Nov. 28--FISHWORKS FINDS IT TOUGH AS LOSSES RISE: Fishworks today underlined the difficulties restaurants face in the downturn as it reported widening losses and warned conditions are "extremely tough". The firm, with 10 restaurants-cum-fishmongers in the South-East, suffered a £5.5 million loss in the year to 31 July, against £1.6 million last time. But after disposing of unpopular sites, like-for-like sales rose 5.1 percent and turnover 6 percent to £9.7 million.

RICHER FEELS POORER AS PROFITS FALL: Richer Sounds, the specialist electricals store founded by entrepreneur Julian Richer, has seen its profits crash as it suffers from the slowdown on the High Street.

Profits for the year to 26 April fell 38.8 percent to £3.7 million and analysts warned that life has probably got harder since then as the crisis in financial markets spreads to the wider economy and retailers are forced to cut prices.

David Robinson, Richer's chairman, said: "When customers want a great deal, margins tend to suffer."

TATE & LYLE BOSS TO QUIT NEXT YEAR: Sir David Lees is to stand down as chairman of sugar producer Tate & Lyle after more than 10 years in charge of the company. He will be replaced by Sir Peter Gershon who will join the board on 1 February and succeed Sir David "by the end of 2009", the company announced. Sir Peter is also chairman of Premier Farnell and his appointment comes as Tate & Lyle is poised to rejoin the FTSE 100.

ALCOA 'WON'T RAISE RIO TINTO STAKE': US aluminum giant Alcoa said today it will not copy its Chinese ally Chinalco and raise its stake in miner Rio Tinto following the collapse of its takeover by BHP Billiton. Alcoa and Aluminum Corp of China teamed up in February to buy 9 percent of Rio following the launch by BHP of its hostile bid. Chinalco vice president Lu Youqing said this week the company plans to lift its stake in Rio to at least 15 percent.

RENTOKIL FINANCE CHIEF TO STEP DOWN: The new chief executive at troubled services group Rentokil Initial today said chief financial officer Andrew Macfarlane will be replaced by Michael Murray, 41, who joins from support services firm GSL. Macfarlane earned £490,000 and a £150,000 bonus last year. He has been with the company since joining from Land Securities in 2005. Chief executive Alan Brown joined in April.

AIRLINE IN TALKS TO DELAY JET DELIVERY: Cathay Pacific, the Hong Kong-based airline, has begun negotiations to delay the delivery of new Boeing aircraft it has ordered in the face of the global economic meltdown. Earlier this month Cathay Pacific issued its second profits warning of the year, saying that it would probably only break even in 2008. The airline is also trying to sell five of its Boeing 777-200 aircraft in order to improve cashflow.

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