Briefs

Press, 14 January 1986, Page 30

Briefs

Card Creek The Card Creek-1 well near Greymouth was at a depth of 606 m at 6 a.m. yesterday, Petrocorp said. Drilling is continuing. No tender There will be no Treasury bill tender this week, the Reserve Bank said. Forecasts of withdrawals from the banking system during the tender settlement period of January 15-21 suggested that a tender was not warranted this week. Bleak Greece Greece’s ailing economy may help persuade the Government to mend fences with the United States, the European Community and domestic business, according to diplomats and economic analysts in Athens. Bleak economic forecasts for 1986 predict falls on consumption, purchasing power and investments, coupled with rising unemployment. The Bank of Greece has said the balance-of-payments deficit increased 60.5 per cent between January and October, 1985, to reach SUS 2.7 billion (SNZS.4 billion). At that rate, the analysts say, the year-end deficit could reach SUS 3.2 billion (SNZ6.4 billion). Knight sale Southland Frozen Meat, Ltd’s divestment of the Knight Industries division continues

with.the planned sale of the Knight Sleepers manufacturing operation to an Invercargill manufacturer. Mr Terry Young, the general manager of Young’s Manufacturing, which makes Yunca heaters, would take over the sleeper operation at the end of January, the chief executive of SFM, Mr Terry Cooke, said. New shekel Israel has introduced its new shekel, which is one-thousandth'' the value of the old sheckel. The new shekel is worth about SNZI.43. The Government says the change was prompted by computers’ having a hard time dealing with the mounting zeros because of the tripledigit inflation rate which afflicted the economy until the Government adopted austerity measures in July. Inflation for 1985 is expected to be 200 per cent, compared with 445 per cent in 1984. ANZ subsidiary The ANZ Banking Group has made a further move to integrate its Grindlays subsidiary in Britain by setting up a new merchant banking operation in London under its own name. The new wholly owned subsidiary, ANZ Merchant Banking, Ltd, will integrate Capel-Cure Myers, the group’s London stockbrokers, with the international investment banking activities previously carried out in the name of Grindlay Brandts, Ltd.