Business and City in Brief

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The Independent Online
CREDIT SUISSE IN VOLKSBANK DEAL

CS Holding, the parent of Credit Suisse, is to acquire Swiss Volksbank, the country's fifth-largest bank. The company said the managing boards of both banks had agreed to 'close co-operation on the basis of a share swap'. Under the deal, Volksbank will concentrate on small and medium-size private and business clients, while Credit Suisse will focus on securities, big accounts and foreign clients.

LIFFE RECORD

The London International Financial Futures and Options Exchange traded a record 71,977,025 futures and options contracts in 1992, up 86 per cent on the previous year.

Heinen resigns Roger Heinen, senior vice- president and general manager of Apple's Macintosh Software Architecture Division, has resigned to join Microsoft as vice- president of Database and Development Tools.

PEUGEOT AXE

Automobiles Peugeot, the French car maker, said it would shed 2,597 of 55,000 jobs this year to lift productivity and offset falling sales.

COOPERS' dollars 5.3bn

Coopers & Lybrand (International), chartered accountants and management consultants, boosted worldwide fee income 7.4 per cent to dollars 5.3bn ( pounds 3.5bn) in the year to 30 September.

TRAIN CONTRACT

GEC Alsthom, the Anglo- French engineering group, said its ACEC Transport unit and Eurorail jointly won a ecu570m ( pounds 219m) contract to supply electric trains to the Belgian state railway.

EC DROPS ACTION

The European Community Commission dropped proceedings against Italy, Spain and Germany for favouring local companies with contracts after government promises to abide by EC rules.

NATWEST POST

John Howland-Jackson, who was in charge of the aborted GPA share sale, is leaving Nomura International to become a senior managing director of NatWest Markets.

VODAFONE BOOST

Vodafone Group said gross new connections to its cellular telephone network in the last quarter of 1992 totalled 88,399, resulting in net new connections of 40,414. The group had a 53.8 per cent share of the UK cellular phone market.

CHANGE AT FOX

Fox Incorporated, a division of News Corp, said Jamie Kellner, president of Fox Broadcasting, had stepped down to pursue other business interests.

JAPAN HOLDS BACK

(First Edition)

Japanese company mergers with and acquisitions of foreign firms fell in 1992 to 22.3 per cent year-on-year to 477, Yamaichi Securities said. Between Japanese companies they fell 14.9 per cent to 257.

HEINEN RESIGNS

(First Edition)

Roger Heinen, senior vice-president and general manager of Apple's Macintosh Software Architecture Division, has resigned to join Microsoft as vice-president of Database and Development Tools.

WORLD MARKETS

NEW YORK: In uneventful trading the Dow Jones Industrial Average shed small gains to register a loss of 1.35 points at 3,307.87 by the close.

TOKYO: Stocks ended easier but off the day's lows in thin trade. The Nikkei average lost 151.5 points to 16,842.58.

HONG KONG: Mild US buying helped the Hang Seng index to 5,548.03, a 110.23-point gain.

SYDNEY: A late burst of profit- taking left the All Ordinaries index just 4.3 better at 1,564.8.

BOMBAY: In dull trading the index fell 38.15 points to 2,501.52.

JOHANNESBURG: Recovering from an early 2 per cent dip, the overall index ended four points lower at 3,249.

FRANKFURT: A three-month high for the DAX index - up 25.09 at 1,556.42 - followed speculation over lower interest rates.

PARIS: Shaking off early losses, the CAC-40 index closed 7.7 points firmer at 1,850.78.

MILAN: The reset MIB gained three points to 1,003, with Fiat leading blue chips higher.

LONDON: Report, page 21.

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