Morning in brief: Microsoft writes down $6.2bn over online advertising venture
Technology giant Microsoft has written down $6.2 billion in a venture into online advertising that aimed to take on industry leader Google.
The Financial Times reports that Microsoft has written down the cost of acquiring AQuantive, one of its most expensive acquisitions, and reflects the view that online advertising will not deliver the growth or profits once predicted.
Bank of England governor Mervyn King has thanked staff for taking a pay freeze in the central bank’s annual report, highlighting the difficulties of attracting and retaining staff, writes Bloomberg.
The US has seen its first contaction in manufacturing output for the first time in three years, reports the Telegraph, renewing concerns about the strength of the world’s largest economy’s recovery.
FTSE 100 company GlaxoSmithKline is to pay $3 billion to settle with US authorities over what has been described as “off-label marketing”, or the promotion of drugs for unapproved uses, of antidepressants, according to the BBC.
Will Dale Nicholls do a better job than Anthony Bolton running the Fidelity China Special Situations trust?