Business and City in Brief

Berlitz settles with MCC

Berlitz, the US language school group, announced yesterday that it had reached agreement with Maxwell Communication Corporation on outstanding claims between the former members of the late Robert Maxwell's empire.

Over half of Berlitz's shares were pledged as collateral by Mr Maxwell to three separate institutions, resulting in litigation after his death to decide the shares' ownership. Berlitz also confirmed that yesterday's settlement clears the way for its merger with Japan's Fukutake Publishing.

Turnbull dies

Sir George Turnbull, who retired because of ill health as chairman and chief executive of Inchcape last year, has died, aged 66. During his period at the top of the company, profits grew from pounds 86m to pounds 185m. His previous career in the car industry included spells at British Leyland, Hyundai and Talbot.

DTI success

There were 15 successful prosecutions following company investigations by the Department of Trade and Industry's Investigations Division in the three months to the end of September, compared with seven in the previous three months, the department said. The divisions work covers commercial fraud, insolvency offences and insider dealing.

Asbestos charge

A US wing of Cadbury-Schweppes, the confectionery and soft drinks group, and eight employees, have been charged with dumping hazardous asbestos debris in New York state. If convicted, the company could face up to dollars 150,000 in fines, and the individuals prison sentences.

Airline trouble

Argentina has said it will seek another buyer for Aerolineas Argentinas rather than renationalise the company if its current owner, Iberia Lineas Aereas de Espana, fails to resolve the Argentine airline's current difficulties.

Costain delay

Costain has deferred completion of the sale of its Australian coal mining interests pending the hearing of a legal action by Hanson, which was thwarted as a bidder, in Missouri next week.

Ukraine flights

The Netherlands has signed an air treaty with Ukraine raising the possible number of flights between Kiev and Amsterdam to seven per week from five.

Polish loan

The European Investment Bank is to lend ecu50m ( pounds 39m) to the Polish Airports Authority to modernise and upgrade Warsaw airport, including a new 50,000 square metre terminal building and rehabilitation of runways.

World Markets

New York: Blue chips gyrated to a slightly firmer close, with the Dow Jones industrial average up 8.64 points at 3,321.1 after a late rally.

Hong Kong: Prices closed firmer on bargain-hunting. The Hang Seng index rose 55.26 points to close at 5,297.74.

Tokyo: Share prices closed higher in thin trading. The Nikkei 225 index closed up 45.23 points at 17,690.67.

Sydney: Prices closed lower on profit-taking. The All Ordinaries index closed down 6.9 points at 1,530.1.

Frankfurt: Prices closed up but off their highs on short-covering and fresh speculation of an interest rate cut. The DAX put on 7.99 points at 1,523.57.

Milan: Prices closed higher on a late rally after the Bank of Italy cut the discount rate to 12 per cent from 13 per cent. The MIB index rose 1 point to 850.

Paris: End-year window-dressing and hopes of lower interest rates pushed the CAC-40 index 38.08 points higher to 1,824.37.

London: Report, page 21.