AstraZeneca pays $198m to drug victims August 9, 2010 AstraZeneca yesterday agreed to pay $198m (£124m) to settle 17,500 cases brought by patients claiming side effects from its anti-psychotic drug Seroquel. The Anglo-Swedish drugs giant faces ongoing litigation over claims its best-selling drug, which is used to treat schizophrenia and bi-polar disorder, also carries an increased risk of passing on diabetes. Seroquel, which last [...]
AstraZeneca August 9, 2010 FEARS that claims over Seroquel would turn into a full-scale pharmaceutical scandal were clearly overblown. At just $11,300 (£7,000) per claimant, AstraZeneca has got off pretty lightly. With 4,500 outstanding claims to settle (2,900 of which have already been dismissed) it is clear that the fallout is not going to run into the billions of [...]
BP warns oil disaster costs have hit $6bn August 9, 2010 BP’s estimate of its costs for the Gulf of Mexico oil spill have spiralled by more than $2bn over the past three weeks to $6.1bn (£3.8bn), the company said yesterday. The costs include the $319m BP has already paid out in compensation to businesses and individuals affected by the 20 April disaster. In its last [...]
Moscow death rate has doubled since wildfires August 9, 2010 SCORCHING heat and smoke have caused death rates in Moscow to almost double, a city official said yesterday, as smog from forest and peat fires covered Russia’s capital for a third week. Firefighters battled wildfires covering an area bigger than Greater London, in what the chief state weather forecaster said he believed to be Russia’s [...]
Alexander demands deeper cuts August 9, 2010 DANNY Alexander, the chief secretary to the Treasury, has written to cabinet ministers to demand deeper cuts to departmental budgets. The Treasury’s axe man sent the letter amid escalating tensions over the biggest public spending cuts in Britain’s peacetime history. An aide to Alexander confirmed he had sent the letter, but insisted it was part [...]
Freddie Mac asks for a fresh $1.8bn bailout as makes fourth loss in a row August 9, 2010 MORTGAGE lending giant Freddie Mac is seeking $1.8bn (£1.1bn) in aid from the US Government after bad home loans prompted its fourth consecutive quarterly loss. Freddie Mac, the second largest provider of funding for US residential mortgages, said it lost $6bn, or $1.85 per share, in the April-to-June period. The company is required to pay [...]
Southern Cross says it will miss profit forecast August 9, 2010 SHARES in Southern Cross Health Care fell sharply yesterday after the care-home operator says it will miss analyst earnings forecasts for the year as public sector spending is scaled back. Shares fell 2.4 per cent in the first half-hour of trading, but pared losses to close one per cent down at 31.25p. The stock has [...]
BT says sports package has a good take-up August 9, 2010 FIRST blood was drawn by Manchester United against bitter rivals Chelsea in the new football season last weekend. But a battle of equally epic proportions is heating up off the pitch, with BT claiming its new sports package, which is significantly undercutting Sky, is building momentum. BT Vision chief executive Marc Watson told City A.M. [...]
Sky has already seen off challenges from rivals Setanta and ITV Digital August 9, 2010 BT SAYS its sports offering is the first step in an aggressive expansion into pay-TV it hopes will eat away at Sky’s dominance of the market (at last count Sky was tantalisingly close to 10m subscribers, while BT is languishing with less than 500,000). But BT would do well to bear in mind the cautionary [...]
Office demand drives Morgan Sindall profit August 9, 2010 CONSTRUCTION group Morgan Sindall said growing demand for office space was helping to offset the impact of government spending cuts, although the construction recession was not over yet. “The commercial side is growing, but let’s not over exaggerate – it’s growing a bit but not as quickly as governments are spending less,” said executive chairman [...]
