06272016Mon
Last update: Mon, 27 Jun 2016 11pm

Business & Finance - Industries & Sectors

Roche CEO 'sleeps better' as risk to drugmaker's growth recedes LONDON: Roche is increasingly confident it will continue to increase sales and profit even as cut-rate copies of the Swiss drugmaker's older cancer medicines start to grab business next year, its chief executive said on Wednesday. Big wins for three new drugs in recent months have helped to offset what Roche's Severin Schwan acknowledges as a serious threat from so-called biosimilars. "In terms of growth, I am now at the point where I sleep much better," Schwan told Reuters on a visit to London. In February the company won US Food and Drug Administration (FDA) breakthrough status for new multiple sclerosis drug Ocrevus.That was followed in May by US approval of immuno-oncology drug Tecentriq for bladder cancer, with an expected sign-off for lung cancer waiting in the wings. Then came a surprise early announcement that Roche's blood cancer drug Gazyva worked better than an older drug. Together, these developments have ...


Business & Finance - Banking & Finance

Spanish banking bailout fund books loss of 1.3bn euros in 2015 MADRID: Spain's bank restructuring fund said on Wednesday it made a bigger loss of around 1.3 billion euros ($1.5 billion) in 2015, up from the previous year due to lower valuations of its stakes in several state-controlled institutions. The FROB, which was created in 2009 to bail out distressed Spanish banks, said that lower valuations in BFA, parent company of lender Bankia, and Banco Mare Nostrum had a negative impact of 763 million euros and ...

Business & Finance - Industries & Sectors

Vitol CEO sees oil price rising to mid-$50s by year-end LONDON: The chief executive of Vitol, the world's largest oil trader, said on Wednesday he saw oil prices rising moderately by year-end due to supply outages around the globe and strong demand. "The likelihood is we are getting to oil in the mid-50s, maybe a little higher, by the year-end," Ian Taylor told the Russian Energy Forum in London. Copyright Reuters, 2016

Business & Finance - Banking & Finance

Sri Lanka central bank expected to keep policy rates steady COLOMBO: Sri Lanka's central bank is expected to keep its key interest rates steady for a fourth straight month on Friday, a Reuters poll showed, despite signs of rising inflation and stubbornly high private sector credit growth.The central bank has tightened monetary policy twice since December to fend off selling pressure on the fragile rupee currency, which is hovering around record lows.The International Monetary Fund on June 3 welcomed the current policy stance and agreed ...

Business & Finance - Managed Funds

German 30 year Bund yield lowest on record in auction BERLIN/LONDON: Germany's Federal Finance Agency said on Wednesday that the average yield fetched at a top-up auction of a 30-year Bund was the lowest on record for that debt instrument during an auction, a spokesman for the Finance Agency said.The bid to cover ratio of the auction was 2.0 and the average yield was fixed at 0.65 pct which was the lowest recorded during an auction for that type of paper, spokesman Joerg Mueller said. ...

Business & Finance - Industries & Sectors

VW's poor governance back on the spot LONDON: How Volkswagen's bosses spent 17 days in September is the latest question to vex its shareholders. Financial watchdog Bafin is calling for a criminal investigation into whether the German carmaker's former management waited too long before admitting it had been caught cheating US emissions tests.It's particularly uncomfortable for the company's chairman, Hans Dieter Poetsch, who in any case is the wrong man for the job. VW admitted to US regulators on Sept. 3 that ...

Business & Finance - Banking & Finance

Hungary bad loans vehicle draws offers from nearly two dozen banks BUDAPEST: Nearly two dozen Hungarian banks, including lenders saddled with the biggest pile of distressed project loans, have signed up for the sale of their toxic assets to MARK, a specialised vehicle to tackle the problem, the central bank said on Wednesday. MARK is part of efforts by central bank Governor Gyorgy Matolcsy, an ally of Prime Minister Viktor Orban, to revive lending to companies and support economic recovery. After more than a year of ...