In Brief

Louis de Bievre, a member of the managing board of ABN Amro, the Dutch bank which owns UK broker Hoare Govett, resigned yesterday after his wife was linked to an insider dealing case. ABN Amro said the case involved Mr De Bievre's wife who, in 1992, had traded shares in a listed company when she knew of "certain specific" information about the company as a result of comments by her husband. The matter was settled out of court and ABN Amro said the public prosecutor had informed it that it was Mr De Bievre's wife, and not Mr De Bievre, who was guilty of insider dealing. "The managing board respects Mr De Bievre's decision and regrets that his long and successful career with the bank has ended in this way," ABN Amro said. Jill Treanor

The proportion of industrial companies following the recommendations of the Cadbury report on corporate governance and appointing non-executive chairmen has risen from 63 per cent to 72 per cent in the past year, according to a report published today. The latest survey on non-executive director practice and fees from the remuneration advisers Monks Partnership also shows that 47 per cent of companies have increased the fees paid in that time. Non-executive directors, other than part-time chairmen and deputy chairmen, saw fees rise by about pounds 2,000, to pounds 15,000 for smaller companies and pounds 24,000 for those with turnover of pounds 1bn or more. Fees in financial organisations were roughly in line. Roger Trapp

Graham Allen, chairman of the National Association of Pension Funds investment committee, yesterday gave qualified backing to moves to introduce the American-style book-building process into the City, as an alternative to traditional rights issues. However, he urged that finance directors should disclose the cost and justify the technique if they used it.

Comment, page 21

Courtaulds, the chemical group, warned the strength of the pound and sales of businesses last year was limiting an underlying improvement in current trading. The group also announced a 25,000 tonnes a year cut in viscose production capacity, a fifth of its European total, at its Grimsby plant in the UK. Courtaulds blamed continuing over-capacity in the market, despite recent cut-backs by Spanish and German producers. A spokesman said the move, which is not expected to result in redundancies among the 90 workers affected, would help tighten the market and allow the group to pull out of less profitable activities.

ED&F Man Group has agreed to acquire Cargill Incorporated's molasses and animal liquid products division for $48.5m (pounds 30m) in cash. The company said the acquisition of MLPD was expected to be earnings-enhancing in the first full year of ownership. In addition, it will also acquire the inventory and trade receivables of MLPD, which are estimated to be about $50m. MLPD operates from 13 terminal sites in the US and five in the UK. It also has facilities in Italy, Germany, Spain and the Philippines.

Farringford said it was in discussions likely to lead to the reverse takeover of Lingfield Park 1991, the operator of Lingfield racecourse. The consideration would be partly satisfied by the issue of new ordinary shares at a price of around 10p each, the company said. The majority shareholder in Lingfield, TJH Group, is also a big shareholder in Farringford and the acquisition would therefore be subject to the approval of independent shareholders. Farringford's shares were suspended at 14p.

MEPC, the property company, will move its headquarters in early 1998 and outsource its non-core facilities management and site-based staff in order to concentrate its high-quality facilities management on those buildings where this level of service clearly adds value. The outsourcing involves 340 properties and affects 400 staff. "Terms have been agreed with Nelson Bakewell and Jones Lang Wootton to take on approximately half this total [properties]. The rest will be dealt with over the next three months," MEPC said.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
News
Jerry Seinfeld Comedians in Cars Getting Coffee
peopleSitcom star urges men to be more supportive of women than ever
Life and Style
Living for the moment: Julianne Moore playing Alzheimer’s sufferer Alice
health
News
Jay Z
businessJay-Z's bid for Spotify rival could be blocked
Sport
footballLouis van Gaal is watching a different Manchester United and Wenger can still spring a surprise
News
The spider makes its break for freedom
VIDEO
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Guru Careers: Executive Assistant / PA

£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...

Ashdown Group: Graduate Application Support Analyst

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Reach Volunteering: External Finance Trustee Needed!

Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...

Christine McCleave: FP&A Analyst

£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...

Day In a Page

War with Isis: Iraq's government fights to win back Tikrit from militants - but then what?

Baghdad fights to win back Tikrit from Isis – but then what?

Patrick Cockburn reports from Kirkuk on a conflict which sectarianism has made intractable
Living with Alzheimer's: What is it really like to be diagnosed with early-onset dementia?

What is it like to live with Alzheimer's?

Depicting early-onset Alzheimer's, the film 'Still Alice' had a profound effect on Joy Watson, who lives with the illness. She tells Kate Hilpern how she's coped with the diagnosis
The Internet of Things: Meet the British salesman who gave real-world items a virtual life

Setting in motion the Internet of Things

British salesman Kevin Ashton gave real-world items a virtual life
Election 2015: Latest polling reveals Tories and Labour on course to win the same number of seats - with the SNP holding the balance of power

Election 2015: A dead heat between Mr Bean and Dick Dastardly!

Lord Ashcroft reveals latest polling – and which character voters associate with each leader
Audiences queue up for 'true stories told live' as cult competition The Moth goes global

Cult competition The Moth goes global

The non-profit 'slam storytelling' competition was founded in 1997 by the novelist George Dawes Green and has seen Malcolm Gladwell, Salman Rushdie and Molly Ringwald all take their turn at the mic
Pakistani women come out fighting: A hard-hitting play focuses on female Muslim boxers

Pakistani women come out fighting

Hard-hitting new play 'No Guts, No Heart, No Glory' focuses on female Muslim boxers
Leonora Carrington transcended her stolid background to become an avant garde star

Surreal deal: Leonora Carrington

The artist transcended her stolid background to become an avant garde star
LGBT History Month: Pupils discuss topics from Sappho to same-sex marriage

Education: LGBT History Month

Pupils have been discussing topics from Sappho to same-sex marriage
11 best gel eyeliners

Go bold this season: 11 best gel eyeliners

Use an ink pot eyeliner to go bold on the eyes with this season's feline flicked winged liner
Cricket World Cup 2015: Tournament runs riot to make the event more hit than miss...

Cricket World Cup runs riot to make the event more hit than miss...

The tournament has reached its halfway mark and scores of 300 and amazing catches abound. One thing never changes, though – everyone loves beating England
Katarina Johnson-Thompson: Heptathlete ready to jump at first major title

Katarina Johnson-Thompson: Ready to jump at first major title

After her 2014 was ruined by injury, 21-year-old Briton is leading pentathlete going into this week’s European Indoors. Now she intends to turn form into gold
Syrian conflict is the world's first 'climate change war', say scientists, but it won't be the last one

Climate change key in Syrian conflict

And it will trigger more war in future
How I outwitted the Gestapo

How I outwitted the Gestapo

My life as a Jew in wartime Berlin
The nation's favourite animal revealed

The nation's favourite animal revealed

Women like cuddly creatures whilst men like creepy-crawlies
Is this the way to get young people to vote?

Getting young people to vote

From #VOTESELFISH to Bite the Ballot