Business news briefs
U.S. service firms
see faster growth
U.S. service companies grew in February at the fastest pace in a year, buoyed by higher sales and more new orders. The Institute for Supply Management says its index of non-manufacturing activity rose to 56 in February from 55.2 in January. Any reading above 50 indicates expansion. The report measures growth in industries that cover 90 percent of the work force, including retail, construction and health care.
Marriott to help
Ikea with hotels
Ikea says Marriott International will help it open its new budget hotels across western Europe during the next five years. The Swedish company, which announced last year that it will launch the hotel chain, said Marriott will be its partner. They will develop some 50 hotels with 150 to 300 rooms each in major cities. The first is scheduled to open in Milan, Italy, next year.
India's patent appeals office has rejected Bayer's plea to stop production of a cheaper generic version of its kidney and liver cancer drug. Last year, India's patent office allowed a local drug manufacturer to produce a generic version on the grounds it would make the drug available to the public at a reasonably affordable price. It was the first use of compulsory licensing under Indian patent laws passed in 2005.
all its $3.9M cars
Lamborghini's run of the new $3.9 million Veneno is sold out though it only made three of the vehicles billed as the fastest, most powerful Lamborghini ever built. It unveiled the Veneno at the Geneva Motor Show, where CEO Stephan Winkelmann made sure to rev the engine as he drove on stage.
steps up attack
Southeastern Asset Management, Dell's largest outside shareholder, has requested from the company the names and addresses of other shareholders so it can contact them to discuss its opposition to the proposed $24.4 million buyout of the computer maker.
Buffett: Oil boom
to help Berkshire
Billionaire Warren Buffett said his Berkshire Hathaway will benefit from rising U.S. oil production as the company's trains and tank cars move fuel around the country. Buffett highlighted demand for rolling stock made by Berkshire's Union Tank Car in his annual letter to shareholders.
Credit union has
new free service
Mountain America Credit Union has introduced a new free online service to help members better manage their money. Called "My Money Manager," it's a personal financial management tool that securely collects members' financial information from all their accounts at all their financial institutions. Then it organizes it in one location, allowing them to easily track expenses.