May 28, 2010 at 4:33 p.m.
Filed under:
Economy,
International
Gold coins and bars at California Numismatic Investments in Inglewood, Calif. Gold rose about 3 percent on the month for its best showing since
February. (AP Photo/Nick Ut, file)
Reuters | Commodities in May had their steepest monthly decline in 18 months, with
a key sector index down more than 8 percent as the European crisis
roiled energy, metals and agricultural markets.
Crude oil fell 14 percent on the month, copper 7 percent and sugar 6
percent. Markets in May were focused on the euro zone debt crisis, which began with worries over Greece’s finances, and entered a new phase on
Friday with a credit ratings downgrade for Spain.
Gold rose about 3 percent on the month, for its best showing since
February. Risk-averse investors piled into the shiny metal, viewing it as a
safe haven during times of financial and political trouble.
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May 28, 2010 at 12:29 p.m.
Filed under:
Airlines,
International
Reuters | Explosive economic growth in China and massive
government investment in its transportation systems will generate
thousands of airplane orders for Boeing Co, but also may expose the
company to new competition and an overheated economy.
These are risks that Boeing, the world’s second-largest plane-maker, is
willing to take as other nations and their struggling airlines recover
from an economic downturn.
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May 28, 2010 at 7:31 a.m.
Filed under:
Health care,
International,
Pharmaceuticals
From Bloomberg News | In a side-by-side test involving 900 British children, Baxter’s Celvapan swine flu vaccine for children was found to produce fewer antibodies than GlaxoSmithKlein’s Pandemrix.
Get the full story: businessweek.com
May 27, 2010 at 12:01 p.m.
Filed under:
International
Tribune newspapers | Stock prices took off on Thursday morning
after China reaffirmed its commitment to supporting Europe’s economy.
The Dow Jones industrial average shot up more than 200 points soon
after opening and stood near 10,200 at midmorning just a day after
closing under 10,000 for the first time since February.
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May 27, 2010 at 11:32 a.m.
Filed under:
Economy,
International
United States Secretary of the Treasury, Timothy Geithner, left, and Germany’s Finance Minister, Wolfgang Schaeuble, answer questions at a press conference in Berlin on Thursday. (AP Photo/dapd/Lennart Preiss)
Associated Press | The U.S. and Europe broadly agree on the need for reform of the financial system, but global cooperation is needed, Treasury Secretary Timothy Geithner said Thursday. He also said countries are working together to balance cutting back deficits with supporting economic growth. Geithner met German Finance Minister Wolfgang Schaeuble during a two-day visit to Europe that also took him to Britain and to the European Central Bank in Frankfurt.
Get the full story: Geithner urges cooperation on financial reform.
May 26, 2010 at 11:18 a.m.
Filed under:
Economy,
Housing,
International,
Manufacturing
Associated Press | The dollar climbed higher Wednesday after reports on the housing and manufacturing sector suggested continued economic recovery in the U.S. even as worries persist about the debt crisis and slower growth in Europe.
In midday trading in New York, the euro dropped to $1.2203 from $1.2315 late Tuesday. It hit a four-year low of $1.2146 last Wednesday.
May 26, 2010 at 10:20 a.m.
Filed under:
International,
Law firms,
M&A
By Ameet Sachdev
| Sonnenschein Nath & Rosenthal, one of Chicago’s oldest law firms, has agreed to merge with Denton Wilde Sapte of Britain, creating a giant 1,400-lawyer firm.
The two firms said Wednesday that the combination will be known as SNR Denton. Sonnenschein Chairman Elliott Portnoy will share leadership of the firm with Denton’s chief executive Howard Morris as co-CEOs.
The deal is subject to a partnership vote on June 9.
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Associated Press | The head of Foxconn bowed deeply several times and apologized Wednesday
for a spate of suicides at the factory that makes Apple iPods and
iPhones, promising the electronics giant will try to stop more deaths. But the usually media-shy executive, Foxconn Technology Group Chairman
Terry Gou, cautioned there was only so much his company could do.
