BNP of France bids for Peregrine London arm: France's Banque Nationale de Paris said on Friday it had made a bid for the entire London arm of collapsed Hong Kong investment group Peregrine Investments Holdings Ltd. A BNP spokeswoman said the group was also continuing to look at other parts of the Peregrine group worldwide.IGF for rebuilding investor confidence: The Investor Grievance Forum (IGF) has emphasised the need for an "Investor Education Programme" through the media for rebuilding their confidence in the capital market. The IGF emphasised on the need in a memorandum submitted to SEBI chairman by Kirit Somaiya. The memorandum details various problems related to the capital market and throws light on the numerous dubious schemes floating in the market. The forum has demanded the prosecution of promoters who have floated such companies and misappropriated the funds collected by them. They have also asked for a close watch on existing plantation companies, and protection of smallinvestors.
Calcutta stocks finish higher: A smart comeback by key counters coupled with fresh buying support saw equities end on a better note on the Calcutta Stock Exchange on Friday. The 50-share CSE index touched a high of 95.06 points.
Equities firm up on MSE: Select pivotals moved up on the Madras Stock Exchange on Friday. The MSE share price index improved to 3,612.80 from the previous close of 3,577.98 points. ITC gained by Rs 4.05 to Rs 559.35, Reliance by Rs 4.40 to Rs 154, State Bank by Rs 6.75 to Rs 244.10 and Telco by Rs 3.10 to Rs 236.90. ACC recovered to Rs 1,305 from Rs 1,272.20.
Barclays set to buy Fidelity UK unit: US investment fund giant Fidelity Investments is expected to announce early next week the sale of its troubled UK brokerage unit to Barclays Stockbrokers, the Guardian said on Friday. Fidelity announced last week it would close its UK Fidelity Brokerage Services at the end of February and focus on its core investment managementbusiness.
Manila shares bolt higher: Philippine shares powered ahead for the fifth straight day on Friday, giving the main index its biggest single-day percentage rise in seven years, but analysts said it may be too early to call the gains a reversal of fortunes. The key share index closed up 151.33 points, or 8.42 per cent, at 1,948.01.
Seoul stocks close sharply higher: South Korean stocks closed sharply higher on Friday as the previous day's debt restructuring deal sparked strong across-the-board buying, brokers said. The Korea Stock Exchange said Friday's rise broke a record for percentage gain. The previous record of 7.22 per cent was set last December 15.
US says S Korea debt deal not enough: US treasury secretary Robert Rubin said an agreement between South Korea and international creditors to extend payment on short-term loans was very constructive but not sufficient for Washington to release some $1.7 billion in bilateral aid.
Thai markets leap as two-tier baht systemremoved: The Thai baht and stock markets leapt on Friday after the central bank said it had removed restrictive measures against currency speculation which led to the creation of a two-tier baht exchange market. Thai stocks jumped 10.73 per cent at close, with the index finishing a torrid day up 47.99 points at 495.23, the highest level since October.
Sanyo Securities delays business resumption: Sanyo Securities Co Ltd, which filed for bankruptcy protection from creditors early last month, said on Friday it would postpone the date it planned to resume operations to March 15. The brokerage has already postponed the resumption once before, on December 3. The administrator of Sanyo Securities' assets said that he had not been able to find a company willing to buy stakes in Sanyo Securities.
"Japan aid to Asia not adequate": US trade representative Charlene Barkhefsky described Japanese efforts to help end the economic crisis in Asia as "absolutely inadequate", escalating a war of wordsbetween Washington and Tokyo.
Gold gains ground, silver unchanged: Gold prices improved marginally on the local bullion market on Friday on buying support. Silver, however, remained steady on restricted activity. Standard gold and 22-carat gold improved marginally by Rs 5 each to close at Rs 4,055 and Rs 3,750 respectively. Ready silver of .999 fineness and raw silver closed unchanged at Rs 8,465 and Rs 8,365.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
