Top Headlines - part 68
BUSINESS December 2, 2011 | 5:41 PM
- Pfizer’s Lipitor patent expired November 30
- Watson Pharmaceuticals first company authorized to sell generic version of Lipitor
- Pfizer could lose $6 billion in revenue in 2012, hopes to make $4 billion from new drugs
Pfizer Inc’s U.S. patent on the cholesterol drug Lipitor expired November 30, allowing competitors to begin manufacturing and distributing generic versions of the drug. Two companies have already expressed interested in doing so.
Watson Pharmaceuticals has struck a deal with Pfizer to market and distribute a generic version of Lipitor, which is manufactured by Pfizer. Pfizer will receive a portion of the net sales, and Watson began shipping its drug on November 30. The agreement expires in November 2016.Read more »
BUSINESS December 2, 2011 | 3:34 PM
- Bank of America Merrill Lynch approves $350 million loan for new SolarStrong project
- SolarCity received 2011 Green Jobs Award for creating nearly 1,400 green jobs in 2011
- Funding announcement marks big strides in solar energy since Solyndra scandal
Despite being denied a loan guarantee from the federal government, SolarCity has been approved to borrow up to $350 million from Bank of America Merrill Lynch to support its $1 billion solar panel project destined for 120,000 military homes and office buildings over the next five years
Because of the loan guarantee loss, the project - called Solar Strong - now has higher financing costs, which has in part led SolarCity to downsize from its original 160,000 home estimate.Read more »
BUSINESS December 2, 2011 | 2:29 PM
- BMW to supply diesel engines for Toyota’s European operations
- Pair to develop lithium-ion battery technology for electric hybrid vehicles
- BMW to release new electric hybrid car in 2012
BMW has entered into a partnership with Toyota to supply diesel engines and jointly develop hybrid power batteries.
The environmentally stable technology alliance will bring together the world’s largest automaker and the world’s largest luxury carmaker, combining the two companies’ competing areas of expertise.Read more »
WORLD December 2, 2011 | 11:53 AM
- EC vice president calls for makeover of 16-year-old EU privacy laws
- Policy makers say overhaul would help boost European competitiveness
- Restrictive rules cost companies around $3.1 billion per year
European Union policy makers have put forward a proposition to harmonize privacy data protection laws to allow internet companies and other businesses deal with one protection authority, and one set of laws.
Viviane Reding, European Commission vice president and justice chief, said the new measures would allow companies to do business across the 27-nation bloc providing their privacy policies met the requirements of the member state where their headquarters are based.Read more »
BUSINESS December 1, 2011 | 5:41 PM
- Bid would include Japan’s and global e-commerce leader Alibaba
- Silver Lake-led bid for minority share values Yahoo at less than $21 billion
- Alibaba motivated to buy back 40% stake from Yahoo
Investment firms Bain Capital and Blackstone Group are set to outbid Microsoft and other contenders for Yahoo at $25 billion. The bid would include Japan’s Softbank and China’s online trade and retail company Alibaba Group.
Yahoo had originally intended to sell 20% of the company, but the bid would be for the entire company rather than a minority stake.Read more »
BUSINESS December 1, 2011 | 5:25 PM
- Deal means 2% wage increase and better pensions but higher health payments
- Workers would receive $5,000 ratification bonus and 2% to 4% incentive bonus
- Workers to cast ratification votes on December 7 to secure 4-year extension
Under a provisional deal between Boeing and its Machinists union, workers agreed to discontinue a complaint concerning Boeing’s move to open a $750 million non-union factory in South Carolina to be able to continue work on the airline’s updated 737 in the Puget Sound region.
Machinist union members in Kansas, Oregon and Washington will cast their ratification votes on December 7 over the possibility of extending the Machinists’ collective deal for four years. If validated, Boeing, plagued by strikes, would benefit from a break in labor contention, while the workers would benefit from job security.Read more »
FINANCE December 1, 2011 | 11:34 AM
- AMR lost $12 billion since 2001; analysts predict another $1 billion loss before end 2011
- AA debt is at $30 billion, while assets are $25 billion
- AA spends $800 million more in labor expenses than its competitors
American Airlines’ parent company, AMR Corp., has filed for Chapter 11 bankruptcy protection after a unanimous vote by its board members.
Worldwide, the airline industry has lost more than $20 billion in the past 10 years. American Airlines, founded in 1934, was once the world’s largest carrier, but is now the third largest in the US.Read more »
ECONOMY December 1, 2011 | 10:37 AM
- Central bank lowers banking reserve, promotes capital flow
- Global stocks improve as Chinese stocks fall
- China's real estate market, manufacturing sector drops
China is reducing its banking reserve requirements for the first time since 2008. According to the central bank's website, the reserve ratios will be cut by 50 basis points on December 5, leading to an increase of 350 billion yuan ($55 billion) to their money supply.
Bloomberg News speculates that the shift in China's monetary policy might signal that the government believes that the world's second-largest economy may be entering a deeper slowdown.Read more »
WORLD November 30, 2011 | 5:47 PM
- UK, Canada support latest US sanctions
- EU considers bloc-wide embargo on Iranian crude oil
- Crude rises $1.58 to hit $99.79 per barrel in New York
Iran’s simmering tensions with the West are likely to pose new obstacles for the oil-exporting nation, as major importers fall in line with the United States in tightening financial sanctions.
On November 21, Iran’s banking sector was hit by new US restrictions following a report earlier in the month from the International Atomic Energy Agency that it was continuing to pursue a nuclear weapons development program. The United Kingdom and Canada backed the US move, implementing measures that make it increasingly complicated to finance transactions for Iranian crude oil.Read more »
BUSINESS November 30, 2011 | 5:22 PM
- Prius PHV to start at $40,000 on Japanese market, $32,000 in the US
- US Prius Plug-in promises 85 miles per gallon, set for March 2012 launch
- BMW may provide diesel engines for Toyota passenger vehicles
Toyota has opened its order books for its plug-in Prius hybrid, aiming for between 35,000 and 40,000 yearly unit sales in Japan and 60,000 worldwide.
Toyota’s Prius PHV is likely to attract eco-friendly consumers in the market for a green driving solution. The car, set for delivery in Japan at the end of January 2012, will be sold at a starting price of just over $40,000, which will be reduced by over $5,000 by green vehicle subsidies. The car will start selling at $32,000 on the US market and at just under $50,000 on the EU market.Read more »