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Business and City in Brief

Friday 26 March 1993 19:02 EST
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Four airlines slash transatlantic fares

A price war has broken out on transatlantic routes with British Airways, Virgin Atlantic, American Airlines and United slashing fares by up to pounds 90 from 1 April to 15 June.

BA, American and United are introducing pounds 259 return fares to New York, Newark, Philadelphia, Washington DC, Pittsburgh, Boston and Atlanta, a saving of pounds 70. Virgin is offering return fares of pounds 249 to New York and Boston, pounds 299 to Miami and Orlando and pounds 319 to Los Angeles.

Brown Shipley deal

Guinness Peat Group, Sir Ron Brierley's investment vehicle, succeeeded in its bid for Brown Shipley, the fund management and stockbroking group. Kredietbank of Luxembourg, which had bid 30p a share, sold its 29.9 per cent stake to GPG after reaching agreement on claims it had against Brown Shipley. GPG offered 35p a share, valuing the company at pounds 5.6m.

Commerzbank up

Commerzbank, Germany's fourthlargest bank commercial bank, operating profits rose 10 per cent in the first two months of 1993 compared with 1992 when full-year profits were up 15.5 per cent to DM 1.949bn.

Aer Lingus resignation

Aer Lingus, the ailing state-owned Irish flag-carrier, faces further upheaval following the sudden resignation of Kyrl Acton, chief executive of passenger services. The airline expects to lose pounds 100m this year.

Steelworkers march

About 70,000 steelworkers marched in Bonn to protest against the threatened loss of 40,000 jobs. Franz Steinkuehler, leader of IG Metall metal and engineering workers' union, demanded an end to cheap prices and dumping.

World Markets

New York: A sharp decline in bond prices on fears of higher interest rates to combat the threat of inflation sent the Dow Jones Average plunging 21.34 points to 3,439.98 in a late sell-off.

Tokyo: Increasing optimism over the economy bolstered the Nikkei Average 23.78 to 18,788.70.

Hong Kong: Good company results helped to boost the Hang Seng index 94.28 to 6,341.25.

Sydney: The All Ordinary index leapt 15.2 to 1,675.9 as the government reaffirmed its commitment to boosting economic growth.

Johannesburg: Profit-taking after recent strong gains lowered the gold index 22 to 1,153.

Milan: Weakness in Fiat shares contributed to a 0.19 per cent fall in the MIB index to 1,076.

Zurich: Declining swap and money market rates propelled the SMI index 22.5 points higher at 2,160.

Frankfurt: The DAX index firmed 4.14 to 1,661.29 in thin trade as investors remained on the sidelines.

Paris: The CAC-40 index improved 24.42 to 2,025.78 on hopes of lower interest rates.

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