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VIRGIN AND BA TO RESUME TALKS

Virgin and British Airways are to resume talks next week in an attempt to avert legal action by Virgin in Europe or the US over the dirty tricks campaign.

Virgin sent proposals to BA on Thursday concerning compensation for commercial damage to the smaller airline. A spokesman for Virgin said the new proposals were 'simplified' and did not include allocation of take-off and landing slots at Heathrow.

OIL PRICE FIRMS

Oil prices rose on signs that Opec members will make the cuts they promised earlier in the week. Saudi Arabia was reported to have instructed producers to restrict production in March. Brent crude for April delivery was up 30c last night at dollars 18.28 a barrel.

PARRETTI RULING

Credit Lyonnais, the French bank, said a Paris court had accepted four early 1992 rulings of a US chancery court in its favour and against Giancarlo Parretti, the Italian financier. On 17 January last year the US court approved the removal of Mr Parretti as a director of MGM-Pathe Communications. It also gave the bank's Credit Lyonnais Bank Nederland unit the right to vote a 98.5 per cent stake in the studios owned by Parretti-controlled Pathe Communications.

GERMAN CAR FEARS

The German car industry fears a 20 per cent fall in sales this year after January registrations declined 27.5 per cent over the same period in 1992.

DOUBLE BASS

Bass's Holiday Inn Worldwide division plans to double its hotels in France to at least 40 by the mid-1990s.

PIRELLI UP 31%

Pirelli, Italy's tyre and cable giant, said it suffered a 'contained loss' in 1992 while recording higher gross operating profit and revenue from the previous year. Operating profit rose 31 per cent to L770bn (pounds 344m) on group revenue up 2 per cent to L8,300bn.

FIMBRA STEPS IN

Fimbra, the regulator for financial advisers, has stopped Goldsmith Finance of Lincoln's Inn Fields, London, from carrying on investment business. The move follows the suspension of the firm's Peter Goldsmith by the Institute of Chartered Accountants.

REGULATION PLEA

(First Edition)

The International Market Securities Association, which regulates the multi-billion-dollar Eurobond market, has called for separate regulation for retail and wholesale securities transactions to safeguard the future of cross-border trading.

G7 CURTAIN RAISER

(First Edition)

Deputy finance ministers from the Group of Seven industrial nations will meet in New York today to prepare for the G7 summit in Lojndon next Saturday.

WORLD MARKETS

NEW YORK: A flurry of last- minute program buying propelled the Dow Jones Average 19.99 points higher to a close of 3,322.18.

TOKYO: Buying by pension funds lifted the Nikkei Average 27.89 to 17,101.03.

HONG KONG: The Hang Seng index, down 16.85 at 6,170.09, recorded its first decline in a fortnight as investors took profits.

SYDNEY: Futures led the All Ordinaries index 12.3 lower at 1,595.

JOHANNESBURG: The recovery in the gold price nudged the overall index six ahead at 3,487.

MILAN: Profit-taking set the MIB index back 0.45 per cent to 1,113 after a week of strong gains.

FRANKFURT: The DAX rose 5.13 to 1,669.17 in thin trading.

ZURICH: A weak chemical sector helped to clip 14.6 off the SMI index at 2,117.3

PARIS: A firm bond futures market boosted the CAC-40 index to a 10.65 gain at 1,937.17 in volatile trading.

LONDON: Report, page 17.

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