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   | | | | Business this week Aug 19th 2010 From The Economist print edition BHP Billiton launched a hostile bid for Potash Corp, the world’s largest fertiliser producer. Increased demand for fertiliser is behind the mining giant’s $40 billion offer. Chinese people are eating more meat, and cows eat a lot of grain. The Canadian company had rejected a previous offer from BHP. See article
The German economy showed a stellar quarter-on-quarter growth rate of 2.2% in the second quarter. This largely accounted for the euro area’s healthy overall growth of 1%. The performance of the peripheral countries of the 16-country union was far less impressive. The embattled Greek economy contracted for a seventh consecutive quarter, by 1.5%, while Portugal and Spain reported anaemic growth of 0.2%. China overtook Japan to become the world’s second-largest economy at current exchange rates. The Japanese economy, which has been second to America’s for at least three decades, grew at an annualised rate of 0.4% in the second quarter of this year. Japanese economic output was $1.29 trillion in that period; China’s was $1.33 trillion. However, income per person in Japan is still ten times as much as in China, which must be some comfort. See article General Motors filed for an initial public offering that is intended to repay part of the $50-billion bail-out it has received from the American government since late 2008. The Treasury will sell part of its 61% stake in the carmaker. In a statement filed with the Securities and Exchange Commission, GM did not specify the number of shares or the price range it will be offering. See article The Basel Committee for Banking Supervision and the Financial Stability Board released two reports on the economic impact of Basel 3, a new set of more stringent rules for banks’ capital and liquidity. Fending off complaints from the banks that tighter standards will stifle lending, the reports suggested that the long-term effects of the measures will be clearly positive, since they will make financial crises less likely. The final measures will be presented in November at the G20 summit in South Korea. See article Ireland had to pay high yields in an auction of four- and ten-year government bonds, as investors became increasingly concerned about the total cost of bailing out the country’s banks. Anglo Irish Bank, which was nationalised in 2009, will alone require capital injections of up to €25 billion ($32 billion). This is more than twice the amount originally estimated and will exacerbate the country’s debt problem. See article Fannie Mae and Freddie Mac continued to cause headaches in Washington. Tim Geithner, the treasury secretary, speaking at a conference on housing-finance reform, gave warning that the transition must not be abrupt. He said the government’s role in the mortgage market should undergo “fundamental change” but was quick to stress that there should still be a “carefully designed” government guarantee for mortgages. The two failed giants, along with the Federal Housing Administration, currently support 90% of new home mortgages. A.P. Moller-Maersk, a conglomerate that owns the world’s largest container-shipping line, reported that it had returned to profit in the first half of the year. Its revenue rose by 20% on a yearly basis to $27.4 billion. Net income was $2.5 billion, against a $540m loss the year before. Container-shipping activity, a bellwether of the global economy, has risen sharply this year because of surging goods traffic to emerging economies. Dubai’s DP World, a big ports operator, said reviving world-trade volumes had boosted its first-half profits by 17%, to $219m. Wal-Mart Stores reported falling same-store sales for the fifth consecutive quarter. Profits for the discount-retail behemoth, however, rose by 3.6% for the quarter compared with a year earlier, to $3.6 billion. Revenues for its international business rose by 16%. Blackstone announced it would pay $543m to take Dynegy, an American energy company, private. The asset manager will also take on $4 billion in debt. Dynegy was hit hard by the decline in electricity prices during the recession and has been selling assets to stay afloat since last year. As part of the deal, Blackstone will be selling four Dynegy natural-gas plants to NRG, another energy company, for $1.4 billion. Vedanta Resources confirmed that it would make its first foray into the oil business by acquiring a majority stake in Cairn India, part of Cairn Energy, a British oil explorer. The cash deal, valued at around $9 billion, will supplement Vedanta’s existing businesses in copper, zinc, aluminium and iron ores. Customer service To change your subscription settings or to unsubscribe please click here, (you may need to log in) and select the newsletters you wish to unsubscribe from. As a registered user of The Economist online, you can sign up for additional newsletters or change your e-mail address by amending your details. If you received this newsletter from a friend and you would like to subscribe to The Economist online's wide range of newsletters, please go to the The Economist online registration page and fill out the registration form. This mail has been sent to: eleccion@yahoogroups.com
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