![]() |
Compact version |
|
![]() |
![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |
|
![]() |
Wednesday, 14 August 2024
![]() |
||
![]() |
![]() |
|
European Business News (EBN), 97-07-18European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated Fri, July 18 5:41 PM CETCONTENTS
[01] Bonn insists that Germany will meet the Maastricht criteriaGerman Chancellor Kohl and Finance Minister Theo Waigel have predicted that Bonn will fulfil the convergence criteria to qualify for European economic and monetary union. The ministers spoke separately after the highly regarded monthly Ifo report said that for the fourth month in a row, German business confidence has risen.Chancellor Helmut Kohl said that the German economic recovery was gathering pace. 'For me it is clear: Germany will fulfil the criteria. The euro will come at the agreed time,' Kohl told Bonn journalists at his twice-yearly news conference. Kohl said the German economy was picking up speed and stuck by the official forecast of 2-1/2 percent growth this year. He said output could rise by as much as three percent in 1998. Speaking at a banking seminar Finance Minster Theo Waigel, departing from the text of a speech, said 'an undershooting of the deficit reference level is guaranteed in Germany also in 1998, with a sufficient margin to three percent.' The portion of the sentence 'with a sufficient margin to three percent' was not in the text of the speech. 'In the year 1998 it is assured that the deficit-to-GDP ratio will remain sufficiently under 3%,' Waigel told Dow Jones Newswires. But Waigel omitted a reference to trade tax on capital in a speech delivered to a forum on risk capital in Munich on Friday. In the text of the speech Waigel had said that the chance of reaching a compromise on this tax on January 1, 1998 were good. Waigel left out this paragraph when he delivered the speech. Earlier in the day, the Ifo economic research institute reported that business confidence in western Germany was higher in June than in May. The Munich-based institute said its business climate index that tracks sentiment and prospects in the manufacturing, construction and wholesaling sectors rose to 96.0 in June from a revised 95.4 in May. It marks the fourth consecutive month of rises. The May Ifo index was revised up slightly to 95.4 from 95.3. Kohl also made some dollar-supportive comments. 'Dollar strength isn't a cause for inflation concerns in Germany. In fact, he said, 'I am happy that exports are doing so well' on the back of the strong dollar. After the remarks, the dollar shot up against the Deutsche mark. Around 1203 GMT, the dollar was quoted at DM1.7983, up from DM1.7943 in London around 1030 GMT and up from DM1.7925 in New York late Thursday. The U.S. currency was also changing hands at Y115.83, up from Y115.75 earlier in London and flat from late Thursday in New York. [02] Club Med shares soar following announcement of a large restructuring plan; Triganos quitSerge Trigano and his father Gilbert, two leaders in developing Club Mediterranee, have both resigned their posts from the French leisure club, and the younger Trigano said he plans to start a new venture.The Triganos resigned from Club Med's supervisory board, headed by the father. 'We're moving toward a Club Trigano,' Serge Trigano said on French radio. He added that it will appeal to the Asian market. He attributed the father-and-son team's pullout from Club Med to their profound differences with the organisation's new structure. Former Eurodisney chief Philippe Bourguignon replaced Serge Trigano as head of the company in February and has since completely overhauled the company's management. Trigano said his own role on the supervisory board was more symbolic than active. Shares of Club Mediterranean soared after new management announced large new restructuring charges and the remaining vestiges of the old management quit the supervisory board. At 1310 GMT, Club Med shares were trading at 443.5 francs, up 5.5%, or 23.40 francs, while the CAC 40 index of blue chip French stocks was down 2%. The club posted a consolidated net loss of 413 million francs ($68.8 million) for the six months ended April 30, it announced. That compared with a net profit of 88 million francs ($14.7 million) in the similar period in 1996. The company attributed the loss to 630 million francs ($105 million) in provisions against risks and losses charged to its first-half accounts. No outlook predicting full-year earnings was released. Club Med was created in the 1950s by Gerard Blitz and developed by Gilbert Trigano and, later, his son. 'There is no more room for a Trigano in the company,' Serge Trigano said Friday in the radio interview. 'I don't know if this (Club Med) is going to be Club Mickey or something else, but it's no longer my club.' He said he wants to create another club, 'to reinvent something else.' 