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Friday, 19 April 2024
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European Business News 96-09-10European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 10 9:10 CETCONTENTS
[01] German trade surplus narrowsGermany's trade surplus narrowed to 7bn DM in June from 9.5bn DM in May, the Federal Statistics Office said Tuesday.The current account deficit also eased to 2.1bn DM in June from an unrevised deficit of 2.5bn DM in May. [02] Consob sets Olivetti results deadlineThe Italian stock market regulation agency has asked Olivetti for more information on its first-half results by tonight. Consob also wants another meeting with the information technology group's executives by the end of the week. Olivetti shares, which had been suspended for two days, plunged by almost 20% Monday to a record 600 lire before being suspended again. Analysts say investors are showing their lack of faith in the new management and deep skepticism about the figures the company has produced. Meantime, the Wall Street Journal reports that ex-president Carlo De Benedetti is discussing the sale of his entire French interests, including auto-parts maker Valeo. with French industrialist Ernest-Antoine Seilliere.[03] Renault set to post first half resultsThe French car maker Renault is due to report first half results later today.Analysts' predictions vary from a downturn of around 300m Ffr on last year's figure to an improvement of up to 400m Ffr. [04] KHD looks set for stormy AGMThe German engine maker, Kloeckner Humbolt Deutz, holds what's likely to be a stormy annual general meeting today. The company announced enormous hidden losses in its property division in June, threatening the company's tenuous revival, but the banks have up to now supported KHD's rescue plan.[05] Amstrad swings to first half lossBritish electronics equipment maker Amstrad has swung to a first half loss of £14.9m ($23m).The figure includes a charge of nearly £11m related to the restructuring of the company's ACE operations. Amstrad is changing the focus of that unit away from consumer electronics, and said the businesses drain on earnings is at an end. [06] German Budget gets first readingThe German Bundestag starts the first reading of the 1997 budget today.Finance Minister Theo Waigel is proposing to cut spending next year by 11bn DM to 440bn DM ($295bn). The budget draft is expected to pass parliament in November. 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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