Growth rates continue to be strong in Asia and that will eventually be reflected in stock market

"Growth rates continue to be strong in Asia, and that will eventually be reflected in stock market valuations, but not while governments there continue to rein in on monetary policy," said Mr Manser.Flemings has also been concentrating on setting up a broking and branch network in Latin America, the last remaining gap in its international coverage, but this has put pressure on costs. JOHN EISENHAMMER Financial Editor The persistent weakness of Asian markets took its toll on interim results at Flemings, the privately owned investment bank, which yesterday announced a 22 per cent drop in six-month pre-tax profits to pounds 76m.About half of Flemings' business is Asian-related, including Japan. "The markets where we play to our strengths have been very difficult. Most Far Eastern markets are down in dollar terms, and some regional markets have taken very substantial hits," said John Manser, group chief executive.Half-year pre-tax profits to 30 June at Jardine Fleming, the group's Asian arm, slumped to pounds 52m from pounds 93m. Mr Tonseth said: "The synergy we see within both oil and gas and engineering is so strong that it defends the price for Amec of one pound per share."While the price-earnings ratio of 37, based on Amec's expected earnings per share in 1995 of 2.7 pence, could be thought high, it was justified by the synergies and the fact that Kvaerner intended to sell Amec's property and housebuilding arms, he said.Analysts said Kvaerner's presentation on Tuesday had failed to erase doubts on the specific synergy between the two companies.. But Sir Alan said that the company's action had been hostile throughout, starting with a dawn raid on the shares last week and publication of the offer document just 48 hours later.Mr Tonseth was back in the UK after a brief return to Norway to talk to analysts, some of whom have been cool on the bid. Kvaerner has now overtaken UBS as Amec's largest shareholder.It is thought that at yesterday's meeting Kvaerner tried to persuade Sir Alan to agree a recommended offer for the large number of Amec preference shares.

But Sir Alan, just off the plane after a trip to the Middle East, was said to be in no mood to compromise.Kvaerner's pounds 1-a-share offer for Amec's ordinary capital is worth pounds 202.6m. An offer for the preference shares, worth about pounds 172m, has to be sent out to investors by Monday.Some analysts have suggested that Amec may be in a position to negotiate slightly better terms for the preference shares, though any substantial difference would not be allowed under takeover rules.However, as the ordinary share offer has been rejected, Amec believes there is little point in discussing the terms of the preference share offer.Erik Tonseth, Kvaerner's chief executive, told Sir Alan that it was not the culture of Scandinavian companies to mount hostile bids. However, it was hoped that further meetings would take place today or tomorrow.As the two sides tried to resolve differences, Kvaerner bought another 1.7 per cent of Amec shares, taking its holding to 17 per cent. RUSSELL HOTTEN Hostilities between the UK construction group Amec and the Norwegian shipping company Kvaerner deepened yesterday after a secret meeting of senior executives. Sir Alan Cockshaw, Amec's chairman, is believed to have strongly rebuffed attempts by Kvaerner to reach a recommended deal on its bid, which could be worth up to pounds 375m. In his new job, he is expected to play a key role in developing the company's long-term strategy.. The company also said in August that Jerry Causley, who led the management buyout from McDonnell Douglas, was leaving the group.Mr Klein joined the board in June and now succeeds Mr Causley. Mr Hay Davison said yesterday that he had brought Mr Hemmings in to the group to "get to the bottom of problems" after it had issued two profit warnings.

But Mr Hemmings "never expected to be chief executive," he said.In August MDIS warned that the group's results for the full year were likely to be substantially below market expectations. Analysts immediately reduced their forecasts from around pounds 13m to around pounds 2m. Mr Klein previously ran a $2bn software operation for Digital. It is believed that Mr Hemmings will have his year-long notice period paid in full.Mr Hemmings was recruited from Arthur Andersen by Ian Hay Davison, the MDIS chairman.

The gibbering cleaner was rescued after faint screams were were heard coming from the fabric of the building.. DAVID HELLIER McDonnell Information Systems, the computer services company, said that Giles Hemmings, who joined as director of operations in April, has resigned - earlier than expected. His departure follows Tuesday's appointment of John Klein as chief executive. The lack of inside door handles in some of these rooms is not an architectural oversight, he points out. Rather it is the tenants who are responsible for the fixtures and fittings. Over more wine."Back from the brink,'' Mr Dickens breathed.The telephone rings.

It is Peter Levine, chairman and chief executive of Canary Wharf, who takes exception to our story of the Jaguar Building Services man who was trapped in one of the windowless storage rooms in the central spine of Britain's tallest office block. Instead it was resolved to press Samuel Smith, the Tadcaster brewer that owns the ancient inn, to mend the roof and allow the club back in for another meeting in the spring where the matter of its dissolution will be discussed again. Readers of yesterday's diary will recall that Cedric Dickens, a descendant of the celebrated author, was keen to bring the curtain down on this venerable City forum because the club's venue - the top room at the George and Vulture - was too damp to lunch on.But the final gathering - at the alternative venue of the Old Doctor Butler's Head - failed to vote itself into oblivion. "Unless you think my wife's ministrations on this subject over a period of 35 years are sinister, then this is not sinister," he said, adding that he always intended to retire at 60.Actuaries say if you retire at 60 "you will have a longer and better life than if you retire at 65". If you are in a stressful job and retire at 65 you are likely only to live to 72, but if you bow out at 60 you can expect another 18 years on average.Why Australia? That's where his two sons and five grandchildren live.Two daughters also live abroad.After much deliberation and fine wine the Dickens Pickwick Luncheon Club has decided not to dissolve itself - at least not yet.