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European Business News 96-09-06European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 6 10:10 CETCONTENTS
[01] Olivetti set to issue statementThe Italian information technology group Olivetti is scheduled to issue a statement any time now.That's after the company met the stockmarket authority Consob yesterday to clarify questions about its accounts. Doubts had been raised when Olivetti's former director general, Renzo Francesconi quit on Wednesday citing misgivings about the way the company presented its first half 1996 results. It was the latest twist in a week of high drama for Olivetti after Carlo de Benedetti resigned as chairman ending 18 years at the helm. [02] EU to meet over BSE allegationThe European Union's scientific and veterinary committees meet today to review allegations that BSE can be passed from cows to their calves. European farmers are more and more disatisfied with the EU's measures so far. Particularly in France where it has emerged that the full extent of BSE in the country may not yet be known.[03] Deutsche Bank consider UK trust responsibility moveDeutsche Bank is considering moving responsibility for its UK unit trust business from London to Frankfurt.Deutsche concluded that controls within its UK asset management businesses had failed completely. The bank admitted that senior members at Morgan Grenfell Asset Management had warned as early as April, that fund manager Peter Young was defying regulators' rules on holding of shares. [04] Lord Weinstock resigns after 33 years as head of GEToday sees the end of an era at Britain's General Electric Company. Its managing director Lord Weinstock is resigning after 33 years in the job. Lord Weinstock's successor is George Simpson, formerly chief executive at Lucas Industries.Speculation surrounding GEC has centered on the question of whether the management might consider a demerger. But observers say that is a remote possibility after Hanson's poorly received decision to split up. They add that a merger of GEC's defence business with British Aerospace is more likely. [05] Schroders expecting strong profit for 1HBritain's largest remaining independent investment bank, Schroders, is expected to show strong profit growth when it reports first half profits this morning.Analysts expect pretax profits of up to £120m. That's about 186 million dollars and a 40 percent rise on the year. But observers will also be looking for signs that the costs control campaign Schroders announced this year is having an effect. [06] Juppe announces $15bn five year tax planFrench Prime Minister Alain Juppe has announced a 75 billion franc, or $15bn five-year tax reduction plan. Juppe said the reforms will affect 80 percent of French workers and will add a privately funded pension scheme. His proposals will lower the income tax by a quarter over the next five years and by 25 billion francs in 1997 alone.[07] Scor posts 40% rise in 1H earningsFrance's largest reinsurance company Groupe Scor has posted a 40 percent rise in first half earnings.Net profit came in at 288 million francs or $57m. Sales rose 10.6 percent to 6.5 billion francs. The company said that business was helped by the purchase of U.S.-based Allstate's reinsurance business, development in southeast Asia and the opening of a Brazil office. [08] Laird's earnings fall 11% on yearThe British engineering vehicles company, Laird has seen its earnings fall 11 percent on the year.Pretax profit slipped to £33.4m or $52m. The company said that the decrease was mainly due to an exceptionally strong start to 1995, which could not be repeated this year. 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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