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European Business News 96-09-23
From: The European Business News Server at <http://www.ebn.co.uk/>
Page last updated September 23 10:40 CET
CONTENTS
[01] Peugeot-Citroen first-half results halve
[02] European agriculture ministers meet in Ireland
[03] Costas Semitis wins the Greek elections
[04] European markets optimistic
[05] UK Chancellor and the Govenor of the Band of Endland meet today
[06] Aer Lingus strike averted
[01] Peugeot-Citroen first-half results halve
The French carmaker PSA Peugeot-Citroen has announced a halving in first-
half net profits to Ffr602m($117m).
Operating profit was also halved to Ffr1.34bn from Ffr2.78bn. The company
predicted that second-half earnings, particularly weak last year at Ffr480m,
would be aided by lower interest rates, fairer currency exchange rates and
productivity improvements. First-half revenues rose 3% to Ffr89bn, while
net debt at the end of last June stood at Ffr5.65bn, down from Ffr9.8bn at
the end of 1995.
[02] European agriculture ministers meet in Ireland
The meeting of European agriculture ministers in Ireland today looks set to
be dominated by Britain's decision to halt its cattle cull.
The Irish hosts of the meeting had been hoping to use the event to launch
a recovery plan for Europe's beef industry in the wake of BSE, but this now
looks likely to be eclipsed by the new row. Many of the delegates arriving
at the conference expressed anger and bewilderment at Britain's decision
and the UK's farm minister Douglas Hogg will face some hard questions from
his European counterparts.
[03] Costas Semitis wins the Greek elections
Greek Premier Costas Semitis pulled off a major political gamble yesterday,
sweeping to victory in early national elections. His win marked the end of
a long wait in Greece's political wilderness and then a meteoric rise to
power in the past eight months. His win gives him complete control over the
Panhellenic Socialist Movement, or PASOK, a free hand to name a cabinet and
a four year mandate to implement his reform policies.
[04] European markets optimistic
European financial markets are expected to begin the week in bullish mood
on the back of the successful EU finance ministers meeting in Dublin. The
ministers agreed a framework stability pact for the new single currency and
a successor to the existing exchange rate mechanism. The tough decisions
taken at the meeting are expected to reassure the markets that monetary
union will go ahead on schedule and will be achieved through stringent
controls.
[05] UK Chancellor and the Govenor of the Band of Endland meet today
In the UK Chancellor Kenneth Clarke and Governor of the Bank of England
Eddie George meet for their regular review of monetary policy today. The
economic signals to the chancellor are mixed, but with an election
approaching, political pressure for a rate cut is growing.
[06] Aer Lingus strike averted
A threatened strike by pilots at Ireland's Aer Lingus has been averted at
the last minute.
Both sides agreed to a compromise package put forwards by Irelands' Labour
Court late last night. Aer Lingus had previously rejected a tribunal
ruling that the pilots should get a 17% pay rise, saying that such a move
would bankrupt the company. The new deal allows for a 5% rise plus an
independent body to decide future rises.
From the European Business News (EBN) Server at http://www.ebn.co.uk/
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