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European Business News 96-08-23European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated August 23 10:30 CETCONTENTS
[01] CBI figures point to 3.1% possible growth for UK in 1997Economic growth in the UK could be as strong as 3.1 per cent in 1997, according to the latest Confederation of British Industry survey. The CBI says it has improved its forecast from May when it predicted a 3 per cent increase in growth. But forecasts for the rest of this year remina unchanged with GDP expected to pick up in the second half and grow by 2 per cent overall.[02] Clinton decision on tobacco could effect European sharesTobacco shares are set to take another battering in European trade today, as the markets await President Clinton's decision on whether or not to classify nicotine as an addictive drug. The move will create new powers to regulate cigarettes and tobacco, and follows several high profile court cases against tobacco companies in the States.Yesterday in London, BAT shares fell 24 pence to 422 a share on the back of the smoking clampdown threat. [03] Bertelsmann and Kirch talks stall over pay TV marketNegotiations between the two media giants, Bertelsmann and Kirch have reportedly stalled. The Wall Street Journal says the two groups are at odds over the details of an agreement to co-operate in the German payTV market. At the centre of the dispute is the German channel Premiere, which is partly owned by Bertelsmann. The companies had agreed that Premiere would be included in Kirch's new digital pay-TV service. But sources say Bertelsmann is now insisting Kirch must also sell the channel its best films and sports coverage.Kirch in turn is threatening to drop Premiere entirely from its service. [04] Airbus and Boeing win 51 plane contract from America's United AirlinesAirbus Industrie and Boeing have won a 4.4 billion dollar contract from America's United Airlines to build 51 new planes.The lion's share of the deal went to Boeing, but industry analysts say the European consortium scored a big victory over its arch-rival. United's order with Airbus is valued at 900 million dollars based on manufacturers' list prices, but United will likely pay much less thanks to special discounts. Boeing gets to provide United with the rest of the order with a list value of 3.5 billion dollars. [05] Virgin Express in trouble over low fare servicePlans by Richard Branson's new Virgin Express airline to launch no-frills service between Brussels and Geneva next month, are in jeopardy after the Swiss government complained about the low fare service.The Wall Street Journal says the Swiss are questioning the legality of the new carrier, established in April after Branson bought 90 per cent of the capital of Eurobelgian Airlines. Virgin has dismissed the setback saying the Swiss are manouvering to try and protect their own airline fares which are higher than Virgin's. [06] Lloyd's of London reorganisation decision postponed by federal judgeIn America, a decision on whether or not to allow a reorganisation of Lloyd's of London to go ahead has been postponed by a federal judge.Lawyers are denying that this is allowing them to negotiate an out of court settlement with the British insurance underwriting market. The judge has to decide whether to issue an injunction blocking Lloyd's 3.2 billion pound recovery plan. A ruling is now expected later this afternoon. [07] UK's Bass close to £200m share deal with AlliedU.K.'s drinks and hotel group Bass PLC is close to making a 200 million pound agreement to buy Allied Domecq PLC's share of Carlsberg-Tetley, a joint venture between Allied and Danish company Carlsberg, the Financial Times (FT) newspaper reports Friday.The newspaper says if Allied agrees to the price then Carlsberg is expected to put its half share of the joint venture into Bass's brewing divison, along with a 20 million pound payment in return for a 20% stake in the business. The FT said Bass has insisted on a safety clause in the agreement in case the U.K. government imposes any sanctions on the deal such as the disposal of pubs in the wake of the merger. [08] Surge in earnings from its banking business boosts Baring's profits 28% in 1HThe Dutch financial services group ING has reported a 28 per cent rise in first half 1996 net profits.A surge in earnings from its banking business boosted profits to one and a half billion guilders, that's just over 900 million dollars from 1.2 billion guilders for the same period last year. ING, which took over British merchant bank Barings in 1995, said the results were slightly higher than expected but warned profits would not grow as fast in the second half. 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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