Business and City in Brief

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MP ATTACKS BCCI PLEA BARGAINING

Keith Vaz, the Labour MP who is leading the compensation fight for BCCI investors, attacked a US settlement because it does nothing for British creditors. Mr Vaz wants the Government to ask President Clinton to put an end to deals done behind the backs of worldwide creditors.

Mr Vaz also urged John Major to put pressure on the Abu Dhabi authorities to increase their offer of compensation.

COUNCIL CONTESTS WRIT

The London Borough of Hammersmith and Fulham said it would contest a writ issued against it by the French bank Credit Commercial de France claiming back sums paid to the council for swap operations. However, the council said it was 'willing to settle reasonable claims for restitution'.

BRISTOL'S FIRST

Bristol & West Building Society is launching a 24-hour, telephone-based savings management service on 31 December for savers with more than pounds 10,000 - the first of its kind to be offered by a society.

RUSSIAN RISE

Russian crude oil exports outside the former Soviet Union totalled about 80 million tonnes this year, up 21 per cent from 1992, Foreign Economic Relations Minister Oleg Davydov said.

NORWAY REJECTION

Norway said it had no plans to curb its booming North Sea oil output, after a visit by Oman's oil minister urging international cuts to bolster sagging prices.

GBL EXPANSION

Groupe Bruxelles Lambert, Belgium's second-biggest holding company, said it wants to increase its capital by as much as Bfr13bn to expand its portfolio of stocks and cut long-term debt.

INDIAN DRIVE

India's car industry, recovering from a two-year slump, is set to make a record 260,000 cars in the year to March 1994, the Association of Indian Automobile Manufacturers has estimated.

CHINA POWER

China plans to build a world-class nuclear power industry this decade, including production and export of 1,200 megawatt generators.

WORLD MARKETS

NEW YORK: Stocks steadied at low levels. At the close the Dow Jones Industrial Average was up 0.84 points at 3,766.77.

FRANKFURT: Share prices fell in quiet trading. The DAX index ended 0.5 per cent lower at 2,242.82.

PARIS: The CAC-40 index closed 11.91 points lower at 2,264.64.

MADRID: Share prices slipped, with the general index down 4.37 points at 319.34. Bank stocks were sharply lower on news that trade was suspended in Banesto at 1,995 pesetas.

MILAN: The Mibtel index rose 29 points to close at 10,794.

KUALA LUMPUR: The market reached its fifth consecutive high, with the index up 17.77 points at 1,2223.05.

SINGAPORE: Share prices rose to their fourth consecutive record. The Straits Times Industrial index closed up 13.94 points at 2,392.37.

HONG KONG: The Hang Seng index achieved a record single-day gain of 530.38 points, to close at a new high of 11,570.22.

TOKYO: Prices rose. The Nikkei 225 index closed up 311.33 points at 17,131.21.

LONDON: closed.

TODAY

AGMs: Melville Gp.

EGMs: Ossory Estates, Sheldon Jones.

TOMORROW

Finals: Afex Corp, Ossory Estates.

AGMs: Embassy Property Gp, Foreign & Colonial Emerging Markets, Markheath, Seet.

FRIDAY

Finals: Bermuda Int. Bond Fund (div).

AGMs: Blackwood Hodge, Creston.

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