Prince Jefri suspects these investigations could be aimed at him

Prince Jefri suspects these investigations could be aimed at him.Prince Jefri launched a legal action in the London courts last month to stop KPMG working for the BIA, since he feared the accountants could hand over personal information about him to the BIA.He alleged that KPMG’s Chinese walls between the team that had worked for him and the new team working for the BIA would not work. Perhaps this is because we have something of an anti-risk culture in our companies.”. PRINCE JEFRI of Brunei, younger brother of the Sultan of Brunei, won a shock High Court victory yesterday over the accountants KPMG, which could have profound implications for the way business is done in the City. The share of the European market held by General Motors fell from 11.6 per cent to 11.3 per cent despite higher sales. But the big loser was Ford, which sold 9.5 per cent fewer cars in July. Its share of the market was down to 8.3 per cent from 9.9 per cent. Car sales overall were up 7.7 per cent, taking sales so far this year to 8,495,317..

CBI president calls for innovation

THE NEW Confederation of British Industry (CBI) president said last night that ambition, entrepreneurship and innovation are the keys to closing the UK’s productivity gap. In his first official speech since taking the top CBI post in July, Sir Clive Thompson (left) argued that raising UK productivity levels – which are about 40 per cent lower than those in the US – required more than simple efficiency improvements. Speaking at the eastern CBI annual dinner in Cambridge, Sir Clive said: “What we need is a quantum leap in what we do, not just small steps to make what we’re already doing better I’m afraid that sort of vision is rather lacking in the UK. Nick Prest, the Alvis chairman, said the deal was only “a step” on the road to consolidation and predicted further tie-ups between European manufacturers.He said the most likely link would be between the enlarged Alvis, Germany’s Krauss Maffei, Wegmann and MaK, and France’s state-owned contractor GIAT Shares in GKN fell 19p to 672p Alvis fell 2.5p to 195p.Outlook, page 17. VW retains lead on European sales

VOLKSWAGEN HAS strengthened its position as Europe’s top-selling car producer, largely at the expense of the American manufacturers and particularly Ford, according to the latest figures from Acea, the European car producers’ association.
Japanese firms also made gains in a booming market, particularly Toyota, whose sales increased 34.3 per cent in July compared with the same month last year.VW, including the Audi, Seat and Skoda brands, increased sales by 12.9 per cent in July to give it a 19.2 per cent share of the total western European market against 18.4 per cent this time last year.

Alvis, best known for its Scorpion and Stormer tracked vehicles, has forward orders of pounds 385m.Executives of both sides hailed the deal as a key step towards consolidation in the European fighting vehicles industry, where more than 20 companies fight for a share of a shrinking market. Yesterday’s deal will see Alvis abandoning a rival consortium to join GKN’s group.The strength of Alvis’s short-term order books would also help GKN to bridge a gap in its orders, which were set to decline between now and 2003 when MRAV production is expected to start. Talks between Vickers and GKN Defence broke down last year over price. Analysts yesterday speculated that the defence group could use its pounds 200m cash pile to mount a counter-bid for Alvis. Vickers said it was observing the situation “with interest”.The acquisition of GKN Defence brings Alvis into the pounds 3bn programme to build the Multi-Role Armoured Vehicle (MRAV) – the so-called “battlefield taxi” – whose shape can be changed to suit different defence needs. The factory, which employs 500 people, will be boosted by an extra 50 recruits.The reorganisation will cost up to pounds 9m in 1998 and 1999, which will be paid for through the sale of the Coventry site. GKN won the project last year in partnership with German and French companies.GKN Defence, which last year had sales of pounds 160.3m and profits of pounds 21m, is also in the running for the Anglo-US pounds 1bn Tracer project.