European banks still reluctant to lend; credit offtake declines again

Loans to households and companies in Europe posted their second straight annual decline in October as the economic slump curtailed demand for credit and made banks more reluctant to lend.

Does Hershey have a kiss for Cadbury

Hershey, Pennsylvania, Nov 26: To LeRoy Zimmerman, the taste of chocolate will always mean Hershey’s. But now the head of the charitable trust that controls the Hershey Company must contemplate a risk-everything deal that would tie its fate to the much larger British chocolatier Cadbury Plc.

AIG board okays $7-million compensation for CEO

American International Group Inc, the insurer that received billions of dollars in a US bailout, has been authorised by its board to pay chief executive Robert Benmosche’s $7 million compensation...

France Telecom pays $2.25 bn for merger

France Telecom SA, Europe’s third-largest phone company, agreed to merge its Swiss unit with that of Denmark’s TDC A/S, paying 1.5 billion euros for control of the combined entity.

Japan exports fall least in a year in Oct

Japan’s exports fell at the slowest pace in a year in October as worldwide government spending boosted demand, sustaining the economic recovery.

UK economy contraction slows as consumer spending picks up

The UK economy shrank less than previously estimated in the third quarter as consumer spending stopped falling and the service industries slump eased, bringing the longest recession on record closer to an end.

Stress-tested US banks told to submit Tarp plans

The Federal Reserve asked nine of the US banks that were part of this year’s stress tests to submit plans for repaying the government’s capital injections, a person familiar with the situation said.

HP triples buyback plan to $12 bn as Q4 profit rises 14%

Hewlett-Packard Co tripled the size of its share repurchase programme to $12 billion as China sales and better profit margins on its services boosted quarterly earnings.

Top five Chinese banks submit plans to bolster capital ratios

China’s five largest banks submitted plans to regulators for raising money after unprecedented lending eroded their capital, according to four people with knowledge of the matter.

Eyeing re-election, Brown calls for global strategy to tackle trade imbalances

Prime Minister Gordon Brown, aware his chances of re-election may hinge on Britain’s economy emerging from recession, called on Monday for a global growth strategy to tackle trade and currency imbalances.

Ciena wins auction for Nortel arms with $769-m bid

Ciena Corp will buy the optical networking and carrier ethernet business of bankrupt Nortel for $769 million, sources said, after it trumped Nokia Siemens Networks in a three-day auction.

Kraft weighs higher Cadbury bid if rival takeover offers emerge

Kraft Foods Inc may raise its offer for British chocolatier Cadbury Plc or offer more cash in its bid if rival takeover offers emerge, a source familiar with the situation said on Sunday.

US Consumer spending up 0.5%, shows review

Consumer spending probably rebounded in October, showing that mounting unemployment is restraining, not derailing, the biggest part of the US economy, analysts said before reports this week.

BofA may name stopgap CEO if board needs more time for search

Bank of America Corp’s board may extend its search for a new, permanent chief executive officer into 2010 if directors can’t settle on a candidate in the next four days, according to people familiar with the matter.

Nestle weighs Cadbury bid options, plans to challenge Kraft Food offer

Nestle SA is weighing options including a possible bid for Cadbury Plc that would challenge Kraft Foods Inc’s offer and a potential move by Hershey Co, according to two people with knowledge of the matter.

Fed plays down impact of weak dollar

Federal Reserve officials on Thursday downplayed the consequences of the falling US dollar, underscoring that deflation is still a threat, especially with commercial real estate prices falling.

US Senate unveils healthcare reform Bill

US Senate Democratic leader Harry Reid released a long-awaited healthcare reform plan on Wednesday that budget analysts said would extend coverage to tens of millions of the uninsured and reduce the deficit over 10 years.

JPMorgan buys rest of Cazenove for £1 bn

JPMorgan Chase & Co, the second- largest US bank, agreed to buy the half of Cazenove it didn’t already own for £1 billion, sealing the takeover of a 190-year-old British brokerage whose clients include the Queen of England.

OECD doubles growth forecast for 2010; Asia to power recovery

The Organisation for Economic Cooperation and Development doubled its growth forecast for the leading developed economies next year and predicted a further acceleration in 2011 as China and other emerging countries power a global recovery.

China tells MS to halt sales of select Windows versions

Microsoft Corp has been ordered by a Chinese court to stop selling versions of its Windows operating systems that include fonts designed by a local company, citing a violation of licensing agreements.

GM narrows search for new finance chief to two outsiders

General Motors Co narrowed the field to replace chief financial officer Ray Young to two executives from outside the auto industry and may make a choice by year’s end, two people close to the matter said.

Latest News

Print Edition

Events