Business and City in Brief
Wednesday 09 December 1992
The Government has appointed SG Warburg as financial adviser, global co-ordinator and lead UK broker to the sale in 1993-94 of part of its remaining 22 per cent holding of shares in British Telecom.
The Treasury added that no decisions had yet been taken on the size, structure or timing of the sale.
Oil price slips
Oil prices fell sharply in London after a UN weapons inspector said Iraq was willing to provide details of the supply network for its nuclear programme. North Sea Brent January futures fell from a high of dollars 18.31 a barrel to dollars 17.94.
Cedric Brown, British Gas's chief executive, accused Ofgas of a 'public outburst' on the amount it can charge other companies for using its pipes. The company, under investigation by the Monopolies and Mergers Commission, said Sir James McKinnon, head of Ofgas, had 'ignored all the established conventions of an MMC reference' by speaking out on pipeline charges at a meeting in London on Monday.
EC jobless up
Unemployment in the European Community rose to 14.6 million, or 9.8 per cent, in October from 13.3 million a year ago, its highest point since June 1988.
84.2 per cent of Ranks Hovis McDougall, having secured acceptances from holders of 221.1 million shares, representing 61.97 per cent of the capital, by the closing date on Monday. Of those accepting, 97.4 million elected to receive 260p in cash, with the rest opting for shares, or a mixture.
Yea moves up
Philip Yea will succeed Ian Duncan as finance director of the drinks giant Guinness when Mr Duncan retires next year. Mr Yea is finance director of Guinness Brewing Worldwide.
5.2% US growth
The National Association of Purchasing Management expects the US economy to grow 5.2 per cent next year before adjusting for inflation, with capital spending up 6.2 per cent.
Japan cuts rates
Japan's largest banks are reducing short-term lending rates to best customers by 0.25 percentage points to 4.5 per cent, the lowest level since June 1989.
Fearful for jobs
Almost half the UK population fear there will be job losses where they work in the new year, while 77 per cent lack confidence in the Government to lead the country out of recession, according to a survey by the British Market Research Bureau.
New York: Shaking off early profit-taking, the Dow Jones Industrial Average closed 14.85 points higher at 3,322.18.
Sydney: Shares were boosted by a strong overnight US market. The All Ordinaries rose 24.2 points to 1,468.9.
Hong Kong: Hopes of an early political settlement lifted the Hang Seng index by 10.61 points to 5,202.36.
Tokyo: Share prices closed higher on index-linked buying from investment funds. The Nikkei 225 index closed up 74.73 points at 17,281.85.
Frankfurt: German shares sank to their lowest close for a month, weighed down by the sharply lower dollar and poor results at Deutsche Bank. The DAX index closed 17.08 points down at 1,508.24.
Paris: Pessimism over interest rates left the CAC-40 index 22.73 points lower at 1,765.88.
Zurich: Shares were boosted by foreign demand. The Swiss Market index closed 7.7 points higher at 1,962.2.
- 1 Cyclist in Russia narrowly misses being hit by car and lorry
- 2 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 3 What are your fingerprint words?
- 5 Pink Floyd new album: Band unveil cover art for first record in 20 years
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Slough train station deaths: Woman and child killed after being 'pushed in front of train'
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Jennifer Lawrence: Leaked 4Chan sex video branded 'fake' by users
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
Labour Party conference: Ed Balls to set out plan to freeze child benefit to balance books
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