UK's Cadbury is takeover by Ferrero and Hershey

Confectionery groups Ferrero and Hershey have confirmed they are considering a possible joint takeover bid for the UK's Cadbury. Italy's Ferrero said it was in the "preliminary stages" of looking at its options, while US firm Hershey said making a bid was only a possibility. Birmingham-based Cadbury has declined to comment on the news. Earlier this month, it rejected a hostile £9.8 bn offer from US food giant Kraft, calling it " derisory". Confectionery giant Analysts said Ferrero and Hershey had joined together because each could not afford to make bids for Cadbury on their own, but that Kraft remained the frontrunner. CADBURY John Cadbury, a Quaker, opened shop in Birmingham in 1824 , selling tea, coffee and hot chocolate - as an alternative to alcohol Dairy Milk brand introduced in 1905 , with Milk Tray coming 10 years later Merged with Schweppes drinks business in 1969. Its drinks arm was spun off in 2008 Employs about 45 ,000 people in 60 countries "Significant questions remain regarding how any deal [from Ferrero and Hershey] might be put together, not least in terms of product and/or geographical segmentation," said Jeremy Batstone-Carr, analyst at Charles Stanley. "The likely complexities associated with a rival approach for Cadbury [from Ferrero and Hershey] in purely practical terms leave us strongly of the view that Kraft remains the strongest rival, but that it will need to increase its offer in order to win control." Cadbury is the world's second-largest confectionery business, with full-year revenues of £5.4 bn in 2008. Ferrero, best known for its Ferrero Rocher chocolates and Nutella chocolate spread, had revenues last year of 6 bn euros ($9 bn; £5.3 bn), while Hershey's were $5.1 bn (£3 bn). Kraft, which owns food brands including Philadelphia soft cheese and Maxwell House coffee, saw its 2008 revenues total $42.2 bn. Shares in Cadbury were up 1.5 %, or 11.50 pence, to 799.5 p in afternoon trading.

New law for US banking

A key US House of Representatives committee has voted to give the government the power to take apart banks that are "too big to fail". The bill would give a proposed new council of regulators the right to dismantle firms whose scale could hurt the economy - even if they are healthy. Wall Street is opposed to such a measure, which is part of efforts to overhaul the banking industry. But it will have to go through several more steps before it becomes law. "No firm should be considered to be too big to fail," said Democrat Paul Kanjorski, who sponsored the proposal. "Financial firms that want to play in a casino need to have their own resources to cover their bets and not assume that tax dollars are available in reserve if their bets fail," he said. Many Republicans oppose the bill, arguing that it gives too much power to regulators and would force financial firms to scale back their size and put them at a disadvantage. The legislation would establish a Financial Services Oversight Council, which would have to consider a bank's "scope, scale, exposure, leverage, interconnectedness of financial activities". The council would have to consult the president before taking "extraordinary" actions. The committee's approval makes the measure more likely to become law, but it must be first be voted on by the House and then ratified by the Senate.

JP Morgan will take over Cazenove

US investment bank JP Morgan is fully to take over historic UK stockbroker Cazenove, according to press reports. JP Morgan is thought likely to pay about £1 bn ( $1.67 bn) for the 50 % of Cazenove it does not already own. In 2004 , JP Morgan and Cazenove agreed a joint venture in which they merged investment banking operations. The Financial Times said that Cazenove chairman David Mayhew, who joined the firm 40 years ago, would stay on and was likely to receive a windfall. Under the original agreement, JP Morgan had until February 2010 to exercise an option to buy out its partner. Cazenove, which traces its roots back to 1819 , is widely believed to be the banker to the British royal family.

