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European Business News 96-09-27
From: The European Business News Server at <http://www.ebn.co.uk/>
Page last updated September 27 10:15 CET
CONTENTS
[01] EU to agree telecom licences
[02] Italian cabinet to approve 1997 budget
[03] Microsoft plans venture with France Telecom and Deutsche Telekom
[04] Netanyahu seeks to meet Arafat
[05] UK's serious fraud squad may probe Morgan Grenfell fund manager
[06] French unemployment reaches record levels
[01] EU to agree telecom licences
EU Telecoms ministers are expected to strike a deal later today on how to
license telecom operators after the abolition of state monopolies. They are
also expected to agree a plan for a coordinated approach to the
authorisation of satellite personal communications systems.
[02] Italian cabinet to approve 1997 budget
The Italian cabinet meets today to complete details of its 1997 budget. The
package of spending cuts and tax increases, includes a special tax for
Europe, is aimed at bringing the country into line for membership in the
European single currency. Italy's financial markets have been hitting new
highs as investors begin to believe that the tough budget will let Italy
make the grade for monetary union. But there are skeptics.
[03] Microsoft plans venture with France Telecom and Deutsche Telekom
Microsoft is planning to team up with France Telecom and Deutsche Telekom,
in a partnership that will promote their digital-phone service. The ISDN
phone lines provide high speed access to the internet. It's expected to be
the most common way for consumers and small business to get on the net. The
alliance will give Microsoft two powerful partners in promoting its Windows
95 and Internet Explorer software. Microsoft says it is considering similar
deals with other phone companies in Europe and Asia. Under the agreement,
Microsoft will incorporate into Windows 95 and Internet Explorer software
some special features so customers in France and Germany can, with a few
mouse clicks, sign up for the phone companies' local ISDN services. At
the same time, the three will jointly promote the services in marketing
campaigns that, in France, will include national television advertising.
[04] Netanyahu seeks to meet Arafat
As tension remains high in Israel and the autonomous Palestinian
regions, the Israeli Prime Minister Benamin Netanyahu is seeking
an urgent meeting with Yassir Arafat.
PLO officials say Arafat would have little success in quelling
the violence unless Netanyahu committed
himself to implementing the peace deals of the previous Israeli
government. At least 55 people have been killed and hundreds
have suffered injuries since the latest
outbreak of violence.
[05] UK's serious fraud squad may probe Morgan Grenfell fund manager
The UK's serious fraud squad is expected to announce today that it is
opening an investigation into the activities of Peter Young, the former
star fund manager of Morgan Grenfell Asset Management. The investigation
opens the way for possible criminal proceedings against him, reported
today's Wall Street Journal. Young was dismissed earlier this month after
UK regulators alleged he had infringed UK investment rules governing
unlisted securities. Young has denied any wrongdoing and has insisted he
kept executives at Morgan Grenfell informed.
[06] French unemployment reaches record levels
In economic news out this morning, the French unemployment rate
worsened in August to 12.6% from 12.5% in the preceding months.
The number of people looking for jobs rose 39,500 to just over
3 million, an increase of 1.3% on the
month. Unemployment had dropped in July by 20,000 but economists
had put this down to an aberration due
to seasonal factors and predicted it would rise in the face of
continued sluggish economic conditions.
France also released its July trade figures today. The data shows a 13%
expansion in the trade surplus to Ffr11.1bn ($2.22bn). The gain was more
than economists had expected and was due to a solid 1.6% increase in
exports. Imports rose just 0.6%.
From the European Business News (EBN) Server at http://www.ebn.co.uk/
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