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Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Australia rates at four year high..Australia is raising its benchmark interest rate to its highest level in four years despite signs of a slowdown in the country's economy...The Reserve Bank of Australia lifted interest rates 0.25% to 5.5%, their first upwards move in more than a year. However, shortly after the Bank made its decision, new figures showed a fall in economic growth in the last quarter. The Bank said it had acted to curb inflation but the move was criticised by some analysts...The rate hike was the first since December 2003 and had been well-flagged in advance. However, opposition parties and some analysts said the move was ill-timed given data showing the Australian economy grew just 0.1% between October and December and 1.5% on an annual basis...The figures, representing a decline from the 0.2% growth in GDP seen between July and September, were below market expectations. Consumer spending remains strong, however, and the Bank is concerned about growing inflationary pressures. "Over recent months it has become increasingly clear that remaining spare capacity in the labour and goods markets is becoming rather limited," said Ian Macfarlane, Governor of the Reserve Bank...At 2.6%, inflation remains within the Bank's 2-3% target range. However, exports declined in the second half of 2004, fuelling a rise in the country's current account deficit - the difference in the value of imports compared to exports - to a record Australian dollar 29.4bn. The Australian government said the economy remained strong with unemployment at a near 30 year low. "The economy has been strong and it is properly moderating but it doesn't look to me like it's slowing in any unreasonable way," said Treasurer Peter Costello. Stock markets had factored in the likelihood of a rate rise but analysts still expressed concern about the strength of the economy. "That 1.5% annual growth rate is the lowest we have seen since the post-election slump we saw back in 2000-1," said Michael Blythe, chief economist at the Commonwealth Bank of Australia. "This suggests the economy really did slow very sharply in the second half of 2004." | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | US company admits Benin bribery..A US defence and telecommunications company has agreed to pay $28.5m after admitting bribery in the West African state of Benin...The Titan corporation was accused of funnelling more than $2m into the 2001 re-election campaign of President Mathieu Kerekou. At the time, Titan was trying to get a higher price for a telecommunications project in Benin. There is no suggestion that Mr Kerekou was himself aware of any wrongdoing. Titan, a California-based company, pleaded guilty to falsifying its accounts and violating US anti-bribery laws. It agreed to pay $13m in criminal penalties, as well as $15.5m to settle a civil lawsuit brought by the US financial watchdog, the Securities and Exchange Commission (SEC)...The SEC had accused Titan of illegally paying $2.1m to an unnamed agent in Benin claiming ties with President Kerekou. Some of the money was used to pay for T-shirts with campaign slogans on them ahead of the 2001 election. Shortly after the poll, which Mr Kerekou won, Benin officials agreed to quadruple Titan's management fee. Prosecuting attorney Carol Lam said: "All US companies should take note that attempting to bribe foreign officials is criminal conduct and will be appropriately prosecuted." The company says it no longer tolerates such practices. Under the US Foreign Corrupt Practices Act, it is a crime for American firms to bribe foreign officials. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | US insurer Marsh cuts 2,500 jobs..Up to 2,500 jobs are to go at US insurance broker Marsh & McLennan in a shake up following bigger-than-expected losses...The insurer said the cuts were part of a cost-cutting drive, aimed at saving millions of dollars. Marsh posted a $676m (£352m) loss for the last three months of 2004, against a $375m (£195.3m) profit a year before. It blamed an $850m payout to settle a price-rigging lawsuit, brought by New York attorney general Elliot Spitzer. Under the settlement announced in January, Marsh took a pre-tax charge of $618m in the October-to-December quarter, on top of the $232m charge from the previous quarter. "Clearly 2004 was the most difficult year in MMC's financial history," Marsh chief executive Michael Cherkasky said...An ongoing restructuring drive at the group also led to a $337m hit in the fourth quarter, the world's biggest insurer said...Analysts expect its latest round of cuts to focus on its brokerage unit, which employs 40,000 staff. The latest layoffs will take the total number of jobs to go at the firm to 5,500 and are expected to lead to annual savings of more than $375m. As part of its efforts to cut costs, the company said it was halving its dividend payment to 17 cents a shares from 34 cents, a move which should enable it to save $360m. Looking ahead, Mr Cherkasky forecast profitable growth for the year ahead "with an operating margin in the upper-teens, and with the opportunity for further margin expansion". Meanwhile, the company also announced it would spin-off its MMC Capital private equity unit, which manages the $3bn Trident Funds operation, to a group of employees. Marsh did not say when the move would take place, but said it had signed a letter of intent...The insurer hit the headlines in October last year when it faced accusations of price rigging. New York Attorney General Elliot Spitzer sued the company, accusing it of receiving illegal payments to steer clients to selected firms as well as rigging bids and fixing prices. In January, Marsh agreed to pay $850m to settle the suit - a figure in line with the placement fees it collected in 2003 - and agreed to change its business practices. In February, a former senior executive pleaded guilty to criminal charges in a wide-ranging probe of fraud and bid-rigging in the insurance industry. In January, a former senior vice president also pleaded guilty to criminal charges related to the investigation. In an effort to reform its business practises, Marsh said it has already introduced new leadership, new compliance procedures and new ways of dealing with customers. "As a result, we are ready to put these matters behind us and move ahead in 2005 to restore the trust our clients have placed in us and to rebuild shareholder value," Mr Cherkasky said. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | US seeks new $280bn smoker ruling..The US Justice Department is to try to overturn a court ruling that threw out its claim for $280bn (£149bn) in damages from tobacco firms...Earlier this month, a three-judge appeal court panel rejected the claim - filed in 1999 by the administration of Bill Clinton - in a 2-1 decision. Government lawyers said they would ask the full US Court of Appeals for the District of Columbia to hear the case. The court room battle is seen as key in government attempts to fight smoking. "It's pretty clear that they've suffered a severe setback," said Anthony Sebok, a professor at Brooklyn Law School, adding that the appeal was what the government "would be expected to ask for"...Prosecutors had argued that tobacco firms lied about the dangers of smoking, ignored research that highlighted problems, looked to increase addiction by manipulating nicotine levels and targeted the young with their adverts. Among the firms accused were Altria Group, RJ Reynolds Tobacco, Lorillard Tobacco, Liggett Group and Brown and Williamson. Prosecutors went after the companies using legislation put in place to fight organised crime, and accused the firms of conspiring and running "Racketeer Influenced and Corrupt Organisations". The tobacco companies denied the charges, saying that they never illegally conspired to promote smoking and fool the public. They also said that they have met many of the government's demands laid out in a landmark $206bn settlement hammered out in 1998 with 46 states. A three-judge panel agreed with the companies, finding that the case could not be brought under federal anti-racketeering laws...Central to the government's case was a meeting in the Plaza Hotel, New York, on 15 December, 1953. Prosecutors contend that executives from the major tobacco firms met and agreed to present a unified strategy denying the harmful effects of smoking. Despite denying for decades that smoking could be linked to illness, the companies have modified their stances in recent years. Altria's Philip Morris now accepts that nicotine is harmful, and the company's main lawyer William Ohlemeyer told the BBC last year that earlier statements may have been wrong but they were not dishonest. Government lawyers have until 21 March to file their appeal. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Budget Aston takes on Porsche..British car maker Aston Martin has gone head-to-head with Porsche's 911 sports cars with the launch of its cheapest model yet...With a price tag under £80,000, the V8 Vantage is tens of thousands of pounds cheaper than existing Aston models. The Vantage is "the most important car in the history of our company", said Aston's chief executive Ulrich Bez. Aston - whose cars were famously used by James Bond - will unveil the Vantage at the Geneva Motor Show on Thursday. Mr Bez - himself a former executive at rival Porsche - said the new car was the company's "most affordable car ever and makes the brand accessible". This in turn would make Aston Martin "globally visible, but still very, very exclusive", he added...First shown as a concept car at the 2003 North American International Auto Show in Detroit, the V8 Vantage will be available in the UK in late summer. Development costs for the Vantage have been kept low by sharing a platform with Aston's DB9, which Mr Bez described as "the previous most important car for our company". There is currently an 18 months waiting list for the DB9, Mr Bez said. The Vantage will be built at the new Aston factory in Gaydon, near Warwick, and should more than double Aston's total output from about 2,000 presently. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Golden rule 'intact' says ex-aide..Chancellor Gordon Brown will meet his golden economic rule "with a margin to spare", according to his former chief economic adviser...Formerly one of Mr Brown's closest Treasury aides, Ed Balls hinted at a Budget giveaway on 16 March. He said he hoped more would be done to build on current tax credit rules. Any rate rise ahead of an expected May election would not affect the Labour Party's chances of winning, he added. Last July, Mr Balls won the right to step down from his Treasury position and run for parliament, defending the Labour stronghold of Normanton in West Yorkshire...Mr Balls rejected the allegation that Mr Brown had been sidelined in the election campaign, saying he was playing a "different" role to the one he played in the last two elections. He rejected speculation that Mr Brown was considering becoming Foreign Secretary, saying his recent travels had been linked to efforts to boost international development. Gordon Brown's decision to announce the date of the Budget while on a trip to China was a "sensible thing to do", since he was talking about skills and investment at the time, Mr Balls told the BBC. Commenting on speculation of an interest rate rise, he said it was not within the remit of the Bank of England's Monetary Policy Committee (MPC) to factor a potential election into its rate decisions. Expectations of a rate rise have gathered pace after figures showed that house prices are still rising. Consumer borrowing rose at a near-record pace in January. "I don't believe it would be a big election issue in Britain or a problem for Labour," Mr Balls said. Prime Minister Tony Blair has yet to name the date of the election, but most pundits are betting on 5 May as the likely day. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Liberian economy starts to grow..The Liberian economy started to grow in 2004, but "sustained and deep reform efforts" are needed to ensure long term growth, the International Monetary Fund (IMF) has said...An IMF mission made the comments in a report published following 10 days of talks with the transition government. The IMF said that, according to data provided by the Liberians, the country's GDP rose by 2% in 2004, after a 31% decline in 2003. Liberia is recovering from a 14-year civil war that came to an end in 2003. The power-sharing National Transition Government of Liberia will remain in place until elections on 11 October, the first presidential and parliamentary ballots since the conflict ended...The IMF said Liberia's economy started to grow last year thanks to a "continued strong recovery in rubber production, domestic manufacturing and local services including post-conflict reconstruction". The IMF however remains cautious about what it sees as a lack of transparency in government actions. In particular, it pointed to mystery surrounding the sale of iron ore stockpiles and the alleged disappearance of some import and export permits. These matters are now being investigated by the Liberian authorities and the IMF has called for their findings to be made public. The IMF also said it was crucial that the Central Bank of Liberia be strengthened, the national budget be effectively managed and a sound economic basis built to allow the country's large external debt to be addressed. "The IMF team stands ready to assist the (Liberian) authorities in strengthening the areas mentioned," said the report. "The team agreed with the (Liberian) authorities that the period until elections and the inauguration of a new government will pose exceptional challenges to fiscal management, and expresses its willingness to provide...continued support." | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Slowdown hits US factory growth..US industrial production increased for the 21st month in a row in February, but at a slower pace than in January, official figures show...The Institute for Supply Management (ISM) index fell to 55.3 in February, from an adjusted 56.4 in January. Although the index was lower than in January, the fact that it held above 50 shows continued growth in the sector. "February was another good month in the manufacturing sector," said ISM survey chairman Norbert Ore..."While the overall rate of growth is slowing, the overall picture is improving as price increases and shortages are becoming less of a problem. Exports and imports remain strong," he said. Analysts had expected February's figure to be stronger than January's and come in at 57. Of the 20 manufacturing sectors surveyed by ISM, 13 reported growth. They included the textiles, apparel, tobacco, chemicals and transportation sectors. The ISM's index of national manufacturing activity is compiled from the responses of purchasing executives at more than 400 industrial companies. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Lufthansa flies back to profit..German airline Lufthansa has returned to profit in 2004 after posting huge losses in 2003...In a preliminary report, the airline announced net profits of 400m euros ($527.61m; £274.73m), compared with a loss of 984m euros in 2003. Operating profits were at 380m euros, ten times more than in 2003. Lufthansa was hit in 2003 by tough competition and a dip in demand following the Iraq war and the killer SARS virus. It was also hit by troubles at its US catering business. Last year, Lufthansa showed signs of recovery even as some European and US airlines were teetering on the brink of bankruptcy. The board of Lufthansa has recommended paying a 2004 dividend of 0.30 euros per share. In 2003, shareholders did not get a dividend. The company said that it will give all the details of its 2004 results on 23 March. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Japanese growth grinds to a halt..Growth in Japan evaporated in the three months to September, sparking renewed concern about an economy not long out of a decade-long trough...Output in the period grew just 0.1%, an annual rate of 0.3%. Exports - the usual engine of recovery - faltered, while domestic demand stayed subdued and corporate investment also fell short. The growth falls well short of expectations, but does mark a sixth straight quarter of expansion...The economy had stagnated throughout the 1990s, experiencing only brief spurts of expansion amid long periods in the doldrums. One result was deflation - prices falling rather than rising - which made Japanese shoppers cautious and kept them from spending...The effect was to leave the economy more dependent than ever on exports for its recent recovery. But high oil prices have knocked 0.2% off the growth rate, while the falling dollar means products shipped to the US are becoming relatively more expensive...The performance for the third quarter marks a sharp downturn from earlier in the year. The first quarter showed annual growth of 6.3%, with the second showing 1.1%, and economists had been predicting as much as 2% this time around. "Exports slowed while capital spending became weaker," said Hiromichi Shirakawa, chief economist at UBS Securities in Tokyo. "Personal consumption looks good, but it was mainly due to temporary factors such as the Olympics. "The amber light is flashing." The government may now find it more difficult to raise taxes, a policy it will have to implement when the economy picks up to help deal with Japan's massive public debt. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Unilever shake up as profit slips..Anglo-Dutch consumer goods giant Unilever is to merge its two management boards after reporting "unsatisfactory" earnings for 2004...It blamed the poor results on sluggish decision making, a rise in discounted retailers and a wet European summer. The company also cited difficult trading conditions and a lack of demand for goods such as its Slimfast range. Unilever, which owns brands including Dove soap, said annual pre-tax profit fell 36% to 2.9bn euros (£1.99bn). Shares fell 1% to 510.75 pence in London, and dropped by 1.2% to 50.50 euros in Amsterdam...Under the restructuring plans, Patrick Cescau, the UK-based co-chairman, will become group chief executive. Dutch co-chairman Antony Burgmans will take on the role of non-executive chairman..."We have recognised the need for greater clarity of leadership and we are moving to a simpler leadership structure that will provide a sharper operational focus," Mr Burgmans said. "We are leaving behind one of the key features of Unilever's governance but this is a natural development following the changes introduced last year." The company, which has had dual headquarters in Rotterdam and London since 1930, will announce the location of its head office at a later date. Unilever is not alone in trying to simplify its business. Oil giant Shell last year dismantled its dual-ownership structure, after a series of problems relating to the size of its oil reserves that hammered its share price and led to the resignation of key board members. "The best part of the news this morning was that the company announced a structure simplification," said Arjan Sweere, an analyst at Petercam...The company said the organizational changes would speed decision making, and it also may make further changes...The company said its main focus will be on improving profits, and it is planning to accelerate and increase investment in its 400 main brands. "While it is certainly the case that markets have been tougher in the past eighteen months than we had expected, we have also lost some market share," said Mr Cescau. "We let a range of targets limit our ability flexibility and did not adjust our plans quickly enough to a more difficult business environment." "Our objective is to reverse the share loss that we experienced in some markets in 2004 and return to growth."..Unilever said European sales fell 2.8% last year, dragged down by below part sales at its beverage division, where revenues dipped by almost 4%...Sales of ice cream and frozen food dipped by 3.4% In the US last year, revenue grew by 1.5% "despite disappointing sales in Slimfast", the company said. In Asia, leading products came under "attack" from rivals such as Procter & Gamble. Unilever took a 1.5bn euro one-time charge in the fourth quarter, including a 650m euro write-down on Slimfast diet foods. Sales of Slimfast products have been hit in recent years by the popularity of the Atkins diet. But looking ahead, Unilever said it was optimistic about prospects for its slimming products saying that demand is on the wane for rival low-carbohydrate diets. The company also said it planned to spend 500m euros this year buying back shares. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | France Telecom gets Orange boost..Strong growth in subscriptions to mobile phone network Orange has helped boost profits at owner France Telecom...Orange added more than five million new customers in 2004, leading to a 10% increase in its revenues. Increased take-up of broadband telecoms services also boosted France Telecom's profits, which showed a 5.5% rise to 18.3bn euros ($23.4bn; £12.5bn). France Telecom is to spend 578m euros on buying out minority shareholders in data services provider Equant...France Telecom, one of the world's largest telecoms and internet service providers, saw its full-year sales rise 2.2% to 47.2bn euros in 2004...Orange enjoyed strong growth outside France and the United Kingdom - its core markets - swelling its subscriber base to 5.4 million. France Telecom's broadband customers also increased, rising to 5.1 million across Europe by the end of the year. The firm said it had met its main strategic objectives of growing its individual businesses and further reducing its large debt. An ill-fated expansion drive in the late 1990s saw France Telecom's debt soar to 72bn euros by 2002. However, this has now been reduced to 43.9bn euros. "Our results for 2004 allow us to improve our financial structure while focusing on the innovation that drives our strategy," said chief executive Thierry Breton...Looking ahead, the company forecast like-for-like sales growth of between 3% and 5% over the next three years. France Telecom is consolidating its interest in Equant, which provides telecoms and data services to businesses. Subject to approval by shareholders of the two firms, it will buy the shares in Equant it does not already own. France Telecom said it would fund the deal by selling an 8% stake in telephone directory company PagesJaunes. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Brussels raps mobile call charges..The European Commission has written to the mobile phone operators Vodafone and T-Mobile to challenge "the high rates" they charge for international roaming...In letters sent to the two companies, the Commission alleged the firms were abusing their dominant market position in the German mobile phone market. It is the second time Vodafone has come under the Commission's scrutiny. The UK operator is already appealing against allegations that its UK roaming rates are "unfair and excessive". Vodafone's response to the Commission's letter was defiant. "We believe the roaming market is competitive and we expect to resist the charges," said a Vodafone spokesman. "However we will need time to examine the statement of objections in detail before we formally respond."..The Commission's investigation into Vodafone and Deutsche Telekom's T-Mobile centres on the tariffs the two companies charge foreign mobile operators to access their networks when subscribers of those foreign operators use their mobile phones in Germany...The Commission believes these wholesale prices are too high and that the excess is passed on to consumers. "The Commission aims to ensure that European consumers are not overcharged when they use their mobile phones on their travels around the European Union," the Commission said in a statement. Vodafone and O2, Britain's other big mobile phone operator, were sent similar statements of objections by the Commission in July last year. Vodafone sent the Commission a response to those allegations in December last year and is now waiting for a reply. The Vodafone spokesman said a similar process would be set in motion with these latest statement of objections about its operations in Germany...The companies will have three months to respond to the Commission's allegations and the process "may go on for some time yet", the spokesman said. The Commission could charge the companies up to 10% of their annual turnover, though in practice that sort of figure is rarely demanded. The Commission's latest move comes just a few months after national telecoms regulators across Europe launched a joint investigation which could lead to people being charged less for using their mobile phone when travelling abroad. The investigation involves regulators assessing whether there is effective competition in the roaming market. