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. Last Updated: 07/27/2016

Reuters Plans Web Shift

LONDON -- News and information company Reuters Group PLC announced a pounds 500 million ($802 million) plan to move its core business to the Internet, a board shake-up and a 9 percent rise in 1999 pretax profit to pounds 632 million.

Also Tuesday, the group warned that a planned pounds 300 million reorganization charge - half to be taken this year - would hit 2000 profits.

An IPO for the group's U.S.-based electronic brokerage unit, Instinet, which aims to launch products for fixed-income and retail markets in the near future, is under consideration.