Best Of The Best Share Discussion Threads

[grupo guitarlumber] 17/2/2005 10:52

ZURICH (AFX) - ABB Ltd has become more cautious on prospects for a
settlement of its asbestos litigation, with the company saying this morning it
now cannot predict the likely financial impact.
The Swiss/Swedish engineering group's previous statement, made in December
when a US court rejected its settlement plan, was that a resolution could be
reached "within a relatively short time frame and without significant additional
cost".
But this morning, it said: "ABB remains committed to resolving all
outstanding issues in a timely manner but cannot at this point in time predict
when a resolution will be achieved nor what financial impact it might have."
It also said it is continuing to review the December ruling, that it is
considering whether changes could be made to its proposal, and that it has begun
discussions with various parties to this effect.
scs/jsa

[ariane] 04/2/2005 08:54

ZURICH (AFX) - ABB Ltd said it is reclassifying ABB Lummus Global, its
downstream oil, gas and petrochemicals business, as continuing operations and
will include it fully in its 2004 results following December's asbestos
litigation setback in the US.
In December a US court rejected a proposal to include the unit in a plan to
settle asbestos claims for several units in one settlement, meaning that the
planned sale of the unit will be delayed while it "pursues other options".
"Because of this delay, the business no longer qualifies as a discontinued
operation under US GAAP," the Swiss/Swedish engineering group said in a
statement.
As a result, the sales and operating income (EBIT) from ABB Lummus Global
will be included in the group's operational results.
2004 results are due on Feb 17.
Previously, its sales and EBIT were excluded from operational results and
only its net income or loss was reported in results from discontinued
operations.
For the first nine months of 2004, ABB Lummus Global had sales of 795 mln
usd and EBIT of 8 mln. For the third quarter sales were 249 mln, EBIT negative
10 mln, and net income negative 12 mln.
A spokesman said no fourth quarter numbers were available for the unit.
ABB will also reclassify part of its power lines business from the Power
Technologies division as discontinued operations, it said.
The businesses being reclassified are in Brazil, and were closed in the
fourth quarter of 2004, and Nigeria, whose sale was completed in January 2005.
Also reclassified are the business in Italy, whose sale is near completion
and in Germany, where the divestment is under way.
ABB said it expects to report a loss on the divestments in the fourth
quarter 2004 results.
The businesses concerned posted nine months sales of 84 mln usd.
scs/cw

[grupo guitarlumber] 27/1/2005 20:11

Saint-Gobain Net Rises 4.7% on Building Demand, Cuts (Update2)
Jan. 27 (Bloomberg) -- Cie. de Saint-Gobain SA, Europe's biggest distributor of building materials, posted a 4.7 percent gain in second-half profit, helped by cost cuts and surging demand from construction and manufacturing companies in the U.S. and Europe.

Net income climbed to 596 million euros ($777 million) from 569 million euros a year earlier. The Paris-based company expects a 6 percent gain in operating profit this year, Chief Executive Jean-Louis Beffa said today at a briefing in the French capital.

``European construction is recovering and they have a big distribution business,'' Tobias Woerner, an analyst at Man Securities in London, said before the earnings announcement.

Saint-Gobain, the world's largest glassmaker and the No. 1 supplier of home insulation, is benefiting as economic growth boosts demand, ending a two-year slump which Beffa, 63, to cut jobs. The company set aside 108 million euros against asbestos- related lawsuits in the U.S., it said today.

Shares of Saint-Gobain have gained 21 percent in the past six months, valuing the company at 16.1 billion euros. The stock, which yesterday reached its highest since June 2002, closed at 47.19 euros before today's earnings statement.

Full-year net income rose 4.2 percent to 1.083 billion euros, or 3.18 euros a share, from 1.039 billion euros, or 2.99 euros, a year earlier, the company said. Revenue for the 12 months increased 8.2 percent to 32.03 billion euros.

Saint-Gobain, which supplies components for computer chips and glass screens, benefited from a surge in U.S. factory output that last year saw the Institute of Supply Management's manufacturing index average its highest since 1973.

French Surge

In France, housing starts rose 14.7 percent in the last quarter of 2004 compared with a year earlier as interest rates near record lows buoyed demand. Saint-Gobain gets one-third of its sales from France and about one-fifth in North America.

Acquisition spending that totaled about 1 billion euros in 2004 may increase ``slightly'' this year, Beffa said at the press briefing. The focus will be ``small-to-mid-sized'' purchases, he said.

