Business and City In Brief

Jobs at stake

The future of 1,400 jobs at the three Irish Waterford Glass plants will be in the balance today when mass meetings of the workforce vote on a radical cost-cutting package. Management has warned it may shift production to the Continent if the proposals are not accepted.

Airlines suffer

European airlines flew more than half-empty in November, the first time in 15 years that they fared so badly in the month, the Association of European Airlines said.

Tesco inquiry

The European Commission has opened an inquiry into the purchase by Tesco of Etablissements Catteau for pounds 175.6m.

KIO lawsuit

Lawyers acting for Grupo Torras, the Kuwait Investment Office's Spanish holding company, filed a lawsuit against its former managers for alleged irregularities.

Ciba-Geigy deals

Ciba-Geigy has acquired 51 per cent of Bunting Group in the UK, and completed its purchase of Fisons' North American consumer health business, announced last November.

Going it alone

Philips Electronics and Siemens AG have dropped plans for joint ventures in telecommunication cables and optical fibres.

Super Mario

Nintendo of America said record revenues of dollars 4.28bn last year were 22 per cent higher than in 1991.

US jobless

Unemployment in the US in 1992 was the worst in eight years, averaging 7.4 per cent.

Volksbank probe

The Zurich public prosecutor's office is investigating possible insider trading violations in Swiss Volksbank's shares, which rose sharply ahead of the recent takeover by CS Holding.

Japanese limit

Japan will retain its limit on vehicle exports to the US at 1.65 million vehicles for the year beginning 1 April.

World markets

New York: Disappointing employment figures had pushed the Dow Jones Industrial Average down 17.29 points to 3,251.67 by the close.

Tokyo: Listless, low-volume trade left the Nikkei average 146.29 weaker at 16,634.69.

Hong Kong: Worries about the Sino-British row and Wall Street's decline took the Hang Seng 17.76 lower to 5,529.56.

Sydney: Heavy selling in futures savaged an already depressed market. The All Ordinaries index plunged 28.6 points to 1,502.3.

Bombay: New account trade lifted the index 24.76 to 2,420.56.

Frankfurt: A sharp downturn at Siemens and disappointment over interest rates drove the DAX down 10.98 to 1,531.52.

Paris: Hope of lower interest rates helped the CAC-40 index to gain 8.16 points to 1,852.63.

Zurich: The all-share index eased three points to 2,074.1.

Milan: Strength in blue chips failed to inspire a rally. The MIB rose 0.4 per cent to 1,010.

London: Report, page 19.

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