|
|
|
European Business News 96-09-11
From: The European Business News Server at <http://www.ebn.co.uk/>
Page last updated September 11 9:35 CET
CONTENTS
[01] Dollar reaches two-month high
[02] UK's Prudential reports drop in first-half profits
[03] Oil prices gain from US air-strike threat
[04] KHD to be renamed Deutz AG
[05] Olivetti CEO to meet Italy industry minister
[06] Kingfisher profits set for improvement
[01] Dollar reaches two-month high
The dollar has reached a two-month high against the yen and the
Deutschmark, following remarks from Japanese and American officials.
US Federal Governor, Janet Yellen, said the American economy was in
an inflationary danger zone, which
could damage economic growth. And
an official of the Japanese finance minister also helped the greenback,
by saying Japan was happy with a stronger dollar.
[02] UK's Prudential reports drop in first-half profits
The UK's biggest life insurer - the Prudential Corporation-has
posted 28% drop in first half pretax
profits to £361m ($202m). But on an operating level, earnings
rose 8%, better than analysts had predicted.
The results included a £33m of start-up costs for
the company's new banking operation.
[03] Oil prices gain from US air-strike threat
Oil prices have been showing new gains as the US says Iraq is
rebuilding its air defences and threatens more missile attacks
if it's in the interests of the US.
Washington is already planning to move its base its B-52 bombers
to the Indian Ocean from Guam to put
them closer to Baghdad.
[04] KHD to be renamed Deutz AG
The troubled German engineering group Kloeckner Humboldt Deutz is to be re-
named. The annual general meeting of the group decided last night that from
next January, the company will be known as Deutz AG. The new firm is to
concentrate on manufacturing diesel engines. KHD chairman Anton Schneider
told the meeting that the company's motor unit would post sales of between
2.3bn DM and 2. 6bn DM this year.
[05] Olivetti CEO to meet Italy industry minister
The chief executive of the Italian information technology group Olivetti,
Francesco Caio, is to meet the country's industry minister today to discuss
the crisis at the company.
Shares in the company have lost over a quarter of their value since the
beginning of the week on suspicions that it had not revealed the full
extent of its financial difficulties when it published its first half
results.
Before the end of the week, Olivetti's chief executive is to meet with
officials of the Italian stock market regulator Consob to clarify its
financial situation.
[06] Kingfisher profits set for improvement
The British retailer Kingfisher is expected to report interim pretax
profits between £97m and £115m this morning. This would mark a significant
improvement over last year's first half profit of just under £75m.
Kingfisher's do-it-yourself chain B & Q and its department store chain
Woolworths are likely to show the strongest growth in the group.
From the European Business News (EBN) Server at http://www.ebn.co.uk/
|
