Business and City in Brief

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The Independent Online
Opec's oil goes through ceiling

Opec's oil production is running above its supposed ceiling, according to the latest International Energy Agency oil market report.

The report says Opec's September production was 24.7 million barrels per day. The ceiling agreed at the oil ministers' meeting last month was 24.2 million bpd for the fourth quarter.

Texaco move

Texaco confirmed that it would proceed with the relocation of its headquarters to Westferry Circus, in Canary Wharf, in the first quarter of 1993. The move, involving 1,000 employees, was postponed when Canary Wharf went into administration.

Video telephones

BT and five other European telecommunications operators have launched a cross-border video telephone service spanning six countries. The service uses the public telephone network, unlike videoconferencing, which requires customers to pay for leased lines.

Allo Alloy

The London Metal Exchange has launched its first contract in a non-basic metal. Aluminium alloy, recycled from scrap products and used extensively in automotive and other components, will now be available on the forward market.

News disposal

News Corporation disposed of one of its two remaining US newspapers, selling the San Antonio Express-News to the Hearst group for dollars 185m. The Boston Herald is News Corp's only remaining American newspaper property.

Conder sell-offs

Price Waterhouse, the receiver to the Conder Group, the specialist design and building contractor, has sold its principal contracting divisions: Conder Structures, Conder Projects and IEI.

Widows check

Scottish Widows, the life assurance group, said it had been told by the Life Assurance and Unit Trust Regulatory Organisation to check with more than 20,000 policyholders that they have been sold an appropriate policy.

Heineken export

Heineken, the Dutch brewer, is to start exporting beer to Germany, the biggest beer market in Europe, from the beginning of 1993. Heineken already sells beer in 150 countries.

Greycoat sale

Greycoat, the debt-laden property group, has sold its long leasehold head interest in the office building at 62 Cornhill, in the City, to the Halifax Building Society for pounds 19m. Halifax already holds a lease on the entire building. The net rent is around pounds 1.8m a year.

Solvents cut

ICI is to market the world's first water-based metallic paint for car repairs in Britain, Europe and the US next year. ICI said the Aquabase paint will help to cut environmentally hazardous volatile organic solvents by up to 72 per cent.

World Markets

New York: After Monday's turbulence, trading was quiet with the Dow Jones Industrial Average moving narrowly. It was down 0.81 points at 3,178.19 at the close.

Paris: The CAC-40 index closed 1.47 points higher at 1,612.51.

Milan: The MIB index rose 5 points or 0.71 per cent to 711.

Frankfurt: The DAX index lost 4.10 points to 1,420.30, after its high of 1,427.35.

Zurich: The Swiss Market Index was up 33.2 points at 1,820.5.

Johannesburg: The overall index was 10 points off at 3,103 and the industrial index lost 15 points to 4,088.

Hong Kong: The Hang Seng index ended 42.32 points lower at 5,553.12, after dropping 136.45 points in early trading.

Sydney: The All Ordinaries index fell 14.7 points to 1,452.4.

Tokyo: Buoyed by late pension fund buying, the Nikkei 225 index closed 166.60 points higher at 17,268.10.

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