The company, founded 340 years ago, had 106,000 asbestos claims outstanding in the U.S. at the year, compared with 108,000 a year earlier. Asbestos is ``the big risk'' for the business, Man's Woerner said.

Saint-Gobain's products include bottles for Anheuser-Busch Cos. beer and Jack Daniel's liquor and perfume flasks for Chanel SA. It also distributes kitchen cabinets and windows and makes pipes that are used in the Parisian sewers.

The company's debt is rated A2, sixth from the top rank, at Moody's Investors Service, and one level lower, A-, at Standard & Poor's, making Saint-Gobain one of the highest-rated industrial companies in France.

Bloomberg calculated second-half earnings by subtracting first-half numbers from full-year ones. Analysts surveyed by Bloomberg had expected 1.098 billion euros, on average.

[maywillow] 20/1/2005 11:54

(Updating with more comments from spokesman, background)
ZURICH (AFX) - ABB Ltd said that the 3rd Circuit Court in the US has denied
a request from its US unit Combustion Engineering (CE), asking for the inclusion
of subsidiaries Lummus and Basic in its 1.2 bln usd asbestos litigation plan.
"We regret but expected this decision. The claims against these companies
are insignificant and we are working on a solution for these companies," the
Swiss engineering group said in a statement.
The original 1.2 bln usd settlement is still valid, although the court has
objected to certain aspects of how the settlement with the asbestos plaintiffs
was reached and the inclusion of the two units Lummus and Basic, a spokesman for
the Swedish-Swiss engineering group said.
Under the plan, ABB offered a 1.2 bln usd trust fund for claims against its
CE unit, consisting of the assets of the company valued at 812 mln -- about 30
mln ABB shares -- and cash contributions totalling about 350 mln.
scs/at/jlw

[maywillow] 20/1/2005 11:30

ZURICH (AFX) - ABB Ltd said that the 3rd Circuit Court in the US has denied
a request from its US unit Combustion Engineering (CE), asking for the inclusion
of subsidiaries Lummus and Basic in its 1.2 bln usd asbestos settlement.
"We regret but expected this decision. The claims against these companies
are insignificant and we are working on a solution for these companies," the
Swiss engineering group said in a statement.
The original 1.2 bln usd settlement is, however, still vaild, a spokesman
for the Swiss-Swedish engineering group said.
scs/at/jlw

[ariane] 16/1/2005 12:12

Asbestos - the hidden killer
Asbestos has killed thousands of workers in the shipbuilding and engineering, construction and energy sectors.

12,000 people have died from asbestos poisoning since 2002.

By 2015 10,000 people each year will die from asbestos poisoning.

With those horrendous statistics in mind, the Northern TUC, in association with Thompsons Solicitors are holding an asbestos seminar on Friday 21st January at Abbey House in Barrow in Furness. The seminar will highlight the dangers both now and in the future.

Kevin Rowan, Northern TUC Regional Secretary said, ' Industrial towns like Barrow, where for generations the population of Furness and the surrounding area have enjoyed the benefits of working in engineering and shipbuilding, nonetheless carry a heavy legacy of incapacity and ill-health as a result of that type of employment.

Asbestos-related illnesses are perhaps the worst, most dramatic and most lethal of the effects of this heritage. But increasingly we are seeing workers from other sectors of the economy; particularly those in public services, experiencing asbestos poisoning as the public buildings built in the 1960s and earlier begin to crumble.

Almost all of these buildings: town halls, libraries and schools, are littered with asbestos that presents a risk to those that work there and the members of the public that use those buildings and services.'

Ian McFall, Head of the National Asbestos Team at Thompsons Solicitors added, ' Trade union members were the backbone of the workforce at Barrow shipyard and it was trade union members that worked in conditions where they were routinely exposed to asbestos. Decades later, it's now these members who are developing, and dying from, asbestos-related disease - caused by their employers' negligence.

Trade unions offer the highest standard of legal service to their members and former members who suffer from asbestos-related disease. Only trade unions can be trusted to deliver assistance with compensation claims, at no cost to their members, win or lose.

Trade union law firms have fought the ground-breaking cases which established entitlement to compensation in asbestos cases, and remain at the forefront of the challenge to secure the highest compensation awards for asbestos victims.'

Notes to Editors:

The seminar will begin at 9.30am and end at 1.00pm

All TUC press releases can be found at www.tuc.org.uk

Contacts:

Media enquiries : Kevin Rowan on 07766250074

[maywillow] 14/1/2005 09:24

Equitas could face £8.7bn asbestos claim
John Sterlicchi, Evening Standard
14 January 2005
EQUITAS could be facing a massive asbestos claims bill relating to Ohio-based building materials firm Owens Corning, which has launched a court bid to emerge from bankruptcy protection.