'This will be a new adventure.' Trigano did not provide details. He said only that the new club would be created with Club Med stockholders and personnel who preferred to follow him out. He said it would appeal to the Asian market. [03] Mir crew repairs damage from earlier accident; all key systems working, power restored Mir problems at a glanceThe Mir crew today fixed the damage from an on-board blunder a day earlier, but a major repair mission has been postponed yet again and will probably be handled by a fresh crew next month, space officials said.All key systems on the Mir were working well today, including the power supply system, which was cut off yesterday when a crew member inadvertently unplugged a vital cable aboard the troubled space station. After tumbling chaotically through space for several hours, the Mir reoriented itself toward the sun, allowing its solar panels to soak up energy, Mission Control chief Vladimir Solovyov said. The batteries on the Mir's core module were fully recharged, and batteries on other modules were at or near full power. Meanwhile, the two Russians and one American on board were spending most of today resting following the hectic events. But the latest misadventure, part of a series of recent problems, has further delayed the Mir's schedule. A key repair mission on the damaged Spektr module, which was set for next Thursday, has been postponed yet again. And it's increasingly likely that the current crew won't attempt the job, which involves reattaching power cables that were disconnected when the Spektr was punctured in a June 25 collision with a cargo ship. The next Mir crew, which includes two Russians and a Frenchman, is set to lift off Aug. 5, but their departure could also be delayed, said Solovyov, who gave no further details. The new crew is to overlap with the current Russian crew for three weeks. U.S. astronaut Michael Foale is scheduled to remain on board until his American replacement, Wendy Lawrence, arrives in September. [04] US May trade deficit up to $10.23 billion; wider than expectedThe U.S. trade deficit in goods and services rose in May for the second straight monthly gain on record imports, but the politically sensitive trade gap in goods with Japan plunged to mark the lowest deficit since June last year, the Commerce Department said.The dollar is up against the yen and a touch higher against the Deutsche mark following the release of the data. The dollar is now quoted at DM1.7990 and Y116.06, compared with DM1.7987 and Y115.77 just before the release of the indicator at 1230 GMT. The overall deficit totalled an adjusted $10.23 billion on a balance-of- payments basis, widening 17.0% from a revised $8.75 billion in April, the department said in a preliminary report. The May trade gap was sharply higher than the widely held forecast of $9.1 billion. The department traced the rise to record imports led by foods, feeds, beverages and capital goods. But the deficit in goods with Japan fell 25.0% from the previous month to an unadjusted $3.63 billion, with exports up 1.2% to $5.59 billion and imports down 11.0% to $9.23 billion. The department attributed the lower imports to declines in computers, electrical machinery and motor vehicles, and the higher exports to rises in tobacco, motor vehicles and electronic machinery. The closely watched imports of cars from Japan fell 6.0% to $1.67 billion, while exports rose 29.3% to $194 million. Meanwhile, the deficit in goods with China rose 9.1% to an unadjusted $3.76 billion, with exports up 5.0% to $1.05 billion and imports up 8.2% to $4.82 billion. The deficit with China was the highest since last October, surpassing that of Japan for the third time on record following last August and September to become the top red-ink nation for the United States. On the overall deficit, the Commerce Department said the deficit in goods trade on a balance-of-payments basis in May came to $17.04 billion, up 9.8% from April, while services trade surplus rose 0.5% to $6.81 billion. Exports of goods and services fell 0.8% to $77.24 billion, while imports gained 1.0% for the seventh consecutive gain to hit a record $87.47 billion. [05] Russian Prime Minister Chernomyrdin: Russia's working towards joining the EURussia's dialogue with the European Union should eventually lead to full Russian membership of the 15-nation bloc, the country's prime minister Viktor Chernomyrdin said.'In the near future, I think that Russia should be in the European Union,' Chernomyrdin told a press conference after meeting with E.U. Commission president Jacques Santer and other members of the E.U.'s executive body. 'We'll do everything to become equal partners in this continent.' Chernomyrdin noted that that Russia's relationship with the E.U. was entirely geared towards facilitating membership. 'Our entire work and relations with the E.U. are devoted to one objective - that at a certain point Russia will become a member of the E.U.,' Chernomyrdin said. He accepted that Russian membership of the E.U. - which this week unveiled its plans for the first wave of enlargement eastwards - was 'a complex issue.' Chernomyrdin said Russian preparations to join the World Trade Organization would boost its E.U. membership chances. 'These issues are interrelated,' he said. Santer said Russian WTO membership would lead to closer economic ties between the E.U. and Russia. 'I have every confidence that the reforms that have already been started by the Russian authorities will bear fruit,' Santer said. 'Thanks to that economic cooperation I'd rather see greater interlinking of our economies.' Chernomyrdin's visit was the first ever to the Commission by a Russian Prime Minister. [06] Deutsche Telekom to launch voice-to-voice Internet telephonyDeutsche Telekom is to officially launch a test of voice-to-voice Internet telephony, the first global operator to do so.The test will be eagerly watched, because Internet calling promises dramatically to slash consumer and business costs for long-distance calls. The pilot program will involve about 1,000 customers, mostly corporate users, in Germany, the U.S., Canada and Japan. Using a touch-tone telephone and an access number, they will be able to dial phone numbers in a limited number of cities. Unlike phone-to-PC offers, neither the caller nor the person receiving the call will need a computer. No time limit has been set for the length of the tests. While smaller companies have announced plans for voice-to-voice Internet phone services in Europe, none have gotten off the ground yet. IDT Corp. (IDTC), a Hackensack, New Jersey, company, says its plans have been delayed slightly. It now plans to roll out service in Italy in late August, followed by the U.K., Germany and France. USA Global Link Inc.'s plans also have been delayed. And Metro AG (G.MTO), one of Europe's largest retailers, is still searching for partners and hopes to launch its product by year end. Industry sources said the Telekom pilot project is targeted at customers outside Germany and heavy travellers. This should allow the company's foreign subsidiaries to better compete with other network operators. But the phone giant also wants to test various technologies to direct voice traffic through the Internet and analyse user patterns. The Germans, who boast that they have the world's largest network of modern Integrated Services Digital Network lines, have said repeatedly that they want to be among the technology leaders. Deutsche Telekom already is Europe's largest Internet service provider. This new service, dubbed T-NetCall, is an extension of its Internet business. No one knows how big the market for Internet telephony will be. Some smaller European countries, including the Czech Republic, Hungary, Iceland and Portugal, object to the idea. But earlier this month, Forrester Research Inc., a Massachusetts-based consultancy, predicted it will cost U.S. phone companies alone more than $3 billion in lost revenue by 2004. [07] Northern Rock gets the go-ahead to float on the LSENorthern Rock, the smallest of the U.K.'s five mutually-owned building societies planning to float on the London Stock Exchange in 1997, received clearance to proceed by the industry regulator, the Building Societies Commission.The regulator's decision was the final hurdle on the road to converting and listing as a bank. Northern Rock, which has 900,000 members who will receive free shares when it floats on Oct. 1, was valued at £1.3 billion ($2.2 billion) in February by its brokers ABN-Amro Hoare Govett and J P Morgan. The stock will make it into the FTSE 250 Index. The flat 500-share allocation to each member should mean average windfall payouts worth £1,375. But recent flotations of other societies, Alliance & Leicester, Halifax and Woolwich, have shown the stock markets valuing them on entry at around 1.75 times the valuations of commissioned brokers. Bristol & West Building Society converted and offered shares but was taken over by Bank of Ireland. [08] UK annual money supply grows faster than expectedThe strength of British consumer confidence was highlighted as data showed private-sector demand for loans growing at its strongest rate in 6 1/2 years in June, increasing pressure on the Bank of England for another rise in interest rates. Economists also warned that growth in the broad M4 money supply could accelerate further in the second half as windfall gains from stock-market flotations of mutually owned building societies embolden consumers to borrow more.'I wouldn't be surprised to see M4 growth in the mid-teens by the end of the year,' said Kevin Gardiner, U.K. economist at Morgan Stanley International in London. The Bank of England said M4 - the broadest measure of money supply, consisting of bank deposits, bank lending and private-sector holdings of notes and coins - rose a seasonally adjusted 11.6% in the 12 months through June, the strongest annual growth rate since December 1990. The increase, which exceeded consensus forecasts of an 11.2% rise, pushed M4 growth further above the government's target range of 3% to 9%. In addition, May money-supply data were revised upward to show an 11.3% yearly rise in M4, rather than the 11.1% originally reported. M4 also rose a seasonally adjusted 0.9% on the month in June, slightly above expectations of a 0.8% rise. May's monthly increase was left unrevised at 1.4%. According to a separate report though, UK consumer confidence fell sharply in July. The survey, carried out by pollsters GFK Great Britain, also showed that consumers became more gloomy about the inflation outlook although they became significantly more optimistic about the prospects for jobs. The findings of the survey, carried out