Financial
AstraZeneca pays $2.7 billion for diabetes stake PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 19 December 2013 07:13

LONDON (AP) — British drugmaker AstraZeneca PLC says it will pay $2.7 billion to buy out Bristol-Myers Squibb Co.'s stake in their partnership to develop and sell diabetes drugs.

The deal announced Thursday also calls for up to $1.4 billion in regulatory, launch and sales related payments,

AstraZeneca says the deal will "consolidate worldwide ownership of the diabetes business within AstraZeneca," and extend its geographical reach, especially in emerging markets. AstraZeneca has described its work on diabetes as an important platform for returning the company to growth.

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Oil trains raise concerns in small towns, cities PDF  | Print |  E-mail
Written by JOSH FUNK, Associated Press MATTHEW BROWN, Associated Press   
Thursday, 19 December 2013 06:57

WOLF POINT, Mont. (AP) — It's tough to miss the trains hauling crude oil out of the Northern Plains. They are growing more frequent by the day, mile-long processions of black tank cars that rumble through wheat fields and towns, along rivers and national parks.

As common as they have become across the U.S. and Canada, officials in dozens of towns and cities where the oil trains travel say they are concerned with the possibility of a major derailment, spill or explosion, while their level of preparation varies widely.

Stoking those fears was the July crash of a crude train from the Bakken oil patch in Lac Megantic, Quebec — not far from the Maine border — that killed 47 people. A Nov. 8 train derailment in rural Alabama where several oil cars exploded reinforced them.

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Bayer set to acquire cancer specialist Algeta PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 19 December 2013 07:12

BERLIN (AP) — Germany's Bayer AG is set to acquire cancer drug maker Algeta ASA after raising its offer for the Norwegian-based company to nearly $2.9 billion.

The two firms said Thursday drug and chemical company Bayer will make a cash offer of 362 kroner ($59.24) per Algeta share. Last month, Algeta said it had received a preliminary takeover offer of 336 kroner per share.

Algeta says its directors unanimously decided to recommend that shareholders accept the revised offer.

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Bernanke's new formula for pleasing investors PDF  | Print |  E-mail
Written by JOSH BOAK, AP Economics Writer   
Thursday, 19 December 2013 06:51

WASHINGTON (AP) — In his final performance, Ben Bernanke rewrote the script.

Investors had been on edge for months about when the Federal Reserve might slow its economic stimulus. A pullback in the Fed's bond purchases, they feared, could jack up interest rates and whack stocks. Bernanke's mere mention of the possibility in June had sent stocks tumbling.

So on Wednesday, Bernanke showed something he'd learned from leading the Fed and addressing the public for eight years: Tough news goes down best when it's mixed with a little sweetener.

At his last news conference as chairman, he explained that the Fed would trim its monthly bond purchases by $10 billion to $75 billion — a prospect that had worried the markets.

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