AT&T invests $40m in Montana telecom network: AT&T said it will invest nearly $40 million in Montana's telecommunications future by constructing 260 miles of new fibre optic routes and by upgrading existing routes. The fibre route will extend from Billings, Montana to the North Dakota border. The project will augment AT&T's 41,000-mile nationwide fibre network.

Nike chief takes pay cut as profits nose-dive: Nike chairman and chief executive Officer Phil Knight took a $1-million pay cut last year as the sports apparel maker saw its profits and stock price nose-dive, according to documents filed on Monday. Knight received a salary of about $1.1 million and no bonus in Nike's latest fiscal year, compared with salary and bonus of $2.1 million the previous year, according to the company's proxy form filed with federal regulators. Other top executives also had their compensation cut nearly in half for the fiscal year ending May 31.

China Motor raises '98 profit target: China Motor Corp, Taiwan's top car maker in 1997, said on Tuesday it had raised its 1998 full year pre-tax profit target to T$5.08 billion from T$4.02 billion. The company also adjusted up its 1998 sales target to T$53.29 billion from previously projected T$50.08 billion. Due to marketing of new products, better-than-expected sales and variation of exchange rates, we decided to adjust both our sales and pre-tax profit targets for 1998, the car maker said.

AEA buys rail consultancy for pounds 12.18 m: British engineering group AEA Technology Plc on Tuesday said it is to buy railway consultancy firm Transportation Consultants International Ltd for 12.18 million pounds in cash. AEA will pay in three installments, the last of which will be due in July 1999 and will be subject to adjustment based on TCI's net asset value on completion. AEA will fund the deal from internal resources.

Daewoo to issue CBs in Swiss francs: South Korea's Daewoo Electronics announced it would issue in Zurich convertible bonds worth 27 million Swiss francs. The bonds would have a maturity of five years and a coupon of 2.5 per cent per annum, Daewoo said in a statement. The conversion price has been set at 5,000 won, which represents approximately a 60-per cent premium to the underlying stock price, it said. But the exact premium would be calculated based on Tuesday's closing price.

Newsquest says UK ad demand strong: British regional newspaper group Newsquest Plc said on Tuesday advertising demand showed no sign of tailing off despite widespread worries about ad revenues. Chairman Jim Brown, clarifying an earlier statement by the company, told Reuters that Newsquest had not yet seen signs of any general slowdown in demand. Earlier, Newsquest said in its first-half earnings statement it had seen isolated evidence of a slowdown in specific locations.