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Novartis hits acquisition trail
Swiss drugmaker Novartis has announced 5.65bn euros ($7.4bn; £3.9bn) of purchases to make its Sandoz unit the world's biggest generic drug producer.
Novartis, which last month forecast record sales for 2005, said it had bought all of Germany's Hexal. It also acquired 67.7% of Hexal's U... | business |
MCI shareholder sues to stop bid
A shareholder in US phone firm MCI has taken legal action to halt a $6.75bn (£3.6bn) buyout by telecoms giant Verizon, hoping to get a better deal.
The lawsuit was filed on Friday after Qwest Communications, which had an earlier offer for MCI rejected, said it would submit an improved... | business |
'Standoff' on Deutsche's LSE bid
Deutsche Boerse investors unhappy with its London Stock Exchange bid will have no chance to throw out the exchange's management until May, Reuters says.
The Sunday Times reported that hedge funds TCI and Atticus were planning to demand the removal of the group's chairman and chief exe... | business |
Bush to outline 'toughest' budget
President Bush is to send his toughest budget proposals to date to the US Congress, seeking large cuts in domestic spending to lower the deficit.
About 150 federal programs could be cut or axed altogether as part of a $2.5 trillion (£1.3 trillion) package aimed at curbing the giant U... | business |
Orange colour clash set for court
A row over the colour orange could hit the courts after mobile phone giant Orange launched action against a new mobile venture from Easyjet's founder.
Orange said it was starting proceedings against the Easymobile service for trademark infringement. Easymobile uses Easygroup's orange... | business |
Standard Life cuts policy bonuses
Standard Life, Europe's largest mutual life insurer, has cut bonuses for with-profit policyholders.
Annual bonus rates on its with-profits life policies were cut from 2.5% to 2%, while bonuses on pension policies were reduced from 3.25% to 2.5%. It is the sixth time in three years St... | business |
EMI shares hit by profit warning
Shares in music giant EMI have sunk by more than 16% after the firm issued a profit warning following disappointing sales and delays to two album releases.
EMI said music sales for the year to March will fall 8-9% from the year before, with profits set to be 15% lower than analysts ha... | business |
China's Shanda buys stake in Sina
Chinese online game operator Shanda Interactive Entertainment has bought a 20% stake in Sina, the country's biggest internet portal firm.
The move may be a precursor to a full takeover, with analysts saying that a better-known international firm may also now show an interest in Sina.... | business |
Mixed reaction to Man Utd offer
Shares in Manchester United were up over 5% by noon on Monday following a new offer from Malcolm Glazer.
The board of Man Utd is expected to meet early this week to discuss the latest proposal from the US tycoon that values the club at £800m ($1.5bn). Manchester United revealed on Sund... | business |
Gold falls on IMF sale concerns
The price of gold has fallen after the International Monetary Fund (IMF) said it will look at ways of using its gold reserves to provide debt relief.
By revaluing its holdings, the IMF may be able to sell billions of dollars of gold and use the cash to cancel debts owed by the world's ... | business |
Electronics firms eye plasma deal
Consumer electronics giants Hitachi and Matshushita Electric are joining forces to share and develop technology for flat screen televisions.
The tie-up comes as the world's top producers are having to contend with falling prices and intense competition. The two Japanese companies wil... | business |
MG Rover China tie-up 'delayed'
MG Rover's proposed tie-up with China's top carmaker has been delayed due to concerns by Chinese regulators, according to the Financial Times.
The paper said Chinese officials had been irritated by Rover's disclosure of its talks with Shanghai Automotive Industry Corp in October. The p... | business |
US bank boss hails 'genius' Smith
US Federal Reserve chairman Alan Greenspan has given a speech at a Scottish church in honour of the pioneering economist, Adam Smith.
He delivered the 14th Adam Smith Lecture in Kirkcaldy, Fife. The Adam Smith Lecture celebrates the author of 1776's Wealth of Nations, which became a ... | business |
Economy 'strong' in election year
UK businesses are set to prosper during the next few months - but this could trigger more interest rate rises, according to a report.
