AstraZeneca to Cut 7,300 Jobs Amid Pressure on Revenues
The Anglo-Swedish pharmaceutical group–AstraZeneca pledged to buy back $4.5bn of its shares in 2012 as the company warned of increasing pressure on its revenues and unveiled its plans to cut 7300 jobs.
The company posted the full-year revenues down by 2% at constant exchange rates to $33.3bn on the back of about $2bn in sales lost to generic competition and $1bn due to government prices.
BlackBerry Maker Shakes up Board
Mike Lazaridis and Jim Balsillie, joint chairmen and chief executives of the embattled Canadian maker of the BlackBerry smartphone–Research In Motion, have resigned as part of a long-awaited shake-up at company.
According to RIM, it is said late on Sunday that Mr Lazaridis would go on taking an active role as vice-chairman and head of a new board committee on innovation. On the other hand, Mr Balsillie is leaving the company, but will remain a director.
Vodafone Wins $2.9bn India Tax Battle
The supreme court in India just found in favour of the UK-listed telecom company–Vodafone in a landmark case that had threatened to land the telecoms business with a tax bill of $2.9bn and further dent India’s faltering investment environment.
The decision is a defeat for the income tax department in India, which spent five years pursuing Vodafone for capital gains tax the company claimed was due following its $10.9bn acquisition of Hutchison Essar in 2007.
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Kodak Develops Plans for Bankruptcy
According to people familiar with Eastman Kodak, it is revealed that due to the increasingly difficult financial situation at the company, the US photographic products group has started the preparations for a possible bankruptcy filing even though the company goes on to pursue asset sales to raise much-needed cash.
Kodak has launched talks with banks over a new line of debt that the company could tap after a filing under Chapter 11 of the US bankruptcy code, which allows it to continue to trade while reorganising their finances.
EU Shake-up for Rating Agencies
Brussels would deal a blow to the business models of the big three agencies. Now, Brussels are going to propose sweeping changes to regulation of credit ratings.
Under one of the most contentious proposals, the European regulators would support to suspend credit ratings of countries undergoing bail-outs.
Capital Raising Report Denied by French Banks
The top French banks BNP Paribas and Societe Generale denied a report they could look to raise a combined fund of $14.8 billion as part of a plan to recapitalize a broader European bank.
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