Business & City Summary

Six-year high for North Sea output

Britain's North Sea output rose 1 per cent last month to its highest level for six years. Its value rose 3 per cent to pounds 27m a day, the highest since November 1990, according to the Royal Bank of Scotland.

The value would have been greater if sterling had not strengthened against the dollar, causing the average sterling price of oil to rise only 2 per cent, the bank said.

750 for TV plant

Up to 750 jobs will be created in a pounds 200m glass manufacturing factory at Cardiff Bay in South Wales. The plant, a joint venture between Nippon Electric Glass of Japan and Schott Glaswerke of Germany, will produce glass components for the television industry.

Allianz surges 70%

Allianz, the German insurer, reported a 69.8 per cent increase in net profit to DM1.46bn ( pounds 591m) in 1993 from DM860m a year earlier. The company said its loss from pure insurance business shrank to DM1.19bn from a loss of DM1.68bn.

Art auctions take off

Sotheby's Holdings said art auction sales, excluding private treaty sales, for the August 1993 to July 1994 season were pounds 919m, an increase of approximately 19 per cent over the previous season.

TV appointment

Scottish Television has appointed Blair Jenkins director of broadcasting. He takes over from Eileen Gallagher who is joining Granada/LWT in London.

Strategic alliances

Associates and joint ventures should be viewed as strategic alliances and represented in investors' consolidated financial statements through the equity method of accounting, according to a discussion paper published by the Accounting Standards Board today. The ASB also published the final chapter of its draft statement of principles, dealing with the preparation of financial statements.

Accountants' pay up

Accountancy salaries have risen an average 5.7 per cent in the past year, according to the latest survey by leading financial recruitment agency Accountancy Personnel, published today.

CBI seeks investment

The Confederation of British Industry called on the Chancellor to reform the British corporation tax in order to boost investment in UK industry. It also warned that government proposals for reform of occupational pensions could result in lower benefits to pension holders and pension companies.

World Markets

New York: Active trading on the back of a continuing decline in the bond market left the Dow Jones average 15.21 points weaker at 3,720.47 by closing.

Tokyo: Only buy orders from public funds offered any support as the Nikkei average dipped 208.14 points to 20,137.23.

Hong Kong: The positive government land sale results boosted sentiment. The Hang Seng index jumped 207.82 points to 9,402.18.

Sydney: Tight-range trading left the All Ordinaries index just 0.4 of a point firmer at 2,041.7.

Bombay: Selling ahead of the end of the account lowered the index 9.27 points to 4,098.83.

Johannesburg: Mining shares led the market higher, with the index 51 points stronger at 5,658.

Paris: Weakness in bond prices helped to send the CAC-40 index down 23.15 points to 2,055.69.

Frankfurt: Despite good results from blue chip companies the DAX index fell 11.52 to 2,140.44.

Zurich: Nestle and drug stocks bore the brunt of losses as the SPI plunged 31.41 to 1,690.86.

London: Report, page 34.