Business and City Summary

Italy trims

interest rates The Bank of Italy unexpectedly cut its discount and Lombard interest rates by half a percentage point yesterday to 13.25 and 14.75 per cent respectively, because 'the pressure on our currency has eased'.

The cut follows an agreement last week to abandon the scala mobile system that links most pay increases in Italy to the rate of inflation. This had triggered a rise in Italian government bond prices.

Tunnel vision

Eurotunnel is to rent some of its telecommunications capacity to British Rail Telecommunications and the French railway, SNCF, to generate additional revenue from the Channel tunnel.

BET doubts

BET's pounds 200m rights issue closes today amid fears that shareholders will shun the shares on offer at 110p, just 0.5p below yesterday's closing price.

'Bad' time to buy

A survey by Proshare and Mori shows 52 per cent of small shareholders believe it is a bad time to invest in the stock market, against 43 per cent a month ago.

New at Imro

Paul Myners, chairman of Gartmore Investment Management, is to join the board of the Investment Management Regulatory Organisation.

Greenall sells

Regional pub operator Greenall has sold four outlets in the North-west and North Wales to Paramount for pounds 331,000.

GPA cash

GPA, the Irish aircraft leasing group, is making a second cash infusion into America West Airlines in order to keep the troubled carrier in the air. GPA is one of the contributors of a minimum of dollars 45m worth of debtor in possession (DIP) financing for the airline.

Less spice

Reckitt & Colman has agreed to sell its US spice and seasoning business, which makes French's mustard among other products, to Burns Philp & Co for dollars 75.1m ( pounds 39m).

BT 'wrong'

Mercury Communications refuted BT's claim that it is winning back substantial numbers of business customers from Mercury. Mercury's deputy chief executive, Peter Howell- Davies, said: 'In the last financial year our order book has increased by over pounds 300m.'

Output falls

Industrial production in western Germany fell 2.1 per cent in June from the previous month after 0.1 per cent fall in May.

World Markets

New York: Holding its ground after last week's gains, the Dow Jones average was 1.62 points higher at 3,395.40 at the close.

Tokyo: Wafer-thin trade following the two-day rally sent the Nikkei average 200.83 points lower to 15,709.45.

Hong Kong: Buying of blue chips in expectation of positive company results pushed the Hang Seng up 29.6 to 5,910.73.

Sydney: Prices barely moved, with the All Ordinaries index half a point easier at 1,617.3.

Bombay: Late institutional support restricted the index loss to 4.41, closing at 2,722.65.

Johannesburg: Gold and industrial shares both lost ground. The overall index ended 21 points weaker at 3,409.

Frankfurt: The DAX index slid to a seven-month low of 1,594.71, down 20.71 points, on nervousness ahead of the Bundesbank council meeting.

Paris: The CAC-40 index jumped 29.77 points to 1,784.44 on forecasts of a 'yes' vote to the Maastricht treaty.

London: Report, page 19.

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Selby Jennings: VP/SVP Credit Quant- NY- Investment Bank

Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...

Selby Jennings: Quantitative Research | Equity | New York

Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...

Selby Jennings: SVP Model Validation

Not specified: Selby Jennings: SVP Model Validation This top tiered investment...

Selby Jennings: Oil Operations

Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...

Day In a Page

Aren’t you glad you didn’t say that? The worst wince-and-look-away quotes of the year

Aren’t you glad you didn’t say that?

The worst wince-and-look-away quotes of the year
Hollande's vanity project is on a high-speed track to the middle of nowhere

Vanity project on a high-speed track to nowhere

France’s TGV network has become mired in controversy
Sports Quiz of the Year

Sports Quiz of the Year

So, how closely were you paying attention during 2014?
Alexander Armstrong on insulting Mary Berry, his love of 'Bargain Hunt', and life as a llama farmer

Alexander Armstrong on insulting Mary Berry and his love of 'Bargain Hunt'

From Armstrong and Miller to Pointless
Sanchez helps Gunners hold on after Giroud's moment of madness

Sanchez helps Gunners hold on

Olivier Giroud's moment of madness nearly costs them
A Christmas without hope: Fears grow in Gaza that the conflict with Israel will soon reignite

Christmas without hope

Gaza fears grow that conflict with Israel will soon reignite
After 150 years, you can finally visit the grisliest museum in the country

The 'Black Museum'

After 150 years, you can finally visit Britain's grisliest museum
No ho-ho-hos with Nick Frost's badass Santa

No ho-ho-hos with Nick Frost's badass Santa

Doctor Who Christmas Special TV review
Chilly Christmas: Swimmers take festive dip for charity

Chilly Christmas

Swimmers dive into freezing British waters for charity
Veterans' hostel 'overwhelmed by kindness' for festive dinner

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Isis in Iraq: Yazidi girls killing themselves to escape rape and imprisonment by militants

'Jilan killed herself in the bathroom. She cut her wrists and hanged herself'

Yazidi girls killing themselves to escape rape and imprisonment
Ed Balls interview: 'If I think about the deficit when I'm playing the piano, it all goes wrong'

Ed Balls interview

'If I think about the deficit when I'm playing the piano, it all goes wrong'
He's behind you, dude!

US stars in UK panto

From David Hasselhoff to Jerry Hall
Grace Dent's Christmas Quiz: What are you – a festive curmudgeon or top of the tree?

Grace Dent's Christmas Quiz

What are you – a festive curmudgeon or top of the tree?
Nasa planning to build cloud cities in airships above Venus

Nasa planning to build cloud cities in airships above Venus

Planet’s surface is inhospitable to humans but 30 miles above it is almost perfect