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Sunday, 24 November 2024
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European Business News (96-06-21)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated June 21 11:15 CETCONTENTS
[01] Germany's Kinkel predicts lengthy mad cow negotiationsGerman Foreign Minister Klaus Kinkel, heading to the European Union (E.U.) summit meeting, told journalists Friday that he doesn't expect Britain's mad cow disease problem to be solved early on in the summit.'I hope that this conference isn't overshadowed by the mad cow question. We could reach an agreement, but I don't think it will happen early on in the conference,' Kinkel said. Asked if he thinks there would be a resolution by the end of the conference, Kinkel replied, 'I hope so.' He said that 'it will be difficult if we can't reach an agreement. Europe needs the U.K. and the U.K. needs Europe.' U.K. Prime Minister John Major Friday said that European Union (E.U.) governments are 'making some progress' towards resolving the export ban on British beef. [02] EU endorses plan to open power marketEuropean Union energy ministers agreed unanimously late Thursday to a hard- fought compromise plan for prying open the EU energy market by allowing major industrial customers to shop for power.The deal was a total of eight years in the making and a major triumph for Italy, which currently holds the EU presidency. Nevertheless, it is loaded with escape clauses. One allows countries that go faster with liberalization to block, under certain circumstances, energy imports from countries that only meet the bare minimum. Another clause permits noncompliance with various provisions when 'general economic interests' are at stake. [03] Apple decides to 'pump up the volume' in EuropeThe newly appointed head of Apple Computer Inc.'s European operations said he aims to boost profit in Europe with more-focused, pan-European marketing efforts.Jan Gesmar-Larsen, a 36-year-old Dane named general manager of Apple Europe late Wednesday, said he plans to 'pump up the volume' on a year-old Apple Europe strategy to reorganize and become more efficient. His plans reflect a companywide campaign, under a new chief executive, Gilbert F. Amelio, to rescue Apple from red ink by reorganizing and getting more focused. [04] VAI counter-sues Kvaerner over espionage allegationsAustria's Voest-Alpine Industrieanlagenbau GmbH said Friday it will file a lawsuit to counter legal steps taken by Norway's Kvaerner ASA, the parent company of U.K.'s Davy International.Kvaerner issued legal actions against the Austrian engineering group and two of its senior officers earlier this week, claiming that VAI's British unit illegally obtained confidential documents from Davy. [05] French industrial production falls unexpectedlyFrance's industrial production in April fell 1.3% on an adjusted basis from a revised rise of 0.5% in March, national statistics bureau INSEE said Friday.Manufacturing output, which under a new statistical model has been defined as industrial production minus energy and farm-related output, fell 0.1% in April from a revised 1% increase the prior month. April's industrial production was previously reported as up 0.8%, while the figure excluding food and energy had been up 1.4%. Market expectations had been for a slight rise in both industrial production and manufacturing output in April. [06] Germany posts stagnant month-on-month PPIGermany's May producer price index (PPI) was unchanged from the previous month and down 0.5% from a year ago, the Federal Statistics Office reported Friday.The month-on-month stagnation in producer prices was slightly below economists' average expectations of a 0.1% increase. But the 0.5% drop year on year was marginally more than analysts' expectations of a 0.4% ease. [07] UK manufacturing remains sluggishBritain's manufacturing demand was sluggish in June for the 10th month in a row, according to the latest industrial trends survey by the Confederation of British Industry (CBI), released Friday.A net balance of 13% of companies surveyed said their order levels were below normal in June, a slight improvement from the net balance of 17% who reported below-normal orders in both May and April, the CBI said. Export demand weakened further in June, however, with a net balance of 11% saying their export order books were below normal, as against 7% in May. And although a net balance of 12% of manufacturers still expect output volumes to increase over the coming four months, this is down from the net balance of 16% who forecast higher volumes in May and is the lowest net balance of expectations this year. [08] 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. 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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