Slash And Earn On The Continent

One by one, the bosses of Europe's big companies are mounting podiums to announce their 1993 financial results. Few have a bounce in their step. Last year was "very bad," said a grim-faced Jean Gandois, chairman of French aluminum giant Pechiney, who on Apr. 19 disclosed a $167 million loss. The ink flowed even redder at Daimler Benz, Michelin, Solvay, and dozens of other industrial leaders. Moreover, the collapse of Germany's Schneider property developer is spreading fears of new troubles for Europe's banks.

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