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European Business News 96-08-08European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated August 8 8:15 CETCONTENTS
[01] The UN sanctions panel is set to clear the way for the oil-for-food deal with Iraq later todayThe U.N. Sanctions Committee will hold a formal session Thursday to adopt procedures for the Iraq oil-for-food sales, a diplomat to the U.N. said Wednesday evening. The United States on Wednesday removed the last major obstacle to limited Iraqi oil sales, agreeing to U.N. procedures for monitoring the oil-for-food agreement.Diplomats expect to adopt the procedures, seen as the last major hurdle before the oil sales can begin. If the procedures are adopted Thursday, U.N. Secretary-General Boutros Boutros-Ghali is expected within days to offer an interim report to the U.N. Security Council on what must still be done before the oil can start flowing. Once the procedures are adopted, monitors must be placed in Iraq to oversee the flow of oil and the distribution of humanitarian aid. Diplomats said that oil will start flowing in about a month. Under the U.N. oil sales plan, Iraq may sell $1 billion of oil every 90 days for an initial 180-day period. [02] Nokia is expected to show a steep drop in first half earnings todayThe Finnish telecommunications group Nokia is expected to announce a drop of around 60% in first-half pre-tax profits today. But the market is expected to focus on the prospects for the second half of the year. Nokia the world's second-biggest mobile phone maker.. is said to have over- estimated the extent of growth in the market in the U.S. particularly of digital phones.[03] Bank Of England warns of probable rise in interest ratesThe Bank of England delivered a blunt warning that British interest rates will probably have to go up at some stage if the government is to stand any chance of meeting its inflation target in two years' time.In its quarterly inflation report published Wednesday, the central bank said its projection was that underlying inflation, excluding mortgage interest payments, would be 'a little above' 2.5% two years from now, 'with risks more on the upside than the downside if interest rates remain unchanged.' That, it said, is a 'slightly worse' outlook for inflation than in May when the previous report was published. 'In the coming months the question on the table is more likely to be when to raise interest rates than when to cut them,' Mervyn King, the bank's chief economist, told a news conference. He said the question of when rates should go up would depend on the economic data at the time of the monthly monetary policy meetings between Chancellor of the Exchequer Kenneth Clarke and Bank of England Governor Eddie George. [04] Adidas first-half earnings up 40%The German sports goods manufacturer Adidas said on Wednesday its net profit rose 40.4% to 184 million marks, or 124 million dollars, in the first half of this year.That profit rise came on the back of a world wide sales increase of 28% to 2.28 billion marks. Sales were given a big help by the success of Euro 96 and the Atlanta Olympics, but marketing and promotional costs dampened profits. [05] Stora's profit drop 60% to 1.61 billion kronerSwedish forestry group Stora AB reported pretax profit dropped 60% to 1.61 billion kronor in the first six months of the year, following lower sales volumes, lower product prices and a stronger krona.The profit was somewhat lower than average analyst expectations of 1.81 billion kronor. [06] Dresdner Bank's first-half operating profit jumps 44%Dresdner Bank AG, Germany's second-largest bank, said Wednesday its operating profit after provisions for bad debt rose 44% in the first half of 1996, to 1.42 billion Deutsche marks.The bank also said its return on equity before taxes rose to 20% in the first six months of the year, up from 14% a year earlier. The bank released those figures ahead of a press conference to be held later in the morning. Further Dresdner Bank six-month earnings figures are scheduled for release at 0930 CET. [07] UK banking group Abbey National reports first half pretax profits of 558 million poundsU.K. Abbey National PLC announced Wednesday that pretax profit rose 16% to 558 million pounds for the six months ended June 30, up from 483 million pounds in the same period a year earlier. Ian Harley, finance director at Abbey National said 42% of the 558 million pounds in pretax profit came from 'non-traditional businesses,' such as life insurance, general insurance and treasuries.'We had set a target of 40% by the end of 1997, so we've gotten there a little early,' Harley said. 'We certainly see 50% of profits from non- traditional businesses by the end of the 1990s as doable.' Harley said Abbey National's performance for the first six months of 1996 was ahead of internal budget figures, and broadly in line with market expectations. 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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