Business and City Summary
Monday 25 April 1994
Britain's banks have agreed to go ahead with building a system to settle large payments between banks throughout the day instead of once a day near the close of business. The system will reduce the domino risk to the financial system of a large bank defaulting at daily settlement time, when enormous debts have been built up between banks after a day's business.
The existing system routinely handles pounds 100bn a day. The new one will come into full operation late next year or early in 1996, the Association of Payment Clearing Services said.
Derek Wanless, chief executive of NatWest, received a 16 per cent pay rise in the 12 months to 31 March, to pounds 350,000, the bank said ahead of its annual meeting tomorrow. Union members are expected to question the group at the meeting about its refusal to grant an across-the-board pay rise to staff. Other directors received similar percentage increases, apart from John Melbourn, whose pay rose faster after promotion to deputy chief executive.
Boost for managers
Managers' earnings rose 4.5 per cent in the year to January, down from 5.9 per cent in 1992/3, the Institute of Management said. The average manager is 44 and male, earns pounds 31,868 and drives a company car. Directors' pay rose 6.5 per cent, against 6.1 per cent the year before. The average director is 48, male and earning pounds 74,449.
Deutsche to pay up
Deutsche Bank will pay money owed to contractors by collapsed property group Jurgen Schneider involving Deutsche-funded projects, bank director Georg Krupp said on German television. Work would resume in a fortnight on three big Schneider property developments financed by the bank, he said. Schneider's creditor banks are owed DM5bn (pounds 2bn) of which Deutsche Bank's share is DM1.2bn.
Finals: Anagen, EIS, Farnell Electronics, How Group, Huntleigh Technology, Kleinwort Endowment Policy, Moss Bros, Ryan Hotels, and Sears.
Interims: Associated British Foods, James Dickie, Ferraris, Lowland Investment, McCarthy & Stone, McKechnie, and Pascoe's.
Finals: Barlows, William Bedford, Eadie, Edinburgh Investment Trust, EFG, Geared Income Investment Trust, Herring Baker Harris, Security Trust of Scotland, Tarmac, Venturi Investment Trust, and Wensum.
Interims: Air London International, Cosalt, Ivory & Sime Enterprise, Jupiter European Investment Trust, S Lyles, and Mercury Keystone Investment Trust.
Finals: Abtrust New Thai Investment Trust, Brixton Estate, El Oro Mining, Exploration Company, S Jerome, Mithras Investment, Regent, Rossmont, Shiloh, S&U, and Trinity.
Interims: Bett Bros, DFS Furniture, Gartmore European Investment Trust, Govett Strategic Investment Trust, Haemocell, Sage, Scottish National Trust, and VTR.
Economic: Energy Trends (Feb), New vehicle registrations (Mar), Electronics industry in Scotland.
Finals: Berry Birch & Noble, David Brown, CI, Folkes, Hi-Tec Sports, Hopkinsons, Kleinwort Emerging Markets, Laser-Scan, PCT, Radamec, Scottish Mortgage & Trust, Toye & Company.
Interims: Majedie Investments.
Economic: Economic trends (Apr), monthly digest of statistics (Apr).
Finals: Abtrust European Index Investment, Aran Energy, Daks Simpson, Grampian TV, Helene, Navan Resources, New Guernsey Securities Trust, Radiotrust, and Richards Group.
Interims: Abtrust Emerging Economies, Lendu, and Ramus.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
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