Pfizer: our AstraZeneca pledges are legally binding
Christine Lagarde: ECB must do more
Also warns Ukraine crisis is major threat
10.42am BST
So what is Pfizer promising to do it if wins control of AstraZeneca? Here's a reminder:
Pfizer says (5-year) commitments to UK are "tangible, legally-binding and represent significant investment in the economy".
10.35am BST
Another eye-catching quote from Pfizer's defence to MPs:
With our commitment to foster research and development in the UK, we are matching words with deedsand we will keep our word.
Pfizer: "With our commitment to foster r&d in the UK, we are matching words with deedsand we will keep our word": http://t.co/Thhe09pZ5c
10.32am BST
Just in - Pfizer has just published the statement which it will present to the UK parliament tomorrow, when the Business Innovation and Skills committee holds a hearing into the proposed AstraZeneca takeover.
The 23-point statement covers the commitments Pfizer has made to the UK government, and recaps some of its recent public statements on the deal.
We understand the impact our business has on the communities in which we operate and we also understand that the decisions we make will have important and lasting impacts on the patients we serve.We take our responsibilities to all our stakeholders extremely seriously. We believe that the best science knows no boundaries.
By bringing together the capabilities of Pfizer and AstraZeneca, we believe we would create a more efficient engine through which we could better serve patients and society by bringing them important new therapies faster and more efficiently. This will not only benefit the UK, it will benefit everyone.
10.23am BST
US pharmaceuticals giant Pfizer has retaliated against claims that it would ruin AstraZeneca's precious drugs pipeline if it succeeded in taking over its UK rival.
It has issued video clips of Mikael Dolsten, Pfizer's head of R&D, expounding on Pfizer's track record on drugs development.
There are a lot of exciting projects moving forward. A couple of years ago we started R&D turnaround. It was a response of R&D to Ian Read's first imperative of fixing the innovative core of the company. We have made great progress."
9.54am BST
Christine Lagarde's concerns about eurozone deflation and the Ukraine crisis (see opening post) are shared by many investors, according to Bloomberg's latest survey.
Its Global Investors poll found "overwhelming concern" about deflation in the euro zone. About three-quarters of them say its a greater threat to the region than inflation.
Forty percent of respondents in the survey of Bloomberg customers say the global economy is improving, another 43 percent say its stable, and only 12 percent say its deteriorating.
Still, the enthusiasm has cooled: 59 percent thought the economy was improving in the last edition of the poll, in January; that was the highest reading since the world emerged from recession in 2009.
9.32am BST
Speaking of Ukraine, Moscow has just announced that it 'respects' the will of the people expressed in yesterday's referendums:
9.21am BST
Over in Greece, the extreme right-wing Golden Dawn party has been given the green light to run in this month's European Elections, according to local reports.
GD has been approved to field candidates, even though top officials are facing charges of murder and extortion.
Nearly all the party's 18 lawmakers are under investigation by Greek justice over serious crimes allegedly committed by the once-fringe party over the past two years, during its rise to prominence.
Under Greek law, candidates are only prevented from standing in an election if they are convicted of a crime, not if they are under investigation.
9.20am BST
Lagarde to CNBC on Nigeria kidnapping: BRING BACK OUR GIRLS #BringBackOurGirls
9.06am BST
Meanwhile in the UK, the Confederation of British Industry has added its voice to the chorus of concern over British house prices, saying it is now on 'high alert'.
The CBI has also brought forward its forecast for the first UK interest rate, by six months, to the first quarter of 2015.
"We have to remain alert to the risks posed by unsustainable house price inflation, and the [Bank of England's] financial policy committee is poised to act when necessary.
CBI: UK interest rates will rise to 0.75% from 0.5% in the first three months of 2015 http://t.co/6TegzhLqbG
8.59am BST
Christine Lagarde has also urged governments across the Middle East to press on with economic reforms, and to get more women into the jobs market, as her tour of the region continues.
RT @IMFLive: Lagarde: stabilization in Arab countries of transition underway, need to continue momentum of reforms http://t.co/2T0DcUkYTN
RT @IMFLive: MD Lagarde: increasing women labor participation in Middle East makes eminent economic sense, could add $1 trillion
8.52am BST
Bang on cue, the Bank of France has predicted that the French economy will grow by a meagre 0.2% in the second quarter of this year.
That would mean the eurozone's second largest economy would have struggled to grow through the first half of 2014 (French GDP for the first quarter is released on Thursday, and 0.2% growth is also expected).
8.37am BST
EXKLUSIV: IWW-Chefin: Lagarde warnt Europa vor trügerischer Sicherheit http://t.co/ofMGOsTvDs
8.32am BST
Christine Lagarde also warned that Ukraine will need more than the $17bn assistance package agreed last month, and warned that the crisis in the region could hurt the global economy hard.
"It is a new risk for the global economy."
"The crisis in Ukraine is a danger that one whose risk of contagion for other countries can be very difficult to measure or hard to predict. Nevertheless, it can have serious economic consequences. "
"Ukraine needs much more than $ 17 billion,"
"For example, bilateral aid from abroad and financial aid from other international financial institutions. The international community since it has no choice. "
8.18am BST
Good morning, and welcome to our rolling coverage of the financial markets, the world economy, the eurozone and business.
The recovery runs, that's right. Some countries have completed the auxiliary programs successfully. But that does not mean that the crisis is over and our mission accomplished.
In addition, the permanently low inflation bring additional risks
"Monetary policy in Europe should therefore continue to provide impetus for growth."
Continue reading... |
| READ THE ORIGINAL POST AT www.theguardian.com |