Business and City summary
Thursday 10 December 1992
The European Community has approved Italian state aid of 5,189bn lire ( pounds 2.4bn) to Fiat for an ambitious plan to expand its car and engine plants in southern Italy.
The Commission also cleared a package of DM260.1m ( pounds 107m) of German subsidies to Opel for a car plant in eastern Germany.
The UK-based Premier Consolidated Oilfields has acquired a 25 per cent stake in a consortium to explore for oil in offshore Albania. The block covers an area of 766,000 acres.
McDonald's, the fast-food chain synonymous with hamburgers and french fries, is test- marketing a vegetarian burger made of potatoes, peas, carrots, onion and spices in the Netherlands.
Lufthansa, the German airline, has bought a 13 per cent share in Luxembourg's national airline, Luxair. The purchase price was not disclosed. Lufthansa has an option to buy another 10 per cent until the end of 1995. Luxair needs money to help pay for an investment in new aircraft.
Australia's Finance Minister, Ralph Willis, confirmed that British Airways and Singapore Airlines had made offers for a part-share in the government- owned Qantas Airways. The government wants to sell all of Qantas, with a so-called trade sale to other airlines and companies followed by an initial public offering.
World oil prices renewed an abrupt slide that has taken them down by 15 per cent in seven weeks because of fears about weak demand. Futures for North Sea Brent fell almost 30 cents to dollars 17.65 per barrel at one stage. This compares with almost dollars 21 in mid-October and was the weakest since 13 March. Futures for US light crude lost almost 20 cents.
United Newspapers' US subsidiary, Miller Freeman, is paying dollars 18.5m ( pounds 11.6m) for M&T Publishing, a California-based publisher of computer magazines and books. An additional dollars 1m is payable if M&T beats its profit targets.
The receivers Touche Ross have sold six of Holimarine's seven UK holiday parks to a consortium led by David Hardick of Wilson Leisure, Burnham-on-Sea, Somerset, for an undisclosed sum. The rescue secures the jobs of more than 600 full-time and seasonal staff. Holimarine's parent, Mowat Group, was put into receivership in September.
New York: Late buying of blue- chip stocks edged the Dow Jones average 1.63 points higher to 3,323.81 after earlier falls.
Hong Kong: Share prices surged despite the political row over the colony's future. The Hang Seng index climbed 136.89 points to 5,339.25.
Tokyo: Optimism about the economy saw the 225-issue Nikkei index rise 124.37 points to 17,406.32.
Sydney: Prices were buoyed by a firmer Australian dollar and higher commodity prices. The All-Ordinaries index rose 13.2 points to 1,482.1.
Brussels: Share prices closed mixed, with the BEL 20 index down 0.05 points to 1,129.97.
Frankfurt: The DAX index lost another 7.65 points to 1,500.59.
Milan: The MIB index rose 3 points to 852.
Paris: Share prices rose, pushing the CAC-40 index 25.28 points higher to 1,791.16.
Zurich: The Swiss Market Index rose 18.5 points to 1,980.7, its high for the year so far.
London: Report, page 29.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 2 Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
- 3 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 4 Britney Spears sings 'Alien' without Auto-Tune in embarrassingly brilliant leaked audio clip
- 5 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
‘Ryan Gosling got someone pregnant and it's not me. Brazil you think you’re devastated…’
Israel-Palestine crisis: ‘We just want it to end… We don’t deserve to live like this’
Israel-Palestine crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
Vanessa Feltz criticises 'vile' reaction to Rolf Harris allegations
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