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.LIFE OFFICES CUT POLICY RETURNS
Three life offices, Equitable Life, Eagle Star and AXA Equity & Law, have reduced returns on with-profits endowment policies.
Eagle Star has cut returns on 10 and 25-year policies by 12.7 and 2.8 per cent; Equitable Life by 7.6 and 0.7 per cent; and Axa Equity & Law by 7.3 and 2.6 per cent.
PALLADIUM SOARS
European palladium prices soared dollars 6 to dollars 111.50 and platinum shed dollars 3.25 to dollars 343.65 when Allied-Signal in the US confirmed it had developed a new autocatalyst system that would cut precious metal content costs by 30-50 per cent. However, the precious metal refiner Johnson-Matthey said it had been aware of the technology 'for some time'.
NEW GM VICTIM
The controversy over General Motors pick-up trucks claimed another victim in the US with the resignation of Michael Gartner, president of the news division of the NBC television network, a subsidiary of General Electric. Last month, the network was obliged to apologise for having rigged the explosion of a GM pick-up in an investigative report.
ICI PAINTS DEAL
ICI Paints said it reached agreement with Lilly Industries of Indianapolis for the transfer of its US-based liquid industrial coatings business in exchange for an undisclosed sum and Lilly's packaging coatings business.
RAILWAY HOPES
Ernst & Young has been appointed as a consultant to examine privatising the loss-making Docklands Light Railway.
MORE OPEC OIL
Crude oil production by the Organisation of Petroleum Exporting Countries rose in February by 150,000 barrels a day to 25.32 million.
50m POUNDS BES PLAN
Britannia Building Society is hoping to raise pounds 50m via a Business Expansion Scheme to buy its repossessed properties.
GOING FOR BROKE
Bankruptcies in western Germany rose 16.4 per cent to 9,828 in 1992 from 8,446 a year earlier, while in eastern Germany 1,087 companies went to the wall in 1992, almost three times the number in 1991.
RECKITT EXPANDS
Reckitt & Colman expanded its European interests with the acquisition for an undisclosed amount of the Mantovani toiletry brand in Italy from Star.
AIRLINES LOOK UP
European airlines are seeing a revival in fortunes with overall traffic up 10 per cent in January against the same period in 1991.
WORLD MARKETS
NEW YORK: Demand for tobacco and consumer product shares propelled the Dow Jones Average 45.12 points higher to 3,400.53 by the close.
TOKYO: Late index-linked buying helped the Nikkei Average recoup early losses to close down 15.35 at 16,864.25.
HONG KONG: Renewed doubts over a British-Sino settlement lowered the Hang Seng index 54.59 to 6,344.23.
SYDNEY: Hopes of lower interest rates after the general election lifted the All Ordinaries index 5.7 to 1,645.
JOHANNESBURG: The overall index shed 26 to 3,397 on lack of interest.
FRANKFURT: Light profit-taking nudged the DAX index 4.21 lower at 1,696.74.
MILAN: The MIB index closed 1.19 per cent higher at 1,186 in heavy volume.
PARIS: Increasing hopes of lower German interest rates left the CAC-40 index 2.70 ahead at 2,001.50, its best level since 2 June last year.
LONDON: Report, page 25.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments