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Sunday, 24 November 2024
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European Business News (96-07-12)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated July 12 9:30 CETCONTENTS
[01] Lloyd's posts billion pound profitLloyd's of London Friday reported pretax profit of 1.084 billion pounds for the year ended Dec. 31, 1993, compared with a loss of 358 million pounds in 1992.The insurance market also projects profit of about 1 billion pounds for 1994 and nearly 900 million pounds for 1995. Lloyd's reports earnings three years in arrears. In a statement, Lloyd's Chairman David Rowland said 1993's profit was 'one of the best trading results in Lloyd's history.' It was influenced, he said, by the increase in rates, 'combined with a low incidence of major catastrophes.' [02] Drugs give boost to Roche salesRoche Holding AG said group sales in the first half rose 8% to 7.769 billion Swiss francs from 7.199 billion francs a year earlier.Sales growth in local currencies were also 8% higher in the period, Roche said in a communique. No forecast for the full-year sales or profit expectation were given. Roche's first-half earnings will be released late August or early September, the company said. [03] Final bidders square up for MGMAll the bids for the troubled entertainment group MGM are now in.It now looks as though the Dutch group, Polygram, has the edge with its 1.3 billion dollar cash offer. But there is a stumbling block to the bid: Polygram's offer still includes a clause that would indemnify the company from any losses that might occur if Time Warner decides to enforce the video distribution deal that it has with MGM. As for the other bidders, Safari Aquisitions appears to have dropped out, Morgan Creek has upped its bid slightly and News Corp appears to be pinning its hopes on the management buyout plan proposed by the MGM CEO, Frank Mancuso, which is backed by its associate company Seven Network. [04] NEC launches electronic secretaryNEC Corporation is to launch a new multimedia service, combining personal computer communication and Internet functions. The major Japanese electronics maker said the new service, named Biglobe, will perform as an, "electronic secretary". The system helps subscribers collect necessary information from home pages on the Internet and to make their own home pages automatically. NEC expects that the number of subscribers to its PC communication service will increase by at least one million by the end of the year.[05] Deutsche Telekom plans listing on Tokyo exchangeGermany's state-run telecommunications company plans to list its shares on the Tokyo Stock Exchange as early as August, trading sources said Friday.The sources said the company, Deutsche Bundespost Telekom, will go public before being privatized this fall. The company will be listed also in Frankfurt and New York, they said, adding that its fund-raising on the three stock exchanges is expected to total 1 trillion yen. The company is the world's third-largest common carrier, following Japan's Nippon Telegraph and Telephone Corp. and AT and T Corp. of the United States. [06] Paris targets high-flyers with tax breaksThe French government has announced a package of incentives to tempt City bankers and stockbrokers to move to Paris. The move is part of continued efforts to out-flank London as Europe's leading financial centre. Jean Arthuis, the French economics minister, outlined new tax-breaks that will cut the cost of employing back office staff and analysts in the French capital. Relocation costs including school fees and home visits will be tax deductable and could cut costs by a fifth for expatriate workers.[07] Bidding heavy on British EnergyFriday is the deadline for the retail tender offer in British Energy. The privatisation, which is expected to value the company at around 1.5 billion pounds, is known to be heavily oversubscribed. That's despite well- publicised risks and analysts' recommendations that potential investors avoid the sale. Final details of share allocations will be announced on Sunday.[08] EU court withdraws EBU sports-TV rightsThe European Court has annulled a European Commission decision allowing the European Broadcasting Union (EBU) to buy exclusive television rights to sports events within the framework of Eurovision.The decision is a victory for private commercial TV broadcasters including Metropole and TF Un of France and Reti of Italy. They have been lobbying hard to scrap the 5-year EBU exemption from competition rules. The court ruling comes just a week after Germany's Kirch Gruppe won the exclusive global television rights for the Soccer World Cup in 2004 and 2008. 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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