News in brief

Out of power

Keith Henry has resigned as chief executive of National Power. He is said to have lost the confidence of the rest of the board, following the company’s poor performance in the UK over the past year.

TI seeks takeover

TI Group this week launched a $570m (£352m) bid for Walbro, the Nasdaq-quoted manufacturer of automotive fuel and storage systems. The Walbro board is recommending the bid to its shareholders.

ICI sells car paint

PPG Industries, the world’s second biggest producer of automobile paints, has agreed to buy ICI’s vehicle coatings businesses, except for those in India, for $684m (£423m).

Euro `scarcely used’

The euro has been `scarcely used’ in UK domestic business transactions, a KPMG survey has revealed. The survey found that despite the euro’s low impact, `a significant share’ of firms used it at least once in its first month.

UK’s high-tech lead

Britain’s position as Europe’s top location for high-tech industry was underlined this week as ICL-Microsoft announced a new software development centre in Northern Ireland. And EC figures showed that more than 27% of the 16 million high-tech jobs in Europe were based in Britain in 1997 – compared with 19.9% in Germany

UK-Turkey accord

The UK and Turkey’s automotive component industries signed a co-operation agreement this week. It details ways in which the two countries can work together to finds areas of common interest and identifies potential joint ventures.