Chris Gent the chief executive of Vodafone AirTouch was in Mannesmann's home town last night on the third day of his charm

Chris Gent, the chief executive of Vodafone AirTouch, was in Mannesmann's home town last night on the third day of his charm offensive across Germany. Capital expenditure rose 52 per cent to pounds 33.4, a level which will be sustained in the second half.Kingston is rolling out its regional Torch Telecom networks, has invested in multi-media services around Hull, and is extending its north-east franchise.. The stock has doubled since listing.The company said yesterday that pre-tax, pre-exceptional profits in the six months to September fell to pounds 4.37m from pounds 7.15m as investment was stepped up Turnover rose 27 per cent to pounds 93m. No change in holdings is permitted until a lock-up period expires on 19 January.Kingston shares dropped 45p from Tuesday's record close to 591.5p. "We do need to take professional advice on this," he said.The four-member councillors' committee that oversaw Kingston's July flotation would be reconvened, he added. The high-flying shares were also undermined amid talk that Kingston-Upon- Hull city council, which holds almost 45 per cent of the pounds 2bn-plus company, may pare its stake. Michael Price, the council's chief financial officer, said he was obliged to advise councillors of their investment options. KINGSTON Communications, the Hull-based telecoms operator, saw a rare fall in its share price yesterday after it said a substantial investment programme would cut near-term profitability by more than analysts had expected.

in the next two years."About pounds 17m in integration costs would be spread over this year and next, yielding savings of pounds 21m a year from 2002.Meyer said it was its alliance with J Sainsbury - it has a presence in two of Sainsbury's Homebase stores - was progressing well.. "The benefits accrued from the Graham acquisition will be one of the key drivers ... About 50 of the stores will be rebranded under the Jewson banner, 110 will be retained where they are seen to have a strong brand following, and 10 will be closed."We are pleased to have been at the forefront of the consolidation process in the builders merchants' sector," Tony Palmer, chairman, said. Analysts said that the performance was at the lower end of expectations. Meyer shares dropped 18.5p to 384p. Alan Peterson, the chief executive, said that 200 jobs would go from accounting and administrative centres, a further 200 from its Jewson branch network and the balance from its Graham chain.Meyer bought 170-outlet Graham group, a smaller rival, in August for pounds 270m. News of the reductions came as the group, which mainly trades under the Jewson label, unveiled a 7 per cent gain in pre-tax, pre-exceptional profits to pounds 40m in the six months to September.

MEYER INTERNATIONAL, the builders' merchants, said yesterday that it would cut 500 staff - about 4 per cent of its workforce - in an attempt to drive down costs further. According to the whispers, there could soon be an announcement that further drilling in certain areas is required to establish how many precious stones are hidden down there.. Rumours coming from Dublin suggest that the AIM-listed company's search for diamonds, sapphires and rubys in the north- western corner of the Republic is going well. There are whispers that the tiny explorer could come up with a major announcement soon, possibly accompanied by a fund-raising exercise. The market speculation focuses on Aminex's projects in Russia and the US state of Louisiana, where the company has been drilling for some time. Any positive news on the fields should boost the share price, which has slumped from 87.5p a couple of years ago.THE IRISH explorer Cambridge Mineral Resources, flat at 13p, is attracting renewed interest. Drug tiddler KS Biomedix jumped 36.5p to a record 434p on whispers of a licensing deal for its arthritis product.SEAQ VOLUME: 1.618bnSEAQ TRADES: 99,453GILTS INDEX: 106.37 -0.46f.guerrera independent.co.ukKEEP AN eye on oil driller Aminex, up 0.5p to 33p.