SETTLEMENT: While insisting the deal was not an admission of liability, the company said it would set up two funds to settle claims of heart problems and ischemic stroke
Merck said on Friday it had reached a US$4.85 billion deal that would allow the US pharmaceutical giant to settle more than 95 percent of lawsuits over its anti-inflammatory Vioxx.

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By Kevin Chen
While the US credit crisis has dragged down financial markets worldwide, Shin Kong Financial Holding Co (新光金控) believes that the fall offers an opportunity for the company to buy back its own shares at a cheaper price.

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Visa, the biggest US credit card network, said in a regulatory filing it hopes to raise US$10 billion in an initial public offering.

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Three big banks warned on Friday about continuing losses in the credit markets, while Barclays of London denied speculation that it was facing a huge writedown of assets.

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EXPANSION: The group plans to build a nylon plant and expand its yarn spinning and polyester capacity by investing another US$600 million
Formosa Plastics Group (台塑 集團), the nation's biggest industrial conglomerate, will invest US$600 million in Vietnam over two years to expand output of products such as textiles.

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CREDIT CRUNCH: While the euro held steady against the US dollar, the euro and the greenback weakened against the yen as investors avoided risky carry trading
The euro held steady against the dollar here on Friday as fears about the depth of a credit crunch sent investors fleeing for traditional safe havens, strengthening the greenback and the yen.

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Asian currencies strengthened this week as the dollar extended declines on speculation the US Federal Reserve will keep cutting interest rates to revive slowing economic growth.

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The gloom on Wall Street has intensified with investor confidence shaken by the banking industry's troubles and the economic outlook becoming darker.

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REGIONAL VIEW: Many investors were scared enough to cash out of the Taiwanese market after a big decline in margin lending positions on Thursday, analysts said
Asian stocks fell, dragging a regional benchmark to its worst weekly performance in almost three months, amid mounting credit-market losses at financial companies and a plunge in the US dollar.

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World oil prices drifted higher on Friday as traders digested signals of a US economic slowdown that could reduce demand and tightening supply ahead of the looming northern hemisphere winter.

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European stocks fell sharply on Friday as markets reacted to rumors about where more subprime-related losses would be found.

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■ CHINA

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