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European Business News 96-08-27European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated August 27 9:00 CETCONTENTS
[01] Hijackers let 60 women and children off planeA total of 60 people, mostly woman and children, were freed by their captors from a hijacked Sudanese jetliner after it landed at London's Stansted airport Tuesday.But the other 126 passengers and all the 13 crew were forced to remain on board. Essex county police spokeswoman Kim White said the hijackers were of Middle East origin and had relatives aboard the plane. There was no immediate official confirmation of nationalities of the passengers. But the British national news agency Press Association reported most were Sudanese and others were from Iraq, Jordan, Palestinian- controlled areas, Syria and Saudi Arabia. [02] Roche's profit up 16% in 1HThe Swiss pharmaceuticals group Roche has announced a rise of 16% for its first half net profits.The figure matches analysts expectations lifting profits to around 2 and a quarter billion francs or just under 1.9 billion dollars. A company spokesman was optimistic that full-year profits will also show a rise as Roche hopes to show that it's retained its position as Switzerland's premier drugs company despite the merger between Ciba-Geigy and Sandoz to form a new giant, Novartis. [03] French insurer GAN victim, in pressurised property marketThe property market in France continues to be under pressure.The latest victim is the insurer GAN, whose real estate financing arm has announced a big half year loss and a large recapitalisation. Union Industrielle de Credit said it had a 758 million franc or 150 million dollar net attributable loss for the first six months of the year. The company also said that an 800 million franc recapitalisation to restore reserve ratios would be finalised in the next few weeks. [04] Lloyd's of London to fight court injunctionLloyd's of London is heading back to court today in an attempt to overturn an injunction against its rescue plan.The world's oldest insurance market argues that the blockage by a US district court last Friday could push it into insolvency. The court had ruled that Lloyd's sold securities to US investors in violation of the country's securities laws. Lloyd's investors, known as names, have until Wednesday to accept the 3.2 billion pounds reorganisation plan. The company announced over the weekend that 75 percent of them had already voted in favour of the deal. But Lloyd's said that it would be forced to consider contincency plans if it were to lose its appeal in the US courts. [05] Swdish pulp and paper group Domaen to report profitsThe Swedish pulp and paper group Assi Domaen is reporting half year profits today. The company is expected to post a drop in profit before financial items to between 1.1 and 1.4 billion kroner. That's about 210 million dollars. Like most other Swedish companies who have reported profits in the last couple of weeks, AssiDomaen is likely to have been hit hard by the country's strong currency.[06] Clinton still hot on campaign trailUS President Bill Clinton continues campaigning today with his train tour of the American heartland. The President has already covered the breadth of Ohio, laying emphasis on his anti-crime credentials and taxation plans.The tour will end on Thursday in Chicago with the President joining his colleagues at the 42nd Democratic National Convention. [07] German SDP reject Kohl's packageThe German opposition Social Democrats have rejected a large part of Chancellor Kohl's austerity package.The vote came in a meeting of a parliamentary mediation committee. The SPD, which has a majority in the committee, had signalled beforehand that it would reject planned reductions in sick pay and workers protection from firing. It also objects to a raise in the pensionable age of women. But a government spokesman said that Bonn would override the rejection next month by using its majority in the lower house of parliament. 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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