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Firms get jitters over Bribery Act

Businesses are gearing up for compliance as facilitation payments and hospitality are set to come under closer scrutiny After widespread criticism of the lack of clarity in the original draft guidance to the Bribery Act 2010, the Ministry of Justice (MoJ) has rewritten it and the act will come into force on 1 July. The UK is under immense pressure to bring the act into force to ensure we comply with our international obligations, but businesses are justifiably concerned about the new law . It includes an extremely broadly drawn corporate criminal offence of “failing to prevent a bribe by an associated person”. This wide form of vicarious liability is subject only to a defence that the company had “adequate procedures” in place to prevent the commission of an offence. The company’s senior executives can also be liable if the offence is committed with their consent or connivance. The government was wary of making the guidance a detailed checklist, for fear that this could straitjacket the law’s flexibility or fetter charging decisions. Instead, the guidance sets out six key principles for businesses to consider and now includes some practical guidance for them to follow. So, for example, Principle 1 – Proportionate Procedures includes an accompanying case study about a medium-sized company which has acquired a new customer in a foreign country in which “facilitation payments” are the norm. The guidance suggests enlisting UK diplomatic channels in order to apply pressure on the foreign authorities to take action to stop demands for such payments. Pretty campaigning stuff for a medium-sized company involved in a new and possibly small contract, you might think. In the meantime, many businesses are devoting considerable energy to gearing up for compliance. One multinational, for example, is interrogating all its advisers on their corruption policies and extending that to law firms who advise third parties involved in joint ventures. Other global corporates are aggressively recruiting experienced regulatory lawyers to beef up their compliance departments. Many sectors are especially concerned about facilitation payments. They are already prohibited, but the act extends the territoriality of bribery to persons who have a “close connection” with the UK. Controversially, the guidance states that the mere fact that a company has a listing on a UK stock market does not of itself establish a sufficient link. And a subsidiary in the UK will not necessarily mean that the parent company has a sufficient nexus with the UK to be caught by the act either. Some contend that the guidance, produced under the current coalition government, has unlawfully watered down the territoriality of the act (which was passed by the previous Labour government). More generally, businesses will be closely scrutinising the guidance for the factors the Serious Fraud Office (SFO), in particular, will take into account when assessing whether to prosecute, such as self-reporting, post-investigation improvement and monitoring measures. In tandem with the MoJ guidance, the director of public prosecutions and the SFO director have issued joint prosecution guidance on the Bribery Act which spells out, for example, that facilitation payments are more likely to attract prosecution if premeditated. The act applies to commercial bribery but it also applies to individuals who attempt to influence the application of rules, regulations and normal procedures – hence the possibility of both CPS and SFO prosecutions. Other sectors are currently exercised about hospitality issues, although the SFO is likely to take a commonsense view of these – especially when it is reportedly only receiving an extra £2m to enforce the new law. And “reasonable hospitality to meet, network and improve relationships with customers” is excluded from the act. Nevertheless, some professional advisers have felt the need to clarify whether the provision for marketing purposes of company-branded mouse mats, calendars and golf umbrellas would be likely to attract criminal prosecution. The justice secretary, Ken Clarke, has now made it clear that “no-one is going to try to stop businesses getting to know their clients by taking them to events like Wimbledon, Twickenham or the Grand Prix”. The guidance goes further and considers whether providing free baseball tickets in New York is the wrong side of line. Unless the Big Apple has been chosen as a deliberately seductive location and is not at all incidental to the business being transacted, going to see the Yankees is unlikely to give rise to a prosecution at Southwark crown court. Another major issue is the scope of the public procurement rules, which prohibit companies convicted of corruption from tendering for EU public contracts. The government is proposing to amend those rules so that the new corporate bribery offence does not trigger debarment. At present, the only way to avoid this is for a company to self-report and to reach a purely civil settlement with the SFO, or to negotiate a plea bargain for non-corruption (eg “books and records”) offences. When Mahatma Gandhi was asked what he thought about western civilisation, he replied that he thought it would be a good idea in principle. I imagine that most people would take the same stance concerning broader criminal liability for bribery and corruption. All the more reason that the law should be crystal clear: it will not be a level playing field otherwise. The revamped guidance is surely a welcome attempt at that goal. Alex Bailin QC is a barrister at Matrix chambers and previously was a derivatives trader in the City of London Bribery Act corruption index Serious Fraud Office Alex Bailin guardian.co.uk

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John Harris

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The rise of child-men like David Cameron and Jeremy Clarkson suggests an alarming shift in modern masculinity Call it “preadulthood”: the period between late adolescence and one’s late 30s, when there are far more questions than answers. Jobs and relationships may only be fleeting. Life, particularly for those passing through higher education or in the midst of it, will appear to brim with choice and freedom – but eventually feel weighted with angst, exhaustion, and the realisation that any halfway livable existence should be altogether more settled. I should know: it’s not that long since I left. Another thought: could women be better at navigating this phase than men? Bring in a few modern archetypes, and see why this might hold true. While no end of cultural noise is devoted to twenty- and thirtysomething career women, making haste in case motherhood brings things to a halt, how is it that the most common image of their male contemporaries tends to be silliness, ineptitude and too much booze? Higher female attainment at school is traditionally put down to girls maturing more quickly than boys, with the gap closing by university. Not so: in higher education there have long been concerns about a growing gender difference reflected in participation rates and finals results (men are more likely to get 2:2s and thirds). At the last count, 11% of young women graduates had failed to find a job, and 17% of men . The chief executive of the Association of Graduate Recruiters credits women with being “more mature and focused”; by contrast, to quote a US writer, might it be that millions of young men have yet to be more than “giant frat boys, maladroit geeks, or unwashed slackers”? Those words, along with the term “preadulthood”, come from a new book called Manning Up , subtitled “How the rise of women has turned men into boys”, by the conservative polemicist Kay S Hymowitz. US publishing seems to produce these breathlessly written, often maddening texts by the score. But this one picks apart something that has been bugging me for years: a suspicion that my generation blazed a trail for a newly puerile kind of masculinity that has been locked into millions of lives. I hit my 20s as preadulthood’s basics were being identified, and so-called laddism was at its peak. I recognise Hymowitz’s picture of the Anglo-American culture it spawned: “child-man” icons such as Adam Sandler and Owen Wilson, and male-fronted TV shows – Top Gear, obviously – that “wink at contemporary man’s shallowness and puerility, as if the dudes know full well just how ridiculous they are”. Reading her book, I even started to wonder if the failure of modern male politicians to exude the authority of their predecessors might be down to the malaise she describes: witness the noticeable decline in the tone of PMQs once David Cameron got involved – usually put down to his Etonian “Flashman” tendencies , though perhaps just as traceable to a male generation for whom crass mockery is much more ingrained than elegant repartee. That said, I’m not sure about her implication that inside every man is a semi-feral ubermensch who needs an outlet; better, surely, to encourage an updated version of the New Man wiped out in the backlash against the right-on 1980s. Though she cites evidence that female graduates are out-earning male contemporaries in some US cities (but not, it has to be said, in the UK), her picture of an insurgent postfeminist sisterhood bumps up against the gender pay gap, and the inability of most industrial economies to know what to do about motherhood. But there is something in her conviction that, among the vociferous middle class at least, one result of the embrace of female empowerment has been a dangerous downgrading of men, particularly when it comes to the importance of fatherhood. From that, a lot follows. If you’re writing dads out of the script via blithe claims that their role is overrated and the celebration of reproductive independence (for the rich, at least), don’t be surprised if educated male thirtysomethings remain stubbornly dissolute and commitment-phobic, and at the more difficult edges of society you sow chaos. It’s also right to wonder about the pernicious effects of TV, movies and more, and what our public-service broadcaster is doing funding the rise and rise of Clarkson and co; right too, perhaps, to fear the consequences of “child-men” not just on our screens, but in power. This is something Hymowitz doesn’t consider: gender inequalities staying much the same, and made more toxic by the arrival of a new male elite emerging from extended adolescence even less qualified to lord it around than its predecessors. In fact, on current evidence, might we be there already? Gender Women David Cameron Jeremy Clarkson John Harris guardian.co.uk

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Speed cameras back on after cuts

