Financeline

Merrill Lynch returns to Asia energy trading

SINGAPORE - Reuters

U.S. investment bank Merrill Lynch is poised to re-launch energy derivatives trading in Asia, the latest international player to revive its outpost in the growing market, industry sources said on Tuesday. Merrill Lynch, which re-entered the energy market with its purchase of power and gas trader Entergy-Koch LP six months ago, has hired four trading personnel from rival Citigroup's energy derivatives desk in Singapore, sources said.

Pfizer AIDS drug trial ethics attacked

LONDON - Reuters

A clinical study into an experimental AIDS pill made by Pfizer Inc, the world's biggest drug maker, should be halted because it offers patients no safety net, activists said on Tuesday. The European AIDS Treatment Group said the design of the trial for Pfizer's so-called CCR5 inhibitor drug maraviroc was putting people with HIV at unnecessary risk. Pfizer disagreed and said the study contained appropriate checks and balances to protect patient safety.

Heineken appoints new CEO

AMSTERDAM/LONDON - Reuters

Dutch brewing giant Heineken appointed insider Jean-Francois van Boxmeer as its new chief executive on Tuesday to replace Anthony Ruys in October in a management shake-up to help revive its sluggish share price. The world's fourth-biggest brewer said Ruys will step down on Oct. 1 and be succeeded by Belgian Van Boxmeer who is currently executive board member responsible for production in most of Europe, Africa and the Middle East.

UK likely to sell first-ever 50-year linker bond

LONDON - Reuters

Britain will probably sell the world's first 50-year inflation-linked bond in July or September, continuing the trend for European governments to seize on low costs to borrow long. The Debt Management Office (DMO) said on Tuesday the new debt would likely be sold on either July 26 or Sept. 22, dates on which the DMO has already said it will sell index-linked bonds.

China's PICC to enter life insurance market

HONG KONG - Associated Press

China's largest non-life insurer has received approval to enter the lucrative Chinese life insurance market with a joint venture with Japanese, Hong Kong and Thai partners, said the Hong Kong partner on Tuesday. The new company allows PICC Holding Co. to compete with rivals China Life Insurance Co. and Ping An Insurance Co. of China, which both sell life insurance. Property and casualty insurer PICC Holding will hold a 51 percent stake in the company, which has a registered capital of 1 billion Chinese yuan.