Optimism is at its highest since 1997 and business will reap the benefits of a continuing rise in public spending, say researchers at BDO Stoy Hayward... | business |
SEC to rethink post-Enron rules
The US stock market watchdog's chairman has said he is willing to soften tough new US corporate governance rules to ease the burden on foreign firms.
In a speech at the London School of Economics, William Donaldson promised "several initiatives". European firms have protested that US l... | business |
Nissan names successor to Ghosn
Nissan has named a lifetime employee to run its operations after Carlos Ghosn, its highly successful boss, takes charge at Renault.
As chief operating officer, Toshiyuki Shiga will run Nissan on a daily basis, although Mr Ghosn, who masterminded its recovery, will remain chief executiv... | business |
Ukraine trims privatisation check
Ukraine is to review "dozens" of state asset sales as the country's new administration tackles corruption.
The figure announced by President Viktor Yushchenko is less than the 3,000 cases mentioned last week, but will cover many of the biggest deals. Ukraine recently ousted long-serv... | business |
Absa and Barclays talks continue
South Africa biggest retail bank Absa has said it is still in talks with UK bank Barclays over the sale of majority stake in the group.
In November, Absa said it was close to striking a deal with Barclays. But the group said Barclays is still waiting for the approval of South Africa's... | business |
Rescue hope for Borussia Dortmund
Shares in struggling German football club Borussia Dortmund slipped on Monday despite the club agreeing a rescue plan with creditors on Friday.
The club, which has posted record losses and racked up debts, said last week that it was in "a life-threatening profitability and financial ... | business |
Standard Life concern at LSE bid
Standard Life is the latest shareholder in Deutsche Boerse to express concern at the German stock market operator's plans to buy the London Stock Exchange.
It said Deutsche Boerse had to show why its planned £1.35bn ($2.5bn) offer for the LSE was good for shareholder value. Reports sa... | business |
BP surges ahead on high oil price
Oil giant BP has announced a 26% rise in annual profits to $16.2bn (£8.7bn) on the back of record oil prices.
Last week, rival Shell reported an annual profit of $17.5bn - a record profit for a UK-listed company. BP added that it was increasing its fourth-quarter dividend by 26% to 8... | business |
Oil companies get Russian setback
International oil and mining companies have reacted cautiously to Russia's decision to bar foreign firms from natural resource tenders in 2005.
US oil giant Exxon said it did not plan to take part in a new tender on a project for which it had previously signed a preliminary agreement... | business |
Gaming firm to sell UK dog tracks
Six UK greyhound tracks have been put up for sale by gaming group Wembley as part of a move which will lead to the break-up of the group.
Wembley announced the planned sale as it revealed it was to offload its US gaming division to BLB Investors. US gaming consortium BLB will pay $33... | business |
Man Utd to open books to Glazer
Manchester United's board has agreed to give US tycoon Malcolm Glazer access to its books.
Earlier this month, Mr Glazer presented the board with detailed proposals on an offer to buy the football club. In a statement, the club said it would allow Mr Glazer "limited due diligence" to g... | business |
Sales 'fail to boost High Street'
The January sales have failed to help the UK High Street recover from a poor Christmas season, a survey has found.
Stores received a boost from bargain hunters but trading then reverted to December levels, the British Retail Consortium and accountants KPMG said. Sales in what is trad... | business |
McDonald's to sponsor MTV show
McDonald's, the world's largest restaurant chain, is to sponsor a programme on music channel MTV as part of its latest youth market promotion.
The show Advance Warning highlights new talent and MTV reckons it will give McDonald's access to nearly 400 million homes in 162 countries. McDo... | business |
Call to save manufacturing jobs
The Trades Union Congress (TUC) is calling on the government to stem job losses in manufacturing firms by reviewing the help it gives companies.
The TUC said in its submission before the Budget that action is needed because of 105,000 jobs lost from the sector over the last year. It ca... | business |
Tsunami 'to hit Sri Lanka banks'
Sri Lanka's banks face hard times following December's tsunami disaster, officials have warned.
The Sri Lanka Banks Association said the waves which killed more than 30,000 people also washed away huge amounts of property which was securing loans. According to its estimate, as much as... | business |
Shares rise on new Man Utd offer
Shares in Manchester United closed up 4.75% on Monday following a new offer from US tycoon Malcolm Glazer.
