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European Business News 96-09-10
From: The European Business News Server at <http://www.ebn.co.uk/>
Page last updated September 10 9:10 CET
CONTENTS
[01] German trade surplus narrows
[02] Consob sets Olivetti results deadline
[03] Renault set to post first half results
[04] KHD looks set for stormy AGM
[05] Amstrad swings to first half loss
[06] German Budget gets first reading
[01] German trade surplus narrows
Germany's trade surplus narrowed to 7bn DM in June from 9.5bn DM in May,
the Federal Statistics Office said Tuesday.
The current account deficit also eased to 2.1bn DM in June from an
unrevised deficit of 2.5bn DM in May.
[02] Consob sets Olivetti results deadline
The Italian stock market regulation agency has asked Olivetti for more
information on its first-half results by tonight. Consob also wants another
meeting with the information technology group's executives by the end of
the week. Olivetti shares, which had been suspended for two days, plunged
by almost 20% Monday to a record 600 lire before being suspended again.
Analysts say investors are showing their lack of faith in the new
management and deep skepticism about the figures the company has produced.
Meantime, the Wall Street Journal reports that ex-president Carlo De
Benedetti is discussing the sale of his entire French interests, including
auto-parts maker Valeo. with French industrialist Ernest-Antoine
Seilliere.
[03] Renault set to post first half results
The French car maker Renault is due to report first half results later
today.
Analysts' predictions vary from a downturn of around 300m Ffr on last
year's figure to an improvement of up to 400m Ffr.
[04] KHD looks set for stormy AGM
The German engine maker, Kloeckner Humbolt Deutz, holds what's likely to be
a stormy annual general meeting today. The company announced enormous
hidden losses in its property division in June, threatening the company's
tenuous revival, but the banks have up to now supported KHD's rescue
plan.
[05] Amstrad swings to first half loss
British electronics equipment maker Amstrad has swung to a first half loss
of £14.9m ($23m).
The figure includes a charge of nearly £11m related to the restructuring
of the company's ACE operations.
Amstrad is changing the focus of that unit away from consumer electronics,
and said the businesses drain on earnings is at an end.
[06] German Budget gets first reading
The German Bundestag starts the first reading of the 1997 budget
today.
Finance Minister Theo Waigel is proposing to cut spending next year by
11bn DM to 440bn DM ($295bn). The budget draft is expected to pass
parliament in November.
From the European Business News (EBN) Server at http://www.ebn.co.uk/
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