Business & City in Brief

PosTel spends pounds 62m on Heron properties

Heron, the property group on the brink of having its pounds 1.4bn restructuring deal approved by the UK courts, sold three properties to PosTel Investment Management for a total of pounds 62m.

Gerald Ronson, chairman, said the sale of the Pipps Hill Retail Warehouse Park at Basildon, Essex, Heron House in Reading and Crown House, City Road, London, were at better prices than those assumed in the restructuring business plan.

Pounds 45m Pilkington buy

Pilkington and Techint Finanziaria will jointly acquire the state-owned Italian flat and safety glass manufacturer Societa Italiana Vetro for L210bn (pounds 90m) with Pilkington's share L105bn. The deal must be approved by European competition authorities. Roger Leverton, chief executive of Pilkington, said SIV plants in southern Europe 'complement those of Pilkington, which are largely Northern European based'.

Cooper-Rolls nets dollars 70m

The Cooper-Rolls joint venture between Rolls-Royce and Cooper Industries won orders worth dollars 70m for seven Coberra 6000 gas turbines for offshore oil and gas use in North Sea and Malaysian waters.

Japan car sales down

Japan's overall vehicle exports fell 3.6 per cent from a year ago to 2,791,049 in the first half of 1993, industry sources said. The sale of cars was down 3.5 per cent at 2,189,280 while commercial vehicles fell 4.1 per cent to 601,769.

Shake-up at Fisons

Fisons, the pharmaceutical and horticultural product maker, is reorganising its scientific equipment division through a management restructuring. Robert Lankester, managing director, will leave the company and has resigned as a director of Fisons.

Pension funds act

Pension funds are voting more often at shareholder meetings, according to a survey by the Institutional Shareholders Committee. They exercised 44 per cent of their votes in May, the period of the survey, up from 20 per cent in 1991. Insurance companies exercised 70 per cent of their votes.

W German prices flat

Producer prices in western Germany were unchanged in June from May to stand 0.4 per cent below the same month a year earlier.

Yorkshire Water deal

Yorkshire Water paid pounds 100 for the share capital of JHSW Leasing, a wholly-owned subsidiary of J Henry Schroder Wagg with a portfolio of finance leases involving rentals of pounds 65.6m. Yorkshire will also refinance pounds 30m of loan facilities.

Trust beats target

Kleinwort Benson Investment Trusts raised pounds 28.2m in its new Emerging Markets Trust - pounds 14.6m of it through the public offer - nearly doubling the minimum target of pounds 15m.

World Markets

New York: Technology shares continued to dampen sentiment, but by the close the Dow Jones Industrial Average was 6.99 points higher at 3,535.28.

Tokyo: Investors pulled back from the market in the wake of the general election. The Nikkei average fell 180.61 points to 20,150.92.

Hong Kong: Heavy selling by foreign institutions brought a 111.5- point fall - more than 1.6 per cent - by the Hang Seng to 6,813.72.

Sydney: Most early losses were made good as the All Ordinaries closed 3.6 points easier at 1,796.2.

Bombay: The index fell 32.35 points to 2,098.86 in thin trade.

Johannesburg: Gold shares came off their lows late in the day but industrials remained weak. The overall index lost 17 points to 4,089.

Paris: In a quiet market reassured by the strengthening franc the CAC-40 index added 6.77 to 1,981.7.

Frankfurt: With overseas investors re-entering the market, the DAX index climbed 22.83 to 1,836.29.

Zurich: Profit-taking caused sharp falls in some shares as the SPI gave up 9.46 points to 1,501.75.

Milan: Olivetti was one of the few stocks that rose steadily as the MIB eased 0.16 per cent to 1,223.

London: Report, page 22.

Start your day with The Independent, sign up for daily news emails
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...

Ashdown Group: IT Manager / Development Manager - NW London - £58k + 15% bonus

£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...

Recruitment Genius: Sales Consultant / Telemarketer - OTE £20,000

£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...

Ashdown Group: Training Programme Manager - City, London

£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...

Day In a Page

NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

Who's monitoring the outsourced NHS services?

A report finds that private firms are not being properly assessed for their quality of care
Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

How do Greeks feel about Syriza?

Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
From Iraq to Libya and Syria: The wars that come back to haunt us

The wars that come back to haunt us

David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

Too busy to surf? Head to The Pool

A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders
Heston Blumenthal to cook up a spice odyssey for British astronaut manning the International Space Station

UK's Major Tum to blast off on a spice odyssey

Nothing but the best for British astronaut as chef Heston Blumenthal cooks up his rations
John Harrison's 'longitude' clock sets new record - 300 years on

‘Longitude’ clock sets new record - 300 years on

Greenwich horologists celebrate as it keeps to within a second of real time over a 100-day test
Fears in the US of being outgunned in the vital propaganda wars by Russia, China - and even Isis - have prompted a rethink on overseas broadcasters

Let the propaganda wars begin - again

'Accurate, objective, comprehensive': that was Voice of America's creed, but now its masters want it to promote US policy, reports Rupert Cornwell
Why Japan's incredible long-distance runners will never win the London Marathon

Japan's incredible long-distance runners

Every year, Japanese long-distance runners post some of the world's fastest times – yet, come next weekend, not a single elite competitor from the country will be at the London Marathon
Why does Tom Drury remain the greatest writer you've never heard of?

Tom Drury: The quiet American

His debut was considered one of the finest novels of the past 50 years, and he is every bit the equal of his contemporaries, Jonathan Franzen, Dave Eggers and David Foster Wallace
You should judge a person by how they peel a potato

You should judge a person by how they peel a potato

Dave Hax's domestic tips are reminiscent of George Orwell's tea routine. The world might need revolution, but we like to sweat the small stuff, says DJ Taylor
Beige is back: The drab car colours of the 1970s are proving popular again

Beige to the future

Flares and flounce are back on catwalks but a revival in ’70s car paintjobs was a stack-heeled step too far – until now
Bill Granger recipes: Our chef's dishes highlight the delicate essence of fresh cheeses

Bill Granger cooks with fresh cheeses

More delicate on the palate, milder, fresh cheeses can also be kinder to the waistline
Aston Villa vs Liverpool: 'This FA Cup run has been wonderful,' says veteran Shay Given

Shay Given: 'This FA Cup run has been wonderful'

The Villa keeper has been overlooked for a long time and has unhappy memories of the national stadium – but he is savouring his chance to play at Wembley
Timeless drama of Championship race in league of its own - Michael Calvin

Michael Calvin's Last Word

Timeless drama of Championship race in league of its own