The board of the football club is expected to meet early this week to discuss the latest proposal, which values the club at £800m ($1.5bn). Manchester United revealed on Sunday t... | business |
Yukos drops banks from court bid
Russian oil company Yukos has dropped the threat of legal action against five banks it had accused of involvement in the sale of its key Yugansk unit.
State-owned Rosneft bought the unit for $9.3bn (£5bn) after Yukos was forced to sell assets to meet a $27.5bn tax bill. Yukos says the... | business |
Venezuela reviews foreign deals
Venezuela is to review all foreign investment in its mining industries in an effort to strengthen its indigenous industrial output.
President Hugo Chavez has ordered all existing contracts with foreign firms to be examined to see if they provide maximum benefits to the country. The rev... | business |
Lloyd's of London head chides FSA
The head of Lloyd's of London, the insurance market, has criticised Britain's financial watchdog, the Financial Services Authority (FSA).
In a speech on Monday, Mr Prettejohn urged the FSA to force brokers to disclose the size of their commissions. "The FSA should change, and change ... | business |
Bat spit drug firm goes to market
A German firm whose main product is derived from the saliva of the vampire bat is looking to raise more than 70m euros ($91m; £49m) on the stock market.
The firm, Paion, said that it hoped to sell 5 million shares - a third of the firm - for 11-14 euros a share. Its main drug, desmot... | business |
Vodafone appoints new Japan boss
Vodafone has drafted in its UK chief executive William Morrow to take charge of its troubled Japanese operation.
Mr Morrow will succeed Shiro Tsuda as president of Vodafone KK, Japan's number three mobile operator, in April. Mr Tsuda, who will become chairman, was appointed president ... | business |
Pension hitch for long-living men
Male life expectancy is much higher than originally estimated, leading pension researchers have said.
The Pensions Policy Institute (PPI) said life expectancy for unskilled and professional men has been understated. Life expectancy at birth is 71 years for a manual worker and 79 year... | business |
Card fraudsters 'targeting web'
New safeguards on credit and debit card payments in shops has led fraudsters to focus on internet and phone payments, an anti-fraud agency has said.
Anti-fraud consultancy Retail Decisions says 'card-not-present' fraud, where goods are paid for online or by phone, has risen since the s... | business |
Britannia members' £42m windfall
More than 800,000 Britannia Building Society members are to receive a profit share worth on average £52 each.
Members of the UK's second largest building society will share £42m, with 100,000 receiving a windfall of more than £100. Depending on how much they borrow or invest, members ... | business |
Firms pump billions into pensions
Employers have spent billions of pounds propping up their final salary pensions over the past year, research suggests.
A survey of 280 schemes by Incomes Data Services' (IDS) said employer contributions had increased from £5.5bn to £8.2bn a year, a rise of 49.7%. Companies facing the... | business |
UK homes hit £3.3 trillion total
The value of the UK's housing stock reached the £3.3 trillion mark in 2004 - triple the value 10 years earlier, a report indicates.
Research from Halifax, the country's biggest mortgage lender, suggests the value of private housing stock is continuing to rise steadily. All regions saw... | business |
Economy 'strong' in election year
UK businesses are set to prosper during the next few months - but this could trigger more interest rate rises, according to a report.
Optimism is at its highest since 1997 and business will reap the benefits of a continuing rise in public spending, say researchers at BDO Stoy Hayward... | business |
G7 backs Africa debt relief plan
G7 finance ministers have backed plans to write off up to 100% of the debts of some of the world's poorest countries.
UK chancellor Gordon Brown said the London meeting of the world's seven richest nations would be remembered as "the 100% debt relief summit". Some 37 countries could b... | business |
Q&A: Malcolm Glazer and Man Utd
The battle for control of Manchester United has taken another turn after the club confirmed it had received a fresh takeover approach from US business tycoon Malcolm Glazer.
No formal offer has been made yet, but Manchester United have confirmed they have received a "detailed proposal"... | business |
Making your office work for you
Our mission to brighten up your working lives continues - and this time, we're taking a long hard look at your offices.
