Business and City Summary

Porsche suffers pounds 50m loss

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.

USM delay

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.

Computer crash

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).

Market study

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.

World Markets

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.

Start your day with The Independent, sign up for daily news emails
A poster by Durham Constabulary
Life and Style
Steve Shaw shows Kate how to get wet behind the ears and how to align her neck
healthSteven Shaw - the 'Buddha of Breaststroke' - applies Alexander Technique to the watery sport
Cameron Jerome
footballCanaries beat Boro to gain promotion to the Premier League
Arts and Entertainment
Performers drink tea at the Glastonbury festival in 2010
ebookA unique anthology of reporting and analysis of a crucial period of history
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

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Abuse - and the hell that came afterwards

Abuse - and the hell that follows

James Rhodes on the extraordinary legal battle to publish his memoir
Why we need a 'tranquility map' of England, according to campaigners

It's oh so quiet!

The case for a 'tranquility map' of England
'Timeless fashion': It may be a paradox, but the industry loves it

'Timeless fashion'

It may be a paradox, but the industry loves it
If the West needs a bridge to the 'moderates' inside Isis, maybe we could have done with Osama bin Laden staying alive after all

Could have done with Osama bin Laden staying alive?

Robert Fisk on the Fountainheads of World Evil in 2011 - and 2015
New exhibition celebrates the evolution of swimwear

Evolution of swimwear

From bathing dresses in the twenties to modern bikinis
Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine