Business & City Summary

ICC creates 400

jobs in Scotland International Components Corporation, a US electronics firm, will set up a pounds 6m factory and warehouse at East Kilbride, near Glasgow, with the creation of 400 jobs.

ICC, based in Chicago, designs and manufactures portable battery chargers. Jim Gaza, president, said: 'Worldwide demand is growing rapidly alongside that for the products which depend on them, such as mobile phones and cordless power tools.'

CS profits up

Rainer Gut, chairman of CS Holding, said the bank would be interested in acquiring at least 20 per cent of Creditanstalt, the Austrian bank whose government shareholding is being sold. CS Holding, parent of Credit Suisse, reported net profits up 72 per cent last year.

My Kinda float

My Kinda Town, whose restaurants include Chicago Pizza Pie Factory, Chicago Rib Shack and Henry J Bean's, will be valued at pounds 24m after a placing and offer to intermediaries. The company's 30th restaurant opens in Buenos Aires next week. Dealings begin on 10 May.

Pounds 97m Irish bank bid

Executives of the state-controlled Irish TSB Bank, which has no connection with its UK counterpart, met Bertie Ahern, the Irish finance minister, and recommended acceptance of a Ir pounds 100m ( pounds 97m) bid from National Australia Bank. NAB plans to merge the TSB with its Irish subsidiary National Irish Bank, formerly Northern Bank.

Dresdner issue

Dresdner Bank will raise DM1.14bn through the international issue of 3 million new shares at DM380 each.

Domecq cleared

The European Commission has consented to the acquisition by Allied-Lyons of control of the Pedro Domecq Group. The notice for the second and final instalment of 245p in relation to the rights issue of 136,799,443 stock units, together with partly- paid certificates, will be posted to shareholders on 30 April.

Conti wields axe

German tyre maker Continental will cut a further 3 to 4 per cent of its 51,000-strong workforce this year, equivalent to 1,500 to 2,000 jobs. Conti shed 10,168 jobs, or 20 per cent of its workforce, between 1991 and 1993.

Iata loads rise

The International Air Transport Association said its 200-plus member airlines had seen passenger load factors - the proportion of available seats being used - rise by two percentage points in the first quarter to 66 per cent from the same period last year. For the month of March alone, passenger growth was three percentage points to 69 per cent, Iata added.

World Markets

New York: Buy programmes helped shares to recover from a hesitant start. By the close the Dow Jones average was up 13.38 points at 3,681.69.

Tokyo: Closed (holiday).

Hong Kong: With investors sidelined after the overnight Wall Street fall, the Hang Seng lost 197.02 points to 8,966.07.

Sydney: Turnover was boosted by options-linked deals. The All Ordinaries index eased three points to close at 2,066.1.

Bombay: Hopes of an imminent easing of the ban on forward trading helped the index to 3,755.38, a 14.98-point gain.

Johannesburg: Peaceful polls and a stronger gold price triggered a 118-point advance on the overall index to 5,358.

Frankfurt: A slight recovery in bonds took shares off their lows. The DAX index finished 5.24 points lighter at 2,245.98.

Paris: Recovering from early losses, the CAC-40 index ended 15.71 points better at 2,165.96.

Zurich: Prices closed lower, with the SPI 18.67 off at 1,781.13.

London: Report, page 18.

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