Business News In Brief
Saturday 15 February 1997
The Bank of England said the working party was being launched with the agreement of BI itself, the City Corporation and Scottish Financial Enterprise. It will cover promotion of inward investment, improvement of access to overseas markets and better statistics. The retirement of the chairman of BI, Sir Brian Pearse, and its director general, Alison Wright, "presents an opportunity to review the evolution of the promotion of the whole of the UK's financial services".
Shares in Cedardata collapsed by 139p to 123.5p after the accounting software group warned that profits would be "considerably below market expectations". It said orders had been delayed mainly due to the impact of the Private Finance Initiative which had pricing increasingly competitive in the health sector. Analysts slashed profit forecasts for fiscal 1997 from pounds 5m to pounds 1m.
Jardine Matheson Holdings has sold its half-share in the life assurance group Jardine CMG Life to its joint venture partner, Colonial, for $163m (pounds 100m). Colonial is making the acquisition through its subsidiary CMG Asia.
Halifax Building Society, the UK's biggest mortgage lender, is coming into line with its rivals by cutting interest rates on all its fixed-rate mortgage offerings. Two-year fixed rates now start at 6.45 per cent, down from 7.25 per cent previously, three-year fixed rates at 6.90 per cent down from 7.85 per cent, and five-year fixed rates at 7.65 per cent down from 8.45 per cent.
Renault, the French car and truck maker, warned that its 1996 operating loss would be considerably higher than the market expected because of a difficult economic climate.
A government-backed company unexpectedly agreed to cover the entire losses suffered by Kizu Credit Co-operative, once Japan's largest credit cooperative. The Deposit Insurance Corporation said it will give 1,034bn (pounds 5bn) to a special bank set up to dispose of the bad loans.
The World Trade Organisation has asked Japan to narrow the gap between taxes on domestically produced liquors and imported ones by 1 February 1998.
- 1 Nokia no more: Microsoft drops once-ubiquitous mobile name – in favour of its Lumia brand
- 2 Renee Zellweger on plastic surgery: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Couple die within 28 hours of each other after being married for 73 years
Ottawa shooting: Canadian soldier dies after being shot at National War Memorial – with one gunman killed inside parliament
Renee Zellweger on plastic surgery: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Diwali 2014: What is the festival of lights and how is it celebrated around the world?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
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