Fiat's net profits halved last year to 551bn lire ( pounds 240m) and the company slashed its dividend to L100 a share (L230). Profits at its core car business plunged from L415bn to L16bn. Fiat sold almost two million cars worldwide in 1992 and took an 11.9 per cent share of the European market.
MMI NEW CHIEF
Brian Wright, the former Sun Alliance executive who stepped in at Municipal Mutual Insurance last year when the council insurer ran into financial crisis, is to stand down as chief executive. Philip Gregory, MMI's finance director, will take over.
PHILIPS SELLS OUT
Matsushita, the Japanese electronics company, has paid Philips, the Dutch electronics group, 185bn yen for its 35 per cent stake in Matsushita Electronics Corporation, their joint venture producing goods ranging from semi-conductors to lighting.
US NAPM (May); construction spending (Apr); pers income (Apr).
Interims: Westland Gp, Windsor.
Finals: Anglo-American, Atkins Gp, Beauford, Borthwicks, Bristol Evening Post, De La Rue.
UK official reserves (May); advance energy statistics (Feb-Apr); monetary statistics; economic trends (May). Building Socs Conference in Brighton.
Interims: Barcom, David Lloyd Leisure, Kleen-E-Ze Hdgs, Stakis, Sturge Hdgs.
Finals: Anglian Gp, Europe Energy Gp, Siebe, Vosper Thornycroft, Yorkshire Water.
Bundesbank Council meeting
Interims: ABI Leisure, Bett Brothers, Thomas French, MEPC.
Finals: Boots Co, Hambro Insurance, Norcros, Powell Duffryn, St James Place, VSEL Consortium
US unemployment (May); factory orders (Apr).
Finals: Dunhill Holdings, London & Overseas Freight, Property Partnerships.
NEW YORK: Closed.
TOKYO: Stocks closed lower for the third day running in thin trading. The Nikkei fell 291.34 points to 20,552.35.
SINGAPORE: Shares fell on profit- taking. The 30-share Straits Times Industrial index closed at 1,894.44, down 10.90 points.
HONG KONG: Investors took profits and the Hang Seng Index fell 25.72 points to 7,372.19.
SYDNEY: Shares closed lower on news of a high current account deficit in April and a weaker gold price. The All Ordinaries index fell 23 points to 1,737.4.
AMSTERDAM: An unexpectedly large fall in first-quarter growth sent the EOE index down by 3.28 points to 308.28.
MADRID: The Madrid stock index finished 1.58 points lower at 257.19, after recovering some ground on a spurt of late institutional buying.
MILAN: The closure of other markets kept trading quiet, leaving the MIB All-share index to drift 0.17 per cent lower to 1,190.
LONDON: Closed.Reuse content