Bloomberg:
- FedEx Corp.(FDX) will buy its joint venture partner in China for $400 million as the country’s economic expansion boosts demand for the transport of goods.
- ImClone Systems(IMCL) may put itself up for sale after it replaced CEO Frost and said its fourth-quarter earnings were half as much as analysts estimated.
- Janus Capital(JNS) named David Corkins to run its $11.2 billion flagship Janus Fund, which has trailed rivals under manager Blaine Rollins.
- The US Senate Judiciary Committee, voting 10-8, cleared the way for the full Senate to consider confirming Supreme Court nominee Samuel A. Alito Jr. to succeed retiring Justice Sandra Day O’Connor.
- Steve Klinsky, a former partner at buyout firm Forstmann Little, is raising $750 million for a hedge fund to invest in companies and lobby for changes to boost their share prices.
Wall Street Journal:
- DaimlerChrysler AG(DCX) is likely to say today that it plans to reduce management staff by about a fifth.
- NY-based Pfizer(PFE) finds the task of seeking to stem the tide of counterfeit drugs coming out of China without alienating officials there to be a careful balance.
- US forces in Iraq are working to build up the confidence and efficiency of Iraqi troops as part of an administration effort to hand over military control to local units.
NY Times:
- Walt Disney(DIS) may announce today plans to acquire Pixar Animation(PIXR) for $7 billion in stock.
Focus-Money:
- Volkswagen AG is working on a hybrid diesel engine that will be ready for market in 2008, citing an unidentified Volkswagen manager.
Moscow Times:
- Boeing Co.(BA) expects to do $3 billion worth of business in Russia in the next five years, 20% more than in the last five years, citing Michael Cave, Boeing vp for airplane programs.
Xinhua News Agency:
- About two-thirds of Chinese aluminum producers lost money in the first eleven months of 2005 because of a domestic glut and rising costs of alumina, the main raw material, citing the National Development and Reform Commission.
Interfax:
- Russia replaced 61% of the oil it extracted last year and 110% of the gas it produced, the first time in 15 years that gas reserves grew faster than output, citing the resources agency.
- OAO Gazprom will invest $1.5 billion in oil and gas projects with Uzbekistan’s state energy company, citing Uzbek President Karimov.
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