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Exclusive: Japan's Astellas looks to sell dermatology assets - sources
By Jessica Toonkel NEW YORK (Reuters) - Japanese drugmaker Astellas Pharma Inc is looking to sell its dermatology portfolio, which could be worth between $500 million and $1 billion, according to three people familiar with the situation. Astellas has hired London-based investment banking boutique DC Advisory to sell the assets, according to two of the people, who wished to remain anonymous because they are not permitted to speak to the press. The company's dermatology portfolio, which includes a drug to treat eczema called Protopic, sells products around the world. ...
Icahn seeks to allay fears over lack of financing for Dell bid
(Reuters) - Billionaire investor Carl Icahn told Dell Inc shareholders that an investment bank would help fund his offer for the PC maker as he sought to assuage concerns over his means to fund the bid. In an open letter to Dell shareholders published on Tuesday, Icahn said a major investment bank had indicated its willingness to make $1.6 billion available. The letter also said he was "proceeding to obtain commitments for $5.2 billion of senior debt financing to be made available to Dell as a bridge loan to guarantee the tender offer. ...
U.S. court lets stand Ex-Im Bank loan for Air India
WASHINGTON (Reuters) - A U.S. appeals court on Tuesday let stand a decision by the U.S. Export-Import Bank to finance the sale of 30 Boeing wide-body jets to Air India in a legal challenge brought by Delta Air Lines . "I am gratified by the court's recognition that these transactions should not be impeded by litigation," Fred Hochberg, chairman and president of Ex-Im Bank, said in a statement after the ruling. However, the court directed the government-run bank to better explain its rationale for the loans, which Delta claimed as a victory in its long-running spat with Ex-Im Bank. ...
G8 pledges action on tax evasion, few concrete measures
By William Schomberg and Jeff Mason ENNISKILLEN, Northern Ireland (Reuters) - The world's rich economies said they would take a tougher stance on fighting money laundering and tax evasion but promised little in the way of specific new action at the end of a two-day summit on Tuesday. Group of Eight leaders signed up for a list of aims including improving the transparency of who owns shell companies and deepening information-sharing between tax authorities. They also said they wanted companies to provide greater information to tax authorities on their profits. ...
Rebalance of Russell index to bring volume surge at quarter-end
By Chuck Mikolajczak NEW YORK (Reuters) - Investors accustomed to late market volatility at the end of the quarter should expect an extra jolt on June 28, when billions of dollars in stock trades will be executed in less than two seconds. That is the day Russell Investments sets the final update for the annual reconstitution of its indexes after the close of trading. This rebalancing creates a surge of liquidity as investors readjust portfolios and try to take advantage of dislocations in stock prices. ...
M&T Bank to fix anti-money laundering flaws, Fed says
By Douwe Miedema and Emily Stephenson WASHINGTON (Reuters) - M&T Bank Corp will put a comprehensive plan in place to fix problems with its anti-money laundering policies that had caused regulators to put a hold on its $3.7 billion bid to buy Hudson City Bancorp. Buffalo, New York-based M&T Bank will submit a plan to the Federal Reserve to improve its monitoring and reporting of suspicious activity, the regulator said. The bank will also hire an independent consultant to review transactions on any high-risk customer accounts during the period of July 1, 2012 to December 31, 2012, the Fed said. ...
GE to create Russian venture to build power plants
MOSCOW (Reuters) - U.S. conglomerate General Electric Co will create a joint venture with Russia's state-funded private equity vehicle to build mini power plants across Russia, the parties said on Tuesday. GE has been active in Russia for more than 20 years, supplying medical equipment to hospitals, signaling systems to the rail network and credit through its GE Money Bank. The mini power plants are low-power co-generation systems producing up to 25 megawatts that are build independently of the federal power grid and therefore without the need for transmission lines. ...
Consumer prices rise, core prices bode well for demand
WASHINGTON (Reuters) - Consumer prices rose in May and a gauge of underlying price pressures showed signs of stabilizing after a long decline, a potential comfort to Federal Reserve policymakers who would like to see stronger inflation. The Labor Department said on Tuesday its Consumer Price Index edged 0.1 percent higher, a slightly weaker gain than analysts polled by Reuters had expected. But in a sign of stronger demand in the economy, consumer prices outside of food and energy rose 0.2 percent last month, just above the pace clocked in April. These so-called "core" consumer prices, which ...
Stock futures tick up, all eyes on Fed
By Rodrigo Campos NEW YORK (Reuters) - U.S. stock index futures edged higher on Tuesday, trading in a tight range ahead of the start of a highly anticipated Federal Reserve meeting and before inflation and housing market data. The Fed's policy-setting Federal Open Market Committee starts a two-day meeting Tuesday and markets are on tenterhooks as traders try to anticipate the Fed's timeline for winding down a bond-buying program that has been fundamental for price moves in various markets. ...
Housing starts miss expectations, but overall tone upbeat
WASHINGTON (Reuters) - Housing starts rose less than expected in May, likely reflecting labor and material constraints, but the overall trend remained consistent with strength in the housing market. Though permits for future home construction fell, that followed a surge in April, which hoisted them above the 1 million-unit mark. The pullback last month reflected a drop in the volatile multi-family sector, but permits for single-family construction touched their highest level in five years. The Commerce Department said on Tuesday housing starts rose 6. ...
Boeing's new Dreamliner steps up big jet battle
By Alwyn Scott and Tim Hepher PARIS (Reuters) - Boeing launched a larger version of its flagship Dreamliner aircraft at the Paris Airshow on Tuesday, sharpening the battle with rival Airbus in the booming market for fuel-efficient, long-distance jets. The much-anticipated announcement of the 787-10 Dreamliner, with 102 firm orders worth nearly $30 billion at list prices, is a vote of support for the lightweight, carbon-composite jet just months after the first version was grounded by battery problems. It came shortly after Airbus clinched an $11. ...
Royalty Pharma drops hostile bid for Elan
DUBLIN (Reuters) - Royalty Pharma's hostile $8 billion bid for Irish drug firm Elan lapsed on Tuesday when it withdrew an appeal against a ruling by Ireland's regulator on takeover battles. U.S.-based Royalty had made its offer conditional on Elan shareholders rejecting all resolutions put to a vote at a meeting on Monday, but the owners' approved one of the four resolutions, for a share buyback. ...
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Rupee drops 6 paise against dollar
Times of India MUMBAI: The rupee failed to maintain initial gains against the Am...
Dr Reddy's sued for 'infringement' of Zemplar drug
The Hindu US-based drug maker AbbVie Inc the spun-off entity of Abbott has dra...
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Dr Reddy's sued for 'infringement' of thyroid injection pate ...
Economic Times US-based drug maker AbbVie Inc has dragged Dr Reddy's Lab to ...
Glenmark gets USFDA approval for sclerosis treatment drug
Moneycontrol.com Glenmark Generics Inc the US-based subsidiary of Glenmark Gene...
Indian actions discriminating against US exports and sales: ...
Indian Express Alleging that Indian actions over the past one year has been disc...
Sensex extends losses in late morning trade; drops 102 point ...
Times of India MUMBAI: The S&P BSE Sensex extended losses in the late mornin...
Inflation at 53-Year Low Gives Bernanke Time to Press on Wit ...
Bloomberg The lowest inflation since the brink of the Kennedy-era economic boom ...
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