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.BARCLAYS CHOOSES NEW CHIEF
Barclays has chosen its new chief executive from outside the banking industry, the bank's deputy chairman, Sir Peter Middleton, told analysts in New York yesterday.
The appointment is expected to be announced later this week, after Barclays' board has officially approved the choice and the board of the appointee's current employer has been formally notified. The search for a new chief executive began four months ago, after pressure from shareholders prompted Andrew Buxton to split the role of chief executive and chairman.
PRIVATE TREASURY
The Treasury aims to encourage senior officials to spend two years on secondment to private-sector companies. Such postings will not be compulsory but will happen where resources permit and where the individual will benefit.
BAe REFINANCING
British Aerospace lifted the size of a refinancing package agreed last month to pounds 1.5bn from pounds 1.4bn, with the support of its banks.
TELECOMS SHAKE-UP
The Department of Trade and Industry is considering international telecommunications licences for Sprint Corp, Australia's Telstra Corp and IDB Communications Group's Worldcom unit.
FOOD FIRMS SQUEEZE
Increasing competitiveness among European food retailers and the prospect of cross-border expansion could put their credit ratings under pressure, according to a report by Moody's, the credit rating agency.
MCI NAMES NASH
Roy Nash, vice-president and controller of MCI Communications Corporation, has been named chief financial officer of the joint venture with British Telecommunications. Mike Read, BT's global networks director, is senior vice- president for worldwide planning.
TURNER'S DOLLARS 600M BUY
Turner Broadcasting System will pay more than dollars 600m in cash and shares for two Hollywood production companies, Castle Rock Entertainment and New Line Cinema.
SWISS GIANT COINS IT
Credit Suisse, the second-biggest Swiss banking group, reported pre- tax profits up 67 per cent to dollars 1.58bn for the first half.
ALLIED-LYONS IN INDIA
Allied-Lyons has formed a joint venture with Jagatjit, the publicly quoted drinks company based in New Delhi, to produce spirits.
RUSSIA CUTS EXPORTERS
Russia reduced the number of companies authorised to export oil and oil products, as well as non-ferrous metals, from 66 to 14 to improve control of strategic resources.
NEW MOSAIC CHIEF
Andrew Davison will become chairman of Mosaic Investments after its annual meeting on 10 September at which Hugh Sykes, the present chairman, will resign.
HALIFAX NOT TALKING
(First Edition)
Halifax Building Society, where Mike Blackburn has just taken over as chief executive, would not comment on a report that it was considering setting up its own life insurance company. It currently sells policies for Standard Life
INSURANCE GLOOM
(First Edition)
Re-insurance indusrty profits will suffer because of catastrophe losses, recesion and competition, says Standared & Poor's.
WORLD MARKETS
NEW YORK: Pharmaceuticals pushed the Dow Jones Average 17.88 ahead to a record 3,604.86 despite late profit-taking.
TOKYO: The governor of the Bank of Japan's press conference and today's meeting of economic ministers kept investors sidelined. The Nikkei 225 index closed 68.80 points down at 20,773.18.
HONG KONG: Optimism about corporate results helped to push the Hang Seng index up 32.18 points to 7,560.97.
SINGAPORE: The 30-share Straits Times Industrial index ended at a record closing high for the fourth consecutive day, soaring 23.06 points to 1,951.40.
SYDNEY: Overseas buying in the wake of Tuesday's budget continued, leaving the All Ordinaries index 9.6 points higher at 1,894.7.
FRANKFURT: Breaking a key resistance point boosted the DAX index 25.55 points to its highest close for three years at 1,935.62.
PARIS: Buoyant overseas markets and the stronger franc pushed the CAC-40 index 24.46 points higher to 2,160.75.
MILAN: Expectations of an interest rate cut helped the Mibtel index rise 61 points to 11,008.
LONDON: Report, page 36.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments