Business and City In Brief
Friday 25 June 1993
More than 300 jobs are going at Carlsberg-Tetley, the joint brewing venture owned by Allied-Lyons and Carlsberg of Denmark. The company said the redundancies, spread across three breweries and three depots, were being made to combat the continued decline in beer sales nationally.
The brunt of the losses will fall on the Wrexham brewery, which will lose 110 staff and also cut production. Bottling will cease in Northampton, with 43 redundancies. These cuts will be made by next February, while 160 jobs will be phased out over the next three years at the Burton brewery.
Laura Ashley, the ailing women's wear retailer, has lost its first UK marketing director less than a year after the post was created to boost sales in its home market. The company, which recently returned to profits after three years in the red, confirmed yesterday that Lesley Exley had resigned from the group.
The Government has extended its export credit insurance scheme and will now provide top-up insurance on political risks at least until 1997 instead of scrapping it at the end of next year.
ShareLink, the Birmingham stockbroker, is closing its share shop registrations for BT3 at 6pm today. Most share shops will be accepting registrations - which confer priority allocation over share office registrations - until next Friday. ShareLink: 021-233 1111.
US income bounce
Personal income in the US rose 0.6 per cent in May after a revised 0.1 per cent increase in April. It was the sixth consecutive monthly rise. May personal spending was up 0.2 per cent after a revised 1.2 per cent gain in April.
Worse for Germans
Western Germany's overall business conditions worsened in May from April, although the six- month outlook improved slightly in the manufacturing and wholesale sectors, the Ifo research institute found in its monthly survey of 4,000 companies.
Imperial Chemical Industries has appointed Roger Hurn as a non- executive director of the company with effect from 1 October. He is chairman and chief executive of Smiths Industries.
Gold Greenlees Trott, the advertising agency that launched a pounds 15m rights issue earlier this year, is teaming up with GGK, a private agency. The combined international network, of which GGK will own 40 per cent, will have total billings of pounds 850m.
Norwich boss quits
Ron Calver has resigned from his job as general manager for UK operations at Norwich Union, the leading life insurer. His departure is believed to follow poor first quarter sales, which have been hit by Norwich's cuts to policyholder bonuses.
Oil price forecast
The average oil price based on the basket of seven OPEC crudes will remain unchanged at about dollars 18 per barrel in 1993, a UN survey ha concluded. But the World Economic Survey tempered the 1993 prediction by saying the outlook was unclear because of uncertainities about OPEC enforcing production restraints.
New York: Prices bounced back from steep losses the day before, pushed by lower interest rates and a stronger bond market. The Dow closed up 23.80 points at 3,490.61.
Tokyo: Thin index-linked trade lifted the Nikkei average 192.55 points to 19,685.07.
Hong Kong: Closed (holiday).
Sydney: A late rally in futures nudged the All Ordinaries higher. Down four points at one stage, it ended 0.9 to the good at 1,699.7.
Johannesburg: Gold shares improved after a sharp overnight bullion price rally, helping the overall index to add 33 points to 4,026.
Paris: The CAC-40 index began the new account in bullish mood, advancing 20.89 points to 1,963.3.
Frankfurt: Shares ended mostly weaker as investors began closing long positions. The DAX index, at 1,686.29, was 13.1 points lower.
Milan: An apparent impasse in wage talks between employers and unions depressed the market. The MIB lost 0.59 per cent to 1,179.
Istanbul: The index recorded its sixth consecutive record close, gaining 195.4 points to 11,607.5.
London: Report, page 26.
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