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | WorldCom director admits lying..The former chief financial officer at US telecoms firm WorldCom has admitted before a New York court that he used to lie to fellow board members...Speaking at the trial of his former boss Bernard Ebbers, Scott Sullivan said he lied to the board to cover up the hole in WorldCom's finances. Mr Ebbers is on trial for fraud and conspiracy in relation to WorldCom's collapse in 2002. He pleads not guilty. The firm had been overstating its accounts by $11bn (£8.5bn). Mr Sullivan, 42, has already pleaded guilty to fraud and will be sentenced following Mr Ebbers' trial, where he is appearing as a prosecution witness. Mr Ebbers, 63, has always insisted that he was unaware of any hidden shortfalls in WorldCom's finances...In the New York court on Wednesday, Mr Ebbers' lawyer Reid Weingarten asked Mr Sullivan: "If you believe something is in your interest, you are willing and able to lie to accomplish it, isn't that right?".."On that date, yes. I was lying," replied Mr Sullivan. Mr Weingarten has suggested that Mr Sullivan is implicating Mr Ebbers only to win a lighter sentence, something Mr Sullivan denies. Mr Sullivan also rejects a suggestion that he had once told fellow WorldCom board member Bert Roberts that Mr Ebbers was unaware of the accounting fraud at WorldCom. The trial of Mr Ebbers is now into its third week...Under 23 hours of questioning from a federal prosecutor, Mr Sullivan has previously told the court that he repeatedly warned Mr Ebbers that falsifying the books would be the only way to meet Wall Street revenue and earnings expectations. Mr Sullivan claims that Mr Ebbers refused to stop the fraud. Mr Ebbers could face a sentence of 85 years if convicted of all the charges he is facing. WorldCom's problems appear to have begun with the collapse of the dotcom boom which cut its business from internet companies. Prosecutors allege that the company's top executives responded by orchestrating massive fraud over a two-year period. WorldCom emerged from bankruptcy protection in 2004, and is now known as MCI. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Glaxo aims high after profit fall..GlaxoSmithKline saw its profits fall 9% last year to £6.2bn ($11.5bn), but Europe's biggest drugmaker says a recovery during 2005 is on the way...Cheap copies of its drugs, particularly anti-depressants Paxil and Wellbutrin, and a weak dollar had hit profits, but global sales were up 1% in 2004. The firm is confident its new drug pipeline will deliver profits despite the failure of an obesity drug. Chief executive Jean-Pierre Garnier said it had been a "difficult year"...In early afternoon trade in London the company share price was down 1% at 1218 pence. Mr Garnier said the company had absorbed over £1.5bn of lost sales to generics but still managing to grow the business. "The continuing success of our key products means we can now look forward to a good performance in 2005," he said. "2005 will also be an important year in terms of research and development pipeline progress." However, the firm discontinued development of an experimental treatment for obesity, known as '771, after disappointing clinical trial results. Glaxo is relying on new treatments for conditions such as cancer, diabetes, depression, HIV/AIDS and allergies to lift the pace of sales growth after several disappointing years. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Japan bank shares up on link talk..Shares of Sumitomo Mitsui Financial (SMFG), and Daiwa Securities jumped amid speculation that two of Japan's biggest financial companies will merge...Financial newspaper Nihon Keizai Shimbun claimed that the firms will join up next year and already have held discussions with Japanese regulators. The firms denied that they are about to link up, but said they are examining ways of working more closely together. SMFG shares climbed by 2.7% to 717,000, and Daiwa added 5.3% to 740 yen...Combining SMFG, Japan's third-biggest lender, and Daiwa, the country's second-largest brokerage firm, would create a company with assets of more than $1,000bn (£537bn). SMFG President Yoshifumi Nishikawa said that the companies needed to bolster their businesses. "Both companies need to strengthen retail and other operations," he said, adding that "it's an issue we have in common". Daiwa said that "although it is true that the two groups have been engaging in various discussions to enhance cooperation, there are no plans to enter into negotiations to consolidate the two businesses". Analysts said that consolidation in Japan's financial sector was likely to continue and that it was likely to have a positive impact on earnings. "Cross-selling opportunities between banks and brokers are increasing thanks to deregulation, so we can expect the relationship to get even stronger," said Heronry Nozaki, an analyst at NikkoCitigroup. The merger "would be a good move," he added. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Car giant hit by Mercedes slump..A slump in profitability at luxury car maker Mercedes has prompted a big drop in profits at parent DaimlerChrysler...The German-US carmaker saw fourth quarter operating profits fall to 785m euros ($1bn) from 2.4bn euros in 2003. Mercedes-Benz's woes - its profits slid to just 20m euros - obscured a strong performance from the Chrysler group whose returns met market expectations. Mercedes faces fierce competition in the luxury car sector from BMW and but hopes to revive its fortunes by 2006...Mercedes' profits over the period compared unfavourably with 2003's 784m euro figure and were well below analyst expectations of 374m euros. For the year as a whole, its operating profits fell 46% to 1.6bn euros. Sales of Mercedes' brands fell 2% as demand cooled, while revenues were affected by the weakness of the US dollar...The carmaker blamed the fall in profits on high launch costs for new models and losses from its Mercedes Smart mini-car range. Mercedes is hoping to increase productivity by 3bn euros, having negotiated 500m euros in annual savings with German workers last year. The firm said it was determined to retain Mercedes' position as the world's most successful luxury brand. However, DaimlerChrysler's shares fell 1.5% on the news. "While all these divisions are doing well the big worries continue to surround Mercedes-Benz," Michael Rabb, an analyst with Bank Sal Oppenheim, told Reuters...In contrast, Chrysler enjoyed a 5% annual increase in unit sales while revenues - calculated in US dollars - rose 10%. The US division - whose marques include Dodge and Jeep - transformed a full year operating loss of 506m euros in 2003 into a 1.4bn euros profit last year...Overall, DaimlerChrysler saw worldwide vehicle sales rise 8% to 4.7 million in 2004 while total revenues added 4% to 142bn euros. Chrysler's strong performance helped the world's fifth largest carmaker boost net income by 400m euros to 2.5bn euros..."The year 2004 shows that our strategy works well - even in such a challenging competitive environment," said Jurgen Schrempp, DaimlerChrysler's chairman. DaimlerChrysler took a 475m euro hit in costs stemming from a defects scandal at its joint venture, Japanese subsidiary Fuso. DaimlerChrysler last week agreed a compensation package with partner Mitsubishi Motors which will see it buy out its stake in Fuso. Looking forward, DaimerChrysler's profits are expected to be slightly higher in 2005. However, it is expecting "significant improvements" in profitability in 2006 as a result of a major investment in the Mercedes product range. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Ericsson sees earnings improve..Telecoms equipment supplier Ericsson has posted a rise in fourth quarter profits thanks to clients like Deutsche Telekom upgrade their networks...Operating profit in the three months to 31 December was 9.5bn kronor (£722m; $1.3bn) against 6.3bn kronor last year. Shares tumbled, however, as the company reported a profit margin of 45.6%, less than the 47.3% forecast by analysts and down from 47.1% in the third quarter. Ericsson shares dropped 5.9% to 20.7 kronor in early trading on Thursday. However, the company remained optimistic about its earnings outlook after sales in the fourth quarter rose 9% to 39.4bn kronor. "Long-term growth drivers of the industry remain solid," Ericsson said in a statement...Chief executive Carl-Henric Svanberg explained that about "27% of the world's population now has access to mobile communications". "This is exciting for a company with a vision of an all-communicating world," he added. Mr Svanberg, however, warned that the extra demand that had driven 2004 sales had already dissipated and it was "business as usual". He added that sales in the first three months of 2005 would be subject to "normal seasonality". For the whole of 2004, Ericsson returned a net profit of 19bn kronor, compared with a loss of 10.8bn kronor in 2003. Sales climbed to 131.9 billion kronor from 117.7bn kronor in 2003. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Bank opts to leave rates on hold..The Bank of England has left interest rates on hold at 4.75% for a sixth month in a row...The Bank's Monetary Policy Committee (MPC) decided to take no action amid mixed signals from the economy. But some economists predict a further rise in the cost of borrowing will come later this year. Interest rates rose five times between November 2003 and August 2004 as soaring house prices and buoyant consumer data sparked inflation fears. Bank of England governor Mervyn King has recently warned against placing too much weight on one month's economic data, suggesting the MPC is waiting for a clearer picture to emerge. Economists see next week's inflation report from the MPC as key in assessing whether a further interest rate rise is necessary to keep the economy in check...Slower consumer spending and a quieter housing market are likely to have convinced the MPC that rates should be left unchanged in recent months. Inflation, however, has been rising faster than expected, hitting an annual rate of 1.6% in December - its highest level in six months. Data on Wednesday also showed manufacturing output rose at its fastest rate since May last month, reinforcing a view that economic growth was stronger than forecasts...And recent house surveys from the Halifax and Nationwide have indicated prices are still rising, albeit at a slower pace than in recent years. Philip Shaw, chief economist at Investec Securities, said he believed rates would remain at 4.75% for the rest of the year although strong economic data could lead to a further hike. "The economic landscape has changed quite considerably over the last couple of months, " he said. "Growth appears stronger and the MPC may become more concerned about inflation trends." Howard Archer, economist at Global Insight said the MPC "may well consider that the balance of risks to the growth and inflation outlook have moved from the downside to the upside"...Business groups welcomed the MPC's widely-expected move to leave rates on hold and cautioned against further rises. The British Chambers of Commerce (BCC) said it was "concerned by the clamour in some quarters" for early interest rate increases. "We believe that these demands should be firmly resisted," said David Frost, BCC director general. "Manufacturing still faces extremely serious problems and is performing poorly, in spite of the recent revised figures." Ian McCafferty, chief economist at the CBI, said the MPC faced an "interesting" challenge. "Consumers appear to have pulled in their horns over the holiday period, and exporters are struggling with the strength of sterling," he said. "However, the broader economy continues to show healthy growth, and the tight labour market and buoyant commodity prices are nudging inflation higher." | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Nigeria to boost cocoa production..The government of Nigeria is hoping to triple cocoa production over the next three years with the launch of an ambitious development programme...Agriculture Minister Adamu Bello said the scheme aimed to boost production from an expected 180,000 tonnes this year to 600,000 tonnes by 2008. The government will pump 154m naira ($1.1m; £591,000) into subsidies for farming chemicals and seedlings. Nigeria is currently the world's fourth-largest cocoa producer...Cocoa was the main export product in Nigeria during the 1960s. But with the coming of oil, the government began to pay less attention to the cocoa sector and production began to fall from a peak of about 400,000 tonnes a year in 1970. At the launch of the programme in the south-western city of Ibadan, Mr Bello explained that an additional aim of the project is to encourage the processing of cocoa in the country and lift local consumption. He also announced that 91m naira of the funding available had been earmarked for establishing cocoa plant nurseries. The country could be looking to emulate rival Ghana, which produced a bumper crop last year. However, some farmers are sceptical about the proposals. "People who are not farming will hijack the subsidy," said Joshua Osagie, a cocoa farmer from Edo state told Reuters. "The farmers in the village never see any assistance," he added...At the same time as Nigeria announced its new initiative, Ghana - the world's second largest cocoa exporter - announced revenues from the industry had broken new records. The country saw more than $1.2bn-worth of the beans exported during 2003-04. Analysts said high tech-production techniques and crop spraying introduced by the government led to the huge crop, pushing production closer to levels seen in the 1960s when the country was the world's leading cocoa grower. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | US interest rates increased to 2%..US interest rates are to rise for the fourth time in five months, in a widely anticipated move...The Federal Reserve has raised its key federal funds rate by a quarter percentage point to 2% in light of mounting evidence that the US economy is regaining steam. US companies created twice as many jobs as expected in October while exports hit record levels in September. Analysts said a clear-cut victory for President Bush in last week's election paved the way for a rise. Another rise could be in store for December, some economists warned...The Fed's Open Market Committee - which sets interest rate policy in the US - voted unanimously in favour of a quarter point rise. The Fed has been gradually easing rates up since the summer, with quarter percentage point rises in June, August and September...The Central Bank has been acting to restrain inflationary pressures while being careful not to obstruct economic growth. The Fed did not rule out raising rates once again in December but noted that any future increases would take place at a "measured" pace. In a statement, the Fed said that long-term inflation pressures remained "well contained" while the US economy appeared to be "growing at a moderate pace despite the rise in energy prices". Financial analysts broadly welcomed the Fed's move and shares traded largely flat. The Dow Jones Industrial average closed down 0.89 points, or 0.01%, at 10,385.48...Recent evidence has pointed to an upturn in the US economy. US firms created 337,000 jobs last month, twice the amount expected, while exports reached record levels in September. The economy grew 3.7% in the third quarter, slower than forecast, but an improvement on the 3.3% growth seen in the second quarter. Analysts claimed the Fed's assessment of future economic growth was a positive one but stressed that the jury was still out on the prospect of a further rise in December..."Let's wait until we see how growth and employment bear up under the fourth quarter's energy price drag before concluding that the Fed has more work to do in 2005," said Avery Shenfeld, senior economist at CIBC World Markets..."I think the Federal Reserve does not want to rock the boat and is using a gradual approach in raising the interest rate," said Sung Won Sohn, chief US economist for Wells Fargo Bank. "The economy is doing a bit better right now but there are still some concerns about geopolitics, employment and the price of oil," he added. The further rise in US rates is unlikely to have a direct bearing on UK monetary policy. The Bank of England (BoE) has kept interest rates on hold at 4.75% for the past three months, leading some commentators to argue that rates may have peaked. In a report published on Wednesday, the Bank said that with rates at their current level, inflation would rise to its 2% target within two years. However, BoE governor Mervyn King warned only last month that the era of consistently low inflation and low unemployment may be coming to an end. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | US bank in $515m SEC settlement..Five Bank of America subsidiaries have agreed to pay a total of $515m (£277m) to settle an investigation into fraudulent trading share practices...The US Securities and Exchange Commission announced the settlements, the latest in an industry-wide clean-up of US mutual funds. The SEC also said it had brought fraud charges against two ex-senior executives of Columbia Distributor. Columbia Distributor was part of FleetBoston, bought by BOA last year. Three other ex-Columbia executives agreed settlements with the SEC...The SEC has set itself the task of stamping out the mutual funds' use of market-timing, a form of quick-fire, short-term share trading that harms the interests of small investors, with whom mutual funds are particularly popular. In the last two years, it has imposed penalties totalling nearly $2bn on 15 funds. The SEC unveiled two separate settlements, one covering BOA's direct subsidiaries, and another for businesses that were part of FleetBoston at the time. In both cases, it said there had been secret deals to engage in market timing in mutual fund shares. The SEC agreed a deal totalling $375m with Banc of America Capital Management, BACAP Distributors and Banc of America Securities. It was made up of $250m to pay back gains from market timing, and $125m in penalties. It is to be paid to the damaged funds and their shareholders. Separately, the SEC said it had reached a $140m deal - equally split between penalties and compensation - in its probe into Columbia Management Advisors (CAM) and Columbia Funds Distributor (CFD) and three ex-Columbia executives. These businesses became part of BOA when it snapped up rival bank FleetBoston in a $47bn merger last March...The SEC filed civil fraud charges in a Boston Federal court against James Tambone, who it says headed CFD's sales operations, and his alleged second in command Robert Hussey. The SEC is pressing for the highest tier of financial penalties against the pair for "multiple violations", repayment of any personal gains, and an injunction to prevent future breaches, a spokeswoman for the SEC's Boston office told the BBC. There was no immediate comment from the men's' lawyers. The SEC's settlement with CAM and CFD included agreements with three other ex-managers, Peter Martin, Erik Gustafson and Joseph Palombo, who paid personal financial penalties of between $50-100,000. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Train strike grips Buenos Aires..A strike on the Buenos Aires underground has caused traffic chaos and large queues at bus stops in the Argentine capital...Tube workers walked out last week demanding a 53% pay rise and in protest against the installation of automatic ticket machines. Metrovias, the private firm which runs the five tube lines in the city, has offered an 8% increase in wages. The firm promised no jobs would be lost as a result of new ticket machines. It said it would put this commitment on paper...Underground staff have warned they will continue with the protests until the management put an acceptable offer on the table. The Argentine Work Ministry has been mediating in the conflict and it could call an "obligatory conciliation", which would force both sides to find a solution and put an end to the conflict. Some tube commuters have not hidden their frustration at the ongoing strike and have broken the windows of the underground trains, according to the local press. "We are taken as hostages. I don't know who is right, but the harm ones are us," said accountant Jose Lopez. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Bargain calls widen Softbank loss..Japanese communications firm Softbank has widened losses after heavy spending on a new cut-rate phone service...The service, launched in December and dubbed "Otoku" or "bargain", has had almost 900,000 orders, Softbank said. The firm, a market leader in high-speed internet, had an operating loss for the three months to December of 7.5bn yen ($71.5m; £38.4m). But without the Otoku marketing spend it would have made a profit - and expects to move into the black in 2006. The firm did not give a figure for the extent of profits it expected to make next year. It was born in the 1990s tech boom, investing widely and becoming a fast-rising star, till the end of the tech bubble hit it hard. Its recent return to a high profile came with the purchase of Japan Telecom, the country's third-biggest fixed-line telecoms firm. The acquisition spurred its broadband internet division to pole position in the Japanese market, with more than 5.1 million subscribers at the end of December. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | WMC profits up amid bid criticism..Australian mining firm WMC Resources has seen a fivefold rise in profits while continuing to be the target of a hostile takeover bid...WMC said it made net profits of 1.33bn Australian dollars ($1bn; £550m) in 2004, up from A$246bn the year before. It is currently arguing against an offer from Swiss Xstrata, which the firm raised to A$8.4bn last week after WMC said it was an undervaluation. Now reports say that the Australian government is against the deal...Trade Minister Mark Vaile has said that the bid may be "against the national interest". Mr Vaile, who was quoted in the Australian Financial Review, compared Xstrata's attempt to take over WMC to a similar bid by oil giant Shell for Australia's Woodside Petroleum in 2001. The bid was thrown out by Treasurer Peter Costello on national interest grounds. WMC's interests in uranium deposits were a contributing factor, Mr Vaile said. WMC itself, however, has no objection in principle to being bought out, having spun off its aluminium operations in 2002 to make itself a more tempting target - as long as the price is right. Its stellar performance in 2004 has been built on sky-high prices for metals. Copper and nickel in particular have been in high demand thanks to China's booming economy, which expanded more than 9% in each of the past two years. Nickel prices rose 43% during the year, with copper up 36%. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Barclays profits hit record level..Barclays, the UK's third-biggest bank, has seen annual pre-tax profits climb to record levels boosted by a sharp rise in business at its investment arm...Profits for the year to 31 December rose 20% to £4.6bn ($8.6bn). Barclays' chief John Varley said the bank had "caught the winds" of a very strong world economy. Earnings at Barclays Capital investment bank rose 25% to £1.04bn, but investment in branch operations held back growth in its UK retail business...The group is the first of Britain's five big banks to report 2004 results. According to analysts' forecasts, HSBC, the biggest UK bank by stock market valuation, will report profits of £9.4bn later this month...Barclays results were in line with market expectations. Its Global Investors wing made £347m, an 82% jump on 2003 figures. Profits at Barclaycard rose by 5% to £801m but were said to have been affected by a series of interest rate rises and investment to grow its customer base. The bank also blamed margins pressure on its mortgage business and spending on its branches over the past year for a 1% fall in profits in its UK retail division to £1.13bn..."The outlook for 2005 is good as a result of balance sheet growth and investments made in 2004," Mr Varley said. Barclays cautioned that growth this year may be slower than in 2004 on the back of softer US and Chinese economies and the impact of interest rate rises on household spending in the UK. It added its bid to acquire a controlling stake in South Africa's leading retail bank Absa, was being considered by regulatory authorities. Speaking on BBC Radio 4, Mr Varley declined to be drawn on reports that Barclays had held merger talks with US bank Wells Fargo. A tie-up between Barclays and California-based Wells Fargo would create the world's fourth biggest bank, valued at $180bn. At 1405 GMT, shares in Barclays were trading down 0.67% at 590 pence. "The headline numbers are in line, but the story is costs," said analyst Alex Potter at Lehman Brothers. "They are a bit more aggressive than we had expected. The cost overshoot is not in Barclays Capital but in the UK bank." | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Yukos owner sues Russia for $28bn..The majority owner of embattled Russian oil firm Yukos has sued the Russian government for $28.3bn (£15.2bn)...The Kremlin last year seized and sold Yukos' main production arm, Yugansk, to state-run oil group Rosneft for $9.3bn to offset a massive back tax bill. Group Menatep, the Gibraltar-based holding company which controls 51% of Yukos, says this was illegal. Menatep has already asked Rosneft to repay a $900m loan that Yugansk had secured on its assets...The Russian government's argument for selling Yuganskneftegaz - the unit's full name - was that Yukos owed more than $27bn in back taxes for the years from 2000 onwards. It accused the firm of using a web of offshore firms to avoid its tax liabilities, and the courts sent in bailiffs to freeze Yukos accounts and seize Yugansk...But critics say the sell-off, and the assault on Yukos' finances, are part of an attempt to bring the energy industry back under state control. According to Menatep, the government's actions were contrary to the 1994 Energy Charter Treaty, which was designed to regulate disagreements over energy investments. "We have warned the Russian government about their continuing attacks against Yukos, its personnel and its shareholders and we have warned any buyer of Yuganskneftegaz that they would face a lifetime of litigation," said Tim Osborne, a director of Group Menatep. "The time for warning is over and actions to recover the value of our losses begin in earnest today."