Business and City in Brief

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The Independent Online
ISOSCELES SEEKS DEBT STANDSTILL

Isosceles, the heavily borrowed Gateway supermarkets group, has asked its senior bank lenders for a debt standstill on interest and principal repayments. It is understood to expect to run out of cash in early January unless it halts interest payments on its pounds 1.1bn of senior debt. It is already rolling up mezzanine interest. Banks, advised by Samuel Montagu, are expected to give their answer next week.

TAPIE SEEKS BUYER

Bernard Tapie, the French businessman and sports magnate, has hired Societe de Banque Occidentale to find a buyer for his controlling stake in Adidas at a price of Fr2.09bn ( pounds 252m), French stock exchange officials said.

GERMAN GDP

The Kiel Institute for World Economy said it had revised downward its 1993 forecast for expansion in Germany's gross domestic product to 0.5 per cent from 1 per cent. The institute expects Germany's GDP this year to expand by 1.5 per cent from 0.3 per cent in 1991.

IMIGRAN LICENCE

Glaxo Holdings' German subsidiary has been awarded a licence to market the migraine drug Imigran and hopes to launch it in oral and subcutaneous forms early next year.

GETTY BANKRUPT

J Ronald Getty, son of J Paul Getty, the American oil baron, has filed for bankruptcy in a federal court in San Juan, Puerto Rico, listing about dollars 43.2m in debts.

SWEDISH BILL

The Swedish parliament has passed a bill providing guarantees to commercial banks and certain other credit institutions whose liquidity has been undermined by soaring credit losses. The bill gives unlimited state guarantees to ensure that banks and institutions can meet their commitments on time.

BOEING ORDER

Boeing announced that All Nippon Airways had ordered seven 737-500s and secured options for eight. The total order is worth about dollars 660m ( pounds 422m).

KPMG UP

KPMG, the international accounting and consulting firm, said 1992 revenues advanced 2.3 per cent to dollars 6.154bn for the year to 30 September, compared with dollars 6.011bn in the previous year. Revenues grew by 4.5 per cent in Europe, to dollars 3.2bn, while North American revenues fell 0.8 per cent to dollars 2.23bn.

M&G PAY-OFF

Tim Miller, the former marketing director of M&G, received pounds 150,000 in compensation when he left in October, according to M&G's accounts.

FRENCH OUTPUT

(First Edition)

French industrial output rose by a seasonally adjusted 0.8 per cent in October from September. The rise resulted from higher energy prodution caused by cold weather, and masked a slump in manufacturing.

ISUZU DOUBTS

(First Edition)

Isuzu Motors, the Japanese truck maker, said it was considering whether to withdraw from passenger car production. The company is 34.7 per cent owned by General Motors of the US.

WORLD MARKETS

NEW YORK: Prices surged on triple witching and the heaviest volume in three years. The Dow Jones Industrial Average closed up 44.04 at 3,313.27.

PARIS: The CAC 40 index gained 24.89 points to finish at 1,760.12.

MILAN: The MIB index rose 11 points to close at 842.

FRANKFURT: Shares climbed in active trading because of the triple witching. The DAX index finished at 1,492.04, up 15.87 points.

HONG KONG: Shares plunged following a report by China critical of the Jardine Group, the biggest component of the Hang Seng index. The index fell 136.80 points to 5,192.66.

SINGAPORE: The Straits Times Industrial index closed up 23.49 points at 1,491.80.

TOKYO: Share prices rose, with the Nikkei 225 index ending almost at its high of the day, up 242.83 points at 17,680.74.

SYDNEY: Shares rose on foreign buying, with the All Ordinaries index up 16.2 at 1,515.7.

LONDON: Report, page 19.

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