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.
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- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 4 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 5 The inventor of the Facebook 'like' button says he never made a 'dislike' button because he feared the 'unfortunate consequences'
Ukraine crisis: Donetsk 'tactical missile' explosion at factory sends blast wave across rebel-held city
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
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