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European Business News 96-07-25

European Business News (EBN) Directory - Previous Article - Next Article

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

Page last updated July 25 10:00 CET


CONTENTS

  • [01] BT posts slight profit decline
  • [02] Philips cuts 6000 jobs in wake of poor results
  • [03] Today's Bundesbank meeting prompts speculation
  • [04] Britain se to award air-force contracts
  • [05] EU budget ministers to propose sharp cuts
  • [06] Commerzbank profits jump 48%
  • [07] Germany's SAP posts 61% profit jump

  • [01] BT posts slight profit decline

    British Telecommunications has posted a slight decline in pretax profit for the first half to 869 million pounds, or about 1.3 billion dollars. The telecom attributed the slip to costs related to layoffs. Those charges more than doubled to 52 million pounds in the period. Revenue gained 4 percent, primarily because of a rise in sales of mobile phones and growth in its overseas operations.

    [02] Philips cuts 6000 jobs in wake of poor results

    The Dutch electronics giant, Philips, is to cut its workforce by 6 thousand over the next year and a half. The downsizing will cost 800 million guilders. The news came during a press conference which followed the announcemend of a 48 percent drop in Phillip's first half net profit.

    The figure came in at 681 million guilders, or 400 million dollars - around half the amount analysts had forecast.

    [03] Today's Bundesbank meeting prompts speculation

    The markets are speculating that the Bundesbank will trim its repurchase rate this morning when it holds its final council meeting before a four-week summer recess. The central bank will conduct its regular semi-annual review of monetary policy and the current state of the economy. The repurchase rate has been fixed at 3.3 percent since February. The discount and lombard rates are expected to remain unchanged at their current levels of 2.5 percent and 4.5 precent,respectively.

    [04] Britain se to award air-force contracts

    Britain is expected today to award air force contracts totaling 3.5 billion pounds, that's 5.4 billion dollars. The awards are able to proceed now, following a resolution of a dispute in Prime Minister John Major's cabinet. The contracts will include a replacement for the Nimrod reconnaissance aircraft and a new anti-tank weapon.

    [05] EU budget ministers to propose sharp cuts

    European Union budget ministers will propose a controversial plan to slash the union's budget by more than 2.5 billion dollars. The bulk of the cuts would come from spending on agriculture and structural aid for the EU's poorer regions. Agricultural spending represents roughly half of the budget. The budget talks are more critical than usual, because 1997 is the year in which countries will be judged on whether or not they meet the criteria for joining the planned single European currency.

    [06] Commerzbank profits jump 48%

    Germany's third largest bank, Commerzbank has reported a 48 percent jump in first half operating profit. It came in at 1.3 billion marks or million dollars. That's much higher than analysts had expected. In the same period net commission income was up 27 percent.

    [07] Germany's SAP posts 61% profit jump

    The German business software maker S-A-P has posted a 61 percent jump in first-half operating profit to 374 million Deutsche marks, or 253 million dollars. Sales rose 38 percent. S-A-P said it expects the remainder of the year to develop positively.

    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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