E.U. Loses on Banana Tariff
The World Trade Organization ruled that a new European Union tariff on imported bananas is illegal, siding with eight Latin American countries that said Brussels's proposal would seriously limit their ability to export the fruit. The European Union said it was disappointed and would study the decision before deciding how to proceed.
Railroad Tycoon Convicted
A Japanese court convicted resort and railroad tycoon Yoshiaki Tsutsumi, right, of insider trading and falsifying company records, slapping him with a fine of $43,200 and a suspended prison sentence. Tsutsumi, once ranked the world's richest man by Forbes magazine, had pleaded guilty to conspiring to falsify Seibu Railway's 2003 financial statement, putting the stake of Kokudo, his privately owned company, in the railway far lower than actual numbers.
MERGERS & ACQUISTIONS
Chinese Firm Completes Oil Merger
China National Petroleum completed its $4.18 billion takeover of PetroKazakhstan, sealing China's biggest energy takeover, the Calgary, Canada-based company said. China National Petroleum fended off rival bids by OAO Lukoil and Oil & Natural Gas, the biggest oil companies in Russia and India. PetroKazakhstan accounts for 12 percent of Kazakhstan's oil output.
China's quest for oil reserves to supply the world's fastest-growing economy had suffered a setback in August, when state-owned Cnooc scrapped a bid for Unocal because of opposition by U.S. lawmakers.
GlaxoSmithKline said third-quarter profit rose 19 percent compared with the same period a year ago, to $2.2 billion, as it reported strong sales growth across all regions and key drugs. Revenue increased 11 percent, to $9.71 billion.
Compiled from staff and news service reports.