Delta air keen to buy Japan airlines

Struggling Japan Airlines (JAL) has been offered a $1 bn (£600 m) financial lifeline from the Sky Team grouping of airlines, led by Delta Air Lines. Delta said the funds were being offered to JAL if it switched from its current membership of the One World Alliance, which includes American Airlines. The news comes as JAL is seeking a financial bail- out from the Japanese government, its fourth since 2001. Delta is said to be keen to be able to expand its routes to Japan. Forming a closer alliance with JAL would enable it to do this ahead of the planned liberalisation of air routes between the US and Japan. The Sky Team's offer to JAL includes a proposal to buy $500 m in JAL shares, $300 m of guarantees to cover any short-term loss in sales caused by it leaving the One World alliance, $200 m in asset- backed financing, and $20 m to cover JAL's costs for switching alliances. JAL has declined to comment on the offer. Last week, JAL reported a net loss of 32.3 bn yen ( $357 m; £214 m) for the July to September period, compared with a 40.1 bn yen profit a year earlier. JAL is struggling with $15 bn of debts and a big pension deficit as well as falling passenger numbers.

Chinese court stop to sell Microsoft's versions

A court in China has ordered Microsoft to stop selling versions of its Windows operating system that include fonts designed by a Chinese company. The ruling says the US giant has violated the scope of licensing deals between it and Zhongyi Electronic. Microsoft has been ordered to stop selling all affected Chinese versions of Windows, but it is unclear when the ruling will take effect. The company said in a statement that it would lodge an appeal. Analysts said the ruling was a blow for Microsoft, which is trying to expand its market share in China, where it already has to contend with extensive software piracy. "Microsoft respects intellectual property (IP) rights," said the company. "We use third party IPs only when we have a legitimate right to do so."

Gold price record high

Gold prices hit a record high and oil and stock prices around the world rose on Wednesday, while the dollar eased off ahead of US inflation data and minutes from the Bank of England's November meeting. World shares, as measured by the MSCI world equity index, edged up near their highest of 2009 hit at the start of the week, while gold rallied to $1,145.95 per ounce, its strongest-ever level. The dollar slumped against a currency basket, restrained by the ongoing belief that the Federal Reserve will keep the Fed funds rate at essentially zero, keeping the returns on dollar- denominated assets low for some time to come. European shares rose in early trade on the back of rising bank stocks approaching their highest level in more than a year hit on Monday. Asian stocks had risen earlier in the day, and analysts said expectations for ongoing low rates would keep demand for shares intact. 'Our expectation is that we can add to these gains ... The interest rate environment is very friendly,' said Henk Potts, equity strategist at Barclays Stockbrokers. The MSCI all-country world equity index (.MIWD00000PUS) rose 0.3 per cent, hovering near its highest level since September 2008, which it hit on Monday. The index has rallied roughly 75 per cent from a trough in March. Spot gold rose was up around half a per cent on the day, having rallied nearly 10 per cent so far this month. US crude oil rose 0.7 per cent, extending gains into a third day. The FTSEurofirst 300 index rose a quarter of a per cent to a few points below its highest level since October last year. The index is up around 24 per cent in 2009 and has surged 60 per cent since hitting a record low in March. Emerging stocks rose 0.4 per cent on the day. The dollar fell 0.3 per cent against a basket of major currencies, sticking close to a 15-month low hit on Monday. Analysts said the broad downtrend in the beleaguered US currency remained intact even as Fed Chairman Ben Bernanke this week has acknowledged its weakness—a rarity for the US central bank. 'The relatively sanguine view on the US dollar . .. coupled with the belief that asset prices are not forming another bubble, should provide a green light for recent trends to continue,' said Lauren Rosborough, senior currency strategist at Westpac in London. Still, she added that some asset markets were looking overstretched following dramatic rallies this year, and that the 'bull' trade was not as strong as it was in past months. Euro zone Bund futures for December delivery were largely flat on the day at 122.22. Market participants awaited a reading of US inflation later in the day to better gauge the outlook for prices and interest rates. Excluding volatile food and energy prices, US CPI is expected to edge up 0.1 per cent on the month in October, following a 0.2 per cent rise in the previous month, while rising 1.6 per cent on the year.

Japan's biggest bank Mitsubishi UFJ start their share sale

Japan's biggest bank Mitsubishi UFJ Financial announced plans Wednesday to raise billion of dollars from investors, joining a scramble by firms to boost finances ravaged the global financial crisis. The news came as MUFG reported net profit soared 53.2 percent in the six months to September from a year earlier to 140.95 billion yen (1.6 billion dollars). "We have come through the financial crisis, compared with the situation a year ago," said MUFG president Nobuo Kuroyanagi, noting that the bank had made progress in cutting costs. But he said MUFG had decided against upgrading its earlier forecast for a net profit of 300 billion yen for the full financial year to March 2010 as it remained cautious about the business environment.