between July 1 and July 14, suggests consumer confidence may have been dented by budget tax rises announced at the start of the month and by last week's rise in interest rates, the fourth increase in as many months. The Nationwide building society and the Halifax, Britain's two largest mortgage lenders, joined Alliance & Leicester, Cheltenham & Gloucester and Abbey National in raising mortgage rates in response to the rise in the official lending rate to 6.75% from 6.50%. [09] British Airways and Iberia in code-sharing talksBritish Airways said it's in talks that could lead to a code-sharing agreement and eventual investment in Spanish state-owned airline Iberia.The talks will initially focus on an agreement to coordinate services between London and Madrid. The two airlines would book passengers on each others flights and make their frequent flier programs reciprocal. This marketing cooperation could be expanded, with Iberia participating in British Airway's proposed alliance with AMR American Airlines unit. British Airways is also considering the possibility of taking a minority stake in Iberia following the group's ongoing reorganization. In a separate statement, SEPI, the Spanish state holding company which owns Iberia, said both British Airways and American Airlines would have a chance to take a minority stake in Iberia before Dec. 31. The government will subsequently begin the process of privatising the airline. SEPI also said American Airlines is planning to purchase a 10% stake in Argentina's Aerolineas Argentinas and Austral from Iberia. A spokeswoman for British Airways said the U.K. carrier couldn't determine how much it was willing to invest in Iberia before undertaking due diligence. However, British Airways Chief Executive Bob Ayling said in a press statement that Iberia 'has overcome serious problem in recent years.' He said the Spanish flag carrier now has a number of significant assets, including a strong and effective management team, a highly skilled workforce and an important European market with significant potential. British Airways said the marketing agreement, which should come into effect in the middle of 1998, would allow it to offer a wider choice of services to and within the Iberian peninsula and beyond, particularly to South America. [10] Philips sells shares in loss-making Grundig to UK merchant bankDutch electronics company Philips said it has sold 26.6% of German subsidiary Grundig to an investment group led by the UK - based merchant bank Botts and Company for an undisclosed sum.Philips retained 5% of Grundig's shares, while the investor group also purchased the 16.4% of Grundig shares owned by Hohenstaufen Vierundvierzigste Vermogensverwaltung of Germany. Earlier this year, Philips deconsolidated its investment in the loss-making Grundig, in which it held a 30% stake. Since then, Philips has been in a dispute with Grundig over how much it should contribute towards covering Grundig's losses in 1996, which Grundig claims amount to 671 million marks ($374.86 million). Philips said this figure is incorrect, since normal results have been inflated and it will request German courts to nullify Grundig's 1996 annual accounts. A Philips spokesman declined to specify how much Grundig's stated loss for 1996 differs from Philips' own estimates. 'It's very far off, but we're not specifying the amount,' said a Philips spokesman. [11] ICI confirms it's planning a $4 billion fund-raising exerciseImperial Chemical Industries confirmed it's planning a $4 billion fund- raising exercise intended to cut the cost of its borrowing and restore the company's A-credit rating.According to a report in the Financial Times, the first stage of the program will be a $500 million Eurobond, expected to be fixed rate with a maturity between three and five years. Joint lead manager Deutsche Morgan Grenfell confirmed that it's working on a dollar-denominated transaction with ICI, but said the size and maturity hadn't been decided. The issue is planned for early next week, market conditions permitting. The move follows a jump in the chemical company's debt to almost £6 billion ($10 billion) after it bought Unilever's speciality chemicals business for £4.9 earlier this year. Finance Director Alan Spall told analysts the debt refinancing program is aimed at restoring the company's credit ratings as soon as possible, a spokesman for the company said. Following the rise in ICI's debt, Standard & Poor's cut its rating to A-Minus from A-Plus and Moody's cut its rating to Baa-1 from A3. [12] Industrial production in the EU rose by 1.1%Industrial production in the European Union rose by 1.1% in the period February to April compared with the previous three months, Eurostat said.In a statement, the statistical office said the largest rises were Spain's 2.5% and Sweden's 2.0%. All member states with available data recorded a rise, Eurostat said. Production was up 1.3% in the U.S. and 1.0% in Japan in the same period. The volume of industrial production - total industry excluding construction - adjusted for working days rose by 2.7% in February to April compared with the same three-month period last year. Rises in the U.S. and Japan were 4.5% and 