Akzo net slides; firm issues warning

Article Abstract:

Akzo Nobel NV of Arnheim, the Netherlands, a chemicals and pharmaceuticals manufacturing firm, has reported a 5% decrease in net profit in the third quarter of 1998 to 430 million guilders ($230.4 million) from 455 million guilders in the prior period even as sales went up 24% to 7.5 billion guilders. Akzo attributed the decline in profit to the poor performance of its chemical division, to the expenses related to the acquisition of Courtaulds PLC and to the depressed Latin American and Eastern European markets. Fritz Hansel, vice president of finance of Akzo, warned that a fourth-quarter charge will result in a net loss for the period.

Comment:

Reports a 5% decrease in net profit in the 3rd quarter of 1998 to $230.4 mil despite a 24% increase in sales

Netherlands, Sales, profits & dividends, Chemicals & Allied Products, Chemical Manufacturing, Chemicals, Akzo Nobel N.V.

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ABN Amro unit hits big managed-investment markets

Article Abstract:

ABN Amro Asset Management plans to enter the world's three largest managed-investment markets. According to the company's chief executive, Tom Cross Brown, the company plans to open offices in Europe. However, the company is concentrating on the US, UK and Japan markets for growth. Brown said that the company has small presence in the three biggest pools of institutional liquidity available for third-party fund management, which are the US, UK and Japan. Meanwhile, the company said that its total assets under management increased 17% to 182 billion guilders in the first half of 1998.

Comment:

Plans to enter the world's three largest managed-investment markets

Investment Companies, Open-End Investment Funds, ABN AMRO Asset Management

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German telecom shares decline as MobilCom unveils price cuts

Article Abstract:

Mobilcom AG has announced a plan offering free long-distance from 7:00 p.m. to 11:00 p.m. from January 1, 1999 onward on all calls lasting up to one minute. A spokesperson for MobilCom stated that the German telecommunications reseller can finance this effort and will not be hurt trying to compete with larger rivals. Investors in telecommunications stocks wonder how low prices can get before the providers have to compensate for lost revenue by costs cuts and by boosting market share.

Comment:

Mobilcom plans to offer free long-distance from 7:00 p.m. to 11:00 p.m. on all calls lasting up to one minute.

Wired Telecommunications Carriers, Long Distance Telephone Svc, Telephone communications, exc. radio, Telecommunications services industry, Telecommunications industry, Marketing, Long distance telephone services, Abstract, MobilCom AG

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