Over the next few months, our panel of experts will be listening to your gripes about where you work, and suggesting ways to make your workspace more efficient, more ... | business |
Market unfazed by Aurora setback
As the Aurora limped back to its dock on 20 January, a blizzard of photos and interviews seemed to add up to an unambiguous tale of woe.
The ship had another slice of bad luck to add to its history of health scares and technical trouble. And its owner, P&O Cruises - now part of the hu... | business |
The 'ticking budget' facing the US
The budget proposals laid out by the administration of US President George W Bush are highly controversial. The Washington-based Economic Policy Institute, which tends to be critical of the President, looks at possible fault lines. US politicians and citizens of all political persuas... | business |
Ebbers 'aware' of WorldCom fraud
Former WorldCom boss Bernie Ebbers was directly involved in the $11bn financial fraud at the firm, his closest associate has told a US court.
Giving evidence in the criminal trial of Mr Ebbers, ex-finance chief Scott Sullivan implicated his colleague in the accounting scandal at the f... | business |
Renault boss hails 'great year'
Strong sales outside western Europe helped Renault boost its profits by more than 40% in 2004 although the firm warned of lower margins this year.
France's second largest carmaker enjoyed a healthy 43% rise in net profits to 2.4bn euros ($3.1bn; £2.9bn) as sales rose 8% to 40.7bn euros... | business |
Survey confirms property slowdown
Government figures have confirmed a widely reported slowdown of the UK's housing market in late 2004.
House prices were 11.8% higher on the year in the last quarter of 2004, down from 16.3% in the July-to-September quarter, the Land Registry said. The average house price in England a... | business |
Bush budget seeks deep cutbacks
President Bush has presented his 2006 budget, cutting domestic spending in a bid to lower a record deficit projected to peak at $427bn (£230bn) this year.
The $2.58 trillion (£1.38 trillion) budget submitted to Congress affects 150 domestic programmes from farming to the environment, e... | business |
Profits stall at China's Lenovo
Profits at Chinese computer firm Lenovo have stood still amid slowing demand at home and stiffening competition.
The firm is in the international spotlight after last year signing a deal to buy the PC division of personal computer pioneer IBM. Lenovo's profit for the three months to De... | business |
MCI shares climb on takeover bid
Shares in US phone company MCI have risen on speculation that it is in takeover talks.
The Wall Street Journal reported on Thursday that Qwest has bid $6.3bn (£3.4bn) for MCI. Other firms have also expressed an interest in MCI, the second-largest US long-distance phone firm, and may n... | business |
BT offers equal access to rivals
BT has moved to pre-empt a possible break-up of its business by offering to cut wholesale broadband prices and open its network to rivals.
The move comes after telecom regulator Ofcom said in November that the firm must offer competitors "real equality of access to its phone lines". A... | business |
Jobs growth still slow in the US
The US created fewer jobs than expected in January, but a fall in jobseekers pushed the unemployment rate to its lowest level in three years.
According to Labor Department figures, US firms added only 146,000 jobs in January. The gain in non-farm payrolls was below market expectations... | business |
News Corp eyes video games market
News Corp, the media company controlled by Australian billionaire Rupert Murdoch, is eyeing a move into the video games market.
According to the Financial Times, chief operating officer Peter Chernin said that News Corp is "kicking the tyres of pretty much all video games companies".... | business |
Call to overhaul UK state pension
The UK pension system has been branded inadequate and too complex by a leading retirement think-tank.
The Pensions Policy Institute (PPI) said replacing the state pension with a "citizen's pension" would help tackle inequality and complexity. The change would see pensions being calcu... | business |
Singapore growth at 8.1% in 2004
Singapore's economy grew by 8.1% in 2004, its best performance since 2000, figures from the trade ministry show.
The advance, the second-fastest in Asia after China, was led by growth of 13.1% in the key manufacturing sector. However, a slower-than-expected fourth quarter points to mo... | business |
Turkey knocks six zeros off lira
Turkey is to relaunch its currency on Saturday, knocking six zeros off the lira in the hope of boosting trade and powering its growing economy.
