Severity: NONE Archives - Page 45 of 53

Glaxo drops appeal in Aids drug pricing case

September 22, 2004/0 Comments/in GlaxoSmithKline /by ceadmin

A landmark legal complaint against British drug maker GlaxoSmithKline (GSK) over its Aids drug pricing and policies in South Africa will proceed after GSK dropped its public and repeated vows to appeal a decision allowing the case to go forward, according to AidsHealthcare Foundation (AHF).

Instead, GSK simply filed a required legal response to the complaint, AHF said.

The complaint was filed with South Africa’s Competition Tribunal in August by AHF, the US’ largest Aids organisation and several other South African Aids advocates

Halliburton hit with Nigeria ban

September 21, 2004/0 Comments/in Halliburton /by ceadmin

Nigeria has placed an embargo on government contracts with a subsidiary of US oil services firm Halliburton.

It said it was taking action against Halliburton Energy Services Nigeria (HESN) as a result of negligence in security and safety matters.

In 2002, radiation emitting devices used by the firm to make measurements in oil wells were reported missing in Nigeria’s oil-rich Delta region

Japan closes Citigroup branches

September 17, 2004/0 Comments/in CitiGroup /by ceadmin

Japan’s market watchdog has ordered US banking giant Citigroup to shut down its private banking operations there.

Regulators said they found a list of problems at Citigroup’s private banking arm, from improper trading practices to lax anti-money laundering procedures. The regulator said Citigroup must cease operations at four branches that conduct private banking in Japan

Ryanair may face Belgian courts

September 15, 2004/0 Comments/in Ryanair /by ceadmin

Budget airline Ryanair is obliged to be taken to court under EU law if it fails to pay back illegal state aid for flying to Belgium’s Charleroi airport.

In February, EU competition officials ordered Ryanair to repay several million euros in subsidies to the southern Belgian Walloon region.

Ryanair has appealed the ruling but in the meantime it still has to pay up

Volkswagen puts extra pressure on Unions

September 15, 2004/0 Comments/in Volkswagen /by ceadmin

German car maker Volkswagen has warned that 30,000 jobs could be lost at its six German plants unless staff accept a two year pay freeze.

Unions argue a freeze is unacceptable, demanding instead a 4% annual rise.

Volkswagen says it needs to save 500m euros in costs to guarantee the future of its 176,000 strong German workforce in the face of growing competition from rivals operating out of low cost eastern European markets

GSK faces anti-depressant lawsuit

September 6, 2004/0 Comments/in GlaxoSmithKline /by ceadmin

GlaxoSmithKline (GSK) is facing a US lawsuit alleging that it covered up negative research findings on its anti-depressant drug Paxil.

The lawsuits were filed on behalf of children and teenagers who were prescribed Paxil, known as Seroxat in the UK and Europe.

They claim GSK suppressed data showing that Paxil increased suicidal tendencies in young people

US Army suspends Halliburton decision

August 17, 2004/0 Comments/in Halliburton /by ceadmin

The US army has said it has suspended for now a decision to withhold some payments to Halliburton, its biggest contractor in Iraq.

The army had earlier said it would be withholding 15% of payments on future bills to Halliburton, once run by US Vice-President Dick Cheney.

One of its subsidiaries has featured in auditing disputes with the Pentagon

Drugs firm settles fraud charges

August 4, 2004/0 Comments/in Bristol-Myers Squibb /by ceadmin

US drugs firm Bristol-Myers Squibb will pay $150m (£82m) to settle civil fraud charges in one of the biggest settlements in US corporate history.

The Securities and Exchange Commission (SEC) has charged the firm with improperly booking $1.5m in revenue

Bank of China suspends two executives

August 3, 2004/0 Comments/in Bank of China /by ceadmin

Bank of China has suspended two deputy chief executives of its Hong Kong arm over corruption allegations. Bank of China (Hong Kong) floated in 2002, making it the group’s showcase. It was formed by pulling together and reshaping several Hong Kong subsidiaries ahead of its listing

Halliburton settles accounts case

August 3, 2004/0 Comments/in Halliburton /by ceadmin

US oil services group Halliburton is to pay $7.5m (£4.2m) to settle charges that it failed to disclose a change in its accounting practices during 1998

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