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.

Start your day with The Independent, sign up for daily news emails
ebooksA special investigation by Andy McSmith
  • Get to the point
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

Ashdown Group: Treasury Assistant - Accounts Assistant - London, Old Street

£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...

Ashdown Group: Business Analyst - Financial Services - City, London

£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...

SThree: Trainee Recruitment Consultant

£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...

Day In a Page

General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband

Chuka Umunna: A virus of racism runs through Ukip

The shadow business secretary on the benefits of immigration, humility – and his leader Ed Miliband
Yemen crisis: This exotic war will soon become Europe's problem

Yemen's exotic war will soon affect Europe

Terrorism and boatloads of desperate migrants will be the outcome of the Saudi air campaign, says Patrick Cockburn
Marginal Streets project aims to document voters in the run-up to the General Election

Marginal Streets project documents voters

Independent photographers Joseph Fox and Orlando Gili are uploading two portraits of constituents to their website for each day of the campaign
Game of Thrones: Visit the real-life kingdom of Westeros to see where violent history ends and telly tourism begins

The real-life kingdom of Westeros

Is there something a little uncomfortable about Game of Thrones shooting in Northern Ireland?
How to survive a social-media mauling, by the tough women of Twitter

How to survive a Twitter mauling

Mary Beard, Caroline Criado-Perez, Louise Mensch, Bunny La Roche and Courtney Barrasford reveal how to trounce the trolls
Gallipoli centenary: At dawn, the young remember the young who perished in one of the First World War's bloodiest battles

At dawn, the young remember the young

A century ago, soldiers of the Empire – many no more than boys – spilt on to Gallipoli’s beaches. On this 100th Anzac Day, there are personal, poetic tributes to their sacrifice
Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves

Follow the money as never before

Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves, reports Rupert Cornwell
Samuel West interview: The actor and director on austerity, unionisation, and not mentioning his famous parents

Samuel West interview

The actor and director on austerity, unionisation, and not mentioning his famous parents
General Election 2015: Imagine if the leading political parties were fashion labels

Imagine if the leading political parties were fashion labels

Fashion editor, Alexander Fury, on what the leaders' appearances tell us about them
Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

The architect of the HeForShe movement and head of UN Women on the world's failure to combat domestic violence
Public relations as 'art'? Surely not

Confessions of a former PR man

The 'art' of public relations is being celebrated by the V&A museum, triggering some happy memories for DJ Taylor
Bill Granger recipes: Our chef succumbs to his sugar cravings with super-luxurious sweet treats

Bill Granger's luxurious sweet treats

Our chef loves to stop for 30 minutes to catch up on the day's gossip, while nibbling on something sweet
London Marathon 2015: Paula Radcliffe and the mother of all goodbyes

The mother of all goodbyes

Paula Radcliffe's farewell to the London Marathon will be a family affair
Everton vs Manchester United: Steven Naismith demands 'better' if Toffees are to upset the odds against United

Steven Naismith: 'We know we must do better'

The Everton forward explains the reasons behind club's decline this season
Arsenal vs Chelsea: Praise to Arsene Wenger for having the courage of his convictions

Michael Calvin's Last Word

Praise to Wenger for having the courage of his convictions