Frits Philips, who turned Dutch company Philips Electronics into a multinational business, died last night, aged 100.

MOSCOW FLYER proved himself on course for a rematch with reigning two-mile champion Azertyuiop in next month's Tingle Creek Chase at Sandown when scoring a bloodless victory in the Ballymore Properties Fortria Chase at Navan yesterday.

Philips Electronics has said first quarter turnover increased by 2% to €6.631bn, as strong sales growth for chips and consumer electronics helped return the group to a profit.

Moscow Flyer is firmly on track to attempt back-to-back Champion Chase successes after getting his campaign off to a perfect start at Navan today.

Philips Electronics has announced a second-quarter net profit of €42m, despite general expectations of a loss, with sales dropping due to weak consumer spending and the impact of the SARS outbreak.

Clothes sold at Benetton stores will soon contain microchip transmitters that allow the Italian retailer to track its garments from their point of manufacture to the moment they are sold in any of its 5,000 shops worldwide.

Wall Street fell sharply today, following two disappointing economic reports and a speech by President George Bush to the United Nations demanding action against Iraq.

Stocks advanced modestly in New York yesterday, overcoming a choppy session in an encouraging sign of stability following an earnings warning by Cisco Systems.