A round-up of today's other stories in brief

GE shares fall despite higher net income

General Electric posted a higher quarterly profit, but shares fell to their lowest level in nearly two years after its third-quarter outlook disappointed Wall Street.

GE expects third-quarter earnings per share of 48 cents to 50 cents on revenues of $40 billion (€31.6 billion) or more. Analysts expect a profit in the third quarter of 50 cents per share on revenues of $40.23 billion.

GE reported net income of $4.85 billion, or 47 cents per share, compared with $4.65 billion, or 44 cents, a year earlier. Earnings from continuing operations rose 11 per cent. Net revenue was up 9 per cent to $39.9 billion. Wall Street had forecast $39.41 billion.

GE is the world's second-largest company by market capitalisation and is often viewed as a bellwether for the overall US economy. - (Reuters)

EMC cuts 2006 financial forecast

EMC, the world's largest maker of corporate data-storage equipment, cut its 2006 financial forecast, citing problems gauging demand, and its shares fell 4 per cent.

EMC sliced its full-year net income outlook to about 51 cents a share on revenue of more than $10.8 billion (€8.5 billion). The company had previously forecast per-share earnings of 54 cents to 57 cents on revenue of $11.1 billion to $11.3 billion.

Chief executive Joe Tucci said EMC had been unable to accurately estimate what products it needed to have on hand at the end of each quarter because customers tended to place orders late.

British Land chairman resigns

UK property firm British Land said John Ritblat was standing down as chairman and would be replaced by Chris Gibson-Smith, who is also chairman of the London Stock Exchange (LSE).

British Land said Mr Ritblat would stand down at the end of 2006 and that Mr Gibson-Smith had been appointed deputy chairman with immediate effect, while long-time bid target LSE said Mr Gibson-Smith would continue as its chairman for three days a week.

"The company is in excellent shape after another record year and with management transition to Stephen Hester now successfully complete," Mr Ritblat said in a statement at the group's agm.

Samsung quarterly earnings fall

Samsung Electronics reported an 11 per cent drop in its quarterly profit, hurt by shrinking margins in mobile phones and flat screens, but it forecast a recovery across its businesses in the second half.

Samsung, the world's top memory chip maker and the third-biggest handset producer, expects flat-screen prices to stabilise with sales picking up, mobile phone demand to improve thanks to new, ultra-slim phones and memory chip shipments to rise.

Samsung posted 1.51 trillion won (€1.24 billion) in net profit for the quarter ended June 30, compared with 1.69 trillion won a year earlier and 1.88 trillion in the previous quarter. - (Reuters)

New reinsurance directive in place

Finance Minister Brian Cowen transposed an EU directive five months early to bring into effect a regulatory regime for the reinsurance industry.

The regime will require all reinsurance undertakings to be authorised and to meet solvency and regulatory standards. It will also facilitate mutual recognition of authorisations throughout the EU.

The regime came into effect today after Mr Cowen signed the European Communities (Reinsurance) Regulations 2006.