Business and City in Brief
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Treasury man wins EC post
Sir Nigel Wicks, a senior Treasury official in charge of international finance, has been elected chairman of the European Community's powerful monetary committee of top finance and central bank officials.
Speculation is also growing that Andrew Crockett, a Bank of England director in charge of international issues, will shortly be appointed general manager of the Basle-based Bank for International Settlements, the central bankers' bank.
Maxwell stake sold
The administrators of Maxwell Communication Corporation, Price Waterhouse, have sold the group's 50 per cent stake in the Macmillan/McGraw-Hill school book joint venture to McGraw- Hill for dollars 338m, bringing total realisations from the MCC administration to more than dollars 1bn.
Viacom support
Nynex, the US regional telephone company, will buy dollars 1.2bn of cumulative convertible preferred stock of Viacom, the cable and entertainment group, providing support for the proposed merger between Viacom and Paramount Communications.
Export confidence
Confidence among exporters has grown in the last three months after two consecutive quarters of deterioration, according to the latest survey of exporters carried out by Gallup for DHL, the distribution company.
Fenchurch prepares
Fenchurch, the insurance broker, plans to come to the market this year with a placing and intermediaries offer. JO Hambro Magan is financial adviser and James Capel is sponsor and broker.
Cars plunge
French car production fell 17.5 per cent to 290,115 units in July and August from a year earlier, the French Car Constructors' Committee said. Renault's output fell 18.88 per cent, Peugeot's 18.34 per cent and Citroen's 13.13 per cent.
US Army deal
Short Brothers, the Belfast aerospace manufacturer, said it had won an order to supply the US Army National Guard with 20 Sherpa military transport aircraft in a contract worth more than pounds 70m. There is an option for a further 10 aircraft worth about pounds 30m.
VW in China
Volkswagen said it had approached provincial governments in China about building a plant to make commercial vehicles. It also announced it had offered to sell tenants companyowned housing valued at more than DM300m.
LSB stops talks
London Scottish Bank said it had ended talks that might have led to an offer for the financial services and banking group.
World Markets
New York: Blue chip shares edged lower as traders bided time. The Dow Jones Industrial Average shed 3.35 points to end at 3,577.76.
Tokyo: Light index-linked selling in thin trade lowered the Nikkei average 18.7 to 20,264.43.
Hong Kong: Strong overseas institutional buying took the Hang Seng index to another record - up 68.1 at 7,744.32.
Sydney: A rally in the gold price inspired by the Russian crisis helped the All Ordinaries index to 1,977, a gain of 4.3.
Bombay: Dull trade influenced by the earthquake and the 'tainted shares' affair sent the index down 28.07 to 2,634.77.
Johannesburg: A fall in industrials, with gold offering little support, left the overall index 22 points weaker at 3,741.
Paris: Reversing a weak opening as concern about Russia eased, the CAC-40 index ended 11.94 to the good at 2,128.66.
Frankfurt: Shares firmed in thin trade, with the DAX index putting on 11.63 to 1,923.72.
Zurich: Prices closed slightly higher, with the Swiss Performance Index up 3.96 at 1,568.14.
London: Report, page 27.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments