Its businesses include aeroengines appliances industrial systems lighting plastics power systems transport systems and

Its businesses include aeroengines, appliances, industrial systems, lighting, plastics, power systems, transport systems and NBC, the US broadcaster. It owns GE Capital, one of the world's biggest financial services groups.In computers, Microsoft slipped to second behind Intel but was rated for its success in attracting and retaining staff.Royal Dutch/Shell emerged as the most admired oil company. Nestle was top in food, while KLM was first in airlines and Toyota in cars.Fortune says its survey, compiled by Hay Group, the management consultants, shows that the most admired companies had corporate cultures which differ dramatically from lesser rivals."The key priorities were teamwork, customer focus, fair treatment of employees, initiative, and innovation," the magazine claimed. THE US giant, General Electric, has come top in a survey of the most admired companies in the world, with Coca-Cola, Microsoft and Disney close behind, says a survey compiled by Fortune magazine. GE was rated top of the corporate pops by executives, directors and analysts, who were asked by the US journal to grade companies on an "all-star" rating for corporate performance. Narrowly behind were other household names such as Sony, Toyota, ABB, Daimler-Benz and British Airways.

"It could be spring before the new issues market picks up."Before then, Mr Austin says the total number of quoted companies could shrink, with the number going private or being taken over exceeding the number floating.. But most say the impact will be minimal.For venture capital funds the impact is likely to be one of timing and a slowing of expectations on investment returns.Venture capital funds may find themselves locked into certain deals for longer than expected but experts say it will only become a problem if current market conditions prevail for another three to six months.If the turmoil does persist, companies may have to seek trade buyers rather than a float although this is often less popular with the managements as it means they surrender control.Neil Austin, of KPMG corporate finance, says the weak stock market could provide cash-rich venture capital funds with ample opportunities to buy quoted companies, as opportunities to raise additional capital through the market evaporate and smaller stocks become increasingly under-valued.He predicts a lag of several months between the market stabilising and banks gearing up to float companies again. On this basis banks such as Credit Suisse First Boston, BTAlex.Brown and Warburg Dillon Read are more likely to be affected than rivals such as Schroders, Morgan Stanley and Goldman Sachs, which top the recent Acquisitions Monthly list. They say that float fees are not as important as advisory work on mergers and acquisitions.

Torotrak pressed ahead with its de-merger from British Technology Group. Hillsdown Holdings spun-off its Fairview Homes and Terranova Foods divisions this week despite market turmoil. Sears persevered with the de-merger of Selfridges department store business, but the jury is out on whether it will go ahead with the de-merger of its Freemans mail order business that is currently scheduled for later this year.The major banks deny that a buyers' strike is bad for their income streams. "You are more likely to get a positive response from specialists in certain sectors rather than general fund managers."Many of the major new listings in recent months have been de-mergers from larger companies. "Some people are pretty shell- shocked and the general mood is not to look at smaller companies," says Larry Maddy at Gilbert Elliott, broker to the issue.

Virgin Rail sold half of its equity to Stagecoach rather than seek a flotation. Tetley, the tea and coffee company, had been due to come to the market in July but delayed its plans amid rumours of interest from a trade buyer who has yet to materialise. Pinnacle Leisure, a health club operator, had been scheduled to come to the market this month but the float has now been pulled.Others are pushing ahead regardless. Old Monk Company, an operator of managed pubs, is pressing on with its pounds 13m float but will raise less than the pounds 3m first hoped for.MSW Technology is also going ahead later this month although talks with potential investors have not been easy. It's a case of having to get bigger in order to keep pace with what's going on in the sector," said David Pope at broker Wise Speke.Industry experts said the deal would put pressure on First Choice, now the only one of the big four tour operators without a travel agency network. In recent years the market has undergone a phase of vertical integration, with tour operators buying travel agencies.