..Menatep said the value of its Yukos shareholding had gone from $17.8bn to "virtually nothing" since 2003 as a result of the Russian government's action, as its shares have fallen 97%. According to its Paris lawyer, Emmanuel Gaillard of Shearman and Sterling, the overall claim is based on that figure, with a 60% addition for the share gains that could have accrued since then. Arbitration of the lawsuit could take place in Stockholm or The Hague, Mr Gaillard said. While Russia has signed the Charter, it has never ratified it - which some experts say could make it difficult for Menatep to press its case. But Mr Gaillard told BBC News that the Charter came into effect on signature, not ratification. "Russia has said in the past that it is bound by it, so as to attract foreign investors," he said...Yukos is still waiting to see what will happen to its filing in a US court for bankruptcy protection. It took the action to try to prevent the forced sale of Yugansk - first to a little-known shell company, which in turn was bought by Rosneft. Yukos claims its downfall was punishment for the political ambitions of its founder Mikhail Khodorkovsky. Mr Khodorkovsky, currently facing fraud and tax evasion charges of his own, was one of the founders of Menatep. He has since signed over his shareholding to one of his fellow investors. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Qantas sees profits fly to record..Australian airline Qantas has posted a record fiscal first-half profit thanks to cost-cutting measures...Net profit in the six months ending 31 December rose 28% to A$458.4m ($357.6m; £191m) from a year earlier. Analysts expected a figure closer to A$431m. Qantas shares fell almost 3%, however, after it warned that earnings growth would slow in the second half. Sales will dip by at least A$30m after the Indian ocean tsunami devastated many holiday destinations, Qantas said..."The tsunami affected travel patterns in ways that we were a bit surprised about," chief executive Geoff Dixon explained. "It certainly affected Japanese travel into Australia. As soon as the tsunami hit we saw ... a lessening with bookings for Australia." Higher fuel costs also are expected to eat into earnings in coming months. "We don't have as much hedging benefit in the second half as we had in the first," said chief financial officer Peter Gregg. Qantas is facing increased pressure from rivals such as low-cost carrier Virgin Blue and the Australian government is in talks about whether to allow Singapore Airlines to fly between the Australia and the US - one of Qantas' key routes...Even so, the firm is predicting that full-year earnings will increase from the previous 12 months. Analysts have forecast full-year profit will rise about 11% to around A$720 million ($563 million). Qantas boss Mr Dixon also said he would be reviewing the group's cost-cutting measures. During the first six months of the fiscal year, Qantas made savings of A$245m, and is on track to top its target of A$500m for the full year. Last month, the company warned it may transfer as many as 7,000 jobs out Australia, with Mr Dixon quoted as saying that the carrier could no longer afford to remain "all-Australian". | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Iraq to invite phone licence bids..Iraq is to invite bids for two telephone licences, saying it wants to significantly boost nationwide coverage over the next decade...Bids have been invited from local, Arab and foreign companies, Iraq's Ministry of Communications said. The winner will work in partnership with the Iraqi Telecommunications and Post Company (ITPC). The firms will install and operate a fixed phone network, providing voice, fax and internet services...The ministry said that it wanted to increase Iraq's "very low telephone service penetration rate from about 4.5% today to about 25% within 10 years." It also hopes to develop a "highly visible and changeable telecommunication sector". Details of the bidding and tender process will be published on the ministry's website on 9 February. It also is planning a road-show for investors in Amman, Jordan. The ministry said it would base its selection on criteria including the speed of implementation, tariff rates, coverage, and the firm's experience and financial strength. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Aviation firms eye booming India..India's defence minister has opened the country's Aero India 2005 air show with an invitation for global aerospace firms to outsource jobs to the nation...Pranab Mukherjee said such companies could take advantage of India's highly skilled workers and low wages. More than 240 civil and military aerospace firms from 31 countries are attending the show. Analysts said India could spend up to $35bn (£18.8bn) in the aviation market over the next 20 years. Giants such Boeing and Airbus - on the civil aviation front - as well as Lockheed Martin and France's Snecma - on the military side - are some of the firms attending the show. "There is tremendous scope for outsourcing from India in areas where the companies are competitive," said Mr Mukerjee. "We are keen to welcome international collaborations that are in conformity with our national goals."..Lockheed said it had signed an agreement with state-owned Hindustan Aeronautics (HAL) to share information on the P-3 Orion maritime surveillance aircraft...In fact, the Indian Armed Force is considering the buying of used P-3 Orion as well as F-16 fighter jets from Lockheed. The US military industry has show a strong interest to open a link with India, now that relations between the two countries have improved a lot. In fact, it is the first time the US Air Force will attend the air show since sanctions imposed in 1998 after India's nuclear tests were lifted. But the Indian Air Force is also considering proposals from other foreign firms such as France's Dassault Aviation, Sweden's Saab and Russia's Mikoyan-Gurevich. Meanwhile, France's Snecma has also said it plans a joint venture with HAL to make engine parts, with an initial investment of $6.5m...On the civilian front, Boeing announced a deal with India's HCL Technologies to develop a platform for the flight test system of its 787 Dreamliner aircraft. The US company also said it had agreed with a new Indian budget airline the sale of 10 737-800 planes for $630m. The airline, SpiceJet, will also have the option to acquire 10 more aircraft. Airbus has also recently signed fresh deals with two Indian airlines - Air Deccan and Kingfisher. In addition, the European company has plans to open a training centre in India. Meanwhile, flag carrier Air India is considering to buy 50 new aircraft from either Boeing or Airbus. "No other market is going to see the growth that will be seen here in the coming years," said Dinesh Keskar, senior vice president Boeing. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Russian oil merger excludes Yukos..The merger of Russian gas giant Gazprom and oil firm Rosneft is to go ahead, but will not include Yugansk, which was controversially bought last year...The merger, backed by Russian authorities, will allow foreigners to trade in Gazprom shares. Gazprom chief Alexei Miller confirmed Rosneft-owned Yugansk was not part of the deal and will instead be spun off. Under the agreement, the state will get a controlling share of Gazprom in exchange for Rosneft. The state wanted to control Gazprom before allowing foreigners to trade. Speaking on NTV television, which is controlled by Gazprom, Mr Miller added that Yugansk, which was swallowed up by Rosneft late last year, will operate as a separate, state-owned oil firm headed by current Rosneft chief Sergei Bogdanchikov. According to reports from Russian News Agency Interfax, the deal should go through in the next two to three months..."Obtaining majority control over Gazprom is the beginning of the liberalisation of the market in Gazprom shares," Mr Miller added. By opening up trading in Gazprom to foreigners, the firm will become a top emerging market play for traders. Currently, foreigners can only trade in Gazprom via a small issue of London-listed proxy shares. "This is positive news for the international investment community," Global Asset Management investment chief David Smith said. "The majority of investors are going to be happy," he added...However, analysts were disappointed that Yugansk would not be included in the deal. "Yugansk is a heavy cashflow generator and would have been a much better asset for Gazprom," Renaissance Capital energy analyst Adam Landes told Reuters news agency. But he said the latest development was simply an interim step to allow foreigners to trade in Gazprom. "Ultimately and industrially, Gazprom needs Yugansk," he added. Analysts said the deal would give Gazprom control of 8% of Russia's total oil production, an improvement on its current 2.5%, but still far less than the 20% share it would have gained had it also taken over Yugansk. However, the merged group will still remain outside Russia's top five oil producers - led by Lukoil with 11% of the market , followed by TNK-BP which is half owned by BP, and Surgutneftegaz. Instead, the merged Gazprom-Rosneft group will rank alongside Sibneft with 7% of the market. Yugansk was sold to a little-known shell company in a disputed auction in December, following what many thought was a politically-motivated attack on Yukos. The shell company was then snapped up by Rosneft. Yukos unsuccessfully sought to halt the auction by applying for bankruptcy through the US courts. The unit was auctioned by Russian authorities to help pay off a $27.5bn back-tax bill. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Brazil buy boosts Belgium's Inbev..Belgian brewing giant Inbev has seen its profits soar thanks to its acquisition of Brazil's biggest beer firm Ambev last year...Inbev, which makes Stella Artois, said pre-tax profits for 2004 rose 56% to 1.16bn euros ($1.5bn; £800m), and said it expected solid growth in 2005. The performance comes on sales up 21% at 8.6bn euros. The firm, formerly Interbrew, became the world's biggest brewer by volume when it bought Ambev in August 2004. The acquisition meant its sales by volume grew 57% in 2004, with four months of Ambev sales accounting for almost all of the increase. US beermaker Anheuser-Busch sells less beer by volume than Inbev but is bigger in terms of the value of its sales. Continuing demand for Inbev's products in the South American markets where its Brazilian arm is most popular means it expects to keep boosting its turnover. "It's the Brazil business that's doing it," said ING analyst Gerard Rijk of Inbev's strong performance. Ambev boosted its share of Brazil's beer market from 62% at the end of 2003 to more than 68% by December 2004, Inbev reported. In contrast, Inbev's European business saw volume sales fall 2.5%, although Central and Eastern European sales rose 12%. Overall, net profits were up 42% to 719m euros. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Salary scandal in Cameroon..Cameroon says widespread corruption in its finance ministry has cost it 1bn CFA francs ($2m; £1m) a month...About 500 officials are accused of either awarding themselves extra money or claiming salaries for "non-existent" workers. Prime Minister Ephraim Inoni, who vowed to tackle corruption when he came to office last year, said those found guilty would face tough punishments. The scam is believed to have begun in 1994...The prime minister's office said the alleged fraud was uncovered during an investigation into the payroll at the ministry. In certain cases, staff are said to have lied about their rank and delayed their retirement in order to boost their earnings. The prime minister's office said auditors had found "irregularities in the career structure of certain civil servants". It added that the staff in question "appear to have received unearned salaries, boosting the payroll"...Fidelis Nanga, a journalist based in the Cameroon capital Yaounde, said the government was considering taking criminal action against those found guilty and forcing them to repay any money owed. "The prime minister has given instructions for exemplary penalties to be meted out against the accused and their accomplices if found guilty," he told the BBC's Network Africa programme...Mr Inoni launched an anti-corruption drive in December after foreign investors criticised a lack of transparency in the country's public finances. In one initiative designed to improve efficiency, civil servants who arrived late for work were locked out of their offices. The government now intends to carry out an audit of payrolls at all other government ministries. In a report compiled by anti-corruption body Transparency International in 2003, graft was said to be "pervasive" in Cameroon. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | US adds more jobs than expected..The US economy added 337,000 jobs in October - a seven-month high and far more than Wall Street expectations...In a welcome economic boost for newly re-elected President George W Bush, the Labor Department figures come after a slow summer of weak jobs gains. Jobs were created in every sector of the US economy except manufacturing. While the separate unemployment rate went up to 5.5% from 5.4% in September, this was because more people were now actively seeking work...The 337,000 new jobs added to US payrolls in October was twice the 169,000 figure that Wall Street economists had forecast. In addition, the Labor Department revised up the number of jobs created in the two previous months - to 139,000 in September instead of 96,000, and to 198,000 in August instead of 128,000. The better than expected jobs data had an immediate upward effect on stocks in New York, with the main Dow Jones index gaining 45.4 points to 10,360 by late morning trading. "It looks like the job situation is improving and that this will support consumer spending going into the holidays, and offset some of the drag caused by high oil prices this year," said economist Gary Thayer of AG Edwards & Sons...Other analysts said the upbeat jobs data made it more likely that the US Federal Reserve would increase interest rates by a quarter of a percentage point to 2% when it meets next week. "It should empower the Fed to clearly do something," said Robert MacIntosh, chief economist with Eaton Vance Management in Boston. Kathleen Utgoff, commissioner of the Bureau of Labor, said many of the 71,000 new construction jobs added in October were involved in rebuilding and clean-up work in Florida, and neighbouring Deep South states, following four hurricanes in August and September. The dollar rose temporarily on the job creation news before falling back to a new record low against the euro, as investors returned their attention to other economic factors, such as the US's record trade deficit. There is also speculation that President Bush will deliberately try to keep the dollar low in order to assist a growth in exports. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Feta cheese battle reaches court..A row over whether only Greece should be allowed to label its cheese feta has reached the European Court of Justice...The Danish and German governments are challenging a European Commission ruling which said Greece should have sole rights to use the name. The Commission's decision gave the same legal protection to feta as to Italian Parma ham and French Champagne. But critics of the judgement say feta is a generic term, with the cheese produced widely outside Greece...The Commission's controversial 2002 ruling gave "protected designation of origin" status to feta cheese made in Greece, effectively restricting the use of the feta name to producers there...From 2007 onwards, Greek firms will have the exclusive use of the feta label and producers elsewhere in Europe must find another name to describe their products. The German and Danish governments argue that feta does not relate to a specific geographical area and that their firms have been producing and exporting the cheese for years. "In our opinion it is a generic designation and we do not have any other name or term for this type of cheese," Hans Arne Kristiansen, a spokesman for the Danish Dairy Board, told the BBC. Denmark is Europe's second largest producer of feta after Greece - producing about 30,000 tonnes a year - and exports its products to Greece. It is concerned that the ruling could threaten the production of other cheeses in Denmark such as brie. "It would cost millions if we wanted to introduce a new designation," Mr Kristiansen said. "That is just one of the costs."..The case will also have a major impact on Britain's sole feta producer, Yorkshire company Shepherds Purse Cheeses...Judy Bell, the company's founder, said it would cost a huge amount to rebrand its product. "If we lose we will have to go through a massive re-merchandising process and reorganisation," she said. "We have never tried to pull the wool over anyone's eyes - it's very clear from the label that it's Yorkshire feta." The original decision was a victory for Greece, where feta cheese is believed to have been produced for about 6,000 years. Feta is a soft white cheese made from sheep or goat's milk, and is an essential ingredient in Greek cuisine. Greece makes 115,000 tonnes, mainly for domestic consumption. The Court is expected to reach a verdict in the case in the autumn. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Ukraine revisits state sell-offs..Ukraine is preparing what could be a wholesale review of the privatisation of thousands of businesses by the previous administration...The new President, Viktor Yushchenko, has said a "limited" list of companies is being drawn up. But on Wednesday Prime Minister Yulia Tymoshenko said the government was planning to renationalise 3,000 firms. The government says many privatised firms were sold to allies of the last administration at rock-bottom prices. More than 90,000 businesses in all, from massive corporations to tiny shopfronts, have been sold off since 1992, as the command economy built up when Ukraine was part of the Soviet Union was dismantled...Ms Tymoshenko said prosecutors had drawn up a list of more than 3,000 businesses which were to be reviewed. "We will return to the state that which was illegally put into private hands."..A day earlier, Mr Yushchenko - keen to reassure potential investors - had said only 30 to 40 top firms would be targeted. The list "will be limited and final, and will not be extended after its completion", he said. An open-ended list could further damage outside investors' fragile faith in Ukraine, said Stuart Hensel of the Economist Intelligence Unit. But the government seemed keen not to make the review look like the kind of wholesale renationalisation which many fear in Russia, Mr Hensel said. As a result, it was planning to resell rather than keep firms in state hands. "They're aware of the need not to scare investors, and to be careful of internal divides within Ukraine," he said. "They don't want to be seen to be transferring assets from one set of oligarchs to a new set." Foreign investment in Ukraine, at about $40 a head in 2004, is one of the lowest among ex-Soviet states...Mr Yushchenko became president after two elections in December, the first of which was annulled amid allegations of voting irregularities and massive street protests...His opponent, Viktor Yanukovich, still has huge support in the country's eastern industrial heartland. Mr Yushchenko's administration has accused its predecessor, led by ex-President Leonid Kuchma, of corruption. The privatisation review's number one target is a steel mill sold to a consortium which included Viktor Pinchuk, Mr Kuchma's son-in-law, for $800m (£424m) despite higher bids from several foreign groups. The mill, Krivorizhstal, is one of the world's most profitable. "We say Krivorizhstal was stolen, and at any cost we will return it to the state," Mr Yushchenko told an investors' conference in Kiev...One of the jilted bidders, Netherlands-based group LNM, said it welcomed the possibility that the mill might be back on the market..."If the original privatisation is annulled and a new tender issued, then we would look at it with great interest," a spokesman told BBC News. A resale of Krivorizhstal could potentially triple the price, according to the Economist Intelligence Unit's Mr Hensel. But he warned that the government could decide to take the easy route of revaluing the company and charging the existing owners the revised price rather than undertaking a fresh sale. "That way, Mr Yushchenko can go to the public and say he has forced the oligarchs to play by the rules," he told BBC News. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Bank set to leave rates on hold..UK interest rates are set to remain on hold at 4.75% following the latest meeting of the Bank of England...The Bank's rate-setting committee has put up rates five times in the past year but rates have been on hold since September amid signs of a slowdown. Economic growth slowed in the previous quarter, as manufacturing output fell, while consumer confidence has slipped. There is also growing evidence that the previously booming UK housing market is now cooling...House prices fell 0.4% in October, according to the Nationwide, their biggest monthly fall since February 2001. Last month, Bank of England governor Mervyn King said that the economy had hit a "softer patch" after rapid economic growth in the first half of 2004. Richard Jeffrey, chief economist at Bridgewell Securities, said it was very unlikely that the Bank of England would put rates up again this time around. "There have been sufficient signs in the economy of a slowdown to stay the Bank of England's hand," he told BBC Radio 4's Today programme. However, Mr Jeffrey said he believed the slowdown in economic activity was temporary and it was dangerous to assume that rates had peaked. "I still think interest rates are going up," he said. "We are not out of the woods." | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Winter freeze keeps oil above $50..Oil prices carried on rising on Wednesday after cold weather on both sides of the North Atlantic pushed US crude prices to four-month highs...Freezing temperatures and heavy snowfalls took crude oil prices past $50 a barrel on Tuesday for the first time since November. Declines in the dollar have also contributed to the rising oil price. US crude was trading at $51.39 at 0710 GMT in Asian electronic trade on Wednesday. A barrel of US crude oil closed up $2.80 at $51.15 in New York on Tuesday. Opec members said on Tuesday that, given such high prices, the cartel saw no reason to cut its output...Although below last year's peak of $55.67 a barrel, which was reached in October, prices are now well above 2004's average of $41.48. Brent crude also rose in London trading, adding $1.89 to $48.62 at the close...Much of western Europe and the north east of America has been shivering under unseasonably low temperatures in recent days. The decline in the US dollar to a five-week low against the euro has also served to inflate prices. "The primary factor is the weak dollar," said Victor Shum, a Singapore-based analyst with Purvin and Gertz. Expectations that a rebound in the dollar would halt the oil price rise were not immediately borne out on Wednesday morning, as oil prices carried on upwards as the dollar strengthened against the euro, the pound and the yen...Several Opec members said on Tuesday that a cut in production was unlikely, citing rising prices and strong demand for oil from Asia. "I agree that we do not need to cut supply if the prices are as much as this," Fathi Bin Shatwan, Libya's oil minister, told Reuters. "I do not think we need to cut unless the prices are falling below $35 a barrel," he added. