Business - International Herald Tribune
Business news from The International Herald Tribune, the world's daily newspaper online.

• Euro inflation surges higher than expected to 3.1 percent in November
  Inflation in the 13 nations that use the euro surged to 3.1 percent in November, the highest level since the currency was first used in 2002 and above an earlier estimate, the EU statistics agency Eurostat said Friday.
• Daimler taps BASF CEO, former Nokia exec for its supervisory board
  Automaker Daimler AG said Friday that the chief executive of BASF AG and a former Nokia Corp. exec will be appointed by a court to its supervisory board to represent the company's shareholders.
• Hong Kong stock index slides 0.65 percent on U.S., China concerns
  Hong Kong shares fell Friday on continued concern about the U.S. economy and expectations China might raise interest rates this weekend to curb inflation.
• November inflation in Germany hits highest point since January 1994, government says
  Inflation in Germany last month reached its highest point since January 1994, with rising costs for food and energy driving the figures up, the government said Friday.
• Euro down against US dollar
  The 13-nation euro slipped lower against the U.S. dollar on Friday, after a report showed inflation in Germany, Europe's largest economy, last month reached its highest level since 1994.
• Sweden's Electrolux to close Spennymoor stove plant in Britain
  Swedish appliance maker Electrolux AB on Friday said it will close down its stove factory in Britain due to falling profitability, with a loss of about 500 jobs.
• Gold closes lower in Hong Kong at US$799.75 an ounce
  Gold closed at US$799.75 an ounce in Hong Kong on Friday, down US$1.70 an ounce from Thursday's close of US$801.45.
• US dollar higher against Japanese yen in late afternoon trade
  The dollar was trading at 112.42 yen at 4:50 p.m. (0750 GMT) Friday, up from 112.21 yen late Thursday in New York.
• France's Danone says it wants "appropriate process" to end dispute with Chinese partner
  French food and drink maker Danone said Friday it is willing to suspend legal action against its Chinese joint venture partner if the partner shows "concrete actions" to reunify their group.
• Gold opens higher in London
  Gold bullion opened Friday at a bid price of US$799.70 a troy ounce, up from US$795.90 late Thursday.
• China allows foreigners to invest in power grid, ending monopoly of state companies
  China is allowing foreigners to invest in its power grid sector for the first time, the country's economic planning agency said Friday, ending a monopoly by state-owned companies.
• Danish company to build feed ingredient plant in US state Iowa
  A Danish company plans to build a $20 million (€13.6 million) animal feed ingredient plant in the Midwestern city of Cedar Rapids.
• Japanese stocks slip on pessmistic corporate outlook survey
  Japanese stocks slipped Friday in erratic trade after a key central bank survey showed confidence at major Japanese companies fell to its lowest in more than two years.
• China's investment in factories, other assets rises 26.8 percent in first 11 months of year
  China's investments in factories, real estate and other urban assets surged 26.8 percent in the first 11 months of this year despite government curbs meant to prevent runaway spending, according to data reported Friday.
• Dollar rises against yen in Asian trade following weak "tankan" corporate sentiment survey
  The yen fell against the dollar Friday after a weak corporate sentiment survey triggered selling by non-Japanese investors.
• Taiwanese government to pay HSBC to take over debt-ridden bank
  The Taiwanese government will pay HSBC Holdings PLC New Taiwan dollars 47.49 billion (US$1.46 billion; €999 million) to take over Chinese Bank, a member of the bankrupt Rebar Group, Taiwan's government-owned deposit insurer said Friday.
• Tokyo stock market's main index drops 0.14 percent
  The Nikkei Stock Average of 225 issues fell 22.01 points, or 0.14 percent, on the Tokyo Stock Exchange, to 15,514.51 points on Friday.
• Filipino overseas workers sent home US$1.4 billion in October, up 17 percent
  Millions of Filipinos working overseas sent home US$1.39 billion (€946 million) in October — the highest sum ever for a single month, the central bank said Friday.
• Senate approves increased monitoring of electronic energy markets
  The Senate has voted to give federal regulators increased authority to monitor electronic energy markets and protect against market manipulation.
• Citigroup will assume control of 7 structured investment vehicles with $49 billion in assets
  Citigroup Inc. said it plans to assume control of the seven "structured investment vehicles" the bank advises to help them repay their debts.
• Rise of Indian-American executives tracks the increasing power of Indian businesses
  The ascension of Indian-born leaders like Vikram Pandit, the new CEO of Citigroup Inc., tracks the economic rise of their home country, once seen by U.S. business as a large market and a source of low-cost technology workers, now viewed as a business power that rivals the U.S. in some industries.
• Illinois, California attorneys general investigating mortgage lender Countrywide Financial
  Attorneys general in the states of California and Illinois are investigating the lending practices of Countrywide Financial Corp., the United States' largest mortgage lender, officials said.
• Australia's new treasurer plans government spending cuts to fight rising inflation
  Australia's new treasurer pledged Friday to slash government spending in a bid to fight rising inflation, but warned the problem could take some time to correct.
• Oil prices rise to mid-US$92 a barrel after previous session's sharp decline
  Oil prices rose slightly Friday after declining more than US$2 a barrel in the previous session as investors sold futures contracts on expectations of an ongoing price slide.
• Foreign banks face tough barrier in Vietnam: Many people don't use — or trust — banks
  Foreign banks trying to gain a foothold in booming Vietnam face a tough cultural barrier: Most people don't use banks and many don't trust them.
• News Corp. completes acquisition of Wall Street Journal publisher Dow Jones
  Rupert Murdoch has completed his more than $5 billion (€3.4 billion) deal to acquire Dow Jones & Co., adding The Wall Street Journal to his global media conglomerate News Corp. and ending a century of control by the Bancroft family.
• Gas prices push US wholesale inflation