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.

Start your day with The Independent, sign up for daily news emails
Ed Miliband and David Cameron are neck and neck in the polls
election 2015Armando Iannucci: on how British politics is broken
Arts and Entertainment
Billie Piper as Brona in Penny Dreadful
tvReview: It’s business as usual in Victorian London. Let’s hope that changes as we get further into the new series spoiler alert
Life and Style
A nurse tends to a recovering patient on a general ward at The Queen Elizabeth Hospital in Birmingham
Arts and Entertainment
No Offence
tvReview: No Offence has characters who are larger than life and yet somehow completely true to life at the same time spoiler alert
Chuck Norris pictured in 1996
ebooksA celebration of British elections
Arts and Entertainment
Sarah Lucas, I SCREAM DADDIO, Installation View, British Pavilion 2015
artWhy Sarah Lucas is the perfect choice to represent British art at the Venice Biennale
A voter placing a ballot paper in the box at a polling station
Arts and Entertainment
The Queen (Kristin Scott Thomas) in The Audience
theatreReview: Stephen Daldry's direction is crisp in perfectly-timed revival
  • Get to the point
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: Trainee Recruitment Consultant - Swiss Banking and Finance

£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...

Ashdown Group: Marketing Executive - 6 month FTC - Central London

£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...

Ashdown Group: Junior Project Manager (website, web application) - Agile

£215 per day: Ashdown Group: Junior Project Manager (website, web application ...

Guru Careers: Software Engineer / Software Developer

£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...

Day In a Page

General Election 2015: Ed Miliband's unlikely journey from hapless geek to heart-throb

Miliband's unlikely journey from hapless geek to heart-throb

He was meant to be Labour's biggest handicap - but has become almost an asset
General Election 2015: A guide to the smaller parties, from the the National Health Action Party to the Church of the Militant Elvis Party

On the margins

From Militant Elvis to Women's Equality: a guide to the underdogs standing in the election
Amr Darrag: Ex-Muslim Brotherhood minister in exile still believes Egypt's military regime can be replaced with 'moderate' Islamic rule

'This is the battle of young Egypt for the future of our country'

Ex-Muslim Brotherhood minister Amr Darrag still believes the opposition can rid Egypt of its military regime and replace it with 'moderate' Islamic rule, he tells Robert Fisk
Why patients must rely less on doctors: Improving our own health is the 'blockbuster drug of the century'

Why patients must rely less on doctors

Improving our own health is the 'blockbuster drug of the century'
Sarah Lucas is the perfect artist to represent Britain at the Venice Biennale

Flesh in Venice

Sarah Lucas has filled the British pavilion at the Venice Biennale with slinky cats and casts of her female friends' private parts. It makes you proud to be a woman, says Karen Wright
11 best anti-ageing day creams

11 best anti-ageing day creams

Slow down the ageing process with one of these high-performance, hardworking anti-agers
Juventus 2 Real Madrid 1: Five things we learnt, including Iker Casillas is past it and Carlos Tevez remains effective

Juventus vs Real Madrid

Five things we learnt from the Italian's Champions League first leg win over the Spanish giants
Ashes 2015: Test series looks a lost cause for England... whoever takes over as ECB director of cricket

Ashes series looks a lost cause for England...

Whoever takes over as ECB director of cricket, says Stephen Brenkley
Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

Fishing is on Nigel Farage's mind

Ukip leader casts a line to the disaffected
Who is bombing whom in the Middle East? It's amazing they don't all hit each other

Who is bombing whom in the Middle East?

Robert Fisk untangles the countries and factions
China's influence on fashion: At the top of the game both creatively and commercially

China's influence on fashion

At the top of the game both creatively and commercially
Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

The man known as GOD has a reputation for getting the job done

Lord O'Donnell's three principles of rule
Rainbow shades: It's all bright on the night

Rainbow shades

It's all bright on the night
'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power