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Sunday, 24 November 2024
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European Business News (96-06-07)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated June 7 18:10 CETCONTENTS
[01] Jump in US payroll jobs wreaks havocA huge jump in US payroll jobs in May sent financial markets reeling Friday as investors feared that the Federal Reserve will soon be forced to start raising interest rates to slow an overheated economy.The Labor Department reported that payroll jobs surged by 348,000 last month, more than double what had been expected, led by strong gains in employment at temporary help firms and department stores. Despite the big payroll increase, the nation's unemployment rate crept up to 5.6 percent, compared to a 14-month low of 5.4 percent in April. But financial markets focused on the surge in payroll jobs. Stock and bond prices both plunged. [02] Iraq praises with OPEC meeting decisionIraq's oil minister Amer Mohammed Rasheed said he thought the outcome of the OPEC meeting was successful because OPEC has agreed to accommodate whatever oil-output level is allowed for Iraq by the United Nations.'They have agreed that they will accommodate whatever we have in terms of production as allowed by the UN,' he said. He repeated that OPEC will accommodate Iraqi exports if they are allowed to exceed the 800,000 barrels a day now permitted by the UN. He was asked whether Iraq would eventually seek quota parity with Iran but he declined to reply directly. He said 'we will produce whatever we can and they will accommodate it.' [03] Kone's pretax profit halvedFinnish elevator and escalator group Kone Oy said Friday that pretax profit was down 50% to 17 million markkaa in the first four months of the year, following higher costs, a prolonged reorganization of Italian operations and, to some extent, postponements in project deliveries.Net profit fell 58% to 5 million markkaa from 12 million markkaa, the company said. [04] German economy bottoms out of slowdown says officialLatest data indicate Germany's economy has bottomed out of a slowdown, the country's most senior monetary official was quoted Friday as saying.And 'the chances are there' that stagnant gross domestic product (GDP) will recover in the second half of this year, Deutsche Bundesbank president Hans Tietmeyer is reported by the German financial news agency VWD as saying in an interview. Earlier in the day, the economics ministry reported a much stronger-than- expected 2.2% rise in German manufacturing orders for April, which compared to a 0.5% rise generally expected in the markets. That rise was viewed by many analysts as the latest of a string of indicators showing the economy is beginning to revive. [05] Demirel gives Islamic party government mandate in TurkeyPresident Suleyman Demirel said Friday after meeting with political leaders that he would ask a pro-Islamic party's leader to try his hand at forming the new government, according to The Associated Press.The Welfare Party, the biggest in Parliament, does not have enough seats to govern alone. Its efforts to find a coalition partner ended in vain after last December's parliamentary elections when the secular center-right and center-left parties shied away from it. [06] Tankan reveals stronger-than-expected Japanese business sentimentJapan's leading economic planner said Friday the current monetary policy should continue despite the announcement of slightly stronger-than-expected business sentiment at major Japanese corporations, revealed in the Bank of Japan's quarterly tankan survey.Makoto Kobayashi, vice director-general of Japan's Economic Planning Agency (EPA), noted that earnings of non-manufacturers and smaller companies are improving but that the economic recovery 'still remains very gradual.' [07] Argyle knocks back De BeersThe owners of one of the world's largest diamond deposits, the Argyle mine in Western Australia, are pulling out of a global cartel which dominates the world gem market.The mine's owners said Friday they will withdraw from the Central Selling Organization run by South Africa's De Beers Consolidated Mines Ltd. from July 1. Argyle plans to sell all its diamonds, include its rare pink gems, direct to customers around the world. The mine's operator Argyle Diamond Mines Pty. Ltd. said it won't renew a marketing and sales contract with the cartel that is due to expire on June 30. [08] UK BBA has 'no present intention' to make Lucas offerU.K. engineering company BBA said Friday it 'has no present intention of making an offer for Lucas in the absence of a Lucas Board recomendation.'BBA said in a statement it 'has not had, and does not currently anticipate having, any discussions with the board of Lucas.' The company said it has not been able to satisfy itself that Lucas's shareholders would accept an alternative proposal to a merger of Lucas and Varity Corporation on terms which would be in the interests of BBA's shareholders. 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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