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American Morning

CSFB Banned From China; Bristol-Myers Cholesterol Drug OK

Aired September 03, 2001 - 10:15   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
COLLEEN MCEDWARDS, CNN ANCHOR: You want to check your business news though, right now. Boy, an awful week on the markets last week.

LEON HARRIS, CNN ANCHOR: Well, maybe that's why there's good way that there's nothing happening on the markets today.

MCEDWARDS: Yes, right.

HARRIS: Because of a holiday.

MCEDWARDS: Labor Day.

HARRIS: So, no news may be good news.

MCEDWARDS: Some relief.

HARRIS: Greg Clarkin checking in with that for us, now. Hi, Greg.

GREG CLARKIN, CNN CORRESPONDENT: Hi, Leon and Colleen. That is one way of looking at it. Very quiet today in the U.S. markets. But overseas there is some news.

A move by the Chinese government to ban an investment bank from practicing in that country is reportedly having a ripple effect on the banking industry. Now according to "The Wall Street Journal," Beijing barred Credit Suisse First Boston from doing business in China to punish the bank for including senior Taiwanese officials at some investment forums. Now, the online addition of the Journal says several American banks are dropping plans to hold similar conferences, and those banks include Goldman Sachs, Merrill Lynch and J.P. MorganChase.

And German drug company Bayer says it is close to buying AgroChemical's business from French drugmaker Aventis for nearly $5 billion, plus debt. And as you may recall, Bayer was in the news lately after it pulled its cholesterol lowering drug baycol, also known as Lipo-Bay, off of the market. Now, one of its rivals, Bristol-Myers Squibb has assured a group of European cardiologist that its cholesterol fighting drug, provacol, is safe. The company presented the group with clinical data showing none of the participants in its trial suffered the muscle wasting condition that prompted Bayer to recall baycol.

That's the latest in business news. Colleen and Leon, back to you.

MCEDWARDS: Thanks very much, Greg.

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