05302016Mon
Last update: Mon, 30 May 2016 07pm

Industries & Sectors

Business & Finance - Industries & Sectors

AstraZeneca potassium drug delayed by manufacturing snag LONDON: AstraZeneca said on Friday US regulators would not approve its new drug for high potassium levels at present due to a manufacturing issue, dealing a blow to a product acquired when it bought ZS Pharma for $2.7 billion last year. Analysts said the drug's launch would now likely be delayed until 2017 after the British drugmaker said the Food and Drug Administration (FDA) had issued a so-called complete response letter (CRL) for ZS-9, or sodium zirconium cyclosilicate.Such letters typically outline concerns and conditions that must be addressed to gain US approval."The CRL refers to observations arising from a pre-approval manufacturing inspection," AstraZeneca said."The FDA also acknowledged receipt of recently submitted data which it has yet to review. The CRL does not require the generation of new clinical data."A spokesman said the company hoped to resolve the matter in a "timely" manner.Berenberg analysts said AstraZeneca would probably face a six-month ...

Business & Finance - Industries & Sectors

GM venture to recall over two million cars in China SHANGHAI: US auto giant General Motors (GM) will recall more than two million vehicles produced through a joint venture in China because of an engine component flaw, the firm and officials said.The venture between GM and Shanghai-based SAIC will recall 2.16 million Buick and Chevrolet branded vehicles because their engine valves could corrode after extended use, the company said on Thursday.Business media outlet Caixin reported that the recall was the largest in China so far ...

Business & Finance - Industries & Sectors

The latest iPhone 7 thicker, dual lens and much more iPhone 7, the highly anticipated Apple’s flagship is set to release this September, and not surprisingly the much awaited handset has become a subject of numerous rumors making rounds on the internet.As per the latest, a new set of leaked schematics shows that the iPhone 7 would be similar to its predecessor the iPhone 6s, the newest schematics were released by Czech site letemsvetemapplem.eu. According to 9to5 Mac , the measurements revealed shows the iPhone ...

Business & Finance - Industries & Sectors

Google wins in retrial of Oracle copyright lawsuit SAN FRANCISCO: A jury on Thursday ruled that Google did not unfairly appropriate parts of the Java programming language, saving the tech giant from a possible multibillion-dollar verdict in a lawsuit brought by business software firm Oracle.The retrial stemmed from a 2012 case in which Google also prevailed, and has been closely watched by the tech industry because of its implications for software innovation and copyright law.Oracle sought billions in damages from Google over the ...

Business & Finance - Industries & Sectors

Microsoft-Facebook laying trans-Atlantic Internet line SAN FRANCISCO: Microsoft and Facebook on Thursday announced they will work together to lay a high-speed Internet cable across the bottom of the Atlantic Ocean.A new, sub-sea "MAREA" cable was expected to be completed by late 2017, with the aim of meeting growing demand by the tech companies' customers for fast, reliable data connections."As the world is increasingly moving toward a future based on cloud computing, Microsoft continues to invest in our cloud infrastructure to ...

Business & Finance - Industries & Sectors

Philips set to rake in 750mn euros in IPO windfall THE HAGUE: Dutch electronics giant Philips set a price of 20 euros per share Thursday, a day ahead of a highly anticipated IPO of its lighting arm, and said it was expecting to raise 750 million euros."The total number of offered shares is 37.5 million, representing 25 percent of the shares," the Amsterdam-based Philips said in a statement."The total proceeds of the offering to be received by Royal Philips amount to 750 million euros ($839 ...

Business & Finance - Industries & Sectors

India's Jet Airways reports first annual profit since 2007 NEW DELHI: Jet Airways, India's second-biggest airline by passengers, reported an annual profit on Thursday for the first time since 2007 and a year ahead of schedule under its 2014 turnaround plan. The carrier, part-owned by Abu Dhabi's Etihad Airways, said lower fuel costs and higher aircraft use helped it swing to a profit in the year ending on March 31 but warned that growing domestic competition was putting pressure on yields. For the year, ...