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EU fines Ranbaxy, others for blocking cheaper
drugs
World Bank watching US Fed, ready to respond
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India posted 2nd highest growth in HNIs last year
Govt, industry bodies wooing small & medium units
EPFO mulls claims settlement in 3 days
Govt extends import ban on milk items from China
4 HMT officers suspended for fudging records
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EU fines Ranbaxy, others for blocking cheaper
drugs
Brussels/Copenhagen, June 19 The punishments follow a 2009 report by the European Commission on the pharmaceutical sector, which said "pay-for-delay" deals lead to consumers paying as much as 20% more for their medicines. The EU action came two days after the U.S. Supreme Court said that U.S. regulators could challenge deals between brandname drug companies and generic rivals because of the higher consumer costs. Pay-for-delay agreements involve brand-name firms paying generic companies not to deliver versions of their drugs, which usually cost a fraction of the original medicine, to market, although the issue is also complicated by patent ownership. In this case, Lundbeck was accused of paying other companies to have them delay delivering a generic version of its antidepressant medicine citalopram to the market. Reuters first reported the fines on June 3. "Agreements of this type directly harm patients and national health systems, which are already under tight budgetary constraints," said EU Competition Commissioner Joaquin Almunia. "The Commission will not tolerate such anticompetitive practices”, he emphasized. The European Commission, which acts as competition regulator across the 27-member European Union, handed Lundbeck the largest fine totalling 93.8 million euros. As a result, Lundbeck cut its guidance for operating profits this year. The Commission fined Germany's Merck KGaA 21.4 million euros and handed a further 7.77 million euro fine jointly to Merck and its former subsidiary Generics UK, which is now owned by U.S. generic drugmaker Mylan. The other penalized companies were Arrow, Resolution Chemicals, Xellia Pharmaceuticals, Alpharma —which is now part of Zoetis Products LLC, A.L. Industrier and India's No. 1 pharmaceutical company Ranbaxy. The Commission said the generic companies agreed with Lundbeck in 2002 not to enter the market in return for substantial payments, with internal company documents referring to forming "a club" and "a pile of $$$" to be shared. It said Lundbeck also bought generics' stock and destroyed it. Lundbeck said it would appeal the EU decision to the courts. The EU competition authority has two similar cases in the pipeline, involving Israel's Teva, French drugmaker Servier, Johnson & Johnson and Novartis. Brandname companies have defended "pay-for-delay" deals in large part to protect patents and avoid costly litigation. — Reuters
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World Bank watching US Fed, ready to respond
London, June 19 The US Federal Reserve has sparked a bout of financial market turmoil since its chief, Ben Bernanke, announced on May 22 that the Fed could, before the year is out, begin slowing the pace at which it creates dollars. Emerging markets, the recipients of much of that money as it has been printed, have borne the brunt of investors taking fright. "We're constantly watching what the spillover effects are of these unconventional monetary policies on developing countries especially," Jim Yong Kim told Reuters in an interview. "If the United States does back off ... and slows down its (asset-buying) quantitative easing, borrowing costs will go up and we think they will also go up for developing countries. And that's a real concern."
— Reuters Sensex ends higher ahead of Fed decision
The BSE Sensex edged up on Wednesday amid volatility as investors awaited the outcome of the US Federal Reserve meeting, with telecom stocks such as Idea Cellular gaining on new roaming regulations. Major markets, including Asia, were stuck within recent ranges as investors keenly awaited comments from Fed chairman Ben Bernanke whether the US central bank will scale back its bond-buying programme. Traders worry an end to US monetary stimulus could lead to portfolio outflows, pushing the rupee lower and, in turn, delaying any rate cuts from the RBI. FIIs have been sellers of Indian shares for six consecutive sessions, totalling Rs 34.31 billion as per exchange and regulatory data. "Even if the Fed wants to withdraw stimulus it would be gradual and this doesn't mean all money would go out of the system," said Deven Choksey, MD at K.R. Choksey Securities. Apart from the Fed's decision, the RBI and the rupee's moves are really important, added Choksey. The benchmark BSE index rose 0.12%, or 22.42 points, to 19,245.70. The broader NSE index gained 0.15%, or 8.65 points, to 5,822.25, closing above the psychologically important 5,800 level.
