IN BRIEF (Page 17)

Orders drop

German manufacturing orders unexpectedly declined for a fourth month in March as faster inflation hurt consumption and the euro's ascent crimped exports.

Orders, adjusted for seasonal swings and inflation, fell 0.6 percent from February, the Economy Ministry in Berlin said yesterday.

Legg Mason writedown

Legg Mason Inc wrote down the value of Private Capital Management LP by $151 million after poor returns and investor outflows cut assets in half since 2004 at the money-management unit run by Bruce Sherman.

The write-off contributed to Legg Mason's fiscal fourth- quarter loss of $255 million, the Baltimore-based company said.

Broker's loss

Marsh & McLennan Cos, the world's biggest insurance broker, reported a first-quarter loss as it wrote down the value of its Kroll security unit.

The net loss was $210 million, or 40 cents a share, compared with profit of $268 million, or 47 cents a share, a year earlier, the New York-based company said yesterday in a statement.

Bank probed

UBS AG, reeling from record losses, said the US Department of Justice is investigating whether the world's biggest money manager for the wealthy helped clients evade American taxes.

One senior bank employee was "briefly detained" by US authorities as a "material witness", the firm said in an e- mailed statement.

Lafarge profit

Lafarge SA, the world's biggest cement maker, reported first-quarter profit that beat estimates on emerging market growth and improved pricing.

Net income declined to 150 million euros, or 0.79 euros a share, from 362 million euros, or 2.07 euros, a year earlier, when the Paris-based company booked gains from asset sales.

Agencies

(China Daily 05/08/2008 page17)