China to crack down on malicious registrations
China plans to change the law to crackdown on ‘malicious’ trademark registrations, state media said on Monday, after a series of cases in which well-know international brands and individuals have had their names or copyright misused. Foreign governments, including the US, have for years urged China to take a stronger stand against intellectual property rights violations on products ranging from medicines to software to DVD movies. Basketball legend Michael Jordan is one of the latest to accuse a company of using his name without permission, and French luxury group Hermes International SCA and Apple Inc have faced trademark problems too.
Macedonians protest against national budget
Macedonian police are trying to prevent rival groups of protesters from attacking each other outside Parliament over the conservative government’s national budget, which the left-wing opposition is criticising as wasteful at a time when many in the country are struggling to make ends meet. About 3,000 demonstrators in two opposing groups Monday threw eggs, stones, sticks and fruit at each other, injuring at least one person.
Police were trying to prevent opposition supporters from entering Parliament.
The Social Democrat-led opposition accuses the government of planning spending for grandiose monuments, expensive cars and furniture.
LSE cuts LCH.Clearnet offer by 25%
The London Stock Exchange cut its offer for a majority stake in transatlantic clearing house LCH. Clearnet by a quarter to 366 million euros ($482 million) to reflect new capital requirements. The companies said on Monday they agreed a new price of 15 euros a share after estimating that new European rules on clearing houses could require LCH to raise 300 million euros in additional capital next year. Analysts said the lower offer meant that the LSE would claw back most of the cost of the new rules, which are meant to protect clearing houses from the impact of a major customer defaulting.
Lukoil opts out of Iraq’s West Qurna-1 oilfield
Russia’s second-largest crude producer Lukoil said on Monday it had decided not to join the development of Iraq’s West Qurna-1 oilfield, citing high risks, paving the way for Chinese companies to enter the project. Lukoil oversees the largest share of oil reserves in Iraq among foreign companies and is already involved in the West Qurna-2 project, while company’s from energy-China are vying for Iraqi oil. West Qurna-1 became available for Lukoil and others last month when ExxonMobil informed the Iraqi government it wants to pull out of