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Sunday, 24 November 2024
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European Business News 96-08-12European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated August 12 9:40 CETCONTENTS
[01] Shares in BAT expected to be hit in wake of Brown and Williamson verdictAmerican Depositary shares didn't escape totally unscathed from news that a Florida jury delivered a verdict against Brown & Williamson Tobacco Co. in a tobacco liability trial in Florida.Most major tobacco shares tumbled on the news. However, shares of Brown & Williamson's parent company - Britian's B.A.T. Industries Ltd. - only slipped 5/16 to 15 5/8. Elsewhere, American depositary shares were mixed, though with a downward bias. The Dow Jones Industrial average fell 32.18 points to 5681.31. Meanwhile, the Nasdaq-ADR index fell 1.17 points to 262.30. A six-member jury panel in Florida's Duval County Circuit Court returned a verdict against Brown & Williamson, a unit of British B.A.T. Industries Ltd., for health injuries sustained from smoking, according to sources at the court. The jury awarded the plaintiff $750,000 in compensatory damages. [02] Sumitomo scandal trader comes out of hidingYasuo Hamanaka, the man at the center of the Sumitomo copper trading scandal, has come out of hiding.In an interview with Reuters news service in Tokyo, Hamanaka has said he would comment on the scandal sometime in the future. He wouldn't say whether US or British investigators have interviewed him. And he said he's had no contact with Sumitomo since he was fired on June 14. Sumitomo has said that the former copper trader's unauthorised dealings led to losses totalling nearly 2 billion dollars. [03] Bayer expected to show 11% in first half profitsGerman chemical group Bayer is expected to post an 11 percent gain in first- half earnings to 2.63 billion marks today, that's 1.8 billion dollars. Analysts say the company's US operations helped it benefit from the stronger dollar. Bayer is the first of the big German chemical groups to report. BASF and Hoechst are also expected to show double digit earnings growth.[04] Kvaerner's profits expected to reach 748 million Norwegian crownsNorwegian shipbuilder and offshore engineering group Kvaerner is releasing its first-half results this morning. The company is expected to post pretax profit of about 748 million Norwegian crowns, that's around 117 million dollars. The figures will include a two-month contribution from the recently acquired UK conglomerate Trafalgar House.[05] Salvesen in reported demerger planBritish transport and power supplies group, Christian Salvesen, is reportedly planning a demerger valued at a billion pounds, or about 1.5 billion dollars.In addition, the company is planning to buy back as much as 200 million pounds worth of its stock. As many as 12 plans have been drawn up but they all include the demeger of Aggreko, the company's power supplies hire division. The move is seen as an answer to critics who attacked Salvesen for rejecting Hay's 1 point 1 billion pound bid made last week. [06] British feel good factor is back according to reportBritain's Chartered Institute of Marketing says the so called feel-good factor has returned.In a report published today, the institute notes there's been strong growth in consumer demand, particularly for expensive items like houses and cars. The institute also expects to see wage increase in the next twelve months and says lending conditions will remain favourable. [07] French Franc under pressureThe French Franc is again under pressure as the market reacts to President Jacques Chirac's apparent battle of nerves with the Bank of France Governor, Jean-Claude Trichet. Dealers have been selling the currency in the wake of the announcement that former executives at Credit Lyonnais could face a criminal investigation. The ailing state-owned bank lost 21 billion francs or $4.15 billion between 1992 and 1994. As Treasury director at the time, Trichet was directly responsible for overseeing business practices at Credit Lyonnais.Banking analysts say yet more losses are expected when the bank reports first half results in September. [08] US PPI unchanged in July after 0.2% rise in JuneUS producer prices remained unchanged in July after a 0 point 2 percent rise in June.The core PPI figure which excludes food and energy rose 0 point 1 percent. The figures are a little weker than the markets had been expecting and treasurys have moved ahead on the news. This set of figures will reinforce the growing view in the US that inflation is not a threat in the short term. 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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