Business and City in Brief

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Chrysler loan deal imminent

Chrysler, the US car maker, is nearing completion on a dollars 6.8bn loan extension. An agreement could be announced in the next few days, the company said.

Two banks representing dollars 60m of the package have refused to sign the extension but the company expects to reach agreement with them soon.

Fuji raises dollars 350m

Fuji Bank of Japan is raising dollars 350m (pounds 186m) through undated variable notes lead-managed by Merrill Lynch.

Banned book

Terry Smith's Accounting for Growth, published by Century Business, went on sale yesterday despite attempts by Mr Smith's employer, UBS Phillips & Drew, to stop its publication. More than 100 copies were sold yesterday afternoon at a shop next to P&D's London office. Commentary, page 19

Savers' rates cut

Cheltenham & Gloucester and Woolwich building societies have followed other mortgage lenders by cutting rates paid to savers by an average 0.4 of a percentage point gross.

Wang dropped

IBM has cancelled plans to invest dollars 75m in Wang, the computer maker, which is rumoured to be considering applying for Chapter 11 bankruptcy protection.

Kalon rejection

Kalon's bid for its rival paint maker, Manders, received a blow when Finsbury Asset Management, which holds 6 per cent of Manders, said it would not accept the bid.

Africa economy

Leaders of 10 southern African nations, meeting in Namibia to create a regional economic community, said the new group would swing the region from decades of state-controlled economics towards market- driven growth. South Africa remained on the sidelines.


Fimbra, the financial regulator, has suspended the investment business of Business Sales Insurance Services, 162 Regent Street, London.

Lotus loss

Group Lotus, the sports car maker, made a pre-tax loss of pounds 14.7m last year, up from pounds 12.7m in 1990. Lotus is a subsidiary of General Motors.

US buys foreign

US investors bought dollars 7.8bn of foreign shares during the first quarter of 1992, led by a record dollars 2bn in Mexican companies.

Burger chairman

Grand Metropolitan has appointed Barry Gibbons as chairman of its subsidiary, Burger King Corporation.

Estonia support

IMF managing director Michel Camdessus said the IMF would support the former Soviet republic of Estonia to the maximum and that he would recommend it get access to some dollars 40m in IMF resources.

Peru postpones

Peru has postponed the privatisation of a state bank with branches in Peru and Bolivia.

Japanese notes

Counterfeit Japanese bank notes crudely altered to five times their face value have been found circulating in the Russian Far East.

World Markets

New York: Investors were cautious as the Republican convention began. The Dow Jones Average closed down 4.05 points at 3,324.89.

Hong Kong: Middle East tensions and poor company results pushed the Hang Seng index down 154.74 points to 5,667.85.

Tokyo: Oversold positions were bought back, but volume was low. The Nikkei average closed up 109.30 points at 14,929.55.

Sydney: Optimism about today's federal budget pushed the All Ordinaries index 10 points higher to 1,559.

Johannesburg: Higher gold prices lifted the overall index 35 points to 3,174.

Frankfurt: Uncertainty over interest rates cancelled a strong opening, leaving the DAX index up 7.62 points at 1,555.42.

Milan: The absence of an interest rate rise boosted the MIB index by 2.46 per cent to 792.

Paris: Rumours of a poll approving the Maastricht treaty pushed the CAC index up 3.85 points to 1,757.31.