Business and City Summary

FUND MANAGERS INCREASE PROFITS

The profitability of Britain's leading fund managers reached a five-year high in 1992, according to a survey of 38 companies with pounds 800bn of assets under management. Price Waterhouse Management Consultants said profits before tax and interest as a proportion of revenue rose from 14.4 per cent in 1991 to 18.1 per cent.

FRENCH EBRD CLAIM

Foreign Minister Alain Juppe said France wanted to keep the presidency of the European Bank for Reconstruction and Development despite the resignation of Jacques Attali. 'Since the choice was made that the EBRD should be based in London with a French person at its head, I think this choice should be respected, beyond the departure of Mr Attali,' Mr Juppe said.

MARKETS DANGER

The OECD said there was a strong case for official supervision of worldwide trading in securities and derivatives. The risk of a failure in one part of the system reverberating throughout the markets was serious, following the sizeable growth of these markets.

AUDIT PLAN ATTACKED

The Chartered Institute of Management Acccountants attacked government proposals on the scrapping of annual audits for small companies, saying they did not go far enough and should be extended to businesses with a turnover of up to pounds 2m.

SUMMIT TO AID RUSSIA

The Tokyo world economic summit is likely to agree a dollars 1bn privatisation fund for Russia, financed jointly by G7 governments and the IMF and World Bank.

BHP FIGHTS BACK

BHP, the Australian steelmaker, is considering building steel mills in the US to avoid proposed punitive steel tariffs against 19 steel-producing countries announced by the US Commerce Department.

CARD CATASTROPHE

Some 40 per cent of French automated cash card machines broke down over the weekend after the central computer system of Carte Bleue crashed.

TODAY: 28.6.93

Interims: Airtours, Caldwell Investments, Copymore, Fleming Income & Capital (Q1), Widney.

Finals: Alba, Berkeley Group, Brent Walker, Cakebread Robey & Co, Caledonia Investments, Camellia, European Motor Holdings, Hewetson, Midland & Scottish Resources, Northern Electric, Novo Group.

AGMs: Cooper Clarke, Macdonald Martin

EGMs: Blenheim Group, Brown & Jackson, DownieBrae, Headline Book, George Wimpey.

TUESDAY: 29.6.93

Interims: Aukett Associates, Domino Printing, Heavitree Brewery, Securicor Group, Security Services.

Finals: Anchor Intl Fund (div), British Bio-Technology, Debenham Tewson, Feedback, Halma, Lowndes (Lambert) Group, MS International, Randfontein Estates, Seeboard, William Sindall, Walker & Staff Holdings, Western Areas Gold Mining.

AGMs: Asahi Bank, Daiwa Security, Fuji Bank, Fujita Corp, Jackson Group, Sears, Time Products.

WEDNESDAY: 30.6.93

Monthly digest of statistics (June), economics trends (June)

Interims: City Site Estates, Greenwich Communications.

Finals: Aberdeen Steak Houses, Cassidy Brothers, Dwyer, Eastern Electricity, General Electric Co, Hartstone Group, Jones & Shipman, Templeton Emerging Markets Inv, TR High Income Trust (2nd int div), Wilshaw.

AGMs: Drayton Blue Chip, Grampian Television, Land Securities, Yorklyde.

EGMs: Yorklyde.

THURSDAY: 1.7.93

Cyclical indicators for the UK economy (April - 3rd estimate).

Interims: Crest Nicholson, Eurocamp, Partridge Fine Arts.

Finals: BPB Industries, Compco Holdings, Gibbs Mew, TR Technology, Umeco.

AGMS: Highcroft Inv Trust, Southend Property Holdings.

FRIDAY: 2.7.93

Finals: Asda Group, Chartwell Group, Crane Europe, Fuller Smith & Turner, London Electricity, Northamber.

AGMs: Ryan Hotels, SW Wood Group.

EGMs: Great Portland Estates.

UK official reserves (June).