And if the bid succeeds how long will Anglo American shares remain in the doldrums as a punishment for this

And if the bid succeeds, how long will Anglo American shares remain in the doldrums as a punishment for this flagrant disregard for accepted corporate governance standards?Trouble at the telco topIf you think things are bad with BT, just look across the Channel. Following Vodafone’s decision to sell its 10 per cent stake in France Telecom, and the disastrous flotation of Orange, the former state utility’s shares have fallen to little over a quarter of their peak price of last year. France Telecom’s management may be protected by its friends in the Government – which still holds a controlling stake in the company – but the signs are that their patience is wearing thin.In Germany, the situation is even worse. Angry investors have turned on Ron Sommer, Deutsche Telekom’s chief executive, following the collapse in the value of the company and its internet subsidiary, T-online.

Not only are they calling for his resignation, they have taken legal action against the phone giant and it is likely that prosecutors in six German cities could join in the fight. Herr Sommer is claimed to have misled the market by making false statements about the group’s prospects ahead of a share issue last year.Given those slings and arrows, Sir Peter Bonfield might think himself lucky. Time will tell.* j.nisse independent.co.uk. On Wednesday afternoon, Gordon Brown will deliver his latest Budget. As it will probably be the last one before the general election, revolutionary content is unlikely.

Instead, he is likely to opt for a balance between prudence and keeping the voters happy. On Wednesday afternoon, Gordon Brown will deliver his latest Budget. As it will probably be the last one before the general election, revolutionary content is unlikely. Instead, he is likely to opt for a balance between prudence and keeping the voters happy.
Along with the 2p cut in duty on unleaded petrol already promised, the Chancellor is likely to make some tax cuts.

Rather than cut the basic rate of 22 per cent, he is more likely to extend the 10 per cent lower-rate band that applies to the first £1,520 of taxable income. This makes sense as it directly helps those on low incomes.There has been much speculation that he will also tinker with annuities. Anyone with a personal pension must use part of their fund to buy an annuity – an income for life. They are very unpopular as their poor rates mean pensioners who have saved all their lives get little value.But abolishing annuities completely is not the answer because the temptation to spend our pension money as we like could well lead to people splurging it on frivolous things, before falling back on state support. Mr Brown is more likely to alter the age by which you must buy an annuity; at present, you can delay it until 75. One option would be to raise this to 80.The advantage of tinkering with annuities is that Mr Brown will appease older voters while appealing to younger people and encouraging them to save into a pension.