United News & Media is to halve its investment in newmeejah for 2001 and rename its online umbrella organisation as part of series of changes at the company. The monster media group blew £120 million propping up its online sector during 2000. Next year, it can only afford £60 million. It has also signalled its intention to jettison all its b-2-c online activities in favour of b-2-b stuff. Whatever's left will come under the banner of United Business Media International. Out goes it new media division, Xilerate.

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Two of the biggest names in investment banking issued profit warnings that are linked to the collapse in Internet stocks and market volatility, the Times reports this morning. The shock announcements from JP Morgan and Chase Manhattan, which merged in a $31 billion deal in September, wiped billions of dollars from bank stock. The warning came after securities house Goldman Sachs issued a pessimistic report that suggested European banks might also suffer an earnings slump.

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Cable & Wireless has bought e-commerce agency, Hyperlink Interactive Ltd, for an undisclosed sum. With 98 employees, Hyperlink provides Web development, design, consultancy, value-added hosting and support services to a range of blue chip and dotcom outfits. It boasts a Net asset value £1.16 million.

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The German monster company Bertelsmann - which has recently gone on a Net-crazy acquisition spree - has said that talks concerning a "merger" with music company EMI will stretch on until at least the end of January. Unsurprisingly, the intended move has drawn the attentions of various market regulators. The talks were first officially announced in November. ®

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