Telecom flotation hogs the limelight

The prospectus for the flotation of Telecom Eireann, issued yesterday, will be the main topic of conversation from dealing rooms…

The prospectus for the flotation of Telecom Eireann, issued yesterday, will be the main topic of conversation from dealing rooms to boardrooms and staff canteens this week.

Fyffes: Fyffes, the fruit importer, has its interims today after seeing its shares damaged by the banana trade row with the US.

Inflation: Mortgage rate reductions, retail competition and weak world prices have helped keep the Irish inflation rate pegged as low as 1.4 per cent. A rise of 0.4 per cent this month due to higher food prices and rents will leave that annual rate unchanged but analysts ABN AMRO believe Irish inflation is at or near the bottom of the cycle and forecasts a rise to 2.5 per cent or more by year end.

Monday

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Results: Cadcentre Group, Columbus Group, Compco Holdings, Cropper (James), Faulep, Fyffes (H1), Honeycombe Leisure, Renold, 600 Group

A.G.M.: Inter-Alliance (e.g.m.), Morgan Sindall (e.g.m.), Templeton Emerging Markets, Templeton Latin, Whitchurch Group (e.g.m.).

Meetings: EU agriculture ministers meet (Luxembourg to Tues)

Indicators: Euro zone GDP (Q1); British producer price index (May) and output (May); US business inventories (Apr).

Others: FTSE International sets up of new European index; Taoiseach Mr Ahern presents cheque to Omagh Trust from proceeds of IFSC Response Fund.

Tuesday

Results: Avesco, Critchley Group, Denmans Electrical (H1), Hazlewood Foods, HW Group, London Scottish Bank (H1), RPC Group, VHE Holdings, Walker Crips, Wynnstay Properties

A.G.M.: Bank of Scotland, Berry Birch and Noble, Scottish Power (e.g.m.), Stagecoach Holdings, Taylor Nelson Sofres.

Indicators: Irish consumer price index (May); British retail price index (May) and machine tools (Apr); Japanese industrial production (Apr); Italian industrial production (Apr).

Others: Bank of Ireland details measures taken to address Y2K bug; Canadian Prime Minister Jean Chretien visits Dublin; British Parliament's Treasury Committee takes evidence from a Treasury minister on two years of operations by the Bank of England Monetary Policy Committee.

Wednesday

Results: Bradford Property Trust, Dailywin Group.

A.G.M. Jacks (William), Lovell (YJ) (Holdings).

Meetings: Three-day telecoms conference (RDS, Dublin); Conference on "Women and Leadership Issues" (Keadeen Hotel, Newbridge); Open University MBA Association conference on Work Roles and the Team" (Great Southern Hotel, Dublin Airport).

Indicators: Irish industrial earnings and hours worked (Jun); British unemployment (May), unit wage costs (Apr) and average earnings (Apr) and Treasury summary of independent economic forecasts; US consumer price index (May), housing starts (May), industrial production (May), capacity utilisation (May), real earnings (May) and current account (Q1).

Others: IDA Ireland publishes annual report; BUPA Ireland publishes survey on women in work and announces 100,000th member in Ireland.

Thursday

Results: Babcock International, Great Universal Stores, Kewill Systems, Powderject Pharmaceuticals (H1), Securicor (H1), WT Foods, XKO Group.

A.G.M.: Brands Hatch Leisure, El Oro Mining, Liberty, Money Controls (e.g.m.), News Corp (e.g.m.).

Meetings: European Central Bank governing council meeting; European Union/Canada summit (Cologne); Standard & Poors conference on evaluating credit risk in the European telecoms sector (Paris); Ireland-India Business and Economic Association gathering (Enterprise Ireland, Dublin).

Indicators: British retail sales (May); US international trade (Apr), imports/exports (Apr) and Philadelphia Federal Index (Jun); German Ifo industrial survey (May).

Others: US Federal Reserve chairman Alan Greenspan to testify before Congress Joint Economic Committee about monetary policy and economic outlook; A Paris appeals court hands down ruling on plea from merger partners Paribas and Societe Generale against an unsolicited double-bid from BNP.

Friday

Results: Grainger Trust (H1), Mobil Oil.

A.G.M.: Carbo, City Gourmet Holdings (e.g.m.), McKechnie (e.g.m.), Ocean Wilson.

Meetings: Summit of the Group of Eight (Cologne to Sun); Conference on strategy for the development of international financial services in Ireland (Dublin Castle).

Indicators: Irish tourism and travel (Q1); British M4 money supply and building society data (May); French trade balance (Apr); Italian consumer prices (May); Canadian consumer prices (May).