In Thursday's Americas papers

12 March 2009 11:30  [Source: ICIS news]


Front page

Madoff used UK office in cash ploy, filing says
For years the London operation for Bernard Madoff's firm was a little-known outpost of his New York trading group.

Roche seals Genentech deal
Swiss drug maker Roche Holding said on Thursday that it sealed a friendly deal with Genentech to buy the 44% of the US biotech company that it does not already own for around $46.8bn, after raising the offer price to $95 a share.

London banks: nice work if you can get it
Sevla Gonca entered Oxford's Saïd Business School last fall with plans to emerge this year with an MBA degree and a job in London's banking sector.

Money & Investing

Billionaire ranks are shrinking
The global economic crisis has reduced the number of billionaires, according to Forbes. Bill Gates reclaimed the No 1 spot.

Bleak forecasts hamstring OPEC
Any major rally in oil prices is likely to be tempered by still-falling demand and OPEC's patchy history of sticking to pledged output cuts.

Dealers mull stake in GM units
An association of Opel and Vauxhall dealers agreed in principle to acquire a minority stake in GM's European units.


Front page

Crackdown on protests continues in Pakistan
Unusually tough action on Wednesday and Thursday has deepened discontent with President Asif Ali Zardari.

A dirty pun tweaks China’s online censors
Since its first unheralded appearance in January on a Chinese web page, the grass-mud horse has become nothing less than a phenomenon.

Business Day

China’s big recycling market is sagging
China’s export downturn means a lesser need for recycled waste from the U.S., and trash is piling up.

As cities go from two newspapers to one, talk of zero
No one knows which will be the first big city without a large newspaper, but there are candidates across the US.


Front page

Intelligence pick blames 'Israel lobby' for withdrawal
The withdrawal of a senior intelligence adviser after an online campaign to prevent him from taking office has ignited a debate over whether powerful pro-Israel lobbying interests are exercising outsize influence over who serves in the Obama administration.

Obama signs spending bill, vowing to battle earmarks
President Obama's call to rein in the use of earmarks was met with derision yesterday even from some of his past reformer allies, dealing an early blow to his attempt to change how business is done in Washington.


Workers' health benefits eyed for taxation

With President Obama's plan to tax the rich to pay for health care facing deep skepticism on Capitol Hill, key lawmakers are pressing a different way to raise money: taxing the health benefits workers receive from their employers.

Freddie's 2008 loss exceeds $50bn
Freddie Mac reported yesterday that it lost $50.1bn last year, almost half of it in the final three months of 2008, and would need an additional $30.8bn in taxpayer assistance to stay solvent.


Front page

Chrysler threatens to pull out of Canada
Chrysler threatened last night to pull the company's production out of Canada, a move that would throw 9,000 employees out of work, unless governments here provide $2.3bn in loans and its Canadian union agrees to slash labour costs by 25%.

Nortel in talks to break up instead of trying to rebuild
In a move that would end one of Canada's oldest and greatest business sagas, Nortel Networks is looking to break itself up by selling off major divisions rather than trying to rebuild itself under bankruptcy protection.


Roche to acquire Genentech in $46.8bn deal
Switzerland's Roche said on Thursday it has agreed to buy all the remaining shares in Genentech for $46.8bn in a takeover described as the largest in Swiss corporate history.

IMF dashes hope of short recession
Canada's odds of a deep but short recession are ebbing. The International Monetary Fund added a pessimistic outlook to the growing pile of forecasts dashing any hopes of a quick recovery in Canada.


Front page

German teen kills 15 in school attack
People light candles and put flowers in front of the Albertville-Realschule school where the shooting incident took place in Winnenden, Germany.

China exports nosedive
Tumbling Chinese exports, sliding German factory orders and falling prices in Japan underscored the weakness of the world economy, while US and British leaders staked out positions ahead of a global finance meeting.

36m pesos to speed up trials
Cabinet Chief Sergio Massa yesterday met with Supreme Court head Justice Ricardo Lorenzetti to coordinate policies, increase the budget and hire new staff to improve the efficiency of the judiciary, which was heavily criticised by President Cristina Fernández de Kirchner, who has said that delays in trials against officers and former officers accused of committing human rights violations during the last military dictatorship were unacceptable.

By: Staff Reporter
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