Japan drugmaker in US bid March 1, 2010 Astellas Pharma launched a $3.5bn (£2.3bn) hostile bid for OSI Pharmaceuticals to gain access to the blockbuster Tarceva cancer drug, in the latest move by a Japanese drugmaker to make inroads in the US. OSI shares surged 51.8 per cent to $56.20, well above Astellas’ $52-per-share offer as analysts expected a higher price or even [...]
Spain presents recovery plan March 1, 2010 The Spanish government yesterday presented plans it will negotiate with political parties over the next two months as part of a wider plan to promote economic growth and job creation. The plans include a proposal to provide loans of up to €200,000 (£180,964) to help small and medium-sized firms, which form the backbone of the [...]
Diageo raises Chinese stake March 1, 2010 DIAGEO yesterday said it could spend at least £624m to take over China’s fourth-largest spirits group Sichuan Shui Jing Fang and add Chinese white spirits to its portfolio of top brands. With half of China’s alcohol consumption accounted for by white spirits, Diageo, the world’s largest spirits group, is keen to expand into this category [...]
Fed begins search for Kohn successor March 1, 2010 US President Barack Obama will nominate a replacement for Federal Reserve vice chairman Donald Kohn, who is stepping down from his post, in time for confirmation before Kohn’s term ends on 23 June. “We are not naming a successor today but we do plan to announce a nominee in time for confirmation before the end [...]
Woodroffe to open Yotel in New York City March 1, 2010 YOTEL, the hotel chain set up by Yo! Shushi founder Simon Woodroffe, yesterday announced it is opening for business in New York. The hotelier will next year launch a property with 669 rooms of 170 sq ft each, marking the first time the Yotel chain has ventured outside its existing international airprot locations. The group [...]
Doha trade deal could hurt US March 1, 2010 The US yesterday defended its position in the eight-year-old Doha round of world trade talks, saying it could not agree to a weak deal because that would damage the World Trade Organization. “We remain convinced that a Doha success can be achieved if all major economies are willing to come to the negotiating table,” the [...]
Baxter buys British rival March 1, 2010 America’s Baxter International yesterdfay said it would pay up to $330m (£219m) to acquire UK-based ApaTech, a privately held maker of biologics products used in orthopedic and dental surgeries. The agreement includes an upfront cash payment by Baxter of $240m, plus potential payments of up to $90m should the company achieve sales milestones. The transaction [...]
Higher taxes needed to cut deficit March 1, 2010 Tax increases and spending cuts will both be needed to spread the burden of bringing down US budget deficits to a sustainable level, House of Representatives Democratic leader Steny Hoyer said yesterday. Hoyer’s remarks frame a debate that is likely to pick up urgency as a bipartisan panel created by President Barack Obama considers ways [...]
It’s the moment to buy oversold Greek stocks March 1, 2010 FOLLOWING weeks of turmoil, it looks like the worst of Greece’s debt problems are over, at least for the time being. Talk of a rescue plan and encouraging news on the budget deficit are restoring some confidence. Could now be the time to invest in Greece? The Greek stock market has dropped 36 per cent [...]
WAITING FOR OBAMA TO CALL THE TOP March 1, 2010 DAVID MORRISON CFD MARKET STRATEGIST, GFT ON 3 March 2009, US President Obama became a stock market guru when he delivered the following to investors: “What you’re now seeing is profit and earnings ratios starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on [...]
