,000 staff worldwide. As of June 30,
2002, it reported assets under management of CHF 1,293.2 billion.


FRAMFAB: Supplies AztraZeneca With IT Services
----------------------------------------------
As a result of a two-year general agreement, Framfab
(http://www.framfab.com.)will become a priority supplier of AstraZeneca's
IT services. Covering all of AstraZeneca's Swedish operations, the agreement
also contains a renewal clause.

Framfab had already been providing AstraZeneca with solutions in a number of
areas. The new general agreement sets the stage for expanded collaboration
with additional units of AstraZeneca's various business areas.

In the words of Christer Lundberg, Senior Manager, Swedish Purchasing
Coordination Group, AstraZeneca AB: "We want to use the Internet to support
development, research, and the introduction and marketing of our products,
as well as to boost productivity and minimize costs. Framfab has the ability
to generate the goodwill we are looking for in Internet-based technology."

The agreement, which covers both traditional consulting services and more
complex projects, will pave the way for the creation of added value in
AstraZeneca's future Internet development. Among the areas affected are:
global launches of new drugs and advertising campaigns, portals for training
doctors and employees, expertise portals, recruitment support, applications
for clinical trials, and the maintenance & management of applications.

CEO Christian Haeger of Framfab Sweden comments, "Working with a leading
international pharmaceutical company like AstraZeneca poses a major
challenge. We believe that we can contribute our many years of experience
with user-oriented digital solutions to strengthen AstraZeneca's brands and
enhance the company's interactions with its customers and employees."

Contact Information:

Christian Haeger
CEO
Framfab Sweden
Telephone: +46 709 41 21 47
Email: christian.haeger@framfab.se

Christer Lundberg
Senior Manager
AstraZeneca
Telephone: +46 8 553 265 96
Email: christer.lundberg@astrazeneca.com


LM ERICSSON: Completes Forward Sale of Infineon Shares
------------------------------------------------------
Following the earlier announcement that the sale of its Microelectronics
division to Infineon Technologies AG has been approved by all responsible
anti-trust authorities, Ericsson announces that it will receive 27.5 million
Infineon shares as consideration.

Infineon will increase its capital and accordingly issue 27.5 million new
shares to Ericsson after fulfillment of all necessary formal requirements.
Ericsson announces furthermore that it has entered into a forward sale of
27.5 million Infineon shares with Schroder Salomon Smith Barney, under which
it will receive cash proceeds of approximately EUR300 million equal to
SEK2,800 million against delivery of the shares. Closing is expected to
occur before the end of September 2002.

Ericsson (http://www.ericsson.com)is shaping the future of Mobile and
Broadband Internet communications through its continuous technology
leadership. Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication companies in
the world.

Contact Information:

Gary Pinkham
Vice President
Investor Relations
Telephone: +46 8 719 0858, +46 730 371 371
E-mail: gary.pinkham@ericsson.com


LM ERICSSON: BT Favors Ericsson on Business DSL Access in Ireland
-----------------------------------------------------------------
Ericsson announced that it is partnering with Esat BT, the Irish arm of BT
Ignite, BT's business services and solutions division, to deploy Ireland's
first DSL solution specifically designed for the business market.  The
contract award is in the value of EUR25 million.

BT Ignite will use the DSL platform to offer Internet, data and voice
services to corporate customers in Ireland. Ericsson will manage, support
and rollout the DSL solution, comprising DSL Equipment for co-location
sites, Voice over DSL equipment for the integration of voice and data over
the same DSL line, customer premises equipment and integrated access devices
for BT Ignite customers.

"BT Ignite is the first to offer DSL services to the business market in
Ireland and we are delighted to have Ericsson as our partner," said Steve
Andrews, President, Carrier and Networks, BT Ignite. "We view a partnership
approach to developing our networks as key to delivering the best services
cost effectively across Europe, and this is another example of how working
with a leading supplier such as Ericsson is helping us to further develop
our services."

"BT Ignite had set some very demanding technical and performance targets,
insisting on a world class solution at a very competitive cost and I am
delighted that Ericsson met their requirements," said Stefan Feniuk, Vice
President of
Communications Solutions at
Ericsson.

"By choosing Ericsson to manage the complete DSL service, and with the
capacity and reliability of the solution, BT Ignite are well positioned to
meet the growing demand for DSL services rapidly and cost effectively
throughout Ireland and Europe."

Ericsson partner, Zhone Technolgies, Inc., will provide some of the
equipment in the ENGINE range, including DSLAMs, voice gateways and DSL
modems, as part of the end-to-end broadband platform to be supplied to Esat
BT in Ireland as a build and operate managed service from Ericsson.

