Business

Morning business round-up: UPS agrees to buy TNT

What made the business news in Asia and Europe this morning? Here's our daily business round-up:

The world's largest package delivery company, United Parcel Service United Parcel Service (UPS), has agreed to buy rival company TNT in a 5.2bn-euro ($6.8bn; £4.3bn) deal.

The Dutch firm has accepted an improved bid of 9.5 euros a share, a 54% premium on its closing price of 6.18 euros on 16 February, the day before the two firms announced they were in talks.

The takeover is being seen as a move by UPS to expand its business in Europe.

Staying with takeover news, financial services software group Misys has agreed to be taken over by private equity firm Vista in a deal worth £1.27bn.

Vista plans to combine Misys with its Turaz business, which provides trade and risk management software.

The head of the International Monetary Fund, Christine Lagarde, has said that China must stop its economy being too dependent on exports and investment.

She also said the yuan could become a global reserve currency if China implemented market-oriented changes.

Ms Lagarde is on a visit to China and India that began over the weekend.

Speaking to politicians and business leaders in Beijing, she said there were signs the global economy was stabilising.

Property prices in most Chinese cities have fallen for a fifth consecutive month, underpinning government success in curbing speculation in the market.

In February, new home prices in 45 out of 70 cities fell compared with the previous month, the National Bureau of Statistics (NBS) said on Sunday.

Chinese leaders have said prices remain too high and that property controls will remain in place.

Financial spreadbetting firm WorldSpreads has appointed special administrators following the discovery of accounting irregularities.

The company said in a statement that as at close of business on Friday 16 March, the board of directors believed there was a shortfall of some £13m in clients' money.

The announcement follows the suspension of WorldSpreads' shares on Friday.

The Delhi High Court has dismissed a criminal case against Microsoft India, accused of hosting "objectionable" content on its web pages.

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Microsoft was among 21 web firms, including Facebook and Yahoo, accused of hosting material that could cause communal unrest.

In its defence, the company said it dealt only with computer software.

The internet contributes to 8.3% of the UK economy, a bigger share than for any of the other G20 major countries, a new study suggests.

The "internet economy" was worth £121bn in 2010, more than £2,000 per person, researchers at the Boston Consulting Group said, and which made it bigger than the healthcare, construction or education sectors.

The UK also carries out far more retail online than any other major economy, the study found.

The latest edition of Business Daily considers how China can tackle endemic corruption and rapidly growing inequality.

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