Business and City in Brief

Northern Irish electric failure The Government failed to maximise proceeds for the taxpayer from the pounds 774m sale of Northern Ireland Electricity, according to the Northern Ireland Audit Office.

A report by the Audit Office says that the worth of the four power stations, sold in 1992 to private companies for pounds 356m, may have been underestimated. It also says that shares in the rest of NIE, which was floated in 1993, could have been floated at a lower yield and generated higher proceeds.

Bills fall Average UK electricity bills have fallen by 2 per cent in real terms since privatisation of the industry, according to the Centre for the Study of Regulated Industries. The CRI, which expects prices to continue to fall next year, said the main reason for the drop was the reduced generating costs, which make up about half a typical family's bill.

China trust A fourth China investment trust is coming to the London market, with the listing of the dollars 90m HSBC China Fund, which specialises in unlisted companies in China.

Seita sale France took the first step towards privatising Seita, the state-owned company that makes Gauloise and Gitane cigarettes. The Economy Minister, Edmond Alphandery, said he had opened a competition for banks to advise on a value and price. Analysts put a value of up to Fr8bn ( pounds 990m) on the company.

BMW-Rolls loss BMW-Rolls-Royce, the Anglo-German joint venture making a new series of jet engines, made operating losses of DM291.8m ( pounds 120m) in 1993, against DM229.9m the year before. A spokesman put the loss down to heavy start-up costs.

BAe in Spain talks The Spanish aerospace firm Construcciones Aeronauticas is talking to British Aerospace and the French- Italian consortium ATR about forming a partnership to build regional planes, a spokesman said. The Spanish company has put its 70- seater plane project on the shelf for the moment but is looking for partners.

Orly appeal fails The European Court of Justice turned down a French government appeal for an interim ruling in which it sought to quash a European Commission decision to open up Orly airport to British Airways' TAT, allowing it to fly the Orly-Marseille and Orly-Toulouse routes. The case will be decided later this year.

World Markets New York: The rise in long- term bond yields drained more money out of the market. The Dow Jones Average closed 2.36 points lower at 3,848.23.

Tokyo: Stocks ended a day of directionless trade little changed. The Nikkei average edged up 14.2 to 19,746.35.

Hong Kong: The slowest trading session in more than three months left the Hang Seng index 5.94 firmer at 9,252.44.

Sydney: The All Ordinaries index dropped 4.2 points to close at 2,017.6 in light volume.

Bombay: Speculative selling cancelled out most early gains, leaving the index just 1.86 points to the good at 4,357.44.

Johannesburg: An afternoon recovery by industrials enabled the index to add six points to 5,707 despite weak gold stocks.

Frankfurt: A technical recovery after Tuesday's heavy losses raised the DAX index 45.87 points to 2,020.5.

Paris: After eight days of decline the CAC-40 managed a 7.12-point gain to 1,831.54.

Zurich: Failing to find support from the dollar's steadier tone, the SPI fell 10.98 to 1,643.16.

London: Report, page 42.

Start your day with The Independent, sign up for daily news emails
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

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

iJobs Job Widget
iJobs Money & Business

SThree: HR Benefits Manager

£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...

Recruitment Genius: Office Manager / Financial Services

£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...

Jemma Gent: Year End Accountant

£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...

Jemma Gent: Management Accountant

£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...

Day In a Page

HIV pill: Scientists hail discovery of 'game-changer' that cuts the risk of infection among gay men by 86%

Scientists hail daily pill that protects against HIV infection

Breakthrough in battle against global scourge – but will the NHS pay for it?
How we must adjust our lifestyles to nature: Welcome to the 'Anthropocene', the human epoch

Time to play God

Welcome to the 'Anthropocene', the human epoch where we may need to redefine nature itself
MacGyver returns, but with a difference: Handyman hero of classic 1980s TV series to be recast as a woman

MacGyver returns, but with a difference

Handyman hero of classic 1980s TV series to be recast as a woman
Tunnel renaissance: Why cities are hiding roads down in the ground

Tunnel renaissance

Why cities are hiding roads underground
'Backstreet Boys - Show 'Em What You're Made Of': An affectionate look at five middle-aged men

Boys to men

The Backstreet Boys might be middle-aged, married and have dodgy knees, but a heartfelt documentary reveals they’re not going gently into pop’s good night
Crufts 2015: Should foreign dogs be allowed to compete?

Crufts 2015

Should foreign dogs be allowed to compete?
10 best projectors

How to make your home cinema more cinematic: 10 best projectors

Want to recreate the big-screen experience in your sitting room? IndyBest sizes up gadgets to form your film-watching
Manchester City 1 Barcelona 2 player ratings: Luis Suarez? Lionel Messi? Joe Hart? Who was the star man?

Manchester City vs Barcelona player ratings

Luis Suarez? Lionel Messi? Joe Hart? Who was the star man at the Etihad?
Arsenal vs Monaco: Monaco - the making of Gunners' manager Arsene Wenger

Monaco: the making of Wenger

Jack Pitt-Brooke speaks to former players and learns the Frenchman’s man-management has always been one of his best skills
Cricket World Cup 2015: Chris Gayle - the West Indies' enigma lives up to his reputation

Chris Gayle: The West Indies' enigma

Some said the game's eternal rebel was washed up. As ever, he proved he writes the scripts by producing a blistering World Cup innings
In Ukraine a dark world of hybrid warfare and murky loyalties prevails

In Ukraine a dark world of hybrid warfare

This war in the shadows has been going on since the fall of Mr Yanukovych
'Birdman' and 'Bullets Over Broadway': Homage or plagiarism?

Homage or plagiarism?

'Birdman' shares much DNA with Woody Allen's 'Bullets Over Broadway'
Broadchurch ends as damp squib not even David Tennant can revive

A damp squib not even David Tennant can revive

Broadchurch, Series 2 finale, review
A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower: inside the mansion of Germany's 'Bishop of Bling'

Inside the mansion of Germany's 'Bishop of Bling'

A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower