LONDON (AFX) - Here are the top stories on AFX News
US January factory orders down 5.6 pct, largest fall in more than six years
WASHINGTON (AFX) - Orders to US factories for manufactured goods fell in January by the largest amount in more than six years, as orders for durable goods were revised to their lowest level in just as long, the Commerce Department said today.
New orders fell 5.6 pct in January after rising a revised 2.6 pct in the prior month. That's the largest decline since July 2000, when factory orders slumped 8.6 pct. Economists had expected new orders to fall 4.5 pct in January.
GM CEO sees more revenue growth
GENEVA (AP) - General Motors Corp. is set to see its revenue rise in 2007 with Chief Executive Rick Wagoner predicting a second straight year of record revenue growth in the car industry.
Wagoner on Tuesday shed little light on the state of any talks with German-American automaker DaimlerChrysler about its troubled Chrysler group, preferring to let its own chairman, Dieter Zetsche, to do the talking.
Official: Firms review Chrysler finances
DETROIT (AP) - Buyout experts from two private equity firms are meeting this week with Chrysler Group executives about possibly making a bid to buy DaimlerChrysler AG's struggling U.S. unit, a company official said Tuesday.
The official, who did not want to be identified because the talks are confidential, told The Associated Press that Cerberus Capital Management LP representatives visited the company's Auburn Hills headquarters Monday to review the automaker's finances, while Blackstone Group officials are to arrive later in the week.
Bausch&Lomb recalls ReNu MultiPlus
ROCHESTER, N.Y. (AP) - Bausch&Lomb Inc. said Tuesday it is pulling about 1.5 million bottles of its ReNu MultiPlus contact lens solution off shelves because trace amounts of iron could cause the cleaner to lose effectiveness earlier than normal.
The optical products maker also reported a modest drop in fourth-quarter and full-year sales in 2006, citing sluggish contact lens sales a slower-than-expected recovery from last spring's worldwide recall of its ReNu with MoistureLoc solution, which was blamed for an outbreak of severe fungal eye infections.
Citigroup launches bid for Nikko Cordial in up to 1.25 trln yen deal
TOKYO (XFN-ASIA) - Citigroup Corp will launch a takeover offer for Nikko Cordial Corp in a bid to acquire at least more than 50 pct of the accounting scandal-hit Japanese brokerage firm, the two firms announced.
The move came after the Tokyo Stock Exchange placed Nikko Cordial under supervision -- a precursor to a possible delisting -- because of its accounting irregularities.
BP cuts 2006 pay for CEO, directors
LONDON (AFX) - Key officials of UK oil giant BP PLC, led by retiring chief executive John Browne, pocketed lower pay in 2006 following the series of mishaps suffered by its major US businesses.
BP halved the bonuses for executives, offsetting the 5-10 pct rise in base salaries it granted for the year.
France Telecom reiterates 2007 guidance as it confirms 2006 results
PARIS (AFX) - France Telecom reiterated its 2007 guidance of 6.8 bln eur of organic cash flow generation as it confirmed full year results that were released earlier in a preliminary form.
It plans to maintain its full year dividend for 2007 at the 2006 level of 1.20 eur per share.
ABN Amro Capital, Allianz Capital buy Sdu from Dutch govt for 415 mln eur
AMSTERDAM (AFX) - ABN Amro Holding NV's ABN Amro Capital and Allianz Capital Partners said they agreed to each acquire 50 pct of publishing and security identification group Sdu from the Dutch State for 415 mln eur.
The companies noted that the acquisition by Sdu of Wolters Kluwer's 25.9 pct minority stake in Sdu Publishing, which was also announced this morning, forms part of the buyout.
Topps accepts $385.4M takeover offer
NEW YORK (AP) - Topps Co. Inc., known for sports cards and Bazooka bubble gum, said Tuesday it accepted a $385.4 million takeover offer from a buyout group that includes Michael Eisner, the former chief executive of The Walt Disney Co.
The buyout group, which includes The Tornante Co. LLC, founded by Eisner, and the Chicago-based private equity firm Madison Dearborn Partners LLC, has agreed to pay $9.75 for each Topps shares, which represents a premium of 9.4 percent over the stock's Monday closing pricing of $8.91 on the Nasdaq Stock Exchange.
CBS buying back about 47 million shares
NEW YORK (AP) - CBS Corp., producer of "60 Minutes" and the crime series "CSI," said Tuesday it is buying back about 47 million shares of its Class B stock for $1.4 billion through an accelerated repurchase transaction.
The buyback is in connection with a repurchase program announced Feb. 27.
Euro zone Q4 GDP up 0.9 pct from Q3, unchanged vs provisional
BRUSSELS (AFX) - Euro zone GDP grew 0.9 pct in the fourth quarter from the third quarter, and was up 3.3 pct year-on-year, EU statistics office Eurostat said.
The figures are unchanged from Eurostat's provisional estimate, published on Feb 13.
