Empty Nesters: UK consumers have the most left to spend

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TPG: delivering good results

TPG's financial results were better than expected. Performance was mainly driven by the company's express and mail units, while restructuring at its struggling logistics division also started to show positive effects. Going forward, TPG will need to develop its express division, capitalizing on the recent enlargement of the EU and increasing its presence in both the US and emerging Asian markets.

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Gas procurement: a retail led path

The Anglo-Dutch gas pipeline will be a key route for continental gas imported into the UK. Centrica [CNA] is to take 8bcm per year from Gasunie through the BBL, in addition to agreeing a recent 1bcm fixed price contract with Statoil [STL.OL]. Fixed price contracts are particularly appealing right now as a tool to guard against future price volatility and protect margins.

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ABN Amro/State Street: it's all about focus

ABN AMRO Asset Management [ABN] has agreed to outsource its investment operations services in Europe to State Street [STT]. The deal represents another big win for State Street, and is a further example of the importance of specialist focus in a competitive environment. State Street and ABN AMRO Asset Management's deal leaves both players able to concentrate on what they do best.

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ABN Amro: Private Clients doing well

Wealth manager ABN Amro [ABN] struggled in 2003, but it has worked on its domestic business and reaped the rewards. Its Private Client arm in particular has improved significantly on last year. With the right strategy ABN Amro should now be well placed to make inroads into the tough German market.

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KLM: no frills in executive class

KLM's [KLM.AS] top executives have not accepted the bonuses offered by Air France to avoid conflicts with unions and government. The Dutch airline is going through a tough restructuring plan while completing its merger with Air France [AF.PA]. The management's decision shows a good deal of self-awareness in a difficult transitional period for the airline.

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Fortis: cautious optimism

Fortis [FOR] has spun off Assurant, its US-based insurance arm, leaving it to focus on its core Benelux markets and expansion in Europe and Asia through partnerships and minority holdings. Although the weak dollar makes the timing of the move unfortunate, Fortis's cautious strategy should pay dividends in the future.

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Dutch utilities: should the consumer be worried by market domination?

As the Dutch energy market moves through the early stages of competition, suppliers have used M&A activity and cost cutting to improve their respective positions. With just 7 million residential customers, there is not much room for competition in this market. Reduced competition will partly be a result of end-user apathy and cannot just be blamed on M&A activity.

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GM foods: give it time

After a five year long moratorium on growing and commercializing GM foods, the EU has authorized the entry of a GM product onto the market. European consumers are still unconvinced, and the biotechnology companies behind the products fear the public may reject them. However consumers may learn to accept GM, first in nutraceuticals, and then in mainstream foods.

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TPG: resilient in adversity

TPG [TPG.AS] remains optimistic about its 2003 financial results and maintains that the transformation plan it recently set up to restructure its problematic logistics division is proceeding according to expectations. Strong figures at the mail and express divisions give grounds for optimism but what the company really needs is a European recovery.

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