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Sunday, 24 November 2024
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European Business News (96-06-05)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated June 5 11:00 CETCONTENTS
[01] German GDP falls 0.5% in the first quarterGermany's gross domestic product (GDP) shrank by a seasonally and calendar- adjusted real 0.5% in the first quarter of 1996 from the fourth quarter of 1995, the Federal Statistics Office said Wednesday.The agency said that the basic weakness of the economy was exacerbated by the exceptionally severe winter weather. The statistics office rounds quarter-on-quarter changes to the nearest 0.5 percentage point. Germany [02] Controversial UK water company posts 14% rise in pretax profitThe U.K.'s most controversial water company, Yorkshire Water PLC, Wednesday announced a 14% rise in pretax profit for the year through March to 162.2 million pounds, despite costs incurred as it struggled to cope with a drought in its region last summer.Yorkshire's jump in profits will spark fresh political controversy. The company was fined by the sector regulator, OFWAT, two days ago because of its handling of the drought and other weather-related problems. OFWAT said it had failed in 'controlling leakage, minimizing supply interruptions and controlling flooding from sewers.' [03] Italian inflation rises 0.4% in MayItaly's consumer price index rose 0.4% in May 1996 from April, and was up 4.5% from the same month last year, the state statistical institute Istat reported Wednesday.When tobacco prices are excluded from the index, prices rose 0.4% in May over April and 4.3% over May 1995, Istat said. The index excluding tobacco is comparable to consumer price data released by Istat prior to January 1996. That month, Istat changed both the categories and the weightings used to calculate the index. The ex-tobacco consumer price data are used for many previous Bank of Italy, government and economist forecasts and targets. Market expectations were for a rise in inflation of 0.4%-0.5% monthly and 4.3%-4.5% year-on-year according to a survey of economists conducted by Dow Jones News Services. [04] Defence issues expected to dominate French-German summitDefence issues are expected to dominate Wednesday's summit between French President Jacques Chirac and German Chancellor Helmut Kohl.The summit, to be held in the Burgundy city of Dijon, comes just one day after NATO leaders approved the creation of a permanent European defence pillar. The new structure will change the moribund nature of the Western European Union, the defence branch of the European Union, by allowing it to carry out military operations without the participation of the United States. [05] Racal posts 20.7% increase in pretax profitU.K. electrical products manufacturer Racal Electronics PLC said Wednesday its pretax profit for the twelve months through March 1996 was 70.411 million pounds, an increase of 20.7% over the previous year.The company said it is to restructure its Data Products unit, which will give rise to an exceptional cost of 20 million pounds in the current financial year. Racal said in a statement the fundamental restructuring of the company's Data Products division should see the unit return to profitability in 1997/98. The company said revenues in the unit were adversely affected by delays in the introduction of new products. [06] European rocket explodes on maiden voyageTechnicians deliberately blew up Europe's newest unmanned satellite- launching rocket Tuesday seconds after take-off as a safety precaution, launch officials said.They said the decision to blow up the rocket by remote control was made when it appeared the rocket was veering off its trajectory, raising the risk it might crash into Earth. French TV showed footage of the burning wreckage of the Ariane 5 rocket falling back to Earth. The European Space Agency had touted its launch at 2:33 p.m. Paris time (1233 GMT) as a new age in commercial satellite technology. [07] France Bull and Japan NEC to each hold 19.9% of Packard Bell-NECFrench computer company Groupe Bull and Japan's NEC Corp. each will hold 19.9% of the new merged international personal computer operations of the U.S.'s Packard Bell Electronics Inc. and NEC.The company said, 'Bull, conforming with its new micro-computer strategy initiated in December 1995, will hold, 19.9% of the capital of the new company, as will NEC.' As reported, a new company, Packard Bell-NEC, will begin operations July 1, and will be responsible for personal-computer sales world-wide. First year sales of the new company are estimated at $8 billion, with an estimated world-wide market share of 11%, NEC said. [08] KLM's profit climbs to 547 million guildersKLM Royal Dutch Airlines NV (KLM) said year net profit rose to 547 million guilders from 470 million in fiscal 1995.The company attributed its increased profit to the revaluation of its stake in Northwest Airlines Corp. (NWAC). From the European Business News (EBN) Server at http://www.ebn.co.uk/European Business News (EBN) Directory - Previous Article - Next Article |
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