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Sunday, 24 November 2024
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European Business News (96-06-10)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated June 10 10:40 CETCONTENTS
[01] French social security deficit set to overshoot targetFrance's social security commission predicts the system will have a deficit of at least 48.6 billion francs this year, and is in line to have another one of 35 billion francs in 1997, daily business newspaper Les Echos reported Monday.Furthermore, the gap in 1996 is based on health spending rising 2.1%, whereas the rise during the first four months of the year has been around 7.5%, the newspaper noted. The commission, which meets Wednesday to approve a report on 1995 and to review 1996, acceded to the government's wish not to publish 1997 estimates. Les Echos reported, however, that the ministry of social affairs told the commission they predicted a 1997 deficit of around 35 billion francs. The 1996 and 1997 deficits compare with government targets of a deficit of 17 billion francs in 1996 and a surplus of 11.8 billion in 1997. [02] Japanese current account surplus shrinks 45%Increases in imports and spending overseas helped shrink Japan's April current account surplus by 45 percent, the Ministry of Finance said Monday.The current account surplus dropped to 555.2 billion yen (dlrs 5.09 billion) from the same month last year, the ministry said. The surplus ran at 1.013 trillion yen (dlrs 9.29 billion) in April 1995. The figure, which was not adjusted for seasonal factors, represents the difference between the nation's income from foreign sources and foreign obligations payable, excluding net capital investment. As imports expand faster than imports, the trade surplus is on a clear downward trend, while increasing spending by Japanese nationals overseas continues to widen the country's service deficit, a ministry official said. [03] BT and MCI set for major Internet expansionMCI Communications Corp. and its partner British Telecommunications PLC plan a major expansion in the international market for corporate Internet services, according to executives close to the companies.The effort, due to be announced this morning, will include the construction of major new network facilities that will let business customers gain access directly through local computer centers run by MCI and British Telecom, its 20% owner and international-services partner, said the executives. While the partners won't comment officially on the size of their investment in Internet services, people who have seen the plan said MCI and BT have each invested tens of millions of dollars in modernizing their data networks to handle such traffic and will likely invest similar outlays toward the new expansion. [04] French CPI inflation rises 0.2% from AprilFrance's consumer price index in May rose a provisional 0.2% from April and was up 2.4% from a year ago, the national statistics institute INSEE said Monday.This compares with a 0.2% month-on-month rise and a 2.4% year-on-year rise in April, in line with economists expectations. Excluding energy prices, which rose a provisional 0.2% on the month and 5.4% on the year, consumer prices were up 0.2% on the month and 2.1% on the year. Most of the rise in energy prices was attributed to an increase in gasoline prices. [05] UK PPI inflation falls 0.1% from AprilU.K. producer output prices fell an unadjusted 0.1% in May from April, while producer input prices fell a seasonally adjusted 0.5%, the Office for National Statistics (ONS) said Monday.The output price decrease was lower than economists' median forecast for a rise of 0.2%. The input price fall was also lower than the forecastsfor no change on the month. [06] Spanish producer prices rise 0.2% in AprilSpain's Producer Price Index (PPI) rose 1.7% in April 1996 from the same month in 1995, the national statistics institute (INE) said Monday.The index rose 0.2% in April from March, INE said. [07] 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. [08] Iraq praises OPEC oil 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.' 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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