Business & City Summary

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The Independent Online
Adviser fined Bankhall Investment Management, a Cheshire-based financial advice firm, is to be fined pounds 25,000 by its watchdog, Fimbra, the third largest fine levied by the regulator. The penalty comes after Bankhall transferred pounds 20m to Cyprus from a fund it managed. The money, intended for the purchase of bank guarantees, has been returned to investors.

Tunnel setback

Freight shuttle traffic through the Channel Tunnel fell by between 30 and 35 per cent during the first 15 days of traffic at full tariff after a period of introductory discounts ended.

Bubbling up

The French champagne and luxury goods group LVMH increased sales by 20 per cent in the first half of 1994.

Failure figures

A quarter of Britain's company directors have been involved with failed companies over the past six years, according to CCN Business Information. Its analysis, which argues for better checking and disqualification procedures, also says that 1,000 directors have been involved in more than 10 company failures.

Emap go-ahead

The President of the Board of Trade has decided not to refer the proposed acquisition by Emap of Trans World Communications to the Monopolies and Mergers Commission.

Record penalties

The transport companies TNT and Ansett were given record fines in the Australian Federal Court over a price-fixing cartel in air freight in the 1980s. TNT was fined Adollars 4.1m ( pounds 1.98m) and Ansett Adollars 900,000. Eight executives received fines ranging from Adollars 50,000 to Adollars 75,000 and totalling Adollars 425,000. The two companies also agreed to pay costs totalling Adollars 1.07m.

World Markets

New York: Wall Street stocks ended higher but off early gains. The Dow Jones average closed 11.00 points ahead at 3,766.76.

Tokyo: Buying by public funds helped the Nikkei average to advance 180.03 points to 20,770.25.

Hong Kong: Heavy across-the- board buying sent the Hang Seng index 171.65 higher to 9,618.08.

Sydney: With most investors sidelined the All Ordinaries index eased 10.3 points to 2,076.5.

Bombay: Although failing to hold an all-time intra-day peak, the index hit a 27-month closing high of 4,365, a 45.92-point gain.

Johannesburg: A continued surge in sentiment saw the overall index gain 95 points to 5,918.

Frankfurt: Technical, narrow- range trade left the DAX index 3.83 points off at 2,160.37.

Paris: A partial recovery in late trading left the CAC-40 index 10.31 points in arrears at 2,064.17.

Zurich: The SPI edged up 2.4 to 1,721.23 on technical factors.

Milan: Foreign investors reducing their holdings because of political concern took prices lower.

London: Report, page 34.

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