Posts

29 Dead in Shell Oil Well fire

/0 Comments/in /by

TRAGEDY struck at Afam in Oyigbo local government area of Rivers State Sunday as over 29 persons were killed in a fire outbreak at Shell oil well in the area.

A source told Daily Champion that the fire was caused by a disagreement among indigenes of the three communities in Afam over the sharing formula for “royalties” from the illegal bunkerers who have turned the Shell oil well head into an illegal bunkering.

The three communities had been contesting the ownership of the land on which the well head is sited with each insisting on taking the lion’s share of the booty

Read more

New York sues GlaxoSmithKline

/0 Comments/in /by

The city of New York has sued drug maker GlaxoSmithKline, claiming that the company engaged in “anticompetitive, fraudulent, and inequitable conduct,” when it acquired patents for its anti-depressant Paxil.

The suit, filed in federal court in Philadelphia, accuses the company of unfairly keeping generic versions of the drug off the market by obtaining more than a dozen “frivolous” patents on Paxil over the past decade.

The complaint accused the company of violating antitrust laws and seeks repayment of the millions of dollars the city has spent purchasing Paxil for New York residents through the Medicaid program

Read more

Group sues Pfizer, other drug makers over imports

/0 Comments/in /by

A Minnesota seniors group sued nine major pharmaceutical manufacturers on Wednesday, alleging that the companies have conspired to keep U.S. medicine prices artificially high by blocking Canadian imports

Read more

U.S. Grand Jury Subpoenas Nortel Records

/0 Comments/in /by

TORONTO (Reuters) – A U.S. grand jury has subpoenaed records from Nortel Networks Corp

Read more

Halliburton seeks to settle Asbestos Liability

/0 Comments/in /by

Halliburton Co. inched closer to settling all asbestos liabilities Monday with completion of hearings in Pittsburgh to confirm the pre-negotiated bankruptcy for subsidiary DII Industries.

The company expects U

Read more

Allied Irish admits overcharging

/0 Comments/in /by

Allied Irish Bank, Ireland’s biggest banking group has admitted overcharging foreign exchange customers 14m euros.

The Irish Financial Services Regulatory Authority said they are investigating and is in talks with the bank to make reparations get underway.

AIB is examining how compensation can be appropriately paid to customers

Read more

Regulators probe Prudential

/0 Comments/in /by

NEW YORK (Reuters) – Prudential Financial Inc., the second largest U.S

Read more

Merck may owe taxman $2 billion

/0 Comments/in /by

NEW YORK (Reuters) – Merck & Co Inc. said Friday the Internal Revenue Service could make it pay more than $2 billion in taxes and penalties because of the agency’s decision to disallow deductions the drug maker has claimed since 1993 from a partnership.

Investors initially appear unconcerned by the tax issue as Merck (MRK: down $0

Read more

Computer Associates revises finances

/0 Comments/in /by

the software company under investigation for its accounting, Thursday said it will revise its filings for the second half of 2003 to defer recognition of about $9 million in revenue, due to an adjustment in the way the company calculates subscription revenue.

The Islandia-based software company also said it will report results for the fiscal fourth quarter ended March 31 up to two weeks later than planned, due to the work involved in the restatement.

Computer Associates was set to report fourth-quarter and full-year fiscal 2004 results May 12

Read more

Former Mitsubishi bosses arrested

/0 Comments/in /by

Japanese police have arrested seven former executives of Mitsubishi Motors on suspicion of falsifying reports into a fault that caused a fatal accident.

The seven all worked for the company in January 2002, when a woman was killed by a wheel that broke off a passing Mitsubishi truck.

Up until March of this year it had blamed improper maintenance

Read more