Bizwatch

Spaceman
Billionaire entrepreneur Richard Branson has been even busier than usual. After wading into the U.S. online music market last week with Virgin Digital, Branson hailed plans for an early 2005 launch of Virgin Nigeria, an airline for which his Virgin Atlantic carrier will pay $24.5 million for a 49% share. He also found time to christen Virgin Galactic, the world’s first space-tourism operator, whose

INDICATORS
Slick Moves
In the largest ever post-Soviet privatization, U.S. oil major ConocoPhillips acquired Moscow ‘s 7.6% stake in Lukoil for almost $2 billion. The two firms plan to seek oil in Iraq ‘s West Qurna field.

Clear Your Desktop
PeopleSoft fired CEO Craig Conway, citing a “loss of confidence” in his ability. Investors took the U.S. software firm’s move as a step toward agreeing to a $7.7 billion takeover bid from Oracle. Conway had opposed the deal.

Sallie Forth
Citigroup said it will elevate 39-year-old Sallie Krawcheck to the role of CFO in November, making her Wall Street’s most powerful woman. Krawcheck will relinquish her position as head of Smith Barney, Citigroup’s brokerage arm.

Clear Your Desktop
PeopleSoft fired CEO Craig Conway, citing a “loss of confidence” in his ability. Investors took the U.S. software firm’s move as a step toward agreeing to a $7.7 billion takeover bid from Oracle. Conway had opposed the deal.

V.S.S. Enterprise (yes, that’s right), expects to boldly launch its first passengers into suborbit in 2007 — at around $190,000 each. Virgin will pay up to $21.5 million to license the U.S. technology, investing around $100 million in spaceships and infrastructure.

“It would be a waste to sit on the beach all day,” Branson told TIME. “I get my pleasure creating things other people can be proud of.” But it’s not all smooth sailing: shares in U.K. cell-phone operator Virgin Mobile dipped below their July offer price; and at the rollout of Virgin Trains’ latest high-speed service in Britain , two of the $20 million trains were temporarily taken out of service on opening day. Within a new 53-strong fleet, “you’re going to get the occasional problem,” says Branson. No sign yet of this tycoon slowing down.

Tough Competition
In her confirmation hearings before the European Parliament last week, Neelie Kroes, the E.U.’s incoming antitrust chief, described herself as “a tough girl.” She’d better be, if she’s to take over from Competition Commissioner Mario Monti in November. Huge cases loom, including one with Coca-Cola, and legal and political challenges by software behemoth Microsoft, which Monti fined a record €497 million in March for allegedly abusing its dominant market position. Plus, the European Court of First Instance seems intent on rolling back Monti decisions; last week, it ruled that the E.U. had been wrong to block an aborted 2000 bid by WorldCom/MCI, for rival telecom firm Sprint. Some were not impressed during the hearings. “Coming in as an antitrust novice is a very tough exercise,” says David Wood, a Brussels-based lawyer for Howrey Simon Arnold & White, “but it was a lame performance. She has to pick up a gear or two.” — By Peter Gumbel

In Need Of A Remedy
Shares in Merck plunged almost 27% in a day’s trading after the U.S. pharma firm withdrew its Vioxx arthritis drug due to fears that it put users at greater risk of a heart attack or stroke. The painkiller generated $2.5 billion in global sales in 2003.