Business and City in Brief

FRENCH URGE EC ACTION ON HOOVER

French politicians urged the EC to stop Hoover from moving vacuum cleaner production from Dijon to Cambuslang, near Glasgow, because labour is cheaper there.

Workers yesterday occupied the plant in Dijon where 600 are to lose their jobs.

UNIT TRUST RECORD

Unit trusts ended 1992 with a record pounds 64bn under management despite a net outflow of pounds 24m in December.

INJUNCTION LIFTED

Arthur Shaw shareholders trying to unseat Gordon Pearson, chairman, had an injunction against them lifted in the High Court, Birmingham, yesterday, pending a further hearing.

KIO SUIT REFUSED

A Spanish judge refused to accept a criminal suit filed by the Kuwait Investment Office's collapsed Grupo Torras that charged the holding company's former managers with fraud.

ECU LOAN RETURNS

The Government returned to borrowing in ecu notes for the first time since Black Wednesday. The ecu500m offer will be sold by tender on 2 February.

TVS TAKEN OVER

International Family Entertainment said it had acquired control of TVS Entertainment on undisclosed terms.

ONE OF THE CHAPS

Deutsche Bank applied to the Bank of England for a clearing account and for membership of the Chaps clearing system.

FRENCH SURPLUS

France transformed the Fr30bn trade deficit of 1991 into a Fr30bn surplus in 1992.

WORLD MARKETS

NEW YORK: A late sell-off of bonds trimmed sharp earlier gains. The Dow Jones Industrial Average ended 6.75 points to the good at 3,298.95.

TOKYO: Prices closed sharply higher on increasing expectations of an official discount rate cut. The Nikkei average closed up 205.18 points at 16,492.63.

HONG KONG: In dull post-holiday trading the Hang Seng index rose 9.34 points to 5,923.73.

SYDNEY: There was moderately active trading on the Australia Day holiday. The All Ordinaries index added 5.8 to 1,529.2.

JOHANNESBURG: Gold shares got a late boost from a rising gold price, but industrial stocks were easier. The overall index advanced five points to 3,404.

FRANKFURT: Share prices closed slightly higher in dull, narrow- range trading. The DAX index gained 6.92 points to 1,576.16.

PARIS: The CAC-40 index put on 12.65 points to 1,792.55.

MILAN: The UK rate cut lifted prices after early falls. The MIB rose three points to 1,045.

LONDON: Report, page 25.

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