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MAILLIS S.A.: Organic Growth and Expansion in the US The M.J. Maillis Group with almost half a century of packaging expertise is involved in the manufacture and distribution of end of line industrial solutions offering complete solutions, covering both the heavy-duty and light packaging markets plus all industrial applications. From 1998 until the first half of 2002, M.J.MAILLIS Group completed an impressive growth cycle, undertaking major capital investments, developing sales networks in Europe and the U.S. and realizing strategic acquisitions. The Group now operates in more than 52 countries worldwide, through a network of 31 owned Affiliate companies and more than 350 independent distributors, bringing up its scale from 58 million Euros in 1998 to 341 million Euros in 2004. The top priority for 2002-2003 was to complete the consolidation, integration and restructuring of companies acquired within the framework of assimilating the explosive growth that took place in the previous period. Thereafter the Group aimed at and has achieved substantial organic growth. In particular the strategic objective of 15% top line organic growth was achieved with Consolidated Sales at Euro 341.1 mln in 2004 versus Euro 296.0 mln in 2003, (+15.3%). Consolidated E.B.I.T.D.A. reached Euro 59.5 mln versus Euro 50.0 mln in 2003, increased by 19.0% while E.B.T. amounted to Euro 25.9 mln versus Euro 21.3 mln in 2003, corresponding to an increase of 21.6%. Management's forecasts regarding Q105 results bring consolidated turnover up to Euro 93.4 mln (+9.5%) vs the 1st quarter 2004, whereas the turnover of the parent company is expected to reach Euro 33.4 mln, representing an increase of 30%. At the same time another key objective involved the establishment of the Group in North America under the same operational framework as the successful structure in Europe (manufacturing of machinery, materials and a strong distribution network providing complete "end-of-line" industrial solutions). The Group recently announced the successful completion of the first phase of its investment in North America with the start up - in April 2005 - of a new manufacturing facility in South Carolina for the production of pet strapping. This investment together with the Group's established North American machines production create the "springboard" for further aggressive expansion. News provided by Capital Link

The Department for Constitutional Affairs has published statistics for company winding up, and creditors' and debtors' bankruptcy petitions issued in the High Court and county courts of England and Wales during the first quarter of 2005. In the first quarter of 2005 the following number of petitions were issued:

The Securities and Exchange Commission has appointed Linda Chatman Thomsen as director of the Division of Enforcement. She replaces Stephen Cutler, who announced in April that he would leave the commission after six years.

The number of chief risk officers (CROs) appointed to oversee enterprise risk is increasing as companies seek to address a growing range of business threats and increased regulatory pressures, according to a survey from the Economist Intelligence Unit.

Trans-Atlantic M&A, a phenomenon that made up a significant portion of activity at the height of the last M&A boom, looks set to continue its post-millennium downward trajectory. Despite a couple of sizeable US life sciences takeovers by European companies in recent weeks, trans-Atlantic deal-making has been in a state of marked decline in the years since 2000. European corporates have largely shunned US assets and overall levels have been largely maintained by the appetite of US companies and private equity investors for European assets. However the latest figures published by mergermarket reveal that trans-Atlantic activity in terms of European companies acquiring North American targets has continued to plunge in recent quarters. Compared to Q4 last year deal flow has slumped just over 50 percent by value and 32 percent by volume to 36 deals worth a total of EUR 9billion in Q1 this year. Since the peak in activity in the year 2000 the value and volume of deals has dropped 85 percent by value and 47 percent by volume to 194 deals worth almost EUR 53billion in 2004.

The downgrades of GM and Ford are but one of many possible events that could finally break the overconfidence in the USA's debt-ridden economy and trigger a vicious circle.

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.: Positive Research Follows MOTOR OIL Solid 2004 Earnings Two of Greece's top brokers, National Securities and P&K have published updated research reports for ASE listed Motor Oil Hellas (MOH), both maintaining favorable ratings and raising their target price. National Securities published a detailed update report on March 18th. It maintained its Buy rating for the MOH shares and increased its price target to Euro 12.25 from 11.22 Euro. National Securities maintains a positive 2005 outlook for Motor Oil's stock following its strong 2004 results and sustained increased refining margins above historic levels. National Securities also commented on the dividend payout exceeding expectations and slightly adjusted the assumptions in its valuation model which resulted in the higher target price. In its Flash Update Report dated March 7th reviewing 2004 Results, P&K reiterated its Overweight rating for Motor Oil Shares and raised its target price by 1 Euro to 12 Euro. The brokerage firm highlighted Motor Oil's strong 2004 results as well as the increased dividend payout of 0.85 Euro for this year which brings dividend yield at 6.8%. Motor Oil's stock closed at Euro 12.54 on May 4th. Motor Oil's turnover for 2004 amounted to 1.937 mil Euro compared to 1.560 mil Euro in 2003. The sales in volume increased amounting to 7.3 mil metric tons compared to approximately 6.8 mil metric tons in 2003 denoting an increase of approximately 8%. Gross Profit amounted to 272.2 mil Euro in 2004 compared to 208.2 mil Euro in 2003. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 2004 reached 174.9 mil Euro compared to 111.8 mil Euro in 2003. Earnings before taxes reached 155.4 mil Euro compared to 95.1 mil Euro in 2003. The Return on Equity during 2004 was 59.8%, reaching for yet another year very high levels. MOTOR OIL HELLAS is the largest private industrial complex in Greece with total investments in excess of USD 1.5 billion. The Company currently completes a USD 500 million investment program which will further enhance its product mix. The Company exports its products to more than 30 countries while the product mix it offers to its clients includes the entire range of oil products. The privately owned oil refinery of the Company is among the most modern ones in Europe. News provided by Capital Link

Xchanging and Boots sign seven-year £400 million outsourcing contract

Microsoft has appointed Chris Liddell as CFO, replacing John Connors who left the company in January. Liddell most recently served as CFO at International Paper, a Fortune 100 company. Before that, Liddell served as chief executive officer of one of New Zealand's largest companies, Carter Holt Harvey.

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Fast thinking and fancy footwork from Metcash Trading, one of Australia's leading grocery businesses, have helped turn a vulnerable company into an acquisitive one. Chris Leahy reports.