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.
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Yemen crisis: Meet the child soldiers who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Professional big game hunter Ian Gibson crushed to death by elephant during hunt
Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...