Profitloss Centerstage Events

The acquisition of Pillsbury, the packaged-foods unit of drinks group Diageo PLC, by General Mills Inc. is given antitrust clearance by the European Commission takes the centerstage among all global events which has happened over this week.
Picture Courtesy: Profit loss

Centerstage events of week 3

Ford Motor Co. has announced a recall of around 351,000...

Ford Motor Co. has announced a recall of around 351,000 of its Focus vehicles. The recall relates to a rear hub retaining nut, a cruise-control cable, and an interior trim panel beside the windshield. However, the automaker has assured that there have been no accidents caused by the recalled conditions. The recall comes at a difficult time for the company, which is already grappling with the Firestone tire debacle and facing criticism from regulators, consumers, and Congress over safety concerns related to its Explorer SUV and Firestone tires.

Monday, 16 October, 2000

EU finance ministers have reached an agreement to ease regulations...

EU finance ministers have reached an agreement to ease regulations for pan-European mutual funds, making it possible to invest in a wide range of modern financial instruments. The draft directive has been welcomed by the fund-management industry as a small but crucial step towards creating a European market for financial services. The agreement reached at the meeting on Tuesday paves the way for the council of finance ministers and the parliament to quickly agree on a final version of the directive. The directive governs Undertakings for Collective Investments in Transferable Securities (Ucits), mutual funds licensed to be sold across EU borders and subject to EU legislation. While many of these funds are not actually sold across borders, they represent the largest portion of mutual funds in the rapidly growing EU market and held assets worth approximately €3 trillion ($2.56 trillion) at the beginning of the year.

Tuesday, 17 October, 2000

According to a media report, China has obtained a significant...

According to a media report, China has obtained a significant amount of US missile secrets, as well as classified information related to America's most advanced nuclear weapon, the W-88. U.S. officials have acknowledged that China engaged in nuclear espionage, but a new review of Chinese military documents obtained from a defector in 1995 suggests that China has gathered more missile technology secrets than nuclear weapon secrets. The report was published in the Washington Post.

Wednesday, 18 October, 2000

The likelihood of Gas Natural SDG SA launching a hostile...

The likelihood of Gas Natural SDG SA launching a hostile bid for Iberdrola SA decreased as Spanish Economy Minister Rodrigo Rato expressed the government's disapproval of the deal. Gas Natural, which is owned 45% by Repsol YPF SA, had been considering a hostile bid for Iberdrola after the latter's board rejected its proposal for a friendly merger. However, Iberdrola accepted a merger offer from its larger competitor, Endesa SA, instead, citing a lack of a serious offer from Gas Natural.

Thursday, 19 October, 2000

The United Nations General Assembly dealt a significant diplomatic setback...

The United Nations General Assembly dealt a significant diplomatic setback to Israel by condemning its settlements in Palestinian territories as "illegal and an obstacle to peace." The General Assembly also denounced Israel's "excessive use of force" against Palestinians, with an overwhelming majority of votes in favour.

Friday, 20 October, 2000

According to sources familiar, John F. Welch Jr. agrees to...

According to sources familiar, John F. Welch Jr. agrees to extend his tenure as chairman of General Electric Co. until the end of 2001 as part of GE's $44 billion bid to acquire Honeywell International Inc. Mr. Welch had previously planned to retire in April, but the unexpected bid for Honeywell prompted him to stay on. He also intends to name a No. 2 executive who will be his presumed successor within the next four to six weeks. The bid from GE has disrupted Honeywell's planned merger with United Technologies Corp., which was worth $40 billion.

Saturday, 21 October, 2000