October 27: News overview in pics
October 27: News overview in pics
A GlaxoSmithKline logo is seen outside one of its buildings in west London
GlaxoSmithKline has agreed to pay $750 million and plead guilty to manufacturing and distributing adulterated drugs from a now closed plant in Puerto Rico, the US Justice Department said on Tuesday.
The company had said in July it reached an agreement in principle relating to quality problems at its SB Pharmo Puerto Rico Inc's plant and would pay about $750 million to resolve the allegations.
Of the $750 million, Glaxo will pay $600 million to settle allegations that, because the drugs were adulterated, false claims for reimbursement were submitted to government healthcare programs.
The drugs -- the anti-nausea medicine Kytril, skin ointment Bactroban, anti-depressant Paxil CR and diabetes drug Avandamet -- were made at the plant between 2001 and 2005.
Engineers attend to calls from abroad inside a call center in Gurgaon on the outskirts of New Delhi
India's top IT services provider Tata Consultancy Services expects to see fast sales growth in its European operations as it expands into new countries, while it benefits from its cheaper cost base.
"We are growing 20-25 per cent on annual basis - we expect similar level (growth) also in headcount," TCS's European chief A S Lakshminarayanan told Reuters in an interview, adding he expects sales growth to continue at least on that level.
TCS European business sales were at $1.68 billion in fiscal year ending in March 2010, making it the second-largest region for the group after the United States.
Samples of rare earth elements are converted to glass discs inside the testing building at the Molycorp Minerals Mountain Pass Mine in Mountain Pass, California
India aims to restart production of rare earths late next year for the first time since 2004, a top government official said on Wednesday.
The Indian government is spending Rs 140 crore ($32 million) on a 5,000 tonne capacity plant in Orissa, amid global concerns China may be taking advantage of its dominance of resources to squeeze export supply.
R N Patra, chairman and managing director of state-run Indian Rare Earths Limited, told Reuters his firm has environmental clearance to produce the hi-tech minerals at a plant under construction in eastern state Orissa.
Reserve Bank of India (RBI) governor Duvvuri Subbarao speaks during a news conference in Mumbai. Subbarao said on Wednesday managing the exchange rate in the face of volatile flows contains a cost, and the challenge was to minimise that cost.
Intervention in the foreign exchange market to stem sharp appreciation in currencies has costs, Reserve Bank of India Governor Duvvuri Subbarao said on Wednesday.
Buying dollars adds liquidity to the banking system, which aggravates inflation. Sterilising resultant liquidity can push up interest rates, which in turn attracts further inflows, the RBI governor said.
Managing currency tensions will require a shared understanding on keeping exchange rates aligned to economic fundamentals, and an agreement that currency interventions should be resorted to not as an instrument of trade policy but only to manage disruptions to macroeconomic stability, Subbarao said.
Since the start of September, the rupee
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