Business and City in Brief

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GPA restructure nearly complete

The long-awaited restructuring of GPA could be completed as early as today, winning dollars 1bn worth of debt relief from its bankers and selling dollars 1.35bn worth of aircraft to the finance arm of General Electric Company of the US.

GE Capital, which will name GPA's current chairman, Tony Ryan, to head its new aviation division, will also pay dollars 200m for an option to purchase control of the troubled aircraft leasing company.

Russian licence

The Russian central bank has licensed Credit Lyonnais of France to deal in domestic foreign exchange transactions.

Elf stake

The French state may keep hold of 10-15 per cent of Elf Aquitaine and create a 'golden share' in its planned privatisation, a spokeswoman at the economy ministry said.

World Markets

New York: Stocks were firm despite a bigger-than-expected second quarter trade deficit. By the close the Dow Jones Industrial average was 3.36 points higher at 3,643.99.

Tokyo: Late futures-linked buying took the Nikkei average higher, closing 121.01 better at 20,912.69.

Hong Kong: Closed (holiday).

Sydney: Active trading, with continued overseas buying, lifted the All Ordinaries 7.4 points to 1,956.

Bombay: The index dropped 35.17 points to 2,633.79.

Johannesburg: With the gold price static, the overall index eased six points to 4,011.

Paris: The CAC-40 index climbed above the 2,200 mark for the first time in thin late trade, ending 21.79 points higher at 2,205.67.

Frankfurt: The DAX index advanced 17.29 points to 1,921.89, but turnover was extremely low.

Zurich: The SPI was 1.03 points firmer at 1,568.38 after a quiet day.

Milan: US buying boosted prices near the end, with the MIB finishing 0.8 per cent better at 1,390.

London: Closed (holiday).


Monthly digest of statistics (Aug); economic trends (Aug).

Interims: Admiral, Astec BSR, Crane Europe, Ferry Pickering, HSBC Holdings, London Finance & Investment, Macfarlane Grp, Owen & Robinson, Rhino Grp, Severfield-Reeve.

Finals: Bellwinch.


Travel and tourism (June); advance energy statistics (July).

Interims: Anglo Pacific Resources, Calderburn, Courtaulds Textiles, Dixon Motors, English & Overseas Property, Henlys Grp, Instem, Invergordon Distillers, Isle of Man Steam Packet, Johnston Press, Mauritius Fund, Michael Page, Persimmon, Plantsbrook Grp, Provident Financial, Senior Engineering, Serco Grp, Simon Engineering, Waterford-Wedgwood.

Finals: Union Square.


Details of employment, unemployment, earnings, prices and other UK cyclical indicators (July); UK official reserves (Aug).

Interims: American Trust, Aran Energy, Ashley Grp, British-Borneo Petroleum, Bowater, Burford Hldgs, Burmah Castrol, Cookson Grp, Grafton Grp, Ladbroke Grp, Microvitic, Northern Eng, PCT Grp, Psion, Reckitt & Colman, Rolls- Royce, Vickers, Yorkshire Radio.


Family spending 1992; bank and building society balance sheets and sterling lending; M4 quarterly sectoral analysis and M0 figures for August; bill turnover (July); sterling commercial paper (July); money market statistics (July); London sterling certificates of deposit (July).

Interims: Latin American Investment Trust, Pittencrieff, Schroders.

Finals: Peter Black Holdings, China & Eastern Investment, Isotron, Stavert Zigomala.