The US Department of Agriculture (USDA) said that food prices in the country are expected to surge between 4% and 5% in 2008, as reported by Guardian.co.uk. The department further revealed that the country has witnessed the highest annual increment of 5% in food prices since 1990. The prices of corn in June 2008 flared up by 143% to $8.26 per bushel, an increase of more than double the prices recorded in mid 2007. The price of food items like beef, chicken and pork would be prime cause for higher prices in the US in 2009. As for 2008, the highest price rise is forecast for eggs, cereals and bakery products, fats and oils by 14%, 9.5% and 12% respectively.

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As per the ABS (Australian Bureau of Statistics), export prices in Australia recorded a rise of 13.5% in Q2 2008, as reported by news.com.au. The export prices increased 13.3% in Q2 2008 – the highest quarterly increase since September 1974. This is due to a rise of 54.2% in prices paid for briquettes, coke and coal, as well as a 27% increase in metal scrap and metalliferous ores. The prices of petroleum products and related materials also rose 18.3%. Meanwhile, the import price index increased by 1.4% in Q2 2008 compared to 2.7% rise during January-March 2008.

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There is one thing that has avoided the credit crunch – chocolate. Instead of going out for the evening we have started to stay in to beat the crunch. To me this is a sensible option, although it is not the healthiest one, it is far better than alcohol.

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UCB has announced that the European Commission has approved Vimpat for the treatment of epilepsy in patients 16 years and older. Vimpat holds the potential to improve quality of life for patients across the seven major markets whose seizures remain inadequately controlled with available treatments, and will also help to support UCB’s market leading epilepsy franchise.

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Banks are aware of the need to keep up with the times in serving the Facebook generation and, as such, appreciate the potential of such Web 2.0 technologies as mashups, Rich Internet Applications and widgets. While many have dabbled with such functionality, however, a new report finds them fearing to tread more firmly, concerned at the loss of control and security implications of opening their online services to third-party content.

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Innocent has launched a range of vegetable-based meals called Veg Pots. Innocent Drinks has extended its brand to include vegetable-based products for the first time, with the launch of four varieties of prepared meals that will initially be available in Waitrose stores. The move continues the company’s health focus, but it is debatable whether Veg Pots will have the same appeal as its popular fruit smoothies.

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Erbitux failed to meet both its primary endpoint of progression-free survival and secondary endpoint of overall survival in the first-line treatment of advanced non-small cell lung cancer in a Phase III trial. However, given that Erbitux’s efficacy was previously demonstrated in the larger Phase III FLEX trial, these latest results are unlikely to jeopardise a US approval for the same indication.

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Strange things have been happening in oil markets of late. Classic price signals such as falling inventories, economic quagmire in the OECD and slackened growth in emerging markets all failed to quell a bull market on the way up to July, while geopolitical flashpoints, storms looming over the Gulf of Mexico, and the persistence of tight markets are failing to stop its bearish decline on the way back down. This raises a number of ‘inconvenient’ truths as to the self selecting nature of ‘fundamentals’ in play at any given time in oil markets.

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With the costs of providing healthcare spiralling, governments and payers across the seven major markets are implementing cost-cutting initiatives in an effort to combat these escalating healthcare costs, which in turn is putting even greater pressure on pharma companies. Recently the National institute of clinical excellence (NICE) in the UK rejected four new kidney cancer therapies on the basis of cost effectiveness. This decision effectively denies patients access to these novel drugs, a decision that has angered healthcare professional and patients alike.

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The Australian motor manufacturing industry has recently faced a series of tough challenges including General Motors’ subsidiary Holden’s announcement that it would cut 600 jobs from its Adelaide-based plant, as well as the Japanese automotive company Mitsubishi’s decision to close its local production facility altogether. While Japan’s Bridgestone confirmed its commitment to maintaining its Australian operations, it did declare that it will be raising product prices in order to adapt to the rising costs of raw materials.
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