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Sunday, 24 November 2024
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European Business News 96-09-05European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 5 10:45 CETCONTENTS
[01] Olivetti set for more troubleThe Italian information technology group Olivetti is set for more trouble.The country's stock market regulator, Consob, has called a meeting with the company's former director general Renzo Francesconi, who resigned yesterday. Consob said it wanted to clarify remarks made by Francesconi concerning the companys' accounts. Francesconi was quoted as saying that Olivetti's future looked very difficult and that he did not agree with some of the results released. Olivetti chief executive, Francesco Caio commented that he was surprised both at the content and the form of Francesconi's statement. [02] Graff tax trial begins today in MannheimGermany's tax trial of the decade begins in the city of Mannheim today when the father of tennis player Steffi Graf appears in court to face charges of tax evasion.Prosecutors allege that Peter Graf and the family's tax adviser, Joachim Eckhart, failed to report 42 million marks or $28m of the tennis star's earnings between 1989 and 1993. They are thought to have avoided paying more than 19 million marks in income taxes. Steffi Graf herself is not implicated, but she remains under investigation and could be called as a witness. The trial is expected to last until 1997. [03] UK's Royal Sun posts profits of over $700mThe recently formed UK general insurance group Royal Sun Alliance has announced first half operating profits of £450m or a little more than $700m. The result exceeded analysts' forecasts. The group said in a statement that the two constituents of the group, which formed in July, had made rapid progress towards their goal of full integration by 1998.[04] Credit Lyonnaise boss threatens to quitThe chairman of the troubled French bank Credit Lyonnais, Jean Peyrelevade, is reported to have threatened to quit unless the latest rescue plan the company is modified. The French business daily Les Echos says Peyrelevade made his threat in a letter to Finance Minister Jean Arthuis. According to the newspaper, Peyrelevade is demanding immediate government action to protect Credit Lyonnais from losses accruing from an earlier rescue plan. Otherwise he has said he will resign tomorrow.[05] Carrefour's net profit from continuing operations up 19.6%And the French supermarket group Carrefour has said that its first-half net profit from continuing operations rose 19.6 percent to 1.2 billion francs on the year. That's $230m.The group's overall net profit rose 131 percent to more than 2.1 billion francs. The figure was boosted by an exceptional gain from the company's sale in its stake in PriceCostco of the United States. [06] French stock markets authority accepts Credit Foncier offerThe French stock markets authority has approved the offer by state-owned bank Caisse des Depots et Consignations for the troubled property lender Credit Foncier. The takeover, to cost around 2.5 billion francs or $490m, still requires acceptances covering two thirds of the shares in the group. That, however, is unlikely to be achieved. The French shareholders action lobby ADAM has asked a commercial court to order an independent evaluation of the worth of Credit Foncier. It also demands that the company's 1995 accounts be anulled. ADAM argues that provisions that year totalling more than 13 and a half billion francs had been too big.[07] Royal Ahold set for 20% rise in 1H earningsThe Dutch food retailer, Royal Ahold, is expected to show a 20 percent rise in first half earnings.Net profits are predicted to come in at around 123 million guilders or $74m. The figures should have been helped by greater efficiency in the company's main operations and recent acquisions such as Stop and Shop of the United States. [08] Elf Aquitaine's profit 24% rise due to growth in explorartion and productionThe French petroleum company Elf Aquitaine has shown a 24 percent gain in half net profit to 3.6 billion francs, or $712m. That was slightly higher than expected. Elf said the profit gain resulted from growth in exploration and production, and higher brent crude oil prices. Operating profit also rose 24 percent top 10.4 billion francs, while sales edged up to 113.3 billion francs[09] Norway's Q2 GDP jumps 3% year-on-yearNorway's second quarter gross domestic product has jumped 3% year-on- year.That's on the back of strong growth in Norway's oil sector which accounted for half of the rise. The glowing performance of that sector is reflected in the increase in exports which jumped 4 percent in the second quarter this year from the same period in 1995. [10] Second quarter German GDP expands 1.5%Second quarter German gross domestic product expanded 1.5 percent, greater than economists had expected. First quarter GDP was left unrevised at down 0.5 percent. The government attributed the strong second quarter gains to higher foreign demand because of the weakened Deutschemark, and an increase in consumer spending. Economics Minister Gunther Rexrodt said the figures confirm that the slump is over and the economy's fallen back into step.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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