Owens Corning says it has up to $16bn (£8.7bn) in asbestos liabilities, but reserves of just $5.5bn to pay up.


Set up by Lloyd's to handle pre-1993 asbestos and environmental liabilities, Equitas refuses to discuss its relationship with Owens Corning but documents dating back to 1981 suggest it is heavily exposed to the risk.


A spokesman for Equitas, chaired by Hugh Stevenson, confirmed the group will be closely watching the case. Its gross reserves for asbestos claims total about £6bn.

In the 1995 High Court case Henderson v Merrett Syndicates, a letter from the Lloyd's Asbestos Working Party to underwriters warned Owens Corning had notified Lloyd's that its domestic insurance was exhausted and 'claims will shortly be presented to interested underwriters in London'.


The bankruptcy hearing, expected to last up to seven days in the US District Court in Philadelphia, will decide how much the company owes installers and others who became sick from breathing cancer-causing asbestos insulation made by the Toledo building products producer between 1958 and 1972.

It pits the firm's banks and other lenders - which stand to recover less of their failed investment if a large percentage of Owens Corning's assets are reserved to pay claims - against the asbestosis claimants. If the firm is successful in its petition, Owens Corning's banks and other creditors would receive 35.5 cents of each dollar.


To win a bigger slice, they are trying to persuade the judge that the company's asbestos liability could be just $2bn.

Victims argue Owens Corning must pay at least $11bn, or more than $16bn when one of its subsidiaries is included. If presiding Judge Fullam cuts Owens' liability to victims, their lawyers have threatened to derail its exit from Chapter 11.

The timing of the court case and the huge sums involved are also playing into the hands of President Bush, who is trying to push legislation through to halt the flood of asbestos lawsuits. He believes many of the thousands of cases are frivolous, as a significant number of the plaintiffs have suffered no illness.

In Britain, the claims bill for asbestos-related diseases is likely to reach £20bn over the next 30 years, according to the Faculty and Institute of Actuaries, dwarfed by the $200bn (£106bn) insurers expect to face in the US.

Despite the fivefold fall in the use of asbestos in the US and Western Europe over the past 45 years, more is now probably being used in Asia than ever, especially in China.


The two major harmful diseases caused are mesothelioma cancer, affecting the lining of the lungs, and asbestosis which causes the lungs to shrink and stiffen. Equitas's biggest payout was $575m to Halliburton a year ago. Honeywell won $472m and Travellers $245m.

[ariane] 16/12/2004 18:41

ZURICH (AFX) - ABB Ltd said it has submitted a filing, asking the Third
circuit court of Appeals to reconsider parts of its recent ruling rejecting the
Swiss engineering company's 1.2 bln usd asbestos litigation plan.
ABB said aspects in question are those dealing with the inclusion of its US
units Lummus and Basic.
"We have elected for now not to request reconsideration of other portions of
the decision," ABB said.
"We remain confident that we can address the concerns of the court
adequately to successfully," it added.
at/jfr

[maywillow] 15/12/2004 08:06

(Adds increase in asbestos provision, pretax charge)
LONDON (AFX) - Hanson PLC, an international building materials company, said
it will take a pretax charge of about 223 mln usd representing an increase in
its provision for asbestos claims to 480 mln usd from 317 mln usd as of December
2003.
In the same trading update, Hanson said it expects its pretax profit before
exceptional items for the year to end December 2004 to be in line with
expectations. However, currency movements have cut full-year pretax
pre-exceptional profit by about 14 mln stg.
Exceptional items for the year will include the asbestos provision. In
addition there may be further exceptional charges of about 50 mln after tax,
including cash costs of about 3 mln after tax, it said.
About 7,000 new asbestos claimants are expected to file in the second half
of 2004, down from 11,700 in the first half and 7,900 in the second half of
2003.
About 2,000 claimant resolutions are expected in this half with around 90
pct of these expected to be dismissed, giving an annual average dismissal rate
of 75 pct.
The company said it is looking forward to trading progress next year.
"Operations in Hanson's major markets in the US, UK and Australia are
expected to benefit from stable underlying demand in 2005 and from on-going
management initiatives," it said.
"Price increases are expected to recover input cost increases and additional
cost savings should support margin improvement," it added.
Hanson also said growth through bolt-on acquisitions remains a priority.
[e-mail]
jc







