Business and City Summary

MCC assets sales given green light

Maxwell Communication Corporation creditors have approved by more than 99 per cent by number and value a UK scheme of arrangement and a US Chapter 11 reorganisation plan, according to Price Waterhouse, the administrator.

The sale of assets can now go ahead, including the Official Airlines Guide to Reed Elsevier, the publishers, for dollars 425m. Creditors' claims are put at between dollars 3.2bn and dollars 3.6bn. Asset sales are expected to realise more than dollars 1bn, with the the first payouts to creditors in November.

First for Mercury

Mercury said Europe's first air-to- ground telephone service based on digital technology was scheduled to begin by the end of the year. Mercury has taken a stake in In- Flight Phone International Europe, a joint venture with a US firm, and will spend pounds 10m building 60 base stations around Europe to receive the calls and route them through existing national networks.

Krupp-Lonrho talks

Fried. Krupp Hoesch-Krupp, the German steel group, is negotiating to buy back Lonrho's 50 per cent stake in the Krupp-Lonrho trading company, which had sales of DM2bn in 1992 and employs 2,300. In London, Lonrho said James Capel would join Societe Generale Strauss Turnbull as joint broker.

Aer Lingus rescue

The Irish cabinet approved an Aer Lingus rescue plan that will see the airline shed 1,530 jobs in a drive to reduce costs by Ir pounds 50m ( pounds 47.6m) a year. The government will make a one-off Ir pounds 175m injection of new equity to restore profitability.

More Germans jobless

The number out of work in Germany reached 3.3 million in June, with the jobless rate in western Germany up from 6.9 per cent in May to 7 per cent and eastern Germany unchanged at 14.4 per cent.

BT3 registrations

British Telecommunications had 5.2 million registrations for its BT3 public share offer by the closing date on 2 July. About 2 million were with share shops while 1.4 million were new registrations.

Coffee price soars

Coffee prices rocketed to dollars 1,000 a tonne in London, up dollars 47 on the previous close and an 18-week high, as traders reacted to a plan by Latin American producers to withhold supplies from world markets.

Moran discharged

Mr Justice Harman discharged the administration order over Moran Holdings, the tea to property group, paving the way for a re-listing of the shares - the first time a listed firm has come out of administration without a voluntary arrangement.

Aerospatiale purge

Aerospatiale, the French state- owned aircraft and defence group, is expected to shed 2,250 jobs next year because of dwindling orders.

World Markets

New York: A jump in the Commodity Research Bureau index, an inflation measure, hammered blue chips. The Dow Jones Industrial Average ended down 34.04 at 3,449.93.

Tokyo: Continued slack trading ahead of the G7 meeting lifted the Nikkei average 206.72 to 19,828.78.

Hong Kong: With turnover the lowest since mid-April, the Hang Seng index fell 36.07 to 7,168.34.

Sydney: Late buying support took prices off their lows, leaving the All Ordinaries 1.7 easier at 1,764.2.

Johannesburg: The gold rally tapered off near the close but left the sector 3.6 per cent higher. The overall index gained 36 to 4,210.

Paris: Shares reversed their five- day losing trend, the CAC-40 index closing at 1,935.12, up 9.68 points.

Frankfurt: Indications of lower inflation helped the DAX index back over the 1,700 mark, ending 8.7 points better at 1,700.87.

Zurich: Heavy buying in large bank stocks supported the rest of the market, and the Swiss Performance Index closed 15.34 points to the good at 1,504.75.

Milan: Failing to respond to the cut in the discount rate, the MIB lost 1.34 per cent to 1,177.

London: Report, page 24.

Emma Watson has become the latest target of the 4Chan nude hacking scandal
peopleThreats follows actress' speech on feminism and equality at the UN
Alan Bennett criticised the lack of fairness in British society encapsulated by the private school system
peopleBut he does like Stewart Lee
David Moyes and Louis van Gaal
Arts and Entertainment
Rita Ora will replace Kylie Minogue as a judge on The Voice 2015
Life and Style
Life and Style
Alan Turing, who was convicted of gross indecency in 1952, was granted a royal pardon last year
Arts and Entertainment
Sheridan Smith as Cilla Black and Ed Stoppard as her manager Brian Epstein
tvCilla Episode 2 review: Grit under the glamour in part two of biopic series starring Sheridan Smith
Life and Style
Arts and Entertainment
Tennis player Andy Murray's mum Judy has been paired with Anton du Beke for Strictly Come Dancing. 'I'm absolutely delighted,' she said.
tvJudy Murray 'struggling' to let Anton Du Beke take control on Strictly
Life and Style
Vote with your wallet: the app can help shoppers feel more informed about items on sale
lifeNew app reveals political leanings of food companies
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
The cover of Dark Side of the Moon
musicCan 'The Endless River' carry on the tradition? See for yourself
New Zealand fly-half Aaron Cruden pictured in The Zookeeper's Son on a late-night drinking session
A new app has been launched that enables people to have a cuddle from a stranger
voicesMaybe the new app will make it more normal to reach out to strangers
Arts and Entertainment
Salmond told a Scottish television chat show in 2001that he would also sit in front of a mirror and say things like,
tvCelebrity Trekkies from Alex Salmond to Barack Obama
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

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

iJobs Job Widget
iJobs Money & Business

IT Project manager - Web E-commerce

£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...

Trainee / Experienced Recruitment Consultants

£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...

Trainee Recruitment Consultant - Soho

£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...

Trainee Recruitment Consultants - Banking & Finance

£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...

Day In a Page

Secret politics of the weekly shop

The politics of the weekly shop

New app reveals political leanings of food companies
Beam me up, Scottie!

Beam me up, Scottie!

Celebrity Trekkies from Alex Salmond to Barack Obama
Beware Wet Paint: The ICA's latest ambitious exhibition

Beware Wet Paint

The ICA's latest ambitious exhibition
Pink Floyd have produced some of rock's greatest ever album covers

Pink Floyd have produced some of rock's greatest ever album covers

Can 'The Endless River' carry on the tradition?
Sanctuary for the suicidal

Sanctuary for the suicidal

One mother's story of how London charity Maytree helped her son with his depression
A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits