Business and City in Brief

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BCCI boss guilty of conspiracy

Imran Iman, a top executive in the collapsed Bank of Credit and Commerce International, was convicted yesterday of taking part in manipulating loans totalling about pounds 400m, to disguised the true state of affairs.

He was unanimously found guilty on two charges of conspiracy to falsify records, conspiracy to conceal documents and furnishing false information, and cleared on one charge of furnishing false information. The three-month trial at the Old Bailey was the fourth and last of the prosecutions brought in Britain by the Serious Fraud Office as a result of BCCI's crash in July 1991.

Tesco ponders bid

Tesco and its advisers will meet on Monday to consider formally whether to top rival J Sainsbury's 305p-a-share counter-offer for Wm Low, the Scottish supermarket chain. The stock market expects an increased offer of 330p or more to be launched on Tuesday.

dollars 4bn Macy shake-up

Federated Department Stores and RH Macy filed a joint bankruptcy reorganisation plan that will distribute dollars 4.1bn in cash, debt and equity to Macy creditors. The companies said the plan would settle dollars 4.7bn in claims against Macy, and would cancel all existing equity interests without payment.

Eurotunnel training

Eurotunnel is likely to be given the go-ahead within days to run trial passenger trains through the Channel Tunnel for one- and-a-half months during the summer. The Intergovernmental Commission, which grants operating certificates for the tunnel, is believed have agreed that, for trial purposes, the trains can run at 50 per cent capacity.

Salary bonus

The salary of Scottish & Newcastle chairman, Sir Alick Rankin, rose to pounds 301,547 in the year to 1 May from pounds 286,135 previously.

P&O animal stand

P&O says it will cease carrying live animals for slaughter on the Continent of Europe from the beginning of October, unless there is imminent prospect of properly enforceable legislation in Europe that is acceptable to Britain.

Wellcome approval

The US Food and Drug Administration Antiviral Drugs Advisory Committee voted to recommend approval for the use of Retrovir, made by Wellcome, to reduce the risk of HIV transmission from mother to infant.


World Markets

New York: A sharp rise in bond prices on the back of better-than- expected second quarter GDP figures sent the Dow Jones Industrial Average climbing 33.67 to 3,764.50 by the close.

Tokyo: Late buying by financial institutions pushed the Nikkei average 201.54 points higher to 20,449.39 in thin trade.

Hong Kong: Despite some profit-taking the Hang Seng ended 80.15 to the good at 9,482.81.

Sydney: Encouraging economic data helped the All Ordinaries index to rise 19.4 points - almost 1 per cent - to 2,061.5.

Bombay: A sudden surge in speculative buying sent the index 76.01 points higher to 4,182.98.

Johannesburg: Gold came under pressure as bullion failed to recover from overnight lows. The index eased 20 points to 5,652.

Frankfurt: Buoyed by firmer bond prices, the DAX index added 23.83 points to 2,146.64.

Paris: Also taking its lead from the strength in the bond market, the CAC-40 index closed 21.56 points ahead at 2,074.99.

Zurich: Continuing its technical rebound, the Swiss Performance Index moved up 11.7 to 1,709.83.

London: Report, page 11.