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Sunday, 24 November 2024
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European Business News 96-09-09European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 9 10:30 CETCONTENTS
[01] Eurotunnel reports 3bn Ffr lossEurotunnel said its losses narrowed in the first half to 3bn Ffr ($600m). Analysts had been predicting a loss in the vicinity of $546m. The loss comes despite the success of the company's Eurostar passenger service and Shuttle car service.UK co-chairman Alastair Morton has set the end of October as the date for his retirement. The company didn't offer any news on its debt negotiations. [02] Japan's trade surplus continues to shrinkJapan's current account balance will continue to decline in the coming months because the trade surplus - the largest portion of the current account figures - is likely to continue shrinking, analysts say.But they add that the recent stabilization of the Japanese yen against the US dollar means that the pace of that decline will slow in coming months. The current account surplus for July - before adjustment for seasonal factors - narrowed 27% from the year-earlier month to 568.2bn yen, the Ministry of Finance (MOF) said Monday. Tokyo-based economists surveyed by AP-Dow Jones on average had forecast a surplus of 531.33bn yen in the current account balance. 'The larger-than-expected surplus in July was because income from Japan's overseas assets is increasing,' said Brian Pierce, economist at SBC Warburg Securities in Tokyo. But, he noted, a declining trend in the trade balance will overshadow any benefits from overseas income. According to figures released by the MOF September 5, Japan's trade surplus for the first 20 days of August fell 81.1% from a year earlier to 69.09bn yen. Analysts say the sharp drop shows that structural changes in Japan's economy, which have spurred imports and reduced the nation's trade surplus, remain in place. [03] Lufthansa starts wage talks todayThe German airline Lufthansa will start wage talks today. The carrier wants workers to accept a three-year wage freeze and says it needs to cut costs by 1.5bn DM ($1bn) .The OeTV union is asking for a 2.3% pay rise and protection for workers as the company reorganises. [04] Casino's first half profit rises 44.8%French supermarket group Casino said Monday its net profit in the first half of the year rose 44.8% to 294m Ffr from 203m Ffr in the same period a year ago.The company's operating profit rose 8% to 564m Ffr from 522m Ffr in the similar year-ago period. [05] Consob continues Olivetti probeItalian stock market authority Consob said it will continue a probe into possible irregular accounting at Olivetti by questioning the company's board of auditors this week, reports Monday's Wall Street Journal Europe.Consob opened the investigation Thursday, when it suspended trading of Olivetti's shares and summoned the company's new chief executive officer, Francesco Caio, demanding he defend Olivetti's first-half results following accusations of irregularities from departing General Manager Renzo Francesconi. Consob said in a statement Friday that it hadn't yet passed judgment on the accuracy of the company's accounts. The authority said it had only verified that Olivetti had fulfilled the reporting obligations necessary for its shares to resume trading on the Milan stock exchange Monday. Consob also confirmed that it will open a routine investigation into whether any insider trading may have occurred in last week's rollercoaster trading. In a bid to bolster confidence,the new chief executive officer of Olivetti has said the troubled group won't sell its loss-making personal computer operations. Olivetti's shares plunged about 9% in the first two days of last week amid rumors of boardroom wrangling. On the Tuesday, Carlo De Benedetti, Olivetti's chairman for 18 years, resigned after clashing with Caio over the information and telecommunications company's first-half accounts. De Benedetti had promised shareholders during a 2.257 trillion lire capital increase last year that he would turn the company around once and for all. But Caio insisted on setting aside 200bn lire in the first-half accounts for further restructuring charges, inflating the company's first-half pretax loss to 440.2bn lire. [06] Hammerson posts 3% fall in profitsHammerson, the UK-based commercial property developper, said Monday pretax profit for the six months to June 30 fell 9.3% to £32.1m from a year ago.Net rental income, however, rose 0.6% to £63.3m during the half. Hammerson has developments in the UK, France and North America. [07] UK PPI shows prices remain flatUK producer output prices remained unchanged in August from July, while producer input prices rose a seasonally adjusted 0.3%.Output prices rose 2.0% from a year earlier at 123.5, marking 'the lowest rate of the index since July 1994,' the Office for National Statistics (ONS) reported Monday. Looking at the montly figures, August's flat output price reading compared with economists' average forecast for a 0.1% rise. The input price rise was slightly higher than forecasts for a 0.2% rise. The ONS also reported that the core output price index - which excludes food, beverages, tobacco and petroluem - was also unchanged in August from July. It had been forecast to rise by 0.05% 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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