European Union competition regulators have set a new deadline of Oct. 22 to decide whether to clear Unilever’s $1.3 billion purchase of Sara Lee Corp.’s body care business, the European Commission said on Friday. Get the full story »
Filed under: International
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Abbott looks to India with latest takeover
India’s market leader in medicines will soon be based near Lake Michigan.
Abbott Laboratories will hold the biggest share of India’s pharmaceuticals market, about 7 percent, when the company closes as early as next month on a $3.7 billion takeover of the drugs business of Piramal Healthcare Ltd. After committing more than $10 billion since February on such deals, Abbott Chief Executive Miles White said he has assembled a business in fast-growing countries that the company will count on for a big part of its growth. Get the full story »
Ford resumes Fiesta shipments after parts glitch
Ford Motor Co. has resumed shipments of the Fiesta after temporarily halting them over a faulty part.
Aug. 24, 2010 at 5:09 p.m.
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Filed under: Beverages, Environment, Food, Green, International Starbucks’ new Reserve line caters to coffee geeks
Coffee chain Starbucks plans to introduce the exotically-named Galapagos San Cristobal, the first in its new Reserve line, next Monday at 700 select stores. These coffees are characterized by “high quality, small quantity and unique stories,” said Anthony Carroll, Starbucks’ manager of green coffee quality. He flew in to Chicago Tuesday to offer an advanced taste of the special coffee at a Starbucks in the Loop.
Brazil’s Vale denies it’s bidding for Potash
Brazilian mining giant Vale Monday denied market talk it is planning a bid for Canada’s Potash Corp., as Potash seeks to fends off a $39 billion takeover offer from Australia’s BHP Billiton.
“The rumors that the company has bid to acquire or is negotiating to buy a fertilizer company (are) totally unfounded,” Vale said in statement. Get the full story »
Chinese firms potential suitors for Potash
Potash Corp. searched for a white knight Friday as BHP Billiton formally launched it $39 billion hostile offer for the world’s largest fertilizer firm.
Potash is soliciting alternative bidders willing to pay more than the $130 a share offered by BHP, the world’s largest mining company, a source close to the matter said. Get the full story »
More U.S. debt staying here
In a reversal of a long trend, most U.S. debt in the first half of this year stayed here rather than being bought by foreign governments.
Deal expands MasterCard’s online presence in Europe
MasterCard Inc. will buy U.K. payment services company DataCash Group Plc for $520 million in cash to expand its online commerce business and take market share abroad.
The world’s second-largest credit and debit card payment processing network said it is paying a 54 percent premium to DataCash’s Wednesday closing price. DataCash’s shares rose to a 10-year high. Get the full story »
Aug. 19, 2010 at 12:15 p.m.
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Filed under: China, Government, International, Investing, Manufacturing Chinese steelmaker hailed for dropping U.S. deal
Lawmakers from U.S. steel-producing states on Thursday welcomed a decision by China steel company Anshan Iron and Steel Group to put its investment in a U.S. steel plant on hold.
“Not only would this venture have set a dangerous precedent further undermining our domestic steel market, but it posed serious national security concerns,” Rep. Tim Murphy, a Pennsylvania Republican, said in a statement. Get the full story »
EU regulators challenge Sara Lee-Unilever deal
The European Union’s antitrust regulator has formally obnected to Unilever’s planned $1.67 billion acquisition of Sara Lee Corp.’s shower-gel and European detergents business. Paul Matthews, a London-based spokesman for Unilever, said the company remains confident that a “positive agreement” can be reached by the end of the year.
McDonald’s sells yuan bonds in Hong Kong
Oak Brook-based McDonald’s Corp., the world’s largest restaurant chain, sold $29 million in yuan-denominated notes, becoming the first foreign non-financial company to sell yuan-denominated bonds in Hong Kong.
Aug. 18, 2010 at 8:14 a.m.
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Filed under: China, Consumer electronics, International, Labor, Work culture iPhone factory add nets, rallies after suicides
Following a string of suicides at its Chinese factories, Foxconn Technology Group raised workers’ wages and installed safety nets on buildings to catch would-be jumpers. Now the often secretive manufacturer of the iPhone and other electronics is holding rallies for its workers to raise morale at the heavily regimented factories.
The outreach to workers shows how Foxconn has been shaken by the suicides and the bad press they have attracted to the normally publicity shy company. The latest suicide — the 12th this year — occurred August 4 when a 22-year-old woman jumped from her factory dormitory in eastern Jiangsu province. Get the full story »
Chicago gains in global cities ranking
Chicago moved up two slots, to No. 6, in an updated ranking of global cities, coming in behind New York, London, Tokyo, Paris and Hong Kong.
The ranking aims to show how much influence a city has beyond its own borders. It was conducted by Foreign Policy magazine, management consulting firm A.T. Kearney and the Chicago Council on Global Affairs, and comes two years after the inaugural ranking by these same parties.
The top four cities retained their hold over the two-year period, though the ranking also showed growing momentum in Asia and the Pacific, with five of the 10 cities deemed most global. In addition to Tokyo and Hong Kong, those cities included Singapore, Sydney and Seoul. Get the full story »
