U.S. shrimp producers catch win with tariffs

The Bush administration on Tuesday upheld the imposition of penalty tariffs on shrimp imports from China and Vietnam, handing a victory to beleaguered U.S. shrimp producers.

The action affirmed, with slight modifications, a preliminary ruling by the Commerce Department’s International Trade Administration last summer. The penalty tariffs have been collected by border agents since July.

The department is scheduled to make a final decision on shrimp imports from four other countries — Brazil, Ecuador, India and Thailand — in late December.

Together, the six countries provide about 75 percent of the shrimp that Americans eat.

Pharmaceuticals

FDA to study P&G’s ‘Viagra’ pill for women

A U.S. Food and Drug Administration committee on Thursday will review Intrinsa, which could be the first prescription medication to win approval for female sexual dysfunction.

Procter & Gamble Co.’s interest in Intrinsa is easy to understand: Viagra, Pfizer Inc.’s impotency pill, and its two competitors — Cialis, from Eli Lilly & Co. and Icos Corp., and Levitra, from GlaxoSmithKline PLC and Bayer AG — will account for the bulk of an estimated $2.4 billion in worldwide sales this year for prescription drugs for male sexual dysfunction, according to market research firm Decision Resources.

P&G is one of about 10 drug companies seeking to create parity in the sexual dysfunction arena by developing drugs for women.

Markets

Dollar hits low vs. euro

The dollar hit a new all-time low against the euro, which rose to $1.3335 Tuesday as new figures showed that U.S. economic growth in the third quarter was stronger than previously estimated.

In late New York trading, the euro eased back to $1.3280, below its intraday high but still above Monday’s late rate of $1.3273.

The dollar’s weakness has been fueled by concern over U.S. trade and budget deficits, and analysts say markets are paying only limited attention to other economic data against that background.

Economy

Consumers’ spending up, confidence down

Splurging shoppers helped the economy hum along faster than first thought in the third quarter, but high energy prices could weigh on consumers in the months ahead.

The Consumer Confidence Index fell to an eight-month low of 90.5 in November. Economists keep a close watch on measures of consumer confidence because consumer spending accounts for two-thirds of all U.S. economic activity.