Hanson(HNS)

[ariane] 03/12/2004 08:06

(recasts lead, adds background, more comment from ABB)
ZURICH (AFX) - ABB Ltd said that after last night's rejection of its 1.2 bln
usd asbestos litigation settlement bid by a US appeals court, it is considering
its options and "fully expects" to be able to resolve the issues raised by the
court, "and will move quickly to do so."
The Third Circuit Court of Appeals ruled yesterday that ABB's Chapter 11
plan of reorganisation for its US subsidiary Combustion Engineering (CE) will be
reviewed again by the District Court.
It also ruled that it was not appropriate to include units Lummus Global and
Basic Ltd in this plan.
Under the plan, ABB offered a 1.2 bln usd trust fund for claims against CE.
It consisted of the assets of CE valued at 812 mln usd, about 30 mln ABB
shares, and cash contributions totalling about 350 mln.
"The plan was accepted by an overwhelming majority of claimants, and
approved by both the Bankruptcy and District courts," the Swiss engineering
group said in a statement.
In the meantime, CE remains in Chapter 11, and it and ABB remain protected
from asbestos litigation by the Bankruptcy court's injunction.
ABB said it would look promptly at other mechanisms to deal with the
"insignificant" asbestos exposure of Lummus Global and Basic Ltd.
"Given the fact that both the Bankruptcy and District Courts have approved
the Combustion Engineering Plan of Reorganization, we are naturally surprised
and disappointed at today's decision," ABB said.
"But we remain confident that we can resolve Combustion Engineering's
asbestos liability within a Plan of Reorganization compatible with the Third
Circuit's decision within a relatively short time frame and without significant
additional cost."
ABB's US-listed ADR shares fell sharply overnight on the news.
The company will hold a conference call at 10 am CET.
scs/jfr

[ariane] 03/12/2004 07:56

RNS Number:9839F
ABB Ltd
03 December 2004



ABB asbestos case to be reviewed

Company confident of addressing outstanding issues promptly



Zurich, Switzerland, December 3, 2004 - The Third Circuit Court of Appeals in
the United States has ruled that ABB's Chapter 11 Plan of Reorganization for its
U.S. subsidiary, Combustion Engineering (CE) will be reviewed again by the
District Court.



Under the Plan of Reorganization announced in January 2003, ABB offered a $1.2
billion trust fund for claims against CE. It consisted of the assets of CE
valued at $812 million, about 30 million ABB shares, and cash contributions
totalling about $350 million. The plan was accepted by an overwhelming majority
of claimants, and approved by both the Bankruptcy and District courts.



ABB said it was considering its options and fully expects to be able to resolve
the issues raised by the Appeals Court, and will move quickly to do so.



In the meantime, CE remains in Chapter 11, and it and the ABB group remain
protected from asbestos litigation by the Bankruptcy Court's injunction.



The Third Circuit Court of Appeals found that it was not appropriate to include
Lummus Global and Basic Ltd in the Combustion Engineering Plan. ABB said it
would look promptly at other mechanisms to deal with the insignificant asbestos
exposure of these two companies.





"Given the fact that both the Bankruptcy and District Courts have approved the
Combustion Engineering Plan of Reorganization, we are naturally surprised and
disappointed at today's decision," said Jurgen Dormann ABB chairman and CEO. "
But we remain confident that we can resolve Combustion Engineering's asbestos
liability within a Plan of Reorganization compatible with the Third Circuit's
decision within a relatively short time frame and without significant additional
cost."



ABB (www.abb.com) is a leader in power and automation technologies that enable
utility and industry customers to improve performance while lowering
environmental impact. The ABB Group of companies operates in around 100
countries and employs about 103,000 people.



ABB will host a telephone conference today for financial analysts, investors and
the media starting at 10:00 Central European Time (CET). Callers from the U.K.
should dial [phone], from the rest of Europe, dial [phone],
and from the U.S. [phone]. Lines will be open 15 minutes before the
start of the conference. The audio playback of the conference call will start
one hour after the end of the call and be available for 96 hours. Playback
numbers: [phone] (U.K.), [phone] (rest of Europe) or +1 412 317
0088 (U.S.). The code is 285, followed by the # key.




This information is provided by RNS
The company news service from the London Stock Exchange
END

STRFSDSMDSLSEFE


ABB(ANN)

[waldron] 02/11/2004 09:07

Insurers' asbestos bill may hit £10bn
Ruth Sunderland, Daily Mail
2 November 2004

BRITAIN'S insurance industry faces a bill of between £4bn and £10bn for asbestos-related claims over the next 30 years, according to new research.


