By any standards, Microsoft has had a terrible week. In December alone, imports from China declined slightly to 13.2bn, exactly a tenth of total imports of $132bn.In recent months, US officials have attempted to stabilise currency markets, by leaning on China and Japan to allow their currencies to appreciate, and by agreeing at the G7 Finance Ministers meeting in Florida last weekend that the dollar's decline had gone far enough.But on both fronts the efforts failed. Though the latest Federal Reserve projections are for GDP expansion of up to 5 per cent in 2004, the closely watched consumer confidence index published by the University of Michigan dipped by more than 10 points in February.If that pattern is reflected elsewhere, this new caution by consumers, whose spending accounts for almost three-quarters of the total economy, could bode ill for growth, and thus job creation - at the very moment President George Bush enters a re-election campaign, in which the loss of jobs to cheap overseas producers in Asia and Latin America will be a major issue.The prime contributor to the record 2003 trade deficit - equivalent to almost 4.5 per cent of GDP - was a $124bn deficit with China, followed by one of $94.3bn with the European Union. Indeed, if new figures yesterday are any guide, this may already be happening. US import prices, the Labor Department reported, climbed 1.3 per cent in January, the biggest single month's rise since February 2003.At the same time, there are signs that momentum may be starting to ebb from the economy.

The US trade deficit soared to a record $489bn (£260bn) last year, driving the dollar lower amid fears the currency will have to decline even further if the huge imbalance is to be narrowed. Later that year, as rector of Imperial he was frustrated in a dramatic bid to merge the university with its rival, University College London. The project was universally condemned by staff and former students.. Sir Richard will chair board meetings but will spend less than one day a week with Medeus.He said the company has plans to grow through acquiring the rights to sell niche products in territories outside the US.

"Apax has brought together a very experienced senior management team with an already successful sales and marketing infrastructure. As an independent business, Medeus will be able to offer biotechnology and pharmaceutical companies outstanding access to the European market."The chief executive of Medeus is Bryan Morton, previously senior vice-president of the European operations of Bristol-Myers Squibb, a US giant. Steven Harris, the ex-finance director of PowderJect, the UK vaccines group taken over by a US company last year, is chief financial officer.The company's main products include treatments for breast cancer, lymphoma and fungal infections, and total sales were $80m (£42m) last year. It is in advanced talks on at least two more licensing deals, and will receive milestone payments and royalties on any products as it takes them through regulatory registration and on to the market.The architect of the two mega-mergers which turned Glaxo into GSK, Sir Richard retired as the group's chairman in 2002. Under its terms, the Singh family would end up with a 23 per cent stake in the new company, called Trinitybrook. The private equity groups will have 31 per cent each and the management team a further 8 per cent.The bid is at a 10 per cent premium to the share price on 1 August when the takeover bid was launched.

It is 36 per cent above the price on 7 July last year when speculation over Mr Singh's bid first emerged.Martin Clarke, at Permira, said: "Value fashion is one of the fastest growing segments of clothing retail. We believe New Look has outstanding potential for further growth.". Sir Richard Sykes, the former chairman of GlaxoSmithKline and currently rector of Imperial College, is returning to the pharmaceutical industry with the part-time chairmanship of an ambitious new drug marketing business. Despite a major makeover and having its flagship store on Oxford Street revamped, New Look disappointed the City last month when it revealed Christmas trading had been down 5 per cent on the previous year.The offer yesterday confirming he was pressing ahead has come as a proposed scheme of arrangement.