FINANCE May 19, 2011 | 11:28 AM
Teva Pharmaceuticals Industries has agreed to buy a 57% stake in Japanese drug maker Taiyo for $460 million, and will also put in an offer for the outstanding shares, which would bring the total value of the deal to around $1.3 billion.
Teva is the world’s biggest generic drug maker and aims to become a major player in the Japanese drug market. Japan is the world’s second-biggest pharmaceutical market, with a total value of $96 billion in 2010.Read more »
FINANCE May 18, 2011 | 12:16 PM
The Chinese government's announcement that it will allow foreign bank mutual funds and custodian businesses is meant to increase competition and options for Chinese consumers. Over 30 foreign firms have prepared to launch mutual funds in China, including Morgan Stanley, Citigroup, JP Morgan and HSBC.
Despite China's latest announcement, there are still some barriers that foreign banks need to overcome. For instance, China will allow foreign banks that are incorporated in China to sell mutual funds but no time-line has been specified.Read more »
FINANCE May 17, 2011 | 10:03 AM
Citic Group will acquire Gold One International ltd. for about $470 million, according to Bloomberg. This acquisition will allow the company to gain stakes in South Africa.
Shares for Gold One are up to 55 cents, an increase of 28% over the share's prices on May 12. The price was a recommendation from Gold One's Board. So far, Long March Capital Group and China Development Bank are both attempting to acquire shares in the company. The company would then trade in Australia and South Africa.Read more »
FINANCE May 11, 2011 | 12:28 PM
Irish pharmaceutical company Elan Corp has reached an agreement for the sale of its Elan Drug Technologies (EDT) arm to US drug company Alkermes in a deal worth around $960 million.
Elan will merge its drug technologies unit with the US group to form a new holding company based in Ireland. Elan will hold a 25% stake in the new segment, which will concentrate on neurological treatments.Read more »
FINANCE May 11, 2011 | 12:18 PM
Two state-run oil companies, Pertamina of Indonesia and CNOOC of China, have decided to end an agreement to bid for stock in Exxon Mobil Corp. The companies had planned to bid on $3.5 billion worth of stock in an Angolan petroleum project.
Once Pertamina revealed plans to buy 80% worth of the venture, leaving CNOOC only 10%. This caused CNOOC to back out, as it had planned to acquire 25% of the stock.Read more »
FINANCE May 9, 2011 | 12:08 PM
Oil giant BP and Dutch biochemical DSM have backed renewable fuel company Verdezyne, in a move to step up their green energy efforts. BP and DSM agreed to invest an undisclosed amount in the startup company, which will fund operations over the next two years and provide for the construction of two chemical plants where ethanol and adipic acid will be produced.
Based in California, Verdezyne engineers yeast that feeds on sugars like glucose and ribose and then excretes biofuels. The company boasts very economical methods of producing ethanol and adipic acids, but needs help in developing more efficient ways of breaking down materials to produce the sugars it requires.Read more »
FINANCE May 4, 2011 | 10:19 AM
Internet company AOL saw profits dive 86% in the first quarter of 2011, but reported strong revenue figures from advertising.
Total income dropped to $4.7 million for the quarter, with revenue falling 17% to almost $552 million. Last year in the same period, it posted profits of $78 million.Read more »
FINANCE May 3, 2011 | 11:35 AM
Sweden’s Saab was rescued from ruin on Tuesday when it secured $223 million in a deal with privately owned Chinese carmaker Hawtai. As part of the agreement, Hawtai Motor Group will take a 30% stake in Dutch sports car brand Spyker Cars, who owns Saab. The money provided by Hawtai will be enough for Saab to maintain operations in the midterm.
Prior to the deal, production at Saab had been halted since early April, as the Swedish carmaker found itself short on funds. It reported that it had reached an agreement for $88 million in loans, which should allow it to recommence production by next week.Read more »
FINANCE May 2, 2011 | 11:25 AM
Two years after filing for bankruptcy, the Chrysler Group posted a profit in the first quarter of 2011, its first since 2006.
The Detroit-based carmaker reported a net income of $116 million, compared to its net loss of $197 million in Q1 last year. Sales grew 18%, boosting revenue by 35% to over $13 billion.Read more »
FINANCE April 29, 2011 | 2:48 PM
Online payment company PayPal has acquired mobile payment startup Fig Card, as it continues to forge ahead in the m-commerce industry.
The small Boston-based Fig Card developed a system that allows retailers to accept mobile payments by plugging a USB device into the cash register. The USB key then communicates with the Fig Card application installed on the shopper’s smartphone to complete the payment. No credit card information or banking details are shared with the retailer.Read more »
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