LONDON, March 10- GlaxoSmithKline said on Monday it had paid 64 billion rupees to increase its stake in its Indian pharmaceuticals unit to 75 percent, as it banks on rising demand for medicines in emerging markets. Britain's biggest drugmaker first announced plans to lift the holding in GlaxoSmithKline Pharmaceuticals from 50.7 percent in December.» Read More
NEW YORK-- An analyst lowered his rating on Wendy's Co. on Monday, saying that he has concerns that a key revenue metric may disappoint in the third quarter.
LONDON-- European stocks edged higher on Monday as investors cautiously welcomed the result of stress tests of Spain's banks. But the threat that Moody's might downgrade the country's debt rating to junk status limited gains. Britain's FTSE 100 rose 1 percent to 5,800.63 while Spain's Ibex was up 0.6 percent at 7,752.10.
MADRID-- Spain's Prime Minister Mariano Rajoy and Economy Minister Luis de Guindos were to hold separate rounds of talks Monday with European commissioner for monetary affairs Olli Rehn to discuss the country's efforts to manage its stricken finances and whether it will need to seek further financial aid from the region.
WASHINGTON-- U.S. manufacturing likely shrank in September for the fourth straight month, a troubling sign that growth will stay weak. Economists surveyed by FactSet forecast that the Institute for Supply Management's manufacturing index was unchanged at 49.6. Europe's financial crisis has plunged much of that region into recession.
JAMBI, Indonesia-- Officials say heavy smoke from fires set by slash-and-burn farmers has so thoroughly blanketed a city in western Indonesia that the airport has had to delay flights. State-run airline Garuda Indonesia is canceling all of this week's morning flights out of Sultan Taha airport in the city of Jambi.
TOKYO-- Major Japanese manufacturers are increasingly gloomy due to weakening growth at home and overseas, a quarterly survey by Japan's central bank showed Monday. Sinking exports due to feeble demand in crisis-stricken Europe and anti-Japanese protests in China have reinforced the gloom among leading companies.
LISBON, Portugal-- Lisbon commuters are finding it hard to get to work as Portuguese train engineers begin five days of stoppages to contest austerity measures imposed by the country's government.
Europe's problems are dragging down the global economy. Six countries in the eurozone _ Greece, Spain, Italy, Cyprus, Malta and Portugal _ are already in recession. Howard Archer, the chief economist for IHS Global Insight, said it will take some time before Europe's labor market rebounds.
Athens needs the lenders to approve a proposed package of spending cuts and tax hikes to receive the next installment of emergency loans intended to keep Greece from defaulting on its massive debts. Britain's FTSE 100 rose 1 percent to 5,801.13. In Asia, markets in China, Hong Kong and South Korea were closed for public holidays.
JOHANNESBURG-- South Africa's National Union of Mineworkers says one of its officials was seriously injured in a petrol-bomb attack on his house amid ongoing unrest in the country's vital mining industry.
HELSINKI-- Finnish utility TVO is claiming 1.8 billion in compensation from nuclear supplier Areva-Siemens for a five-year delay in the construction of the Olkiluoto 3 nuclear power plant.
BRUSSELS-- Official data show that unemployment in the 17 countries that use the euro remained at its record high of 11.4 percent in August. While European leaders have managed to calm financial markets in recent months with promises to cut spending and build a tighter union, they have been unable to halt the rising tide of joblessness.
BERLIN-- The chief executives of BAE Systems PLC and EADS NV sought to drum up support Monday for the merger of their two aeronautics and defense companies in the face of growing criticism to the deal, saying in a joint newspaper article an agreement would help both organizations grow.
ST. LOUIS-- Bacon lovers can relax. "Use of the word `shortage' caused visions of gasoline lines in a lot of people's heads, and that's not the case," said Steve Meyer, president of Iowa- based Paragon Economics and a consultant to the National Pork Producers Council and National Pork Board.
MADRID-- Investors are giving a lukewarm welcome to Spain's new austerity measures and bank stress test results aimed at convincing Europe Union authorities that Madrid is serious about managing its finances. The interest rate for benchmark 10- year-bonds edged down 0.16 percentage points to 5. 83 percent Monday while Madrid's IBEX index was up 0.7 percent.
BERLIN-- The outlook for the airline industry is improving, with profits expected to reach $4.1 billion this year and $7.5 billion in 2013, the International Air Transport Association said Monday. Tyler blamed Europe's economic crisis, oil prices averaging $110 a barrel, weak cargo demand and low business confidence for the slowdown.
As of Monday, Medicare will start fining hospitals that have too many patients readmitted within 30 days of discharge due to complications. About two-thirds of the hospitals serving Medicare patients, or some 2,200 facilities, will be hit with penalties averaging around $125,000 per facility this coming year, according to government estimates.
WASHINGTON-- The U.S. Chamber of Commerce, which has spent tens of millions of dollars on television ads to help boost Republican congressional candidates, launched an extensive effort on Monday to mobilize voters. It also will include information on House and Senate races and a comparison of the candidates on the issues.
ATHENS, Greece-- Greece's finance minister will submit the 2013 draft budget to Parliament on Monday, as the government resumed negotiations with international creditors over a two-year additional austerity package.