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European Business News 96-07-26

European Business News (EBN) Directory - Previous Article - Next Article

From: The European Business News Server at <http://www.ebn.co.uk/>

Page last updated July 25 2:30 CET


CONTENTS

  • [01] BAe wins £2bn Nimrod contract
  • [02] Philips cuts 6000 jobs in wake of poor results
  • [03] Dollar drops as Bundesbank leaves repo rate unchanged
  • [04] IBM outperforms analysts' forecasts
  • [05] Daimler's Dasa in aircraft talks with BAe
  • [06] Morton set to step down from Eurotunnel
  • [07] BT posts profit decline
  • [08] EU budget ministers to propose sharp cuts
  • [09] Commerzbank profits jump 48%
  • [10] Germany's SAP posts 61% profit jump

  • [01] BAe wins £2bn Nimrod contract

    British Aerospace has won the UK governments £2bn order for its new Nimrod maritime reconassaince aircraft. The engines for the new planes will be built by Rolls Royce, whilst Boeing and GEC will share the electrical systems work and the radar will be produced by Racal. The £700m contract for the cruise missile system has also been won by British Aerospace with its partner Matra.

    [02] Philips cuts 6000 jobs in wake of poor results

    The Dutch electronics giant, Philips, is to cut its workforce by 6,000 over the next year and a half. The downsizing will cost 800m guilders. The news came during a press conference which followed the announcement of a 48% drop in Phillip's first half net profit.

    The figure came in at 681 million guilders ($400m) - around half the amount analysts had forecast.

    [03] Dollar drops as Bundesbank leaves repo rate unchanged

    Germany's Bundesbank left interest rates unchanged Thursday in the last council meeting before a four-week summer break, and within minutes of the announcement the already falling dollar dropped a pfennig against the German mark. German bonds and futures also tumbled when it became clear there would be no change in the securities repurchase (repo) rate, fixed at 3.3 percent since February.

    The strong mark has hurt Germany's export-dependent economy by making its products more expensive abroad, and Bundesbank officials have been trying to talk up the dollar's value while resisting pressure to lower interest rates to make the mark less attractive.

    Three minutes after the announcement that there would be no rate changes, the dollar fell to 1.4788 marks, down from 1.4887 marks just before the announcement. It recovered slightly, but was expected to be volatile throughout the day.

    [04] IBM outperforms analysts' forecasts

    International Business Machines has posted a 21% drop in second quarter net income to $1.3 bn dollars, or $2.5 a share. Though the earnings were down, they outperformed analysts expectations. Sales rose 3.7% to 18 billion dollars. The unexpectedly strong performance is expected to bolster the Dow Jones Industrials today, along with high tech stocks. But analysts warn that the market's performance hinges on what IBM says to analysts later in the day.

    [05] Daimler's Dasa in aircraft talks with BAe

    Daimler-Benz aerospace unit Dasa has confirmed that it's been in talks with British Aerospace on military aircraft cooperation. An alliance between the two companies would follow the current trend of consolidation in Europe's aerospace industry. British Aerospace is already planning to merge its missile operations with those of France's Matra.

    [06] Morton set to step down from Eurotunnel

    Alistair Morton, the controversial co-chairman of Eurotunnel, is to be replaced by Robert Malpas, chairman of the Cookson industrial material company. Sir Alistair is expected to step down once the Anglo-French operator of the tunnel has agreed a refinancing plan with banks.

    The group has been in talks with its 225 banks since September when it suspended interest payments on £8.4 bn of debt.

    [07] BT posts profit decline

    British Telecommunications has posted a slight decline in pretax profit for the first half to £869 m ($1.3 bn). The telecom attributed the slip to costs related to layoffs. Those charges more than doubled to £52 m in the period. Revenue gained 4%, primarily because of a rise in sales of mobile phones and growth in its overseas operations.

    [08] EU budget ministers to propose sharp cuts

    European Union budget ministers will propose a controversial plan to slash the union's budget by more than $2.5bn. The bulk of the cuts would come from spending on agriculture and structural aid for the EU's poorer regions. Agricultural spending represents roughly half of the budget. The budget talks are more critical than usual, because 1997 is the year in which countries will be judged on whether or not they meet the criteria for joining the planned single European currency.

    [09] Commerzbank profits jump 48%

    Germany's third largest bank, Commerzbank has reported a 48% jump in first half operating profit. It came in at 1.3bn DM ($885m), which is much higher than analysts had expected. In the same period, net commission income was up 27%.

    [10] Germany's SAP posts 61% profit jump

    The German business software maker SAP has posted a 61% jump in first-half operating profit to 374m DM ($253m). Sales rose 38%. SAP said it expects the remainder of the year to develop positively.

    From the European Business News (EBN) Server at http://www.ebn.co.uk/


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