04302016Sat
Last update: Sat, 30 Apr 2016 12am

Industries & Sectors

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Pfizer to pay $785 mn for overcharging US government on drugs NEW YORK: US authorities said Wednesday that drug giant Pfizer had agreed to pay nearly $785 million to settle allegations that one of its units overcharged the government for anti-acid drugs.Wyeth, the unit, was accused of knowingly reporting to the government false and fraudulent prices for two forms of Protonix, a drug notably used to treat symptoms of acid reflux, from 2001 at 2006, before it was acquired by Pfizer in 2009, the Justice Department said.Wyeth failed to report deep discounts on the two drugs it made available to thousands of hospitals nationwide, and as a result wrongfully avoided paying "hundreds of millions of dollars" in rebates to Medicaid, the government health insurance provider for the poor and people with disabilities, the department said ."As part of the settlement, Wyeth and Pfizer do not deny the government's allegations," it said.Under the Medicaid program, drug companies must report to the government ...

Business & Finance - Industries & Sectors

Samsung holds lead in flat global smartphone market WASHINGTON: Samsung kept the top spot in a global smartphone market which showed signs of flattening in the first quarter of 2016, a survey showed Wednesday.The report by research firm IDC said the worldwide smartphone market saw its slowest growth on record of 0.2 percent, with shipments totalling 334.9 million.South Korean giant Samsung maintained its lead over US-based Apple, while Chinese-based Huawei strengthened its third-place position and two new China-based manufacturers, Oppo and Vivo, emerged ...

Business & Finance - Industries & Sectors

France's Total austerity diet limits Q1 losses PARIS: French oil giant Total on Wednesday unveiled first quarter net profits down 40 percent on lower oil prices yet better than forecast on higher production and cost cuts.Net income fell to $1.6 billion (1.4 billion euros), better than the $1.2 billion consensus of a panel of analysts consulted by Bloomberg albeit down from $2.66 billion for the same period last year.Net adjusted results, stripping out elements such as stock, dropped 37 percent to $1.6 ...

Business & Finance - Industries & Sectors

Etihad Airways reports $103 million profit for 2015 ABU DHABI: Abu Dhabi's state-owned Etihad Airways, which has become a major competitor to the biggest global airlines on European and Asian routes, reported on Wednesday a consolidated net profit of $103 million for 2015 on the back of strong passenger growth.Etihad, which owns stakes in Alitalia and AirBerlin, said profit was $73 million in 2014. Revenue last year was $9.02 billion after $7.55 billion in the previous year.However, Etihad said in a statement that ...

Business & Finance - Industries & Sectors

Qatar Airways urges Airbus to resolve A350 'issues' DUBAI: Gulf carrier Qatar Airways said on Wednesday it had some "issues" with the A350 passenger jet and it was putting pressure on planemaker Airbus to resolve the problems."We have some issues with the A350, which was expected because it's a new programme. However, we feel that Airbus is losing steam in resolving these problems with the A350," chief executive Akbar Al Baker told a travel conference in Dubai.When asked what issues Qatar Airways had ...

Business & Finance - Industries & Sectors

Etihad Airways 2015 profit jumps 41pc on passenger growth ABU DHABI: Abu Dhabi's state-owned Etihad Airways, which has become a major competitor to the biggest global airlines on European and Asian routes, posted a 41 percent leap in net profit for 2015 on the back of strong passenger growth, the airline said on Wednesday. Etihad, which owns stakes in Alitalia and AirBerlin, made a net profit of $103 million in 2015 compared with $73 million in the previous year, it said in a statement.Revenue ...

Business & Finance - Industries & Sectors

Mitsubishi Motors says domestic orders halved since mileage cheating scandal TOKYO: Mitsubishi Motors Corp said that domestic orders have halved since it revealed it cheated on mileage tests, intensifying concerns over whether it can survive considering its already chequered history of scandals. Japan's sixth-largest automaker admitted this week that it used fuel economy testing methods that did not comply with Japanese regulations for 25 years, much longer than previously known.It said it may approach its financial backers, which include other companies in the Mitsubishi group, ...