SHARES : THE WEEK

PETER BARING and Andrew Tuckey, chairman and deputy chairman of Barings, resigned, assuming formal responsibility for the failings that led to the bank's collapse.

Govett & Co, the UK-based fund management company, confirmed it was discussing the sale of its fund management business after its failure to merge with the Duff & Phelps.

Japan's finance ministry said its current account surplus for February rose to $12.33bn (£771bn), dashing hopes of relieving pressure on the yen.

The National Audit Office is to investigate the contract awarded by Lord Wakeham to NM Rothschild, government bankers to the British Coal privatisation. Lord Wakeham, Secretary of State for Energy from 1989 to 1992, joined Rothschild's board earlier this year.

Announcing pre-tax profits of £10.7m (1993: £1.7m), McAlpine, the construction group, warned that rising land prices and construction costs would pressurise margins in the face of modest house price increases.

British Airways said it had reached an out-of-court settlement in its dispute with Virgin Atlantic in the UK. Virgin's damages claim against BA in the US for almost $1bn continues.

Seagram, the Canadian drinks giant, sold 95 per cent of its shares in Du Pont, the US chemical group, back to the company for $8.8bn. It has bought MCA, the Hollywood studio, from Matsushita of Japan for $7bn.

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