Based on equipment from Ericsson's ENGINE access range, Esat BT's DSL
service is available from 29th April 2002 on a phased basis as part of Esat
BT's national rollout plan to major urban areas in Ireland.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.

Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication companies in
the world.


===========================
U N I T E D   K I N G D O M
===========================


BIOCOMPATIBLES INTERNATIONAL: Issues Notice of Interest in Shares
-----------------------------------------------------------------
On August 14, 2002, J O Hambro Capital Management Limited, ORYX
International Growth Fund Limited and North Atlantic Smaller Companies
Investment Trust PLC submitted a concert party notification, pursuant to
Section 204 of the Companies Act 1985.

At that time, JOHCM confirmed that it was interested in 3,890,000 Ordinary
16 1/9p shares of Biocompatibles International Plc, while NASCIT confirmed
that it was interested in 1,500,001 shares, and ORYX confirmed its interest
in 500,000 shares.

These amounts represent 8.77%, 3.38% and 1.13% of the total issued share
capital of the Company respectively. These shares are held as follows:

HSBC Global Custody London Limited               500,000
Bank of New York Nominees Limited                1,500,001
Nutraco Nominees Limited                         670,000
Goldman Sachs International TNA                  1,250,000
Goldman Sachs International THO                  750,000
Goldman Sachs International THT                  200,000
Goldman Sachs International TEU                  1,020,000

TOTAL                            5,890,001 shares = 13.28%


BRITISH AIRWAYS: Issues Disclosure of Interest in Shares
--------------------------------------------------------
Legal & General Investment Management announces that after a purchase in the
market of 516,300 shares on the August 14, 2002, Legal and General hold the
following number of shares in British Airways plc that are not subject to a
concert party and will be registered as follows:

Material Interest

HSBC Global Custody Nominee (UK) Ltd A/c 886603     2,415,588
HSBC Global Custody Nominee (UK) Ltd A/c 775245     5,013,159
HSBC Global Custody Nominee (UK) Ltd A/c 360509       888,366
HSBC Global Custody Nominee (UK) Ltd A/c 357206    24,276,777
HSBC Global Custody Nominee (UK) Ltd A/c 866197        48,821
HSBC Global Custody Nominee (UK) Ltd A/c 904332        41,900
                                         ----------     ----
                                         32,684,611     3.01%
                                         ==========     ====


This percentage is based on Legal and General's understanding that British
Airway's issued share capital is 1,082,784,318.


CORDIANT COMMUNICATIONS: Issues Notice of Interest in Shares
------------------------------------------------------------
Advertising Holding Company Cordiant Communications Group plc was notified
on August 14, 2002 that Active Value Fund Managers Limited has a holding of
37,050,457 Ordinary shares, representing 9.04% of the issued share capital
of the Company.

Contact Information:

Nathan Runnicles
Telephone: +44 207 457 2020


CORUS GROUP: Sells 20% Stake in Alouette for US$165 Million
-----------------------------------------------------------
Corus Group plc announces that it has agreed to sell its entire 20% interest
in the Aluminerie Alouette smelter in Sept-Iles, Quebec (Canada), to Alcan
Inc. for US$165 million (GP108 million approx.) in cash. In addition, Corus
will receive at completion a consideration for working capital.

The sale, which is subject to approval by the Canadian competition
authorities, is expected to complete during September 2002.

Commenting on the sale, Tony Pedder, Chief Executive of Corus said: "The
sale of our interest in Alouette represents the first step in the divestment
process of our aluminium businesses as announced in March this year, which
will enable the Group to focus its activities on carbon steels. We expect to
sell our remaining aluminium interests before the end of 2002 as scheduled."

Under UK GAAP, Alouette contributed a pre-tax profit of GBP9.2m to the Corus
results for the year ending December 29, 2001. The net assets attributable
to Alouette as at December 29, 2001 were GBP53.7m (which includes GBP7.3m of
working capital).

Alouette is one of the world's lowest cost aluminium smelters and is
presently owned by Corus (20%), Alcan (20%), Norsk Hydro (20%), Austria
Metall (20%), Marubeni (6.67%) and SGF (13.33%).

Contact Information:

Corus Investor Relations
Telephone: +44 (0) 20 7717 4503/4504


DANKA BUSINESS: Danka Announces Issuance of Participating Shares
----------------------------------------------------------------
Danka Business Systems PLC (http://www.danka.com/)announced today that it
has issued an aggregate of 4,139 new 6.5% senior convertible participating
shares of US$1.00 each to the existing participating shareholders of the
Company in satisfaction of the payment-in-kind dividend due on Danka's
participating shares for the period ended August 14, 2002.

