GlaxoSmithKline looks towards China with £44.4m acquisition December 7, 2010 PHARMA’S expansion to the east took another step forwards yesterday with the news that GlaxoSmithKline (GSK) is to acquire Chinese company Nanjing MeiRui Pharma (MeiRui). GSK will spend $70m (£44.4m) on the acquisition, as it continues to invest in emerging markets. China is “one of the fastest growing and most significant of the emerging markets,” [...]
Bet on black: Oil prices discover fresh energy December 6, 2010 FOR a commodity used to grabbing the headlines, crude oil has been overshadowed by its cousins for much of 2010. Unlike copper, coffee or cotton, which have climbed steeply, oil remained entrenched in its trading range between $70 and $85 a barrel. Not any longer. Cold weather sweeping across Europe, strong energy demand from emerging [...]
Sarkozy signs $20bn in deals on Indian trade trip December 6, 2010 FRANCE’S President Nicolas Sarkozy yesterday said he had clinched deals worth about $20bn (£12.6bn) with India, becoming the latest among a string of world leaders jostling for a share of Asia’s third biggest economy. The business deals, which spanned atomic energy, defence and civil aviation, comfortably bettered the $10bn US President Barack Obama secured on [...]
The head of the world’s largest law firm reveals his plans for expansion December 5, 2010 The new chairman of Baker & McKenzie has a tricky hand to play. Eduardo Leite, who began his three-year term at the beginning of last month, may lead over 10,000 staff (including 4,000 lawyers) spread over 40 countries in 68 offices. And the firm may have produced the biggest revenues in the industry this year [...]
China declares shift to “prudent” monetary policy December 3, 2010 CHINA will switch to a prudent monetary policy from a moderately loose stance, the Communist Party’s top leaders decided on Friday, a change that could pave the way for more interest rate increases and lending controls. At the same time, the Politburo elected to maintain China’s proactive fiscal policy, an indication that the government wants [...]
Commodities and banks help FTSE snap its losing streak December 1, 2010 BRITAIN’S leading share index staged its biggest one day really in three months yesterday, clawing back some of the losses made in the past three sessions, with commodities boosted by upbeat Chinese data and banks rallying after being hit by sovereign debt concern. The rally was also boosted by hopes the European Central Bank (ECB) [...]
FOOD PRICES PUT FOCUS ON AGRIBUSINESS December 1, 2010 SENIOR ANALYST, ETF SECURITIES Most agriculture prices have seen double-digit gains this year, reflecting a trend towards higher and more volatile prices since 2003. For agribusiness, this could lead to stronger returns for agriculture producers and support companies, irrespective of near-term gyrations in the business cycle, if suppliers strive to boost productivity. Rising prices have [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 30, 2010 FINANCIAL TIMES KPMG HIRES NON-EXECUTIVE DIRECTORS FOR NEW OVERSIGHT BODY KPMG Europe has hired three non-executive directors to sit on a new oversight body in a move that highlights the differing ways big audit firms are complying with regulatory changes in the UK. The directors are: Sir Steve Robson, a retired senior civil servant at [...]
Hooray: Hakkasan comes to Mayfair November 29, 2010 Hakkasan (Mayfair) 17 Bruton Street, W1J 6QB Tel: 020 7907 1888, www.hakkasan.com FOOD SERVICE ATMOSPHERE Cost per person without wine: £55 LAST week I gained half a stone. It all started (relatively) modestly with a couple of (gastro) pub meals. And it ended modestly: eating a cheeseburger and chips while standing up at the crowded, [...]
Thomas Cook plans Chinese tie-up as it moves in to emerging markets November 28, 2010 TOUR operator Thomas Cook is hoping to forge a tie-up with a Chinese travel company to expand into tiger economies. The holiday group is understood to want to move into the Chinese market by 2012 as part of its drive to cash in on growth in emerging markets. The company last week announced a deal to [...]