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Lep will fight ADT suit in US

The freight and security company Lep Group said it had been served with court proceedings in the US by Itoba, a unit of ADT.

Itoba has complained that it relied on misleading public statements when it bought its shares in Lep during 1990. Lep said it would defend the action 'vigorously'.

NFC issue

National Freight Corporation issued 82.5 million sterling 73 4 per cent 2007 convertible bonds, sold into the domestic and international markets by a syndicate lead-managed by Barclays de Zoete Wedd. The shares issued represent about 5 per cent of NFC. NFC shares fell 17p to 252p.

Ramco deal

Ramco Oil Services and Pennzoil have obtained the exclusive right to develop Azerbaijan's Guneshli field in the South Caspian Sea.

Car link-up

In a move that increased speculation about a merger between Renault and Volvo, the two car makers announced that they are to develop a new car jointly for production by the end of the decade, as well as a common platform for their top-of-the-range models.

BT discounts

BT announced further price discounts for large customers and launched a new option for big organisations. It said the packages offered business customers 'significant savings on BT's standard charges in return for an up-front quarterly charge'.

Steel deal

The European Community approved a deal that will enable British Steel to cede its stainless steel business to Avesta of Sweden in return for a 40 per cent stake in the new operation.

Fewer failures

A fall in the rate of business failures was signalled by administrative receivership and administration appointments dropping to 379 last month from 399 in September 1991, according to official figures compiled by Touche Ross.

Daimler stake

The german industrial group Daimler-Benz has acquired a 5 per cent stake in The South Korean automotive company Sangyong Motor.

World markets

New York: September's job figures depressed shares. By the close the Dow Jones Industrial Average had slumped 53.76 points to 3,201.61.

Tokyo: Maintaining the week's pattern of failing to hold early gains, the Nikkei average ended 45.84 down at 17,324.07.

Hong Kong: Hopes of an interest rate cut sent the Hang Seng climbing 66.6 to 5,595.44.

Sydney: News of abandoned share issues helped the All Ordinaries to 1,483, up 10.9 points.

Johannesburg: A late fall in De Beers pulled other shares down and left the overall index showing a 24-point fall to 3,180.

Paris: Trading ended early because of technical problems with the CAC-40 index 2.37 per cent weaker on the day.

Milan: Shares ended the week on a firmer note, with the MIB 0.7 per cent ahead at 721, up 1.69 per cent on the week.

Madrid: Prices are at six-year lows, with the index down 24 per cent since January, almost half of it in the past month.

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