The change will see the end of such dizzyingly-high denominations as five million lira - enough for a short taxi ride - and the 20m note, wor... | business |
S Korea spending boost to economy
South Korea will boost state spending next year in an effort to create jobs and kick start its sputtering economy.
It has earmarked 100 trillion won ($96bn) for the first six months of 2005, 60% of its total annual budget. The government's main problems are "slumping consumption and ... | business |
Latin America sees strong growth
Latin America's economy grew by 5.5% in 2004, its best performance since 1980, while exports registered their best performance in two decades.
The United Nations' Economic Commission for Latin America and the Caribbean said the region grew by 5.5% this year. The Inter-American Develop... | business |
Asia shares defy post-quake gloom
Indonesian, Indian and Hong Kong stock markets reached record highs.
Investors seemed to feel that some of the worst-affected areas were so under-developed that the tragedy would have little impact on Asia's listed firms. "Obviously with a lot of loss of life, a lot of time is needed... | business |
Booming markets shed few tears
The market, former British government minister Michael Heseltine once said, has no morality.
And indeed, stock exchange traders around Asia have wasted little time regretting the victims of this week's disaster. Stock markets in Indonesia and India have hit all-time highs this week; eve... | business |
Asian quake hits European shares
Shares in Europe's leading reinsurers and travel firms have fallen as the scale of the damage wrought by tsunamis across south Asia has become apparent.
More than 23,000 people have been killed following a massive underwater earthquake and many of the worst hit areas are popular touri... | business |
Split-caps pay £194m compensation
Investors who lost money following the split-capital investment trust scandal are to receive £194m compensation, the UK's financial watchdog has announced.
Eighteen investment firms involved in the sale of the investments agreed the compensation package with the Financial Services Au... | business |
French suitor holds LSE meeting
European stock market Euronext has met with the London Stock Exchange (LSE) amid speculation that it may be ready to launch a cash bid.
Euronext chief Jean-Francois Theodore held talks with LSE boss Clara Furse the day after rival Deutsche Boerse put forward its own bid case. The Germa... | business |
Troubled Marsh under SEC scrutiny
The US stock market regulator is investigating troubled insurance broker Marsh & McLennan's shareholder transactions, the firm has said.
The Securities and Exchange Commission has asked for information about transactions involving holders of 5% or more of the firm's shares. Marsh has... | business |
Could Yukos be a blessing in disguise?
Other things being equal, the notion of entrepreneurs languishing in jail while their companies are sold off for a song ought to be bad for business.
But in the looking-glass world of modern Russia, the opposite might just be true, a new report* has argued. The study, from the C... | business |
Nasdaq planning $100m share sale
The owner of the technology-dominated Nasdaq stock index plans to sell shares to the public and list itself on the market it operates.
According to a registration document filed with the Securities and Exchange Commission, Nasdaq Stock Market plans to raise $100m (£52m) from the sale.... | business |
Giving financial gifts to children
Your child or grandchild may want the latest toy this Christmas, but how about giving them a present that will help their financial future?
Gifts of the financial variety might have a longer lasting impact. It may encourage children to save or start a fund which could count towards ... | business |
Air China in $1bn London listing
China's national airline is to make its overseas stock market debut with a dual listing in London and Hong Kong, the London Stock Exchange (LSE) has said.
Air China plans to raise $1bn (£514m) from the flotation. Share trading will begin on 15 December, the LSE said. For China's aviat... | business |
Oil prices reach three-month low
Oil prices have fallen heavily for a second day, closing at three-month lows after news that US crude stocks have improved ahead of winter.
London Brent crude closed at $40.15 on Thursday - a drop of 5.1% - having dived below $40 a barrel for the first time since mid-September. US lig... | business |
Arsenal 'may seek full share listing'
Arsenal vice-chairman David Dein has said the club may consider seeking a full listing for its shares on the London Stock Exchange.
Speaking at the Soccerex football business forum in Dubai, he said a full listing was "one of the options" for funding after the club moves to its n... | business |
Markets signal Brazilian recovery
The Brazilian stock market has risen to a record high as investors display growing confidence in the durability of the country's economic recovery.
The main Bovespa index on the Sao Paolo Stock Exchange closed at 24,997 points on Friday, topping the previous record market close reach... | business |
Markets fall on weak dollar fears
Rising oil prices and the sinking dollar hit shares on Monday after a finance ministers' meeting and stern words from Fed chief Alan Greenspan.
The London FTSE fell 0.8% while Tokyo's Nikkei 225 dropped 2.11%, its steepest fall in three months. G20 finance ministers said nothing abou... | business |
Google shares fall as staff sell
Shares in Google have fallen 6.7% after employees and early investors in the web search took advantage of the first chance to sell their holdings.
Restrictions were imposed ahead of its flotation in August, to prevent shares being dumped quickly onto the market. In one of the most clo... | business |
Five million Germans out of work
Germany's unemployment figure rose above the psychologically important level of five million last month.
On Wednesday, the German Federal Labour Agency said the jobless total had reached 5.037 million in January, which takes the jobless rate to 12.1%. "Yes, we have effectively more th... | business |
India power shares jump on debut
Shares in India's largest power producer, National Thermal Power Corp (NTPC) have risen 13% on their stock market debut.
The government's partial sell-off of NTPC is part of a controversial programme to privatise state-run firms. The 865 million share offer, a mix of new shares and sa... | business |
Turkey turns on the economic charm
Three years after a gruelling economic crisis, Turkey has dressed its economy to impress.
As part of a charm offensive - ahead of 17 December, when the European Union will decide whether to start entry talks - Turkey's economic leaders have been banging the drum to draw attention to... | business |
SBC plans post-takeover job cuts
US phone company SBC Communications said it expects to cut around 12,800 jobs following its $16bn (£8.5bn) takeover of former parent AT&T.
SBC said 5,125 positions would go as a result of network efficiencies. Another 1,700 will go from its sales department, 3,400 from business operat... | business |
German bidder in talks with LSE
Deutsche Boerse bosses have held "constructive, professional and friendly" talks with the London Stock Exchange (LSE), its chief has said.
Werner Seifert met LSE chief executive Clara Furse amid rumours the German group may raise its bid to £1.5bn ($2.9bn) from its initial £1.3bn offer... | business |
Amex shares up on spin-off news
Shares in American Express surged more than 8% on Tuesday after it said it was to spin off its less profitable financial advisory subsidiary.
The US credit card to travel services giant said off-loading American Express Financial Advisors (AEFA) would boost its profitability. AEFA has ... | business |
Axa Sun Life cuts bonus payments
Life insurer Axa Sun Life has lowered annual bonus payouts for up to 50,000 with-profits investors.
Regular annual bonus rates on former Axa Equity & Law with-profits policies are to be cut from 2% to 1% for 2004. Axa blamed a poor stock market performance for the cut, adding that rec... | business |
Chinese dam firm 'defies Beijing'
The China Three Gorges Project Corp is refusing to obey a government order to stop construction of one of its giant dams, the Chinese state press has said.
The builder of the Three Gorges Dam is continuing work on the sister Xiluodu dam, said the Beijing News. The Xiluodu dam is one ... | business |
Stock market eyes Japan recovery
Japanese shares have ended the year at their highest level since 13 July amidst hopes of an economic recovery during 2005.
The Nikkei index of leading shares gained 7.6% during the year to close at 11,488.76 points. In 2005 it "will rise toward 13,000", predicted Morgan Stanley equity... | business |
Iraqi voters turn to economic issues
Beyond the desperate security situation in Iraq lies an economy in tatters.
A vicious cycle of unemployment, poor social services and poverty has been made worse by a lack of investment. So there is much hope that an elected government will break the deadlock. "First rule of law, ... | business |
EU 'too slow' on economic reforms
Most EU countries have failed to put in place policies aimed at making Europe the world's most competitive economy by the end of the decade, a report says.
The study, undertaken by the European Commission, sought to assess how far the EU has moved towards meeting its economic targets... | business |
China continues breakneck growth
China's economy has expanded by a breakneck 9.5% during 2004, faster than predicted and well above 2003's 9.1%.
