Merck expects good second-half earnings

German pharmaceutical group Merck KGaA said on Wednesday it expected double-digit sales growth in the second half, and earnings to show a positive development. "Based on current market conditions, the company expects double-digit growth in sales and good earnings development," the group said in a statement. Merck reported a rise in operating profit of 21 per cent to 578 million marks in the first half of 1997, with sales up 13.6 per cent to 3.913 billion marks.

Columnist sues four brokers in Manila: A Philippine newspaper columnist on Wednesday filed a 100-million peso law suit against four brokers she accused of mishandling her account, documents at the Securities and Exchange Commission (SEC) showed. Ninez Cacho Olivarez filed suit against Abacus SecuritiesCorp, Dharmala Securities Phils Inc, Lippo Securities and Sapphire Securities at the SEC. The four companies have denied any wrongdoing.

Industrivarden boosts stake in Handelsbanken: Swedish investment company Industrivarden said on Wednesday it had boosted its holding in Sweden's largest bank Handelsbanken by acquiring a further 1.82 million shares. After the deal, Industrivarden holds a total of 14.5 million A series shares, corresponding to 5.6 per cent of the bank's capital and 6.6 per cent of its votes. Industrivarden posted a 30-per cent fall in profit after financial items to 826 million crowns ($102.4 million) for the first six months of the year.

Total sales boosted by dollar: French oil group Total SA said its first half sales rise of 19.4 per cent was helped by a strong rise in the dollar. It said that a more favourable environment in the first half of 1997 compared to the previous year accounted for two-thirds of the 21 per cent rise in sales for oil and gas operations -- upstream plus downstream -- to 82.019 billion francs from 67.978 billion. It said the 12 per cent increase of the dollar exchange rate to 5.70 francs from 5.10 francs was a "major factor".

Newell bids 197 m SKR for rest of Acrimo: US company Newell Co said it was bidding 197 million crowns or 170 crowns per share for the outstanding B-series shares in Sweden's Acrimo, which mainly produces curtain rods. Newell placed the bid through its subsidiary Sani Sweden AB, the company said in a statement. "Newell thinks that Acrimo and the European market for window products will be able to benefit from a merger of Newell's and Acrimo's operations," the company said.

AB Ports signs 10 year Plymouth ferry deal:Associated British Ports Holdings Plc said on Tuesday that it has signed a new 10-year agreement with Brittany Ferries for the French operator to continue operating from its Port of Plymouth. ABP provides two berths, a passenger terminal and cargo handling facilities at the Millbay Docks in Plymouth. Brittany Ferries began operating from Plymouth to Roscoff in France in 1973 and added services to Santander in Spain in 1978.

SingTel sells stake in Sri Lanka firm:Singapore Telecommunications Ltd (SingTel) said on Wednesday it had sold its majority stake in Sri Lanka-incorporated Lanka Cellular Services (Private) Ltd (LCS). SingTel said in a statement it had sold the 78.74 per cent stake in LCS held by wholly-owned subsidiary Singapore Telecom International Pte Ltd.

UK's Tie Rack ties knot with US Knot Shops:British designer and retailer of ties and scarves, Tie Rack Plc, said on Wednesday it had bought the Chicago-based The Knot Shops for $2.0 million. Tie Rack is also buying its inventory for $500,000. The acquisition will be funded from Tie Rack's own cash resources. The Knot Shop deals in ties and other accessories and sells them in 21 stores in 12 states in the US. The stores will complement Tie Rack's 39 stores in the US.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.