Business and City in Brief
Friday 25 February 1994
Finance ministers and central bankers of the Group of Seven industrialised countries will tomorrow urge the new Russian government to resume efforts to head off hyper-inflation if it wishes to receive further Western financial assistance.
The seven will stress during talks with Russian officials in Germany that the conditions for releasing financial aid that applied before the Russian parliamentary elections last December still apply today.
Woolwich Building Society increased group pre-tax profits by 45 per cent to pounds 217m last year. Provisions for bad debt fell by 22 per cent to pounds 143m. The 257 estate agencies made a trading loss of pounds 3.4m compared with losses of pounds 11m in the previous year.
TSB jobs to go
TSB, the banking group, is to make 240 staff in its head office redundant this year.
French rate down
The Bank of France cut its intervention rate to 6.10 per cent from 6.20 per cent at yesterday's money market tender. But its 5- to-10 day emergency funding rate was unchanged at 7.00 per cent.
Development Securities, the stock market vehicle of the property entrepreneur Martin Landau, said yesterday it was accelerating plans for its two largest land holdings, 80 acres near Birmingham and a 32-acre retail site near Chester. Headline pre-tax profits of pounds 900,000 for the year to December 1993 compared with a pounds 40.8m loss in 1992.
Irish exports up
Irish exporters increased sales to Britain, Germany, France and Italy well ahead of overall market trends last year. Imports from Britain grew by 7 per cent and private consumption by 2 per cent, but Irish exporters raised their UK sales by 8 per cent.
Nabisco to raise dollars 2bn
RJR Nabisco, the US tobacco concern, plans to raise about dollars 2bn through an offering of 300 million depositary shares of preferred equity redemption cumulative stock.
The French group Pechiney, one of the world's largest aluminium producers, is to cut output by 12 per cent a year as part of an international agreement to support weak aluminium prices.
Cheque ruling studied
The European Commission will decide in the next few days whether to appeal against the European Court of Justice's decision to reduce fines on the French banking association, Groupement des Cartes Bancaires, and Eurocheque International. The Commission fined the companies for charging retailers excessive fees for processing Eurocheques.
New York: Shares fell sharply as higher interest rate fears increased. By mid-afternoon the Dow Jones Average was down 43.34 points at 3,848.34.
Tokyo: The Nikkei 225 leapt 423.65 points as the yen stabilised, encouraging strong overseas buying.
Hong Kong: The decision to press ahead with local political reforms left the Hang Seng index down 331.21 at 10,432.02.
Sydney: The All Ordinaries index shed 21.9 at 2,197.
Johannesburg: Lack of overseas interest and the lower bullion price depressed the gold index 20 to 1,835.
Frankfurt: Fears of further instability in Russia depressed the DAX index 37.38 to 2,090.29.
Paris: Disappointment at the meagre rate cut announced by the Bank of France lowered the CAC-40 index 43.71 points to 2,208.29.
Zurich: Shares shed more than 2 per cent as the SPI index plunged 38.96 to 1,887.21 on Wall Street's early weakness.
London: Report, page 32.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 2 Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
- 4 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Gingers face extinction due to climate change, scientists warn
Mick Jagger denies being World Cup curse and reason for Brazil’s embarrassing defeat
Do you know this man? Amnesia sufferer found in park pleads for help in identifying who he is
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
Vanessa Feltz criticises 'vile' reaction to Rolf Harris allegations
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