Business and City in Brief

MULTIPART SOLD TO BUY-IN TEAM

Multipart, the parts operation of Leyland DAF, has been sold by the administrative receivers for more than pounds 50m to a management buy- in team led by Alan Simpson, former managing director of Land Rover Parts. The team emerged as a surprise suitor for the parts operation, for which Unipart is rumoured to have bid. There are no plans for redundancies among the 300 staff.

Multipart was formed last month to take over the parts business, which had a turnover last year of pounds 140m. The company has long-term supply contracts with Leyland DAF Vans and Leyland Trucks as well as DAF Trucks in the Netherlands. All three are now in new ownership outside receivership.

GOLD SINKS

Gold prices plunged after profit-taking in New York gold futures sparked a sell-off. In London it closed down dollars 14.75 at dollars 387.25, from a peak earlier this week of dollars 409. A report by the World Gold Council saying demand for gold increased by only 1 per cent in the second quarter of 1993 fuelled the selling.

SOFT HOUSE SOLD

Barclays de Zoete Wedd has sold Thamesway Investment Services, its institutional 'soft' commission broker, to Instinet, the electronic brokerage subsidiary of Reuters.

TITANIUM SHUTDOWN

Rolls-Royce is to close Deeside Titanium, Europe's only producer of the metal used in aircraft engines, by the end of the year. The plant has a workforce of 73.

EQUITIES PEAK

Turnover in overseas equities on the London Stock Exchange hit a record pounds 50.7bn in July, pounds 3bn higher than in June. Trading in European securities rose from 65 per cent of the overseas total in June to 71 per cent in July.

CONFIDENCE DENTED

There has been a further slight decline in workload and jobs and a renewed weakening of order books, according to the latest quarterly survey from the Federation of Civil Engineering Contractors.

LOWER POWER BILLS

South Western Electricity is giving tariff customers a lump sum reduction of pounds 9 in their winter quarter bills. The reduction will apply to bills received in the period October to December and will amount to about pounds 12m in total.

US ORDERS UP

US factory orders rebounded in June after three consecutive declines. Orders rose 2.6 per cent to a seasonally adjusted dollars 254.8bn, the best showing since December.

POLLY SALE TALK

Administrators of Polly Peck are discussing selling Sunzest, the fruit business in Turkish-controlled northern Cyprus, to its government, according to the finance minister.

EC JOBLESS RISE

European Community unemployment rose in June to 10.6 per cent from 10.5 per cent in May and 9.4 per cent in June last year.

TOMKINS SLICES BREAD

(First Edition)

Tomkins, the conglomerate that bought RHM last autumn, had shed 25 jobs by closing some bread making capacity in bakeries at Newcastle and Wigan.

WORLD MARKETS

NEW YORK: Trading was hesitant ahead of votes on the budget bill and economic data due today. Mining issues were hit as gold prices plunged. The Dow Jones Industrial Average fell 3.08 to 3,548.97.

TOKYO: Profit-taking in bank shares pushed the Nikkei average down 71.91 points to 20,425.64.

HONG KONG: Keen chasing of HSBC on the strength of Midland Bank's results helped the Hang Seng index to a two-month high of 7,307.54, a gain of 143.34 points.

SYDNEY: Continued strong demand for industrial issues enabled the All Ordinaries index to post a 4.1-point gain to 1,865.3.

JOHANNESBURG: With gold shares down nearly 7 per cent and industrials also easier, the overall index surrendered 71 points to 4,060.

PARIS: Recovering from two days of losses, the CAC-40 index gained 13.94 points to close at 2,115.3.

FRANKFURT: The DAX index pulled back from early lows to end just 0.14 of a point firmer at 1,860.7.

ZURICH: The SPI rose 1.7 to 1,541.87.

MILAN: A late rebound left the MIB three points easier at 1,279.

LONDON: Report, page 24.

News
people

Arts and Entertainment
JJ Abrams' seventh Star Wars, The Force Awakens
filmsThe first glimpse of Episode VII has gone online after weeks of anticipation
News
Michael Buerk in the I'm A Celebrity jungle 2014
people
Arts and Entertainment
Wolf (Nathan McMullen), Ian (Dan Starky), The Doctor (Peter Capaldi), Clara (Jenna Coleman), Santa Claus (Nick Frost) in the Doctor Who Christmas Special (BBC/Photographer: David Venni)
art

Presents unwrapped, turkey gobbled... it's time to relax

PROMOTED VIDEO
News
ebooksNow available in paperback
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

Citifocus Ltd: German Speaking Client Specialist

£Attractive Package: Citifocus Ltd: Prestigious asset management house seeks a...

Citifocus Ltd: Performance & Risk Oversight

£Negotiable: Citifocus Ltd: This is a varied role focusing on the firm's mutua...

h2 Recruit Ltd: Sales Director - SaaS (SME/Channel) - £140,000 OTE

£90000 - £140000 per annum + benefits: h2 Recruit Ltd: Are you a high achievin...

h2 Recruit Ltd: Telesales Executive - Cloud Software/SaaS - £37,000 OTE

£25000 - £37000 per annum + benefits: h2 Recruit Ltd: Are you seeking to furth...

Day In a Page

Homeless Veterans Christmas Appeal: ‘We give them hope. They come to us when no one else can help’

Christmas Appeal

Meet the charity giving homeless veterans hope – and who they turn to when no one else can help
Should doctors and patients learn to plan humane, happier endings rather than trying to prolong life?

Is it always right to try to prolong life?

Most of us would prefer to die in our own beds, with our families beside us. But, as a GP, Margaret McCartney sees too many end their days in a medicalised battle
Thomas Cook's outgoing boss Harriet Green got by on four hours sleep a night - is that what it takes for women to get to the top?

What does it take for women to get to the top?

Thomas Cook's outgoing boss Harriet Green got by on four hours sleep a night and told women they had to do more if they wanted to get on
Christmas jumper craze: Inside the UK factory behind this year's multicultural must-have

Knitting pretty: British Christmas Jumpers

Simmy Richman visits Jack Masters, the company behind this year's multicultural must-have
French chefs have launched a campaign to end violence in kitchens - should British restaurants follow suit?

French chefs campaign against bullying

A group of top chefs signed a manifesto against violence in kitchens following the sacking of a chef at a Paris restaurant for scalding his kitchen assistant with a white-hot spoon
Radio 4 to broadcast 10-hour War and Peace on New Year's Day as Controller warns of cuts

Just what you need on a New Year hangover...

Radio 4 to broadcast 10-hour adaptation of War and Peace on first day of 2015
Cuba set to stage its first US musical in 50 years

Cuba to stage first US musical in 50 years

Claire Allfree finds out if the new production of Rent will hit the right note in Havana
Christmas 2014: 10 best educational toys

Learn and play: 10 best educational toys

Of course you want them to have fun, but even better if they can learn at the same time
Paul Scholes column: I like Brendan Rodgers as a manager but Liverpool seem to be going backwards not forwards this season

Paul Scholes column

I like Brendan Rodgers as a manager but Liverpool seem to be going backwards not forwards this season
Lewis Moody column: Stuart Lancaster has made all the right calls – now England must deliver

Lewis Moody: Lancaster has made all the right calls – now England must deliver

So what must the red-rose do differently? They have to take the points on offer 
Cameron, Miliband and Clegg join forces for Homeless Veterans campaign

Cameron, Miliband and Clegg join forces for Homeless Veterans campaign

It's in all our interests to look after servicemen and women who fall on hard times, say party leaders
Millionaire Sol Campbell wades into wealthy backlash against Labour's mansion tax

Sol Campbell cries foul at Labour's mansion tax

The former England defender joins Myleene Klass, Griff Rhys Jones and Melvyn Bragg in criticising proposals
Nicolas Sarkozy returns: The ex-President is preparing to fight for the leadership of France's main opposition party – but will he win big enough?

Sarkozy returns

The ex-President is preparing to fight for the leadership of France's main opposition party – but will he win big enough?
Is the criticism of Ed Miliband a coded form of anti-Semitism?

Is the criticism of Miliband anti-Semitic?

Attacks on the Labour leader have coalesced around a sense that he is different, weird, a man apart. But is the criticism more sinister?
Ouija boards are the must-have gift this Christmas, fuelled by a schlock horror film

Ouija boards are the must-have festive gift

Simon Usborne explores the appeal - and mysteries - of a century-old parlour game