Business and City in Brief

Menace from derivatives

Some 71 per cent of the finance directors of the UK's top 250 companies say that derivatives present a systemic risk to financial systems. However, 67 per cent of respondents to a survey by Record Treasury Management said derivative disclosure should be confined to a strategy statement; only 27 per cent felt it should be more detailed.

Sega choice

Malcolm Miller, a long-standing director of Amstrad, is thought to be the surprise choice of the giant Japanese computer game company Sega to head its European subsidiary. The post has been filled temporarily by Frank Herman since the resignation of Nick Alexander this year.

Unilever-Heinz report

Unilever Group may bid for HJ Heinz, Business Week reported. The magazine said a New York hedge-fund manager, who believes Uniliver is looking at Heinz, sees Heinz as worth dollars 50 a share in a takeover. It closed up 11 4 at 371 8 on Friday.

Creditor critique

A Non-Aligned Movement advisory group that wants cuts of up to 70 per cent in the foreign debt of poor nations has criticised creditor groups for what it says are unjust practices.

Video on demand

Fujitsu Ltd and NEC have separately started to develop a video-on-demand system, which will give cable TV subscribers the freedom to select and watch video programmes at any time, Nihon Keizai Shimbun reported.

TODAY

Interims: Alliance Trust, Argos, HSBC Holdings, London Industrial, Malaya Grp, Midland Bank, Regal Hotel Grp, Relyon Grp, Serif, Takare, US Smaller Companies Inv Trust.

Finals: Epwin Grp, Huntingdon International, Stanelco.

TOMORROW

New construction orders for June; July CBI survey of distributive trades; UK second-quarter acquisitions and mergers; public sector borrowing requirement for July; 1993 VAT registrations and de-registrations.

Interims: Cantab Pharmaceuticals, Cheshire Building Society, De Beers Centenary, De Beers Consolidated, Evans Halshaw Hldgs, Gold Fields South Africa, Irish Life, Robert H Lowe, Micro Focus Grp, Sedgwick Grp.

Finals: Angerstein Underwriting, Impala Platinum Hldgs, Pifco Hldgs.

WEDNESDAY

Retail prices index for July; Labour market statistics: unemployment and unfilled vacancies; average earnings indices; employment, hours, productivity and unit wage costs, industrial disputes.

Interims: BICC Grp, Britannic Assurance, Irish Life, Mercury World Mining Trust, North Midland Construction, Paribas French Inv Trust, Rea Brothers Grp, Rosebys.

Finals: Armitage Bros, Dunedin Japan Inv Trust.

THURSDAY

July retail sales; July motor vehicle production; July building societies monthly figures; large British banking groups' monthly statement for July; provisional estimates of M4 and counterparts.

Interims: City Centre Restaurants, T Clarke, Dawsongroup, English & Scottish Investors, Kode International, Moorfield Estates, Persona Grp, Richardsons Westgarth.

Finals: BBB Design Grp, Syndicate Capital Trust.

FRIDAY

July balance of trade with countries outside the EU.

Interim: Thomas Jourdan.

Final: Lazard High Income Trust.