Daiwa offices searched

Officers from the Finance Ministry and the Bank of Japan searched the Tokyo and Osaka offices of Daiwa Bank following the loss of $1.1bn through fraudulent bond trading in New York. The investigation focused on the bank's administrative management systems and risk management systems, a ministry official said.

Next said it has agreed to sell its subsidiary TCS Management Group to Aspect Telecommunications for $37.5m (pounds 24m). TCS , based in Nashville, Tennessee, develops and sells software systems for telephone call centres. Next said

the sale of TCS will result in elimination of a source of operating income to Next, which will be partially offset by interest income on the sale proceeds.

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