Business and City Summary

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Jobs to go at former ECGD

NCM, the Dutch company that bought part of the Exports Credits Guarantee Department when it was privatised, is seeking 70 voluntary redundancies from its 550-strong workforce, headquartered in Cardiff.

Rhodri Morgan MP, Labour industry spokesman, said he would seek assurances about the security of the remaining staff.

CBI warns EC

The Confederation of British Industry has warned that the European Community risks losing more trade and jobs unless members cut costs and reduce bureaucracy. In a response to the European Commission's White Paper on growth, competitiveness and unemployment, the CBI says that Europe is losing competitiveness.

Cars, not cash

British executives still value company cars, according to a survey by Hay Management Consultants. The poll showed that only 10 per cent of employees eligible for cash alternatives to the perk opted to take the money. More than half of UK companies offer or plan to offer cash alternatives, according to the survey.

Ethical trust

Friends Provident is to launch a UK ethical investment trust, investing in other ethical funds managed by the company.

TransTec contracts

Transfer Technology, the specialist engineering group, has won four contracts worth a total pounds 1.4m in China and the Far East to supply high technology equipment.

Soros deal

George Soros, the financier, and Paul Reichmann, the property developer, have signed a letter of intent with the Santa Fe city government to build part of a dollars 10bn shopping, entertainment, housing and hotels development, the head of Servicios Metropolitanos, developer of the site, said.

Social work Community involvement will play an increasingly important part in companies' future strategies, a survey published tomorrow says. A New Partnership for Mutual Benefit, from Opinion Leader Research, found overwhelming support for the view that a reputation for being socially responsive and responsible is becoming a competitive advantage.


Public sector borrowing requirement.

Interims: Anagen, Farnell Electronics.

Finals: Ewart, Five Oaks Investments, London & Strathclyde, Lowland Investment Co, Waste Management Int, MY Hldgs.


CBI survey of distributive trades.

Interims: Henry Boot, AF Bulgin, S Jerome.

Finals: IMC Industries, McKechnie, Paterson Zochonis, Smithkline Beecham, Wolseley.


Retail sales, big British banking groups' monthly statement, building societies' monthly figures, provisional estimates of monetary aggregates.

Interims: Alexandra Workwear, Berry Birch & Noble, British & American Film, Forward Technology, Havelock Europa.

Finals: Castle Communications, F Cooper, Smiths Industries, UDO Holdings, Whinney Mackay-Lewis.


Balance of trade with countries outside the EC, engineering sales and orders at current and constant prices, provisional figures for vehicle production.

Interims: Airflow Streamline, Chesterfield Properties, Ferguson Int, Ocean Wilsons, Parkland Textile.

Finals: Air London Int, Albert Fisher, Bullers, London Int.


Gross domestic product.

Interims: Gresham House, Nokia.

Finals: Bridport-Gundry, Usborne.