Thames Valley police say 72 fixed camera sites and 89 mobile sites switched off after spending cuts will begin operating again Speed cameras in Oxfordshire which were switched off due to spending cuts last year are being switched on again. Thames Valley police said 72 fixed camera sites and 89 mobile sites in the county would start operating from Friday. They were switched off on 1 August 2010 after Oxfordshire County council cut the authority’s road safety grant. Superintendent Rob Povey, the head of roads policing for Thames Valley police, said: “We think this is important, because we know that speed kills and speed is dangerous. “We have shown in Oxfordshire that speed has increased through monitoring limits, and we have noticed an increase in fatalities and the number of people seriously injured in 2010. We know that speed enforcement does work as a deterrent to motorists.” Data released by Thames Valley police showed that, in the six months after the cameras were switched off, 83 people were injured in 62 accidents at the sites of fixed cameras. The figure for the same period the year before – August 2009 to January 2010 – was 68 injuries in 60 accidents. Across Oxford, 18 people were killed in road traffic accidents in the period, compared with 12 people the year before. The number of people seriously injured rose by 19 to 179. Povey said the money for switching the cameras back on came from cutting back office costs and funding diverted from speed awareness courses. Professor Stephen Glaister, the director of the RAC Foundation, said speed cameras were “controversial”, but research suggested they prevent 800 fatalities and serious injuries each year. Transport guardian.co.uk

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Google faces China tax investigation

Long-running feud between country and internet company flares up again as Beijing alleges tax violations by subsidiaries Chinese authorities have found three companies linked to Google Inc broke tax rules and are investigating possible tax avoidance, a state-run newspaper said on Thursday, raising the risk of renewed pressure on the internet search giant. Google said two of the companies named were its units, and a third was a separate firm that works closely with Google. But Google denied the tax violations alleged in the Chinese-language Economic Daily. “We believe we are, and always have been, in full compliance with Chinese tax law,” Google said in a statement. Even if the report is unfounded or embellished, it could bring fresh headaches in China for Google, which has gone through difficult times there since early last year when it clashed with the government over internet censorship and hacking attacks . China generates a small percentage of Google’s revenues, but is the world’s largest internet market with more than 450 million users. The country’s search market, dominated by homegrown Baidu Inc, was worth 11bn yuan (£1.05bn) in 2010 and is likely to grow by about 50% each year for the next four years, according to iResearch. The Economic Daily said that the three companies investigated and punished were “Google enterprises in China”. “The taxation authorities have already investigated and punished the three companies according to the law,” said the report on its front page. The companies were accused of presenting false and unjustified claims to the total value of 40m yuan, said the report. It did not say when the claimed violations are alleged to have happened. “It is understood by this reporter that the taxation authorities are further investigating Google businesses in China on suspicion of tax avoidance,” said the brief story, which was also later reported by China’s official Xinhua news agency. A Google spokesperson said the two of the accused companies – Google Information Technology (China) Co Ltd and and Google Information Technology (Shanghai) Co Ltd – were its sub-units. It said the third company named, Google Advertising (Shanghai) Co Ltd, was a separate firm which works “closely with Google as Google’s sole first-tier reseller in China” of advertising on the search engine’s web pages. “Most foreign companies in China, especially high-profile companies with a global reputation at stake, are pretty careful to make sure they are in full compliance with the relevant tax laws,” said Mark Natkin, managing director of Marbridge Consulting, a Beijing-based company that advises investors about China’s Internet and telecommunications sectors. China’s foreign ministry would not comment directly about the report. “Generally speaking, any companies operating abroad should obey the laws and regulations of the host country,” said the ministry spokeswoman Jiang Yu. The report appeared after Google again clashed with the Chinese government over internet censorship. Earlier this month, Google said any difficulty that users in China may have faced opening its email service were likely the result of government blocks. China’s ruling Communist party has intensified censorship in recent months, fearing that calls for protests inspired by anti-authoritarian uprisings across the Middle East and north Africa could gather momentum. Google’s serious run-ins with the Chinese government began in January 2010, when the company said it was no longer willing to censor search results in the country. Previously, the company included a disclaimer on its China service that searches may not be complete because of local laws. Google China Internet guardian.co.uk

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M&S returns to France after a decade

