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Those with a sweet tooth have long found it hard to resist a second bite of Cadbury chocolate. Kraft, it seems, is no different. The world's second biggest foodmaker unleashed a hostile bid for the British confectioner on Monday, offering $16.3 billion in cash and shares under the same terms as a friendly approach that was rejected by Cadbury in September. Absent any sweetener, Cadbury's board "emphatically rejected this derisory offer," chairman Roger Carr fired back in a statement. The bid, he said, "does not come remotely close to reflecting the true value of our company." (See nine...
...Administration didn't take into account the possibilities opened up by the enormous financial crisis of the past year. For political or policy reasons - or both - his bill is more aggressive on federal-oversight authority on a number of potentially controversial issues. "We should push for the biggest changes we can get," says Dodd spokeswoman Kirstin Brost. (See a scorecard of President Obama's performance after a year...
Yemen's President, Ali Abdullah Saleh, flew into the Gulf of Aden on Nov. 7 to celebrate the first exports of liquefied natural gas from a sprawling $4.5 billion plant - the biggest ever investment in his otherwise impoverished desert country. A brass band played and politicians applauded the gas tanker as it set sail for South Korea, but Saleh's attention was elsewhere - on the attacks that Saudi Arabia's military forces were waging against antigovernment Shi'ite rebels in the north of Yemen. The rebels "are trying to demolish the economy," Saleh tells TIME, vowing, "We will crush them...
...week, since, according to the Saudis, the Houthis crossed into Saudi Arabia and killed a Saudi officer, leading Saudi Arabia to send fighter jets to bomb Houthi territory on Nov. 5. Suddenly a lingering battle threatens to turn into a wider conflict, potentially drawing in Iran, the region's biggest Shi'ite power. Saleh says he suspects Iran is already involved. "They want to follow the system of Iran," he says of the rebels. "It is impossible. Our people are one people." Using his public speech at the ceremony, Saleh told the crowd, "There will be no compromise or cease...
...after more wiretapped recordings were aired on national TV that implicated members of the police and prosecutors in an alleged attempt to frame the men. "So far it is the credibility and image of the police and the attorney general's office that have taken the biggest hit," says Danang Widojoko, coordinator of the NGO Indonesia Corruption Watch...