Business and City Summary

Anglo American profits slip

Anglo American Corporation, the giant South African conglomerate, saw pre-tax profits fall to R2.12bn ( pounds 424m) from R2.45bn in the year to 31 March.

Profits from mining finance, gold and uranium mining rose while diamond earnings fell. Earnings per share, before exceptional deferred tax credits, fell to 611 cents from 702 cents. The total dividend is unchanged at 345 cents.

Gold tumbles dollars 9

Gold fell sharply in New York, with August futures closing down dollars 9 at dollars 371.30 an ounce after trading between dollars 380.10 and dollars 367.50. Analysts said a sharp fall in interest rates on further evidence of weakness in the US economy had helped to dampen fears of inflation.

Aetna UK sold

Windsor Group, a unit of New York Life Insurance, agreed to acquire the life insurance operations of Aetna UK for an undisclosed amount. New York Life said it expected to receive the necessary regulatory approval in the UK in about a month.

Japan car sales down

Japan's domestic vehicle sales, excluding mini-vehicles, were estimated at 330,356 in May, down 12.9 per cent from a year earlier, marking the second year-on-year decline, the Japan Automobile Dealers Association said.

Hafnia takeover cleared

The European Commission cleared the planned takeover of Hafnia Insurance's Danish life and non-life insurance activities and some of its banking business by Codan Insurance, a unit of Sun Alliance.

Nissan buys American

Nissan Motor of Japan said it used 65 per cent more US-made parts and materials in the year ended 31 March than in the previous year. Local purchases from US factories, as well as parts imported to Japan, were included in the dollars 2.35bn figure for 1992, up from dollars 1.42bn the previous year.

pounds 6m Boots sale

The Boots Company said it would sell the packaging business undertaken by its Boots Print subsidiary in Nottingham to Field Group for about pounds 6m, reflecting its strategy of focusing resources on core business areas.

MGN hires Saatchi

Mirror Group Newspapers said it had appointed Saatchi and Saatchi to handle the advertising for its Daily Mirror and Sunday Mirror to help 'rejuvenate' the titles.

7,700 jobs to go

Mannesmann, the German engineering group, will cut more than 7,700 jobs after a 76 per cent plunge in net profits last year to DM63m ( pounds 25.4m) on sales of DM28bn.

Lift for Vodafone

Vodafone Group said net new connections to its mobile telephone network rose to 18,973 in May from 18,766 in April. The net figure takes account of subscribers who have dropped out. Total new connections were 33,788 against 35,083 the previous month.

World Markets

New York: Strong bond prices encouraged shares to move ahead, and by the close the Dow Jones Industrial Average was up 24.91 points at 3,552.34.

Tokyo: Late index-linked buying enabled the Nikkei average to close 39.06 points higher at 20,591.41.

Hong Kong: Early losses were made good, leaving the Hang Seng 3.62 points firmer at 7,375.81.

Sydney: Reflecting concern that the sliding Australian dollar may prevent interest rate cuts, the All Ordinaries slipped 3.5 to 1,733.9.

Johannesburg: With gold shares making small gains and the industrial sector easier, the overall index retreated 11 points to 3,981.

Frankfurt: Amid fading hopes of lower interest rates, the DAX index fell 11.96 points to 1,619.89.

Paris: Profit-taking following last week's gains lowered the CAC-40 index 15.9 points to 1,872.8.

Zurich: Nestle going ex-dividend weighed on the market as the SPI declined 6.63 points to 1,407.49.

Milan: Telecoms shares were the biggest gainers as the MIB forged ahead 1.09 per cent to 1,204.

London: Report, page 26.