5.9% respectively. The similarly adjusted rise in the E.U. between April 1996 and April 1997 was 4.6%, with the U.S. 4.8% and Japan 4.7%. Eurostat said this figure 'was probably influenced by Easter falling in March this year and April last year.' [13] Microsoft reports 88% fourth quarter profit riseMicrosoft reported an 88% rise in fiscal fourth-quarter profit, reflecting strong sales of its Windows NT software and Office suite applications.The world's largest software maker earned $1.05 billion, or 80 cents a share, in the three months ended in June, up from $559 million, or 43 cents a share, a year earlier. Revenue climbed 41% to $3.18 billion from $2.26 billion. For the year, earnings jumped 54% to $3.45 billion, or $2.63 a share, on a 36% gain in revenue to $11.36 billion. The company said growth in Microsoft BackOffice products continues to be strong, while Windows NT Server shipments doubled from year-ago levels and revenue for all server products was nearly double that of the previous fiscal year. The company said it continues to expect revenue growth rates to slow next year. Microsoft said restraining growth in costs boosted profitability significantly in the latest quarter and fiscal year. The software giant said its cost of goods sold dropped significantly this year, reflecting the shift to lower-cost CD-ROMs from traditional disk media. But it said further material reductions in cost of goods sold are unlikely. Microsoft said it would continue its stock buyback program for the next year, but didn't provide details. It said the number of shares bought 'may vary from the amounts purchased in previous years.' For the latest year, Microsoft repurchased about 37 million shares for $3.1 billion. [14] French Finance Minister will reveal deficit measures Monday morningThe French Finance Minister Dominique Strauss-Kahn and Deputy Budget Minister Christian Sautter will present the results of France's public finances audit and government measures to reduce the deficit at a press conference at 0800 GMT Monday.A government spokeswoman confirmed that an increase in corporate taxes was one measure to be expected. Additional measures are also expected to include 'wealth taxes' on certain individuals and the rescission of an income tax reduction. The audit, also expected to be presented to Prime Minister Lionel Jospin Monday at 0700 GMT, is expected to show the budget deficit heading toward 3.6% to 3.7% of gross domestic product in 1997 if no corrective action is taken, government officials have indicated. Economists estimate that a corporate-tax hike for the last quarter of 1997 could raise no more than 10 billion francs ($1.65 billion) without seriously hindering already-weak corporate investment. A wealth tax could bring in a few billion francs more at best, they calculate. Rescinding an income-tax cut scheduled in payments on 1996 taxes due in mid-September could bring in some 15 billion francs. [15] Investors concerned as AT&T appears to be adrift in the wake of its president's resignationShares of AT&T dropped 4.3% in trading as investors worried about the company's leadership and strategic direction in the wake of its president's resignation.'AT&T is operating in a leadership vacuum and I think that's got people concerned,' said Guy Woodlief, analyst at Prudential Securities. The concerns over management at the nation's largest long-distance telephone company began on Wednesday when AT&T President John R. Walter resigned after being on the job for only nine months. He quit after the board decided not to name him chief executive next January as had been promised. The man behind Walter coming to the company was the same man who helped show him the door. AT&T Chairman Robert Allen recommended the board not to promote Walter. Now, some are speculating that Allen, who had previously announced plans to retire next year, might be unwilling to leave as originally planned and his reluctance may have been reflected in what many regarded as a poor choice of a successor, approved by a rubber-stamp board. At a press conference, board member Walter Elisha said AT&T's board had come to question Walter's 'intellectual leadership.' Walter came to AT&T from R.R. Donnelley & Sons with no telecommunications experience. What little chance of success Walter had was clearly undermined from within, observers said. Allen and the board of directors that support him were criticised Thursday as poor leaders who are out of touch with AT&T's problems. [16] UK's Ionica sets IPO price at top end of rangeIonica, the U.K. telephone operator gunning to become the main competitor to giant British Telecom, priced its initial public stock offering at 390 pence a share Friday, ahead of the start of trading at 1330 GMT in London and on the U.S. Nasdaq exchange.The price, at the top end of the 370 pence to 390 pence indicative range, values Ionica at £640 million ($1.072 billion). The offering of 24% of its capital will raise £147 million, well above the £125 million, that was expected, Ionica said. 