The YEN soars as the government allows more flexible exchange rates leading to fears for exporters. This caused the near 4.5% fall on the Nikkei.

Collins Stewart Tullet stockbroker reported a big rise in half-year profits with its results boosted by a strong contribution from its newly acquired inter-dealer broker Tullet Liberty. The company, which is currently embroiled in a legal wrangle with a former employee, said profits in the six months to June 30, 2003, rose to 29 million pounds from 11.9 million in the same period last year.

Daily Mail & General Trust said display advertising revenues at its national titles fell 3.5 percent in the 11 months to end August, but the decline slowed in July and August. "Those businesses within the group that are most dependent on advertising have continued to experience challenging trading conditions"

EMI says it is in non-exclusive talks with media giant AOL Time Warner about a deal involving the U.S. firm's recorded music business.

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