— Reuters |
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Tata Motors upgrades cars as rivals launch new ones
Pune, June 19 In recent quarters, strong performance at its luxury Jaguar Land Rover unit has helped compensate for weak passenger car sales at home, where Tata is losing market share to rivals Hyundai Motor Co and Maruti Suzuki, which last year launched its successful Ertiga multipurpose vehicle. "There have been new launches by Tata's competitors every year, but as far as the company is concerned, they have just been launching refreshed or slightly modified versions of their existing cars," said Yaresh Kothari, analyst at Mumbai-based Angel Broking. Tata Motors' passenger vehicle sales fell 15% in the financial year that ended in March. It has also lost traction in the sport utility vehicle segment, where it was once the market leader, to local rival Mahindra & Mahindra. The Nano, launched to great fanfare in 2009 as the world's cheapest car, has been a disappointing seller, with sales down 27% in the last financial year to 53,848. The firm has not launched an all-new Tata-branded passenger vehicle since its Aria crossover in 2010. Karl Slym, who previously headed the India operations of General Motors, became Tata Motors' managing director in October and has been tasked with reversing its market share fall at a time when high interest rates and rising ownership costs have forced many Indians to put off car purchases. Annual car sales in India fell for the first time in a decade in the financial year that ended in March and are expected to rise just 3-5 percent in the current year. "We are not going to come up with a brand new vehicle today, after that short period of time," Slym told reporters on Wednesday at the company's plant in Pune.
— Reuters |
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India posted 2nd highest growth in HNIs last year
New Delhi, June 19 According to the World Wealth Report 2013, released by Capgemini and RBC Wealth Management, the investable wealth of the world’s high net worth individuals (HNWIs) rebounded in 2012, growing by 10% to reach a record high of $46.2 trillion, after declining 1.7% in 2011. One million individuals joined the global HNWI population, which reached 12 million, reflecting a rise of 9.2%. “HNWI population increases were strong in 2012. However, North America’s lead in both population and wealth is likely to be eclipsed again in the future by Asia-Pacific, the report said. In 2012 North America’s population of 3.73 million HNWIs surpassed the Asia-Pacific’s 3.68 million, while its HNWI wealth reached $12.7 trillion, above the $12.0 trillion in the Asia-Pacific. However, in terms of the overall wealth growth rate, the Asia-Pacific actually had a higher rate at 12.2%, compared to North America’s 11.7%. Among the Asia Pacific countries, Hong Kong experienced a 35.7% rise in its HNWIs population, followed by India, with 22.2% growth. The growth in number of HNWIs in India was attributed to positive trends in equity market capitalization, gross national income, consumption and real estate. In Asia-Pacific, equity markets responded well to aggressive monetary policy moves. In India, reform measures and monetary easing helped equity markets gain by 23.9%, while strong exports in South Korea partly contributed to a 20.2% gain there. Going forward the future outlook looks cautiously upbeat, led by Asia-Pacific. According to the report, global HNWI wealth is forecast to grow by 6.5% annually over the next three years with the Asia-Pacific region projected to grow at one and a half times the global average at 9.8% and is expected to lead global growth. |
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Govt, industry bodies wooing small & medium units
Chandigarh, June 19 From setting up common facilitation centres, to mentoring some of these MSMEs to reach the next level of growth, and from bringing a public procurement policy favouring MSMEs, to the industry bodies supporting these small units to grow — MSMEs are getting a lot of importance. Since the sector contributes 8% to India’s GDP; accounts for 45% of the manufacturing sector, there is a growing feeling that this sector needs to be pushed towards higher growth, if the country wants to attain higher growth level in the current year. North India, which accounts for 7.115 million working MSMEs, having a gross output of Rs 281,468 crore, is already rising to the challenge of creating a favourable atmosphere for its MSMEs. Punjab, in its recently released package of fiscal incentives for new investors, has announced a number of incentives for the new units having investment of anything over Rs 1 crore. The state is also all set to announce setting up of common facilitation centres in major industrial hubs, so as to increase the competitiveness of these MSMEs. On the other hand, Haryana is investing Rs 750 crore to set up 14 new common facilitation centre by June 2014 and 50 by 2015. CII too is all set to launch the Global Top Companies 100 