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European Business News (96-06-12)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated June 12 10:50 CETCONTENTS
[01] Passenger traffic growth boosts BAA's profit by 14%U.K. airport operator BAA PLC reported Wednesday that its pretax profit rose 14% to 418 million pounds in the year ended March 31 amid strong growth in passenger traffic.U.K. passenger traffic rose 6.7% in fiscal year 1995/1996 to 93.6 million. Chief Executive John Egan said in a statement that the group is well placed to manage expected traffic growth in the current year of about 4%. The number of passengers passing through its seven British airports, which include London's Heathrow and Gatwick, was up 4.6% in May from a year earlier. In a statement, BAA said its airports handled 8.2 million passengers in May 1996. [02] German inflation up 0.2% in MayConsumer prices in Germany rose a final 0.2% in May from a month earlier and was up 1.7% on the year, the Federal Statistics Office said Wednesday.Western Germany's consumer price index (CPI) for May registered a 0.3% rise on the month and was up 1.5% from a year earlier. Those figures were unrevised from the preliminary data for western Germany released at the end of May. In eastern Germany, consumer prices rose just 0.1% in May from April and were up 2.8% from a year earlier. [03] Gdansk shipyard workers strike against bankruptcy planWorkers at the bankrupt Gdansk shipyard, the cradle of the Solidarity labor movement, began a two-day sit-in strike Wednesday, demanding an effective restructuring plan from the government.Shortly after 0400 GMT, the strikers displayed a cross on the main gate along with a poster outlining their demands to the government, which owns 60% of the company. The workers want a sound restructuring plan for the indebted yard, as well as a re-training program for those to be laid off under the process. The government has decided to close the shipyard and enter bankruptcy proceedings because of a mounting debt, currently at 350 million zlotys ($140 million), bad contracts and over-employment. [04] Neste's profit dives on slump in chemcial operationsA slump in profits in its chemical division made Finnish petroleum and chemicals company Neste OY's 1996 four-month pretax profits dive to 277 million markkaa from 804 million from the same period last year.Also, the first four months in 1996 contained much less gains on sales of fixed assets, the company said Wednesday. Neste also reported that its 1996 four-month profit before extraordinary items was 219 million markaa. [05] Forte's performance contributes to Granada's profit jumpGranada Group PLC, the U.K. broadcasting and leisure conglomerate, said Wednesday that pretax profit rose 19% to 183 million pounds in the 26 weeks ended March 30 from a year earlier.Forte, the hotelier taken over in January, met expectations for improved profit in its contribution to the group, Granada said. Granada said that the Welcome Break motorway service areas and the stakes in Savoy and Alpha Hotels are to be sold while the Exclusive hotels chain is being marketed for sale. This follows the completed sale of White Hart Hotels. Following the Forte acquisition, Granada said net debt rose to 3.51 billion pounds but strong cash flow kept interest cover at 4.3 times. 'It will fall slightly at the year end and rise strongly again following our disposal program,' Chairman Gerry Robinson said in a press release. [06] UK unemployment down 14,800 in MayThe number of registered unemployed in the UK fell by a seasonally adjusted 14,800 in May, according to provisional figures published Wednesday by the Office for National Statistics (ONS).The figures also showed the U.K. unemployment rate slipping to an adjusted 7.7% from 7.8% in April. The underlying annual growth of U.K. average earnings was unchanged at 3.75% in April from March, according to seasonally adjusted data from ONS. The April figure is in line with economists' expectations. Average earnings as a whole fell a seasonally adjusted 0.3% in April from March and were up 4.0% from a year earlier. [07] Iraqi minister dismisses oil price worriesIraq's oil minister said Tuesday he's not worried that the resumption of oil exports from his country will cause world prices to collapse.'The theory has not proven correct in reality,' Gen. Amer Rasheed told reporters after meeting with French business executives. 'I don't see a real problem with the new supply of oil,' he added. Market fears about a fall in oil prices over the next few months grew late last week after the Organization of Petroleum Exporting Countries (OPEC) adopted a plan for the reintroduction of Iraqi exports. Rasheed said world markets could easily accommodate the extra 800,000 barrels a day of Iraqi crude oil on top of OPEC's existing output of around 26 million barrels a day. [08] British Airways and American Airlines expect code sharing approvalBritish Airways and American Airlines expect to receive regulatory approval for their proposed code sharing and cargo alliance, said Don Carty president of American Airlines speaking at a press conference in London Tuesday.Carty said both the U.S. and U.K. governments have indicated they support the concept of code sharing, adding the airlines' expect to receive anti- trust immunity. Carty said the alliance, which will give the two companies an enlarged market share on some cross-Atlantic routes will not lead to higher fares. He said new entrants in the cross-Atlantic market will guarantee competition that will keep fares falling. 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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