Business & City Summary
Thursday 14 October 1993
The European Commission has opened an inquiry into Irish government plans to rescue Aer Lingus, the beleaguered national airline. Ireland plans to inject Ir pounds 175m into Aer Lingus over three years so that the carrier can cut debts to about Ir pounds 102m by 1997. The Commission said it wanted guarantees that the aid would be used to cure Aer Lingus's ills and not to help it offer cheaper fares, notably on the busy Dublin-London route.
A final verdict could be reached by the end of the year, but may not be reached before February next year.
Bad advice claims
Thirty-nine investors received pounds 521,821 during the third quarter after submitting claims, based on bad and negligent advice, to the consumer arbitration scheme operated by Fimbra. More than half the amount awarded was paid to 13 home income plan clients. Fimbra fined 15 firms of financial advisers pounds 22,250 in the third quarter, and revoked the authorisation of 55 firms.
Cadbury wins A&W
Cadbury Schweppes, the food and drinks company, has won control of the root beer maker A&W Brands, for which it made a pounds 217m bid last month.
Sydney Games excess
The cost of staging the Olympic Games in Sydney will be Adollars 2bn ( pounds 885m) - double the budget submitted to the International Olympic Committee, according to John Fahey, the Premier of New South Wales. Mr Fahey promptly came under fire from opposition politicians, who said the city had been misled.
Ciba-Geigy AG said consolidated sales in the nine months to September totalled Sfr17.082bn, unchanged from a year earlier. Ciba said it expected a limited increase in consolidated net profit compared with 1992.
The European Court of Justice has rejected a claim by Matsushita Electric Industrial Co against European Community anti-dumping duties on compact disc players imported from Japan. Matsushita had said the EC was wrong to consider the whole group as a single economic entity and that the duties should take account of different marketing, sales and production units.
A Dutch group that markets a coffee brand guaranteeing a fair price to Third World farmers has extended the principle to chocolate. The Max Havelaar foundation said the project, which guarantees African and Latin American farmers dollars 1,595 per tonne for cocoa compared with market prices of about dollars 1,170, had won support in the Netherlands. In Britain, sold under the name Cafedirect, it has captured 4 per cent of the coffee market.
New York: The big telecommunications deal helped the Dow Jones Industrial Average to rise 10.06 points to close at 3,603.19.
Tokyo: After sinking below 20,000 in light trade, the Nikkei average pulled back to 20,038.4, a deficit of 98.91 points.
Hong Kong: Buying by US and Japanese institutions lifted the Hang Seng 39.31 to 8,292.96.
Sydney: The firmer gold price attracted support as the All Ordinaries added 10.6 to 2,038.6.
Bombay: Trading was suspended as brokers decided on an indefinite strike over delay in settling the 'tainted shares' issue.
Johannesburg: Gold share gains of almost 5 per cent, with industrials also strong, gave the overall index a 30-point gain to 3,937.
Frankfurt: Late profit-taking took shares off highs. The DAX ended 2.9 firmer at 2,001.51.
Paris: The CAC-40 index edged up 0.43 of a point to 2,127.28.
Milan: Prices closed lower as investors sold to raise cash to take up Fiat's rights issue.
London: Report, page 36.
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Migrants crossing the Mediterranean: Pope Francis joins calls for EU action on boat refugees
Yemen crisis: Meet the child soldiers recruited by the Shia Houthi rebels who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Isis in Afghanistan: Group claims responsibility for Jalalabad suicide bombing that killed 35
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
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