■SOFTWARE
Sony fixes PS3 bug
Japanese electronics giant Sony assured millions of users on Monday a system bug that had been halting play on older versions of the PlayStation 3 was “resolved.” Sony “verified that the symptoms are now resolved and that users are able to use their PS3 normally,” spokesman Patrick Seybold said on the PlayStation blog. Sony earlier indicated that the problem, which has left many PS3 owners unable to connect to the Internet for more than a day and some unable to even play games, was only affecting models released before last year’s PS3 Slim. “We are aware that the internal clock functionality in the PS3 units other than the slim model, recognized the year 2010 as a leap year,” Seybold said. “If the time displayed on the XMB is still incorrect, users are able to adjust time settings manually or via the Internet.”
■MANUFACTURING
Cookson forecasts rebound
British industrial materials firm Cookson said it expected its performance to recover significantly this year after reporting a slump in last year’s profits caused by the sharp drop in worldwide steel demand. The company, which supplies ceramics products to the steel, glass and solar industries, saw pretax profit drop 57 percent to £75.7 million (US$112.9 million). Analysts were expecting the firm to report profit of about £68.8 million for the year, data from Thomsonreuters I/B/E/S show. “The improvement in steel production and electronics end-markets experienced in the second half of 2009 has continued so far into 2010,” the firm said in a statement yesterday. “Performance should continue to recover significantly as end-markets improve.”
■PHARMACEUTICALS
OSI rejects Astellas’ bid
US drug maker OSI Pharmaceuticals on Monday rejected a US$3.5 billion takeover bid from Japan’s Astellas, describing the offer as undervalued. A formal offer of US$52 per share was expected to be made to OSI shareholders yesterday, but OSI issued a statement on Monday saying the Astellas proposal “very significantly undervalues the company.” The Tokyo-based firm, which manufactures pharmaceuticals, defended the cash offer as a 53 percent premium on OSI’s average three-month stock price. Astellas said the rejection from OSI’s board was “the latest indication ... that OSI is not interested in engaging in substantive discussions.” The Japanese firm said the acquisition would propel it to become a global leader in oncology. OSI, which focuses on molecular-targeted therapies, saw its share price soar on news of the hostile takeover, finishing the day up 51.94 percent at US$56.25 a share. RBC Capital Market analyst Jason Kantor recommended OSI shareholders sell shares at US$55 to US$56 each, and added that the Astellas offer could spark a rival bid from Roche.
■ARGENTINA
Reserves used to pay debt
Argentina withdrew US$6.5 billion from its central bank reserves on Monday to pay some of its foreign debt, as President Cristina Kirchner circumvented court orders and defied fierce opposition from some lawmakers. A central bank spokesman said the funds had been transferred to two accounts of the government treasury “following the decrees of the president.” Kirchner had signed two new decrees to draw from the reserves, getting around a court order earlier this year blocking the effort. She is tapping in to foreign currency reserves to pay off a hefty chunk of the debt due this year to international lenders and holders of bonds on which the country defaulted in 2001.
RSS