News March

Ranbaxy expands its European reach

Ranbaxy Laboratories, India's biggest drug maker, said Wednesday that it would buy Terapia of Romania for $324 million to increase sales of generic medicines in Europe.

Terapia will be acquired from the buyout fund Advent International, Ranbaxy said. The purchase will give it access to two plants and 157 drugs to treat ailments related to the heart and the central nervous system. Terapia has 60 products that it expects to introduce in the next two to three years.

Tire plant for Vietnam

Kumho Tire, South Korea's second-largest tire maker, said it would spend $155 million building a Vietnamese plant with an annual capacity to produce 3.15 million tires.

Construction of the plant, in Binh Duong Province, will begin in the second half of this year, with completion due by the first half of 2008, the company said.

N.Z. confidence drops

New Zealand consumer confidence fell to the lowest in more than five years in the first quarter because of expectations that record high interest rates would crimp incomes and make jobs less secure.

Westpac Banking Corp./McDermott Miller's consumer confidence index dropped to 109.3 for the three months that ended March 31, the lowest since the third quarter of 2000. A reading above 100 indicates that most people are optimistic about the economy.

Bank Negara net falls

Bank Negara Indonesia said its 2005 profit fell 54 percent as it set aside more money to cover bad loans to companies.

Source
http://www.iht.com/articles/2006/03/29/bloomberg/sxbriefs.php