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Sunday, 24 November 2024
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European Business News (96-06-19)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated June 19 11:10 CETCONTENTS
[01] Santer throws down the gauntlet in beef crisisEuropean Union (E.U.) Commission chief Jacques Santer Wednesday issued a strong warning to the U.K. to stop its policy of obstructing E.U. business if it wants an agreement to progressively lift the beef export ban.The full team of Commissioners endorsed Tuesday a framework for progressively lifting the beef ban on the condition that the U.K. abandon its policy of non-cooperation on E.U. legislation. Speaking to the European Parliament in Strasbourg, Santer said the responsibility to get the ban lifted lay with the U.K. authorities. He said the Commission wouldn't be susceptible to 'political pressure, blockages or vetos.' [02] UK retail sales come in much lower than expectedBritish retail sales volume fell a seasonally adjusted 0.1% in May from a revised April figure and was up 2.0% from May 1995, the Office for National Statistics (ONS) said Wednesday.The retail sales volume for April was revised to a 0.1% rise from an original estimate of a 0.2% rise. The May retail sales rise was lower than economists' median forecasts for a gain of 0.4% on the month and 2.6% on the year. [03] Employees take large share in new-look AlitaliaItalian flagship carrier Alitalia SpA said Wednesday that the company and its unions have reached a preliminary agreement on the restructuring of the loss-making group.Alitalia said that one particularly significant element of the agreement is an understanding that employees will take at least a 20% stake in Alitalia's ordinary share capital. The specific shareholdings will be divided among different employee groups based on the labor cost savings each is able to bring about. At the same time, employee shareholders will be reserved three places in Alitalia's board of directors and one in an internal advisory board. [04] Railtrack on schedule with £190m pretax profitRailtrack Group PLC, the newly privatized company that owns the U.K. rail industry infrastructure, reported Wednesday a pretax profit for the fiscal year ended March 31, 1996 of 190 million pounds, little changed from 189 million pounds a year earlier.The company reiterated that it will award a dividend of 13.75 pence per share in respect of the latest fiscal year, payable on Oct. 4 to shareholders on record as of Sept. 4. [05] Japanese GDP shows strongest growth in 23 yearsThe top government spokesman Tuesday welcomed the 3% growth in Japan's inflation-adjusted gross domestic product (GDP) in the January-March quarter from the previous quarter, the highest rise in 23 years since the corresponding period in 1973.'We would be thankful if the trend takes root,' Chief Cabinet Secretary Seiroku Kajiyama told a press conference. The rate is 'considerably high' on an annualized basis, although smaller companies and employment have yet to recover from the economic slump, he said. [06] Yeltsin wins endorsement from Alexander LebedBoris Yeltsin named Alexander Lebed head of the powerful Security Council on Tuesday and won a vital endorsement from the former general before the final round of the Russian presidential election.Yeltsin removed Defense Minister Pavel Grachev, a longtime rival of Lebed's who has been repeatedly criticized for his abysmal handling of Russian military affairs. Yeltsin signed a decree announcing that Lebed, who came in a strong third in the first round of the presidential election, would head the Security Council, which oversees the Russian military and police forces. Following a brief meeting in the Kremlin, Lebed issued the direct endorsement Yeltsin had been seeking, saying the agreement 'would serve not only as the unification of politicians, but of the forces serving them.' [07] Moulinex set to cut 2,600 jobs, says reportHousehold appliance maker Moulinex SA will cut 2,600 of its 11,300 jobs and close four French plants to transfer production to Mexico, a newspaper reported Tuesday.The report in the Paris daily Le Monde came as Moulinex said it lost 702 million francs (dlrs 136 million) in its fiscal year ended March 31, more than triple its loss of 213 million francs (dlrs 43 million) a year earlier. The wider loss includes costs of 600 million francs (dlrs 120 million) for a three-year restructuring plan that Moulinex planned to disclose at a news conference Tuesday. [08] Drop in earnings at Finnish forestry companiesFinland's newly-formed forestry giant UPM-Kymmene Corp. reported Tuesday that pretax profit after extra-ordinary items fell 13% to 1.65 billion markkaa in the first four months of the year, mainly following falling demand for forestry products and lower prices on fine paper and sawn goods.Finnish forestry group Metsae-Serla Oy also reported Tuesday that pretax profit almost halved to 318 million markkaa, following lower product prices on pulp, fine paper and containerboards as well as lower capacity utilization. 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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