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BMW to maintain Rover identity

BMW, the German car maker that bought Rover earlier this year, will keep the brands and identities of the two companies separate, Bernd Pischetsrieder, BMW chief executive and chairman of Rover, told the British Chambers of Commerce annual conference.

Mr Pischetrieder held out the prospect of reviving old British marques such as Riley, Austin- Healey, Triumph and MG.

Settlement approved

The US Securities and Exchange Commission said a federal judge had approved the settlement of its insider trading complaint against Ross Frankel, a former vice-president of Drexel Burnham Lambert's arbitrage department. Mr Frankel did not admit or deny guilt.

Gilts go-ahead

Hoare Govett, part of ABN- Amro, has received approval from the Bank of England to be a gilts market-maker from next Monday, raising the number of gilt market-makers to 21.

Enterprise boost

Enterprise Oil, fighting to take over Lasmo, said its Nelson field in the North Sea had reached peak production capacity less than four months after first oil. Production output was slightly above forecasts.

Casino stakes

London Clubs International, the casino operator, said its flotation placing and intermediaries offer was 94 per cent subscribed. Dealings are expected to start on Monday.

French rate cut

The Bank of France has cut its intervention rate from 5.4 per cent to 5.3 per cent.

EU jobless at 11%

Seasonally adjusted unemployment in the European Union in April was 11 per cent, the same as the revised figure for March but up on the 10.4 per cent in April 1993. Around 17.8 million were unemployed in the EU in April. Spain showed the largest rise over the year to April, jumping from 21.3 per cent to 23.1 per cent, while the UK and Ireland recorded a slight fall in the number of jobless.

Retail plan allowed

Trencherwood has received planning permission for a retail development on the site of Newbury Rugby Club over which the company has an option.

Valancienne appeals

(First Edition)

Didier Pineau-Valancienne, the French Schneider chairman whoes detention in a Brussels prison was extended on Wednesday, is appealing against the court ruling.

Hong Kong contract

Taylor Woodrow, the construction group, has won the management contract for a pounds 60m project to expand and modernise the Kowloon railway station in Hong Kong.


New York: Shares moved narrowly and by the close the Dow Jones Average was down 1.84 points at 3,758.99 in moderate trading.

Tokyo: The Nikkei 225 eased 44.11 points to 21,009 on light profit-taking after recent gains.

Hong Kong: Investors, nettled by continuing optimism over prospects in Tokyo, offloaded shares, leaving the Hang Seng index down 288 points at 9,224.

Sydney: Weak retail figures and a fall in News Corp's share price lowered the All Ordinaries index 20.2 at 2,077.

Bombay: Foreign buying propelled the BSE index 61.83 points higher at 3,895.32.

Frankfurt: Closed.

Zurich: A sharp fall in bond futures nudged the SMI index 5.6 lower at 2,725.9.

Milan: The Mibtel index shed 33 to 11,716 in thin volume.

Paris: A small reduction in interest rates prompted strong buying. The CAC-40 index soared through the 2,000 barrier with a gain of 27.70 points at 2,007.38.

London: Report, page 34.