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GlaxoSmithKline Considering IPO of HIV Drug Business

GlaxoSmithKline Considering IPO of HIV Drug Business

BUSINESS

  • IPO probably won’t be available until 2016
  • HIV business is GSK’s fastest-growing unit
  • Company had disappointing third quarter

British pharmaceutical company GlaxoSmithKline PLC is considering an IPO of its HIV drug business, ViiV Healthcare, as it implements cost-cutting measures.

GSK owns 78% of ViiV. Pfizer Inc. and Shionogi & Co. hold the remaining 22%.

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Kimberly-Clark to Restructure, Cut 1,300 Jobs

Kimberly-Clark to Restructure, Cut 1,300 Jobs

BUSINESS

  • Restructuring plan to cut costs
  • Healthcare business to be spun off
  • Third-quarter revenue rose 3.4%

Personal-care products maker Kimberly-Clark has begun a restructuring plan aimed at cutting overhead costs from spinning off its healthcare unit by eliminating 1,100-1,300 jobs.

The majority of the job cuts will be salaried employees and will be completed in 2016. The cuts are expected to save the company $120 million- $140 million, but $130-$160 million in pretax charges are expected this quarter.

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Canadian Pacific Railroad, CSX Call off Talks

Canadian Pacific Railroad, CSX Call off Talks

BUSINESS

  • Merger would have faced regulatory scrutiny
  • There are few major railroads left
  • Railroads struggle to keep up with demand

Canadian Pacific Railway Ltd., the second largest Canadian railroad operator, has ended exploratory merger talks with CSX Corp., the third largest U.S. railroad operator. No additional negotiations are planned.

Canadian Pacific had proposed a transcontinental railroad which, the company said, would have alleviated congestion, promoted competition, generated significant shareholder value and improved customer service.

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Chesapeake Sells Assets in Eastern U.S. to Southwestern for $5 Billion

Chesapeake Sells Assets in Eastern U.S. to Southwestern for $5 Billion

BUSINESS

  • Sale will help relieve Chesapeake’s debt
  • Southwestern will expand its position in the area
  • Production to increase in 2015

Chesapeake Energy Corp. , the second-largest U.S. producer of natural gas, is selling its assets in the Marcellus and Utica shale formations to rival Southwestern Energy Co. for $5.38 billion to help pay down the company’s $12 billion debt.

The sale includes 435 wells on 413,000 acres in Pennsylvania and West Virginia. The area produces crude oil, natural gas and natural-gas liquids. Some of the wells are not yet connected to pipelines.

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Toyota Recalls 1.7 Million Cars Globally

Toyota Recalls 1.7 Million Cars Globally

BUSINESS

  • Majority of vehicles recalled in Asia
  • Recall is for three separate issues
  • Automakers facing increased scrutiny over recalls

Toyota Motor Corp., the world’s largest automaker, is recalling 1.75 million vehicles globally for three separate defects.

This is the automaker’s fourth global recall this year, bringing the number of vehicles recalled to 5.3 million in the United States alone. The global number of recalled vehicles is unknown, Toyota said.

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Iliad Drops Pursuit of T-Mobile, Shares Rise

Iliad Drops Pursuit of T-Mobile, Shares Rise

BUSINESS

  • Bid is second rejected by T-Mobile
  • T-Mobile fastest-growing mobile carrier
  • T-Mobile owner feels company better alone

Iliad SA, France’s smallest mobile carrier, saw its shares rise 13% after it abandoned a bid for the fourth-largest U.S. wireless-service provider, T-Mobile US Inc.

The carrier first expressed interest in T-Mobile in July.

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Kmart Offers Customers Credit Monitoring After Security Breach

Kmart Offers Customers Credit Monitoring After Security Breach

BUSINESS

  • Breach affected unknown number of customers
  • Malware affected retailer’s systems for a month
  • Other major retailers have suffered security breaches

Discount chain Kmart, owned by Sears Holding Corp., is offering customers free credit monitoring services after its payment systems were affected by malware. Anyone who used a credit or debit card at one of Kmart’s 1,200 stores between Sept. 1 and Oct. 9 are eligible.

The security breach occurred in early September but wasn’t discovered until Oct. 9. The type of malware used by the hackers was not detectable by anti-virus programs, the company said.

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J.C. Penney Revises Forecast, Announces Sales Strategy

J.C. Penney Revises Forecast, Announces Sales Strategy

BUSINESS

  • September sales were lower than expected
  • Sales still higher than 2012
  • New sales strategy to focus on three areas

 

 

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Google: Google+ Here to Stay

Google:  Google+ Here to Stay

BUSINESS

  • Head of social media says rumors about Google+ untrue
  • Google+ not trying to compete with other social networks
  • Changes being made to Google+

Google+ is here to stay, contrary to rumors, Google’s new head of social media, David Besbris said in an interview with Re/Code.

The rumors began in April when Besbris’s predecessor, Vic Gundotra, left Google unexpectedly after seven years and the company seemed to be focusing its attention elsewhere.

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Walmart Partners with Health Insurance Provider

Walmart Partners with Health Insurance Provider

BUSINESS

  • Insurance to be added during open enrollment periods
  • Service to be available at more than half of U.S. stores
  • Walmart wants to move into healthcare industry

Walmart, the world's largest retailer, is partnering with DirectHealth.com, an online health insurance comparison site and agency, to present U.S. Walmart customers with health insurance options Oct. 10 through Dec. 7.

The program is called Healthcare Begins Here, and DirectHealth.com licensed agents will explain Medicare plans from 13 firms and individual plans from 300 carriers.

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