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Adcock Ingram, SA’s largest supplier of hospital products, may gain a further 12% from a 30-month high after it got takeover offers.
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Oil prices slipped more than a barrel on Monday as traders worried that the flagging United States economy would cause oil demand to soften. Oil’s sharp decline started last week. Crude futures started plunging after the US Federal Reserve-backed sale of Bear Stearns to JPMorgan Chase created fears of deeper economic problems.
JPMorgan Chase is offering bankers at Bear Stearns bonuses to stay and support the controversial takeover, a person familiar with the situation said on Thursday. Those employees who stay at the close of the deal would receive a bonus that will include JPMorgan shares.
JP Morgan Chase set a deal to buy stricken rival Bear Stearns for a rock-bottom price, while the United States Federal Reserve expanded lending to securities firms for the first time since the Great Depression to prop up the financial system. The shock news, the biggest sign yet of how devastating the credit crisis is for Wall Street, slammed the US dollar to a record low against the euro,