Business news in brief

The Transport & General Workers Union ballots its 100,000 members in local government today over its pay and single status deal, aimed at setting a minimum wage of pounds 4 an hour and eliminating discrimination between male and female, and blue and white collar, workers. Jack Dromey, public services national secretary of the TGWU, said he was confident of a unanimous vote to push through the agreement.

Compaq Computer Corp announced yesterday it would cut prices on a number of products, including its business desktop personal computers, by up to 23 per cent. This is the third time this year that the company has announced its intention to cut its prices, in a bid to extend its market share lead. Compaq is already the global leader in personal computer sales.

Nikko Securities Co International, a division of Japan's Nikko Securities Co Ltd, has named Timothy Cronin co-president and co-chief executive. Mr Cronin was previously PaineWebber Group's executive vice-president of global risk and had a place on the board. He will share the titles with Toshio Yokoyama, and together the pair will serve as co-president and co-chief executive officer of Nikko Americas Holding Co.