Business and City in Brief

G7 to be tough on Russian inflation

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 ahead

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 plans

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.

Aluminium cut

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.

WORLD MARKETS

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.

Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

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

iJobs Job Widget
iJobs Money & Business

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine
Letterman's final Late Show: Laughter, but no tears, as David takes his bow after 33 years

Laughter, but no tears, as Letterman takes his bow after 33 years

Veteran talkshow host steps down to plaudits from four presidents
Ivor Novello Awards 2015: Hozier wins with anti-Catholic song 'Take Me To Church' as John Whittingdale leads praise for Black Sabbath

Hozier's 'blasphemous' song takes Novello award

Singer joins Ed Sheeran and Clean Bandit in celebration of the best in British and Irish music
Tequila gold rush: The spirit has gone from a cheap shot to a multi-billion pound product

Join the tequila gold rush

The spirit has gone from a cheap shot to a multi-billion pound product
12 best statement wallpapers

12 best statement wallpapers

Make an impact and transform a room with a conversation-starting pattern
Paul Scholes column: Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?

Paul Scholes column

Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?