NEWS | IN BRIEF March 11, 2010 America’s burgeoning economic recovery could be slowing after figures published yesterday showed the US trade deficit narrowed in January, in part due to a slump in demand for overseas oil. The deficit shrank to $37.3bn (£24.8bn) during the month, a 6.6 per cent fall on the previous month, and well below economists’ predictions of an [...]
NEWS | IN BRIEF March 11, 2010 Consumer inflation in China has soared to a 16-month high, according to official data published yesterday. Annual consumer price inflation rose to 2.7 per cent in February compared to 1.5 per cent the previous month. The main driver of the acceleration was a 6.2 per cent jump in the price of food. Inflation remains well [...]
Citigroup to return to profit, says Pandit March 11, 2010 CITIGROUP chief executive Vikram Pandit told investors yesterday the bank is on track to return to sustained profitability and losses from some of its worst assets should be manageable if the economy does not deteriorate. The comments were uncharacteristically optimistic for Pandit. The bank’s improving performance is easing pressure on the chief executive, who has [...]
CITY VIEWS: do you think the fsa’s crackdown on insider March 11, 2010 ADRIAN YEUNG | JP MORGAN CHASE “Historically, it’s always been a hard thing for the Financial Services Authority (FSA) to crack down on. Proving intent is difficult. It’s the difference between insider trading and market abuse. I’m not sure it will produce the desired effect. It’s a lot easier to prosecute for market abuse than [...]
AstraZeneca in emerging markets deal March 11, 2010 ASTRAZENECA is stepping up its footprint in emerging markets through a branded generics supply deal with Indian group Torrent Pharmaceuticals that mirrors similar tie-ups by other big pharma groups. The Anglo-Swedish company said yesterday that Torrent would supply it with a portfolio of generic medicines for which Torrent already has licences in a range of [...]
NEWS | IN BRIEF March 11, 2010 Scottish Power yesterday caught up with rivals annoucing that it will cut gas prices by an average of eight per cent from the end of March. The company said its 1.6m domestic gas customers would save an average of £66 a year on their bills. In addition, 60,000 customers who have been identified as vulnerable [...]
NEWS | IN BRIEF March 11, 2010 US regulators are stepping up their investigation into Google’s planned acquisition of mobile advertising company AdMob, suggesting that the government may challenge the $750m deal. The Federal Trade Commission is beginning to gather evidence for a potential anti-trust challenge and has asked at least two companies that compete with Google, or are involved in advertising, [...]
NEWS | IN BRIEF March 11, 2010 Daihatsu is the latest Japanese carmaker to issue a recall, affecting 274,551 vehicles. The company, a subsidiary of beleaguered Toyota, announced the recall yesterday amid fears of several possible defects affecting its Hijet and Atrai wagon models. Potential issues include loose or missing suspension bolts, loose fuel hoses and defective brake lights. Toyota, which owns [...]
UK high-speed rail network to cost £30bn March 11, 2010 PLANS to build a high-speed rail network connecting London with Northern Britain were revealed yesterday by transport secretary Andrew Adonis, in a project expected to cost £30bn. Adonis laid out his proposals for the 335 mile “Y” shaped line, which is expected to significantly cut travel time to the West Midlands, Leeds, Manchester and Sheffield [...]
Carlyle quits Shanks takeover March 11, 2010 TAKEOVER talks between buyout firm Carlyle Group and Shanks fell apart yesterday after a disagreement between the two over pricing. Carlyle had looked poised to take over the waste management group but talks fell apart this week after it offered significantly less than Shanks originally wanted. Carlyle made a final offer of 120p a share [...]