Ten years after its exit from Europe sparked street protests, the retailer is taking over a 15,000 square foot site in Paris Marks & Spencer is returning to France, opening a store on the Champs Elysées a decade after its retreat across the Channel sparked street protests in Paris. The company replanted a British flag in the heart of the Gallic retail industry this morning by disclosing that it would open a shop on the central-Paris boulevard. As well as opening other general stores around Paris, M&S is in talks to open a number of Simply Food outlets in the city. In a first for the company, it will accompany the expansion with a new French-language website, which will trade in euros. The main M&S store will extend to 15,000 sq ft over three floors and sell womenswear and food, taking over a site currently occupied by the Espirit clothing chain. M&S executives are hoping that the group’s return to France will receive a more positive response than its exit. In 2001, trade unions demonstrated against the closure or sale of 38 stores across France, Germany, Spain, Portugal and the Benelux countries. The reaction in France was particularly vociferous, with government ministers backing protests . However, M&S already appears to have learned from the past: it has pledged to retain and retrain the 30 Esprit staff. Unveiling the “bricks and clicks” strategy in Paris this morning, M&S chief executive Marc Bolland said the new shops would launch before Christmas. “Marks & Spencer has great brand awareness here in France and a place in customers’ hearts,” he added. “We’re very excited to be returning with an e-commerce and retail offer to delight customers with our full range of clothing and home products, and the exceptional food from our Paris store.” M&S said it would open Simply Food sites in collaboration with SSP, a UK franchise partner. Despite the street protests, M&S remains well-regarded in France. The group said seven out of ten people questioned for a survey were aware of the brand. However, M&S is not expected to restrict its ambitions to France. It was recently reported to be in talks to buy back some of the nine stores it sold to Spanish department chain El Corte Ingles as part of its European exit. The mainland Europe move has been expected for some time after Sir Stuart Rose, who chaired M&S until January this year, made clear his desire to reverse the 2001 exit. M&S, which has more than 600 shops in the UK, has been expanding abroad aggressively in recent years, with new outlets in India, Dubai and China. It plans to generate up to a fifth of sales overseas. Retail industry Marks & Spencer Marc Bolland Supermarkets France Europe Europe Dan Milmo guardian.co.uk

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Radiation in Japanese groundwater

Leakage below Fukushima Daiichi power plant exceeds safety limits but experts say drinking supplies should be safe Radiation exceeding Japanese government safety limits has seeped into groundwater under the Fukushima Daiichi nuclear power plant, according to the operator, but experts say it is unlikely to contaminate drinking supplies. The leak is, however, a concern and an indicator of how far the Tokyo Electric Power Company is from stabilising dangerously overheating reactors after cooling systems were knocked out in the 11 March earthquake and tsunami. Tepco has increasingly asked for international help, most recently ordering giant pumps from the US that were to arrive later this month to spray water on the reactors. The groundwater contamination was found in concentrations 10,000 times higher than the government standard for the plant. The iodine-131, a radioactive substance that decays quickly, was nearly 15 metres (50ft) below one of the reactors, according to Tepco spokesman Naoyuki Matsumo. Seiki Kawagoe, an environmental science professor at Tohoku University, said the radioactive substances were unlikely to affect drinking water, noting that radiation tends to dissipate quickly in the ground, as it does in the ocean. But there are two ways the iodine could eventually affect drinking water if concentrations are high enough. One is if it seeped into wells in the area. For now, a 20km (12 mile) radius around the plant has been cleared, though residents are growing increasingly frustrated with evacuation orders and have been sneaking back to check on their homes. The other concern is that contaminated water could seep into underground waterways and eventually into rivers used for drinking water. Tomohiro Mogamiya, an official with the Ministry of Health, Labour and Welfare’s water supply division, said that was “extremely unlikely” since groundwater would flow toward the ocean, and the plant is right on the coast. There are two nearby filtration plants for drinking water, and both have been shut down because they are just inside the exclusion zone. One takes water from the Kido river, to the south, and another takes it from groundwater below Odaka, to the north. Both are several kilometres from the coast, and therefore on higher ground. “When people return to the area we will test the water to make sure it is safe,” said Masato Ishikawa, an official with the Fukushima prefecture’s food and sanitation division. Radiation concerns have rattled the Japanese public, already struggling to return to normal life after the tsunami devastated hundreds of kilometres of the north-eastern coast. Three weeks after the disaster 260,000 households still do not have running water and 170,000 have no electricity. In the latest report of food becoming tainted, the government said on Friday that a cow slaughtered for beef had slightly elevated levels of cesium, another radioactive particle. Officials stressed that the meat was not put on the market. Radioactive cesium can build up in the body and high levels are thought to be a risk for various cancers. It is still found in wild boar in Germany 25 years after the Chernobyl nuclear disaster, making the pigs off-limits for eating in many cases. Contamination has affected work at the plant itself, where radioactive water has been pooling, often thwarting the vital work of powering up the complex’s cooling systems. Despite the leaks, Tepco hasn’t had enough dosimeters to provide one for each employee since many were destroyed in the earthquake. Under normal circumstances, the gauges, which measure radiation, would be worn at all times. Officials said on Friday that more meters had arrived and there were now enough for everyone. “We must ensure safety and health of the workers, but we also face a pressing need to get the work done as quickly as possible,” said nuclear safety agency spokesman Hidehiko Nishiyama. Until now, sharing meters “has been an unavoidable choice”. Tepco has repeatedly relaxed safety standards during the crisis in order to prevent frequent violations. That is not uncommon during emergencies. The company has acknowledged it was initially slow to ask for help in dealing with the crisis, but experts from around the world are now flooding in. The French nuclear giant Areva, which supplied fuel to the plant, is helping figure out how to dispose of contaminated water, and American nuclear experts are joining Japanese counterparts on a panel to address the disaster. Japan has ordered two giant pumps, typically used for spraying concrete, from the US. They are being retrofitted to spray water first, according to Kelly Blickle, a spokeswoman at Putzmeister America in Wisconsin. At least one similar pump is already in operation at the plant. Japan disaster Nuclear power Japan Energy guardian.co.uk

