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Sunday, 24 November 2024
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European Business News (96-07-16)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated July 16 10:20 CETCONTENTS
[01] UK's government deficit wider than expectedBritain's public sector borrowing requirement (PSBR) was 3.65 billion pounds in June compared with 3.56 billion pounds in May and 3.50 billion pounds a year earlier, according to data published jointly by the Treasury and the Office for National Statistics (ONS) Tuesday.May's PSBR, the amount the government needs to borrow to plug the gap between its income and expenditure, was revised up from the 3.21 billion pounds previously estimated. The June shortfall was more than the consensus among economists for a deficit of 3.0 billion pounds. [02] European markets plunge following drop in Wall StreetEuropean financial markets are down sharply, as yesterday's 2.9% plunge on Wall Street has eroded investor confidence in global financial assets. The FTSE100 index in London dropped 1.5% in its first hour of trade. And equities are finding little support from a declining bond market. The weakness has spilled over into the currency markets, where the dollar has slipped a half a yen and almost half a pfennig against its Japanese and German counterparts. The Deutsche mark's continued strength is the only positive note in the foreign exchange markets today.[03] EU foreign ministers to meet in response to Helms-Burton lawEU foreign ministers will today meet for a second day to decide how to respond to Washington's legislative actions against non-US companies trading with Cuba.President Bill Clinton has until midnight tonight to decide if he will suspend the so-called Helms-Burton law. If he fails to do so, the EU may retaliate. [04] Israel PM's economic policies take shapeThe economic policies of the new Israeli government are beginning to take shape.Prime Minister Benjamin Netanyahu is trying to focus on developing a free market economy. But the economic effects of his right wing philosophies are already being felt in the housing market with a big rise in demand for apartments in the Jewish settlements. [05] North Korea sends business delegation to JapanRepresentatives and business leaders from North Korea have begun a tour of Japan. The aim of their trip is to persuade capitalist businesses to invest in their country. The North Koreans travelled to Tokyo to publicise a free trade zone being constructed on their coast near the border with China.But Japanese business people say they won't invest in the North until the political situation on the Korean peninsula stabilises and Pyongyang normalises trade relations with Japan. [06] Asian sweatshops undergo about turnSeveral companies with professed codes of conduct have been exposed as using sweatshop labour in Central Asia. Most have turned about face and joined the elimination of the 'Slave-wage' labour campaign. Perhaps we'll soon be seeing products labelled "not made by cheap labour" standing with those "environmentally friendly" ones in the shops.[07] Thais reject fake marketThailand has suddenly found an appetitie for Levi jeans.Despite having one of the largest copy jeans markets in the world, Thais are shunning the cheap fakes. One consumer spent over 3000 dollars on a pair of washed out denims. To keep up with this increasing demand Levi's launched its own new brand of jeans, made to look old, to stop customers destroying brand new pairs. [08] Airbus Industrie wins 1.8 billion dollar General Electric orderEuropean aircraft manufacturer Airbus Industrie said Monday it received a firm order for 45 airplanes from General Electric Capital Aviation Services.Forty of the orders are for the single-aisle Airbus A-319, A-320, and A- 321 airplanes. The five other orders are for the wide body, long-range A- 340-300 aircraft. The order is worth 1 point 8 billion dollars. The contract with GECAS, a unit of General Electric Corp., also includes options for the purchase of an additional 40 single-aisle planes and for five additional A-340-300's. Deliveries of the single-aisle aircraft are scheduled to begin in mid- 1997, Airbus said. The A340-300s will be delivered between 1999 and 2001. Airbus Industrie, a consortium composed of four European aircraft builders, is Europe's only builder of large commercial aircraft, ranking second in the world after Boeing Commercial Airplane Corp. 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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