Archive for the 'Economics & Finance' Category
A Minnesota billionaire has filed a defamation lawsuit against a marketing executive Wal-Mart Stores Inc. fired for alleged conflicts of interest.Irwin Jacobs, chairman of boat manufacturer Genmar Holdings Inc., sued Julie Roehm and her attorneys for alleging Jacobs offered special deals to Wal-Mart Chief Executive Officer Lee Scott, including yachts and a large pink diamond at reduced rates, and hired Scott’s son in apparent violation of Wal-Mart policy.
Jacobs denied the allegations and demanded Roehm retract her statements by last Wednesday.
When she refused, Jacobs sued in Benton County, Ark., Circuit Court, where Wal-Mart is based.
“All these statements are wholly false and were made with malice,” said Jacobs’ complaint, filed Friday.
The lawsuit seeks unspecified damages and an order barring Roehm from making false statements.
Roehm was fired in December amid accusations she had an affair with a subordinate, accepted gifts from suppliers and discussed getting a job at an ad agency that handled Wal-Mart’s account, Advertising Age reported.
She denied the allegations and claimed she was really fired for rocking the boat by seeking to overhaul the company’s marketing message.
TOKYO (AFP) - Swedish truck maker Volvo has successfully acquired Japan’s Nissan Diesel, the companies said Saturday, the latest merger in the industry as companies prepare for more stringent emissions rules.
In a friendly takeover bid Volvo received roughly 96 percent of the shares outstanding in truck maker Nissan Diesel Motor Co. Ltd.
Nissan Diesel controls nearly a quarter of the Japanese truck market.
“It is pleasing that we received such a level of acceptance,” Volvos chief executive Leif Johansson said in a statement. “We foresee major mutual benefits for the Volvo Group and Nissan Diesel with this transaction and it is highly satisfying that owners in Nissan Diesel share this view.”
Nissan Diesel has said the deal would allow greater investment in research and development to meet global regulations on vehicle emissions, which are expected to become more costly in the United States, Japan and Europe by 2010.
Volvo, which previously owned a 19 percent stake in Nissan Diesel, had proposed 540 yen per share for the remainder of the company, valuing the Japanese group at 135 billion yen (812 million euros, 1.01 billion dollars).
Volvo has concentrated on trucks after selling its Volvo Cars division to US group Ford in the late 1990s.
In 2001, the Swedish truck maker took over Renault Trucks, the heavy division of French group Renault.
Article Sorce: Yahoo Finance
Multinational drug major Astra Zeneca’s attempts to have a patent protection for its branded lung cancer drug Iressa (geftinib) in the country have been challenged by two Indian companies.
The Delhi patent office will hear pleas of Hyderabad-based Natco Pharma and Mumbai-based GM Pharma as part of the patent pre-grant opposition process.
While Astra Zeneca’s geftinib is costing over Rs 85,000 (30 tablets) for a month’s treatment, Natco, the only generic competitor in Indian market, is selling it at Rs 10,200 (30 tablets). While a decision in favour of Astra Zeneca will compel Natco to withdraw its product, the rejection will see more generic competition in the market.
According to the Mumbai-based Cancer Patients’ Aid Association (CPAA), many Indians fall victims to lung cancer. Among the eight lakh patients diagnosed with cancer every year in the country, almost four lakh are hit with tobacco-related cancer.
However, geftinib is not a common treatment for lung cancer patients in India.
“Indian doctors do not prescribe costly treatments such as geftinib. Even Indian generic version is beyond the reach of 60 per cent of lung cancer patients,” CPAA said.
According to sources, Astra Zeneca had stopped the supply of its geftinib brand after the Indian generic maker introduced a low cost version of the drug.
“It has resumed the supply and is likely to have Rs 2 crore sales today. Natco must be selling Rs 24 crore worth geftinib in a year,” the sources said.
The Indian companies feel that geftinib cannot get a patent right in India as the molecule is a pre-1995 one, thereby failing the criteria of “patentable drugs”. Prior use and lack of inventive steps are the claims made to oppose the patent application.
Indian firms also feel that the convention application, as required under the Indian Patent Act, was not made within 12 months from the date of first application for protection made in the convention country, thereby making patent application redundant.
Article Source: Rediff news
