MARKETS

Genentech directors advise against Roche's takeover bid
A three-member committee of Genentech directors unanimously recommended that shareholders reject Roche's $42 billion buyout bid, saying the offer "substantially undervalues" the biotech company. "We are disappointed that Roche has chosen not to consider an appropriate price range for Genentech's minority shares or to constructively negotiate with our committee, and we must recommend that stockholders not tender their shares as a result," the wrote in a statement. Financial Times (24 Feb.) , San Francisco Chronicle (23 Feb.)

Key indexes in Asia-Pacific fall toward October lows
Investors around the globe are becoming increasingly worried that the economy will not rebound later this year but instead be delayed until 2010. Asia-Pacific markets experienced a wave of selling Tuesday, following similar developments in Europe and the U.S. Tokyo's Nikkei 225 fell 1.5%, South Korea's Kospi gave up 3.2%, Hong Kong's Hang Seng dropped 3.5% and Shanghai stocks plunged 3.9% by midafternoon. Benchmark indexes in Australia and Singapore fell 0.6% and 1.8%, respectively, nearing the lows they hit in October. International Herald Tribune (24 Feb.)

Vanilla index funds still beat actively managed funds
A study by Windham Capital Management found that simple, inexpensive index funds almost always beat the performance of actively managed funds, even during a bad year for equities, such as this year. Tax efficiency and low fees and expenses play an important part in achieving this result, according to the company. The New York Times (21 Feb.)