Cable Venture For South Wales

A joint venture company set up by South Wales Electricity and International CableTel of the US plans to invest about £200m in building a cable TV and telephone network covering most of urban South Wales. South Wales Electricity expects that within 10 years half of the residents in its area will be taking cable TV and more than a third cable telephone.

QVC MAKES CASH OFFER

QVC yesterday formally launched a hostile takeover bid for Paramount, with a $4.8bn cash offer for 51% of Paramount’s shares.