Profitloss Centerstage Events

The European Union makes a request to the World Trade Organization (WTO) seeking approval for imposing a trade sanction of $4.04 billion on a broad range of U.S. goods takes the centerstage among all global events which has happened over this week.
Picture Courtesy: Profit loss

Centerstage events of week 3

The Spanish bank Santander made a bid for the Brazilian...

The Spanish bank Santander made a bid for the Brazilian government's 33% controlling stake in Banco do Estado de Sao Paulo (Banespa), offering almost four times the minimum set for the stake and beating the bids of its closest Brazilian rivals by more than three times. However, some banking analysts, such as Tomas Awad from Chase Manhattan in Sao Paulo, expressed doubts about the high price paid by Santander for the stake, stating that the price paid was for strategic value rather than economic value.

Monday, 20 November, 2000

According to Malaysia, ASEAN members should be cautious before entering...

According to Malaysia, ASEAN members should be cautious before entering into Free Trade Agreements (FTAs) with countries outside the region as they may weaken the 10-member organization. These remarks were made by the Malaysian Foreign Minister, Syed Hamid Albar, ahead of an informal summit of ASEAN leaders, which is scheduled to commence in Singapore on Thursday. At the same time, Chinese, Japanese, and South Korean leaders will also be present for the ASEAN Plus 3 Summit.

Tuesday, 21 November, 2000

National Australia Bank Ltd. announced on Thursday that it has...

National Australia Bank Ltd. announced on Thursday that it has reached an agreement to sell Michigan National Bank to ABN Amro Holding NV, a Dutch banking giant, for $2.75 billion. The sale is expected to be completed in the first half of 2001. The sale is in line with National Australia's strategy to increase its focus on Britain while it also seeks a dual-listing there. The bank plans to use a portion of the sale's proceeds to expand its British presence. Michigan National Bank, which has 185 branches and $11.6 billion in assets, will be combined with ABN Amro's Detroit-area Standard Federal Bank to form Michigan's second-largest bank.

Wednesday, 22 November, 2000

Caterpillar Inc. and DaimlerChrysler AG's commercial-vehicle division announce a partnership...

Caterpillar Inc. and DaimlerChrysler AG's commercial-vehicle division announce a partnership to produce medium-duty engines, fuel systems, and other powertrain components. The deal will create two joint ventures, one for fuel systems and another for medium-duty engines, and is expected to be finalized in the second quarter. This collaboration is expected to increase both companies' earnings immediately. These engines are commonly found in medium-sized trucks and delivery vehicles in the United States and Europe. Roughly 2 million engines are sold globally every year, resulting in about $10 billion in sales. The two companies currently have a 10% market share of this engine market, and they anticipate significant growth in the joint engine business over the next five years. The present sales for both companies are around $2 billion.

Thursday, 23 November, 2000

According to a report by The Times, senior U.S. and...

According to a report by The Times, senior U.S. and Russian officials are planning a joint military strategy to pursue Osama bin Laden, the exiled Saudi terrorist, in Afghanistan. An attack on his suspected bases might be imminent, although it is unclear in what form it might take.

Friday, 24 November, 2000

Despite the criticism of the Blair Government by Euro-sceptics over...

Despite the criticism of the Blair Government by Euro-sceptics over joining the new European defense force, the US has voiced its approval, thus negating the claim that it would harm NATO and the alliance between Britain and America. To demonstrate their support, the US Secretary of State, Ms. Madeleine Albright, and the British Foreign Secretary, Mr. Robin Cook, co-wrote an article in The Observer today stating that Europe is moving in the “right direction,” and that their respective governments “fully support Europe's common security and defence policy.”

Saturday, 25 November, 2000

The Liberal Party of Canada has won a majority in...

The Liberal Party of Canada has won a majority in the House of Commons in the country's Parliamentary elections, securing a re-election of Jean Chrétien as Prime Minister.

Sunday, 26 November, 2000