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Power pay rise attacked

John Baker, chief executive of National Power, received a 157 per cent pay rise last year to pounds 347,911, according to the report and accounts. The shadow energy spokesman, Frank Dobson, said: 'John Baker is getting paid more and more for running less and less.'

NS doubles

National Savings more than doubled its contribution to government funding last year, raising just under pounds 3.2bn after repurchases. This compared with pounds 1.3bn the year before.

Andersen sued The Resolution Trust Corp filed a federal lawsuit against Arthur Andersen, the accounting firm, seeking over dollars 400m in damages for its audits of the failed Benjamin Franklin Savings Association.

Citigate buy

Citigate Communications Group is buying the business and assets of Charles Barker Advertising from the receiver of Corporate Communications.

Revlon off

A 10 per cent share offering of Revlon, the international cosmetics group owned by the New York investor Ronald Perelman, has been pulled because of the cautious equity market.

K reg hopes

Glass's Guide, the trade bible of the motor industry, predicts August sales of 390,000 and a 1992 total of about 1.6 million.

EC aid down

European Community national governments reduced handouts to industry from 1986 to 1990, but the amounts given were still 'massive', the Commission said. The 12 EC governments provided 35.5bn ecus ( pounds 25bn) annually to their manufacturing sectors from 1988 to 1990.

Yes to Globex

The UK Treasury has approved the Chicago Board of Trade as an overseas investment exchange, paving the way for its after-hours electronic trading system, Globex, to conduct business here next month.

Italian sales

Italy plans to raise L42,000bn ( pounds 19.5bn) from the sale of state assets between 1993 and 1995, according to the government's three-year economic programme, including property and state-owned businesses.

Aeroflot sale

The Russian government is to take control of Aeroflot, the former Soviet national airline, and sell a minority holding in the company to private investors, the Interfax news agency reported.

AAH chemistry

AAH Holdings has bought five retail pharmacies for pounds 1.95m.

World markets

New York: Profit-takers held the Dow Jones Industrial Average back in early trade, but a later advance left it 1.89 points higher at the close, at 3,393.78.

Tokyo: Futures-led buying lifted the Nikkei average sharply for a second day, with a 354.68- point gain to 15,910.28.

Hong Kong: Selective bargain- hunting took the Hang Seng index up 51.3 points to 5,881.13.

Sydney: Shares closed a quiet session marginally weaker, with the All Ordinaries index 3.2 points lower at 1,617.7.

Johannesburg: Despite losses in the gold sector, overall gains on the week reached 1.6 per cent with the index at 3,432.

Frankfurt: Deutsche Bank, Allianz and Daimler-Benz all tested new 1992 lows as the DAX index fell 8.57 to 1,615.42.

Paris: Following bond prices downwards, the CAC-40 index lost 27.9 points to 1,754.67.

Zurich: Mixed results from Swiss banks added to negative sentiment. The all-share index eased 2.5 points to 1,135.4.

London: Report, page 21.

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