Danka delivers value to clients worldwide by using its expert technical and
professional services to implement effective document information solutions.

As one of the leading independent providers of enterprise imaging systems
and services, the company enables choice, convenience, and continuity.
Danka's vision is to empower customers to benefit fully from the convergence
of image and document technologies in a connected environment.

This approach will strengthen the company's client relationships and expand
its strategic value.


INTERX PLC: Cancellation of Listing and Change of Name
------------------------------------------------------
The Board announces the results of the EGM held on August 15.
Both resolutions were passed. Accordingly, the name of the
Company will be changed from InterX plc to Danogue plc, effective tomorrow,
August 16, 2002.

As notified in the circular to shareholders dated July 12, 2002, the listing
of the Company on the Official List of the UK Listing Authority will be
cancelled and trading on the London Stock Exchange's market for listed
securities will cease at 8.00.am on August 16, 2002.


NAVAN MINING PLC: Ada Tepe Continues to Return Top Intercepts
-------------------------------------------------------------
Highlights

-- One additional diamond drill hole (DDH) and 17 reverse
   circulation (RC) drill holes at Ada Tepe have returned
   significant gold intercepts and have extended the limits of
   the Ada Tepe prospect, which remains open to the north and
   east.

-- A 1700 metre drilling programme at the nearby Surnak prospect
   is about to begin.

Navan Mining plc (NVM.L) is pleased to provide the following update on its
exploration activities at the Krumovgrad gold prospect in Bulgaria.

Drilling on the Ada Tepe Prospect

An approximate 10,000m combined RC and DDH drilling programme is in progress
at Navan's 100% owned Krumovgrad Exploration Licence in Bulgaria. Targeting
the Ada Tepe and Surnak prospects, the programme is designed to infill
existing drilling to a nominal 50m by 50m grid and to delineate the extent
of mineralisation for the purposes of a resource calculation in late
September. At Ada Tepe, the drilling is orientated to the south and declined
at -60 degrees.

The drill holes are designed to intercept the zone of gold mineralisation,
which consistently occurs at the contact between the breccio-conglomerate
unit and the underlying basement rock (known as the 'wall' mineralisation)
and, in addition, the sets of gold bearing epithermal veins located above
the 'wall' mineralisation.  Detailed structural measurements on oriented
diamond drill core have shown that these vein sets, lying above the 'wall'
mineralisation, have several orientations and are now referred to as the
'upper' zone.  Drilling to date has hit many more of these upper vein sets
than were expected.

The current phase of drilling at Ada Tepe and Surnak is expected to be
completed by mid-September prior to a resource calculation being carried out
by Perth based consultancy, RSG Global (formerly Resource Service Group
(RSG)).

The remainder of the programme at both Ada Tepe and Surnak includes
provision for the completion of the 50m by 50m infill drill out (Ada Tepe),
the testing of probable extensions to known mineralisation (Ada Tepe and
Surnak), and for the drilling of twinned holes (DDH) designed to test the
integrity of both the RC component and of historic diamond drilling
programmes (Ada Tepe and Surnak).


DDH results are from HQ3 (triple tube) diameter, diamond drill core.  RC
results are derived from individually split one metre 4.75 inch face
sampling hammer samples. Analabs, an independent and internationally
accredited laboratory, conducted analyses on half core and 2.5kg RC samples
using the 50 gramme fire assay technique with an AAS finish.

Strict quality assurance measures have been employed throughout the sample
collection and analytical processes and have included the submission and
monitoring of external standard samples and field duplicates (10% by
combined volume of all samples submitted).

As part of RSG's standard quality assurance procedure, the core samples
assayed by Analabs were accompanied by internationally accredited reference
samples, produced by Rocklabs of New Zealand, as a 'blind' control on the
accuracy of Analabs assaying methods.  The reference samples have confirmed
that the assay facility is performing to high international standards.

Results confirm the presence of epithermal gold mineralisation near surface.
The wall mineralisation is recognised at the contact in the northern
reaches, though the tenor and width of the zone is attenuating, particularly
to the north-west.  These results broadly conform to the current geological
interpretation.

