Pfizer bid

    BRITIAN’S opposition Labor party called Sunday for an inquiry into a potential takeover of British firm AstraZeneca by U.S. drugmaker Pfizer, accusing the government of “cheerleading” for a deal.

    AstraZeneca on Friday rejected a 63-billion-pound (US$106 billion) bid from Pfizer, but the U.S. firm is expected to pursue its efforts to acquire Britain’s second largest pharmaceutical company.

    Dollar debt

    INVESTORS dipping their toes back into emerging markets are choosing hard currency debt which, thanks to rich yields and expectations for a stronger dollar, is the developing world’s best performing asset class this year.

    The Institute of International Finance (IIF), which provides the most authoritative capital flows data, said emerging markets drew US$25 billion from global stock and bond investors in April, after combined US$55 billion inflows in February and March. Bonds attracted almost two-thirds of April flows, IIF said. Separately, Boston-based EPFR Global, which tracks mutual funds, said emerging bond funds had net inflows of about US$500 million in the week to April 30, enjoying the fifth straight weeks of inflows.

    Tax dispute

    U.S. authorities are ratcheting up pressure on Credit Suisse to plead guilty to helping wealthy Americans hide untaxed money in Swiss bank accounts, Swiss newspaper NZZ am Sonntag said.

    The source quoted by the newspaper said U.S. authorities had made “extreme” demands regarding potential fines and wanted the names of all U.S. citizens who had stashed away untaxed money in Credit Suisse accounts, NZZ am Sonntag said. “Washington is asking for a guilty plea,” the newspaper said Sunday, quoting an unnamed source close to the bank.