Business and City Summary

MAJOR AND CLINTON IN SUMMIT TALK

The Prime Minister, John Major, and President Bill Clinton discussed this week's Tokyo G7 summit during a 30-minute telephone conversation yesterday, according to Downing Street.

The two leaders, at the President's initiative, went through the main agenda items for the G7 - the seven most powerful industrial nations - and agreed they should meet early in Tokyo. The conversation covered the world economic situation, trade and the Third World. Officials fear the seven will miss their last chance to wrap up a Gatt world trade deal and that disagreements are likely over America's desire to curb Japan's expected pounds 100m trade surplus in 1994.

CONTROLS OPPOSED

Eddie George, Governor of the Bank of England, said speculators such as the Hungarian-born financier George Soros could be disruptive, but he argued strongly against tighter control over the workings of the market. Mr George said in an interview with the Observer: 'They can only disrupt if there is a weakness in the system. I can't recall a situation when speculators have caused damage on a calm sea. Very often, in fact, they keep the authorities honest because they force a conclusion to something which was not correct.'

BOOST EXPECTED

Hong Kong stocks should get a boost this week as the surprise visit to China of the Foreign Secretary, Douglas Hurd, stokes speculation about a breakthrough on the colony's future.

FUND LAUNCH

Allied Dunbar is launching an emerging Asia fund this week to take advantage of the rapidly developing economies of China, Indonesia and India. There will be a minimum investment of dollars 3,000.

TODAY: 5.7.93

UK Treasury's independent forecasters' report, credit business (May). Monetary statistics including bank and building society balance sheets, bank and building society sterling, lending and M4 sectoral analysis, M0 figures (May), Bill turnover statistics (May), Sterling commercial paper (May), money market statistics (May), London sterling certificates of deposit (May), housing starts and completions (May), house renovations (first quarter). German trade balance (March).

Interims: Fyffes, Gardiner Group, Arthur Lee & Sons.

Finals: Abtrust New Dawn Investment Trust, Associated Nursing, Bromgrove Industries, Carclo Engineering, Scottish & Newcastle.

TOMORROW: 6.7.93

US housing completions (May), car sales (June). Western German manufacturing orders (May), unemployment (June).

Interims: Eurotherm, P&P.

Finals: Asprey, Avesco, Colefax & Fowler, Danae Inv Trust (second interim dividend), Evans of Leeds, Farepak, Howden Group, Midlands Electricity, Sims Food Group, Sterling Publishing.

WEDNESDAY: 7.7.93

UK advance energy statistics (May), Overseas travel and tourism (April). US wholesale trade (May). French money supply (May).

Interims: Torex Hire.

Finals: Bespak, Budgens, Creighton's Naturally, Dixons Group, EFM Japan Trust, First Spanish Investment Trust, Fleming International High Income, Hadleigh Industries, Leopold Joseph Holdings, Taunton Cider, Tops Estates, Reg Vardy.

THURSDAY: 8.7.93

UK details of employment, unemployment, earnings, prices and other indicators. US consumer credit (May), jobless claims (week ending 3 July).

Interims: Dewhurst, Hawtin, Microgen Holdings.

Finals: Associated British Engineering, Banner Homes Group, British Bloodstock, Burtonwood Brewery, Darby Group, Equity Consort Investment Trust, Fleming Geared Income, Gibbons Lyons, Gold Greenlees Trott, Greene King, Peel Holdings, Stewart & Wright.

FRIDAY: 9.7.93

UK Inland Revenue statistics 1993, UK economic accounts. Western German retail sales (May).

Finals: Brown & Tawse, James Latham, Pelican Group, Upton & Southern.