A FORMER trader at US hedge fund Millennium Partners pleaded guilty to charges related to illegal after-market trading in mutual fund shares. Steve Markovitz, who managed 650m of assets, faces up tofour years in jail and confiscation of any profits. He is banned for life from acting as an investment adviser. His case stems from a probe into mutual funds by New York attorney general EliotSpitzer.
Pension fears
RECEIVERS at Appledore Shipbuilders in north Devon confirmed worries over its pension fund. Simon Thomas of Tenon Recovery said it was trying to find a buyer, but a purchaser would have no obligation to take over the pension scheme. The 550 staff lost their jobs on Tuesday, and fear they may lose some pension rights.
French on Tube
TUBELINES, which is modernising the London Underground’s deep lines, awarded a 315m signalling contract to France’s Alcatel.
Planes in Spain
THE British Airways board meets in Madrid today after a dinner with directors of Spanish airline Iberia last night. The move fuels speculation that the two are seeking closer ties as a prelude to a merger. BA rose 13/4p to 1731/4p.
Wine goes flat
HALF-YEAR sales fell 5pc at pubs operator Yates, dragged down by its old Wine Lodges.
The group is dropping the tag in a radical revamp of its pubs. The shares, which have doubled since April, fell 7p to 1091/2p.
225m GUS move
RETAILER GUS said its US unit has taken over a property tax service and flood hazard business from Transamerica Finance Corporation for 225m.
Royal appeal
ROYAL SunAlliance plans to appeal against a ruling in the US courts in a dispute over insurance of student loan portfolios. Royal Indemnity, its US subsidiary, asserts it is the victim of fraud and cover-up.
Tango in Brazil
HSBC has revived talks with Lloyds TSB to take over Lloyds’ Brazilian assets. The two UK banks held talks in 2001 and were close to a 500m deal for Lloyds to offload its Latin American operations, but their plans were derailed by the economic crisis in the region.
Wall Street
IN New York the Dow Jones index closed 18.6 points up at 9487.8.
