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European Business News 96-09-11

European Business News (EBN) Directory - Previous Article - Next Article

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/


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