'Due to the strong demand for shares, we have increased the issue size and priced the offering at the top end of the indicative range,' Chief Executive Nigel Playford said in release. Underwriters ABN AMRO Rothschild, Donaldson Lufkin & Jenrette Securities Corp. and J.P. Morgan Securities have an option to purchase another 15% of the issued capital at 390 pence a share over the next month. If exercised, that would raise another £22 million for the issue. SBC Warburg was global co-ordinator for the issue. Holders of 8.4 million Ionica warrants will be able to trade them for shares at an exercise price of 275 pence. Major shareholders include Yorkshire Electricity PLC, Doughty Hanson & Co., Morgan Stanley, Northern Electric PLC, SBC Warburg, Bank of America, J.P. Morgan Capital Corp. and employees who have stock options. The company aims to build a network covering 80% of houses in England and Wales by 2000, in direct competition with BT, which has a near monopoly on the U.K. domestic phone service. Ionica provides service to more than 20,000 customers in eastern England and the Midlands. It obtained its license in 1993 and launched the service last year. Scottish coverage has in effect been franchised to Scottish Telecom, a unit of Scottish Power. The company made a loss of £43.9 million last year and is expected to become profitable by 2001, according to SBC Warburg. Ionica's main advantage is that it undercuts BT's charges by 'consistently 15% on all call charges and 20% on fixed charges, which can be half a users bill,' spokesman Ian Morris said. [17] Hilton faces defeat in its battle to take-over ITTAfter a string of sensational corporate successes, Stephen F. Bollenbach, the high-profile president and chief executive officer of Hilton Hotels may be staring at the face of his first big defeat.ITT, he concedes, appears to have outmanoeuvred his $55-a-share, or $6.5 billion, hostile bid, at least for the time being. 'The company has just moved to a price level that doesn't make any sense to me and to our board,' Mr. Bollenbach said in an interview yesterday, a day after ITT announced that it would split into three companies, take on $2 billion in debt and buy back about 26% of its shares. The news shot ITT's share price past what Hilton is willing to pay, in a move that some on Hilton's takeover team called 'depressing.' For the tough Mr. Bollenbach, this isn't just a likely corporate setback. 'I think it's clear that if we're not able to acquire ITT, it's a personal failure for Steve Bollenbach,' he said, adding, 'If we don't buy ITT, of course I'm disappointed. I'd like to have my picture in the paper and say what a hotshot I am.' Mr. Bollenbach isn't giving up just yet. Hilton, he says, won't seek to match ITT's $70-per-share buyback price: 'We're just not going to overspend so that I can say, 'Gee, I won. I'm a superstar.'' Still, he says, Hilton, of Beverly Hills, Calif., will pursue ITT through the courts. It will amend a lawsuit already in Nevada courts that challenges ITT's legal ability to spin apart without a vote from shareholders, he said. The company's real chance to win is to persuade the stock market that it's paying too much for ITT. Yesterday, two analysts downgraded ITT's stock to 'hold' or 'neutral,' a clear sign on Wall Street to sell and take profits. ITT's shares closed down $1.375 at $65.5625 in New York Stock Exchange composite trading. [18] Revenues at John Lewis Partnership rose 10.1% on yearSales by the John Lewis Partnership rose 10.1% by value in the week ending July 12 from the corresponding trading period a year earlier, the John Lewis Gazette reported.Sales at department stores owned by the partnership rose 12.7% in the latest week compared with a year ago. Department store sales were boosted by the start of the summer clearance sales said Brian O'Callaghan, Director of Trading for Department Stores. Sales at the Waitrose chain of supermarkets owned by John Lewis rose 7.5% in the July 12 week from a year earlier. The John Lewis Partnership is able to release weekly sales figures as it is owned by its staff and has no shareholders. It is not subject to the rules governing disclosure of information by companies that might affect their share price. Cumulative partnership sales for the current half-year trading period rose 7.2% in the 24 weeks to July 12 from a year earlier. The partnership has a target that sales should rise 6.2% during the half-year from the year-earlier trading period. [19] Corporate and Economic BriefsThe European Union Commission said it had asked for World Trade Organization consultations on India's import restrictions. In a press statement, the Commission said India has maintained import restrictions on a large number of products covering most sectors of the economy for nearly 40 years. It said the measures were justified for some year for balance of payments purposes, but since the situation has 'improved significantly since the beginning of this decade,' the restrictions are no longer justified for balance of payments reasons. The Commission said India's trade partners disagree with its plan to maintain the restrictions 'for a considerable number of years.'From the European Business News (EBN) Server at http://www.ebn.co.uk/European Business News (EBN) Directory - Previous Article - Next Article |
![]() |
![]() |
![]() |
![]() |
![]() |