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Wednesday, 24 April 2024
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European Business News 96-09-03European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 3 9:30 CETCONTENTS
[01] US launches missile attack against Iraqi defence targetsThe US has launched cruise missile attacks against Iraqi air defence targets. The news comes after President Bill Clinton approved military action against Saddam Hussein for his armed incursion in the Kurdish controlled north of the country.Pentagon sources had told American media earlier that a limited strike was likely, perhaps against a single target. Both the US and Britain have urged their nationals to leave the northern Iraq region. The attack sent traders running to the dollar as a safe haven investment and the currency has risen against both the Deutschemark and the yen. Oil prices, meanwhile, are still surging, but some analysts say the oil-market reaction is likely to be short-lived. [02] Potash may announce Arcadian buyThe Canadian fertiliser giant Potash Corp of Saskatchewan could announce today an agreement to buy its rival Arcadian for almost $1.2 billion. The Wall Street Journal says the deal beats an earlier bid from Freeport McMonRan. Arcadian holders had complained that the Freeport bid was too low. The Potash agreement reportedly guarantees that Arcadian shareholders will receive a 14 percent premium on their stock, regardless how it performs before the deal closes. Annual revenue of the merged company would exceed 2 billion dollars.[03] Intel's Pentium Pro shows record sales growthSales of Intel's Pentium Pro microprocessor have grown faster than any previous microchip generation.Figures from the market research company, International Data Corporation, show that in western Europe alone, sales of Pentium Pro units will reach almost 290-thousand in the current quarter. That's the fourth quarter since its introduction last year. The figures compare with sales of just over 40- thousand at the same stage for Intel's old Pentium chip. Intel said that the stunning performance has been boosted by the adoption of 32-bit PC operating systems such as Windows 95, and by falling prices. [04] Jefferson Smurfit posts first-half profit of $200mThe Irish-based international paper and packaging company Jefferson Smurfit has posted a first half profit of 126 point 1 or million punts or just over $200 million.The figures mark a significant drop in earnings from the year before, when Jefferson Smurfit showed pretax profit of more than 200 million punts. In anticipation of a poor result, Smurfit shares dropped about 1 and a half percent yesterday, ending the day at 165 pence. Last week Smurfit rivals Svenska and Assidomaen also announced a plunge in profits. [05] Promodes to sell Promo Hypermarkets to SparThe French retailer Promodes has finally struck a deal to sell its troubled German unit Promo Hypermarket to the Hamburg based retail group Spar. Details of the deal weren't disclosed and the plan still needs regulatory approval.A Promodes spokesman said the company's 1996 accounts would reflect Promo Hypermarket's losses to date. They came in at 43 million Deutschmarks or $29 million last year. But Promodes expressed confidence that the disposal would have a positive impact on the company's operating profit as of 1997. [06] European Commission investigates salmon dumping from NorwayThe European Commission is investigating allegations that salmon imports from Norway are being subsidised and dumped.According to complaints filed by the salmon farmers associations from Scotland and Shetland, imports from Norway have increased significantly in absolute terms and in terms of market share. The Commission said that the prices and volumes of the imported salmon are thought to have hit the performance of EU producers. It is understood that salmon breeders from Norway, which is not a EU member, have benefited from state aid of up to 500 pounds or 780 dollars per tonne. [07] De Beers begins Russian diamond talksThe South African diamond cartel, De Beers, begins the latest round of talks with Russia's state diamond producer in Moscow today.The proceedings will be based on a memorandum of understanding signed by Moscow last February, which gives De Beers the rights to sell at least 85 percent of Russia's rough diamond exports. Russia accounts for about a quarter of De Beers' diamond purchasing through its Central Selling Organisation. 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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