Business and City Summary

Banks to build new settlement system

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.

Wanless collects

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.

TODAY

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.

TOMORROW

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.

WEDNESDAY

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.

THURSDAY

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.

FRIDAY

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.

News
A model of a Neanderthal man on display at the National Museum of Prehistory in Dordogne, France
science
News
Richard Dawkins dedicated his book 'The Greatest Show on Earth' to Josh Timonen
newsThat's Richard Dawkins on babies with Down Syndrome
Arts and Entertainment
Eye of the beholder? 'Concrete lasagne' Preston bus station
architectureWhich monstrosities should be nominated for the Dead Prize?
Extras
indybest
PROMOTED VIDEO
News
ebooksAn evocation of the conflict through the eyes of those who lived through it
Travel
Dinosaurs Unleashed at the Eden Project
travel
Arts and Entertainment
music
Sport
football
Life and Style
This month marks the 20th anniversary of the first online sale
techDespite a host of other online auction sites and fierce competition from Amazon, eBay is still the most popular e-commerce site in the UK
News
i100
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Quantitative Analyst (Financial Services, Graduate, SQL, VBA)

£45000 per annum: Harrington Starr: Quantitative Analyst (Financial Services, ...

Application Support Engineer (C++, .NET, VB, Perl, Bash, SQL)

Negotiable: Harrington Starr: Application Support Engineer (C++, .NET, VB, Per...

AIFMD Business Analyst / Consultant - Investment Management

£450 - £600 per day: Harrington Starr: AIFMD Business Analyst / Consultant - I...

Business Analyst Solvency II SME (Pillar 1, 2 & 3) Insurance

£450 - £600 per day: Harrington Starr: Business Analyst Solvency II SME (Pilla...

Day In a Page

Middle East crisis: We know all too much about the cruelty of Isis – but all too little about who they are

We know all too much about the cruelty of Isis – but all too little about who they are

Now Obama has seen the next US reporter to be threatened with beheading, will he blink, asks Robert Fisk
Neanderthals lived alongside humans for centuries, latest study shows

Final resting place of our Neanderthal neighbours revealed

Bones dated to 40,000 years ago show species may have died out in Belgium species co-existed
Scottish independence: The new Scots who hold fate of the UK in their hands

The new Scots who hold fate of the UK in their hands

Scotland’s immigrants are as passionate about the future of their adopted nation as anyone else
Britain's ugliest buildings: Which monstrosities should be nominated for the Dead Prize?

Blight club: Britain's ugliest buildings

Following the architect Cameron Sinclair's introduction of the Dead Prize, an award for ugly buildings, John Rentoul reflects on some of the biggest blots on the UK landscape
eBay's enduring appeal: Online auction site is still the UK's most popular e-commerce retailer

eBay's enduring appeal

The online auction site is still the UK's most popular e-commerce site
Culture Minister Ed Vaizey: ‘lack of ethnic minority and black faces on TV is weird’

'Lack of ethnic minority and black faces on TV is weird'

Culture Minister Ed Vaizey calls for immediate action to address the problem
Artist Olafur Eliasson's latest large-scale works are inspired by the paintings of JMW Turner

Magic circles: Artist Olafur Eliasson

Eliasson's works will go alongside a new exhibition of JMW Turner at Tate Britain. He tells Jay Merrick why the paintings of his hero are ripe for reinvention
Josephine Dickinson: 'A cochlear implant helped me to discover a new world of sound'

Josephine Dickinson: 'How I discovered a new world of sound'

After going deaf as a child, musician and poet Josephine Dickinson made do with a hearing aid for five decades. Then she had a cochlear implant - and everything changed
Greggs Google fail: Was the bakery's response to its logo mishap a stroke of marketing genius?

Greggs gives lesson in crisis management

After a mishap with their logo, high street staple Greggs went viral this week. But, as Simon Usborne discovers, their social media response was anything but half baked
Matthew McConaughey has been singing the praises of bumbags (shame he doesn't know how to wear one)

Matthew McConaughey sings the praises of bumbags

Shame he doesn't know how to wear one. Harriet Walker explains the dos and don'ts of fanny packs
7 best quadcopters and drones

Flying fun: 7 best quadcopters and drones

From state of the art devices with stabilised cameras to mini gadgets that can soar around the home, we take some flying objects for a spin
Joey Barton: ‘I’ve been guilty of getting a bit irate’

Joey Barton: ‘I’ve been guilty of getting a bit irate’

The midfielder returned to the Premier League after two years last weekend. The controversial character had much to discuss after his first game back
Andy Murray: I quit while I’m ahead too often

Andy Murray: I quit while I’m ahead too often

British No 1 knows his consistency as well as his fitness needs working on as he prepares for the US Open after a ‘very, very up and down’ year
Ferguson: In the heartlands of America, a descent into madness

A descent into madness in America's heartlands

David Usborne arrived in Ferguson, Missouri to be greeted by a scene more redolent of Gaza and Afghanistan
BBC’s filming of raid at Sir Cliff’s home ‘may be result of corruption’

BBC faces corruption allegation over its Sir Cliff police raid coverage

Reporter’s relationship with police under scrutiny as DG is summoned by MPs to explain extensive live broadcast of swoop on singer’s home