Business and City Summary
Saturday 06 March 1993
Porsche announced a net loss of DM120m ( pounds 50m) in the six months to January. Sales at the sports car maker plunged by 35 per cent from the same period last year to DM820m.
Porsche's chief executive, Wendelin Wiedeking, said he expected full-year production to total between 15,000 and 17,000 cars, compared with 19,000 in the year to July 1992.
The Stock Exchange said it would make a final decision on the future of the Unlisted Securities Market, the second-tier market designed for small companies, in the next few weeks.
Trust fights back
Drayton Asia, the investment trust fighting a pounds 125m takeover bid, is working on proposals to give better value to shareholders, in response to the 'inadequate offer' from the EFM Dragon Trust. Drayton Asia said Dragon's offer was uncertain and would be worth only 86.1 per cent of Drayton's net asset value if Dragon traded at its average discount over the past year.
UK quota battle Britain contested a European Commission complaint that it broke EC law by renewing national import quotas despite the creation of the single market.
Japan's five largest computer makers - Hitachi, Toshiba, Mitsubishi, NEC and Fujitsu - expect to report a 72 per cent fall in net profits for 1992.
Bayer wields axe
Bayer, the German chemical giant, will put 3,000 workers on short shifts because of the weak economy.
Swiss bank up
Credit Suisse, Switzerland's third-largest commercial bank, reported a 1 per cent rise in 1992 net profits to a record Sfr857m ( pounds 389.5m).
The Bank of England has appointed a panel to study legal uncertainties affecting wholesale financial markets in the UK in the aftermath of the local authority swaps debacle in 1990.
New York: Positive employment figures lifted the Dow Average more than 34 points, but program selling trimmed the gain to 5.67 at 3,404.58.
Tokyo: Quiet support for pharmaceutical shares helped the Nikkei Average 58.09 higher at 16,817.70.
Hong Kong: The Hang Seng index closed up 35.01 at a record 6,503.81 on growing optimism over a political settlement.
Sydney: Profit-taking pushed the All Ordinaries index 9.3 lower at 1,613.6.
Johannesburg: The gold index soared 60 to 993 as foreign buyers stocked up on blue chips.
Milan: Weakness in motor shares undermined the MIB index, down 0.34 per cent at 1,182.
Frankfurt: Investors were unmoved by the Bundesbank's change of heart over interest rates and the DAX index ended down 4.58 at 1,682.82.
Paris: The CAC-40 index recovered from early profit-taking to end 8.37 better at 1,995.12 as bond prices soared.
London: Report, page 19.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 5 MH370: 'Putin ordered plane to be flown to Kazakhstan space port,' conspiracy theory claims
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin, says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
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