Business and City in Brief

Genting lifts Lonrho stake

Genting Berhad, the Malaysian casino and property holding company, has bought a 3.88 per cent interest in Lonrho.

In July, Genting bought a 2.03 per cent stake, while an affiliate, Genting International, purchased 1.03 per cent.

Ethics research

A research centre at Manchester Business School, with a newly appointed professor of corporate responsibility, is to investigate the link between corporate environmental policy, responsibility and strategy. It is being funded for five years by the Co-operative Bank.

Leading article, page 26

BASF slumps

BASF, the German chemical group, suffered a 37.4 per cent fall in pre-tax profit to DM972m ( pounds 347m) in the first six months of the year, on low volumes and falling prices.

BICC contract

BICC, the cables and construction group, has signed a contract to buy Reynolds Metals Company's North American cables business for dollars 77m ( pounds 38m) cash.

Hurricane costs

General Accident said Hurricane Andrew could cost its US subsidiary as much as dollars 40m. The insurer's loss is capped at this level by reinsurance cover.

Citibank denial

Citibank's Bombay branch has denied any involvement with Harshad Mehta, a stocks and securities broker who is the key suspect in a billion-dollar Indian financial scandal.

Greek strikes

Strikes by thousands of workers protesting against the government's austerity programme brought Greece to a standstill.

GDP unchanged

The initial estimate of US second-quarter GDP growth remained unchanged, showing the economy grew at an annual rate of 1.4 per cent in the June quarter. Most Wall Street economists forecast a revision to show growth of 1.6 per cent.

Water award

The European Investment Bank is lending pounds 242m to five UK water companies to improve water quality in rivers and on beaches, and to enhance drinking water supplies.

Oil for Russia

The US Export Import Bank hopes to strike a dollars 2bn agreement with Russia this autumn to back up exports of US oil and gas equipment to Russia.

Hafnia cuts

Hafnia Holding, the Danish insurer that suspended payments last week, has completed plans to reduce domestic staff by 21 per cent, or 527 people.

World Markets

New York: Late selling of blue chips eroded earlier gains, leaving the Dow Jones Industrial Average up 7.83 points at 3,254.64.

Paris: Hopes of a fall in German interest rates lifted the CAC-40 index 1.18 per cent to 1,687.56 in quiet trading.

Milan: Pirelli was one of the few companies to gain as the MIB index shaded 0.26 per cent to a year's low of 771.

Frankfurt: Gains in Tokyo and a stronger dollar had buyers scrambling for shares, boosting the DAX index 40.14 to 1,513.42, its biggest one-day rise for more than a year.

Hong Kong: Fears of a Sino-US trade war prompted light profit-taking. The Hang Seng index shed 18.09 to 5,460.72.

Tokyo: Growing investor confidence sent the Nikkei average soaring 1,013.35 points, or 6.13 per cent, to 17,555.

Sydney: Encouraging company results helped the All Ordinaries index 8.8 higher at 1,543.3.

London: Report, page 31.