Business and City in Brief

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The Independent Online
GPA NEAR DEAL ON CANCELLATIONS

GPA, the financially stretched aircraft leasing group, is near agreement with suppliers to cancel or defer deliveries of a further substantial number of aircraft.

The accord could result in GPA being allowed to delay deliveries of up to 85 aircraft in the near-term and cancel other aircraft due for delivery later in the decade by making them 'subject to reconfirmation'.

DUTY-FREE ROW

Hopes of higher duty-free allowances when the European Community abolishes internal borders on 1 January evaporated yesterday because of an unrelated dispute among EC states over transport.

AIRLINES ACTION

The US Justice Department filed a civil anti-trust lawsuit against eight of the largest domestic airlines and a data exchange system for alleged price-fixing, claiming they operated a computerised fare exchange system in a way that unreasonably restrained price competition.

M&S EXECUTIVES

Marks & Spencer, the UK's largest retailer, is appointing three new executive directors to the board from 1 January - Roger Aldridge, divisional director for property and estates; Jim Benfield, divisional director for store development and headquarters; and Joe Rowe, divisional director for food.

SURPLUS SOARS

The western German trade surplus grew to DM5.38bn in October from DM1.38bn a year earlier, the Federal Statistics Office said, while the trade surplus of eastern Germany fell to DM112m from DM883m.

TV BLACK-OUT

Talks broke down between the UK and the European Commission on finding a way to fund the development of European high-definition television in 1993 and beyond.

NOMURA ACTS

Nomura Securities said it had taken action against three executives in connection with the questionable sales of high-risk US real estate-backed bonds to more than 14,000 investors.

TRILION FAILS

Trilion, the television programme producer that owns the Lime House Studios, has gone into receivership. The shares were suspended on Friday at 3p. Tony Lomas and Alan Barratt of Price Waterhouse have been appointed administrative receivers.

NOVOTOUR FOLDS

Novotour, of Kent, specialising in holidays to Florida, Spain, Greece, Turkey and Bulgaria, has ceased trading, according to the Civil Aviation Authority.

WAIGEL'S HOPES

(First Edition)

Theo Waigel, Germany's finance minister, said a cut in interest rates 'would be the most effective programme' to boost the domestic economy next year. He told Die Welt am Sonntag strict control over public spending and wage restraint in the current round of pay negotiations were necessary to provide the Bundesbank with room to cut key rates.

PROCTER'S GAMBLE

(First Edition)

Procter & Gamble said it had signed a manufacturing agreement to produce detergents in Russia.

HELP FOR DEBTORS

(First Edition)

Self-help packs to help people deal with debts have been launched by the National Association of Citizens Advice Bureaux with funding from National Westminster Bank.

WORLD MARKETS

NEW YORK: In a day of moderate and uneventful trading the Dow Jones Average had drifted 0.81 points lower to 3,312.46 by the close.

TOKYO: Profit-taking clipped 35.30 points off the Nikkei Average to 17,645.44.

HONG KONG: Overseas buying erased early losses to leave the Hang Seng index 49.82 ahead at 5,242.48.

SYDNEY: The All Ordinaries index ended 21.4 points higher at 1,537 on strong overseas demand.

JOHANNESBURG: Stronger world markets boosted the all-share index 14 points to 3,227.

MILAN: Demand for shares in the insurance sector nudged the MIB index 0.83 per cent higher to 849.

FRANKFURT: The DAX index climbed 23.54 to 1,515.58, a two-week high, on futures buying.

PARIS: Rising hopes of an early cut in interest rates powered the CAC-40 index 26.17 ahead to 1,786.29.

LONDON: Report, page 21.

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