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Sunday, 24 November 2024
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European Business News (96-06-20)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated June 20 10:45 CETCONTENTS
[01] Fast rise in German M3 takes analysts by surpriseGermany's broad M3 money supply grew faster than expected in May, expanding a seasonally adjusted and annualized 10.5% from the fourth quarter of 1995.The May rate of increase slowed, however, from the 11.2% expansion in April, the 12.3% rate of growth in March and the 12.8% expansion in February, data published Thursday by the Deutsche Bundesbank show. Indeed, the May rise in this key money supply aggregate was faster than the 9.8%-10.0% expected by economists. And the May pace continues faster than the 4%-7% annual growth corridor targeted by the Bundesbank for 1996. [02] Scottish Power raises the stakes in Southern Water bid warScottish Power PLC announced Thursday a raised bid of 1,050 pence cash per share for Southern Water PLC, giving a total offer of 1.677 billion pounds compared to an earlier offer of 1.56 billion pounds.Scottish Power also said that it reserves the right to raise its offer by up to 50 pence in cash per share if a higher offer for Southern Water is made by Southern Electric or another offeror. 'The acquisition of Southern Water will result in an immediate and substantial enhancement of Scottish Power's earnings per share and an increase in dividends per share,' the company said. [03] UK regulator moves in on Yorkshire WaterThe U.K. Office of Water Services (OFWAT) proposed a series of changes to Yorkshire Water's licence Thursday.The move follows the regulators' findings earlier in June of 'serious failures' in the company's ability to deliver services, including controlling leakage, minimizing supply interruptions and controlling flooding from sewers. [04] Prodi unveils Italian mini-budgetItaly's government led by Prime Minister Romano Prodi presented and approved a mini-budget decree Wednesday for 16 trillion lire.The receipts will be used to tap a hole in public finances in order to reach the government budget deficit target of 109.4 trillion lire. The mini-budget will be made up of around 11.0 trillion lire in spending cuts and about 5.0 trillion lire in new revenue. The maneuver provides for receipts of 5.160 trillion lire in 1996, 7.907 trillion lire in 1997 and 7.827 trillion lire in 1998. At the same time, the government said that this 1996 supplementary budget should have a positive effect on the state of Italy's accounts for some 19.0 trillion lire in both 1997 and 1998. [05] Clinton opposes second UN term for Boutros GhaliThe Clinton administration, determined to promote reform in the U.N. bureaucracy, is opposing another term for Boutros Boutros-Ghali as secretary general, an administration official said.'We need to find a new secretary general,' the official told The Associated Press on Wednesday. 'We need to concentrate on reform for the next century.' The U.S. position was made known within hours after a spokesman for Boutros- Ghali disclosed at the United Nations in New York that the Egyptian diplomat would seek a second term. American opposition probably would swing enough nations into line against Boutros-Ghali to quash his hopes for another term. Boutros-Ghali's five- year term expires at the end of the year. [06] UK concedes to EU on cattle culling issueBritain took a significant step toward meeting European Union Commission demands in the mad cow dispute by announcing that it would slaughter tens of thousands additional head of cattle judged by E.U. experts to be at risk.That move had been fiercely resisted by British farmers. The concession is in addition to a cull of 80,000 animals previously announced by London. Announcing the slaughter, British Chief Veterinary Officer Keith Meldrum declined to give exact figures for the extra cull, but British media reports suggested it could be up to 67,000 animals. [07] Regulators target London Metal Exchange in Sumitomo investigationThe Sumitomo copper debacle has prompted another investigation - a review of the London Metal Exchange that was announced Wednesday by British financial market regulators.The Securities and Investments Board cited 'recent events which have demonstrated the potentially damaging impact which non-member, and non- regulated, firms can have on the metals market.' The metal exchange, put on the defensive by the affair, said Wednesday that trading has remained under control despite wildly swinging prices. All brokers have met their margin calls and crucial June copper trades were cleared, the LME said in a statement. [08] De Beers gets aheadThe De Beers Central Selling Organization said rough diamond sales rose 8.2% for the first six months of this year to $2.748 billion, compared with the first half of 1995.De Beers Central Selling Organization said sales in the first half of this year were 38% higher than in the second half of 1995. CSO said the first half saw ''continuing firm demand for larger better quality rough diamonds above half a carat.' The company said retail sales of diamonds were up between 5% and 6% in value in 1995, and the rising trend is continuing in 1996. CSO said discussions with Almazy Rossii Sakha about trade contracts continue. 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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