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A sparkling chain that lost its fizz

Since the retailer was sold the owners of Nicolas, its range has been duller and it has lost its ability to connect with its customers The news that Oddbins seems to have finally gone belly up will sadden those of us who fell in love with wine through their wonderfully quirky and exciting shops. Going into an Oddbins in the late 1980s was like entering an Aladdin’s cave of mad, colourful labels and enticing new flavours. They introduced me to southern French wines I still love, such as Bandol and Les Baux de Provence and elegant Alsace pinot blanc (a cut-price alternative to white burgundy for hard-up young drinkers). Their wine lists, illustrated by the great Ralph Steadman, were collectors’ items in themselves as were the labels he designed for them such as the Monty Pythonesque Cardinal Zin, a collaboration with the equally eccentric Randall Grahm. They were the first to champion Australia and Chile and at one stage introduced a brilliant range of Greek wines – hard to imagine in any high street chain now. It was such a refreshing change from the staid pinstripe-suited world of the conventional wine merchant. But somehow Oddbins lost the plot. Questions were being asked about its viability nine years ago when it was sold to the French company Castel, owners of the pedestrian chain Nicolas. The range became progressively duller. The website was plodding and hard to use. Prices were inflated (you’d have thought they would learn from Wine Rack’s mistakes) – and only a reasonable price when you bought six bottles. The most recent tasting I went to, a few months ago, was the best for a long while. The head buyer, Richard Verney – who clearly saw the writing on the wall and left before Christmas – had persuaded the chain to major on organic, biodynamic and sustainable wines which have proved flavour of the month this year. Maybe a “green” Oddbins would have had a future. They just seemed to have lost their ability to connect with their natural target audience. It feels a bit like hearing that a lover you split up with a long time ago has fallen on hard times. You take no pleasure in their misfortune. The real losers however are not us, the customers, but their many excellent staff and the wine producers who supplied them who will be lucky if they retrieve the money they are owed. There may now be a flourishing market for online wine merchants but there are fewer and fewer places you can just wander into, browse and learn. Like bookshops, high street wine merchants seem to have outlived their usefulness and we’re all poorer for that. Retail industry Food & drink industry Fiona Beckett guardian.co.uk

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How to pick your way to The Nostrils

