Business and City in Brief

DTI secures 82 convictions

The Department of Trade and Industry secured four convictions for insider dealing in the second quarter as well as 78 other convictions for offences uncovered by reports of the Official Receiver.

The heaviest sentence passed on an insider dealer was a suspended six-month prison sentence and pounds 10,000 fine.

Pountain to quit

Sir Eric Pountain is to stand down as executive chairman of Tarmac later this year, although he will continue as non-executive. He resigned as chief executive in favour of Neville Simms earlier this year.

Michelin upturn

Michelin, the French tyre group, announced a sharp turnround in its financial fortunes, reporting a first-half net profit of Fr820m (pounds 94.5m) compared with a Fr1bn loss for the same period in 1991.

Full listing

New Scotland Group, the parent of Independent Insurance Company, plans to seek a full listing on the Stock Exchange in the spring of next year. New Scotland wants to raise additional capital before the end of this year.

Lewis card cut

The John Lewis Partnership is to cut the interest rate it charges on its store card from 23.8 to 19.5 per cent APR.

Atomic profits

AEA Technology, the state-owned trading arm of the Atomic Energy Authority, made a net profit of pounds 16.8m in the year to March, compared with a net loss of pounds 40m in 1991.

Monopolies job

Michael Bromwich, professor of accounting and financial management at the London School of Economics, has been appointed to the Monopolies and Mergers Commission.

US warned

John MacGregor, Secretary of State for Transport, warned the US that if it blocked British Airways' dollars 750m investment in USAir it could provoke a protectionist backlash in Europe.

World markets

New York: Uncertainty over European unity and interest rates and fears of weak corporate profits pushed the Dow Jones average down 39.98 to 3,280.85 by the close.

Tokyo: A stronger yen contributed to a rally in which the Nikkei average gained 216.48 per cent to 18,272.72.

Hong Kong: In narrow-range trading the Hang Seng index eased 1.35 points to 5,740.18.

Sydney: The All Ordinaries ended at 1,520.8, a loss of 10.8.

Bombay: Dull trade took the index 24.01 higher to 3,298.75.

Johannesburg: Industrials and financials were in demand but mining stocks eased. The index lost three points to 3,173.

Frankfurt: Another big increase in money supply pushed prices down 1.5 per cent. The DAX lost 23.52 to 1,550.34.

Paris: The market rebounded from negative territory to leave the CAC-40 6.75 up at 1,832.81.

Milan: Sharp losses on lira and budget worries sent the MIB down 3.07 per cent to 726.