UFO Info Week-End

Earlier this month the Chicago Board of Trade the world’s largest derivatives exchange said it intended to

Earlier this month, the Chicago Board of Trade, the world’s largest derivatives exchange, said it intended to link up with Eurex, the electronic European exchange.In May, Liffe’s proposals for change will be given further consideration by member firms at an extraordinary general meeting. From where we stand, there is no way of knowing.”Clearly, they [the board] have been extremely unhappy but I don’t know how much more they can expect.”The departure of Mr McKeown and Mr Cosgrove follows that of Patrick Dooey, sales and marketing director, whose resigned in February.An investigation by Powerscreen’s auditors, KPMG, is expected to be completed within a week. Three million shares were issued on 18 December, six weeks before Powerscreen announced the “irregularities” which sent stock values plummeting. The rise in litigation costs caused QMH’s expenses to rise 50 per cent to pounds 9.4m.Even so QMH unveiled a rise in underlying pre-tax profits of pounds 19.6m (pounds 4.6m) thanks to a strong recovery in the UK hotel market.QMH is considering selling its 11 hotels in France and Belgium with a book value of around pounds 40m in an effort to reduce debts and concentrate resources on other European markets. This should be a timely message for the Home Office, which is currently reviewing the Island’s financial laws and regulations.. QUEENS Moat Houses, the hotelier embroiled in a lengthy legal battle with its former management team, said the case had cost the group pounds 3.6m last year on top of a pounds 1.1m legal bill in 1996. Young, 44, and Williams, 49, from Nottingham, were remanded in custody for sentencing on 7 May, despite attempts by their lawyers to continue with bail.
The 22-day trial in the Island’s Royal Court brought to an end a complex four-year investigation involving fraud squad officers, lawyers, forensic accountants, over 1 million prosecution documents and pre-trial costs running into seven figures.Young lost $10m (pounds 6m) of investors’ money in currency deals effected through UBS’s Jersey subsidiary, Cantrade Private Bank, which has pleaded guilty to four charges of criminal recklessness by making misleading statements.

Until Tuesday, that is, when shares in HP Bulmer took a sudden uncharacteristic leap They did the same yesterday, closing the day up 26p at 381p. A month ago, they were 310p.According to well-informed market sources, French drinks giant Pernod Ricard is currently running its slide rule over Bulmer, which is responsible for tipples including Strongbow, Woodpecker and Scrumpy Jack. Pernod has already had a look at rivals Matthew Clark and Merrydown, but decided against making an offer.Previous predators have always been deterred by the Bulmer family’s large shareholding in the company, which means that they could block any deal they didn’t like. Various family members between them have 23 per cent of the company, and have shown no sign of wanting to sell out.However, having seen the value of their holding fall by almost 40 per cent since the shares peaked at 626p early last year, they might now be more willing to listen to someone who offered them a decent price.A massive profit warning from Next yesterday dumped the retailer down a massive 173.5p at 544p and dragged most of the other retailers down with it. Marks & Spencer lost 16.5p to 603p while DFS dropped 18p to 344.5p.

Arcadia, down 22p at 464p and House of Fraser, 7.5p lighter at 162.5p, also suffered.JJB Sports continued its recent slide as rumours of poor trading intensified. The shares, 37.5p lighter at 635p, peaked at 822.5p a few weeks ago.The general sense of gloom was reflected in the market, which dropped steadily throughout the day. Although Footsie managed to recover some of the 117-point drop it was showing in the early afternoon, it still ended the day down 62.2 points at 5905.6.The biggest volume of the day was in mobile phone group Orange, where SBC Warburg spent the day busily placing the 16.11 per cent stake it had taken over from British Aerospace with institutional shareholders. Warburg paid just under 396p for the shares, and initially succeeded in keeping the market price around 400p.As the day wore on, however, the broker found itself with spare stock and a number of large trades went through at 395p.

At the end of the day, 143.88 million shares had been traded. That was less than the 193 million SBC Warburg started the day with, although market sources said the broker had also successfully placed blocks of shares with investors in the US.Orange shares ended the day down 21.5p at 397p, while BAe added 3p to 2005p.Telecom stocks continued their recent retreat as takeover hopes faded. Local loop operator Colt Telecom, a former bid favourite, was slammed down 90p to 1242.5p The stock peaked at 1630p earlier this month. BT was 16p lighter at 634p while Cable & Wireless gave up the previous day’s gains to close at 735p, down 19p.Media stocks were in demand. Capital Radio continued its recent surge, firming 18.5p to 718.5p.