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European Business News (96-06-04)

European Business News (EBN) Directory - Next Article

From: The European Business News Server at <http://www.ebn.co.uk/>

Page last updated June 4 17:45 CET


CONTENTS

  • [01] European rocket explodes on maiden voyage
  • [02] France Bull and Japan NEC to each hold 19.9% of Packard Bell-NEC
  • [03] KLM's profit climbs to 547 million guilders
  • [04] Vodaphone's profit grows 28%
  • [05] Deutsche Telekom profit jumps
  • [06] Cadbury agrees to sell Coca-Cola Schweppes Beverages
  • [07] Spain's central bank cuts its benchmark rate
  • [08] UK house prices rise 1% in May

  • [01] European rocket explodes on maiden voyage

    Technicians deliberately blew up Europe's newest unmanned satellite- launching rocket Tuesday seconds after take-off as a safety precaution, launch officials said.

    They said the decision to blow up the rocket by remote control was made when it appeared the rocket was veering off its trajectory, raising the risk it might crash into Earth.

    French TV showed footage of the burning wreckage of the Ariane 5 rocket falling back to Earth. The European Space Agency had touted its launch at 2:33 p.m. Paris time (1233 GMT) as a new age in commercial satellite technology.

    [02] France Bull and Japan NEC to each hold 19.9% of Packard Bell-NEC

    French computer company Groupe Bull and Japan's NEC Corp. each will hold 19.9% of the new merged international personal computer operations of the U.S.'s Packard Bell Electronics Inc. and NEC.

    The company said, 'Bull, conforming with its new micro-computer strategy initiated in December 1995, will hold, 19.9% of the capital of the new company, as will NEC.'

    As reported, a new company, Packard Bell-NEC, will begin operations July 1, and will be responsible for personal-computer sales world-wide. First year sales of the new company are estimated at $8 billion, with an estimated world-wide market share of 11%, NEC said.

    [03] KLM's profit climbs to 547 million guilders

    KLM Royal Dutch Airlines NV (KLM) said year net profit rose to 547 million guilders from 470 million in fiscal 1995.

    The company attributed its increased profit to the revaluation of its stake in Northwest Airlines Corp. (NWAC).

    [04] Vodaphone's profit grows 28%

    Mobile phone operator Vodaphone Group PLC said Tuesday that pretax profit rose 28% to 475 million pounds in the year through March from a year earlier.

    Vodaphone said operating cash flow rose 59% to 615 million pounds during the year from 386 million pounds in the prior year.

    [05] Deutsche Telekom profit jumps

    The soon-to-be-privatized German telecommunications operator Deutsche Telekom AG said Tuesday it would pay a total amount of 1.1 billion Deutsche marks for its dividend on 1995 earnings.

    The company didn't say what this meant in terms of a per-share dividend, which will become relevant following the company's partial privatization due in November.

    Telekom also said it posted sales of 66.1 billion marks in 1995, up 3.6% from 63.8 billion marks in 1994. It also confirmed leaked press reports that its net profit rose to 5.3 billion marks in 1995 from 3.6 billion marks in 1994.

    [06] Cadbury agrees to sell Coca-Cola Schweppes Beverages

    U.K. food and beverages group Cadbury Schweppes PLC said Tuesday it has signed a letter of intent to sell its 51% stake in Coca-Cola Schweppes Beverages (CCSB), the company which distributes Cadbury Schweppes and Coca- Cola brands in the U.K, for 620 million pounds.

    The expected buyer is Coca-Cola Enterprises Inc (CCE).

    Cadbury said in a statement that The Coca-Cola Co. has also signed a letter of intent to sell its 49% stake in CCSB to CCE.

    [07] Spain's central bank cuts its benchmark rate

    The Bank Of Spain lowered its benchmark interest rate to 7.25% from 7.50% at its regular seven-to-13-day repurchase tender Tuesday.

    The central bank satisfied 100% of bids, allocating a little under 4.366 trillion pesetas, on bids of around 4.366 trillion pesetas.

    The tender coincided with the expiry of around 3.986 trillion pesetas in repurchase agreements, and represents a net injection of around 380 billion pesetas in liquidity.

    Of the amount allotted Tuesday, 136.250 billion pesetas were awarded at the lowest accepted yield.

    Bids not accepted were for around 14 billion pesetas at a rate of 7.00%.

    [08] UK house prices rise 1% in May

    House prices in Britain rose a seasonally adjusted 1.0% in May from April, and were up 4.6% from a year earlier, the Halifax Building Society said in a monthly release Tuesday.

    This follows a revised rise of 0.9% in April from March and is the 10th consecutive monthly rise, Halifax said.

    The Halifax survey follows the Nationwide Building Society's report, released Friday, that showed a seasonally adjusted index of housing prices down by 0.2% in May from April but up 1.4% from a year ago.

    Although Halifax said the housing market remains fragile, it added that it is revising its year-end house price inflation forecast to a 5.0% rise from a previous 2.0% rise.


    From the European Business News (EBN) Server at http://www.ebn.co.uk/


    European Business News (EBN) Directory - Next Article
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