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | German jobless rate at new record..More than 5.2 million Germans were out of work in February, new figures show...The figure of 5.216 million people, or 12.6% of the working-age population, is the highest jobless rate in Europe's biggest economy since the 1930s. The news comes as the head of Germany's panel of government economic advisers predicted growth would again stagnate. Speaking on German TV, Bert Ruerup said the panel's earlier forecast of 1.4% was too optimistic and warned growth would be just 1% in 2005...The German government is trying to tackle the stubbornly-high levels of joblessness with a range of labour market reforms. At their centre is the "Hartz-IV" programme introduced in January to shake up welfare benefits and push people back into work - even if some of the jobs are heavily subsidised. The latest unemployment figures look set to increase the pressure on the government. Widely leaked to the German newspapers a day in advance, they produced screaming headlines criticising Chancellor Gerhard Schroeder's Social Democrat-Green Party administration. Mr Schroeder had originally come into office promising to halve unemployment...Still, some measures suggest the picture is not quite so bleak. The soaring official unemployment figure follows a change in the methodology which pushed up the jobless rate by more than 500,000 in January. Adjusted for seasonal changes, the overall unemployment rate is 4.875 million people or 11.7%, up 0.3 percentage points from the previous month. Using the most internationally-accepted methodology of the International Labour Organisation (ILO), Germany had 3.97 million people out of work in January. And ILO-based figures also suggest that 14,000 new net jobs were created that month, taking the number of people employed to 38.9 million. The ILO defines an unemployed person as someone who in the previous four weeks had actively looked for work they could take up immediately. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Ore costs hit global steel firms..Shares in steel firms have dropped worldwide amid concerns that higher iron ore costs will hit profit growth...Shares in Germany's ThyssenKrupp, the UK's Corus and France's Arcleor fell while Japan's Nippon Steel slid after it agreed to pay 72% more for iron ore. China's Baoshan Iron and Steel Co. said it was delaying a share sale because of weak market conditions, adding it would raise steel prices to offset ore costs. The threat of higher raw material costs also hit industries such as carmakers. France's Peugeot warned that its profits may decline this year as a result of the higher steel, plastic and commodity prices...Steelmakers have been enjoying record profits as demand for steel has risen, driven by the booming economies of countries such as China and India. Steel prices rose by 8% globally in January alone and by 24% in China...The boom times are far from over, but analysts say that earnings growth may slow. The share price fall was initially triggered by news that two of the world's biggest iron ore suppliers had negotiated contracts at much-higher prices. Miners Rio Tinto and Cia. Vale Do Rio Dolce (CVRD) this week managed to boost by 72% the price of their iron ore, a key component of steel. Analysts had expected Japan's Nippon to agree to a price rise of between 40% and 50%. Steel analyst Peter Fish, director of Sheffield-based consulting group MEPS, said the extent of CVRD's price rise was "uncharted territory", adding that the steel industry "hasn't seen an increase of this magnitude probably in 50 years". Analysts now expect other iron ore producers, such as Australia's BHP Billiton, to seek annual price rises of up to 70%...The news triggered the share price weakness. "It sparked worries that steel makers might not be able to increase product prices further [ to cover rising ore costs]" explained Kazuhiro Takahashi of Daiwa Securities SMBC. In Europe, Arcelor shed 2.1% to 17.58 euros in Paris, with ThyssenKrupp dropping 1.7% to 16.87 euros. In London, Corus fell 2.2% to 55.57 pence. Japan's biggest steel company Nippon Steel lost 2.5% to 270 yen, with closest rival JFE Holdings down 3.4%. China's Baoshan, the country's largest steel producer, said that the uncertainty surrounding the industry has prompted it to pull its planned share sale. The firm had been expected to offer 22.5bn yuan ($2.7bn) worth of shares to investors. No date has been given for when the 5 billion shares will come to the market. Baoshan stock climbed on news of the delay and its decision to increase the price of its steel by 10%. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | BMW reveals new models pipeline..BMW is preparing to enter the market for car-style people carriers, the firm's chief has told BBC News...Speaking at a BMW event ahead of the Geneva motor show, Helmut Panke predicted demand for such crossover vehicles would soar in Europe. In contrast, he said, the popularity of van-style seven-seat vehicles and traditional saloon cars would fade. "Customers are moving out of the mini-van (and) traditional concepts are not as attractive anymore," he said. "We have decided that BMW will enter the [crossover] segment," he said in the clearest indication yet about the car maker's intentions...Mr Panke praised the Honda Accura as the "best execution" yet of a crossover vehicle. "We have decided that the BMW brand will enter the segment," he said...A decision on just how BMW will manage its entry into the new market is due in the first half of 2005. Typically it takes about three years from when a decision is taken before a new model hits the streets, Mr Panke said, implying that a BMW crossover could be on the market by 2008. The coming switch is driven in part by the need for successful carmakers to stay aware of trans-Atlantic differences in the car market, Mr Panke insisted. While in the US drivers tend to prefer sports utility vehicles (SUVs), such as the BMW X5 and its sibling X3, in Europe demand for crossover vehicles is likely to be considerable, Mr Panke said. "There's a growing market here," he said. "We are going to go that way." | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Asian banks halt dollar's slide..The dollar regained some lost ground against most major currencies on Wednesday after South Korea and Japan denied they were planning a sell-off...The dollar suffered its biggest one-day fall in four months on Tuesday on fears that Asian central banks were about to lower their reserves of dollars. Japan is the biggest holder of dollar reserves in the world, with South Korea the fourth largest. The dollar was buying 104.76 yen at 0950 GMT, 0.5% stronger on the day. It also edged higher against both the euro and the pound, with one euro worth $1.3218, and one pound buying $1.9094. Concerns over rising oil prices and the outlook for the dollar pushed down US stock markets on Tuesday; the Dow Jones industrial average closed down 1.6%, while the Nasdaq lost 1.3%...The dollar's latest slide began after a South Korean parliamentary report suggested the country, which has about $200bn in foreign reserves, had plans to boost holdings of currencies such as the Australian and Canadian dollar. On Wednesday, however, South Korea moved to steady the financial markets. It issued a statement that "The Bank of Korea will not change the portfolio of currencies in its reserves due to short term market factors". Japan, too, steadied nerves. A senior Japanese Finance Ministry official told Reuters "we have no plans to change the composition of currency holdings in the foreign reserves, and we are not thinking about expanding our euro holdings". Japan has $850bn in foreign exchange reserves. At the start of the year, the US currency, which had lost 7% against the euro in the final three months of 2004 and had fallen to record lows, staged something of a recovery. Analysts, however, pointed to the dollar's inability recently to extend that rally despite positive economic and corporate data, and highlighted the fact that many of the US's economic problems had not disappeared. The focus has been on the country's massive trade and budget deficits, and analysts have predicted more dollar weakness to come. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Weak dollar trims Cadbury profits..The world's biggest confectionery firm, Cadbury Schweppes, has reported a modest rise in profits after the weak dollar took a bite out of its results...Underlying pre-tax profits rose 1% to £933m ($1.78bn) in 2004, but would have been 8% higher if currency movements were stripped out. The owner of brands such as Dairy Milk, Dr Pepper and Snapple generates more than 80% of its sales outside the UK. Cadbury said it was confident it would hit its targets for 2005. "While the external commercial environment remains competitive, we are confident that we have the strategy, brands and people to deliver within our goal ranges in 2005," said chief executive Todd Stitzer...The modest profit rise had been expected by analysts after the company said in December that the poor summer weather had hit soft drink sales in Europe...Cadbury said its underlying sales were up by 4% in 2004. Growth was helped by its confectionery brands - including Cadbury, Trident and Halls - which enjoyed a "successful" year, with like-for-like sales up 6%. Drinks sales were up 2% with strong growth in US carbonated soft drinks, led by Dr Pepper and diet drinks, offset by the weaker sales in Europe. Cadbury added that its Fuel for Growth cost-cutting programme had saved £75m in 2004, bringing total cost savings to £100m since the scheme began in mid-2003. The programme is set to close 20% of the group's factories and shed 10% of the workforce. Cadbury Schweppes employs more than 50,000 people worldwide, with about 7,000 in the UK. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Oil prices fall back from highs..Oil prices retreated from four-month highs in early trading on Tuesday after producers' cartel Opec said it was now unlikely to cut production...Following the comments by acting Opec secretary general Adnan Shihab-Eldin, US light crude fell 32 cents to $51.43 a barrel. He said that high oil prices meant Opec was unlikely to stick to its plan to cut output in the second quarter. In London, Brent crude fell 32 cents to $49.74 a barrel...Opec members are next meeting to discuss production levels on 16 March. On Monday, oil prices rose for a sixth straight session, reaching a four-month high as cold weather in the US threatened stocks of heating oil. US demand for heating oil was predicted to be about 14% above normal this week, while stocks were currently about 7.5% below the levels of a year ago. Cold weather across Europe has also put upward pressure on crude prices. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Winn-Dixie files for bankruptcy..US supermarket group Winn-Dixie has filed for bankruptcy protection after succumbing to stiff competition in a market dominated by Wal-Mart...Winn-Dixie, once among the most profitable of US grocers, said Chapter 11 protection would enable it to successfully restructure. It said its 920 stores would remain open, but analysts said it would most likely off-load a number of sites. The Jacksonville, Florida-based firm has total debts of $1.87bn (£980m). In its bankruptcy petition it listed its biggest creditor as US foods giant Kraft Foods, which it owes $15.1m...Analysts say Winn-Dixie had not kept up with consumers' demands and had also been burdened by a number of stores in need of upgrading. A 10-month restructuring plan was deemed a failure, and following a larger-than-expected quarterly loss earlier this month, Winn-Dixie's slide into bankruptcy was widely expected. The company's new chief executive Peter Lynch said Winn-Dixie would use the Chapter 11 breathing space to take the necessary action to turn itself around. "This includes achieving significant cost reductions, improving the merchandising and customer service in all locations and generating a sense of excitement in the stores," he said. Yet Evan Mann, a senior bond analyst at Gimme Credit, said Mr Lynch's job would not be easy, as the bankruptcy would inevitably put off some customers. "The real big issue is what's going to happen over the next one or two quarters now that they are in bankruptcy and all their customers see this in their local newspapers," he said. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Why few targets are better than many..The economic targets set out at the Lisbon summit of European Union leaders in 2000 were meant to help Europe leapfrog its way past the United States to become the world's leading economy by 2010...But the Lisbon targets are about much more than just economic prestige. For many economists and analysts they are about ensuring Europe doesn't become a global economic laggard. They are also about ensuring Europe can continue to compete as an equal with the growing economic giants of Asia, India and China, as well as with the economic might of the United States. That's why there was a tone of urgency in the report, out on Wednesday, by the former Dutch prime minister Wim Kok. Mr Kok was commissioned by the European Commission in March this year to assess how far the EU has come towards meeting the Lisbon targets, five years on from their inception. His conclusion was simple: too many of the targets will be seriously missed...Lisbon risks becoming a "synonym for missed objectives and failed promises", his report said. "The status quo is not an option."..At risk in the medium to long run is nothing less than the sustainability of the society Europe has built, it said. The report comes at a time when Europe's competitive position is waning. The EU's economic growth rate is projected to be 2% this year and 2.4% next. While there has been growth in overall employment rates in Europe, productivity lags behind that of the US. But meeting the Lisbon targets requires a political commitment that no EU member state has volunteered so far. That has in part been due to the state of the global economy in the past few years...As Mr Kok's report noted: "The ink had scarcely dried on the [Lisbon] agreement before the worldwide stock market bubble imploded." "The US suffered two years of economic slowdown and recession and the European economy followed suit."..The circumstances weren't conducive to creating the 20 million new jobs promised by EU leaders in Lisbon in 2000. Neither were they conducive to getting governments to spend more on research and development, money needed if the EU was to meet its target of becoming a so-called "knowledge-based economy". "The [Lisbon] vision is a compelling one, but in order to do it society has to change," said Paul Hofheinz of the Lisbon Council, a Brussels-based citizen action group. "What you find is that a lot of people have been fighting change. You find trade unions fighting change. But also the employers' associations. "Even though they tell you they're in favour of change, many are actually pushing for less competition, more subsidy and less free market activity."..But part of the problem was also linked to the original targets set out in Lisbon five years ago. Targets have a habit of coming back to haunt you and in the Lisbon case, they covered too much, according to the Wim report. Economic growth and job creation were linked to issues ranging from environmental protection to social inclusion, and even safety at sea. The agenda was just too broad and as a result nothing was prioritised..."Lisbon is about everything and thus about nothing," the Kok report said. "Everybody is responsible and thus no one." That's why the Kok report recommends that the Lisbon targets be narrowed down to 14 key indicators, with an emphasis on creating jobs and economic growth. It also recommends that the European Commission draw up a league table which ranks countries according to the steps they're taking towards meeting the targets, effectively "naming, shaming and faming". "Rhetoric and delivery don't necessarily go hand in hand," Mr Kok said in a press conference alongside the publication of his report. "We don't have the luxury anymore just to exchange politeness with one another."..On one point Mr Kok was very clear: The European Union should not try to emulate the US economy. The European economic and social model needs to change, but not so much so that social and environmental issues take a backseat to economic growth. In that sense, the Lisbon agenda is sailing into unchartered waters. The Kok report tries to do away with a belief that jobs need to be sacrificed at the altar of economic growth. "It's very ambitious," said John Palmer, political director at the European Policy Centre, a Brussels-based think-tank. "This is something that no advanced economy in the world has tried to do. It's going to require quite new and innovative policies." But some analysts believe that the Kok report doesn't come up with the sort of innovative policies and thinking needed to make the Lisbon targets a reality. For example, it recommends putting in place policies which encourage women and older people to remain in the workforce. But it doesn't say how companies should be convinced to do this. It will be up to the incoming president of the European Commission, Jose Manuel Barroso, to adopt Mr Kok's recommendations and press them on EU governments. Mr Barroso has said that the EU's competitiveness will be his top priority. He expects his five-year term in office to be judged on Europe's success in meeting the Lisbon agenda. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Malaysia lifts Islamic bank limit..Malaysia's central bank is to relax restrictions on foreign ownership to encourage Islamic banking...Banks in Malaysia will now be able to sell up to 49% of their Islamic banking units, while the limit on other kinds of bank remains at 30%. RHB, Malaysia's third-biggest lender, is already scouting for a foreign partner for its new Islamic banking unit, the firm told Reuters. The moves put Malaysia ahead of a 2007 deadline to open up the sector. The country's deal to join the World Trade Organisation set that year as a deadline for liberalisation of Islamic banking. Also on Tuesday, the central bank released growth figures showing Malaysia's economy expanded 7.1% in 2004. But growth slowed sharply in the fourth quarter to 5.6%, and the central bank said it expected 6% expansion in 2005...Malaysia changed the law to allow Islamic banking in 1983. It has granted licences to three Middle Eastern groups, which - along with local players - mean there are eight fully-operational Islamic banking groups in the country. Islamic banks offer services which permit modern banking principles while sticking to Islamic law's ban on the payment of interest. Most of the Malays which make up half the country's population are Muslims. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Alfa Romeos 'to get GM engines'..Fiat is to stop making six-cylinder petrol engines for its sporty Alfa Romeo subsidiary, unions at the Italian carmaker have said...The unions claim Fiat is to close the Fiat Powertrain plant at Arese near Milan and instead source six-cylinder engines from General Motors. Fiat has yet to comment on the matter, but the unions say the new engines will be made by GM in Australia. The news comes a week after GM pulled out of an agreement to buy Fiat. GM had to pay former partner Fiat 1.55bn euros ($2bn; £1.1bn) to get out of a deal which could have forced it to buy the Italian carmaker outright. Fiat and GM also ended their five-year alliance and two joint ventures in engines and purchasing, but did agree to continue buying each other's engines..."Powertrain told us today that Alfa Romeo engines will no longer be made in Arese," said union leader Vincenzo Lilliu, as reported by the Reuters news agency. "The assembly line will be dismantled and the six-cylinder Alfa Romeo motor will be replaced with an engine GM produces in Australia." Reuters also said that Mr Lilliu and other union bosses shouted insults at Fiat chairman Luca di Montezemolo, following a meeting on Tuesday regarding the future of the Arese plant. The unions said the end of engine production at the facility would mean the loss of 800 jobs. All Alfa Romeo models can be bought with a six-cylinder engine - the 147, 156, 156 Sportwagon, 166, GTV, GT and Spider. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Saab to build Cadillacs in Sweden..General Motors, the world's largest car maker, has confirmed that it will build a new medium-sized Cadillac BLS at its loss-making Saab factory in Sweden...The car, unveiled at the Geneva motor show, is intended to compete in the medium-sized luxury car market. It will not be sold in the US, said GM Europe president Carl-Peter Forster. As part of its efforts to make the US marque appeal to European drivers, the car will be the first Cadillac with a diesel engine...GM's announcement should go some way to allay fears of the Saab factory's closure. The factory in Trollhaettan has been at the centre of rumours about GM's planned severe cutbacks in its troubled European operations. But the group's new commitment to the Swedish factory may not be welcomed by the group's Opel workers in Ruesselsheim, Germany. They may now have to face a larger proportion of GM's cuts...Neither will the announcement be seen as unalloyed good news in Sweden, since it reflects Saab's failure to make significant inroads into the lucrative European luxury car market. For years, Saab has consistently said it is competing head-on with BMW, Mercedes and Jaguar. The segment's leaders do not agree...GM's plans to build the American marque in Sweden is part of its efforts to push it as an alternative luxury brand for European drivers. In the US, it has long been established as an upmarket brand - even the presidential limousine carries the badge. Yet it could prove tough for Cadillac to steal market share from the majors in Europe. Other luxury car makers, most notably the Toyota subsidiary Lexus, have enjoyed tremendous success in the US without managing to make significant inroads in Europe. There, German marques Mercedes Benz and BMW have retained their stranglehold on the luxury market...Bringing Cadillac production to Sweden should help introduce desperately-needed scale to the Saab factory, which currently produces fewer than 130,000 cars per year. That is about half of what major car makers consider sufficient numbers for profitable operations, and Saab is losing money fast - albeit with losses halved in 2004 to $200m (£104m; 151m euros) from $500m the previous year. Beyond the 12,000 job cuts announced last year at its European operations, GM is reducing expenditure by building Saabs, Opels - badged as Vauxhalls in the UK - and now Cadillacs on the same framework, and by allowing the different brands to share parts. Another way to further reduce Saab's losses could be to shift some of the production of Saabs to the US, a market where drivers have adopted it as an upmarket European car. Doing so would remove the exposure to the weak US dollar, which is making Saabs more expensive to US consumers. But not everyone in the industry agree that it would be the best way forward. "We know that in five years the US dollar will be stronger than it is today," the chief executive of a leading European car maker told BBC News. The current trend towards US production was "stupid", he said...In a separate announcement, GM unveiled a new scheme to allow European consumers the chance to test drive its Opel and Vauxhall models. It is to deploy a fleet of 35,000 test cars across 40 countries, inviting potential buyers to try out a vehicle for 24-hours. It follows a similar initiative by GM in the US. GM said it wanted to change "customers' perceptions" about Opel and Vauxhall cars, showing them that the quality had improved in recent years. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Shares hit by MS drug suspension..Shares in Elan and Biogen Idec plunged on Monday as the firms suspended sales of new multiple sclerosis drug Tysabri after a patient's death in the US...On the New York Stock Exchange, shares in Ireland-based Elan lost 70% while US partner Biogen Idec shed 43%. The firms took action after the death from a central nervous system disease and a suspected case of the condition. The cases cited involved the use of both Tysabri and Avonex, Biogen Idec's existing multiple sclerosis drug. The companies said they have no reports of the rare condition - progressive multifocal leukoencephalopathy (PML) - in patients taking either Tysabri or Avonex alone. Tysabri was approved for use in the US last November and was widely tipped to become the world's leading multiple sclerosis treatment..."The companies will work with clinical investigators to evaluate Tysabri-treated patients and will consult with leading experts to better understand the possible risk of PML," the two firms said in a statement. "The outcome of these evaluations will be used to determine possible re-initiation of dosing in clinical trials and future commercial availability."..Analysts had believed the product would provide a new growth opportunity for Biogen Idec, which had faced increased competition from rivals to Avonex. Elan, once the biggest firm on the Irish stock exchange, was also expected to receive a boost, from the new product. An inquiry into Elan's accounts in 2002 brought the group close to bankruptcy but the firm has been rebuilding itself since, with its share price increasing by almost four-fold last year. "Most of the value in the company was in Tysabri," said Ian Hunter at Goodbody Stockbrokers in Dublin. "Now there's a question mark over it." Elan finished down $18.90 at $8, while Biogen fell $28.63 to $38.65...- Shares in UK pharmaceutical firm Phytopharm closed down 19.84% at 151.5 pence on the London Stock Exchange on Monday, after it said a partner was set to pull out of a deal on an experimental Alzheimer's disease treatment. Phytopharm said Japan's Yamanouchi Pharmaceutical was likely to end a licensing agreement, prompting analysts to raise questions over the level of its future cash reserves. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Bank voted 8-1 for no rate change..The decision to keep interest rates on hold at 4.75% earlier this month was passed 8-1 by the Bank of England's rate-setting body, minutes have shown...One member of the Bank's Monetary Policy Committee (MPC) - Paul Tucker - voted to raise rates to 5%. The news surprised some analysts who had expected the latest minutes to show another unanimous decision. Worries over growth rates and consumer spending were behind the decision to freeze rates, the minutes showed. The Bank's latest inflation report, released last week, had noted that the main reason inflation might fall was weaker consumer spending...However, MPC member Paul Tucker voted for a quarter point rise in interest rates to 5%. He argued that economic growth was picking up, and that the equity, credit and housing markets had been stronger than expected...The Bank's minutes said that risks to the inflation forecast were "sufficiently to the downside" to keep rates on hold at its latest meeting. However, the minutes added: "Some members noted that an increase might be warranted in due course if the economy evolved in line with the central projection". Ross Walker, UK economist at Royal Bank of Scotland, said he was surprised that a dissenting vote had been made so soon. He said the minutes appeared to be "trying to get the market to focus on the possibility of a rise in rates". "If the economy pans out as they expect then they are probably going to have to hike rates." However, he added, any rate increase is not likely to happen until later this year, with MPC members likely to look for a more sustainable pick up in consumer spending before acting. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Crude oil prices back above $50..Cold weather across parts of the United States and much of Europe has pushed US crude oil prices above $50 a barrel for the first time in almost three months...Freezing temperatures and heavy snowfall have increased demand for heating fuel in the US, where stocks are low. Fresh falls in the value of the dollar helped carry prices above the $50 mark for the first time since November. A barrel of US crude oil closed up $2.80 to $51.15 in New York on Tuesday. Opec members said on Tuesday that it saw no reason to cut its output...Although below last year's peak of $55.67 a barrel, which was reached in October, prices are now well above 2004's average of $41.48...Brent crude also rose in London trading, adding $1.89 to $48.62 at the close. Much of western Europe and the north east of America has been shivering under unseasonably low temperatures in recent days. The decline in the US dollar to a five-week low against the euro has also served to inflate prices. "The dollar moved sharply overnight and oil is following it," said Chris Furness, senior market strategist at 4Cast. "If the dollar continues to weaken, oil will be obviously higher."..Several Opec members said a cut in production was unlikely, citing rising prices and strong demand for oil from Asia. "I agree that we do not need to cut supply if the prices are as much as this," Fathi Bin Shatwan, Libya's oil minister, told Reuters. "I do not think we need to cut unless the prices are falling below $35 a barrel," he added. Opec closely watches global stocks to ensure that there is not an excessive supply in the market. The arrival of spring in the northern hemisphere will focus attention on stockpiles of US crude and gasoline, which are up to 9% higher than at this time last year. Heavy stockpiles could help force prices lower when demand eases. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | House prices show slight increase..Prices of homes in the UK rose a seasonally adjusted 0.5% in February, says the Nationwide building society...The figure means the annual rate of increase in the UK is down to 10.2%, the lowest rate since June 2001. The annual rate has halved since August last year, as interest rises have cooled the housing market. At the same time, the number of mortgage approvals fell in January to a near 10-year low, official Bank of England figures have shown...Nationwide said that in January house prices went up by 0.4% on the month and by 12.6% on a year earlier. "We are not seeing the market collapsing in the way some had feared," said Nationwide economist Alex Bannister. There have been a number of warnings that the UK housing market may be heading for a downturn after four years of strong growth to 2004. In November, Barclays, which owns former building society the Woolwich, forecast an 8% fall in property prices in 2005, followed by further declines in 2006 and 2007. And last summer, economists at PricewaterhouseCoopers (PWC) warned house prices were overvalued and could fall by between 10% and 15% by 2009...The price of an average UK property now stands at £152,879. Homeowners now expect house prices to rise by 1% over the next six months, Mr Bannister said. He said if the growth continued at this level then the Bank of England may increase interest rates from their current 4.75%..."I think the key is what the Bank expects to happen to the housing market. We always thought we would see a small rise, they thought they would see a small decline." House prices have risen 0.9% this year, Nationwide said, and if this pace of increase persists, prices would rise by just under 6% in the year to December. This is slightly above the 0-5% range Nationwide predicts...Further evidence of a slowdown in the housing market emerged from Bank of England lending figures released on Tuesday. New mortgage loans in January fell to 79,000 from 82,000 in December, the bank said. The past few months have seen approvals fall to levels last seen in 1995. The Bank revealed that 48,000 fewer mortgages were approved in January than for the same month in 2004. Overall, mortgage lending rose by £7.2bn in January, marginally up on the £7.1bn rise in December. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Golden rule boost for Chancellor..Chancellor Gordon Brown has been given a £2.1bn boost in his attempts to meet his golden economic rule, which allows him to borrow only for investment...The extra leeway came after the Office for National Statistics said it had been measuring road expenditure data wrongly over the past five years. It comes just weeks ahead of the Budget and an expected general election. Shadow chancellor Oliver Letwin said: "At best the timing of these changes is very convenient for the government."..A review by the ONS found it had made a mistake by "double counting" some spending on roads since 1998/9. Correcting the error would mean reducing current expenditure and increasing net investment, thus helping Mr Brown to meet his "golden rule" of borrowing only to invest over the economic cycle. Economists speculated that it might also allow for some vote-catching measures in the Budget...The changes by the ONS increase the current budget measure for the past five years by £2.1bn in total. Mr Letwin said: "This is a very murky area... There will inevitably be suspicions that the figures are being fiddled." The Conservatives also said Mr Brown would still be forced to raise taxes after the general election to fill an annual £10.5bn "black hole" in the nation's coffers. But the Treasury said there would be no relaxation of economic discipline and the golden rule would be met even without the data revisions...In January the independent Institute for Fiscal Studies (IFS) said Mr Brown would need to raise taxes to get public finances onto the track predicted in last year's Budget. It also said the government might narrowly miss its "golden rule" if the current economic cycle ended in 2005/06. After the ONS announcement, economists said there could also be a proportionate boost to the current budget in 2004/05 of about £400m. "None of this changes the big picture of a dramatic deterioration in the overall fiscal position over the last four or five years," said Jonathan Loynes, chief UK economist at Capital Economics. "Accordingly, it seems very likely that some form of fiscal consolidation will be required in due course." | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Macy's owner buys rival for $11bn..US retail giant Federated Department Stores is to buy rival May Department Stores for $11bn (£5.7bn)...The deal will bring together famous stores like Macy's, Bloomingdale's and Marshall Field's, creating the largest department store chain in the US. The combined firm will operate about 1,000 stores across the US, with combined annual sales of $30bn. The two companies, facing competition from the likes of Wal-Mart, tried to merge two years ago but talks failed. Sources familiar with the deal said that negotiations between the two companies sped up after May's chairman and chief executive Gene Kahn resigned in January. As part of the deal, Federated - owner of Macy's and Bloomingdale's - will assume $6bn of May's debt, bringing the deal's total value to $17bn. Directors at both companies have approved the deal and it is expected to conclude by the third quarter of this year...May has struggled to compete against larger department store groups such as Federated and other retailers such as Wal-Mart. Federated expects the merger to boost earnings from 2007 but the deal will cost it $1bn in one-off charges..."We have taken the first step toward combining two of the best department store companies in America, creating a new retail company with truly national scope and presence," said Terry Lundgren, Federated's chairman. Some analysts see the merger as a rescue deal for May. "Without this deal May would have been, to put it bluntly, washed up," said Kurt Barnard, president of Barnard's Retail Consulting Group. Federated has annual sales of $15.6bn, while May's yearly sales are $14.4bn. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Industrial revival hope for Japan..Japanese industry is growing faster than expected, boosting hopes that the country's retreat back into recession is over...Industrial output rose 2.1% - adjusted for the time of year - in January from a month earlier. At the same time, retail sales picked up faster than at any time since 1997. The news sent Tokyo shares to an eight-month high, as investors hoped for a recovery from the three quarters of contraction seen from April 2004 on. The Nikkei 225 index ended the day up 0.7% at 11,740.60 points, with the yen strengthening 0.7% against the dollar to 104.53 yen. Weaker exports, normally the engine for Japan's economy in the face of weak domestic demand, had helped trigger a 0.1% contraction in the final three months of last year after two previous quarters of shrinking GDP. Only an exceptionally strong performance in the early months of 2004 kept the year as a whole from showing a decline. The output figures brought a cautiously optimistic response from economic officials. "Overall I see a low risk of the economy falling into serious recession," said Bank of Japan chief Toshihiko Fukui, despite warning that other indicators - such as the growth numbers - had been worrying...Within the overall industrial output figure, there were signs of a pullback from the export slowdown. Among the best-performing sectors were key overseas sales areas such as cars, chemicals and electronic goods. With US growth doing better than expected the picture for exports in early 2005 could also be one of sustained demand. Electronics were also one of the keys to the improved domestic market, with products such as flat-screen TVs in high demand during January. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Khodorkovsky ally denies charges..A close associate of former Yukos boss Mikhail Khodorkovsky has told a court that fraud charges levelled against him are "false"...Platon Lebedev has been on trial alongside Mr Khodorkovsky since June in a case centring around the privatisation of a fertiliser firm. The pair claim they are being punished by the authorities for the political ambitions of Mr Khodorkovsky. Mr Lebedev said there were "absurd contradictions" in the case. Opening his defence, he said he could not see the legal basis of the charges he faced, which also include allegations of tax evasion. "To my embarrassment, I could not understand the file of complaints against me," he told a Moscow court. Mr Lebedev headed the Menatep group, the parent company of Yukos...Mr Lebedev and Mr Khodorkovsky, who each face a possible 10 year jail sentence if convicted, will be questioned by a judge over the next few days. Mr Khodorkovsky began his testimony last week, telling the court that he objected to the way that the "running of a normal business has been presented as a work of criminal fiction". The charges are seen by supporters as politically motivated and part of a drive by Russian President Vladimir Putin to rein in the country's super-rich business leaders, the so-called oligarchs. Yukos has been presented with a $27.5bn (£13bn) tax demand by the Russian authorities and its key Yugansk division was auctioned off to part settle the bill. The company's effort to gain bankruptcy protection in the US - in a bid to win damages for the sale - were dismissed by a court in Texas. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Qatar and Shell in $6bn gas deal..Shell has signed a $6bn (£3.12bn) deal with the Middle Eastern sheikhdom of Qatar to supply liquid natural gas (LNG) to North America and Europe...The UK-Dutch group will own 30% of the project, with Qatar's state oil firm owning the rest. The agreement is the latest in a string of deals reached by Qatar, which is trying to make itself a regional leader in natural gas. US oil giant ExxonMobil signed up for a $12.8bn deal earlier on Sunday. France's Total is expected to join the ExxonMobil scheme, dubbed Qatargas-2, on Monday, taking 5 million tonnes of LNG a year. ExxonMobil will be taking some 15 million tonnes each year for 25 years from the end of 2007 under the deal. Shell's agreement, under the name Qatargas-4, foresees the building of new facilities to handle 1.4 billion cubic feet of gas, and 7.8 million tonnes of LNG each year from 2011 onwards. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | India unveils anti-poverty budget..India is to boost spending on primary schools and health in a budget flagged as a boost for the ordinary citizen...India's defence budget has also been raised 7.8% to 830bn rupees ($19bn). The priority for Finance Minister Palaniappan Chidambaram is to fight poverty and keep the government's Communist allies onside. But his options are limited by a new law which makes him cut the budget deficit, which he said would be 4.5% of GDP in the year to March 2005. The country's overall deficit is thought to be more than 10%, if the spending of India's 35 states and territories is included. Under the fiscal responsibility law, Mr Chidambaram has to trim the deficit by 0.3 percentage points each year, a target he says he has now met for the current year...But the heavy spending on poverty reduction means the 2005-6 target for the deficit will be 4.3%, Mr Chidambaram said - falling short of the new law's requirement. "I was left with no option but to press the pause button vis a vis the act," he said. The following year, though, would have to be back on track, he warned..."I may add that we are perilously close to the limits of fiscal prudence and there is no more room for spending beyond our means," he said. The coming year's reduction has meant bringing more of the businesses in India's burgeoning services sector into the tax system and restructuring the personal tax system, although there are numerous corporate tax and duty reductions built into the budget...Presenting his budget in the lower house of parliament, Mr Chidambaram said the Indian economy was performing strongly and that inflation has been reined in. He said India's economy grew 6.9% in 2004. In his budget Mr Chidambaram has:..- Increased spending on primary education to 71.56bn rupees ($1.6bn). - Increased spending on health to 102.8bn rupees ($2.35bn). - Announced that 80bn rupees ($1.8bn) will be spent on building rural infrastructure. - Pledged 102.16bn rupees ($2.3bn) for tsunami victims. - Increased flow of funds to agriculture by 30%. - Announced a package for the sugar industry..In addition, up to 100bn rupees ($2.3bn) to be spent on infrastructure will be sourced by borrowing against the country's foreign exchange reserves, keeping budgeted spending under control. "Given the resilience of the Indian economy... it is possible to launch a direct assault on poverty," Mr Chidambaram said. "The whole purpose of democratic government is to eliminate poverty." The new Indian government, led by the Congress Party, was voted into power last May after it pledged to introduce economic reforms with a "human face"...The finance minister says he is committed to continue reforming India's tax system while expanding the tax base. As part of his reforms he has announced:..- Duty cuts on capital goods and raw materials. - Expanded service tax net. - Raised the income-tax threshold to 100,000 rupees ($2,300). - Reduced income tax for those earning less than 250,000 rupees ($5,700) to 20%. - Reduced corporate tax rates to 30%..An annual economic survey released on Friday said India needed to ease limit restriction on foreign investment, reform labour laws and cut duties apart from widening the tax base for long-term economic growth. But Mr Chidambaram is under pressure from the Communist parties to focus on increasing social spending. The Communists are also hostile to measures seeking to increase foreign investment and allow companies to hire and fire employees at will. In recent months, they have expressed their displeasure at the government's economic reform plans including increasing foreign direct investment in telecommunication and aviation. In his last budget, Mr Chidambaram had pledged billions of dollars for improving education and health services for the poor as well as special assistance for farmers. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | GM pays $2bn to evade Fiat buyout..General Motors of the US is to pay Fiat 1.55bn euros ($2bn; £1.1bn) to get out of a deal which could have forced it to buy the Italian car maker outright...Fiat had sold GM a stake in 2000, as part of a partnership agreement. But Fiat's heavy losses have convinced GM - whose own European operations are in the red - to back away. The pay-off means the two firms will unwind joint ventures, but Fiat will keep supplying diesel engines and the money will allow it to reduce its debt. Fiat's shares on the Milan stock exchange rose 4.5% by 0900 GMT to 6.2 euros, having shot up more than 7% in early trading. "We now have absolute freedom to design our own future," said Fiat chief executive Sergio Marchionne...Analysts said Fiat seemed to have done well out of the deal, although some predictions had expected a 2bn euro pay-off. Fiat is to get 1bn euros immediately, with another 550m to follow within 90 days. The firm is Italy's largest private employer, and a failure to reach an agreement could have had severe consequences for thousands of workers and for the Italian economy. For its part, GM was keen to ward off any criticism that the deal had been a mistake..."We needed scale in Europe to get costs down, and we were able to do that in working with Fiat," said GM chief executive Rick Wagoner...The Fiat-GM alliance came about in 2000 as an alternative to selling Fiat outright. German-US car firm DaimlerChrysler had been willing to buy the firm, but Fiat patriarch Gianni Agnelli did not want to give up control. Instead, GM swapped a 6% stake in itself for 20% of Fiat - and gave Fiat a "put option" to sell GM the rest of the car maker between January 2004 and July 2009. But despite the alliance Fiat failed to put itself back on track, continuing to lose money and market share. As a result, the sell-off looked better and better for the Italians - and much worse for GM, which is struggling with its own loss-making European marques Opel and Saab. The relationship soured further after Fiat sold half its finance arm and recapitalised in 2003, halving GM's stake to 10%. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Ex-Boeing director gets jail term..An ex-chief financial officer at Boeing has received a four-month jail sentence and a fine of $250,000 (£131,961) for illegally hiring a top Air Force aide...Michael Sears admitted his guilt in breaking conflict of interest laws by recruiting Darleen Druyun while she still handled military contracts. Ms Druyun is currently serving a nine month sentence for favouring Boeing when awarding lucrative contracts. Boeing lost a $23bn government contract after a Pentagon inquiry into the case. The contract, to provide refuelling tankers for the US Air Force, was cancelled last year...The Pentagon revealed earlier this week that it would examine eight other contracts worth $3bn which it believes may have been tainted by Ms Druyun's role in the procurement process. Boeing sacked Mr Sears and Ms Druyun in November 2003 after allegations that they had violated company recruitment policy. Ms Druyun had talks with Mr Sears in October 2002 about working for Boeing, while she was still a top procurement official within the Pentagon. She subsequently joined the company in January 2003. Ms Druyun admitted that she had steered multi-billion dollar contracts to Boeing and other favoured companies...In documents filed in a Virginia court ahead of Mr Sears' sentencing, prosecutors blamed Boeing's senior management for failing to ask key questions about the "legal and ethical issues" surrounding Ms Druyun's appointment. Mr Sears told prosecutors that no other Boeing officials were aware that Ms Druyun was still responsible for major procurement decisions at the time she was discussing a job with Boeing. However, analysts believe Boeing may yet face civil charges arising from the scandal. The Pentagon has investigated 400 contracts, dating back to 1993, since the allegations against Ms Druyun came to light...Boeing's corporate ethics have come under scrutiny on several occasions in recent years. Boeing was sued by Lockheed Martin after its rival accused it of industrial espionage during a 1998 contract competition. Boeing apologised publicly for the affair - although it claimed it did not gain any unfair advantage - and pledged to improve its procedures. The Pentagon subsequently revoked $1bn worth of contracts assigned to Boeing and prohibited the Seattle-based company from future rocket work. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Verizon 'seals takeover of MCI'..Verizon has won a takeover battle for US phone firm MCI with a bid worth $6.8bn (£3.6bn), reports say...The two firms are expected to seal the deal on Monday morning, according to news agency reports, despite what was thought to be a higher bid from Qwest. The US telecoms market is consolidating fast, with former long-distance giant AT&T being bought by former subsidiary SBC earlier this year for $16bn. MCI exited bankruptcy in April, having gone bust under previous name WorldCom. The bankruptcy followed its admission in 2002 that it illegally booked expenses and inflated profits...Shareholders lost about $180bn when the company collapsed, while 20,000 workers lost their jobs. Former Worldcom boss Bernie Ebbers is currently on trial, accused of overseeing an $11bn fraud. Qwest has itself come under suspicion of sub-standard behaviour, paying the Securities and Exchange Commission $250m in October to settle charges that it manipulated its results to keep Wall Street happy...MCI is the US's second-biggest long distance firm after AT&T. Consolidation in the US telecommunications industry has picked up in the past few months as companies look to cut costs and boost client bases. A merger between MCI and Verizon would be the fifth billion-dollar telecoms deal since October. Last week, SBC Communications agreed to buy its former parent and phone trailblazer AT&T for about $16bn. Buying MCI would give either Qwest or Verizon access to MCI's global network and business-based subscribers. The rationale is similar to the one underpinning SBC's AT&T deal. Verizon is by far the bigger company and has its own successful mobile arm - factors which may have swung the board in its favour since both suitors are offering a mixture of cash and shares. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | US data sparks inflation worries..Wholesale prices in the US rose at the fastest rate in more than six years in January, according to government data...New figures show the Labor Department producer price index (PPI) rose by 0.3% - in line with forecasts. But core producer prices, which exclude food and energy costs, surged by 0.8%, the biggest rise since December 1998, increasing inflationary concerns. In contrast, the University of Michigan barometer of US retail consumer confidence showed a slight dip. The university's index of consumer spending fell to 94.2 in early February from 95.5 in January, which could indicate a fall in retail spending by the US public. The mixed set of data on Friday led to volatile early Wall Street trade, as the Dow Jones, Standard and Poor's 500, and Nasdaq swung between positive and negative territory...The economic figures come on the back of increased fears that the Federal Reserve chairman may be about to raise interest rates in order to stifle any inflationary pressures. The Fed has been raising interest rates at a gradual pace since June 2004, in an attempt to make sure inflation does not get out of control...Mr Greenspan told Congress this week that the central bank was on guard against the possibility that a rebounding economy could trigger stronger inflation pressures. "The PPI would argue for Greenspan to continue to raise rates at a measured pace," said Joe Quinlan, chief market stategist at Bank of America Capital Management. "But this Michigan survey tells you that the consumer might be downshifting a little bit in terms of their confidence and their spending; this could be an indication of that."