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Sanofi says Zaltrap approved in Europe for bowel cancer   PARIS: French drugmaker Sanofi said on Tuesday that its Zaltrap drug had been approved for marketing in the European Union to treat advanced bowel cancer.   The approval follows a recommendation from the European Medicines Agency in November based on a late-stage study of the drug that showed significant improvement in survival among patients with colon cancer.   Zaltrap, approved in the US in August 2012, is among the new products Sanofi is relying on to restore growth after the loss of several blockbuster drugs to generic competitition.   But CM-CIC analyst Arsene Guekam expects the drug, co-developed with US biotechnology company Regeneron, will remain a niche product for Sanofi.   Guekam is forecasting peak sales of 300 million euros ($406 million) a year since Zaltrap will compete against established medicines like Roche's Avastin and Erbitux, sold by German drugmaker Merck, as a second-line treatment for advanced bowel cancer.   Zaltrap is also unlikely to be used to treat other ...

Orion sees weaker profit in 2013   HELSINKI: Finnish drug maker Orion reported a weaker-than-expected quarterly profit and forecast a slight fall in operating profit this year amid increasing generic competition for its Parkinson's drugs.   Orion's quarterly operating profit was little changed from a year earlier at 59.4 million euros ($80.5 million), weaker than the market's average forecast of 63 million euros in a Reuters poll.   Orion said sales of products other than its Parkinson's drugs will grow, helping full-year net sales to be ...
BP profits more than halve on US oil spill fallout LONDON: British energy giant BP said Tuesday that net profits slumped by more than half in 2012, as the group was rocked by fines and asset sales linked to the 2010 Gulf of Mexico oil spill disaster, ahead of a US trial later this month.   Earnings after taxation tumbled 54 percent to $11.582 billion (8.6 billion euros) in 2012, compared with $25.7 billion in 2011, BP said in a results statement.   Adjusted net profit, stripping out fluctuations ...
GSK spends $900mn to lift stake in India consumer arm   LONDON: GlaxoSmithKline Plc has lifted its stake in its publicly-listed Indian consumer healthcare subsidiary to 72.5 percent from 43.2 percent, deepening its footprint in emerging markets and non-prescription products.   David Redfern, GSK's chief strategy officer, said on Tuesday the transaction - valued at 48 billion Indian rupees ($901 million) or 568 million pounds - would further increase exposure to a key emerging market.   "It is a significant vote of confidence in the long-term growth prospects of our ...
Dutch telecom KPN to issue 4bn euros in shares after profit plunges THE HAGUE: Dutch telecoms operator KPN announced Tuesday it would undertake a 4-billion-euro rights offer after 2012 profits more than halved to 693 million euros ($935 million).   With profits slashed 55 percent or 856 million euros year-on-year, the company said its share issue would "strengthen KPN's balance sheet and is intended to provide a stable financial position in the coming years."   "Adverse macro-economic conditions continued to weigh on consumer confidence and on the investment plans of our ...
Mitsubishi Motors says April-Dec profit jumps 27pc TOKYO: Mitsubishi Motors said Tuesday its net profit for the nine months to December jumped 27.3 percent from a year earlier to 17.3 billion yen ($187 million), largely thanks to cost-cutting efforts.   The Japanese automaker said sales edged down 0.8 percent to 1.28 trillion yen, while operating profit rose 6.2 percent to 40.9 billion yen.   Mitsubishi said the profit gain was mainly due to brisk sales in Southeast Asia as well as lower fixed expenses, although gains ...
JAL says eyeing talks on Dreamliner compensation TOKYO: Japan Airlines said Tuesday it is planning to talk to US aviation giant Boeing about compensation over the prolonged grounding of the Dreamliner.   JAL's president Yoshiharu Ueki said the immediate priority is to get the planes in the air again, but that JAL will broach the subject with its supplier at a later date.   "The important thing now is getting the 787 flying again safely as soon as possible, but we are preparing to begin these ...


Index Closing Chg%
Arrow DJIA 16,982.59 0.13
Arrow Nasdaq 4,444.91 0.10
Arrow S&P 1,978.91 0.03
Arrow FTSE 6,788.07 0.05
Arrow DAX 9,598.17 0.48
Arrow CAC-40 4,344.77 0.33
Arrow Nikkei 15,529.40 0.46
Arrow H.Seng 24,428.63 0.88
Arrow Sensex 25,991.23 0.52

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln