Financial
Novartis, GSK, Lilly in multibillion-dollar deals PDF  | Print |  E-mail
Written by JOHN HEILPRIN, Associated Press   
Tuesday, 22 April 2014 06:37

GENEVA (AP) — Swiss pharmaceutical giant Novartis AG announced a series of multibillion-dollar deals Tuesday with other major pharmaceutical companies that it said would reduce sales but boost profitability, while affecting some 15,000 of its employees globally.

The Basel, Switzerland-based company said it has agreed to buy GlaxoSmithKline plc's cancer-drug business for $14.5 billion, plus up to $1.5 billion more if certain milestones are met, and to divest most of its vaccines business to GSK for $7.1 billion, plus royalties.

The two drugmakers also are creating a new consumer health care business through a joint venture. It combines Novartis' over-the-counter drug business with GSK's consumer business to create a new entity that would generate $10 billion a year in revenue. Novartis would own 36.5 percent of the new business, focusing on pain management, coughs and colds and dermatology.

All the deals between Novartis and GSK are timed to close simultaneously.

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Apple offering free recycling of all used products PDF  | Print |  E-mail
Written by MICHAEL LIEDTKE, AP Technology Writer   
Tuesday, 22 April 2014 06:13

SAN FRANCISCO (AP) — Apple is offering free recycling of all its used products and vowing to power all of its stores, offices and data centers with renewable energy to reduce the pollution caused by its devices and online services.

The iPhone and iPad maker is detailing its efforts to cultivate a greener Apple Inc. in an environmental section on the company's website that debuted Monday. The site highlights the ways that the Cupertino, Calif., company is increasing its reliance on alternative power sources and sending less electronic junk to landfills.

Apple had already been distributing gift cards at some of its 420 worldwide stores in exchange for iPhones and iPods still in good enough condition to be resold. Now, all of the company's stores will recycle any Apple product at no charge. Gift cards won't be handed out for recycled products deemed to have little or no resale value.

The offer covers a wide array of electronics that aren't supposed to be dumped in landfills because of the toxins in them. In the past seven years alone, Apple has sold more than 1 billion iPhones, iPods, iPads and Mac computers.

Last Updated on Tuesday, 22 April 2014 06:14
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General Motors seeks more protection from suits PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 22 April 2014 06:33

LONDON (AP) — General Motors Co. has filed suit in a U.S. bankruptcy court asking a judge to protect the company from legal claims for actions that took place before it emerged from bankruptcy in 2009.

The suit was filed Monday evening in the Bankruptcy Court for the Southern District of New York. A hearing has not yet been set.

The filing asserts that the "numerous lawsuits" recently filed throughout the United States dealing with GM's recall of cars with possible ignition switch problems are "retained liabilities" of the old GM, not the new company.

It says the recall involves vehicles "manufactured and sold by Old GM" and asks Judge Robert Gerber to protect the "new GM" from claims.

GM has said at least 13 deaths have been linked to the ignition problem.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Netflix poised to raise prices after strong 1Q PDF  | Print |  E-mail
Written by MICHAEL LIEDTKE, AP Technology Writer   
Tuesday, 22 April 2014 06:08

SAN FRANCISCO (AP) — Netflix is preparing a sequel unlikely to be a hit with its subscribers. The Internet video service is about to raise its prices for the first time in three years to help pay for more Internet video programming such as its popular political drama "House of Cards."

The increase, to take place sometime before July, will hike prices by $1 or $2 per month for new customers. The company's nearly 36 million current subscribers will continue to pay $8 per month for at least the next year, Netflix CEO Reed Hastings said in a Monday interview.

"When we look at the shows and movies that we will be able to get if we have a bigger budget, it's exciting," Hastings told The Associated Press. "We want to make the service better and better so more people will join."

Netflix announced the looming price increase as part of a solid first-quarter earnings report.

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