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European Business News 96-09-20European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 20 9:50 CETCONTENTS
[01] Sweden calls for 2.6% GDP ratioSweden's 1997 budget calls for a deficit of 2.6% GDP, making Sweden one of the few countries that can comply with the Mastricht criteria for a single currency. The government's plans also call for a balanced budget in 1998, with budget surpluses thereafter. But with high unemployment and a rigid labour market, economists wonder if the success can be sustained.[02] EU states prepare for tense meetingThe tensions between the EU member states are expected to show themselves at the meeting of the European finance ministers this weekend. European markets are hoping for some tangible results from Dublin and ministers are aiming to firm up a more concrete path to long-term fiscal stability in Europe.The tensions between the EU member states are expected to show themselves at the meeting of the European finance ministers this weekend.European markets are hoping for some tangible results from Dublin and ministers are aiming to firm up a more concrete path to long-term fiscal stability in Europe. [03] UK suspends cattle cullBritain has decided to suspend its plans to cull its cattle herds citing new evidence that suggests BSE will die out naturally within five years. The decision to suspend the cull was taken at a two hour cabinet meeting chaired by Prime Minister John Major and is certain to upset other countries in the 15 nation EU which agreed to phase out the ban on British beef if Britain culled 140,000 cattle. The EU has said it will study the new research. A statement based on an evaluation of Briain's new position will be made at 1200 CET.[04] CBI reports UK poised for recoveryThe UK's manufactuing sector is poised for recovery according to the Confederation of British Industry's monthly trends survey for September.Despite current sluggishness in manufacturing, the CBI concludes that the outlook is for non-inflationary growth as stocks of finished goods are run down. The main area of weakness continues to be exports - a net balance of 11% of firms surveyed said that their export order books are below normal. [05] Clarke warns UK of euro follyThe British chancellor of the exchequer, Kenneth Clarke, has told the Daily Telegraph newspaper that it would be complete folly for the UK to rule out joining a European single currency.The chancellor said that the UK could not take a sensible decision whether to join EMU until discussions reached a late stage. The chancellor also stated that he has no intention of risking the UK's economic recovery with a giveaway budget. [06] US budget nears resolutionThe White House's Chief of Staff, Leon Panetta, has said that he expects a quick resolution to US budget negotiations.His assesment was endorsed by House speaker Newt Gingrich and senate majority leader, Trent Lott. This cross party unity is in marked contrast to the bitter divisions over the 1996 budget that shut down the government for several weeks. [07] Viag forecasts slight rise in profitsThe German diversified industrial group, Viag, has forecast that its operating profit for 1996 will be slightly above the 2.1bn DM reported in 1995.However, company chairman, Georg Obermeier, cautioned that Viag's results will depend to a certain extent on the direction of the German economy. Obermeier also added that the group is giving serious consideration to the prospects of a US listing. 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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