..Consumer spending accounts for 66% of US economic activity and is viewed as a gauge of the health of the economy, which is why the Michigan data is closely observed. However on Friday, it was overshadowed by the core PPI core figure, which surged 2.7% during the past 12 months, the biggest year-on-year gain in nine years. "The concern is that traders might interpret this big jump in the core PPI as an impetus for the Fed to be more aggressive than a measured move in moving rates," said Paul Cherney, chief market analyst at Standard & Poor's. But Ian Shepherdson, chief US economist at High Frequency Economics, said the PPI report was "much less alarming" than at first glance. One-time increases in alcohol and tobacco prices, which "are no indication of broad PPI pressure", were responsible for the increase, he said. Prices for autos and trucks also jumped in January, but Shepherdson said "it is a good bet these increases won't stick". | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Yukos sues four firms for $20bn..Russian oil firm Yukos has sued four companies for their role in last year's forced state auction of its key oil production unit Yuganskneftegas...Yukos is claiming more than $20bn (£11bn) in damages after Yugansk was sold in December to settle back taxes. The four companies named in the law suit are gas giant Gazprom, its unit Gazpromneft, investment company Baikal, and state oil firm Rosneft. Yukos submitted the suit in Houston, where it filed for bankruptcy. As well as suing for damages, Yukos has asked the US court to send its tax dispute with the Russian government to an international arbitrator. It also has submitted a reorganisation plan as part of its Chapter 11 bankruptcy filing...The clash between Yukos and the Kremlin came to a head last year when Yukos was hit with a bill of more than $27bn in back taxes and unpaid fines. To settle the bill, Russia forced Yukos to sell off Yuganskneftegas...Yukos called the sale illegal and has turned to courts in the US in an effort to regain control of the oil production business. It also has vowed to use all legal means at its disposal to go after any firm that tries to buy or take control of its assets. Earlier this month it sued the Russian government for $28.3bn. Analysts have questioned whether a US court has any jurisdiction over Russian companies, while Moscow officials have dismissed Yukos' legal wrangling as meaningless. In Houston, bankruptcy Judge Letitia Clark will start a two-day hearing on 16 February to hear arguments on whether a US court is the proper forum for the case...The threat of legal action from Yukos and its bankruptcy filing in Houston did have an effect on last year's auction, however. Concerned that it would be caught up in a court battle, Gazprom and Gazpromneft withdrew from the auction, and Yuganskneftegas was sold to little-known investment firm Baikal Finance Group. A few days later, Baikal gave control of the company to state-run oil group Rosneft for $9.3bn. Rosneft, meanwhile, has agreed to merge with Gazprom, bringing a large chunk of Russia's very profitable oil business back under state control. Yukos claims that the rights of its shareholders have been ignored and that is has been punished for the political ambitions of its founder Mikhail Khodorkovsky. Mr Khodorkovsky, once Russia's richest man, is in prison, having been charged with fraud and tax evasion and repeatedly denied bail. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Consumer spending lifts US growth..US economic growth accelerated in the third quarter, helped by strong consumer spending, official figures have shown...The economy expanded at an annual rate of 3.7% in the July to September period, the Commerce Department said. The figure marked an increase on the 3.3% growth recorded in the second quarter, but fell short of the 4.2% rate pencilled in by forecasters. The increase reflected the biggest jump in consumer spending in a year. "It was a little softer than the consensus, but not a real surprise," said Gary Thayer, an economist at AG Edwards & Sons. Friday's growth estimate is one of the last significant pieces of economic data before the 2 November presidential election...Democrat challenger John Kerry has criticised President George W Bush's handling of the economy, pointing to a net loss of over 800,000 jobs since Mr Bush took office. Analysts said the economy was still not growing fast enough to stimulate large-scale job creation. "It's a pretty good growth rate, but it may not be good enough to create enough jobs," said Robert Brusca, chief economist at Fact and Opinion Economics in New York. However, President Bush is expected to point to Commerce Department figures showing that consumer spending grew at 4.6% in the third quarter, up from just 1.6% in the second, as evidence that his policies are generating solid growth. Consumer spending accounts for about two thirds of all economic activity in the US...The weaker than expected growth figure makes it less likely that the US Federal Reserve will raise interest rates next month, economists said. "The economy regained some traction in the third quarter, but the growth is not robust," AG Edwards' Thayer. "I think that means the Fed can take its time raising rates. We'll probably see one more rate hike before the end of the year." In an effort to pre-empt rising inflation, the Federal Reserve has pushed through three quarter-point rate rises since June this year, taking borrowing costs to 1.75%. On the financial markets, the dollar fell slightly against the euro and the yen, while the Dow Jones index of leading US shares was little changed. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Crossrail link 'to get go-ahead'..The £10bn Crossrail transport plan, backed by business groups, is to get the go-ahead this month, according to The Mail on Sunday...It says the UK Treasury has allocated £7.5bn ($13.99bn) for the project and that talks with business groups on raising the rest will begin shortly. The much delayed Crossrail Link Bill would provide for a fast cross-London rail link. The paper says it will go before the House of Commons on 23 February...A second reading could follow on 16 or 17 March. "We've always said we are going to introduce a hybrid Bill for Crossrail in the Spring and this remains the case," the Department for Transport said on Sunday. Jeremy de Souza, a spokesman for Crossrail, said on Sunday he could not confirm whether the Treasury was planning to invest £7.5bn or when the bill would go before Parliament...However, he said some impetus may have been provided by the proximity of an election...The new line would go out as far as Maidenhead, Berkshire, to the west of London, and link Heathrow to Canary Wharf via the City. Heathrow to the City would take 40 minutes, dramatically cutting journey times for business travellers, and reducing overcrowding on the tube. The line has the support of the Mayor of London, Ken Livingstone, business groups and the government, but there have been three years of arguments over how it should be funded. The Mail on Sunday's Financial Mail said the £7.5bn of Treasury money was earmarked for spending in £2.5bn instalments in 2010, 2011 and 2012. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Hariri killing hits Beirut shares..Shares in Solidere, the Lebanese company founded by assassinated former prime minister Rafik Hariri, fell 15% in renewed trading in Beirut...The real estate firm, which dominates Lebanon's stock exchange, ended the day down at $8.08. Traders said there was some panic selling during Friday's session, the first since a three-day market closure to mourn the death of Mr Hariri. Beirut's benchmark BLOM stock index closed down 7.9% at 642.80...Solidere, in which Mr Hariri was a major shareholder, was the major drag on the index. The company owns much of the property in central Beirut, which it restored and redeveloped following the end of Lebanon's bitter 15-year civil war. "Solidere should be above $10 but because of this disaster it is falling," said one trader. "If Solidere drops much lower I would consider it a buying opportunity. This is a very big company held by many Lebanese." Critics had accused Mr Hariri of using Lebanon's post-war reconstruction drive for his personal financial gain. But his assassination on Monday sent shudders through Lebanon's business community, which saw the billionaire tycoon as the country's best hope for economic revival. Solidere posted profits of $12.5m in the first half of 2004, and its shares had been gaining in recent months. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Small firms 'hit by rising costs'..Rising fuel and materials costs are hitting confidence among the UK's small manufacturers despite a rise in output, business lobby group the CBI says...A CBI quarterly survey found output had risen by the fastest rate in seven years but many firms were seeing the benefits offset by increasing expenses. The CBI also found spending on innovation, training and retraining is forecast to go up over the next year. However, firms continue to scale back investment in buildings and machinery...The CBI said companies are looking to the government to lessen the regulatory load and are hoping interest rates will be kept on hold. "Smaller manufacturers are facing an uphill struggle," said Hugh Morgan Williams, chair of the CBI's SME Council. "The manufacturing sector needs a period of long-term stability in the economy." The CBI found some firms managed to increase prices for the first time in nine years - but many said increases failed to keep up the rise in costs. Of the companies surveyed, 30% saw orders rise and 27% saw them fall. The positive balance of plus 3 compared with minus 10 in the previous survey. When firms were questioned on output volume, the survey returned a balance of plus 8 - the highest rate of increase for seven years - and rose to plus 11 when looking ahead to the next three months. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Buyers snap up Jet Airways' shares..Investors have snapped up shares in Jet Airways, India's biggest airline, following the launch of its much anticipated initial public offer (IPO)...The IPO for 17.3 million shares was fully sold within 10 minutes of opening, on Friday. Analysts expect Jet to raise at least 16.4bn rupees ($375m; £198m) from the offering. Interest in Jet's IPO has been fuelled by hopes for robust growth in India's air travel market...The share offer, representing about 20% of Jet's equity, was oversubscribed, news agency Reuters reported. Jet, which was founded by London-based travel agent Naresh Goyal, plans to use the cash to buy new planes and cut its debt. The company has grown rapidly since it launched operations in 1993, overtaking state-owned flag carrier Indian Airlines. However, it faces stiff competition from rivals and low-cost carriers. Jet's IPO is the first in a series of expected share offers from Indian companies this year, as they move to raise funds to help them do business in a rapidly-growing economy. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | House prices suffer festive fall..UK house prices fell 0.7% in December, according to figures from the Office of the Deputy Prime Minister...Nationally, house prices rose at an annual rate of 10.7% in December, less than the 13.7% rise the previous month. The average UK house price fell from £180,126 in November to £178,906, reflecting recent Land Registry figures confirming a slowdown in late 2004. All major UK regions, apart from Northern Ireland, experienced a fall in annual growth during December...December is traditionally a quiet month for the housing market because of Christmas celebrations. However, recent figures from the Land Registry - showing a big drop in sales between the last quarter of 2004 and the previous year - suggested the slowdown could be more than a seasonal blip. The volume of sales between October and December dropped by nearly a quarter from the same period in 2003, the Land Registry said. Although both the Office of the Deputy Prime Minister (ODPM) and the Land Registry figures point to a slowdown in the market, the most recent surveys from Nationwide and Halifax have indicated the market may be undergoing a revival. After registering falls at the back-end of 2004, Halifax said house prices rose by 0.8% in January and Nationwide reported a rise of 0.4% in the first month of the year. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Deutsche Boerse boosts dividend..Deutsche Boerse, the German stock exchange that is trying to buy its London rival, has said it will boost its 2004 dividend payment by 27%...Analysts said that the move is aimed at winning over investors opposed to its bid for the London Stock Exchange. Critics of the takeover have complained that the money could be better used by returning cash to shareholders. Deutsche Boerse also said profit in the three months to 31 December was 120.7m euros ($158.8m; £83.3m). Sales climbed to 364.4m euros, lifting revenue for the year to a record 1.45bn euros...Frankfurt-based Deutsche Boerse has offered £1.3bn ($2.48bn; 1.88bn euros) for the London Stock Exchange. Rival pan-European bourse Euronext is working also on a bid. Late on Monday, Deutsche Boerse said it would lift its 2004 dividend payment to 70 euro cents (£0.48; $0.98) from 55 euro cents a year earlier. "There is a whiff of a sweetener in there," Anais Faraj, an analyst at Nomura told the BBC's World Business Report. "Most of the disgruntled shareholders of Deutsche Boerse are complaining that the money that is being used for the bid could be better placed in their hands, paid out in dividends," Mr Faraj continued. Deutsche Boerse is "trying to buy them off in a sense", he said. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Newest EU members underpin growth..The European Union's newest members will bolster Europe's economic growth in 2005, according to a new report...The eight central European states which joined the EU last year will see 4.6% growth, the United Nations Economic Commission for Europe (UNECE) said. In contrast, the 12 Euro zone countries will put in a "lacklustre" performance, generating growth of only 1.8%. The global economy will slow in 2005, the UNECE forecasts, due to widespread weakness in consumer demand...It warned that growth could also be threatened by attempts to reduce the United States' huge current account deficit which, in turn, might lead to significant volatility in exchange rates...UNECE is forecasting average economic growth of 2.2% across the European Union in 2005. However, total output across the Euro zone is forecast to fall in 2004 from 1.9% to 1.8%. This is due largely to the faltering German economy, which shrank 0.2% in the last quarter of 2004. On Monday, Germany's BdB private banks association said the German economy would struggle to meet its 1.4% growth target in 2005...Separately, the Bundesbank warned that Germany's efforts to reduce its budget deficit below 3% of GDP presented "huge risks" given that headline economic growth was set to fall below 1% this year. Publishing its 2005 economic survey, the UNECE said central European countries such as the Czech Republic and Slovenia would provide the backbone of the continent's growth. Smaller nations such as Cyprus, Ireland and Malta would also be among the continent's best performing economies this year, it said. The UK economy, on the other hand, is expected to slow in 2005, with growth falling from 3.2% last year to 2.5%...Consumer demand will remain fragile in many of Europe's largest countries and economies will be mostly driven by growth in exports. "In view of the fragility of factors of domestic growth and the dampening effects of the stronger euro on domestic economic activity and inflation, monetary policy in the euro area is likely to continue to 'wait and see', the organisation said in its report. Global economic growth is expected to fall from 5% in 2004 to 4.25% despite the continued strength of the Chinese and US economies. The UNECE warned that attempts to bring about a controlled reduction in the US current account deficit could cause difficulties. "The orderly reversal of the deficit is a major challenge for policy makers in both the United States and other economies," it noted. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Brewers' profits lose their fizz..Heineken and Carlsberg, two of the world's largest brewers, have reported falling profits after beer sales in western Europe fell flat...Dutch firm Heineken saw its annual profits drop 33% and warned that earnings in 2005 may also slide. Danish brewer Carlsberg suffered a 3% fall in profits due to waning demand and increased marketing costs. Both are looking to Russia and China to provide future growth as western European markets are largely mature...Heineken's net income fell to 537m euros ($701m; £371m) during 2004, from 798m euro a year ago. It blamed weak demand in western Europe and currency losses. It had warned in September that the weakening US dollar, which has cut the value of foreign sales, would knock 125m euros off its operating profits. Despite the dip in profits, Heineken's sales have been improving and total revenue for the year was 10bn euros, up 8.1% from 9.26bn euros in 2003. Heineken said it now plans to invest 100m euros in "aggressive" and "high-impact" marketing in Europe and the US in 2005. Heineken, which also owns the Amstel and Murphy's stout brands, said it would also seek to cut costs. This may involve closing down breweries...Heineken increased its dividend payment by 25% to 40 euro cents, but warned that the continued impact of a weaker dollar and an increased marketing spend may lead to a drop in 2005 net profit...Carlsberg, the world's fifth-largest brewer, saw annual pre-tax profits fall to 3.4bn Danish kroner (456m euros). Its beer sales have been affected by the sluggish European economy and by the banning of smoking in pubs in several European countries. Nevertheless, total sales increased 4% to 36bn kroner, thanks to strong sales of Carlsberg lager in Russia and Poland. Carlsberg is more optimistic than Heineken about 2005, projecting a 15% rise in net profits for the year. However, it also plans to cut 200 jobs in Sweden, where sales have been hit by demand for cheap, imported brands. "We remain cautious about the medium-to-long term outlook for revenue growth across western Europe for a host of economic, social and structural reasons," investment bank Merrill Lynch said of Carlsberg. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Yangtze Electric's profits double..Yangtze Electric Power, the operator of China's Three Gorges Dam, has said its profits more than doubled in 2004...The firm has benefited from increased demand for electricity at a time when power shortages have hit cities and provinces across the country. As a hydroelectric-power generator it has not been hurt by higher coal costs. Net income jumped to 3bn yuan in 2004 ($365m; £190m), compared with 1.4bn yuan in 2003. Sales surged to 6.2bn yuan, from 3bn yuan a year earlier. The figures topped analysts expectations, even though the rate of growth has slowed from 2003. Analysts forecast that it is likely to decline further this year to a rate of expansion of closer to 20%...Yangtze Electric has been expanding its output to meet demand driven by China's booming economy. The government has delayed the building of a number of power plants in an effort to rein in growth amid concerns that the economy may overheat. That has led to an energy crunch, with demand outstripping supply. Earlier this month, work was halted on an underground power station, and a supply unit on the Three Gorges Dam, as well as a power station on its sister Xiluodu dam because of environmental worries. A total of 30 large-scale projects have been halted across the country for similar reasons. The Three Gorges Dam project has led to more than half a million people being relocated and drawn criticism from environmental groups and overseas human rights activists. Its sister project, the Xiluodu Dam, is being built on the Jinshajiang - or "river of golden sand" as the upper reaches of the Yangtze are known. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | French consumer spending rising..French consumers increased their spending by 1.5% in January, a figure which bodes well for the country's economic growth, figures revealed...The National Statistic Institute (INSEE) added that consumer spending in January rose 3.8% on a year-on-year basis. Rising sales of household equipment were behind the increase. The INSEE also said that French consumer prices fell 0.6% in January, but were up 1.6% on an annual basis...Despite the general increase in spending in January, French households bought fewer cars in January. According to the INSEE, car sales fell 2.8% in January, following a fall of 0.6% in December. But on a year-on-year basis, the sector still saw a sales increase of 6.5%. Consumer spending fuelled France's economic growth in the last quarter of 2004 and analysts expect that it will continue to support the economy. "It's a growth that will remain fragile and vulnerable to risks like a strong rise in long-term interest rates, tension in the oil price," Emmanuel Ferry, from Exane BNP Paribas told Reuters news agency...Meanwhile in Italy, consumer confidence rose to its highest level since October 2004. Economic research group ISAE has said that Italian consumer confidence rose to 104.4 from 103.3, despite a slight deterioration in short-term sentiment. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | GSK aims to stop Aids profiteers..One of the world's largest manufacturers of HIV/Aids drugs has launched an initiative to combat the smuggling of cheaper pills - supplied to poorer African countries - back into Europe for resale at far higher price...The company, GlaxoSmithKline, is to alter the packaging and change the colour of the pills, currently provided to developing nations under a humanitarian agreement. It is estimated that drugs companies are losing hundreds of millions of dollars each year as a result of the diversion of their products in this way. This is a very sensitive area for the big drugs companies. They want to maintain their profits, but have been put under tremendous pressure to provide cheap anti-Aids drugs to the world's poorest nations...The result is that drugs supplied to Africa are now more than thirty times cheaper than those sold in Europe; bringing these medicines within the reach of millions of HIV-positive Africans through their government's health care systems...But the wide difference in price also means that there are big gains to be made from illegally diverting these cheaper drugs back into wealthier countries and re-selling them at a higher price. GlaxoSmithKline believes that by coating the pills destined for Africa in a red dye and adding new identification codes both onto the pills and on the packaging, then this trade can be substantially reduced. The company says that it will then be possible to identify specific distributors in Africa who have re-sold humanitarian drugs for profit, as well as those suppliers in Europe that have also been involved in the trade. Glaxo says distribution of the new-look drugs has already begun and that their chemical content is identical to those currently being sold in Europe. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Optimism remains over UK housing..The UK property market remains robust despite the recent slowdown, according to mortgage lender Bradford & Bingley and housebuilder George Wimpey...B&B said the buy-to-let market - in which the bank is a major player - would continue to grow much faster than the wider mortgage market. The comments came as it reported a 6% rise in profits to £280.2m ($532m). Wimpey reported a 19% rise in profits to £450.7m and said recent new home reservations were better than expected...Recent housing market surveys have indicated that the UK property market has cooled in recent months after several years of rapid growth. Last week, figures from the Council of Mortgage Lenders (CML) indicated that the popularity of buy-to-let mortgages - a key phenomenon of the housing boom - could be waning...But B&B - which has a 22% share of the UK buy-to-let mortgage market - said that while rates of growth were moderating, the sector "continues to grow at a rate considerably above that of the whole mortgage market". Overall, B&B said that "housing market fundamentals remain strong". "Interest rates and unemployment are both likely to remain at historically low levels, real household incomes should continue to grow and housing demand is likely to outstrip supply into the medium-term." Despite the upbeat tone, shares in B&B were down more than 4% at 325.5p in morning trade as analysts worried over future earnings growth...Wimpey's profit figures came in at the top of expectations, with the numbers helped by buoyant sales in the US offsetting a slight slowdown in the UK. Wimpey said the UK housing market had proved "challenging" last year. "By late summer, the market in general had slowed sharply across the country and showed no real improvement during the autumn," it added. However, the first seven weeks of this year had produced promising signs, Wimpey said. "Visitor levels and interest in this period have been encouraging and reservations have been at the stronger end of our expectations." Shares in Wimpey were up 6% at 458.5p in morning trade. