Business and City in Brief

Click to follow
The Independent Online
US REJECTS APPEAL OVER STEEL LEVIES

The US International Trade Commission rejected an appeal by US steelmakers against the partial lifting of punitive duties on steel imports from Europe, Japan and elsewhere.

The panel found no grounds to review its decision of 27 July, and dismissed an appeal by steel firms that had claimed steel products were sold at unfairly low prices.

QATAR FIGHTS AWARD

Qatar will contest a Geneva court ruling awarding Westland Helicopters pounds 385m in damages in its breach of contract action against three Arab states and two companies.

UNION DISCOUNT MOVE

Union Discount has appointed Ian Martin, 41, group managing director. Mr Martin was part of a group that left Barings Securities along with Christopher Heath in March after a row over Barings' strategy. Mr Martin will also become finance director when George Lynn leaves at the end of the year.

OPEC OIL GLUT

Opec produced more than a million barrels per day above its quota in July to reach 24.64 million bpd, the Middle East Economic Survey said.

52,000 JOBS FACE AXE

Steel consumption in western Germany is expected to fall 14 per cent in 1993 to 30.9 million tonnes from 35.9 million tonnes last year, and to remain unchanged in 1994, with more than 52,000 jobs lost by the end of next year.

CCS GROUP IMPROVES

CCS Group, the building and construction services sub-contractor, reported pre-tax profits of pounds 1.5m for the six months to 30 April, most of which came from an exceptional credit arising from a restructuring. The group lost pounds 38,000 last time. Turnover fell from pounds 1.5m to pounds 1.3m. Earnings per share were 9.47p (loss: 0.24p) and there is no interim dividend.

RUSSIAN DEBT DEFAULT

Germany described Russia's failure to service its debts after their rescheduling by the Paris Club of debtor countries as unacceptable. A finance ministry spokesman said that if Russian companies started fulfilling their obligations 'the world would look different again'. The next interest payments are due by the end of September.

JAPAN STALLS ON TARIFFS

The Japan Spirits and Liquor Makers Association asked the government to delay eliminating tariffs on imported whisky and brandy for as long as possible. The current tariff on imported bottled Scotch whisky is Y172.50 ( pounds 1.12) a litre.

POWER JOBS CUT

Eastern Electricity will cut 50 jobs as part of a restructuring of its money-losing contracting unit to make it profitable. A further 50 jobs will be shed from the division and reabsorbed into the core electricity supply business.

LADBROKE DEAL

Ladbroke Group's Hilton International unit signed two new deals, for Jerusalem and Malta, bringing to six the number of hotels brought under its management this year.

WORLD MARKETS

NEW YORK: The Dow Jones Industrial Average soared 15.65 points to a record close of 3,576.08 in hectic trading with investors encouraged by lower interest rates on the bond market.

TOKYO: Hopes of lower interest rates buoyed the Nikkei Average 135.11 to 20,493.05.

HONG KONG: Profit-taking after a week of hefty gains left the Hang Seng 14.55 adrift at 7,382.22.

SYDNEY: A modest rise in the bullion price lifted the All Ordinaries index 2.1 to 1,844.3.

JOHANNESBURG: A steady gold price and weaker financial rand rekindled interest, pushing the gold index 52 ahead at 1,866.

VIENNA: Strong futures buying boosted the ATX index 15.83 to 1,005.3, a 14-month high.

FRANKFURT: The DAX index gained 2.92 to 1,872.30 in featureless trading.

ZURICH: Steady selling of bank shares pushed the SPI 3.5 lower at 2,420.

PARIS: Profit-taking after recent strong gains lowered the CAC-40 index 11.31 at 2,138.52.

LONDON: Report, page 20.

Comments