Profitloss Centerstage Events

According to U.S. officials, China's target of joining the World Trade Organization (WTO) by year-end remains achievable takes the centerstage among all global events which has happened over this week.
Picture Courtesy: Profit loss

Centerstage events of week 2

The 10th anniversary of the bull market prompts the question...

The 10th anniversary of the bull market prompts the question of whether it will continue. The value of U.S. stocks has risen from $3 trillion to $15 trillion over the past decade, with investors' appetite for stocks at an all-time high. This year, they have bought $72.3 billion in new stock issues, compared to just $4.5 billion in 1990. Half of all American households now own stock, up from one-third in 1989. Despite the market's recent downturn, some are still optimistic about its future prospects.

Monday, 9 October, 2000

250 million US gallons (950,000 m3) of coal sludge spilled...

250 million US gallons (950,000 m3) of coal sludge spilled in Martin County, Kentucky, in what is considered a greater environmental disaster than the Exxon Valdez oil spill.

Tuesday, 10 October, 2000

Supporters of former President Slobodan Milosevic,Yugoslavia posed a significant challenge...

Supporters of former President Slobodan Milosevic,Yugoslavia posed a significant challenge to newly-elected democratic leader Vojislav Kostunica by stating their intention to regain control of Serbia's media and police forces. This development has the potential to escalate the power struggle following Mr. Milosevic's removal from office through a popular uprising the previous week, which was characterized by ethnic conflicts, wars, and economic decline during his 13-year rule.

Wednesday, 11 October, 2000

According to U.S. officials, China's target of joining the World...

According to U.S. officials, China's target of joining the World Trade Organization (WTO) by year-end remains achievable after Chinese leaders reiterated their dedication to opening up the economy to foreign trade and investment. U.S. Trade Representative Charlene Barshefsky, speaking after six hours of meetings on Thursday, stated that during talks the previous month, China seemed to be "overwhelmed" by the extensive information necessary to become a part of the WTO, the global body regulating international commerce with 138 member countries. Such talks had generated speculation that China might be retracting from earlier commitments.

Thursday, 12 October, 2000

The U.S. State Department orders the closure of 37 Embassies...

The U.S. State Department orders the closure of 37 Embassies and Consulates worldwide over the weekend. This decision is made in response to the ongoing investigation of the blast on the USS Cole at Aden, which resulted in the death of 17 sailors. The closure is also influenced by the unrest in the West Bank and Gaza. State Department spokesman, Mr. Richard Boucher, stated that "in light of the history of attacks, you have to be concerned of additional attacks." He further added that the U.S. government has sent messages to embassies worldwide to remain vigilant and keep in close touch with the American communities. Nonetheless, the closure of diplomatic premises was not an indication of Washington withdrawing in the face of terrorism.

Friday, 13 October, 2000

The European Commission announces that it has sent a letter...

The European Commission announces that it has sent a letter to Visa International, in which it objected to a standard fee that the company levies on credit card transactions, accusing Visa of anti-competitive behaviour. This interchange fee is paid by the retailer's bank to the cardholder's bank for every card transaction and is set by Visa, according to the Commission, and it is effectively a form of price-fixing among Visa's member banks.

Saturday, 14 October, 2000

The acquisition of Pillsbury, the packaged-foods unit of drinks group...

The acquisition of Pillsbury, the packaged-foods unit of drinks group Diageo PLC, by General Mills Inc. was given antitrust clearance by the European Commission, as per reports. The deal was worth $10.5 billion. The purchase of Pillsbury by General Mills Inc., for $10.5 billion, has received antitrust clearance from the European Union's regulators. In their approval, issued on Monday, the regulators stated that the companies' product ranges are "largely complementary." With this acquisition, General Mills' size will nearly double, as it adds brands such as Cheerios cereal, Yoplait yogurt, and Betty Crocker cake mixes. This deal will make General Mills the fifth-largest food company globally. The purchase was agreed upon in July and was made in cash and shares. Under the deal, Diageo PLC, the drinks group that owns Pillsbury, is expected to retain around 33% of the combined General Mills-Pillsbury entity and receive two board seats. To prevent Diageo from taking over General Mills, the two companies are anticipated to sign a standstill agreement.

Sunday, 15 October, 2000