NTT says may delay planned long-distance rates cut: Nippon Telegraph and Telephone Corp president Junichiro Miyazu told a news conference on Wednesday that the company may delay planned cuts in domesticlong-distance rates until the middle of the 1999-2000 business year. "It will be difficult to implement such rate cuts by the end of March (1999)," Miyazu told a regular news conference. It is possible NTT may announce the rate cuts at the time of its restructuring scheduled for around July 1999. He said the restructuring was the reason for the delay.

Volvo to invest 1 bn crowns in Deutz project: Swedish vehicle maker Volvo AB said it has signed a deal with German engine maker Deutz AG involving a one billion crown investment by Volvo including the acquisition of a 10-per cent stake in Deutz. "Deutz will become Volvo's main supplier of small and medium-sized diesel engines for commercial products. At the same time Volvo will concentrate its own diesel activities on heavy duty engines," Volvo said in a statement. The cooperation plan was first announced earlier this year.

Smiths Industries results please market: Engineering analysts welcomed a robust set of results from Smiths Industries Plcon Wednesday but warned that the stock may see profit-taking. "The market will be pleased that the premier stock in the sector has not disappointed," said Collins Stewart analyst Mustapha. Pre-tax profits rose 14 per cent to top market forecasts at 218 million pounds. Expectations were around 215 million pounds. Analysts said the results contained no surprises and they would not be changing forecasts until after this morning's results meeting -- if then. Smiths' acquisition of a US medical group -- Biochem -- for $83 million may prompt analysts to adjust forecasts however, they said.