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Sunday, 24 November 2024
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European Business News 96-08-19European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated August 19 16:20 CETCONTENTS
[01] Germany's industrial giant Mannesmann posts a 28% increase in first half net profitsGerman engineering group Mannesmann AG Monday said its first half ended June 30 was 'successful,' as its telecommunications and auto technology divisions helped boost its financial result. The industrial giant has announced net profits for its interim reporting period up 28 per cent to 180 million deutschemarks or 122 million dollars. That's above analysts expectations.The company forecast its 1996 group operating profit will 'improve slightly from the 911 million marks reached in 1995.' [02] Lloyds of London faces a legal challenge to its resuce planThe U.S. Securities and Exchange Commission has refused to help Lloyd's of London in a potentially devastating legal challenge today, that claims the insurance market's 3.2 billion pound recovery plan may break U.S. securities laws.Disgruntled U.S. names are seeking an injunction in a federal court in Virginia to prevent Lloyd's from proceeding with a rescue proposal - just nine days ahead of the August 28 deadline for Names to accept. A delay could wreck the plan, which has taken more than a year to construct throwing the insurance market's future in doubt. [03] Prodi government has only 50% chance of survivalThe Italian government under Romano Prodi has only a 50 percent chance of surviving the autumn according to the leader of Italy's hardline Communists, Fausto Bertinotti.In a newspaper interview, Bertinotti warned the government against seeking support from the conservative opposition to push through the privatisation of the state telecom company Stet. Bertinotti said it would mark the end for Prodi's government, which depends on Communist support to get legislation through parliament. Italian markets have fallen as a result of the news. [04] Britain's Thistle Hotels to announce stockmarket flotation plansThe U.K.'s second largest hotel group Thistle Hotels will be floated for up to 1.5 billion pounds, according to a report in Sunday's Observer newspaper.The report said the hotel chain's owner New Zealand's Brierley Investments will announce the flotation next week. The group has been finalizing details with its advisers over the last two weeks, the weekly newspaper reported. With an expected market capitalization of between 1 billion pounds and 1.5 billion pounds, the hotel group would enter the FT-SE 250 index of second-line stocks. [05] EU ups pressure in subsidies row with German stateThe European Commission has threatened to exclude Volkswagen from tendering for public contracts, if it fails to back down on spending a 40 million pound subsidy received from the German state of Saxony.Competition commissioner Karel Van Miert says he will take the carmaker to the European Court if the company does spend the money. The commission blocked the aid back in June and has complained that the Saxony payment far exceeded the legal ceiling on financial aid. [06] UK retailer Argos announces 45% rise in first-half pretax profitU.K. catalog retailer Argos PLC said Monday its pretax profit for the six months ended June 15 rose 45% to 31.8 million pounds compared with 21.8 million pounds during the same period in the previous year.In a press release, Argos said it increased same-store sales during the period 11.1% and had overall sales of 561 million pounds, an 18.2% increase from the year-earlier period. Argos credited new store openings, an increased product offering and improved consumer confidence with helping to boost sales and profit growth. In addition, it said its incentive sales and home delivery operations continued to do well in the first half of its fiscal year and relatively fixed costs' during the first half helped the group increase its operating profit 63% to 25.5 million pounds. The group also said prospects for the coming months look good. 'The second half has started well, and despite intensifying competition and the planned additional costs, we look forward with reasoned confidence, ' said Argos Chairman Sir Richard Lloyd. [07] 'Slow access' bug discovered on Microsoft's Internet ExplorerMicrosoft Corp.'s Internet Explorer 3.0, its much-promoted new software for browsing the Internet, has a flaw that affects its performance on some World Wide Web sites, a company executive said.The new version of the browser, which was launched Aug. 12 to compete with Netscape Communications Corp.'s Navigator, had been downloaded free by more than 100,000 people by Friday, said Bill Koszewski, a Microsoft product manager. He said the software contains a bug that will slow users trying to access certain Web sites requiring their name and a password. Instead of saving the password and then automatically resubmitting it when needed, the new browser forces users to retype their password each time they link to a new page on the site, he said. Microsoft hasn't figured out how to fix the problem, Mr. Koszewski said, calling the flaw merely an inconvenience. Last week, some users had difficulty downloading Internet Explorer because demand exceeded the capacity of the Microsoft computers that handle distribution via the Web. The Redmond, Washington-based company said it was working to increase that computer capacity. In trading on the Nasdaq Stock Market Friday, Microsoft shares fell 87.5 cents to $124.25, from $125.125 Thursday. [08] Thorn and EMI begin trading on the FTSE 100Shares of Thorn and EMI began trading on the London Stock Exchange Monday, opening at 408 pence and 1410 pence respectively. Shareholders of the rental and music publishing company Thorn EMI voted toapprove the split of the group into two separately quoted companies on August 16. However since the split investors have been switching out of Thorn and into EMI amid bid rumours. possible bidders for EMI include MCA and Time Warner. 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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