News - GE knocks Exxon off top share spot

But the world’s biggest drug company, most famous for erectile-dysfunction pill Viagra, faces an uncertain outlook.

A Chinese court is hearing an appeal by Pfizer against the withdrawal of the Chinese patent for Viagra. The authorities quashed the patent saying it didn’t show conclusively that it worked. Pfizer says the authorities simply didn’t understand the research.

If the decision goes against Pfizer, it’s thought it could curb foreign investment in the country from companies frightened of losing patent protection for their businesses.

Ringing around

Hutchison Whampoa, the Hong Kong based trading conglomerate controlled by tycoon Li Ka-shing, has had a tough few months as it has poured more and more resources into developing 3G mobile phone services in a range of countries.

On Thursday it reported a 38% rise in overall 2004 profit, double-digit growth in its ports and retailing operations, but losses at its 3G telecoms arm.

The company is hoping to list its mobile network in Italy this year and may list its UK 3G unit in 2006. Even so the shares are up a mere one- fifth of a percent on the past two weeks.

In Japan, meanwhile, the mobile business of NTT DoCoMo has fallen out of favour with investors over the past two weeks, with shares down 5.4%.

Even though it is the biggest mobile company in the country, it trails rival KDDI in sales of 3G units.

Ups and downs

The Japanese electronics company Canon has somewhat unnerved investors by announcing that it is moving into biotechnology.

It claims to be developing systems for the mass production of DNA chips using the bubble jet technology it uses in its printers, which it thinks will help diagnose cancer and infectious diseases.

Canon’s shares are up a modest 1.4% on the fortnight, as the company changed its charter to incorporate the “production and sales of pharmaceutical products”. The company says it has not yet decided on any specific plan on when and how to commercialise biotechnology products.

In the US the telecoms giant Verizon upped its offer for MCI to $7.6bn on Tuesday and had it accepted.

The market is not totally convinced the Verizon deal is a good one and even though its shares are up 2.8% on the fortnight, at $35.50, they are a good $5 below where they were at the start of the year.

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