Business and City in Brief
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Your support makes all the difference.Lawyers most popular advisers
Lawyers, headhunters and management consultants are the most popular advisers with companies, while accountants are rated sixth, below outplacement specialists and recruitment agencies, according to a survey covering a cross- section of manufacturers and service companies published by the search and selection company Rundle Brownswood. It also shows that headhunters follow lawyers as the most widely used advisers.
Good service and personal contact were the most important influences on choice of adviser, cited by 84 and 82 per cent of respondents respectively. Sixty-three per cent named recommendation from other clients. Direct mail, advertising and publicity carried little weight.
News MD at 22
Lachlan Murdoch is to become managing director of News Corp's Queensland Newspapers. Mr Murdoch, 22, is the son of Rupert Murdoch, News Corp's chairman and chief executive.
Meeting axed
A group of shareholders in Waterglade International seeking to remove the company's board are likely to requisition another extraordinary general meeting after yesterday's was adjourned. Waterglade's chairman, David Cunningham, told the egm that the meeting was invalid because the requisitioners did not comply with the company's articles of association.
Pounds 500,000 option
Brian Bailey, managing director of information provider UAPT Infolink, could be in line for compensation of pounds 530,000 if the pounds 6-a-share bid for the company by Equifax of the US succeeds and he loses his job. He has a five-year rolling service contract. A rival US bidder, Trans Union, is offering 550p a share.
MBO threat shifts
Nearly two-thirds of UK development capitalists see trade- buyer competition as an increasing threat to their management buyout investment activities, according to a report from Ernst & Young. A year ago the main concern had been raising new funds; now it was whether there were enough quality deals to go round.
Tin issue succeeds
The South Crofty tin mine share issue has been confirmed as a success following completion of the verification process, managing director Kevin Ross said. Loans from the Department of Trade and Industry and RTZ have been formally waived.
World Markets
New York: Inflation fears eroded shares and by the close the Dow Jones Average had fallen 21.05 points to 3,755.43.
Frankfurt: Prices fell slightly but unmoved by news that the Bundesbank left key rates unchanged and held its repo rate at 4.85 per cent for the next two weeks. The DAX index closed at 2,153.56, down 8.73 points.
Paris: The lack of change in German interest rates sent the CAC- 40 index plunging by 24.44 points to 2,010.54.
Milan: Prices edged higher in light trade, with the Mibtel index rising 153 points to 10,388.
Hong Kong: Shares fell slightly on selective selling of property counters. The Hang Seng index fell 19.09 points to 9,518.89.
Singapore: The Straits Times Industrial index gained 13.57 points to 2,357.97.
Tokyo: A late rise pushed the Nikkei 225 index 38.21 points up to 20,862.77.
Sydney: Prices continued to rise on a 0.75-percentage-point rise in official cash rates. The All Ordinaries index closed up 7.3 points at 2,066.8.
London: Report, page 32.
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