Business and City Summary

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The Independent Online
Large seeks staff from markets

Andrew Large, the chairman of the Securities and Investments Board, is understood to be considering ways of encouraging more professionals with market experience to join the staff of the self-regulatory bodies.

View from City Road, page 25

Barrage rejected

The Government has refused to give further support to the pounds 1bn Mersey barrage scheme to generate electricity from waves on the grounds that it is not economically viable.

Receivers called

The National Rivers Authority has appointed Cork Gully as administrative receiver to Charterhouse Estates.

Aer Lingus in red

Aer Lingus, Ireland's national airline, lost Ir pounds 11.8m ( pounds 11.1m) in the year to 31 March, against a profit of Ir pounds 8.3m a year earlier.

Kleinwort trust

Kleinwort Benson said its Endowment Policy Trust, which will buy second-hand life insurance policies, was fully subscribed, with investors seeking 30.2 million shares against the 30 million on offer at pounds 1 each.

Deutsche merger

Deutsche Bank and its subsidiary, Morgan Grenfell, will merge their London-based futures and options broking and clearing businesses into a joint venture by the year-end.

EFIM meeting International bankers met in London to discuss whether to declare EFIM, the Italian state industrial holding company, in default of a 300m ecu ( pounds 216m) loan, banking sources said.

Surplus rises

France posted a seasonally adjusted current account surplus of Fr7.37bn ( pounds 770m) in May, sharply higher than the revised Fr1.18bn in April, according to provisional data.

BP approval

BP has received government consent to develop the North Sea Hyde gas field and to transfer 45 per cent of the licence to Statoil of Norway.

Parretti charge A US grand jury charged Pathe Communications Corp's ex- chairman, Giancarlo Parretti, with perjury and evidence tampering in connection with last year's trial involving a fight for control of the old MGM-Pathe Communications Co.

O&Y jet A Toronto bankruptcy court yesterday approved the sale of a corporate jet owned by Olympia & York, the troubled Canadian developer of Canary Wharf. American Barrick Resources, a Toronto-based gold mining company, will pay dollars 6.5m for the jet, a Gulfstream.

World markets

New York: Bargain buying and technical factors produced a small gain. By the close the Dow Jones average was up 5.41 points at 3,308.41.

Tokyo: Bargain-hunting by investment trusts helped a modest rebound. The Nikkei average added 117.93 to 16,002.41.

Hong Kong: HSBC Holdings led shares higher. The Hang Seng gained 23.95 to 6,010.44.

Sydney: Resources stocks lagged the rest of the market as the All Ordinaries index moved up 4.4 points to 1,609.2.

Bombay: Erratic trade took the index up 15.16 to 2,870.59.

Johannesburg: Blue chips drifted lower, with the index eight points lighter at 3,429.

Paris: Prices finished slightly lower, with the CAC-40 index off 5.23 points at 1,762.67.

Frankfurt: Shares closed mixed, with the DAX index 10.1 points firmer at 1,659.77.

Milan: Blue chips held their ground as the market consolidated after Monday's dive. The MIB eased 0.25 per cent to 807.

London: Report, page 25.

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