NO-HEADLINE

Three Arthur Andersen partners were yesterday called in as administrators to Virtuality Group, the first company to bring virtual reality technology to the stock market. Virtuality's shares were suspended at 68.5p last week pending clarification of its financial position. The administrators said they intended to restructure the company and focus on its core business of headsets, which recently won a $10m (pounds 6m) contract with Philips. David Duggins, one of the administrators, said: "The headsets, which are compatible with personal computers and leading games consoles, have a potentially enormous market, thus generating substantial royalty streams in the future."

A pounds 700m contract for the development and production of the RAF's new stand-off attack was signed yesterday. Matra BAe Dynamics - a joint venture between British Aerospace and Matra of France - won the competition against stiff US competition last summer. The Storm Shadow will be fitted to RAF Tornados, Eurofighters and Harrier GR7 jump-jets to attack high-value targets without having to enter heavily defended enemy airspace.Work will secure jobs at company sites at Stevenage, Bristol and Lostock as well as more than 80 sub-contractors across the country.

Hopes of a counter-bid emerging for Clyde Petroleum evaporated as predator Gulf Canada raised its stake in the oil exploration and production firm to about 27 per cent. Gulf's buying activity comes after recent steep falls in crude oil prices, which may have driven investors into the arms of the bidder. Market Report, page 18

Scottish Amicable said yesterday in a letter to policyholders that it had had expressions of interest from more suitors than Abbey National and the Prudential, the two which have gone public on their offers. The mutual insurer said it would seek formal offers from all interested suitors and would take independent financial advice during the selection process. The objective was to maximise financial benefits for with-profits policyholders, "taking into account both short-term and long-term returns".

Allied Irish Banks denied market speculation that it was interested in acquiring the US banking group Riggs National. AIB's results for the year to December exceeded analysts' expectations and the bank said a strong performance in all divisions drove pre-tax profits up by 13 per cent to Irpounds 421m (pounds 412m). But profit-taking and concern about the impact of the planned acquisition of Dauphin Deposit of Pennsylvania for $1.36bn pulled

the shares 2p lower.

The cable industry will be making profits "as the City understands them" by the year 2000, Stephen Davidson, chairman of

the Cable Communications Association, told MPs on the Trade and Industry Select Committee investigating regulation. Mr Davidson said the industry had invested pounds 6bn so far and would invest the same again to the year 2000.

Allied Domecq, the distiller and food retailer, said performance in the first half of the fiscal year would be hurt by the strength of the pound, though profit growth would improve in the second half. The strong pound could cut pounds 20m from full-year earnings.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

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

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Collections Agent

£14000 - £16000 per annum: Recruitment Genius: This company was established in...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...

Reach Volunteering: Trustees with Finance, Fundraising and IT skills

Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...

Day In a Page

Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea
Tunisia fears its Arab Spring could be reversed as the new regime becomes as intolerant of dissent as its predecessor

The Arab Spring reversed

Tunisian protesters fear that a new law will whitewash corrupt businessmen and officials, but they are finding that the new regime is becoming as intolerant of dissent as its predecessor
King Arthur: Legendary figure was real and lived most of his life in Strathclyde, academic claims

Academic claims King Arthur was real - and reveals where he lived

Dr Andrew Breeze says the legendary figure did exist – but was a general, not a king
Who is Oliver Bonas and how has he captured middle-class hearts?

Who is Oliver Bonas?

It's the first high-street store to pay its staff the living wage, and it saw out the recession in style
Earth has 'lost more than half its trees' since humans first started cutting them down

Axe-wielding Man fells half the world’s trees – leaving us just 422 each

However, the number of trees may be eight times higher than previously thought
60 years of Scalextric: Model cars are now stuffed with as much tech as real ones

60 years of Scalextric

Model cars are now stuffed with as much tech as real ones
Theme parks continue to draw in thrill-seekers despite the risks - so why are we so addicted?

Why are we addicted to theme parks?

Now that Banksy has unveiled his own dystopian version, Christopher Beanland considers the ups and downs of our endless quest for amusement
Tourism in Iran: The country will soon be opening up again after years of isolation

Iran is opening up again to tourists

After years of isolation, Iran is reopening its embassies abroad. Soon, there'll be the chance for the adventurous to holiday there
10 best PS4 games

10 best PS4 games

Can’t wait for the new round of blockbusters due out this autumn? We played through last year’s offering
Transfer window: Ten things we learnt

Ten things we learnt from the transfer window

Record-breaking spending shows FFP restraint no longer applies
Migrant crisis: UN official Philippe Douste-Blazy reveals the harrowing sights he encountered among refugees arriving on Lampedusa

‘Can we really just turn away?’

Dead bodies, men drowning, women miscarrying – a senior UN figure on the horrors he has witnessed among migrants arriving on Lampedusa, and urges politicians not to underestimate our caring nature
Nine of Syria and Iraq's 10 world heritage sites are in danger as Isis ravages centuries of history

Nine of Syria and Iraq's 10 world heritage sites are in danger...

... and not just because of Isis vandalism
Girl on a Plane: An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack

Girl on a Plane

An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack
Why Frederick Forsyth's spying days could spell disaster for today's journalists

Why Frederick Forsyth's spying days could spell disaster for today's journalists

The author of 'The Day of the Jackal' has revealed he spied for MI6 while a foreign correspondent