programme, wherein they will hire experts who will mentor 100 MSMEs across the country and help them reach the next phase of growth. In the first phase of this programme, 25 MSMEs from north India are being selected for mentoring on arranging finances, production and marketing of goods. This programme will be announced during the CII’s national council meet in Bangalore next month. The Indian government had notified the public procurement policy last year. Raman Saluja, chairman of CII, northern region committee on MSMEs, says that it has become imperative to create an ecosystem conducive for steady growth of this sector. He says in order to have sustainable growth, new employment avenues have to be provided, and MSMEs fit that bill. “Ideally, taking into account the inflation, the government should revisit the MSME definition and raise the bar to those units that have a turnover of up to Rs 8 crore to be included as MSME (the present ceiling is Rs 5 crore). The government should also work on making easy credit available for the MSMEs by giving them interest subvention, besides earmarking 15% for MSMEs within the overall priority sector lending,” he said. |
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EPFO mulls claims settlement in 3 days
New Delhi, June 19 In order to give effect to the proposal of expeditious settlement of claims, the Employees' Provident Fund Organisation (EPFO) has called a meeting of all zonal heads on July 5 to draw an action plan. The body is expecting 1.2 crore claims in the current fiscal and hopes that if around 70 per cent of those are settled in three days, then about 84 lakh claimants would be benefited. Quick settlement of claims, EPFO said in an officer order, "was necessary to improve the image of the organisation." The EPFO has already launched a pendency clearance drive to settle all claims received before June 15 this year. As many as 5,38,704 claims were pending as on June 11 this year. "...in 2012-13, the body has settled 1.08 crore claims, out of which 12.62 lakh claimants were dissatisfied as their claims were not settled within 30 days. Moreover, 1.41 lakh claims not settled even after 90 days has brought down the image of the EPFO amongst our members," the order stated. It further said, "...customers expect change in the mindset from 30 days (maximum period for settlement of claims) to at least three days in computerised era for withdrawing their own money." The body is also in the process of introducing a facility where claimants would be able to apply online for transfer and withdrawal of their PF from July 1. The EPFO is setting up a central clearance house which will be operational on July 1. This will enable subscribers to apply online for settlement of withdrawal and transfer of funds claims.
— PTI
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Govt extends import ban on milk items from China
New Delhi, June 19 India had imposed the ban in September 2008 due to presence of melamine, used for making plastics and fertiliser. The ban has been extended every year. It was to expire on June 23. According to sources, the neighbouring country has not yet provided any data addressing the safety concerns. More than a dozen countries in Asia and Africa have banned milk and dairy product imports from China due to melamine content, the dangerous chemical that can cause kidney stones as well as failure of the organ. India, the world's largest milk producer, does not import milk products from China, but the ban is being imposed as a preventive measure.
— PTI |
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4 HMT
officers suspended for fudging records Kalka, June19 SG Sridhar, CMD, Banglore; Alok Nigam, GM (Tractors Unit); AK Srivastava, GM (Engineering); and JK Jain, GM (Finance), have been suspended. Harbhajan Singh, Joint Secretary, Ministry of Heavy Industries, New Delhi, who was at HMT, Pinjore today, said further investigations were on in this context. Sources confirmed that the management had shown a much higher production of tractors at its units in Pinjore and Hyderabad against the actual numbers and low capacity utilisation of the tractors manufacturing plant. Notably, the government on April 18, 2013, had provided a revival package of Rs 1083.48 crore to tractor unit at Pinjore HMT. The employees of HMT, Pinjore, have been deprived of their salaries since last four months. VK Bansal, president of the Shivalik Vikas Manch, has sought a CBI probe into the matter.
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The World Bank is concerned about the spillover effects on developing countries of a slowing of US money creation and will move to provide affordable capital when borrowing costs rise, its president said on Wednesday.
The US Federal Reserve has sparked a bout of financial market turmoil since its chief, Ben
Bernanke, announced on May 22 that the Fed could, before the year is out, begin slowing the pace at which it creates dollars.
Rupee gains but still near record low; all eyes on Fed meeting
