Business and City in Brief

NatWest launches fresh fixed rates

National Westminster Bank has launched a new range of fixed- rate mortgages. The five-year rate at 7.75 per cent is 0.5 percentage points higher than the last five-year fix, which was withdrawn just over a week ago.

The two-year fix is at 6.25 per cent, and there is also a 10-year fix at 8.25 per cent. First-time buyers and existing NatWest home loan customers do not pay an arrangement fee, while others will be charged pounds 250.

Scottish impact

Scottish Chartered Accountants warned yesterday that receivers could become personally liable for wages, payment in lieu of notice and other employee expenses as a result of an English court judgment last month on Paramount Airways.

Shaw to step down

Neil Shaw, chairman of the Association of Lloyd's Members, representing 8,000 underwriting members of the Lloyd's insurance market, is to step down from the post at the association's annual meeting in July.

Failures fall

Every region and all business sectors reported a fall in business failures in the fourth quarter of 1993 from a year earlier, according to Trade Indemnity, the credit insurance group. Total business failures fell 29 per cent.

Manweb cuts bills

Manweb is to cut electricity bills for domestic customers by 4 per cent over the next year. Customers will receive a pounds 10 rebate by 31 March and will see their prices fall by 1 per cent from 1 April.

ICI in China

Imperial Chemical Industries is to take a 2.5 per cent stake in Yizheng Chemical Fibre Company, the Chinese polyester producer, which is floating on the Hong Kong stock exchange. The investment will cost about dollars 6m.

Opec output up

Opec oil production rose by 120,000 barrels per day to 24.76 million bpd in February, despite a further decline in below-quota Iranian output, the Middle East Economic Survey estimated.

Healthy spending

SG Warburg said consumer spending in Britain was healthy enough to withstand tax rises due in April and raised its forecast for GDP growth in 1994 to 3 per cent from 2.6 per cent.

Brazilian Gas

British Gas, Rolls-Royce and Brazil's state-controlled oil monopoly, Petrobras, have discussed a possible partnership in a dollars 4bn gas project. Pipelines would be built from the Bolivian Andes to the industrial cities of southern Brazil, where gas-fired power stations would be built.

World Markets

New York: The Dow Jones average had gained 23.92 points to 3,856.22 by the close. Continuing losses lowered USAir although other air shares rose.

Tokyo: Light futures-linked selling wiped out early gains. The Nikkei average finished 154.12 points weaker at 19,811.88.

Hong Kong: Continuing its recovery, the Hang Seng index added 143.36 points to 10,061.55.

Sydney: Renewed confidence boosted the All Ordinaries index 27.9 points to 2,144.7, regaining almost all of last week's deficit.

Bombay: The post-budget downward trend continued, with the index 68.58 lower at 3,732.98.

Johannesburg: Progress on the political front took shares higher despite a lacklustre gold price. The overall index gained 61 points (1.2 per cent) to 5,071.

Frankfurt: The engineering wage agreement inspired a 48.82- point surge by the DAX index to 2,108.91, the day's high.

Paris: Maintaining its upward trend, the CAC-40 index advanced 41.2 points to 2,219.89.

Zurich: Fuelled by gains in other markets, the SPI was marked up 29.8 points to 1,869.11.

London: Report, page 26.