Business and City in Brief

Hollinger trims Telegraph stake

Hollinger, the Canadian company controlled by Conrad Black, has cut its stake in the Telegraph by 1.49 per cent to 66.4 per cent. It has sold 2 million shares in the newspaper group, raising an estimated pounds 9m - Telegraph shares closed up 23p at 454p, a 12-month high.

The company said that the sale had been conducted in accordance with the group's 1992 prospectus. It had no intention of disposing of any further shares.

European steel deal

European Union industry ministers have approved a subsidy package for the steel industry, subject to final approval from Denmark, Britain and Germany. The move follows Britain's decision to drop a veto on a state-aid rescue plan for the Italian Ilva concern.

Wellcome US link

Wellcome signed a deal with Vertex Pharmaceuticals in the US to collaborate on the development of protease inhibitors for the treatment of HIV infection and Aids. Wellcome will pay Vertex up to dollars 42m in research support, and for achieving agreed development milestones. In exchange it will receive exclusive rights to develop, manufacture and market the inhibitors in the US, Europe and other countries outside the Far East.

Laporte disposal

Laporte, the chemicals group, has sold the powder coatings businesses it acquired when it took over Evode, the glue maker, for a total of pounds 15.7m. The group also announced that it was to buy Aztec Catalyst Company, North America's third-largest supplier of organic peroxides, from Phillips Petroleum.

Liffe record

The London International Financial Futures and Options Exchange hit the 100 million mark for contracts traded during a single year on Thursday. Its new annual record represents about pounds 94bn turnover and an increase of 41 per cent over 1992.

IBM Europe jobs lost

IBM Europe will shed 10,000 more jobs in 1994 as part of IBM's plans to eliminate 35,000 worldwide to stem losses. The cuts will come on top of 10,000 IBM Europe axed this year under a restructuring programme that began two years ago.

Touche ambition

The global parent of the British accountancy firm Touche Ross is planning to double the size of its Eastern Europe practice within the next three years.

QMH committee

Legal & General, Sun Life and the four other largest debenture holders in Queens Moat Houses are to head a steering committee to represent stockholders in restructuring negotiations. The trustees of the debentures have convened a meeting on 10 January to approve the committee.

Warburg purchase

(First Edition)

The securities house S G Warburg is buying the Swedish brokerage Hagglof & Ponsbach, one of the assets which came under control of the state when its parent Gota AB went into receivership. No price was given.

BHP advance

(First Edition)

Australia's biggest industrial company, BHP, reported a 27.5 per cent increase in net profit to Adollars 640m for the half year to 30 November.

World Markets

New York: A dividend increase and share split by General Electric helped the Dow Jones average 25.43 points higher to 3,741.57 by early afternoon.

Tokyo: Index-linked buying in subdued trade lifted the Nikkei average 262.63 points to 18,051.91.

Hong Kong: Foreign buyers drove the Hang Seng index up another 229.2 points to 10,568.86.

Sydney: Weakness in gold shares restricted gains on the All Ordinaries index, which ended 5.4 points to the good at 2,080.2.

Bombay: Trading was again suspended on the fourth day of the boycott by stockbrokers.

Johannesburg: Light profit-taking in gold stocks sent the overall index down 25 points to 4,610.

Paris: On hopes of lower interest rates in the new year the CAC-40 index added 36.18 to 2,196.44.

Frankfurt: In a quiet market ahead of options expiry the DAX index firmed 13.57 to 2,151.02.

Zurich: Strong demand for drug stocks helped the Swiss Performance Index to close at 1,816.58, a gain of 11.37 points.

London: Report, page 20.

News
peopleFrankie Boyle responds to referendum result in characteristically offensive style
News
news
Life and Style
Couples have been having sex less in 2014, according to a new survey
life
New Articles
i100... with this review
PROMOTED VIDEO
Voices
Holly's review of Peterborough's Pizza Express quickly went viral on social media
Sport
footballTim Sherwood: This might be th match to wake up Manchester City
Arts and Entertainment
musicHow female vocalists are now writing their own hits
New Articles
i100
News
ebooksAn unforgettable anthology of contemporary reportage
News
news
Arts and Entertainment
musicBiographer Hunter Davies has collected nearly a hundred original manuscripts
News
Blahnik says: 'I think I understand the English more than they do themselves'
people
Arts and Entertainment
Michelle Dockery as Lady Mary Crawley in Downton Abbey
TVInside Downton Abbey series 5
Life and Style
The term 'normcore' was given the oxygen of publicity by New York magazine during the autumn/winter shows in Paris in February
fashionWhen is a trend a non-trend? When it's Normcore, since you ask
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

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam