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Sunday, 24 November 2024
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European Business News 96-09-13European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 13 9:30 CETCONTENTS
[01] US increases strike capacityThe US is continuing to build up its firepower in the Gulf region, preparing for a possible new military strike against Iraq. Stealth fighters are headed to bases in Kuwait, and a second aircraft carrier is on its way to the Gulf. US Defence Secretary William Perry has warned of a 'robust' military response to protect US forces and Iraq's neighbouring countries. Observers say a US attack is expected within days, possibly this weekend.Iraq claims that it fired 3 more anti-aircraft missiles at US planes, but the Pentagon has denied this. [02] Japan shows drop in GDP growthGrowth in Japan's gross domestic product for the April to June quarter fell by 0.7%. This would translate into a drop of 2.9% on an annualised basis. The drop comes after a surprisingly strong first quarter, and is exactly within analysts expectations.The government says the figures indicate there's no longer any need for an economic stimulus package. Analysts say the Bank of Japan is likely to leave its monetary policy unchanged. [03] German budget goes before lower houseIn Germany, the lower house of parliament is expected to approve Chancellor Helmut Kohl's budget austerity measures today. Yesterday, the upper house, which is dominated by the opposition, rejected key parts of the package. The budget aims to trim public spending by 50bn DM ($33bn). The package also includes 20bn marks in cuts from social welfare spending.[04] Heineken to report interim resultsIn the Netherlands, the brewer Heineken brings out its first half results today.The company is expected to show an 11% gain in net profit to 310m guilders ($180m). Heineken's stock closed up about 1% in Amsterdam yesterday at 362.70, despite some concerns that the brewer's earnings growth is about to slow. [05] US markets focus on economyThe American markets will be focussing today on some key economic data. The Labor Department is set to release the August consumer price index at 14:30 CET. Economists generally expect both the core and overall indexes to show a 0.2% gain. And the Commerce Department will release its August retail sales at the same time. Overall sales are expected to show a rise of 0.7%.Excluding car sales, the data is expected to show a 0.4% rise. [06] Germany plans to dispute EU aid to VWGermany is planning to take the European Commission to court over the dispute about $60m in subsidies to the car maker Volkswagen. Bonn said it plans to fill a complaint with the European Court of Justice on Monday. The commission itself has already filed a complaint against Germany in the court. Disputes in the EU court typically take as long as 22 months to resolve and VW has already said it will freeze the aid until the issue is resolved.[07] Germany blocks BAe acquisitionGermany has blocked British Aerospace's attempt to form a consortium to acquire the defence electronics business of bankrupt Bremer Vulkan. The Financial Times reports that the German defence ministry indicated it wanted the company, called STN, to go to a domestic buyer. STN is well known for its high technology sonar and radar systems, and is one of the few profitable units within Bremer Vulkan.Creditors are worried that political concerns could hurt the prospects for a profitable sale of STN. 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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