June 28, 2010 at 6:29 a.m.
Filed under:
Banking,
Economy,
International
By Associated Press
World leaders made bold pledges to cut their spiraling budget deficits but will probably fall far short of their lofty goals. This pledge, by nations which represent 85 percent of the global economy, would represent a sea change in how the world’s major economies are handling their finances.
After spending massive amounts of money to rescue the global economy from the worst downturn in decades, the Group of 20 major industrial and developing nations have reversed course and promised to cut their deficits in half in terms of the global economy in just three years. Get the full story »
June 28, 2010 at 6:02 a.m.
Filed under:
Food,
International,
M&A
By Tribune staff report
Kraft foods has reached a deal to sell its Wedel chocolate and candy business in Poland, which it acquired with its purchase of Cadbury, to South Korea’s Lotte Group for an undisclosed price. The sale is part of Kraft’s agreement with EU regulators to sell off some units as part of its acquisition of Cadbury.
June 28, 2010 at 5:32 a.m.
Filed under:
Airlines,
Airplanes,
International
By Associated Press
A United Airlines pilot was briefly detained at the international airport in Rio de Janeiro after lowering his pants during a security screening, police said Saturday.
Pilot Michael D. Slynn, 49, was asked to remove his belt and shoes as part of a routine security screening Friday afternoon. In response, Slynn laughed at security guards and lowered his pants to his ankles, said a police spokesman who was prohibited by departmental rules from giving his name. Get the full story »
June 25, 2010 at 3:54 p.m.
Filed under:
China,
Recalls
By Problem Solver
About 7,300 children’s tiaras, made in China and imported by Wilton Industries Inc. of Woodridge, have been recalled because they contain high levels of lead, which is dangerous for young children.
June 25, 2010 at 9:45 a.m.
Filed under:
International,
Internet
By Associated Press
Chinese speakers will soon be able to tap out Internet addresses in their own language after the agency that runs Internet addresses says it will start accepting Chinese script for domain names. Until recently, the suffix — the “.com” part of an address — had to use English characters, even though Chinese characters have sometimes been allowed for the rest of the Internet address.
June 25, 2010 at 6:19 a.m.
Filed under:
China,
Food,
Franchises,
International,
Restaurants
By Dow Jones Newswires
U.S. fast-food giant McDonald’s Corp. formed a five-year strategic alliance Friday with China subway operator Shenzhen Metro Group Co. under which McDonald’s will have first pick of the prime retail spots in the subway operator’s underground commercial spaces and above ground property projects. Get the full story »
June 23, 2010 at 11:48 a.m.
Filed under:
Health care,
International,
Pharmaceuticals
By Bruce Japsen
Abbott Laboratories and its Massachusetts biotech partner have launched a final-stage clinical trial of their experimental treatment for multiple sclerosis.
The first patient — out of 1,500 needed worldwide — was enrolled last month in the U.S. The drug, daclizumab, is being developed for monthly injection under the patient’s skin by North Chicago-based Abbott and Cambridge-based Biogen Idec. Get the full story »
June 23, 2010 at 9:54 a.m.
Filed under:
Economy,
International
By Reuters
The Group of 20 rich and emerging nations later this week will warn against complacently assuming a sustainable global economic recovery, while admitting sickly public finances could hurt long-term growth, a draft G20 document shows.
Get the full story »
June 23, 2010 at 6:06 a.m.
Filed under:
Health care,
International
By Reuters
Americans spend twice as much as residents of other developed countries on healthcare, but get lower quality, less efficiency and have the least equitable system, according to a report released Wednesday. The United States ranked last when compared to six other countries — Britain, Canada, Germany, Netherlands, Australia and New Zealand, the Commonwealth Fund report found. Get the full story »
June 22, 2010 at 2:51 p.m.
Filed under:
China,
Consumer electronics,
Manufacturing
By McClatchy Tribune Newspapers
The era of cheap manufacturing in China is coming to an end.
Rising wages spurred by a series of labor disputes at factories in China, coupled with the country’s just-announced decision to allow its currency to rise in value — making it more expensive to build things there – will lead to higher prices for tech gadgets, cut into corporate bottom lines and force companies to rethink manufacturing strategies anchored in China, the world’s assembly line. Get the full story »
June 22, 2010 at 7:47 a.m.
Filed under:
Food,
International,
M&A
From the Daily Mail | Calling Kraft Foods purchase of UK confectioner Cadbury the “worst handled takeover of all time,” Cadbury heiress Felicity Loudon is selling her $40 million estate to launch a rival chocolate company. “I can’t accept that Cadbury has gone to America. To a plastic cheese company,” the 61 year old great-great-grandaugther of John Cadbury said.
June 21, 2010 at 3:21 p.m.
Filed under:
Agriculture/Farming,
Food,
International,
M&A
By Becky Yerak
Illinois is getting another Fortune 500 company, and the Fortune 500 is getting another woman chief executive.
Dutch paintmaker Akzo Nobel NV said Monday it has agreed to sell its National Starch unit to Westchester-based Corn Products International for about $1.3 billion. National Starch had 2009 revenue of $1.2 billion, 2,250 employees and operates plants in eight countries. Corn Products had annual revenues of $3.67 billion in 2009.
“The acquisition of National Starch represents an exceptional opportunity for Corn Products International and a significant step forward toward achieving our strategic goals,” said CEO Ilene Gordon.
Get the full story »
June 21, 2010 at 3:19 p.m.
Filed under:
China,
Energy
By Associated Press
China’s move to end its currency’s peg to the dollar initially fanned enthusiasm for crude, since a stronger yuan will make dollar-based commodities such as oil cheaper in China and bolster demand, but oil prices gave up earlier gains Monday afternoon as uncertainty set in about how quickly China may implement currency changes trimmed oil prices.
Crude gained 64 cents, to settle at $77.82 a barrel, on the New York Mercantile Exchange after rising as high as $78.92.
Retail prices for gasoline in the United States have climbed over the last week and are headed back toward a national average of $2.80 to $2.90 per gallon with higher prices on the West Coast, said Tom Kloza of the Oil Price Information Service. Get the full story »
June 21, 2010 at 10:32 a.m.
Filed under:
China,
Economy
By Reuters
Leaders of some of the Group of 20 nations meeting in Canada this weekend will want to hear more about how China plans to make its currency more flexible, Canadian Finance Minister Jim Flaherty said Monday.
“Some countries will want to see more detail and perhaps even a schedule of some sort,” he told reporters when asked whether China’s announcement on Saturday that it would make the yuan more flexible meant the currency issue would not be such an important topic at the meetings.
Get the full story »
June 21, 2010 at 5:42 a.m.
Filed under:
International
By Reuters
China’s yuan surged on Monday the most since its revaluation in 2005, sending a clear signal ahead of this weekend’s G20 summit that Beijing is sticking to its word of allowing greater currency flexibility.
The central bank has maintained the peg since the middle of 2008, a controversial policy aimed at steadying the world’s fastest-growing major economy during the global economic downturn. But the central bank stepped aside on Monday to back up its surprise weekend announcement that it would allow greater flexibility for the yuan, buying some time against Western critics who argue the currency is undervalued and gives China an unfair advantage in world trade. Get the full story »
