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Sunday, 22 December 2024
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European Business News 96-09-02European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 2 10:10 CETCONTENTS
[01] Oil prices up after UN delay oil-for-food Iraq dealOil prices have jumped on news that the United Nations will delay the oil- for-food deal with Iraq, after Baghdad's attack on a Kurdish safe haven.Although the price is rising, analysts say they aren't concerned about any shortages this winter.UN Secretary-General Boutros Boutros-Ghali has said he will delay the start of the plan to let Iraq sell limited amounts of oil in exchange for food and medical supplies. The plan to let Baghdad sell a billion dollars worth of oil over three months, was due to start shortly. [02] UK set to start producing EurofighterBritain is expected to announce today that it plans to go ahead with production of the Eurofighter combat jet and spend £1.5 billion , or $2.4 billion , to set up production.The decision to go ahead with the £40 billion fighter will be announced at the opening of the Farnborough Air Show today. To push the decision through, the fighter's four main contractors, British Aerospace, Daimler Benz, Alenia of Italy and Spain's Casa, lowered their estimated costs of initial production. Germany, Spain and Italy are expected to sign off on the project this autumn. [03] East Germans walk out of pan German wage agreement talksEastern German contractors are walking out of a pan-German wage agreement.In an unprecedented challenge to wage equality between East and West Germany, the Federation of the German Building Industry has withdrawn from an agreement to equalise wages by 1997. A second eastern German employers' group has said it, too, wants to renegotiate, but it hasn't completely pulled out of the deal yet. Union leaders are concerned that employers in other industries may follow suit, creating a permanent gap in the pay and working conditions of the two halves of the country. [04] Lufthansa's pricing structure investigated by German cartelThe German airline, Deutsche Lufthansa AG, has confirmed its domestic pricing structure is being investigated.The inquiry is being conducted by the German cartel office following a number of complaints about Lufthansa's pricing. The German newspaper Frankfurter Allgemeine Zeitung reported that Cartel authorities requested disclosure of the airlines' pricing structure after it was revealed that flights on Lufthansa's Frankfurt-Berlin route, cost 800 marks - around $540. However, the airline's business class travel between Cologne or Duesseldorf to Berlin, routes also flown by a unit of British Airways, cost just 640 marks. [05] Unilever set for dramatic brand and subsidiary sell-offThe new co-chairman of the Anglo-Dutch consumer goods giant Unilever has annouced that he plans a dramatic sell-off of the company's subsiduaries and brands.About 20 percent of the company's product portfolio worth an estimated $10 billion is now under review. Niall Fitzgerald said that the comapny restructuring was long overdue - the company operates in 57 different product areas and less than half have been identified as a priority. Mr Fitzgerald said that the company hopes to spend 1.6 billion dollars on restructuring the it's European and US operations. [06] Airbus set to announce $3.5 billion aircraft orderAirbus Industrie is expected to announce a 3.5 billion dollar aircraft order this week. The European aerospace consortium is said to have beaten US rival Boeing to secure the deal from Asiana, the South Korean carrier. This latest report follows an announcement that Airbus will commercially launch its planned double-decker jetliner in 2003.[07] Italy plans changes to 32.4 trillion lire budget proposalThe Italian Finance Minster, Vincenzo Visco, has said the government plans to introduce five changes to its planned 32.4 trillion lira budget proposal.In an interview with an Italian newspaper, the finance minister said the changes will include decentralisation, new criteria for fiscal sanctions, and reforms in capital-gains taxes. In addition, Visco said he wants to set up special zones in Southern Italy to attract foreign investment. [08] Japanese to set up Sumitomo task forceJapanese prosecutors are to set up a task force to investigate huge losses on unauthorised copper trading by a Sumitomo Corporation trader.The Tokyo District Public Prosecutor's Office will investigate the case against Yasuo Hamanaka, the 48 year old trader blamed by Sumitomo for its $1.8-billion losses. The losses were incurred over a ten year period, mainly on the London Metals Exchange. The Prosecutors are likely to seek help from both British and US authorities. 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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