Contact Information:

Laurie Marsland
Chief Executive
Telephone: 07775 501 181

Simon Olsen
Acting Chief Financial Officer
Telephone: 01256 353 312


NTL INC: Committee Turns to UBS Warburg for Financial Advice
------------------------------------------------------------
The Official Committee of unsecured Creditors pertaining to the chapter 11
cases of NTL Incorporated and its debtor-affiliates, obtained approval from
the U.S. Bankruptcy Court for the Southern District of New York to engage
UBS Warburg LLC as its financial advisor, nunc pro tunc to June 24, 2002.

The Official Committee retains UBS Warburg, at the expense of the
Debtors' estates, as its financial advisor to:

    (a) advise and assist the Official Committee in the Official
        Committee's evaluation of the assets and liabilities of
        the Debtors;

    (b) advise and assist the Official Committee in the Official
        Committee's review and analysis of the financial and
        operating statements of the Debtors;

    (c) advise and assist the Official Committee in the Official
        Committee's review and analysis of the business plans
        and forecasts of the Debtors;

    (d) provide such specific financial analyses to the Official
        Committee as the Official Committee may require in
        connection with the Debtors' chapter 11 cases;

    (e) assist the Official Committee with the claim resolution
        process and distributions relating thereto;

    (f) advise and assist the Official Committee in the Official
        Committee's assessment of the financial issues and
        options concerning:

        (i) the sale of any assets of the Debtors, either in
            whole or in part, and

       (ii) the Plan;

    (g) advise and assist the Official Committee in the
        preparation, analysis and explanation of the Plan to
        various constituencies; and

    (h) provide testimony in court on behalf of the Official
        Committee, if necessary, with respect to the financial
        aspects of the Plan.

UBS Warburg shall be paid a monthly cash advisory fee of US$500,000 for the
first three months of the engagement. After which, such advisory fee will be
reduced to US$350,000 per month provided that, 50% of which shall be
credited against the portion of the Restructuring Transaction Fee.

NTL is the largest cable television operator and a leading provider of
business and broadcast services in the UK, and the owner of 100% of Cablecom
in Switzerland and Cablelink in Ireland. Kayalyn A. Marafioti, Esq., Jay M.
Goffman, Esq., and Lawrence V. Gelber, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP represent the Debtors in their U.S. Bankruptcy
proceedings and Jeremy M. Walsh, Esq. at Travers Smith Braithwaite serves as
U.K. Counsel. At December 31, 2001, the Company's books and records
reflected, on a GAAP basis, US$16,834,200,000 in total assets and
US$23,377,600,000 in liabilities.


NTL INC.: Loses Market as It Focuses on Restructuring
------------------------------------------------------
Troubled cable group NTL is losing more than 23,000 subscribers a month as
it undergoes the biggest debt restructure in corporate history, the
Financial Times says.

In the last quarter, the company has lost 70, 000 subscribers. Now, the
company has 2.7 million customers for its cable TV, telephone and Internet
services, the paper adds.

Earlier this year, NTL warned that the focus on refinancing might cause some
customers to defect to rivals such as BskyB. The figures confirm a downward
trend triggered by the massive financial crisis the company has suffered,
the daily says.

Moreover, NTL had revealed earlier this year that it was facing financial
troubles that it is even incapable of drumming up new business, the paper
reports.

Now, the company will concentrate on existing customers and not to attempt
to recruit new ones. But NTL's remaining customers are continuing to spend
more with the company. The closely watched average revenue per user figure
rose to GBP40.54 from GBP40.07 in the last quarter, the paper adds.

Core earnings were slightly down on the previous quarter to GBP174 million
from GBP177 million, although well ahead of last year when they stood at
GBP110 million.

Barclay Knapp, the chief executive of NTL, has overseen the debt for equity
swap that would wipe out GBP7.25 billion of NTL's GBP12 billon debt. But NTL
also warned that it might face a cash crunch before refinancing is over.

Lenders, bondholders and shareholders have already approved of the move but
the company is still waiting for the court's decision on the matter.

NTL accumulated a GBP12 billion debt pile during a huge acquisition spree in
the 90s. It is still expected to merge with rival Telewest at some point
during the next two years, the Financial Times says.


MARCONI PLC: Confirms Press Speculation on Ongoing Funding Talks
----------------------------------------------------------------
Further to press speculation, Marconi plc (http://www.marconi.com/)confirms
that negotiations are ongoing with its syndicate lending banks and certain
bondholders with respect to the Group's financial restructuring.

Further announcements will be made in due course.

Marconi plc is a global company with research and development facilities in
19 countries, manufacturing operations in 16 countries, and customers in
over 100 countries.

Marconi delivers innovative solutions which transform communications,
networks. Marconi plc is listed on the London Stock Exchange under the
symbol MONI.

