It is the title that many conglomerates shun. "I don't like the word conglomerate," says Feike Sijbesma, chief executive of DSM, the Dutch group that counts nutrition, pharmaceuticals, polymers and chemicals among its activities, writes Richard Milne.

Hakan Samuelsson is in no doubt that being less of a conglomerate has helped in the current crisis.

The chief executive of MAN, the German truck manufacturer that also makes diesel engines and turbines, recalls the days when investors spoke of "conglomerate discounts" and searched in vain for an equity story among its sprawling activities that ranged from steel trading to printing machines.

China Eastern Airlines shares in Hong Kong rose as much as 14.4 per cent on Monday after the weakest of the country's big three carriers announced it was acquiring rival Shanghai Airlines for just under Rmb9bn ($1.3bn) as it battled high operating losses

The main container shipping lines serving the transpacific route between Asia and the US said they plan to raise rates and seek renegotiation of recent contracts in a move to avoid suffering what they say would be substantial losses.
The 14-member Transpacific Stabilisation Agreement (TSA) said the shipping lines had agreed to a "voluntary guideline" for a sharp increase of $500 for carrying a standard 40-foot container box, which would represent a 50 per cent rise on current rates.