Buffett warning
Warren Buffett, the billionaire investor and chief executive of Berkshire Hathaway, said that the US trade deficit was a bigger threat to the American economy than either the federal budget deficit or consumer debt and could lead to “political turmoil”. “Right now, the rest of the world owns $3 trillion (£1.7 trillion) more of us than we own of them,” he said.
Pfizer patent
A federal court in Illinois has upheld Pfizer’s patent covering amlodipine besylate, the active ingredient in Norvasc, the American drug manufacturer’s hypertension treatment. The patent had been challenged by Apotex, the generic drugs maker. The decision bars Apotex from launching a generic version of amlodipine until 2007.
United ruling
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An American bankruptcy judge in Chicago overruled objections to plans by United Airlines to offer an estimated $115 million (£65.3 million) in equity incentives to a group of executives. Judge Eugene Wedoff said that the plan, which had been opposed by unions as excessive, was reasonable and in the best interests of the company.
Telefónica change
Telefónica, the dominant Spanish telecoms regulator that is buying O2, is expected to benefit from an easing of regulations. The head of Spain’s telecoms regulator said that he expected the State to stop setting fixed-line phone tariffs for the group this year. The Government sets Telefónica’s fixed-line tariffs to increase competition.