Sunday Round-Up: The main stories from yesterday's City pages

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Independent on Sunday

WPP is shelving flotation plans for three market research companies until the stock markets settle down.

More central bank intervention is likely this week as governments try to arrest the fall in the dollar.

The Ministry of Defence will this week clear the sale of Swan Hunter, the shipbuilder, to Constructions Mecaniques de Normandie of France. CMN's owner, a Lebanese businessman, had been under close scrutiny after allegations of financial impropriety and commercial links with Iraq.

Jim Fifield, chief executive of EMI Music who was paid pounds 13.5m last year, stands to earn pounds 7.16m this year. He will also receive 100,000 share options.

Share tips: Buy Wakebourne. Sell Eastern Electricity, British Gas.


Pension funds are expected to withdraw up to pounds 12bn a year from the stock market to meet solvency standards announced in last week's pensions White Paper. Funds will begin reviewing their investment strategies in the next few months.

Exco, the money broker, will press ahead with its pounds 220m flotation this week, despite dealers bracing themselves for more turmoil in the financial markets.

Share tips: Buy Applied Distribution, Vendome. Hold Airtours, First Leisure. Avoid Thorn EMI.

Sunday Telegraph

BAT Industries may pull out of a dollars 1bn deal to buy American Brands' cigarette arm if the US anti-tobacco regulators continue their attack on BAT's health and safety record.

The Department of Trade and Industry's report into share dealings in advance of Minorco's pounds 3.5bn bid for Consolidated Gold Fields in 1988 is expected to be published next month.

Share tips: Buy Sanderson Electronics, Allen, Redaurum. Good value Low & Bonar.

Sunday Times

Conrad Black, chairman of The Telegraph, is prepared to buy back the company if the City fails to rerate its shares, following the collapse of the share price after the newspaper's price cut.

Glaxo is believed to have lost up to pounds 100m through falls in bond markets in recent months, and analysts have downgraded profit forecasts.

Share tips: Undervalued Applied Distribution.