Lachlan Murdoch, son of media tycoon Rupert Murdoch, and Australian gaming magnate James Packer launched a joint A$3.3 billion ($2.9 billion) offer yesterday to buy out the Packer-backed publishing company Consolidated Media Holdings.
Britain set a two-week deadline for a private-sector rescue of Northern Rock yesterday, as it confirmed plans to convert its billions of pounds of loans to the stricken bank into bonds in a bid to smooth a deal.
The shrinking value of subprime mortgage investments will eat further into Commerzbank's 2007 profits but the German bank still plans to raise its dividend, its designated chief executive said.
Owners of Germany's WestLB rallied to prop up the stricken state lender yesterday by shouldering what the bank said would be a 1 billion-euro loss in 2007 and writedowns just as big in the wake of the credit market crunch.
US private equity firm JC Flowers said yesterday it is considering making an offer for Britain's Friends Provident, boosting the shares of the stricken insurer.
Global stocks advanced for the first time in three days after better-than-estimated sales from Alstom SA bolstered confidence in earnings. US index futures rose.
India's biggest listed company, Reliance Industries Ltd, yesterday beat forecasts as quarterly profit more than doubled on a one-off gains from the sale of a stake in a unit and high oil refining margins.
Novartis AG, Europe's third-largest drugmaker, reported fourth-quarter profit that missed analysts' estimates because of generic competition to the Lotrel heart medicine and the Lamisil antifungal treatment.
Biocon Ltd, a drugmaker controlled by India's richest woman, said yesterday its nine-month profit rose 15 percent on increased demand for products and contract research services.
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