Business and City in Brief
Thursday 16 June 1994
Phillips & Drew Fund Management, which will play a key role in Enterprise Oil's pounds 1.6bn bid battle for Lasmo, yesterday confirmed that it had raised its stakes in both companies.
On Monday it bought an extra 2.45 million Lasmo shares, taking its stake to 15.88 per cent, the largest of any investor. It also bought an estimated million Enterprise shares, taking its holding there to 5 per cent.
'PDFM is just being bullish about the oil price and is putting money in the sector,' one analyst argued.
BAe wins order
British Aerospace is to supply three regional aircraft to Lufthansa in a deal valued at dollars 150m. Lufthansa Cityline will operate the 80-seater RJ85 Avroliners between Munich and cities in eastern and western Europe.
British Coal has formed a separate company, CRE Group, to prepare for the sale of some of its research and consultancy activities.
Inchcape, the international services and marketing group which imports Rolls-Royce cars into China, has bought a majority shareholding in a motor distributor at Nanjing for pounds 5.3m.
Burton Group has sold an office at Redhill, Surrey, to CIN Properties for about pounds 13.5m, continuing its strategy of withdrawing from property development. The office is let for a rent of pounds 919,000 which, taking account of rent-free periods, gives a yield of 6.5 per cent.
Scent of success
CPL Aromas, a manufacturer of flavouring and perfumes, has joined the stock market valued at pounds 16m. It is raising pounds 4m in the float, money which will be used to fund expansion of the company's manufacturing base.
Many of Britain's largest companies may have to alter radically their balance sheet and funding strategies by the end of the year as a result of changes in the Finance Act to the tax treatment of foreign currency and interest rate hedges, warn Touche Ross, the accountants.
British Steel has won contracts worth pounds 10m to supply steel to Turkey's first car manufacturing plant, a joint venture between Toyota and Mitsui of Japan and Sabanci, one of Turkey's largest industrial groups.
New York: Shares were pulled back by lower bonds, and by closing the Dow Jones Industrial Average was adrift by 24.42 points at 3,790.41.
Tokyo: A late bout of futures- linked selling wiped out early gains and sent the Nikkei average down 71.01 to 21,282.96.
Hong Kong: After being 50 points in front near the close the Hang Seng index turned back to finish 38.36 better at 9,149.52.
Sydney: A decline in the Australian dollar undermined sentiment. The All Ordinaries index eased 2.2 points to 2,074.4.
Bombay: Disappointment with a bonus offer from Tata Tea helped to send the index 9.94 points lower to 4,123.19.
Johannesburg: In thin trade ahead of the futures close-out the index fell 18 points to 5,744.
Paris: Weak bonds put an end to Tuesday's technical recovery, with the CAC-40 index retreating 25.6 points to 1,966.39.
Frankfurt: Lacklustre trade based on technical factors left the DAX unchanged at 2,074.7.
Zurich: The bond market and weak dollar combined to push the SPI down 17.8 to 1,779.33.
London: Report, page 34.
- 1 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 2 West poised to join forces with President Assad in face of Islamic State
- 3 Mother fed her daughter tapeworms to make her skinny for pageant
- 4 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 5 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with President Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
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