Uninsured claims - which will largely fall on central and local government - will double the total to between £8bn and £20bn.


The wide estimate is because mesathelioma, the most serious asbestos-related disease, can take 30 to 50 years to develop. The prime period for exposure to asbestos in the UK was during the 1960s and 1970s.


A study by the Actuarial Profession found that the number of Britons dying from asbestos-related diseases will peak at around 2,000 a year during the next decade. UK insurers have already paid around £1.3bn of claims, with an average £100,000 for mesathelioma.


Julian Lowe, of the Actuarial Profession, said use of asbestos has declined sharply in the UK but increased in developing nations such as Russia and China. 'It will be very sad if the lessons from Europe have not been learned,' he said. UK insurers and reinsurers, including Royal & SunAlliance, are on the hook for around £36bn of asbestos liabilities in the US.


The Lloyd's of London insurance market, which came to the brink of collapse in the 1990s because of its exposure to US asbestos claims, has set up reinsurer Equitas to cover its liabilities. Equitas has gross* reserves of £4bn.

[waldron] 01/11/2004 15:30

Asbestos claims 'could hit £20bn'


Experts do not expect asbestos claims to peak for another 10 years
The cost of asbestos claims in the UK could reach £20bn in the next 30 years, research by an actuarial body has said.
The Actuarial Profession warned only half the cost will be met by insurers, with the government having to foot the rest of the bill.

The research, the first of its kind in the UK, was based on new data collected by the group from major UK insurers.

"Asbestos is certainly not yesterday's problem," said Julian Lowe, who led the working party for the study.

"Its effects will continue to affect insurance companies and healthcare providers in the West for years to come," Mr Lowe added.

Claims to soar

Despite a sharp decline in asbestos use in the UK, claims are still coming forward, and, according to the study, will cost the UK between £8bn and £20bn in coming years.

Asbestos related diseases take approximately 30-40 years to manifest themselves, and as the material was still in use in the UK in the 1960s and 70s claimant numbers are set to reach their peak in about 10 years time.

ASBESTOS FACTS AND FIGURES
Asbestos imports began in the UK in the 1880s, mainly for textile industry
It has been used extensively in over 3,000 commercially manufactured products including packing material and floor coverings
Asbestos Regulations, in 1969, set out the first quantative limits in the UK for asbestos dust exposure
According to a 2003 Health and Safety Executive report, asbestos related deaths will peak at 1,950-2,450 a year between 2011 and 2015

Mr Lowe added that the cost of claims increases depending on what type of asbestos-related disease the claimant has.

According to the study - carried out by the group which provides firms with commercial and financial advice for the future - asbestosis will decline over the period.

However, more than half of the claims are expected to come from people with mesothelioma - a terminal and incurable asbestos-related disease.

Making the situation more difficult still is the fact that employer liability insurance was only made compulsory in 1972.

So any claims relating to firms before that date may not be covered, or may even involve firms which are no longer in existence.

"People will have to claim against the companies, if they still exist. The problem is of course that, 30 or 40 years down the line, it's very tricky to find companies that might have gone out of business," Mr Lowe told BBC Radio Five Live.

"If you can't find the company there is a government compensation scheme, so a fair number of claims will end up being paid by the government"

Professions that are likely to be hardest hit by compensation claims in coming years are shipbuilding, construction and property maintenance, the report found.

Lessons to learn

A government compensation scheme is available for asbestos victims who cannot trace their previous employer.

More asbestos is used now in Asia than was used in America at its peak

Julian Lowe, Actuarial Profession

Meanwhile insurers need to be putting enough money aside to pay for any future claims, Mr Lowe said, something they have "hopefully" been doing.

The group also flagged up the fact that "the appalling demographic and social consequences" of asbestos use and manufacture will have the biggest effect on the developing world over the next 40 to 50 years.

"One of the most shocking things is that in the West, the use of asbestos has been declining since about 1970, in Asia and Russia it has been going up," Mr Lowe explained.

"More asbestos is used now in Asia than was used in America at its peak. Take China for example, a huge amount of construction and they're using most of the asbestos in the world - more than America ever did."

As a result of the findings the group has called on the international community to help such nations "learn the lessons" of Western Europe and America.