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Russia WTO talks 'make progress'..Talks on Russia's proposed membership of the World Trade Organisation (WTO) have been "making good progress" say those behind the negotiations...But the chairman of the working party, Ambassador Stefan Johannesson of Iceland, warned that there was "still a lot of work has to be done". His comments came as President George W Bush said the US backed Russian entry. But he said for Russia to make progress the government must "renew a commitment to democracy and the rule of law". His comments come three days before he is due to meet President Vladimir Putin...Russia has been waiting for a decade to join the WTO and hopes to finally become a member by early 2006. A decision could be reached in December, when the WTO's 148 current members gather for a summit in Hong Kong. That would allow an earliest date for membership of January 2006, if the Hong Kong summit gave its approval. While pinpointing several areas in which there are difficulties in the bilateral and multilateral work with Russia, the US said the meeting was "much more efficient than we've seen for some time". And Australia said it was "one of the best (meetings) we can recall in terms of substance". Mr Johannesson also said progress "on the bilateral market access side is accelerating". Sticking points to membership have included limits on foreign ownership in the telecommunications and life insurance businesses, as well as issues surrounding counterfeiting, piracy, and data protection. Some WTO members also dislike Russia's energy price subsidies, which competitors say give Russian businesses an unfair advantage. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Irish duo could block Man Utd bid..Irishmen JP McManus and John Magnier, who own a 29% stake in Manchester United, will reportedly reject any formal £800m offer for the club...The Sunday Times and The Sunday Telegraph say they will oppose any formal £800m takeover bid from US tycoon Malcom Glazer. Mr Glazer got permission to look at the club's accounts last week. Irish billionaires Mr McManus and Mr Magnier are said to believe that an £800m bid undervalues club prospects...Mr Magnier and Mr McManus, who hold their stake through their Cubic Expression investment vehicle have the power to block a bid. Mr Glazer's financial backers, including JP Morgan, the US investment bank have said they won't back a bid unless it receives backing from the owners of at least 75% of the club's shares. However, there has been much speculation that the Irish duo simply do not think the price offered - 300p a share - is high enough. Mr Glazer has been stalking the premier league football club since 2003...Mr Magnier and Mr McManus issued a statement late on Friday saying that they remained "long-term investors" in Man Utd. The Sunday Telegraph says the board of Manchester United also considered a management buyout at just over 300p but did not go ahead with it. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Dollar drops on reserves concerns..The US dollar has dropped against major currencies on concerns that central banks may cut the amount of dollars they hold in their foreign reserves...Comments by South Korea's central bank at the end of last week have sparked the recent round of dollar declines. South Korea, which has about $200bn in foreign reserves, said it plans instead to boost holdings of currencies such as the Australian and Canadian dollar. Analysts reckon that other nations may follow suit and now ditch the dollar. At 1300 GMT, the euro was up 0.9% on the day at 1.3187 euros per US dollar. The British pound had added 0.5% to break through the $1.90 level, while the dollar had fallen by 1.3% against the Japanese yen to trade at 104.16 yen...At the start of the year, the US currency, which had lost 7% against the euro in the final three months of 2004 and had fallen to record lows, staged something of a recovery...Analysts, however, pointed to the dollar's inability recently to extend that rally despite positive economic and corporate data, and highlighted the fact that many of the US's economic problems had not disappeared. The focus once again has been on the country's massive trade and budget deficits, with predictions of more dollar weakness to come. "The comments from Korea came at a time when sentiment towards the dollar was already softening," said Ian Gunner, a trader at Mellon Financial. On Tuesday, traders in Asia said that both South Korea and Taiwan had withdrawn their bids to buy dollars at the start of the session. Mansoor Mohi-Uddin, chief currency strategist at UBS, said that there was a sentiment in the market that "central banks from Asia and the Middle East are buying euros". A report last month already showed that the dollar was losing its allure as a currency that offered rock-steady returns and stability. Compiled by Central Banking Publications and sponsored by the UK's Royal Bank of Scotland, the survey found 39 nations out of 65 questioned were increasing their euro holdings, with 29 cutting back on the US dollar. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | India and Russia in energy talks..India and Russia are to work together in a series of energy deals, part of a pact which could see India invest up to $20bn in oil and gas projects...On the agenda are oil and gas extraction as well as transportation deals, to be led by Russian energy giant Gazprom and India's ONGC. The Indian firm is also expected to hold talks on Tuesday about buying a stake in assets once owned by Yukos. It is reported to be keen on buying a 15% stake in oil unit Yuganskneftegas. The former Yukos subsidiary was controversially sold off last year and eventually acquired by state-owned energy giant Rosneft...Russian media reported that India and Russia signed a memorandum of understanding on energy co-operation on Tuesday during a meeting between Oil and Natural Gas Corporation chairman Subir Raha, Gazprom chairman Aleksey Miller and India's petroleum minister Mani Shankar Aiyar...The agreement is likely to see the two companies develop refining facilities in Russia, India and elsewhere and organise delivery of oil, gas and petrochemicals from Russia to India and other countries across Asia. ONGC could invest in gas and oil fields in Sakhalin, in the far east of Russia, and may also take part in joint tender bids for projects in eastern Siberia and the Caspian Sea...India is urgently searching for fresh energy supplies - particularly liquefied natural gas - as domestic demand is growing at more than 5% a year...ONGC's Mr Raha said the two could work together on joint bids from next year. "At current oil and gas prices, our cash flow situation is good," he told Reuters. "What we are saying is - Gazprom has a huge amount of gas and we have the money. "The investment may go up to $20bn or more for a period of five years or so."..Russian news agencies reported that India's petroleum minister Mr Aiyar and Russian energy minister Viktor Khristenko would discuss the future of Yugansk at a meeting on Tuesday. ONGC's Mr Raha declined to be drawn on his firm's reported interest in the company. However, he stressed that ONGC was not interested in a 'loan-for-oil deal' in connection to Yugansk, similar to that concluded recently between Rosneft and China's National Petroleum Corporation. "China's problem is it has immediate demand and they needed the oil for their coastal refineries. We do not. We would like long-term security through equity participation." It is thought that any decision over Yugansk will be delayed until a US court has decided whether to grant Yukos bankruptcy protection. Yukos is suing a host of companies involved in the sale of Yugansk, auctioned off to pay a huge back-tax bill. It has also threatened legal action against any business which has future commercial dealings with its former subsidiary. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Weak data buffets French economy..A batch of downbeat government data has cast doubt over the French economy's future prospects...Official figures showed on Friday that unemployment was unchanged at 9.9% last month, while consumer confidence fell unexpectedly in October. At the same time, finance minister Nicolas Sarkozy warned that high oil prices posed a threat to French growth. "[Oil prices] will weigh on consumer spending in the short term, and potentially on confidence," he said. World oil prices have risen by more than 60% since the start of the year as production struggles to keep pace with soaring demand...Analysts said French companies, keen to protect their profit margins at a time of rising energy costs, were reluctant to take on extra staff. "[The unemployment figures] show the main problem of the French economy: we have growth but without an improvement in employment," said Marc Touati, an economist at Natexis Banques Populaires. "Politicians must have the will and guts to solve structural unemployment with thorough reforms, otherwise in five or ten years, it will be too late." Obligatory employer contributions to worker welfare programmes mean that it costs more to hire staff in France than in many other European economies. Many economists have urged the government to stimulate employment by reducing non-wage payroll costs, and by scrapping restrictions on working hours. The French statistics agency, INSEE, expects the economy to grow by about 2.4% this year, buoyed by strong consumer spending and business investment. That is above the projected eurozone average of just above 2%. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Business fears over sluggish EU economy..As European leaders gather in Rome on Friday to sign the new EU constitution, many companies will be focusing on matters much closer to home - namely how to stay in business...Lille is a popular tourist destination for Britons who want a taste of France at the weekend. But how many tourists look at the impressively grand Victorian Chambre de Commerce, which stands beside the Opera House, and consider that it was built - like the town halls in many northern English towns - on the wealth created by coal, steel and textiles? Like northern England and industrial Scotland, those industries have been in long term decline - the last coal pit closed in 1990. Beck-Crespel is a specialist steel firm in Armentieres, about 20 miles from Lille. The company has not laid off a worker since 1945. It specialises in making bolts and fixings for power stations and the oil industry, but not many of those are being built in Europe these days...Director Hugues Charbonnier says he is under pressure because factories in the Far East are able to make some of his output more cheaply, while his key markets are now in China and India. "In our business the market is absolutely global, you can not imagine living with our size (of business) even within an enlarged European Union, (if we did that) we would need not 350 people but perhaps just 150 or 200," he says. It isn't just globalisation that is hurting; the law in France means workers are paid for a 39 hour week even though they work just 35 hours. But at least there is still a steel industry. Coal has now totally vanished and textiles are struggling. New business has been attracted, but not enough to make up the difference...That is one reason why people here are not great fans of the EU, says Frederic Sawicki, a politics lecturer at the University of Lille..."In the region today the unemployment rate is 12%, in some areas it is 15%. They don't see what Europe is doing for them, so there is a kind of euro scepticism, especially in the working classes," he says. Which is strange because Lille is at the crossroads of Europe - if anywhere should be benefiting from the euro it is here. The euro was designed to increase trade within the eurozone, but the biggest increase in trade has been with the rest of the world. Much of that trade passes through the world's largest port, Rotterdam, in Holland, home to specialist crane maker Huisman Itrec. Its cranes help build oil rigs and lifted the sunken Russian submarine Kursk from the sea bed, but Huisman Itrec is now setting up a factory in China, where costs are cheaper and its main customers are closer...Boss Henk Addink blames the low growth rate in Europe for the lack of orders closer to home. "In the US growth is something like 6%, in China they are estimating 15%, and in the EU it is more or less 1%," he says. Mr Addink blames the euro for stifling demand. He much preferred the old currencies of Europe, which moved in relation to each country's economic performance. In Germany, industry is exporting more these days, but the economy as a whole is once again mired in slow growth and high unemployment. Growth is likely to peak this year at just under 2%. In Britain that would be a bad year; in Germany it is one of the best in recent years. With Germany making up a third of the eurozone's economy, this is a major problem. If Germany doesn't once again become the powerhouse of Europe, growth across the bloc is never going to be as strong as it could be. However, at one factory near the Dutch border things are changing...The Siemens plant at Boscholt makes cordless phones and employs 2,000 staff. Staff have started working an extra four hours a week for no extra pay, after Siemens threatened to take the factory and their jobs to Hungary. Factory manager Herbert Stueker says that he now hopes to increase productivity "by nearly 30%". But Germany needs much more reform if all its industry is to compete with places such Hungary or China. The Government is reforming the labour market and cutting the generous unemployment system, but the real solution is to cut the wages of low skilled workers, says Helmut Schneider, director of the Institute for the Study of Labour at Bonn University. "Labour is too costly in Germany, especially for the low skilled labour and this is the main problem. If we could solve that problem we could cut unemployment by half," he says. The EU set itself the target of being the most efficient economy in the world by 2010. Four years into that process, and the target seems further away than ever. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | M&S cuts prices by average of 24%..Marks & Spencer has cut prices in London and the regions by an average of 24%, according to research from a City investment bank...Dresdner Kleinwort Wasserstein said: "In spite of the snow in the UK, it still feels very early to be cutting prices of spring merchandise." Stuart Rose, head of M&S, said last year its prices were too high. "We are bringing in ranges at new price points to compete against mid-market retailers like Next," said M&S...Next is one of M&S's biggest competitors and the move may force it to lower prices. DrKW said the cuts are either to clear stock or could indicate a longer term "step change in pricing in certain areas" at M&S. "Either way, this cannot be good news for M&S' margin," it added. "We have brought in quite a lot of new clothing at new price points as part of Stuart Rose's strategy of quality, style -and price," said the M&S spokesman. Many analysts believe February is proving to be a difficult month for retailers and British Retail Consortium figures, due in a few weeks, are expected to reflect the tough trading environment. Separately, investment bank Goldman Sachs produced reseach showing that a basket of 35 M&S goods is now 11% above the high-street average, compared with 43% higher last year...It has been a strange week for M&S, which on Tuesday received a statement from Philip Green, the billionaire Bhs owner, confirming he was not rebidding for the company. This was followed the same day by Mark Paulsmeier, a South African financier, issuing a press release saying his Paulsmeier Group was interested in M&S. A sudden spike in M&S's share price followed. However, an M&S spokesman said on Sunday it had no evidence that Mr Paulsmeier had lined up sufficient finance for a bid. He also said the Takeover Panel and the UK's financial watchdog the Financial Services Authority had been in touch with M&S at the beginning of the week to find out what it knew about the Paulsmeier developments. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | US bank 'loses' customer details..The Bank of America has revealed it has lost computer tapes containing account details of more than one million customers who are US federal employees...Several members of the US Senate are among those affected, who could now be vulnerable to identity theft. Senate sources say the missing tapes may have been stolen from a plane by baggage handlers. The bank gave no details of how the records disappeared, but said they had probably not been misused. Customers' accounts were being monitoring and account holders would be notified if any "unusual activity" was detected, bank officials said...Bank of America said the tapes went missing in December while being shipped to a back-up data centre. "We, with federal law authorities, have done a very robust, thorough investigation on this and neither we nor they would make the statement lightly that we believe those tapes to be lost," Alexandra Tower, a spokeswoman for the North Carolina-based bank, told Time magazine. But although there was no evidence of criminal activity, the bank said, the Secret Service - a federal agency whose brief includes investigations of serious financial crime - is said to be looking into the loss. New York Senator Charles Schumer said he was told by the Senate Rules Committee that the tapes were probably stolen from a commercial plane. "Whether it is identity theft, terrorism, or other theft, in this new complicated world baggage handlers should have background checks and more care should be taken for who is hired for these increasingly sensitive positions," the Democrat senator said. Details of his Vermont colleague Pat Leahy's credit card account are among those missing, Senator Leahy's spokeswoman Tracy Schmaler said. About 900,000 military and civilian staff at the defence department are among the 1.2 million affected, according to a Pentagon spokesman. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Huge rush for Jet Airways shares..Indian airline Jet Airways' initial public offering was oversubscribed 16.2 times, bankers said on Friday...Over 85% of the bids were at the higher end of the price range of 1,050-1,125 rupees ($24-$26). Jet Airways, a low-fare airline, was founded by London-based ex-travel agent Naresh Goya, and controls 45% of the Indian domestic airline market. It sold 20% of its equity or 17.2 million shares in a bid to raise up to $443m (£230.8m). The price at which its shares will begin trading will be agreed over the weekend, bankers said. "The demand for the IPO was impressive. We believe that over the next two years, the domestic aviation sector promises strong growth, even though fuel prices could be high," said Hiten Mehta, manager of merchant banking firm, Fortune Financial Services. India began to open up its domestic airline market - previously dominated by state-run carrier Indian Airlines - in the 1990s. Jet began flying in 1993 and now has competitors including Air Deccan and Air Sahara. Budget carriers Kingfisher Airlines and SpiceJet are planning to launch operations in May this year. Jet has 42 aircraft and runs 271 scheduled flights daily within India. It recently won government permission to fly to London, Singapore and Kuala Lumpur. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Bank payout to Pinochet victims..A US bank has said it will donate more than $8m to victims of former Chilean military ruler Augusto Pinochet's regime under a Madrid court settlement...Riggs Bank will put money in a special fund to be managed by a Madrid-based charity, the Salvador Allende Foundation, which helps abused victims. The bank had been accused of illegally concealing Gen Pinochet's assets. More than 3,000 people were killed for political reasons under Gen Pinochet's regime, an official report says. Last month in a US court, Riggs Bank pleaded guilty to failing to report suspicious activity relating to accounts held by Gen Pinochet and the government of Equatorial Guinea. On that occasion, it was ordered to pay a fine of $16m. Gen Pinochet himself has never been put on trial for human rights violations under his 1973-90 rule, despite several high-profile cases against him. He is now facing charges relating to the murder of one Chilean and the disappearance of nine others. He is also being investigated for tax evasion, tax fraud and embezzlement of state funds...The general's opponents rejoiced at the settlement, which was agreed in a court in the Spanish capital, Madrid. A lawyer for the victims, Eduardo Contreras, told Reuters news agency: "This demonstrates that the horrors of the Pinochet dictatorship are not a mystery to anyone and that the whole world knows his victims deserve reparations." Riggs spokesman Mark Hendrix said the settlement, details of which will be announced next week, was an opportunity to move on. "This enables the institution to put the matter behind us," he told Reuters. The settlement follows a legal complaint filed against the bank by Spanish Judge Baltasar Garzon alleging that it had illegally concealed assets. The bank agreed to create a fund for the victims, but the charges were dropped. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Qwest may spark MCI bidding war..US phone company Qwest has said it will table a new offer for MCI after losing out to larger rival Verizon, setting the scene for a possible bidding war...MCI accepted a $6.75bn (£3.6bn) buyout from telecoms giant Verizon on Monday, rejecting a higher offer from Qwest. Qwest chairman Richard Notebaert sent a letter to MCI's board on Thursday saying that it plans to submit a new offer after examining Verizon's bid. Formerly known as Worldcom, MCI is a long-distance and corporate phone firm. Snapping up MCI would give the buyer access to a global telecommunications network and a large number of business-based subscribers. Shares of MCI were up more than 4% in electronic trading after the close of New York markets...Qwest said on Wednesday that MCI had rejected a deal worth $8bn. "We would like to advise you that once we have completed our review of the Verizon merger agreement, we do intend to submit a modified offer to acquire MCI," the letter from Qwest said. Verizon's offer is made up of cash, shares and dividends, and a number of investors have said that it undervalues MCI. Verizon plans to swap 0.41 of its shares and $1.50 in cash for each MCI share, as well as offering special dividends of $4.50 a share. Both company boards have backed the deal, but regulators will still need to give their approval. As well as trying to lure investors with the promise of better returns, Qwest also reckons that its offer will face less regulatory scrutiny than Verizon's...The takeover would be the fifth billion-dollar telecoms deal since October as companies look to cut costs and boost client bases. Earlier this month, SBC Communications agreed to buy its former parent and phone trailblazer AT&T for about $16bn. There may be concerns other than cash, however, especially as MCI only emerged from bankruptcy protection last April. Verizon is far bigger than Qwest, has fewer debts and has built a successful mobile division. Also, MCI, while trading under the name Worldcom, became the biggest corporate bankruptcy in US history after admitting that it illegally booked expenses and inflated profits. Former Worldcom boss Bernie Ebbers is currently standing trial, accused of overseeing an $11bn fraud. Qwest, meanwhile, had to pay the Securities and Exchange Commission $250m in October to settle charges that it massaged earnings to keep Wall Street happy. