DOUBLE BLOW FOR POLLY CREDITORS
The administrators appointed to run Polly Peck - which collapsed in 1990 owing pounds 1.3bn - on behalf of its creditors yesterday lost a pounds 29m court claim against Central Bank of the Turkish Republic of Northern Cyprus, ending creditors' hopes of recoveries from that source.
It also emerged that, after a creditors' meeting on Wednesday, Polly Peck's creditors were circulated with a report from Coopers & Lybrand warning that at best they would receive 10 per cent of their money back.
UK SHARES DROP
The number of UK shareholders has fallen to 9.26 million from a peak of 11 million after electricity privatisation in 1990, Proshare, the organisation promoting share ownership, said.
Some 5.7 million shareholders own only privatisation stocks, and only 200,000 privatisation newcomers have gone on to buy shares in non- privatised quoted companies.
The partial privatisation of Rhone-Poulenc, the French chemicals and pharmaceuticals group, will not take place this year due to market conditions.
Allied Irish Banks has agreed to pay Ir pounds 8.8m ( pounds 9.4m) per year for 20 years, matching an equal contribution from the government of Ireland, as final funding for the former Insurance Corporation of Ireland, previously an AIB subsidiary.
Ray MacSharry, the EC farm commissioner, said the EC may seek a Gatt waiver to continue restricting banana imports from Latin America to protect Community producers and traditional imports from African, Caribbean and Pacific countries.
Eurotunnel denied a French report that talks with TML, the Channel tunnel builder, over a pounds 1.3bn dispute had broken off.
dollars 70m BANK LOSS
A former options trader for the New York branch of ABN Amro Holding was indicted on charges of fraud and conspiracy alleged to have lost the bank dollars 70m.
NISSAN PAY DEAL
Nissan UK has agreed a two- year pay deal with its 5,000- strong workforce, raising salaries 4 per cent next year and 3.5 per cent in 1994.
Courtaulds said the Government had cleared its acquisition of ICI's aerospace and defence coatings business in Germany, France and Britain.
The Securities and Futures Authority has expelled GW Futures and Dealshore.
A UK subsiduary of Japan's Kawasaki Heavy Industries has reportedly agreed to pay dollars 6m in undeclared corporate losses.
NEW YORK: Profit-taking undermined stock prices, ending several weeks of record gains. By the close the Dow Jones Industrial Average was down 11.62 to 3,312.19.
TOKYO: Pension-fund buying pushed the Nikkei Average 95.08 higher at 17,501.30.
HONG KONG: An apparent stalemate in talks between the UK and China lopped 65.46 off the Hang Seng index at 5,273.79.
SYDNEY: Strong buying from Europe lifted the All Ordinaries 19.2 at 1,501.3.
MILAN: Disappointing sales figures from Fiat helped depress the MIB index 13 to 839.
OSLO: The floating of the krone boosted the total index 27.97 to 399.38 in hectic trading.
ZURICH: The SMI improved 8 to 1,988.7.
PARIS: The Bundesbank decision to leave interest rates unchanged sent shares tumbling. The CAC-40 index fell 21.68 to 1,769.48.
FRANKFURT: The DAX index shed 6.11 to 1,494.48.
LONDON: Report, page 25.
Alsop Wilkinson, the London law firm which reports to the creditors' committee of Polly Peck International, has asked us to point out that it did not lose a pounds 29m court claim against Central Bank of Northern Cyprus, as reported in the Independent on Friday. The firm stressed that proceedings against the Central Bank are continuing and the hopes of recoveries from them have not died.Reuse content