[maywillow] 27/8/2004 07:28

LONDON (AFX) - Equitas, the unlisted reinsurance vehicle linked with Lloyd's
of London, has reached another settlement of asbestos claims, agreeing to pay 97
mln usd to Hercules, a US speciality chemicals company, the Financial Times
reported.
The payment by Equitas, which was created to assume the pre-1993 non-life
liabilities that once threatened to overwhelm the Lloyd's insurance market,
comprises 30 mln usd to Hercules and the remainder to an asbestos trust
established to resolve claims against the company.
The deal continues Equitas's drive to buy out all current and future claims
against the underwriters, or Names, at Lloyd's who were exposed to the pre-1993
liabilities.
ml/lam

[grupo guitarlumber] 08/6/2004 15:00

Equitas faces £4bn 'asbestos threat'
Guy Dresser, This Is Money
8 June 2004

EQUITAS, the company formed to pay off all the liabilities of Lloyd's reinsurance syndicates for policies written before 1993, admitted today that the cost of meeting the cost of asbestos claims remains its 'greatest threat'.



The company said it increased reserves for asbestos claims by £296m to £4bn but admitted that this may still not be enough to meet claims.

The admission comes despite legal moves in several US states that could cap the extent of asbestos-related claims by people who have not yet fallen ill.

Chairman Hugh Stevenson said Equitas had completed agreements to close out claims for three of its five largest direct asbestos exposures but acknowledged that they remained a serious problem.

Chief executive Scott Moser added that Equitas' track record gave him confidence that reserves would support agreements. But, he said:

'Asbestos is the greatest single threat to Equitas and this remains the case. Asbestos reserves have been increased, primarily due to a greater trend of higher payouts to mesothelioma victims and a worsening of claims for some key assureds.'

Moser was speaking after unveiling annual results showing an accumulated surplus after tax of £460m, down from £527m a year ago.

Although Equitas was set up to reinsure the non-life liabilities of Lloyd's syndicates, mostly incurred during the 1980s from a series of man-made and natural disasters, the asbestos-related claims go back much further, some to the 1960s.

Since it was set up, Equitas has paid claims of over £15bn. However, legal estimates put the cost to insurers of settling asbestos-related claims as high as £45bn.

Moser said that although Equitas had suffered a loss in the year of £67m the solvency margin had improved from 8.7% to 9.8%.

He added that the US picture looked brighter, particularly as the prospects for a Federal asbestos reform bill now seem remote. The common position of both the Republican and Democratic parties, which is to condemn the flow of money to those who are not ill and to call for a comprehensive solution to the problem, is also a positive sign for Equitas.

Several US states have signalled that they won't just accept unchecked asbestos litigation and reforms in Mississippi, Texas and Ohio now appear to question the rationale of allowing massive claims by people who are not ill against those who did them no harm.

[waldron] 04/6/2004 08:47

ZURICH (AFX) - ABB Ltd said that a hearing yesterday in a US court on its
1.2 bln usd offer to settle asbestos litigation against it went well, and that
it expects a ruling "soon".
scs/cml

[maywillow] 21/5/2004 12:56

New rules to combat asbestos deaths

Jackie Dent
Friday May 21, 2004

Tough new rules to help eradicate asbestos-related disease come into force today, as the government grapples with controlling the biggest workplace killer in the UK.The far-reaching regulations impose a new duty on all building managers to check and control the asbestos in their buildings, with failure to do so resulting in prosecution and unlimited fines.

It is estimated that over 500,000 buildings in Britain contain asbestos, most of them built between 1950 and 1980.

At least 3,500 people in Great Britain die each year from mesothelioma and lung cancer as a result of past exposure to asbestos, and annual numbers of deaths are predicted to rise into the next decade.

People who work in building and maintenance trades, such as plumbers, carpenters and electricians, face the highest risk to exposure by disturbing asbestos and inhaling fibres. Computer installers and cabling engineers are also at risk.

To combat the problem, the control of asbestos at work regulations were introduced in 2002 but the new regulation four concerning duty of care only came into effect today to help property owners prepare for the impact of the legislation.

Since 2001, the Health and Safety Executive has embarked on a massive campaign to promote awareness and compliance of the new duty, but a recent study by Zurich Risk Services revealed that two-thirds of British businesses were unprepared for the new regulations and only 54% were aware of them.

Asbestos is a naturally occurring mineral that has been used for about 150 years on a large commercial scale but is now illegal.

Breathing in asbestos fibres can lead to fatal diseases such as asbestosis, lung cancer and mesothelioma, a cancer of the lining of the lungs and stomach. It can take anywhere from 15 to 60 years after exposure before the diseases develop.