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Tuesday, 16 April 2024
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European Business News 96-08-13European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated August 12 13:25 CETCONTENTS
[01] WPP's profit jumps 40% in first halfWorld advertising leader WPP has shown a 40 percent jump in first half pretax profits, to just over 68 million pounds, that's around 102 million dollars.The results were boosted by increased advertising for both the Olympics and the European Football Championships. The company said the second half of the year should bring in more business, with July revenues up about 10 percent from the year before. WPP executives said they were taking a conservative stance in their outlook for the rest of the year because of economic uncertainty both in Britain and the US. [02] Shares in BAT expected to be hit in wake of Brown and Williamson verdictAmerican Depositary shares didn't escape totally unscathed from news that a Florida jury delivered a verdict against Brown & Williamson Tobacco Co. in a tobacco liability trial in Florida.Most major tobacco shares tumbled on the news. However, shares of Brown & Williamson's parent company - Britian's B.A.T. Industries Ltd. - only slipped 5/16 to 15 5/8. Elsewhere, American depositary shares were mixed, though with a downward bias. The Dow Jones Industrial average fell 32.18 points to 5681.31. Meanwhile, the Nasdaq-ADR index fell 1.17 points to 262.30. A six-member jury panel in Florida's Duval County Circuit Court returned a verdict against Brown & Williamson, a unit of British B.A.T. Industries Ltd., for health injuries sustained from smoking, according to sources at the court. The jury awarded the plaintiff $750,000 in compensatory damages. [03] Sumitomo scandal trader comes out of hidingYasuo Hamanaka, the man at the center of the Sumitomo copper trading scandal, has come out of hiding.In an interview with Reuters news service in Tokyo, Hamanaka has said he would comment on the scandal sometime in the future. He wouldn't say whether US or British investigators have interviewed him. And he said he's had no contact with Sumitomo since he was fired on June 14. Sumitomo has said that the former copper trader's unauthorised dealings led to losses totalling nearly 2 billion dollars. [04] Bayer posts 13% gain in first half profitThe German chemical group Bayer has posted a 13 percent gain in first half pretax profits to 2 point 7 billion deutschemarks around 1 point 8 billion dollars. The figures are slightly above analysts expectations. Group sales at the company were up 7 percent to 24 point 8 billion deutschemarks.[05] Kvaerner posts 56% drop in first half profitNorwegian shipbuilder and offshore engineering group Kvaerner has posted a 56 percent drop in first half pretax profit to 706 million kronor, that's 110 million dollars.The figures include two months of results from Trafalgar House, which Kvaerner recently acquired. [06] UK manufacturing inflation drops for the third consecutive monthU.K. Producer output prices fell an unadjusted 0.1% in July from June, while producer input prices rose a seasonally adjusted 0.3%. The output price fall compared with economists expectations of a 0.1% rise. The input price rise compared with forecasts for a 0.3% fall. The office for National Statistics (ONS) also reported Monday that the core output price index - which excludes food, beverages, tobacco and petroleum - fell a seasonally adjusted 0.1% in July from June.[07] Salvesen in reported demerger planBritish transport and power supplies group, Christian Salvesen, is reportedly planning a demerger valued at a billion pounds, or about 1.5 billion dollars.In addition, the company is planning to buy back as much as 200 million pounds worth of its stock. As many as 12 plans have been drawn up but they all include the demeger of Aggreko, the company's power supplies hire division. The move is seen as an answer to critics who attacked Salvesen for rejecting Hay's 1 point 1 billion pound bid made last week. [08] French CPI up from 0.1% to 2.3% on the yearFrance's consumer price index fell from 0.5 percent to 0.3 percent in July from June and rose from 0.1 percent to 2.3 percent from a year earlier. The July figure was slightly below economists' estimates, which had been for a smaller month-on-month decline and a 2.4 percent rise on the year.[09] UK 'feel good factor' is back according to reportBritain's Chartered Institute of Marketing says the so called feel-good factor has returned.In a report published today, the institute notes there's been strong growth in consumer demand, particularly for expensive items like houses and cars. The institute also expects to see wage increase in the next twelve months and says lending conditions will remain favourable. 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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