City and Business in Brief

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The Independent Online
Brokers cleared in Archer affair

The stockbroker Charles Stanley has been cleared by the Securities and Futures Authority of any breaches of City rules in Lord Archer's purchase of Anglia Television shares.

Lord Archer, whose wife is a non-executive director of Anglia, bought shares through Stanley on behalf of a friend on the day before MAI's offer for the company last spring.

Top advisers

Morgan Stanley topped Acquisitions Monthly's table of cross- border European merger and acquisition advisers in the first six months, followed by Goldman Sachs and SG Warburg.

German growth

The German economy grew by 1 per cent in the second quarter, taking GDP to a level 2.3 per cent higher than a year earlier. The rise, in line with market expectations, was due to an increase in stockbuilding. Consumer spending fell 1 per cent during the quarter.

pounds 750m jets deal

British Aerospace has clinched a deal worth an estimated pounds 750m for the sale of Hawk trainer aircraft to Saudi Arabia. The Government has agreed the delivery date for the jets, which will be supplied under the defence co-operation programme that was announced in January 1993.

Wood nets pounds 2.7m

Peter Wood, chief executive of Direct Line, a subsidiary of Royal Bank of Scotland, has sold 620,000 shares in the bank worth pounds 2.7m, reducing his holding by a fifth to 2.4 million shares worth pounds 10.6m.

Warrant issued

A Belgian judge issued an international arrest warrant for Didier Pineau-Valencienne, the Schneider chairman who refused to present himself for questioning last Saturday.

Milk plea rejected

William Waldegrave, the Agriculture Minister, rejected calls for a Monopolies and Mergers Commission reference into milk marketing arrangements and the setting up of Milk Marque. He said the decision would not prejudice the right of the Director-General of Fair Trading to reach his own view when he assumed concurrent responsibility.

IBM axes 3,000

The US operations of IBM will shed 3,000 jobs this year as part of a cost-cutting programme to reduce its workforce by 35,000.

Juicy Orange

Orange, the mobile telephone operation owned by Hutchison Whampoa of Hong Kong, British Aerospace and Barclays, is on target to be profitable by 1997.

World Markets

New York: With technology shares leading the way, the Dow Jones Industrial Average was recording a 22.21-point gain at 3,908.46 by the close.

Tokyo: Prices closed at the day's lows in thin trade, with the Nikkei average 106.02 points in arrears at 19,917.7.

Hong Kong: Selective buying trimmed earlier losses, leaving the Hang Seng index 14.89 points easier at 10,150.98.

Sydney: Poor results from BTR Nylex helped to lower the All Ordinaries 15.3 points to 2,089.1.

Bombay: Hectic buying by institutions carried the index up 25.99 points to 4,556.32.

Johannesburg: Profit-taking pulled the market down despite the stronger gold price. The index shed 46 points to 6,007.

Paris: Firming bond markets and renewed hopes of lower European interest rates combined to take the CAC-40 index 19.2 points ahead to 1,983.4.

Frankfurt: Gains in bond futures boosted shares, with the DAX index adding 8.55 to 2,172.37.

Zurich: Very low volume saw the Swiss Performance Index edge up 0.38 of a point to 1,756.81.

London: Report, page 34.