Business news in brief
Wednesday 19 February 1997
Several nominated advisers to companies listed on the junior AIM market faced public censure or being struck off unless standards of service to clients improved, the Stock Exchange warned. Reviewing the performance of 51 nominated advisers active on AIM, the Exchange said it had found "one or two cases" where business practices were "sufficiently unsatisfactory to warrant disciplinary action". "In these cases further investigations and disciplinary procedures are being pursued," the report said.
Labour's shadow economic secretary, Mike O'Brien, yesterday called on the Government to ensure Parliamentary time was given to the Building Societies Bill, which aims to give societies greater powers and gives limited protection against hostile predators. Mr O'Brien claimed that unless time was given this week, the Bill would not be able to complete its stages before the general election.
The Bank of England wants senior managers of banks it supervises to take more formal responsibility for internal controls, a key lesson from the collapse of Barings. In a consultation paper published yesterday the Bank also said it wanted to meet directly with banks' auditors. The Bank already holds meetings with reporting accountants but these are also attended by the bank which has been audited. The Bank expects lively debate on the paper and has called for comments by 18 April.
Avon Rubber has sold its tyre business based in Melksham to an Ohio- based company, Cooper Tire & Rubber, for $110.4m (pounds 69m), giving Cooper its first overseas tyre factory. Cooper Tire's acquisition includes the land and plant in Melksham, distribution companies in France, Germany and Switzerland, and the right to use the Avon name on tyres, inner tubes and retreading materials. The deal will be completed within five weeks.
HF Ahmanson & Co, the largest Savings & Loan group in the US, launched a hostile $6bn (pounds 3.75bn) bid for Great Western Financial Corporation yesterday. Ahmanson then launched legal action to stop its target from putting up takeover defenses. Ahmanson offered stock valued at $42.53 for Great Western's shares. The deal would create an S&L, similar to a British building society, with $93bn in assets and 600 branches.
The US and the UK resumed "open skies" talks yesterday, a State Department spokeswoman said. The talks are scheduled to continue until Thursday. The US has made approval of the proposed alliance between American Airlines and British Airways conditional on the US and UK reaching an "open skies" agreement on liberalising air traffic between the two countries.
The Dow Jones Industrial Average gained 78.5 points to close last night at an all-time high 7067.46. Analysts said the rally was prompted by several factors, including the strength of the US dollar. It was the 13th record close this year.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
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