Cendant figures

CENDANT, the US brand franchiser and marketer which agreed to buy the RAC, said it cleansed its books of fraudulent accounting, lowering earnings reported for the past three years by about $600m (pounds 368m).

Cendant cut its 1997 earnings by $392m before tax. Excluding special charges and businesses it plans to sell, Cendant's 1997 earnings were 70 cents a share, down from the $1 figure reported earlier.