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 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Does the path to true love really lie in these 36 questions?
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Presidential optical illusion offers clues to how brain processes faces
- 5 Roald Dahl letter warning student to 'eschew beastly adjectives' rediscovered after 35 years
King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Presidential optical illusion offers clues to how brain processes faces
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Louise Mensch says 'F**K YOU' in explosive tweets about David Cameron, Saudi Embassy and the Queen over King Abdullah tributes
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...