UPDATE 1-Michelin H1 profits fall, cuts 2008 forecast


(Adds details) PARIS, July 30 (Reuters) - Michelin on Wednesday reported a bigger-than-expected decline in first half operating income and reduced its 2008 profit target on an higher expected impact from raw material prices, but kept its 2010 objectives. The world's No. 2 tyre group in market capitalisation after Bridgestone said that in a "troubled and difficult global environment" its operating income before non-recurring items was 17.8 percent lower at 708 million euros. The average ...

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