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Airlines hit at BA deal

Four US airlines accused British Airways of an 'arrogant disregard for the true concept of open skies', as negotiations in Washington continued over its proposal to buy a stake in USAir. American Airlines, Federal Express, Delta Airlines and United Airlines said BA would be gaining immediate open access to the US market, 'while telling US carriers to accept some vague promises of gradual improvements in their ability to serve the UK'.

Debt frozen

Yugoslavia has temporarily suspended repayments of its debts to the IMF until the question of how to divide up quotas of the former Yugoslav federation is resolved, Tanjug news agency reported.

IBCA approval

IBCA, the London-based credit rating agency, has won official designation from the Japanese Ministry of Finance to rate bonds and debentures.

New ferries

Red Funnel, a unit of Associated British Ports, is ordering two new ferries for the Isle of Wight crossing, at a combined cost of pounds 16m, from Ferguson Shipbuilders. It has secured the firm's future until 1995.

TVR rapped

breach the Resale Prices Act, after the Office of Fair Trading found evidence that it had been infringing the legislation.

Kraft bid

Kraft is to go ahead with a dollars 1.5bn offer for Freia Marabou, Scandinavia's biggest chocolate maker, after an independent review of Freia.

Unilever sale

Unilever and H Barenbrug are expected to reach agreement on the sale of Unilever's 60 per cent interest in Barenbrug's grass seed breeding business, which has annual sales of pounds 55m.

European TV

Rupert Murdoch's News Corporation and Canal Plus, a leader in the European pay- television industry, are forming a partnership to develop new television services in Europe.

Disney growth

Walt Disney World in Orlando, Florida, plans to build three resorts with more than 4,500 rooms and a third water theme park during the 1990s.

US jobless down

The number of US jobless claims fell by 24,000 to 400,000 at the end of September. The drop for the week ending 26 September was the first after five consecutive weeks of increases and was larger than experts had forecast.

World Markets

New York: Retailing and technology shares led a modest advance in quiet trading. The Dow Jones industrial average closed up 23.78 points at 3,176.03.

Paris: The CAC 40 stock price index ended at 1,673.86 points, up 1.19 per cent.

Milan: The MIB index rose 25 points or 3.42 per cent to 755.

Frankfurt: The DAX index was up 15.07 points at 1,451.12.

Johannesburg: The overall index was off two points at 3,079.

Bangkok: Amid record trading turnover of 431 million shares, the SET index rose 11.36 points to 883.36.

Hong Kong: Share prices fell because of adverse reaction from China to Governor Chris Patten's policy speech. The Hang Seng index lost 33.50 points, closing at 5,555.53.

Tokyo: In thin trading, the Nikkei 225 index closed up 223.77 points at 17,335.51.

Sydney: The All Ordinaries index closed 10.2 points higher at 1,455.6 in active trading.

London: Report, page 25.

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