Oil prices drop amid slowdown fears
OIL prices edged lower yesterday as weak manufacturing data from the United States, Europe and China reinforced concerns about slowing economic growth and its threat to demand for petroleum.
Ongoing fears about the eurozone's debt crisis helped pressure oil as enthusiasm for a European Union bank bailout deal faded, after the pact helped push crude prices on Friday to their fourth-biggest daily gain on record.
Airbus encroaches on Boeing's turf
AIRBUS SAS plans to assemble single-aisle aircraft in the US for the first time, encroaching on Boeing's home market to tap demand from North American airlines seeking to renew their fleets. Airbus has chosen Mobile, Alabama, as the site to build A320 single-aisle aircraft that compete with Boeing's 737, the Toulouse, France-based company said yesterday. Construction will begin by the middle of next year.
GlaxoSmithKline bribed doctors
THE UK's largest drug maker, GlaxoSmithKline, tricked and bribed doctors into prescribing children with dangerous antidepressants, it was revealed last night. The company will pay $3bn (€2.4bn) to settle a slew of charges in the US after admitting a multi-year criminal scheme to hide unhelpful scientific evidence, manipulate articles in medical journals and lavish gifts on sympathetic doctors. The drug at the centre of the scheme, the blockbuster pill Paxil, has since been banned for use by children because it can make them suicidal.
Morgan 'sought incorrect ratings'
MORGAN Stanley successfully pressured Standard & Poor's and Moody's Investors Service Inc to give erroneous investment-grade ratings in 2006 to $23bn (€18.3bn) worth of notes backed by subprime mortgages, investors claimed in a lawsuit, citing documents unsealed in federal court. Executives at the ratings firms failed to warn investors about the risks associated with subprime-backed notes that were issued by a unit of London-based hedge fund Cheyne Capital Management because they wanted to reap financial rewards from doing business with Morgan Stanley, the sixth-largest US bank by assets and designer of the Cheyne notes, the investors allege, citing the material made public yesterday in Manhattan.