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Sunday, 24 November 2024
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European Business News 96-09-17European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 17 11:30 CETCONTENTS
[01] Deutsche Telekom reports large profit dropGerman telecommunications monopoly Deutsche Telekom said its first-half net profit plunged to 129m DM ($85m) from 3.5bn DM the year before. The company attributed the drop largely to charges related to job cuts through the year 2000. And for the first time the company, which starts listing its shares in November, posted profits using US accounting principles. Those figures showed a net profit of 500m DM in the period. Deutsche Telekom didn't provide comparable year-earlier figures. The company said that it expects to show profit gains from next year onward.[02] Michelin's first-half profits up 50%The world's largest tyre maker, Michelin, has reported a first half profit of 2.88bn Ffr ($559m). The result was almost 50% higher than last year's. The company attributed the gain to a small increase in sales and to cuts in production and financial costs. Michelin said moderate growth and lower costs should contribute to a continuation of the improving trend that set in in 1994.[03] Kuwait allows more US ground troopsIn the Gulf more US troops are likely to join the existing ground battalions as Kuwait said it will allow additional troops to be based on its territory.The US government has said that the lynch pin in containing Saddam Hussein's threat to the stability and security of the gulf region is the Allied military presence . The Pentagon declined to say how many more soldiers would be sent to the Gulf. But it had spoken of airlifting 3,000 soldiers from Fort Hood in Texas. The Americans already have 1,200 ground troops training in the Kuwaiti desert as well as eight F-117A stealth attack planes that arrived last week. [04] Tesco publishes strong pre-tax profitsThe British supermarket chain Tesco has announced first half pretax profits of £321m ($500m). That's a rise of 10.7% on the same period last year and is in line with analysts expectations. Tesco's dividend has been lifted 6.6% to 3 and a 1/4 pence. The company says its core food business continues to perform well and market share grew 1% in the period.[05] France and Germany in EMU meetingThe Franco-German economic council meets in the Bavarian town of Kempten on Tuesday. The finance ministers and central bank governors of the two countries are expected to agree on a joint position for Friday's meeting of the EU finance ministers. At the Dublin meeting, the prospects for monetary union will be top of the agenda.[06] P&O reports 3% rise in interim profitsThe British shipping and property group P&O has posted a 3% rise in first half pretax profit to £130.2m ($95m dollars). The company's market share had suffered from increased competition from rival cross channel operator Eurotunnel. P&O's response to its new competitor was to increase the number of cross channel ferry services, provoking a price war with Eurostar and the Shuttle. The company also said it has agreed to spend £25.25m to take full ownership of North Sea Ferries.[07] Sears' profits fall to £2.5mSears, the troubled UK retailing group, said Tuesday that pretax profit for the six months ended July 31 plummeted to £2.5m.Sears, which continues to restructure, took a £32.5m provision arising from the entry into administrative receivership of the Facia footwear business on May 31. [08] Consob to call Olivetti to accountThe Italian stock market regulator, Consob, has demanded that high tech company, Olivetti, provides further clarification of its half year accounts. The demands follow yesterdays announcement that Olivetti's CEO, Francesco Caio, is under formal investigation for false corporate reporting.Consob wants answers to 16 detailed questions by today to satisfy the markets urgent requirements for information on the true nature of the company's financial position. [09] UK's August PSBR above forecastBritain's public sector borrowing requirement (PSBR) was £4.53bn in August, slightly above consensus forecasts for a deficit of £4bn.The data, published jointly by the Office for National Statistics (ONS) and the Treasury Tuesday, also showed that the cumulative deficit for the first five months of the 1996-97 financial year, which began in April, was £13.4bn. This was down from £16.7bn in the same period a year earlier. The PSBR is the amount the government needs to borrow to bridge the gap between its income and expenditure. The Treasury is forecasting a PSBR of £26.9bn in 1996-97. In 1995-96 the shortfall was £32.2bn. Income tax revenues fell 7.6% in August compared with the year earlier, corporation tax rose 15% and value added tax (VAT) was down 23% after bouyant VAT receipts in July. On the spending side, net departmental outlays totaled 21.62 billion pounds, up 1.4% from 21.32 billion a year earlier. 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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