City & Business In Brief

PowerGen set for forecast PowerGen said it expected to announce a dividend forecast for the financial year to 2 April 1995 on 25 January. An extraordinary yesterday also approved the company's planned purchase of about 62.8 million of its own ordinary shares from the Treasury. The purchase will represent between 6.5 and 8 per cent of PowerGen.

Chrysler record Chrysler, the American car giant, announced net fourth-quarter profits of $1.17bn against $777m in the same quarter last year. It gave the group record profits in 1994 of $3.71bn against a $2.55bn loss in 1993.

Latin campaign A promotion urging companies to step up trade with Latin America was launched yesterday. Michael Heseltine, President of the Board of Trade, said countries with a total population of 400 million people had "boundless potential" for exporters.

Longwall offer At the first closing date of the offer for Longwall, Dobson Park has received acceptances in respect of 11,064,225 Longwall ordinary shares, representing approximately 40.6 per cent of the issued ordinary share capital of Longwall and approximately 53.1 per cent of the voting rights of Longwall.

Sturge optimistic Sturge, the Lloyd's insurance agency, said the outlook for its 1993 and 1994 accounts was good if Lloyd's succeeded in its plans to isolate losses from earlier years. Sturge's chairman, David Coleridge, who is a former chairman of Lloyd's, was announcing the group's underwriting capacity for this year, which will be £633m, against £662m in 1994.

BP buyers BP said it was evaluating a number of bids for its US-based carborundum business, expecting to announce the winner next month. Some analysts believe the business may fetch up to $500m.

Lyonnais loss Credit Lyonnais said its former managing director, Francois Gille, is to resign from his current duties with the bank "for personal reasons".

Flat Kingfisher A Christmas trading statement to be released by Kingfisher today is expected to show overall flat like-for-like sales.

Lira low The Italian lira plunged to a new low of 1,060 to the German mark after the former prime minister, Silvio Berlusconi, said he would not support the new government formed by Lamberto Dini last night.

World Markets New York: Profit-taking after two days of gains had lowered the Dow Jones Average 8.07 to 3,924.27 by early afternoon.

Tokyo: Selling in the wake of the quake lowered the Nikkei Average 89.95 at 19,241.32.

Hong Kong: The Hang Seng index gained 102.27 points to 7,605.52 on nibbling by overseas institutions.

Sydney: The All Ordinaries index rose 1.5 at 1,880.6.

Johannesburg: Determined overseas selling cost the overall index 81.2 at 5,515.

Frankfurt: Ahead of US production figures, the DAX rose just 1.77 to 2,083.87.

Milan: Renewed political worries depressed the Mibtel index 119 at 10,604, Zurich: The SMI index eased 8.8 points at 2,582.8.

Paris: Concern about a rise in US interest rates left the CAC-40 index down 15.87 points at 1,856.94.

London: Report, page 34.

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