Business and City in Brief

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The Independent Online
AMOCO TAKES DOLLARS 800M CHARGE

Amoco, the US oil giant, is taking an dollars 800m ( pounds 425m) after-tax charge for the second quarter.

The move reflects the cost of a massive restructuring due to tough conditions in the oil and chemicals sectors.

Close deal Close Brothers, the merchant bank, is to buy Business Advisory Services for pounds 6.09m, just over half in cash. BAS specialises in credit management and commercial debt collection.

COOPERS PAYS

Coopers & Lybrand, the accountancy firm, has agreed to pay the Colorado Board of Accountancy dollars 250,000 to settle the state agency's investigation of the way it audited the failed Silverado Bank.

FRENCH GROWTH

The Organisation for Economic Co-operation and Development forecasts growth of 2 per cent in the French economy this year, and 2.6 per cent in 1993.

Compass costs Compass Group, whose joint offer for Forte's contract ended in failure after talks collapsed, said it would take an estimated pounds 3m pre-tax extraordinary charge in the year to 30 September to cover costs associated with the bid.

EMAP REFERRED

The Department of Trade and Industry has referred the proposed swap of local newspaper titles between Emap and United Newspapers for a monopolies inquiry.

GROWTH LOOMS

Fruit of the Loom, the US leisurewear firm, plans a pounds 38m expansion of its manufacturing plant in Northern Ireland.

STANDARD ACTS

Standard Chartered Bank has fired five more staff members and demoted a number of others for their alleged involvement in 'irregular activities' in India's securities market.

PORTUGUESE BUY

The Spanish daily El Pais and Italy's La Repubblica will each take a 15 per cent stake in Publico, the quality Portuguese newspaper. El Pais and La Repubblica are shareholders in Newspaper Publishing plc, publisher of the Independent.

OFFICE CLOSED

Williams de Broe, the securities house, has shut its inter-dealer broking department in London after a decline in eurobond primary dealing activity. The closure affects 17 staff members.

GAS VENTURE

British Gas is to invest up to pounds 30m in a new energy company jointly managed with Rhone- Poulenc, the French chemicals and pharmaceuticals group.

JAPAN'S SURPLUS

(First Edition)

Japan's unadjusted current account widened to dollars 9.49bn (5m pounds) surplus in May from dollars 4.16bn a year earlier.

WORLD MARKETS

NEW YORK: Shares regained ground after concern over corporate earnings depressed prices earlier. The Dow Jones average closed 1.89 points down at 3,293.28.

TOKYO: Programme buying enabled the Nikkei average to add 140.71 points to 16,600.26.

HONG KONG: Renewed buying pushed the Hang Seng 70.94 points higher to 5,982.86.

SYDNEY: Ignoring the long- awaited cut in official interest rates, the All Ordinaries index lost 9.1 points to 1,651.4.

JOHANNESBURG: Despite marginal gains by gold stocks the index lost 30 points to 3,514.

PARIS: The CAC-40 index sank to its lowest close for 5 1/2 months, losing 31.34 points (1.67 per cent) to 1,847.75.

FRANKFURT: Pressure from Wall Street and the declining dollar took the DAX to a two-month low of 1,751.18, down 16.33.

MILAN: Concern over the coming package of deficit reduction measures kept the MIB in decline, losing 1.17 per cent to 842.

LONDON: Report, page 29.

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