Open skies deal signed

The US and Dutch governments have sealed the world's first 'open skies' accord allowing their national airlines unrestricted access to each others' home markets, the Dutch transport ministry said.

The ministry said it was an important breakthrough in efforts to open up the traditional system of two-way accords on landing rights between nations, dating back to 1944.

Analysts see the accord giving immediate advantages to the Dutch flag carrier KLM by allowing it free access to the massive US market.

Steel approval

British Steel's joint venture with Avesta of Sweden has been given the go-ahead by the European Commission. The companies plan to form a stainless steel manufacturing and distribution company.

Fire halts Amex

Trading at the American Stock Exchange was halted yesterday due to smoke caused by a fire in a nearby building.

Orders slip

Industrial orders in western Germany slipped 0.5 per cent in July from the previous month, after falling a revised 1.6 per cent in June.

More oil

OECD fourth-quarter oil demand is expected to rise 1.0 per cent year-on-year to 36.9 million barrels per day, according to the International Energy Agency. The IEA said first-quarter 1993 demand will be up 1.5 per cent at 40 million barrels a day.

Buyers return

Foreign investors turned net buyers of Japanese equities in July, buying dollars 584m after being net sellers of dollars 1.96bn in June.

Eurotunnel hope

Andre Benard, co-chairman of Eurotunnel, said he hoped for a decision next week by the International Chamber of Commerce arbitration court on its dispute with the tunnel's builders, Trans-Manche Link. A French disputes panel ruled in April that Eurotunnel must pay TML Fr500m francs a month for cost overruns. Eurotunnel asked for ICC arbitration.

Power deal

National Power has signed an agreement with the Irish Gas Board to supply it in the event of unexpected shortfalls.

ICA doubts

The Institute of Chartered Accountants has questioned the need for European Community proposals for new types of cross-border entity for co-operative societies, mutual societies and other associations. In its response to a consultative document, the institute likens the proposed body to the planned European company, the case for which it also regards as unconvincing.

Lufthansa order

Deutsche Lufthansa has ordered 12 Fokker 50s for its CityLine regional service with options on a further nine aircraft. The aircraft are to be delivered between the end of 1992 and 1996.

World Markets

New York: The fall in non-farm payrolls unsettled shares. At the close the Dow Jones Industrial Average was 10.27 points lower at 3,281.93.

Tokyo: A sharp rally in index futures helped the Nikkei average to add 168.81 to 18,555.3.

Hong Kong: Profit-taking cancelled out morning gains, leaving the Hang Seng index 14.95 points weaker at 5,707.51.

Sydney: With the Australian dollar firming against its US equivalent, active trade took the All Ordinaries index up four points to 1,530.3.

Frankfurt: Failing to hold substantial early gains, the DAX fell back to 1,536.5, up 5.75.

Paris: Taking a breather after two days of gains totalling more than 6 per cent, the CAC-40 index eased 1.48 to 1,778.98.

Milan: Opening firmer after four consecutive losing sessions, the market went into reverse after the Bank of Italy raised the discount rate from 13.25 to 15 per cent. The MIB ended one point ahead at 729.