The news may mean more limits on investment and lending as Beijing tries to take the economy off the boil. China has sucked in raw materials and energy to feed its expansion... | business |
Japan's ageing workforce: built to last
In his twenties he battled tuberculosis for eight years, then went on to run his own clothing business before marrying in his late thirties. And the 101-year-old Torao Toshitsune has eaten raw fish pretty much every day throughout his life.
Mr Toshitsune is one of Japan's 23,00... | business |
GE sees 'excellent' world economy
US behemoth General Electric has posted an 18% jump in quarterly sales, and in profits, and declared itself "in great shape".
"We are benefiting from our growth initiatives and an excellent global economy," said GE's chief executive Jeff Immelt. GE is the US' biggest firm based on st... | business |
UK economy facing 'major risks'
The UK manufacturing sector will continue to face "serious challenges" over the next two years, the British Chamber of Commerce (BCC) has said.
The group's quarterly survey of companies found exports had picked up in the last three months of 2004 to their best levels in eight years. Th... | business |
Bank holds interest rate at 4.75%
The Bank of England has left interest rates on hold again at 4.75%, in a widely-predicted move.
Rates went up five times from November 2003 - as the bank sought to cool the housing market and consumer debt - but have remained unchanged since August. Recent data has indicated a slowdo... | business |
Tobacco giants hail court ruling
US tobacco companies have welcomed an appeal court's decision to reject the government's $280bn (£155bn) claim for alleged deceit about smoking dangers.
Tobacco stocks rose sharply on Wall Street after the 2-1 decision. The court in Washington found the case - filed by the Clinton adm... | business |
Steady job growth continues in US
The US created fewer jobs than expected in December, but analysts said that the dip in hiring was not enough to derail the world's biggest economy.
According to Labor Department figures, 157,000 new jobs were added last month. That took 2004's total to 2.2 million, the best showing i... | business |
Glazer makes new Man Utd approach
Malcolm Glazer has made a fresh approach to buy Manchester United, which could lead to a bid valuing the Premiership club at £800m.
The US tycoon, who has been wooing the club for the last 12 months, has approached the United board with "detailed proposals", it has confirmed. Mr Glaz... | business |
Wall Street cheers Bush victory
The US stock market has closed higher in response to George W Bush's victory in the presidential elections.
The benchmark Dow Jones share index closed more than 1% higher at 10,137, while the Nasdaq rose 0.9% to 2,004. Many investors believe that Mr Bush's policies are more business-fr... | business |
Business confidence dips in Japan
Business confidence among Japanese manufacturers has weakened for the first time since March 2003, the quarterly Tankan survey has found.
Slower economic growth, rising oil prices, a stronger yen and weaker exports were blamed for the fall. December's confidence level was below that ... | business |
Millions 'to lose textile jobs'
Millions of the world's poorest textile trade workers will lose their jobs under new trade rules to be introduced in the new year, a charity has warned.
The World Trade Organisation (WTO) is to end its Multi-Fibre Agreement (MFA) on midnight of 31 December. Christian Aid condemned the ... | business |
Dutch bank to lay off 2,850 staff
ABN Amro, the Netherlands' largest bank, is to cut 2,850 jobs as a result of falling profits.
The cuts - amounting to 3% of the bank's workforce - will result in a one-off charge of 790m euros ($1.1bn). About 1,100 jobs will go in investment banking while 1,200 and 550 will go in IT ... | business |
Fannie Mae 'should restate books'
US mortgage company Fannie Mae should restate its earnings, a move that is likely to put a billion-dollar dent in its accounts, watchdogs have said.
The Securities & Exchange Commission accused Fannie Mae of using techniques that "did not comply in material respects" with accounting ... | business |
US to rule on Yukos refuge call
Yukos has said a US bankruptcy court will decide whether to block Russia's impending auction of its main production arm on Thursday.
The Russian oil firm has filed for bankruptcy protection in the US in an attempt to halt the forced sale. However, Judge Letitia Clark said the hearing w... | business |
J&J agrees $25bn Guidant deal
Pharmaceutical giant Johnson & Johnson has agreed to buy medical technology firm Guidant for $25.4bn (£13bn).
Guidant is a key producer of equipment that combats heart problems such as implant defibrillators and pacemakers. Analysts said that the deal is aimed at offsetting Johnson & Joh... | business |
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