The company's customer base includes many of the world's largest
telecommunications operators. The company is listed on the London Stock
Exchange under the symbol MONI.


PACE MICRO: Receives Euro-DOCSIS Award for Cable Modem Gateway
--------------------------------------------------------------
Pace Micro Technology's Di4000 gateway (set-top box) with integrated cable
modem has been awarded Euro-DOCSIS 1.0 qualification by the Euro-DOCSIS
Certification Board, following extensive tests performed by tComLabs n.v,
the Euro-DOCSIS testing laboratory.

Pace's Di4000 gateway is the most widely deployed advanced cable solution of
its type in the world. In addition, Pace (http://www.pacemicro.com)is the
only gateway developer worldwide to have commercially deployed gateways
using every major broadband modem standard -  DOCSIS, Euro-DOCSIS and DAVIC.

The Pace Di4000 successfully completed tComLab's extensive interoperability
tests and demonstrated compliance to the 'Euro-DOCSIS Interoperability
Specification.'  Pace was a founding member of the Group that created the
original Euro-DOCSIS specification in 1999 in order to promote a common,
open standard for cable modem and other cable equipment.

The Di4000 is Pace's third generation digital cable gateway. It is equipped
with a 175MIPS processor and 32 Mbytes memory capacity. The gateway features
an easy to use on-screen Electronic Programme Guide and can work with a
range of conditional access and middleware technologies.

Pace's Di4000 enables cable operators to provide interactive TV services
such as e-mail, Internet access, home shopping and banking. It can also
deliver high-speed data to an external PC and support Voice over Internet
Protocol (VoIP) services.

Pace has a strong reputation in DOCSIS/Euro-DOCSIS integration. The company
designed and launched the world's first digital cable gateway with
integrated DOCSIS-compliant cable modem technology for Cable & Wireless
Communications in June 1999.

Since then, Pace has delivered DOCSIS/Euro-DOCSIS gateways for digital cable
launches and trials to operators worldwide including NTL and Telewest in the
U.K., Ono in Spain and Optus in Australia. Pace will also start shipping
DOCSIS cable gateways to Comcast Cable by the end of 2002.

"Pace's proven experience, gained by deploying more
DOCSIS/Euro-DOCSIS-compliant digital cable gateways ahead of any other
company is already a clear testimony to our digital cable leadership," said
Tim Fern, Chief Technology Officer for Pace.

"Now we have official industry recognition from the Euro-DOCSIS Board that
Pace is a leading developer of interoperable, advanced technology solutions
for European cable operators.

"We are proud that Pace's ground-breaking DOCSIS/Euro-DOCSIS-compliant
digital cable modem gateways have enabled operators worldwide to maximize
the capability of their broadband networks and generate revenue by providing
innovative, interactive, revenue-rich services."


WORLDCOM INC.: CEO Issues Letter to Restate 2000 Results
--------------------------------------------------------
On Thursday, August 8th, we disclosed that our ongoing internal financial
review uncovered an additional US$3.3 billion in improperly reported
earnings from 1999 and 2000. In light of this finding, we will restate our
2000 financial statements. This is in addition to our plan to restate
financial results from 2001 and the first quarter of 2002.

Although I have previously indicated that additional past transgressions
were likely to be found, this discovery is disappointing to me -- as it is
to WorldCom's more than 60,000 dedicated employees. I hope you understand
that these events are indicative of our commitment to re-build your
confidence in us by getting to the bottom of any past irregularities and
disclosing them promptly.

I want you to know that this announcement in no way affects our ability to
provide you the robust services you have come to rely upon. Nor does it have
any impact on our cash position. We are correcting misstatements from the
past so that we can move forward with the highest possible financial health
and integrity.

I would like to give you an update on our restructuring process.  Last week,
we had our first meeting with our Official Committee of Unsecured Creditors
under the Chapter 11 reorganization process. We expressed our clear
intention to maintain the quality of our service to customers, and we
expressed our commitment to working with the Committee on a consensual
reorganization plan. This was a very productive meeting and an important
first step toward WorldCom's emergence from reorganization.

As you might imagine, this is a trying time for WorldCom. Many of us have
spent years, or even entire careers dedicated to bringing competition,
choice and innovation to the telecommunications market. We are proud of
these accomplishments, and it is this pride that fuels our drive to rebuild
the public's trust in us. We remain confident that, with your continued
support, we will continue to provide you with high quality service long into
the future.

Thank you for your support.


John Sidgmore
President and Chief Executive Officer



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          S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-published by
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