Business and City Summary

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To Russia, with love

Finance ministers of the G7 group of leading industrial nations, in St Petersberg for the annual meeting of the European Bank for Reconstruction and Development, yesterday expressed satisfaction with the pace of Russian economic reform. The EBRD has lent Khrunichev, the Russian state-owned firm, dollars 10.3m to launch a European communications satellite.

Deutsche denial

Deutsche Bank denied reports it had prior knowledge of Juergen Schneider's intention to disappear. The bank said it received a letter from the fugitive property magnate on 7 April, four days before his absence became public, in which he said he had departed for an unknown destination and requested considerable bridging loans. The bank rejected his application three days later.

Lower pay-offs

Redundancy payments to British executives have fallen by more than a fifth over the past five years. On average they received 3.3 weeks' salary per year of service in 1993, putting them at the low end of a European league table, according to a survey by consultants Drake Beam Morin.

Rescue backed

The rescue of Brown & Jackson, owner of the Poundstretcher discount shops, received the backing of its bankers yesterday when they agreed to provide facilities for the group. B&J is getting a pounds 6m cash injection from Vera and Gerald Weisfeld, founders of the What Everyone Wants group.

7,500 jobs to go

Metallgesellschaft, the industrial group that almost went bankrupt earlier this year, will shed 7,500 jobs in a restructuring programme, Der Spiegel said.

Switching banks

(First Edition)

Two companies in three are prepared to change their principal bankers compared with one in two a year ago, according to the 1994 MeesPierson Banking Survey. Customers complained banks lacked understanding od their businesses.

TODAY 18.4.94

CBI distributive trades survey (March). Producer price index figures (March).

Interims: Centregold, Creston Land & Estates.

Finals: Britannia, Densitron, Linton Park, Morgan Crucible.

Annual meetings: Crockfords, Development Securities, Pacific Horizon Inv, Record Holdings, USDC Inv Trust.

TOMORROW 19.4.94

Half-yearly update of seasonal adjustments to monetary aggregates. Financial statistics (April). Construction, new orders (Feb).

Interims: St Ives.

Finals: Asda Property, Bodycote, Boosey & Hawkes, Chelsfield, Ibstock Johnsen, Signet.

Annual meetings: Chase Manhattan, Commercial Union, Dun & Bradstreet, Dunedin Income Growth.


Public sector borrowing requirement (March). Unemployment and unfilled vacancies (March, prov). Average earnings indices (Feb, prov). Employment, hours, productivity and unit wage costs. Industrial disputes. Workforce in employment, revisions to Sept (quarterly, whole economy).

Interims: Office & Electronic Machines, Shires High-Yielding Smaller Companies.

Finals: Bentalls, Country Casuals, English National, Havelock Europa, Sherwood Computer.

Annual meetings: Anglo & Overseas, Volvo.

THURSDAY 21.4.94

Engineering sales and orders (Feb). Retail sales (March). Provisional figures for vehicle production (March).

Interims: William Low, Molyneux Estates, SmithKline Beecham (first quarter), Sphere Investment Trust.

Finals: Austin Reed, Henry Boot, British Dredging, Cannon Street, Eurotunnel, Helical Bar, Oriel Group, Tie Rack, Yorklyde.

Emergency meeting: Excalibur.

FRIDAY 22.4.94

Building societies monthly figures (March). British banking groups' monthly statement (end- March). Provisional estimates of M4 and counterparts (March).

Finals: Joseph Holt, Reed Executive, River & Merc Geared Capital, H C Slingsby.