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European Business News 96-09-04European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated September 4 12:25 CETCONTENTS
[01] French GDP down 0.4% in Q2France's gross domestic product fell by a provisional nought point 4 percent in the second quarter of the year.The contraction - which reflects a slowdown in consumer spending - was twice as large as economists had expected. The national statistics institute INSEE said the change was partly due to the smaller number of working hours in the second quarter. GDP growth for the first quarter was revised to 1 point 1 percent. Previously, the growth rate had been estimated at 1 point 2 percent. The figures are seen as casting doubt on France's ability to meet the Maastricht criteria on time. [02] US bombards Iraqi sites for second time in 24 hoursThe US has bombarded Iraqi air-defense sites for the second time in 24 hours. The Pentagon called assault of 17 cruise missiles a mop-up operations to destroy targets that survived the intial attack. The strike continues the White House policy that a defiant Saddam Hussein must pay a price for his aggressive moves in the northern region of Iraq. And the Clinton administration says further attacks are possible until it is convinced that Saddam's military aggression has ended. A Pentagon spokesman said the bombardment was aimed at ensuring the safety of military personell operating in the expanded no-fly zone.About 80% of Americans support U.S. cruise missile strikes against Iraqi air defense systems, according to a survey released Tuesday by the ABC television network. In a poll conducted between the first and second missile attacks, three in four people surveyed said they have a high evaluation of Clinton's decision to order the strikes, ABC said. [03] Olivetti shares rise sharplyInvestors have given Olivetti's new Chief Executive, Francesco Caio, a resounding vote of confidence. Shares in the Italian telecommunications company risen sharply on news that Carlo De Benedetti has quit as chairman, leaving Caio victorious in his boardroom battle. Mr di Benedetti's resignation came yesterday after the company's stock had dropped nearly 6%. That price slide was in response to reports that Di Benedetti was preparing to overrule Caio's restructuring plan. Investors now appear convinced that the revamping will proceed and the company will be able to eventually emerge from five years of consecutive losses.[04] Cadbury's posts 12% gain in 1H profitOne of the world's largest food and drink companies, Cadbury Schweppes, has posted a 12 percent gain in first half pretax profit.The earnings came in at £231m, or about $360m exactly at the top end of analysts expectations. The company's future looks to be equally bright. [05] Total posts 45% rise in 1H profitsTotal, the French oil company, has reported a 45% rise in first half pretax profits - to 2 point 36 billion francs ($465m). Earnings per share rose by 41% to 11 francs. The result was bolstered by rising petrol prices and a strong performance in trading activities.[06] Danone expecting loss in profit of 6% in 1HThe French food manufacturer, Danone, is expected to show a 6 percent drop in first half profits today.Though the company is promising earnings growth for the year, market concerns about the company's focus have dampened its share price. The stock has underperformed the CAC Quarante by 21 percent over the past year. [07] Benedetti's resignation opens new chapter for OlivettiCarlo De Benedetti's resignation as Chairman of Olivetti opens a new chapter in the company's history.Under the leadership of new Chief Executive Francesco Caio, analysts hope that the company will finally turn around from five years of losses and six years of restructuring charges. And that would bring some relief to investors, who've seen Olivetti's share price drop 44 percent since last December. [08] EU threatens to block US maize exportsThe European Union is threatening to block US exports of a genetically engineered strain of maize, a move which could hit all US maize sales to the EU and provoke a fresh trade row.Licences have been given approving the maize in both Canada and the US, but the EU's approval has been delayed over fears about the implications for animal and human health as well as the impact on the environment. The US maize harvest begins next month and exports to the EU normally start in November. Exports last year were worth $500m [09]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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