Business and City in Brief

Click to follow
The Independent Online
Control wins debt extension

Bankers to Control Securities have agreed to extend the standstill on its debt until the end of October.

The company, whose former chairman Nazmu Virani is facing fraud charges relating to the collapse of the Bank of Credit & Commerce International, has also appointed John Kerslake, formerly of Smurfit (UK), as finance director.

Swap cleared

The European Commission has provisionally given ICI and Du Pont the go-ahead for a proposed swap of ICI's nylons business for Du Pont's acrylics, but Du Pont will have to transfer 12,000 tonnes a year of nylon staple fibre to another manufacturer, and put research facilities and some staff at the disposal of this company.

Power contracts

Rolls-Royce has won orders for two power stations worth pounds 40m from Scottish Nuclear and Malaysia.

Young president

Lord Young of Graffham, Cable and Wireless chairman and a former trade secretary, is to take over as president of the Institute of Directors from Sir Peter Walters next January.

Dan-Air denial

Davies and Newman dismissed a report that it had been approached by other parties interested in rescuing Dan-Air. Talks were only taking place with Virgin Atlantic.

PW to fight on

Price Waterhouse, the accountancy firm, has applied for a judgment to set aside a dollars 338m (pounds 200m) award by a US jury to Standard Chartered Bank.

Legal aid

Vetting of solicitors' accounting arrangements and half- yearly accountants' reports on the handling of clients' money are proposed by the Institute of Chartered Accountants to deal with the growing cost of default by sole practitioners.

Halifax cut

Halifax Building Society is cutting the interest rate on its Visa credit card from 1.95 per cent a month to 1.85 per cent, (25.8 APR) from 2 November.

Gatt ultimatum

The US has given the EC until noon today to accept binding arbitration under Gatt authority in the dispute over oilseed.

Firm suspended Fimbra has suspended the investment business of Dobson & Co (Mortgage Investments).

Offering dropped

Barnes & Noble, the US bookshop chain, has withdrawn a dollars 130m public share offering, which was to have paid for dozens of new superstores.

Drug accord

ICI and Miles, the US drugs group, have agreed to co-promote Cipro, the leading quinolone antibiotic.

World Markets

New York: The job figures continued to sideline investors. The Dow Jones industrial average closed up 4.86 points at 3,271.66 in thin trading.

Tokyo: Early gains were surrendered, leaving prices weaker for the fourth day running and the Nikkei average 349.01 points adrift at 17,399.08.

Hong Kong: Bargain-hunters pulled prices off their lows, but the Hang Seng index showed a 74.48-point decline at 5,505.44.

Sydney: Aimless trade on the quarter's last day left the All Ordinaries 2.7 easier at 1,485.

Bombay: Sustained buying carried the index 98.67 points higher to 3,294.42.

Johannesburg: Blue chips posted strong gains. The overall index advanced 13 points to 3,211.

Frankfurt: Gloomy economic data ended an early rally and pushed the DAX index down 9.9 points to 1,466.36.

Milan: A number of better-than-expected company results helped sentiment. The MIB added 1.56 per cent.

Comments