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US goes ahead with duties on EC steel

The US Commerce Department imposed anti-dumping duties on steel from 19 nations, including the UK, and final duties on 12 countries accused of illegal steel subsidisation in a move affecting imports worth dollars 3.2bn.

The anti-dumping duties range from 1.47 to 109 per cent, with the UK and Brazil paying most. The countervailing duties range from 0.5 to 73 per cent, with Italy the hardest hit.

Exporters confident

Export confidence is growing among British companies, with 82 per cent describing order books as either good or very good in a survey by Trade Indemnity, the credit insurance group. A total of 64 per cent of firms report an increase in sales inquiries in the last quarter, 72 per cent are optimistic about prospects over the next 12 months, while 31 per cent hope to increase staff over the next year.

Fox changes name

London Fox will revert to its former name of The London Commodity Exchange and focus on core contracts of coffee, sugar and cocoa, the exchange said yesterday after a review of its activities. It reported a surplus for the first time in three years.

pounds 3.25bn gilts auction

The Government will auction pounds 3.25bn of 8 per cent Treasury stock due 2003 at its next auction on 30 June, the Bank of England said. Dealing in the partly-paid stock on a 'when-issued' basis can begin immediately.

pounds 25m in the pipeline

Whessoe piping systems division was awarded a pounds 25m contract to supply pipework for the Suralaya Power Station in Java.

German car sales dive

Registrations of new vehicles in Germany plunged 17.5 per cent in May from April and were down 19.3 per cent on the year-ago figure.

India accuses banks

A parliamentary panel investigating India's dollars 1.28bn securities scandal accused foreign banks of initiating the scam and demanded a tighter leash on their activities.

Vickers deal

Vickers, the engineering company, signed a pounds 140m contract with Oman for the sale of the new Challenger 2 tank and other vehicles.

World Markets

New York: A profits warning by the huge K-Mart group depressed retail shares. By the close the Dow Jones Industrial Average was down 13.29 points at 3,497.53.

Tokyo: Bargain-hunting after the previous day's losses lifted the Nikkei average 325.87 to 19,538.3.

Hong Kong: Prices rebounded after three days of heavy losses, but sentiment remained cautious. The Hang Seng added 43.15 to 7,046.73.

Sydney: The All Ordinaries index slipped 9.9 points to 1,716.7 in a session of featureless trade.

Johannesburg: A softer gold price took the wind out of Monday's bullish sentiment, but industrial stocks remained firm. The overall index eased six points to 4,005.

Paris: Shares fell away from their highs as investors took profits ahead of today's account end. The CAC-40 added 6.11 to 1,935.28.

Frankfurt: Profit-taking reduced early gains to leave the DAX index 8.26 points to the good at 1,698.08.

Milan: Buying of Fiat shares reversed an early downward trend. The MIB rose 0.43 per cent to 1,166.

Istanbul: Climbing 136.4 points to 11,276.8, the index posted its ninth record of the month. It has gained 16.7 per cent in the past week.

London: Report, page 26.