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European Business News 96-08-29European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated August 29 9:35 CETCONTENTS
[01] Daimler rides wave of recoveryDaimler-Benz AG reported improved operating results as Germany's auto market showed signs of recovery. Sales at Daimler's flagship Mercedes-Benz AG unit rose 7.9% to 38.3 bn marks ($25.9 bn) in the first half from a year earlier. Analysts noted that Daimler will release more information about its overall group results at a press conference today.[02] Lloyd's US investors ask appeals court to lift injunctionA group of US investors in Lloyd's of London plans to ask a US appeals court to consider its decision to lift an injunction against Lloyd's proposed recovery plan.The injunction would have given the 93 investors more time to accept or reject the 3.2 bn pound rescue package for the world's oldest insurance market. 90% of all Lloyd's investors have already approved the deal. The market's Council of Governors was expected to meet today to endorse the plan, but if the US investors file an emergency motion, a decision might yet again be delayed. [03] Mediaset's shares up following Italian delay on TV broadcast reformShares in Silvio Berlusconi's Mediaset are up point three percent following yesterday's ruling by the Italian government to delay a decision on how to reform current rules on TV broadcasting.In December a court declared unconsitutional a law that allows a single TV operator to have 25% of the total number of channels. Instead, the court suggested a 20% ceiling. The ex-premier owns 25% of the total number of channels on-air. If the constitutional court's suggestion became law, Mediaset would need to shed one of its channels with a loss of more than $660m in revenue. [04] Rolls Royce posts 6 month profit of 96m poundsRolls-Royce, the UK engineering company, has announced 6 month pre-tax profits of 96m pounds. This compares with a profit of 70m pounds for the same period a year earlier. The company announced charges for the period of 248m pounds.[05] US accuses Iran of violating UN oil sanctionsThe United States has accused Iran of violating UN sanctions by collecting protection fees from ships carrying contraband Iraqi oil.State Department officials submitted the complaint to the UN claiming that Iran was evading international inspection forces. Iraqis in their desperation to alleviate crippling UN sanctions have been selling oil for as low as 15 dollars per metric ton to countries who are prepared to load their ships in Iraqi waters. The Iranians, it is claimed, are levying a further 55 dollar per ton protection fee on small ships - which are harder for the Gulf naval task force to detect. [06] UN council puts off Turkish request for Iraqi oilA UN security council committee has put off Turkey's request to buy Iraqi oil until the impact of limited oil sales with the country can be evaluated.No deals will be permitted until the UN's 2 billion dollar oil-for-food plan is implemented. The Turkish goverment is claiming that the punitive sanctions levied on Iraq after the 1990 Gulf conflict have cost the Turkish economy 27 billion dollars and that it deserves some relief. A UN spokesman said that for the time being, Turkey will benefit from pipeline fees once the oil-for-food plan begins. [07] Clinton nominated for second bite of presidential appleThe Democratic Party Convention in Chicago has nominated US President Clinton for a second White House bid.Clinton, who arrived in Chicago last night, is not due to address the convention until he accepts the nomination tonight. Vice-President Al Gore has already spoken, highlighting the President's foreign policy achievements. Speculation is mounting over the core issues of the President's awaited address - rumours are circulating that he will announce a capital gains tax break for homeowners. 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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