While some of the traders are speculators, most of the activity is carried out by the orange producers themselves in order to hedge against – or reduce their exposure to – high prices.Also, demand for frozen orange juice has been falling as take-up of the low-carbohydrate Atkins diet rises. It is estimated that, in the US, as many as 24 million people – or 11 per cent of adults – could now be followers of Atkins.The British Soft Drinks Association said that annual consumption of frozen orange juice in the UK fell for the first time in over five years in 2002, the latest year for which it has records. This still works out at 752 million litres, or 12.5 litres per person. Figures for consumption in 2003 are expected to show an even larger decrease.Judy Ganes, president of J Ganes Consulting in New York, a food and agricultural commodities research company, said: “You have a record crop this season in the US, and expectations for similar success in Brazil. Coupled with falling demand as more people switch to low fruit and vegetable diets such as Atkins, it all adds up to a rock-bottom price.” She added that the proliferation of other soft drinks on the market had also hit sales.However, things might be looking up as the new US eating fad – Superfoods – recommends that people eat oranges at least four times a week Orange juice is seen as a good substitute. But industry experts said it was still unlikely that retailers would drop orange juice prices, despite prices for frozen orange juice being almost half those of two years ago.Sainsbury’s sells one litre of orange juice for 33p, but a litre of Tropicana, made by Pepisco, can cost more than £2.50. A spokesman for Pepisco declined to comment on whether it would cut prices of Tropicana.Philip Ashurst, from the British Fruit Juice Association, explained that low prices on the spot market did not necessarily mean that retailers’ costs were lower.

“Most companies buy frozen concentrated orange juice through fixed contracts in advance.” Defending the prices he added: “The price of the orange juice itself is a small component of the overall price, which includes VAT, retailers’ overheads and packaging.”The Consumers’ Association said the 15 per cent import tariffs that the European Union has imposed on orange imports also contributed to high prices A spokesman said: “The EU should just get rid of them.”. Shell is considering withholding an £8m pension and more than three million share options from former chairman Sir Philip Watts. Sir Philip, who was sacked earlier this month, might not receive any pay-off at all from the company. The overbooking of reserves took place between 1996 and 2002, mostly when Sir Philip was head of exploration and production.Normally, he would be entitled to a minimum of three months’ pay if he had resigned, which would amount to £186,000 based on his 2002 salary.

But a source close to the company said: “These are not normal circumstances He did not give his notice He did not resign. The boards will decide what – if anything – he will get.”This week Shell will publish its annual report for 2003. Including bonuses, Sir Philip could earn almost £2m if the remuneration committee’s performance targets are met.Lawyers also said that if the SEC decides that Sir Philip knowingly mis-stated Shell’s reserves, the company could sue him and demand repayment of previously paid bonuses. Between 1996 and 2002, Sir Philip received over £2.6m in performance-related bonuses and realised share options.John Reed, partner at US corporate law firm Duane Morris, said: “If the SEC determines that Sir Philip knowingly mis-stated Shell’s reserves, Shell could take steps to recover any of his performance-related bonuses, which were boosted by the reserve mis-statements and corresponding artificial inflation of the share price.”. Lord Black of Crossharbour is appealing against the court ruling which blocked the sale of his controlling stake in Hollinger International, owner of The Daily Telegraph, to the Barclay brothers. It gave the green light to the auction of the group’s assets being conducted by Lazard.