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Sunday, 24 November 2024
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European Business News (96-07-11)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated July 11 8:35 CETCONTENTS
[01] US bans Canadian executives with Cuba linksStepping up the pressure on both Cuba and U.S. allies that trade with the island, the U.S. said it would bar seven top executives and directors of Sherritt International Corp., a Canadian mining company, from entering the U.S. as of late August, reports The Wall Street Journal Thursday.The State Department sent letters Wednesday to the Sherritt executives and directors, including the company's chairman, Ian W. Delaney. The State Department is expected to send similar letters within days to executives and controlling holders of Grupo Domos, a Mexican telephone company, and Societa Finanziaria Telefonica per Azioni, or Stet, an Italian telecommunications holding company. Grupo Domos and Stet are partners in a company that owns 49% of the Cuban telephone company. Meanwhile, a group of President Bill Clinton's senior foreign policy advisers are expected to meet Thursday to discuss whether to waive another diplomatically explosive provision of the anti-Cuba legislation. Clinton is under pressure from U.S. allies to waive the 'lawsuits' provision of the Helms-Burton legislation, which would allow U.S. citizens to sue foreign companies that 'traffic' in confiscated American property in Cuba. Clinton's advisers, however, are counting on Cuban-American voters to help carry Florida and New Jersey in the November election. The president must decide on the waiver by July 15. Representative Robert Menendez, one of the authors of the law, said the seven Sherritt executives and directors were only the first of a 'long list of individuals' who will face sanctions under the law. [02] MGM sale faces delayThe troubled Hollywood studio MGM could be taken off the market, unless its owner Credit Lyonnais receives substantially higher new bids today. The French bank had been looking for offers of around 1- 2 billion dollars but, so far, the highest bid is about 1.3 billion. Lazard Freres, which is handling the sale, says a decision could be made by Monday.[03] Japan's Honda announces UK joint venturesJapan's Honda Motor Co. announced Thursday new joint ventures for auto parts production between three of its affiliates and Unipart Industries, the manufacturing division of UGC Ltd. of the U.K.With a total investment of 63 million pounds, the three joint ventures will result in the building of a new factory in Coventry in the U.K. as well as the development of UGC's existing facilities in Coventry and Paddock Wood, Kent. [04] Heineken pulls out of BurmaDutch beer brewer Heineken NV said Wednesday it will pull out of Burma and stop exports to the country.The move comes after increased pressure from protest groups which have been leading a boycott of Heineken products in the U.S., where Heineken has a 1% market share. Heineken is currently constructing a brewery in Burma via a joint venture with Burma's government. The military dicatorship has been attacked for its repressive regime and violations of human rights. [05] Yakovlev targets FokkerRussian aircraft manufacturer Jakolev will take over bankrupt Dutch aircraft maker Fokker NV, Dutch television reported Wednesday.According to the report, the Russians are willing to pay 370 million guilders for Fokker in a purchase to be financed by western banks. A spokesman for Fokker's court-appointed receivers said, however, that an agreement with Jakolev has not been reached, the report said. In March, Dutch newspapers said that the two Russian aircraft builders, Jakolev and Toepolev, are working with a consortium of banks that will provide funds for the takeover. [06] European consortium wins Chinese aircraft dealChina said Wednesday it has picked a consortium including British Aerospace and Aerospatiale of France as partners to build a 100-seat jetliner for the booming Asian air travel market.The announcement ended months of lobbying by the world's aircraft makers for a share of the multibillion-dollar project and came just weeks after a co-production deal between China and South Korea broke down. China said it has signed up the European consortium, which also includes Alenia of Italy, and with Singapore Technology, a weapons maker that has branched out into electronics and other fields. [07] Kirch may sell Telepiu stake to fund BSkyBGerman media powerhouse Kirch Gruppe is negotiating to raise at least 192 billion lire by selling some shares in Italian pay-TV operator Telepiu, officials of Telepiu said, reports Thursday's Wall Street Journal Europe.Analysts speculate that the high-spending Leo Kirch is in need of cash to finance his stated desire to purchase a stake in Rupert Murdoch's British Sky Broadcasting PLC (BSkyB). Kirch is looking to sell some of its holdings in Telepiu to Nethold, the media arm of South African tobacco magnate Johann Rupert, in a frantic round of equity deals as companies seek to cement new relationships in Europe's shifting media scene. [08] Europe's biggest-ever foreign investment deal goes to WalesSouth Korea's LG conglomerate signed a deal Wednesday to invest dlrs 2.6 billion in Britain to produce semiconductors and electronic goods.Europe's biggest-ever foreign investment deal will bring 6,100 jobs as well as thousands more spin off jobs to Newport, South Wales, the LG Group said. The LG Group, formerly known as Lucky-Goldstar, is South Korea's third largest conglomerate. Under the first phase of the construction, LG Electronics Inc. will invest dlrs 350 million to construct an electronics plant by the end of 1997. The plant will churn out 2 million monitors, 3 million picture tubes for computers and TVs, and components. 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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