Ten National Trust walking guides let embarrassed walkers find their way to Booby’s Bay or Scrubby Bottoms without asking Ever fancied putting your foot down on Kiss Me Arse Steps or taking a ramble to Slapper’s Rock but have been too embarrassed to ask the way? Walkers searching for the best route down to Scrubby Bottoms or picking their way through The Nostrils can consult a new range of online guides to the slightly rudely named places of Britain. Ten walking guides to some of our silliest-named beauty spots are now available to download free from the National Trust, showing the way to Booby’s Bay in Cornwall and Windy Gap in Surrey. According to Paul Cavill, editor of the English Place-Name Society journal, such names are very old. “Most describe the geography or land ownership, so finding out the meaning may be useful to walkers,” he said. Often the silly names are blunt and literal: Kiss Me Arse Steps, at Lansallos, Cornwall, is inspired by the steep steps that result in the person in front of you having their backside in your face, while Slapper’s Rock, North Helford, Cornwall, is probably named after the sound of the sea hitting the rock, although “slap” in Old English also means a “slippery muddy place”. Pisser Clough near Hardcastle Crags, West Yorkshire is more complex. Clough comes from the Old English for a wooded vale, while “pisser” may stem from “pissant”, meaning insignificant and also slang for an ant. “Lowly valley” hardly does justice to the glories of the local scenery which offers tumbling streams, plentiful birdlife and the northern hairy wood ant. A final warning: the biggest hazard for those fancying these treks is Googling the names. Far safer to go straight to www.nationaltrust.org.uk/walks . Walking holidays Yorkshire Cornwall United Kingdom Europe Patrick Barkham guardian.co.uk

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How to pick your way to The Nostrils

Ten National Trust walking guides let embarrassed walkers find their way to Booby’s Bay or Scrubby Bottoms without asking Ever fancied putting your foot down on Kiss Me Arse Steps or taking a ramble to Slapper’s Rock but have been too embarrassed to ask the way? Walkers searching for the best route down to Scrubby Bottoms or picking their way through The Nostrils can consult a new range of online guides to the slightly rudely named places of Britain. Ten walking guides to some of our silliest-named beauty spots are now available to download free from the National Trust, showing the way to Booby’s Bay in Cornwall and Windy Gap in Surrey. According to Paul Cavill, editor of the English Place-Name Society journal, such names are very old. “Most describe the geography or land ownership, so finding out the meaning may be useful to walkers,” he said. Often the silly names are blunt and literal: Kiss Me Arse Steps, at Lansallos, Cornwall, is inspired by the steep steps that result in the person in front of you having their backside in your face, while Slapper’s Rock, North Helford, Cornwall, is probably named after the sound of the sea hitting the rock, although “slap” in Old English also means a “slippery muddy place”. Pisser Clough near Hardcastle Crags, West Yorkshire is more complex. Clough comes from the Old English for a wooded vale, while “pisser” may stem from “pissant”, meaning insignificant and also slang for an ant. “Lowly valley” hardly does justice to the glories of the local scenery which offers tumbling streams, plentiful birdlife and the northern hairy wood ant. A final warning: the biggest hazard for those fancying these treks is Googling the names. Far safer to go straight to www.nationaltrust.org.uk/walks . Walking holidays Yorkshire Cornwall United Kingdom Europe Patrick Barkham guardian.co.uk

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Odeon and UCI chains could be sold

Flagship Odeon Leicester Square cinema is part of private equity firm Terra Firma’s portfolio Financier Guy Hands, the boss of private equity outfit Terra Firma, is considering selling the market-leading Odeon & UCI cinema chain as he begins rebuilding a City reputation that was dented by the EMI debacle. Hands has seen his image as a master dealmaker tarnished by his firm’s disastrous acquisition of music group EMI, which was seized by Citigroup in February , leaving Hands’s company with a loss of £1.75bn. However, Hands is already giving serious consideration to his next step and is mulling the sale of Europe’s largest cinema group and one of the UK’s big three chains, after rivals expressed interest in the business. According to initial reports in the Financial Times , Bank of America Merrill Lynch is expected to run the auction if one goes ahead, but it is understood that Hands has made no definitive decision yet. Another option on the table includes refinancing the business with new debt of about £600m and holding on to the company. BC Partners, a UK buyout firm, is a leading potential buyer of the chain, which owns around 200 cinemas with a total of 1,850 screens. The majority of its portfolio is in the UK, including the flagship Odeon Leicester Square cinema which often hosts gala premieres. However, the sheer scale of the business means that a bid from rival Vue Entertainment would likely face competition hurdles. Odeon & UCI generated earnings before interest, tax, depreciation and amortisation of £80m in 2009. Despite the travails of the movie business in the home entertainment market, cinemas are still viewed as an attractive investment because 3D films are giving a new boost to the market, although UK attendance slipped 2.4% last year. Odeon & UCI leads the UK by market share, with 23%, followed by Cineworld on 21% and Vue with 17%. Analysts said the neck-and-neck positioning of the businesses would make any sector consolidation a likely target of regulators. Film industry Guy Hands Private equity Dan Milmo guardian.co.uk

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