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Fiat chief takes steering wheel..The chief executive of the Fiat conglomerate has taken day-to-day control of its struggling car business in an effort to turn it around...Sergio Marchionne has replaced Herbert Demel as chief executive of Fiat Auto, with Mr Demel leaving the company. Mr Marchionne becomes the fourth head of the business - which is expected to make a 800m euro ($1bn) loss in 2004 - in as many years. Fiat underperformed the market in Europe last year, seeing flat sales...The car business has made an operating loss in five of the last six years and was forced to push back its break-even target from 2005 to 2006. The management changes are part of a wider shake-up of the business following Fiat's resolution of its dispute with General Motors. As part of a major restructuring, Fiat is to integrate the Maserati car company - currently owned by Ferrari - within its own operations. Ferrari, in which Fiat owns a majority stake, could be separately floated on the stock market in either 2006 or 2007...Mr Marchionne, who only joined the company last year, said Fiat Auto was now the "principal focus" of his attention. "I have made the decision to take on the post of chief executive of the auto unit to speed up the company's recovery," he said. "A profound cultural transformation is underway following a management reorganisation that has delivered a more agile and efficient structure," he added...Although Mr Marchionne does not have a background in the car industry, he has been playing an increasing role in the group's activities. Last year, he said that a series of new models, launched as part of the group's recovery plan, had not boosted revenues as much as hoped. The car business, best known for its Alfa Romeo marque, is expected to make a loss of about 800m euros in 2004. Sales are expected to fall in 2005, Fiat said this week, as it exits unprofitable areas such as the rental car market. Mr Demel, a car industry veteran, took the helm in November 2003 after being recruited by former Fiat chief executive Giuseppe Morchio. Mr Morchio made a bid last year to become chairman after the death of president Umberto Agnelli. However, this was rejected by the founding Agnelli family and Mr Morchio subsequently resigned. Earlier this week, Fiat reached an agreement with GM to dissolve an alliance which could have obliged GM to buy the Italian firm outright. GM will pay Fiat $2bn as part of the settlement. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Consumers drive French economy..France's economic growth accelerated in the last three months of 2004, driven by consumer spending, a report shows...Gross domestic product (GDP) rose by 0.8% in the fourth quarter compared with the previous three month period, the statistical office INSEE said. That expansion pushed annual growth to 2.3%, the fastest rate in two years. Consumer spending was up by 1.2% in the fourth quarter, and there also was a rebound in business investment that gave the recovery an extra shove...Analysts warned that France still was facing challenges and was unlikely to keep expanding at its current pace..."France still has a strong economic growth," said Marc Toutai, an economist at Natexis Banques Populaires. "But, if we check the figures in detail, there's a problem." "Consumer spending is still high. But French households have spent their savings to consume. "France can't sustain a high growth rate without an improvement in the job market. There's too much of a gap between growth and employment." Unemployment levels are currently stuck at about 10%, and is proving difficult to bring down despite government efforts. Another worry is that demand in Germany and Italy, two of France's main trading partners, is sluggish...Despite the concerns, analysts pointed out that France was outperforming the majority of its European counterparts and that its economy was looking more robust than in previous years. As well as strong domestic demand, exports climbed by 1.3% in the fourth quarter - the biggest increase in foreign sales for a year. "It's an economic growth that seems well balanced," said Nicolas Claquin, an analyst at CCF. "In the beginning of 2004, growth was mainly driven by consumer spending. Here it gets contributions from investment and exports, though household consumption is still strong. "But we expect overall economic growth to fall to 2.0 percent in 2005." | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | US regulator to rule on pain drug..US food and drug regulators will decide on Friday whether to recommend the sale of painkillers that have been linked to a high risk of heart attack and stroke...The Food and Drug Administration (FDA) advisory panel will give its verdict after hearing evidence for three days. The painkillers - called COX-2 inhibitors - are sold under brand names such as Celebrex and Vioxx. Vioxx was withdrawn from shops last year but Merck said it would consider selling it if it gets FDA approval. The FDA has been asked to decide if the benefits to patients justify the increased risks...Putting Vioxx back on the shelves is likely to boost profits at Merck and make easier any legal battles with people who claim to have been injured by the drug, analysts said...Merck voluntarily stopped sales of Vioxx on 30 September, a move which caused the firm's fourth-quarter earnings to slide to $1.1bn (£581m), from $1.4bn a year earlier. Merck's shares tumbled more than 10% on the news and the company has had to set aside millions of dollars to cover the cost of Vioxx-related litigation. Alarm bells were rung by a research note called Approve which showed that the risk of heart attack and stroke doubled in patients who had been taking the drug for at least 18 months. The Cox-2 inhibitors were developed by drug companies, including Merck and Pfizer, because they cause users fewer stomach problems than other painkillers...Pfizer is still selling its Celebrex and Bextra products, though investigations have suggested that they may also be harmful to the heart. Merck's announcement of a possible reintroduction of Vioxx caught analysts by surprise. Merck's head of research Peter Kim said that it withdrew Vioxx "based on the information that was available to us at the time, knowing there were alternative therapies". He went on to say that things have since changed in the light of new reports. "Given this new information, its is not clear that the cardiovascular risk observed in Approve makes Vioxx unique in the class of similar drugs marketed in the US," Mr Kim explained...On Thursday, David Graham from the FDA's Office of Drug Safety told the advisory panel that "there really doesn't appear to be a need for Cox-2" inhibitors. According to calculations presented to the US Senate by Dr Graham in November, Vioxx may be linked to as many as to 56,000 American deaths. Facing stem criticism for its handling of the Vioxx case, the FDA said on Tuesday that it will create an independent body to oversee the safety of drugs already in the market place. European regulators, meanwhile, ruled on Thursday that patients who have had heart disease or a stroke should not take Cox-2 inhibitors. The European Medicines Agency also said doctors should be "cautious" about giving the drugs to patients who have risk factors for heart disease. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Yukos bankruptcy 'not US matter'..Russian authorities do not have to abide by any US court decisions taken with regard to troubled oil giant Yukos, a Houston court has been told...Legal expert William Butler said there was no treaty between the US and Russia to recognise the other's legal rulings. That meant Moscow would not have to adhere to US rulings in the Yukos case. Yukos says a US court was entitled to declare it bankrupt before its Yugansk unit was sold, since it has a US subsidiary and local bank accounts...Yukos made its surprise Chapter 11 bankruptcy filing in Houston in December in an unsuccessful attempt to halt the auction of Yugansk, its main oil producing unit, by Russian authorities. Yugansk was sold to help pay off a $27.5bn (£14.5bn) back tax bill. It was bought for $9.4bn by a previously unknown group, which was in turn bought by state-controlled oil company Rosneft. The US court's jurisdiction has been challenged by Deutsche Bank and Gazpromneft, a former unit of Russian gas monopoly Gazprom which is due to merge with Rosneft. Deutsche Bank maintains the case has no place in a US court because Yukos has no assets in the US, apart from two bank accounts and a house in Houston owned by its chief finance officer Bruce Misamore. Deutsche Bank is involved in the case because it is itself being sued by Yukos. It had agreed to loan Gazpromneft the money to bid for Yugansk. US bankruptcy judge Letitia Clark, who issued an injunction in December to try and prevent the Yugansk sale, has said she will rule "pretty promptly, however I do not anticipate ruling on it before next Tuesday"...Yukos has claimed it sought help in the US because other forums - Russian courts and the European Court of Human Rights - were either unfriendly or offered less protection. It has claimed that Russia imposed the huge tax bill and forced the sale of Yugansk as part of a campaign to destroy Yukos and its former owner Mihkail Khodorkovsky, who is facing a 10-year prison term in Russia for fraud and tax evasion. Yukos' parent company, the Gibraltar-based Menatep Group, is suing Russia in Europe for $28.3bn in financial damages. The company is also seeking $20bn in a separate US lawsuit against Rosneft and Gazprom for their role in the sale of Yugansk. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Borussia Dortmund near bust..German football club and former European champion Borussia Dortmund has warned it will go bankrupt if rescue talks with creditors fail...The company's shares tumbled after it said it has "entered a life-threatening profitability and financial situation". Borussia Dortmund has posted record losses and missed rent payments on its Westfallen stadium. Chief executive Gerd Niebaum stepped down last week and creditors are now pushing for greater control. Shares in Borussia Dortmund, Germany's only stock-market listed football club, dropped by almost 23% to 2.05 euros during early afternoon trading...Fund manager Florian Hamm - Borussia Dortmund's largest investor - said he would only invest more money in the company if he got a greater say in how it is run. "I demand better transparency," he is quoted as saying by Germany's Manger Magazin. The club has also faced calls to appoint executives from outside the club...Borussia Dortmund posted a record loss of 68m euros ($89m; £47m) in the 12 months through June. It made a loss of 27.2m euros in the first half of the current fiscal year and said that total debts will increase to 134.7m euros by the middle of 2006 unless a restructuring plan is pushed through. "This is the bill for their mismanagement over the past years," said HVB analyst Peter-Thilo Halser. The club appointed an auditor, who has recommended a number of steps, including deferring the rent due on the stadium and suspending debt repayments until at least the 2006-2007 fiscal year. Stephen Schechter, a UK investment banker who has held talks with Borussia Dortmund over a possible bond sale, said the club needs a capital injection of 35m euros. "They need strong people on the board who do not have a history with the club," he said. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | 'Post-Christmas lull' in lending..UK mortgage lending showed a "post-Christmas lull" in January, indicating a slowing housing market, lenders have said...Both the Council of Mortgage Lenders (CML) and Building Society Association (BSA) said lending was down sharply. The CML said gross mortgage lending stood at £17.9bn, compared with £21.8bn in January last year. The BSA said mortgage approvals - loans approved but not yet made - were £2bn, down from £2.6bn in January 2004...At the same time, the British Bankers' Association (BBA) said lending was "weaker". Overall, the BBA said mortgage lending rose by £4bn in January, a far smaller increase than the £5.1bn seen in December. This was a return to the "weaker pattern" of lending seen in the last months of 2004, the BBA added. However, it is the year-on-year lending comparisons which are the most striking. The CML said lending for house purchases and gross mortgage lending were 29% and 18% lower year-on-year respectively. "These figures show beyond doubt the recent slowdown in the housing market," Peter Williams, CML deputy director, said. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | UK 'risks breaking golden rule'..The UK government will have to raise taxes or rein in spending if it wants to avoid breaking its "golden rule", a report suggests...The rule states that the government can borrow cash only to invest, and not to finance its spending projects. The National Institute of Economic and Social Research (NIESR) claims that taxes need to rise by about £10bn if state finances are to be put in order. The Treasury said its plans were on track and funded until 2008. According to NIESR, if the government's current economic cycle runs until March 2006 then it is "unlikely" the golden rule will be met. Should the cycle end a year earlier, then the chances improve to "50/50". Either way, fiscal tightening is needed, NIESR said...The report is the latest to call into question the viability of government spending projections. Earlier this month, accountancy firm Ernst & Young said that Chancellor of the Exchequer Gordon Brown's forecasts for tax revenues were too optimistic...It claimed revenues were likely to be £6bn below estimates by the end of the tax year despite the economy growing in line with forecasts. A Treasury spokesperson dismissed the latest claims, saying it was "on track to meeting spending rules and the golden rule in the current cycle and beyond". "Spending plans have been set out until 2008 and they are fully affordable." Other than its warning on possible tax hikes, the NIESR report was optimistic about the state of the UK and global economy...It said the recent record-busting surge in oil prices would have a limited effect on worldwide expansion, saying that if anything the "world economy will continue to grow strongly". Global gross domestic product (GDP) is tipped to be 4.1% this year, dipping to 4% in 2005, before picking up again to 4.2% in 2006. The US will continue to drive expansion until 2006, albeit at a slightly slower rate, as will be the case in Japan. Hinting at better times for UK exporters, NIESR said the euro zone "is expected to pick up speed"...Growth in Britain also is set to accelerate, it forecast. "Despite weak growth in the third quarter, the forces sustaining the upswing remain intact and the economy will expand robustly in 2005 and 2006," NIESR said, adding that "the economy will become better balanced over the next two years as exports stage a recovery". GDP is expected at 3.2% in 2004, and 2.8% in both 2005 and 2006. The main cloud on the horizon, NIESR said, was the UK's much analysed and fretted over property market. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Worldcom director ends evidence..The former chief financial officer at US telecoms firm WorldCom has finished giving evidence at the trial of his ex-boss Bernie Ebbers...Scott Sullivan admitted to jurors he was willing to commit fraud to meet Wall Street earnings projections. Mr Ebbers is on trial for fraud and conspiracy in relation to WorldCom's collapse in 2002. He pleads not guilty. Mr Sullivan has spent two days being cross-examined by lawyers for former Worldcom chief executive Mr Ebbers...Attorney Reid Weingarten has attempted to portray Mr Sullivan as a liar and on Thursday quizzed him about his decision to commit fraud to meet analysts' profit estimates. "At that point in time," Mr Sullivan said, referring to the first false entries in late 2000, "I knew it was wrong and I knew it was against the law, but I thought we would get through it in the short term." Mr Sullivan, 42, has already pleaded guilty to fraud and will be sentenced following Mr Ebbers' trial, where he is appearing as a prosecution witness. Mr Ebbers, 63, has always insisted that he was unaware of any hidden shortfalls in WorldCom's finances. The former finance officer said Mr Ebbers knew about the improper accounting entries that were made between 2000 and 2002 to conceal soaring expenses and inflate revenue...Mr Ebbers could face a sentence of 85 years if convicted of all the charges he is facing. WorldCom's problems appear to have begun with the collapse of the dotcom boom which cut its business from internet companies. Prosecutors allege that the company's top executives responded by orchestrating massive fraud over a two-year period. WorldCom emerged from bankruptcy protection in 2004, and is now known as MCI. On Monday, MCI agreed to a buyout by Verizon Communications in a deal valued at $6.75bn. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Ukraine steel sell-off 'illegal'..The controversial sell-off of a Ukrainian steel mill to a relative of the former president was illegal, a court has ruled...The mill, Krivorizhstal, was sold in June 2004 for $800m (£424m) - well below other offers. President Viktor Yushchenko, elected in December, is planning to revisit many of Ukraine's recent privatisations. Krivorizhstal is one of dozens of firms which he says were sold cheaply to friends of the previous administration...On Wednesday, Prime Minister Yulia Tymoshenko said as many as 3,000 firms could be included on the list of firms whose sale was being reviewed...Mr Yushchenko had previously said the list would be limited to 30-40 enterprises. More than 90,000 businesses in all, from massive corporations to tiny shopfronts, have been sold off since 1992, as the command economy built up when Ukraine was part of the Soviet Union was dismantled. Analysts have suggested that the government needs to avoid the impression of an open-ended list, so as to preserve investor confidence...Thursday's ruling by a district court in Perchesk overturned a previous decision in a lower court permitting the sale. The consortium which won the auction for the mill was created by Viktor Pinchuk, son-in-law of former-President Leonid Kuchma, and Rinat Akhmetov, the country's richest man. The next step is for the supreme court to annul the sale altogether, opening the way for Krivorizhstal to be resold. Mr Yushchenko has suggested a fair valuation could be as much as $3bn. One of the foreign bidders who lost out, steel giant LNM, told BBC News that it would be interested in any renewed sale. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Cairn shares up on new oil find..Shares in Cairn Energy have jumped 6% after the firm said an Indian oilfield was larger than previously thought...Cairn said drilling to the north-west of its development site in Rajasthan had produced "very strong results". The company also said it now believed the development area would be able to produce oil for more than 25 years. Cairn's share price rose 300% last year after a number of oil finds, but its shares were hit in December following a disappointing drilling update. December's share fall means that Cairn is still in danger of being relegated from the FTSE 100 when the index is reshuffled next month. Cairn's shares closed up 64 pence, or 6%, at 1130p on Thursday...Before Christmas, Cairn revealed that drilling to the north of the field in Rajasthan had been disappointing, which caused its shares to lose 18% in one day...However, on Thursday, the group said its belief that the path of oil in the area actually moved further to the west had proved correct. "This area does need more appraisal drilling but it looks very strong," Dr Mike Watts head of exploration said. Chief executive Bill Gammell added: "The more we progress in Rajasthan the better we feel about it." Cairn made the discovery after having been granted an extension to their drilling licence in January by Indian authorities. The firm has applied for a 30-month extension to scout for oil outside its main development area, which includes the Mangala and Aishwariya fields where Cairn has previously announced major discoveries. It also said production at its other fields across the globe was likely to surpass levels seen in 2004. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Georgia plans hidden asset pardon..Georgia is offering a one-off 'tax amnesty' to people who hid their earnings under the regime of former president Eduard Shevardnadze...The country's new president, Mikhail Saakashvili, has said that anyone now willing to disclose their wealth will only have to pay 1% in income tax. The measure is designed to legitimise previously hidden economic activity and boost Georgia's flagging economy. Georgia's black market is estimated to be twice the size of its legal economy...Mr Saakashvili, elected president in January after Mr Shevardnadze was toppled, has urged the Georgian Parliament to approve the amnesty as soon as possible. It is one of a series of proposals designed to tackle corruption, which was rampant during the Shevardnadze era, and boost Georgia's fragile public finances...The new government is encouraging companies to pay taxes by scrapping existing corruption investigations and destroying all tax records from before 1 January, three days before President Saakashvili was elected. "There are people who have money but are afraid to show it," the president told a government session. "Documentation about where this money came from doesn't exist because under the former, entirely warped regime, earning capital honestly was not possible."..By declaring their assets and paying the one-off tax, people would be able to "legalise their property", Mr Saakashvili stressed..."No one will have the right to check this money's origin. This money must go back into the economy." The amnesty will not extend to people who made money through drugs trafficking or international money laundering. Criminal investigations in such cases -thought to involve about 5% of Georgian businesses -are to continue. Mr Saakashvili has accused the Shevardnadze regime, which was toppled by a popular uprising in November, of allowing bribery to flourish. Georgia's economy is in a desperate condition. Half the population are living below the poverty line with many surviving on income of less than $4, or three euros, a day. The unemployment rate is around 20% while the country has a $1.7bn public debt. | business |
Act as a classifier. Categorize the given article into one of the following predefined categories: 'business,' 'entertainment,' 'politics,' 'sport,' or 'tech.' Return only the category label without any additional text. Ensure accurate categorization based solely on the content of the article: | Cuba winds back economic clock..Fidel Castro's decision to ban all cash transactions in US dollars in Cuba has once more turned the spotlight on Cuba's ailing economy...All conversions between the US dollar and Cuba's "convertible" peso will from 8 November be subject to a 10% tax. Cuban citizens, who receive money from overseas, and foreign visitors, who change dollars in Cuba, will be affected. Critics of the measure argue that it is a step backwards, reflecting the Cuban president's desire to increase his control of the economy and to clamp down on private enterprise. In a live television broadcast announcing the measure, President Castro's chief aide said it was necessary because of the United States' increasing "economic aggression". "The ten percent obligation applies exclusively to the dollar by virtue of the situation created by the new measures of the US government to suffocate our country," he said...The Bush administration has taken an increasingly harsh line on Cuba in recent months. President Bush's government, which has been a strong supporter of the 40-year-old trade embargo on Cuba, introduced even tighter restrictions on Cuba in May...Cubans living in the US are now limited to one visit to Cuba every three years and they can only send money to their immediate relatives. A leading expert on the Cuban economy says that Castro's tax plan smacks more of a desperate economic measure than a political gesture. "I think it is primarily an effort to raise some cash," says Jose Barrionuevo, head of strategy for Latin American emerging markets for Barclays Capital. "It underscores the fact that the economy is in very bad shape and the government is looking for sources of revenue."..The tax will hit the families of Cuban exiles hardest as they benefit from the money their displaced relatives send home. This money, known as remittances, can amount to as much as $1bn a year. Those remaining in Cuba will have to pay the tax. Their relatives abroad may choose to send money in other currencies which are not subject to the tax, such as euros, or increase their dollar payments to compensate. However, many of Cuban's poorest citizens could be worse off as a result. The tax will also affect the two million tourists who visit Cuba every year, particularly those Americans who continue to defy a ban on travel there...Cuba's tourist industry has been one of its few economic success stories over the last ten years and, according to the UN Economic Commission for Latin America, is now worth $3bn to the country...The tax is designed to provide much-needed revenue for Cuba's cash-strapped economy. Cuba badly needs dollars to pay for essential items such as food, fuel and medicine. Much of Cuba's basic infrastructure is in a state of disrepair. In recent weeks, Cuba has suffered its most serious power cuts in a decade and there have also been water shortages in parts of the island. Cuba's economy had staged a modest recovery during the mid 1990s as the collapse of the Soviet Union forced it to embrace foreign capital, decentralise trade and permit limited private enterprise. However, a decline in foreign tourism since 2002, periodic hurricanes and the increasing costs of importing oil have put a strain on the economy. It has however yet to be seen if the tax will provide a solution to the government's economic problems. The tax could fuel an active black market in currency trading, Mr Barrionuevo said. "The main impact could be that it will create a black market which you typically see in countries, like Venezuela, which have restrictions on capital," he says. Mr Barrioneuvo says the measure could be dropped if it has a damaging effect on economic activity. "It is intended to be a permanent measure but I am not sure it can last too long." | business |