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Boeing sues Airbus over parts

Boeing is suing Airbus Industrie, the consortium that includes British Aerospace, alleging patent infringement on wing components. A spokesman declined to say how much compensation Boeing was seeking. He said lawsuits were filed in courts in England, Germany and France last month.

BET's soaring chief

John Clark, chief executive of BET, received a pay rise from pounds 708,000 to pounds 924,000 last year. The average wage at BET rose last year from pounds 8,200 to pounds 8,400.

Accounting election

Roger Lawson, a director of 3i, was elected president of the Institute of Chartered Accountants in England and Wales. Keith Woodley is deputy president and Brian Currie vice-president. Separately, Huw Jones, a director of Prudential Portfolio Managers, Ken Wild, partner at Touche Ross, and Geoffrey Whittington, professor of accounting at Cambridge University, have been appointed to the Accounting Standards Board.

Fimbra suspends firm

Fimbra yesterday suspended the investment business of Cameron McDonald (Asset Management) and Cameron McDonald (Financial Services) of Wolstanton, Newcastle-under-Lyme. Ian Cameron, chairman and principal of the firms, was suspended individually. The regulator cited forgery of clients' signatures.

Daimler's rights

Daimler-Benz has priced its one-for-ten rights issue at DM640 per share. The company is offering 4,659,276 new shares to raise DM2.98bn.

More pizzas

Pizza Hut will lift the number of outlets by 20 per cent to create 2,000 jobs over two years.

German rises

Consumer prices in western Germany rose 0.2 per cent in May compared with April and were up 3 per cent year-on-year.

Power purchase

Hydro-Electric, the smaller of the two Scottish Electricity companies, is in talks with National Power over the acquisition of a power plant.

GKN windfall

GKN, the industrial group that acquired Westland Helicopters this year, yesterday received pounds 115m in part settlement of 15- year-old dispute between Westland and the Arab Organisation for Industrialisation.

Drive against jobs

The German car industry has shed 170,000 jobs since the post- unification boom of 1991.

World Markets

New York: In cautious but moderate trading shares gave ground but rallied at closing, the Dow Jones Industrial Average 6.46 points down at 3,749.45.

Tokyo: Active overseas buying carried the Nikkei average up 219.24 points to 21,261.95.

Hong Kong: All main sectors ended higher as the Hang Seng moved up 43.3 points to 9,291.18.

Sydney: Prices recovered from early losses to take the All Ordinaries up 9.5 points to 2,097.7.

Bombay: A surprise bonus issue from Tata Tea triggered a spate of buy orders. The index closed 16.08 points better at 4,049.74.

Johannesburg: Optimism about prospects for bullion helped to lift the index 64 points to 5,582.

Paris: After a tentative start shares moved higher, taking the CAC-40 index to 2,046.81, an improvement of 23.07 points.

Frankfurt: A firmer bond market inspired a 10.1-point advance by the DAX index to 2,145.2.

Zurich: Futures-related buying raised the Swiss Performance Index 11.53 points to 1,830.37.

London: Report, page 34.

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