Business and City in Brief
Friday 24 June 1994
Eurotunnel's pounds 858m rights issue had 67.7 per cent take-up and the group said the rest of the registered new shares had been sold in the market at 269.46p each. The result of the bearer rights issue is expected to be announced around 7 July.
Sir Alastair Morton, chairman, has purchased 100,000 1993 Eurotunnel warrants at 13p per warrant, or pounds 13,000, bringing his holding to 118,400 1993 warrants.
Mob moves into fraud
Organised criminals branching out from drugs and prostitution partly explain growth of 15 per cent a year in the value of international fraud, according to forensic accountants at KPMG. The wave of corporate restructuring in Britain and western Europe is also blamed for the rapid increase. 'Delayering' - making swathes of middle management redundant - has led to weaker internal monitoring, says KPMG.
Emap off the air
Shareholders were told to take no action yesterday in the wake of Emap's pounds 71m bid for Trans World Communications. John Whitney, chairman, said the radio group's board was not satisfied that the publishing group's offer would avoid the prospect of a legal challenge over the number of radio licences the group would hold.
Richard Oates, 44, who as finance director stole more than pounds 350,000 from Godwin Warren Engineering of Bristol, leading to its collapse in 1988, was jailed for four years yesterday. After a two-month trial at Bristol Crown Court he was convicted on five specimen counts of theft and one of publishing a false statement, and acquitted on four charges of false accounting. All the charges were denied.
German Orly hope
Lufthansa, the German airline, said it would ask France for permission to fly into Orly airport, south of Paris, following British Airways' controversial battle for a slot there.
Little Britain goes
Wimpey raised pounds 95m from the sale to Prudential of its 50 per cent share in Little Britain, an office development in the City of London. Nippon Life, the Japanese insurance company that owns the remainder of the building, waived its pre- emption right on the stake.
ICI sells Polypols
Imperial Chemical Industries has agreed to sell its US-based Polypols business to Harrowton of Canada.
New York: Pressure from futures and bonds killed an early rally, and the Dow Jones Industrial Average closed down 25.68 at 3,699.09.
Tokyo: Bargain-hunting investors cheered by the yen's decline carried the Nikkei average up 458.89 points to 21,040.21.
Hong Kong: Wall Street's overnight recovery buoyed sentiment and took the Hang Seng index up 89.95 points to 8,966.79.
Sydney: Moderately active trading ended with the All Ordinaries index 11.6 better at 2,022.5.
Bombay: Falls in some heavyweight shares lowered the index 54.32 points to 4,269.8.
Johannesburg: A softer bullion price hit gold shares but other sectors found support. The overall index eased 19 points to 5,687.
Frankfurt: The Bundesbank's no-change decision on interest rates took prices off their highs. The DAX rose 27.68 to 2,022.1.
Paris: Shares followed bonds higher on the final day of the monthly account. The CAC-40 added 21.98 points to 1,939.02.
Zurich: Tracking the volatile bond futures market, the SPI gained 18.43 points to 1,734.47.
London: Report, page 32.
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