Get the full story: Chinese maker of iPods apologies for suicides.
May 26, 2010 at 6:09 a.m.
Filed under:
Economy,
International
Reuters | The global economy is recovering faster than expected
from recession with Asia leading the way, but it is at risk from huge
debts in developed countries and possible overheating in countries such
as China, the OECD said on Wednesday.
In a twice-yearly report, the Paris-based Organisation for Economic
Co-operation and Development raised its forecast for global growth to
4.6 percent in 2010 and 4.5 percent in 2011. Last November it predicted
growth of 3.4 percent this year and 3.7 percent in 2011, after a 0.9
percent contraction in 2009.
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May 25, 2010 at 10:30 a.m.
Filed under:
Defense,
International,
Manufacturing
Reuters | Boeing Co. accused Europe’s EADS of having sought to do business with Iran, sharpening their campaign for a potential $50 billion U.S. Air Force refueling plane contract.
EADS North America’s parent company “continues to do business with countries that are not friendly to the United States,” Timothy Keating, Boeing’s vice president of government operations, told a small group of reporters.
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May 24, 2010 at 2:39 p.m.
Filed under:
Autos,
Chicago executives,
China,
International
Dow Jones Newswires | The U.S. auto market will sell 12 million vehicles in 2010, a 15 percent increase over last year, as the economic recovery continues, said Nissan
Motor Co. Chief Executive Carlos Ghosn.
The U.S., which was passed by China last year to be the largest market,
will never again regain its crown, Ghosn said in an interview Monday.
European sales have been better than forecast so far this year, but may
be dragged lower if the debt crisis in Greece pulls down the regional
economy.
May 21, 2010 at 10:34 a.m.
Filed under:
China,
Food,
International
Reuters | PepsiCo Inc. plans to invest $2.5 billion in China over the next three
years to expand its presence in a major, growing market where its drinks
lag behind rival Coca-Cola Co.
The spending, announced Friday, comes in addition to the $1 billion
investment the soft drink and snack food giant announced in 2008 that
will be completed this year.
Emerging markets, particularly China, are critical growth engines for
soft drink makers, which have have experienced sluggish sales in recent
years in the saturated U.S. market.
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May 21, 2010 at 10:04 a.m.
Filed under:
International,
Policy,
Politics,
Stock activity
Dow Jones Newswires-Wall Street Journal | Financial stocks turned higher Friday as some uncertainty was removed
with the U.S. Senate’s passage of its version of a financial-overhaul
bill, though investors are still concerned about what the final bill
will include and continue to grapple with ongoing fears about the debt
crisis in Europe.
Investors have been in limbo for months, wondering what provisions will
be in the final law. The Senate still needs to reconcile its bill with
the one passed by the House in December. But the Senate’s passage of its
measure does offer a little more clarity because its bill had undergone
a multitude of changes and amendments while it was up for debate.
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May 21, 2010 at 7:13 a.m.
Filed under:
Health care,
International,
M&A,
Pharmaceuticals
By Bruce Japsen | Abbott Laboratories said it will pay $3.72 billion for a unit of drug
giant Piramal Healthcare, a maker of popular generic medicines in
emerging markets, in a deal that will establish it as the largest
seller of prescription drugs in India.
The North Chicago-based drug giant said the move to buy Piramal’s
Healthcare Solutions business allows Abbott to tap into the
second-largest country and one of the fastest growing markets in the
world. Pharmaceutical sales alone in emerging markets are growing three
times the rate of developed countries, say industry analysts.
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May 20, 2010 at 6:46 a.m.
Filed under:
Food,
International
From Confectionery News | Blommer Chocolate Co. said it will work with two other chocolate producers in a joint venture to build fermentation centers on Africa’s Ivory Coast to increase the supply of cocoa from the region.
Get the full story: confectionarynews.com
