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European Business News 96-09-12European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 12 7:20 CETCONTENTS
[01] Gulf tension keeps oil prices highThe price of oil has remained near its post-Gulf War highs on worries that the tension between the United States and Iraq could escalate and jeopardise the flow of oil from the region.Following the news that American fighter planes patrolling northern Iraq had been fired at, Washington confirmed yesterday that it was sending bombers and stealth fighters to the region. Meanwhile, Iraq's deputy foreign minister is in New York to try and persuade members of the Security Council to agree to an early implementation of the oil-for-food deal which would allow Baghdad to resume limited oil exports. [02] Bundesbank bullish about German economyThe Bundesbank has given a relatively bullish assessment of the German economy. In its September monthly report the Central Bank says it expects GDP to grow by slightly more than the 0.75% forecast by the government. But the report also says that the federal government budget deficit could well reach 4% of gross domestic product in 1996.That would bring the deficit quota well above the 3% laid down in the Maastricht treaty as a pre-condition for joining a common European currency. [03] BAe posts 75% rise in interim profitsBritish Aerospace has reported a 75% rise in pretax profits for the first half. They came in at £199m ($310m) after exceptionals. The company's chairman said that the further improvement in British Aerospace's performance was confirmation that the company's strategy was working to good effect. Market observers said that now that the UK government has committed itself to the Eurofighter the future is bright for British Aerospace, which has a major stake in the project.The company raised its dividend by 25% to 6 pence 25 a share. [04] RTZ reports 22% fall in first-half profitsThe RTZ corporation, the world's leading mining group, has reported a 22% drop in first half profits to £552m ($860m). The result was hit by production losses at RTZ's Kennecott subsidiary as well as by a drastic fall in copper and aluminium prices. RTZ says it expects earnings to improve in the second half.[05] British Gas set to report sharp fall in first-half profitsBritish Gas is expected to report a sharp fall in profits for the first half of the year this morning.Analysts forecast a result in the region of £525m - compared to last year's £635m. But the markets' attention is likely to focus on any news about the negotiations that will determine the amount of profit British Gas can take from its subsidiary TransCo. [06] Canada's Sherrit plans Cuban board meetingThe Canadian mining group Sherritt is planning to hold a board meeting in Cuba tomorrow just months after top executives were banned from the United States for doing business with the island.The Financial Times reports that all the directors will be present, including Sir Patrick Sheehy, former head of BAT industries in the UK. Sherritt was hit by US sanctions, because its nickel interests allegedly use facilities owned by a US company before the Cuban revolution. A company spokesman admitted the board meeting in Havana could be seen as being rather provocative. [07] Alitalia strike action under controlFlight attendants at the airline Alitalia began a 24 hour strike at midnight. But the carrier does not expect flight cancellations or delays. The strike action, which is targeted at flights out of Rome and Milan, was called to protest against a reorganization programme aimed at reducing labour costs.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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