| Page 2 of 2 < |
BUSINESS BRIEFING
Toyota sales will be a lot better in North America than the automaker thinks, analysts say.
(By David Zalubowski -- Associated Press)
TOOLBOX
   Resize
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Who's Blogging  |
The company's prediction of 1.6 percent sales growth, compared with 15 percent the previous year, is too modest, said Yasuhiro Matsumoto, an analyst at Shinsei Securities in Tokyo. He predicted a 9 percent increase. Kurt Sanger, a Macquarie Securities analyst, said sales may rise 5 percent.
Toyota's forecast "assumes everything goes wrong," said Edwin C. Merner, president of Atlantis Investment Research in Tokyo.
"We can't take anything for granted," said Paul Nolasco, a Toyota spokesman.
LEGAL
Fosamax Lawsuit Filed in Canada
Merck was accused in a Canadian lawsuit of failing to warn consumers that its drug Fosamax may damage jawbones, the Canadian law firm Siskinds said.
Fosamax was approved for sale in Canada in 1995 to treat osteoporosis. Use of the drug has been linked to an increased risk of developing osteonecrosis, Siskinds said.
The plaintiffs, who are seeking class-action status, are seeking $926,000 and medical costs for each person who was prescribed Fosamax. They're also seeking $18.5 million in punitive damages.
MERGERS & ACQUISITIONS
URS to Buy Idaho Building Firm
URS, a San Francisco engineering and construction company, agreed to buy competitor Washington Group International of Boise, Idaho, for about $2.6 billion in cash and stock.
The combination would create a major global builder of fossil-fuel and nuclear power plants. It also would be one of the top five technical service suppliers to the Defense Department, the companies said. Washington Group originally was known as Morrison Knudsen and built the Hoover Dam, the San Francisco Bay Bridge and other public projects.
Xstrata Extends Offer for LionOre
Nickel ore producer Xstrata extended its offer to acquire LionOre Mining International until June 7 but did not change any other terms. The Swiss company offered about $3.7 billion, or $17.13 a share, on March 26 and increased its bid to $23.25 a share May 15. LionOre directors, who originally endorsed Xstrata's offer, said on Thursday that a $25.46-a-share bid by Norilsk Nickel of Russia was superior and that Xstrata had until June 1 to match or exceed it.
PERU
Bond Sale Planned to Cover Debt
Finance Minister Luis Carranza said Peru will seek to sell 30-year bonds this year to finance the repayment of its debt with the Paris Club, the informal group of financial officials representing the world's wealthiest nations. The Paris Club last week accepted Peru's proposal make an early repayment of its $2.55 billion debt.
COMPENSATION
Lenovo CFO to Earn $428,000
Lenovo, the world's third-largest maker of personal computers, said it will pay newly appointed chief financial officer Wong Wai Ming an annual salary of $428,000.
Wong, who will replace Mary Ma on July 15, may also receive a performance bonus of as much as $472,000 and shares worth as much as $800,000 a year.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
