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Tuesday, 23 April 2024
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European Business News (96-06-27)European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated June 27 14:35 CETCONTENTS
[01] Bundesbank says economic recovery possibleGermany's central bank president Hans Tietmeyer said he is 'happy' with the Deutsche mark's depreciation from over-extended strength over the past year against the dollar and other European currencies.But the end to the correction has been reached, at least for now, he added. Speaking at a press conference, Tietmeyer said he is 'happy with the mark's normalization' and believes its correction has now been completed. The official discount and Lombard rates remain at their respective 2.50% and 4.50% in effect since April 19, when they fell a half percentage point. [02] Eurotunnel executives brace themselves for stormy meetingShareholders of Anglo-French Channel Tunnel operator Eurotunnel are planning a protest rally to oppose the company's debt restructuring plans at the annual general meeting Thursday.There will be a second shareholder meeting in London Friday, but the Paris one will draw the protests because it's first and most of the shareholders are in France. Notwithstanding recent reports in the U.K. and French press, expectations are low that the company will announce that it has reached an agreement with creditor banks to restructure its 8.8-billion-pound debt. [03] G7 summit opens in LyonIn the wake of the recent terrorist attack, US President Bill Clinton has arrived in France for the annual economic summit of G-7 leaders at the central French city of Lyon.The seven - representing the richest countries in the world - will discuss a mixed agenda including the fight against terrorism, the redevelopment of Bosnia and reform of the United Nations. Delegates were already planning to devote a substantial part of the final communique on Saturday to methods of tackling international terrorism - now President Clinton is likely to press still more urgently for wide-ranging solutions to the problem. [04] Weaker than expected economic data cools Japanese economyJapan's 2.0% rise in industrial production for May, along with weaker than expected retail sales for the month shows that although the economy is recovering, it is unlikely the Bank of Japan will be moved to raise interest rates in the near future, economists said Thursday.[05] Sumitomo cancels appointment of Hamanaka's superiorSumitomo Corpration Thursday cancelled plans to promote former copper trader Yasuo Hamanaka's direct superior to the post of managing director after shareholders objected.The annual shareholders' meeting on Thursday morning had approved a management reshuffle in which Akio Imamura, general manager of the nonferrous metals division, would become a managing director. But some shareholders objected bitterly to the promotion in interviews with the media after the meeting, saying company officials should take responsibility for an estimated $1.8 billion in copper trading losses attributed to Hamanaka. [06] EU aims to force BA and American Airlines to reveal plansSenior European Union Commission officials are meeting in Brussels to complete legislation that would force British Airways PLC and AMR Corp.'s American Airlines to formally present the details of their planned alliance for scrutiny, EU sources said.The sources said the unusual move was being taken because ''we believe the companies won't notify us otherwise.'' The move is likely to be approved by EU commissioners at their July 3 meeting, the sources said. [07] Bell Atlantic and Nynex restructure mergerBell Atlantic and Nynex are trying to change details of their merger agreement to avoid the scrutiny of some state regulators and Congress, the companies said Wednesday.The dlrs 20.5 billion pact was announced in April as a merger of equals, but the new structure of the deal would show Bell Atlantic as the acquirer. The new plan calls for Bell Atlantic to issue 345 million new shares to Nynex shareholders. Nynex would become a subsidiary of Bell Atlantic. Originally, a new parent company would have acquired all shares of both companies. [08] Clinton vows to punish terroristsPresident Clinton, vowing to make terrorists pay for attacks on Americans overseas, has dispatched an FBI team to help investigate the truck bombing of a U.S. military facility in Saudi Arabia.'The cowards who committed this murderous act must not go unpunished,' Clinton declared Tuesday. Twenty-three Americans were killed and more than 300 were injured in the blast at Khobar Towers, which houses U.S. servicemen based at Abdul Aziz Air Base near Dhahran. Several buildings in the housing complex were reported damaged when a fuel truck exploded _Page last updated June 27 14:35 CET_ outside a fence around the compound. 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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