Business and City in Brief

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The Independent Online
Arjo under investigation

Arjo Wiggins Appleton is under investigation by the US Justice Department over price-fixing of thermal fax paper. As part of a plea bargain Kanzaki Specialty Papers pleaded guilty in Canada to conspiring with others, including Appleton, to lessen competition.

No charges have been brought against Appleton in the US or Canada and the company believes it has not engaged in any illegal pricing activities.

Growth prospect

The Organisation for Economic Cooperation and Development predicted UK growth of 2.8 per cent this year, rising to 3.2 per cent in 1995.

View from City Road, page 11

US industrial rise

A 0.5 per cent rise in June US industrial production was put down to greater utility output and did not stir inflation fears.

Standard applies

Standard Life is to apply for membership of the Personal Investment Authority. It said now that the PIA was established as the main regulator governing the sale of retail financial services, it was in the interests of customers to join.

View from City Road, page 11

Hopkinsons sale

Hopkinsons Group is selling England-Worthside, its manufacturer of beer pumps and distributor of related products, to the management for pounds 6m.

Melton wins suit

Melton Medes, the conglomerate owned by Nat Puri, has won damages of more than pounds 1m in the High Court from TBP Industries, a subsidiary of Tarmac. Melton acquired TBP's carpet business and found profits to have been inflated by more than 30 per cent.

Airport receivers

Southampton (Eastleigh) Airport Developments has been put into administrative receivership by Standard Chartered Bank.

AT&T's green light

The US Justice Department signed an anti-trust consent decree giving AT&T the green light to buy McCaw Cellular Communications for dollars 12.6bn. The decree requires AT&T to keep McCaw as a separate unit.

Supersonic deal Boeing and McDonnell Douglas have been selected by the US space agency Nasa to lead a team developing technologies for the next generation of supersonic transport aircraft. Nasa valued the deal at dollars 880m.

Steel rise

(First Edition)

Britain's steel industry, dominated by British Steel, produced an average 349,000 tonnes a week in June, 1.7 per cent above the output of June last year but 2.1 per cent below May 1994.

WORLD MARKETS

New York: In volatile trading shares roller-coastered but by the close the Dow Jones Average had recovered to end up 14.56 points at 3,753.81.

Tokyo: With investors still worried about the yen's strength against the dollar, the Nikkei average added 52.11 to 20,770.15.

Hong Kong: Foreign funds poured back into the market on the steadier outlook for US interest rates. The Hang Seng index soared 308.74 points - more than 3.5 per cent - to 9,117.02.

Sydney: A continuing rally in futures helped the All Ordinaries index to a 2.5 per cent surge, closing 50.3 points up at 2,058.

Bombay: End-of-session profit- taking restricted the index to 4,127.2, a gain of 33.57 points.

Johannesburg: A firmer gold price and hopes of improved corporate results lifted the overall index 69 points to 5,576.

Frankfurt: Short-covering ahead of the weekend raised the DAX index 37.99 points to 2,093.61.

Paris: Closed (holiday).

Zurich: After extending the previous day's gains during the morning, shares fell back to close with the SPI 7.34 off at 1,670.77.

London: Report, page 11.

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