Call for save the environment in USA

A solid majority of Americans recognise the need to help the environment, although there are some things -- like buying a hybrid car or taking mass transit -- that people often talk about, but don't necessarily act on. That's shown in a survey of more than 1 ,000 adults that sought to gauge attitudes about the environment. The telephone poll, conducted for The Associated Press and NBC Universal, found that 60 percent of those surveyed felt either a "great deal" or "a lot" of personal responsibility to protect the environment, while 37 percent rarely, if ever, even thought about the impact of their actions on the Earth's health. Nearly 8 of 10 people who were concerned about environmental protection said they believe their actions are helping to protect the environment, according to the poll released Tuesday. It found that people have largely accepted recycling bottles and cans -- about 7 in 10 people said they're likely to do it -- and are inclined to find ways to cut electricity or heating costs, also to benefit the environment. A little more than 6 of 10 said buying energy- efficient appliances, using recycled paper products and carpooling also help a lot. A little more than half said it would make a lot of difference to turn down the thermostat, reuse water bottles and take your own reusable bag when grocery shopping. While many of the respondents said these actions would help the environment "a great deal," or at least "a lot," when asked about some specific actions, the gap widened between what they believe to be important and what they have any intention of doing. In some cases, the inability to turn their green priorities into action reflected geography or economics. Take the matter of car pooling or using mass transit. More than 6 in 10 people said they thought it would help the environment. Yet only 3 in 10 said they were very likely to do it, and 4 in 10 said they were not at all likely to car pool or take mass transit. A third of those surveyed lived in rural areas where mass transit was generally not readily available and where carpooling would be less likely. Yet, only 44 percent of urbanites and 32 percent of people living in the suburbs also said they were very likely to use mass transit or car pool. Janice Meehl, 54 , a fourth-grade teacher in the town of North East, Pa., and one of the participants in the survey, said she fervently recycles bottles and cans, keeps the thermostat down and years ago added insulation to her all- electric home, cutting her energy bill in half. It saves money but also "it's doing the right thing for the environment. They go hand in hand," she said. While she commutes 70 miles round-trip to work each day, she says mass transit or carpooling "is not an option. If it were, would I use it? Probably." Like Meehl, 7 in 10 people surveyed said they thought adding energy-saving insulation in their homes would be a good idea for the environment. But only half said they were very likely to do it and 1 in 5 respondents would be highly unlikely to add insulation. In some cases, respondents said the structure of their house prevents more insulation from being added easily. About 45 percent of those surveyed embraced the idea of gas-electric hybrid cars, but only 1 in 5 would be very likely to buy such a vehicle, and half said they were "not at all likely" to buy one. "They're too expensive right now," said Vaughan Oliver, 65 , of Mount Vernon, Ky. "You would have to have one for years and years and years to make it feasible to pay for itself." Oliver, interviewed as he drove his Jeep Cherokee down Interstate 65 south of Lexington, said he might consider a hybrid "in another 10 years," when he says he'll be more secure that one would not cause him a problem. Today, gas-electric hybrids can carry a $4 ,000 to $7 ,000 or more price premium over similar gasoline-powered vehicles. The poll also found: -72 percent were very likely to recycle cans and bottles. -63 percent were very likely to turn down thermostats. -62 percent were very likely to buy energy- efficient appliances. -59 percent were very likely to use cold water for clothes washing. -59 percent were very likely to buy recycled paper products. More than half said it would help the environment if people brought their own shopping bags to stores, and 46 percent said they were very likely to do so, while 25 percent ruled it out. NBC Universal's sponsorship of the poll was related to their "Green Is Universal" week of programming about environmental issues. The poll was conducted Nov. 5-9 by GfK Roper Public Affairs and Media. It involved landline and cell phone interviews with 1 ,006 adults nationwide and has a margin of sampling error of plus or minus 3.1 percentage points.