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Friday, 26 April 2024
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European Business News 96-09-26European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 26 11:15 CETCONTENTS
[01] British Telecom to form telecoms venture with France's CGEBritish Telecom has signed an agreement with Compagnie Generale des Eaux to take a 25% stake in Cegetel, the new French telecoms group. BT will pay £1.1bn ($1. 8 billion) for the stake. The new group, which is well positioned to be the main rival to France Telecom, will provide the full range of telecoms services in France. The other partners in the joint venture include SBC of the US and Germany's Mannesmann.[02] Catalans support Spanish budgetThe Spanish Prime Minister Jose Maria Aznar's minority government has won support from its Catalan coalition partners for an austere 1997 budget.The budget is crucial to Spain's bid to join Europe's single currency. [03] Paribas first-half net profit soarsFrench financial institution Compagnie Financiere de Paribas said its first- half net profit jumped more than 6-fold to Ffr4.04bn (just over $800m).The company attributed the gain to improved operations at its Banque Paribas merchant bank and a Ffr2.6bn increase in capital gains. Adding to the bright profit picture was a turnaround at Credit du Nord, which returned to profitability. [04] Alcatel-Alsthom narrows first-halft lossThe French industrial giant Alcatel-Alsthom narrowed its first-half loss to Ffr400m, (about 88m dollars). The loss shrank by a third and was significantly narrower than expected. Operating profit dropped 64% to Ffr500m. The company said it expects a to show a few billion francs in profit for the year and reaffirmed that it expects a return to strong profits in 1998.[05] Guinness annouces 5% increase in first-half pretax profitsThe British beverage company Guinness has reported a 5% increase in first half pretax profit to £357m, (around $550m). That's slightly higher than analysts' expectations. The company's first half dividend was raised from 4.2 pence to 4.55 pence. The French industrial giant Alcatel-Alsthom has reported a first half loss of Ffr400m, (about $88m dollars).The loss was only a third as high as in the same period of last year and significantly better than expected. Operating profit came in at Ffr500m. But more important than the figures will be what the company has to say about its strategy - especially in the event that it is successful in its bidding competition with Lagardere for state-owned conglomerate Thomson. [06] Japanese parliament to dissolve tomorrowThe Japanese Prime Minister, Ryutaro Hashimoto, has told his partners in Japan's coalition government that he will dissolve the Lower House of parliament tommorrow.General elections must be called within 40 days of a dissolution of parliament. The dissolution has been expected for some time and October 20 is mooted as the most likely date for an election. [07] Netanyahu cuts short his visit to GermanyIsraeli Prime Minister Benjamin Netanyahu decided to cut short his visit to Germany today in response to growing violence at home after the Israeli government completed a tunnel near the Temple Mount in Jerusalem's Old City.Netanyahu spokesman Shai Bazak said Netanyahu would fly back to Israel immediately after meeting with Germany's Chancellor Helmut Kohl in Bonn. 'He wants to get updated tonight in Israel from security officials,' Bazak said. 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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