Business & City Summary

BZW makes most of gilts market

Barclays de Zoete Wedd made nearly half the pounds 80m pre-tax profits recorded by all 19 firms in the gilts market last year.

Companies House records show the firm's gilts market- making subsidiary made pounds 37.17m before tax, against pounds 25.67m a year earlier. UBS and Greenwell Montagu were next most profitable, with pounds 7.9m and pounds 7m respectively.

UBS splits roles

UBS is splitting the roles of chairman and chief executive in the UK. Rudi Mueller has held both roles since 1989 and will remain as chairman, focusing on the group's UK strategy. David Robins will become UK chief executive and deputy chairman from 1 January 1994. Mr Robins has been with UBS for 13 years, working on global projects in Zurich for the past three years.

BAe cuts 300 jobs

British Aerospace is to cut 300 jobs at two ammunitions factories because of cuts in defence spending. The jobs will go at Birtley, near Newcastleupon-Tyne, and at Glascoed, Gwent. There may be some compulsory redundancies.

Rights record

Rights issues have had a record year in 1993, according to the London Stock Exchange monthly fact sheet issued yesterday. So far there have been 144 rights issues raising pounds 10.4bn. The previous record was in 1991 when 157 issues raised pounds 10.1bn.

Ferranti offer

GEC has agreed to pay Ferranti's preference shareholders between 47p and 69p as part of its takeover of the debt-laden defence electronics company. John Katz, representing ordinary shareholders who have been offered 1p a share, called it an extremely generous offer.

Warburg moves

SG Warburg Group has appointed Peter Bass and Peter Twachtmann to the board. Mr Bass and Mr Twachtmann were made joint heads of the newly merged fixed interest and treasury division last year.

Sunday opening

William Morrison is to open 47 of its supermarkets on Sundays, starting next week, in areas where local authorities have been taking a relaxed line. It said it still believed there was no additional business to be gained from Sunday opening, but it recognised that customers wanted the choice.

World Markets

New York: Early selling evaporated as bond prices firmed, and by the close the Dow Jones Industrial Average was 18.45 points ahead at 3,643.43.

Tokyo: With investors selling in force the Nikkei average plunged heavily for the second day running, losing 359.33 to 18,590.46.

Hong Kong: In what was described by brokers as a panic reaction to the fall of Hong Kong stocks in London, the Hang Seng dived 207.95 to 8,996.93.

Sydney: Profit-taking and pessimism over the rate of economic growth sent the All Ordinaries index down 21.7 to 2,079.9.

Johannesburg: Bullion's continued strong gains swept gold shares higher. The overall index added 26 points to 4,004.

Frankfurt: Prices ended sharply lower in moderate trade, with the DAX 50.05 weaker at 2,012.56.

Paris: Continuing its decline, the CAC-40 index lost another 54.96 points to 2,081.01.

Zurich: After a weak opening on Wall Street's losses prices continued to fall, taking the SPI down 28.87 points to 1,680.99.

Milan: Political worries dragged the market sharply lower.

London: Report, page 22.