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More options for Eurotunnel chiefs

Eurotunnel has granted its senior executives another round of share options, with Alastair Morton, the co-chairman, receiving 61,517 units at an excercise price of pounds 2.69. This takes his total options to 461,465.

Patrick Ponsolle, the co- chairman, was given 174,367 with an exercise price of Fr22.94, while Georges-Christian Chazot, the group chief executive, receives 193,308 options at an exercise price of pounds 2.69.

PIA arrives

The regulation of the insurance industry was formally taken over yesterday by the Personal Investment Authority, which is currently vetting applications by insurance companies to join. Prudential is the only large firm still refusing to sign up. Lautro will continue in existence for at least another year.

Clean break

John Richardson, one of the pair brought in to rescue the dry cleaning group Sketchley, is to give up his post of joint executive deputy chairman at the end of October. He is to chair the Asia division of Barclays de Zoete Wedd. His partner, Tony Bloom, will remain on the board, although as a non-executive, until a chief executive has been found.

Leaving BBA

Peter Crawford, director of the engineering group BBA, has resigned after a disagreement with the company's new chief executive, Bob Quarta. Mr Crawford could receive compensation of pounds 300,000.

Phone order

Mercury One-2-One, the mobile telephone operator owned by Cable & Wireless and US West, has ordered pounds 140m worth of equipment from Ericsson, the Swedish group.

Porter pay-off

Ray Dinkin, former chief executive of Porter Chadburn, has received a pounds 289,000 pay-off. He left last December. Pre-tax profits at the packaging group slumped from pounds 7.2m in 1990 to a loss of pounds 17.3m in 1994.

Coming on board

About 200 jobs will be created in South Wales through a pounds 40m hardboard manufacturer, Tech- Board. The start-up is backed a consoritum led by 3i.

Gavyn Davies

Owing to a transmission error, Gavyn Davies' column on 11 July was inadvertently repeated in yesterday's edition. We apologise for the mistake.


New York: Blue-chip stocks ended slightly higher in the absence of market-moving news. The Dow Jones Industrial Average closed 1.62 higher at 3,755.43.

Tokyo: Sluggish trade in the absence of fresh incentives took the Nikkei average down 52.51 points to close at 20,717.64.

Hong Kong: Fund buying of selected blue chips was partly offset by profit-taking. The Hang Seng added 76.81 to 9,193.83.

Sydney: With the momentum of last week's 5.5 per cent gains continuing, the All Ordinaries index advanced 14.3 points to 2,072.3.

Bombay: The index dipped 25.55 to 4,095.94 in listless trade.

Johannesburg: With industrial stocks firmer and gold shares marginally weaker, the overall index rose 11 points to 5,587.

Paris: The return of foreign investors and a firm bond market powered the CAC-40 index to 2,025.13, a gain of 50.54 points.

Frankfurt: Quiet trade influenced by the bond market lifted the DAX index 4.58 to 2,098.19.

Zurich: The market held up well in the face of further losses by Roche, but the Swiss Performance Index lost 12.11 to 1,658.66.

London: Report, page 26.