GlaxoSmithKline to pay US £1bn to settle dispute November 3, 2011 GlaxoSmithKline said it had agreed to settle its most significant disputes with the U.S. government over the way it marketed and developed drugs at a cost of $3bn (£1bn), which is covered by existing provisions. The final settlement, covering both civil and criminal claims, is expected to be finalised in 2012. It includes a Department [...]
Europe is finally giving up on Greece November 3, 2011 WHO will blink first? The Greeks – or the Eurozone? Both have lots to lose from a Greek collapse and withdrawal from the euro; and Georgios Papandreou’s decision to bet everything on a referendum on the bailout package has massively upped the stakes. Until yesterday, it seemed as if Nicolas Sarkozy and Angela Merkel would [...]
Lloyds chaos as boss steps back November 2, 2011 TAXPAYERS suffered a major blow yesterday as the departure of Lloyds’ star chief executive left the turnaround of the semi-nationalised lender in chaos. António Horta-Osório was forced to take a leave of absence on medical advice after months spent accelerating a complete overhaul of the bank left him too exhausted to continue, the bank said. [...]
Merkozy: put up or get out November 2, 2011 GREECE was given an ultimatum last night: vote for austerity or leave the euro. The country will now go to the polls in a referendum on 4 December, but it is not yet clear whether it will vote on its latest €100bn bailout package and the attached conditions, or on membership of the euro itself. [...]
Offer fails to avert strikes November 2, 2011 THE TREASURY laid out an improved deal on public sector pension reform yesterday, but unions said it was not enough to avert a national strike planned for 30 November. Unions representing more than 2m workers have been locked in a dispute with the coalition over its plans to raise pension contributions as part of deficit-cutting [...]
Europe is finally giving up on Greece November 2, 2011 WHO will blink first? The Greeks – or the Eurozone? Both have lots to lose from a Greek collapse and withdrawal from the euro; and Georgios Papandreou’s decision to bet everything on a referendum on the bailout package has massively upped the stakes. Until yesterday, it seemed as if Nicolas Sarkozy and Angela Merkel would [...]
Fed sticks to the Twist November 2, 2011 THE FEDERAL Reserve will hold down interest rates and continue with its project dubbed “Operation Twist”, it announced last night. Growth “strengthened somewhat in the third quarter,” it said, yet warned of “significant downside risks to the economic outlook, including strains in global financial markets.” Three hawks who had previously dissented against Operation Twist – [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 2, 2011 FINANCIAL TIMES LENOVO FOUNDER LIU STEPS DOWN AS CHAIRMAN The man who founded Lenovo and built it into the world’s second-biggest PC maker by sales has retired as chairman, handing over to his chief executive, in a sign of confidence that its recent turnround is on track. The retirement of Liu Chuanzhi came as Lenovo’s [...]
Russia set to join the WTO November 2, 2011 Russia removed the last major hurdle to its 18-year-old bid to join the World Trade Organisation yesterday by agreeing to a compromise deal with Georgia, and it could now join the global trading club within months. WTO entry would make Russia’s $1.9 trillion economy, the biggest outside the 153-member club, more attractive to investors and [...]
ANZ disappoints with results November 2, 2011 Australia and New Zealand Banking Group turned out the least impressive second-half profit among Australia’s major lenders this morning, stung by higher costs, and sent a clear signal that their growth is now on the wane. The bank posted four per cent growth in second-half underlying profit, much less than two of its main rivals [...]
