Read and give the summary of the newspaper articles.

1. Greenalls refocuses spending By Dominic Walsh

Greenalls Group is to cut back investment in its managed pub estate and plough more money into its hotel and health and fitness business.

Development of its Millers Kitchen and Henrys Table chains, where softer consumer spending and competition are hitting returns, is to be frozen except as an adjunct to new Premier Lodge budget hotels.

Greenalls is to cut total spending on managed pubs from $100 million in the year just ended to $65 million this year. However, the overall level of investment will be broadly similar as $50 million is to be pumped into De Vere Hotels, $25 million into Premier Lodge and $50 million into health and fitness.

In a trading update covering the 11 months to August 28, the group said that it expected full-year profits to be in line with expectations. The poor summer weather caused a "marked slowdown" in trading at its pubs and restaurants in July and August, although hotels and leisure performed strongly.

2. Mandelson wants uk "digital leader" By Raymond Snoddy, Media Editor

Peter Mandelson, the Trade and Industry Secretary, will tell the Labour Party conference today that he wants the UK to be "Europe's digital pathfinder" – the natural home for new digital products and services.

His vision of the UK as a knowledge-driven economy coincides with the publication today of the first report from the DTI's Future Unit – a report looking at how convergence of telecommunications, computing and media will influence "the knowledge-driven economy".

Mr Mandelson wants the UK to be recognised globally by the end of this Parliament as the best environment in which to trade electronically. He said yesterday that the Government would address the issues raised in its Competitiveness White Paper.

The report argues that although convergence has so far proceeded in a controlled manner, "this comfortable state of affairs is unlikely to continue". Internet-centred convergence would represent a big "discontinuity" in the evolution of both commerce and society.

3. Paget departs from telspec By Chris Ayres

TELSPEC, the Anglo-Australian telecoms components manufacturer whose shares have lost 94 per cent of their value since 1995, yesterday disclosed that Jonathan Paget, its chief executive, had left the group by "mutual consent".

Sources within TELSPEC claimed that the company had become unhappy with Mr Paget's performance. It has not yet been agreed whether the company will pay him compensation.

TELSPEC, which last year made profits of 4 million pounds on sales of 53 million pounds, is currently bracing itself for a radical "restructuring" that is expected to result in companywide job losses. The reorganisation will be overseen by a committee of the board, including Donald Muir, finance director, and Eddie Hughes, manufacturing director. The two men will become chief executives for Europe and for Australia, respectively, until the restructuring is complete. David Ball, chairman of Nortel, and John Westhead, deputy chairman of Bowthorpe, will sit on the committee in their capacity as non-executive directors.

TELSPEC's shares have been hit by factors including over-expansion and management blunders. The shares were priced at 160p in a 1933 flotation, and rose to a high of 10.45 pounds in 1995. They have since collapsed, and last night closed down 41½p at just 63p.

In July, the company gave a profits warning, saying that Asia's economic crisis and sterling's strength against the Australian dollar would hit it.