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About Writer

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India's Ranbaxy recalls generic Lipitor in U.S., shares fall

MUMBAI (Reuters) - Ranbaxy Laboratories Ltd, India's top drugmaker by sales, said it has recalled its cholesterol-lowering drug atorvastatin in the United States, a generic version of Lipitor that largely drove the company's sales in the first of half the year.

The recall will temporarily disrupt supplies of atorvastatin in the U.S. market while it conducts an investigation, Ranbaxy, controlled by Japan's Daiichi Sankyo Co, said in a statement.

Shares of the company fell more than 2 percent following the announcement.

"The development will impact the company's credibility to an extent," said Bhagwan Singh Chaudhary, a research associate at the brokerage IndiaNivesh.

"There have been issues in the past (about compliance) and a recall suggests, corrective measures suggested by the U.S. FDA are not being implemented."

The U.S. Food and Drug Administration had banned shipments from some of Ranbaxy's manufacturing plants over compliance issues in 2009. Early this year, Ranbaxy agreed to make broader changes at its plants and agreed to appoint an external auditor to resolve the matter.

Ranbaxy was the first company to launch generic Lipitor in the United States after Pfizer Inc's patent expired on November 30 last year.

The Indian company enjoyed marketing exclusivity for the first six months to May 2012 along with U.S.-based Watson Pharmaceuticals Inc.

Generic Lipitor generated nearly $600 million in sales for Ranbaxy for the first six months, when it had exclusive marketing rights, IndiaNivesh's Chaudhary said.

Ranbaxy has initiated an investigation about the recall and expects to complete it within two weeks, after which the company plans to resume supplies, the company said.

Shares of Ranbaxy, valued at $3.93 billion, were down 2.5 percent at 499.8 rupees as of 0625 GMT, underperforming a 0.14 percent fall in the Mumbai market.

(Reporting by Kaustubh Kulkarni; Editing by Chris Gallagher)

Source: http://news.yahoo.com/indias-ranbaxy-recalls-generic-lipitor-u-060204228--finance.html

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Try Holly Madison?s Favorite Pregnancy Treat

"One of my favorite ways to stay healthy during pregnancy is by starting my day with a green smoothie," the former Girls Next Door and Holly's World star, 32, writes on HollyMadison.com.

Source: http://feeds.celebritybabies.com/~r/celebrity-babies/~3/50lYrQgSFaM/

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Coal baron Tinkler's holding company pays creditors at 11th hour

SYDNEY (Reuters) - The holding company of Australian mining magnate Nathan Tinkler looked set to avoid a winding-up claim after paying a creditor A$160,000 ($165,500) on Thursday, hours before a court hearing to consider appointing liquidators for the third time this week.

A winding-up action over Tinkler Group Holdings Pty Ltd would have dealt yet another blow to the 36-year-old coal baron, who has been grappling with a slew of lawsuits over commercial disputes and unpaid bills.

His financial troubles have raised questions over the future of his near one-fifth stake in Australia's largest independent coal miner Whitehaven Coal Ltd .

The latest creditor, Internet Fraud Watchdog, said Tinkler Group had provided evidence that it had paid the money owed, plus costs and interests, and expected to drop its winding-up action at the New South Wales Supreme Court on Friday.

"It's good news, it's been a long and hard battle," Internet Fraud Watchdog's Executive Chairman Ken Gamble told Reuters.

Internet Fraud Watchdog had been hired to protect Tinkler's reputation and provide personal security, Gamble said.

A second creditor due at the hearing on Friday, Gilbert + Tobin, was owed almost A$350,000 and was paid earlier this week, a spokeswoman with the law firm said.

Tinkler's spokesman could immediately be reached for comment.

Tinkler's legal battles are not over yet.

Another of his companies, Aston Resources, is also due in the NSW Supreme Court on Friday. It is being sued for A$157.4 million by a former executive of the firm, Hamish Collins, who alleges Tinkler reneged on a promise to hand over the equivalent of 5 percent of the value of the company's main mining assets.

LIQUIDATION

Tinkler has managed to settle some lawsuits on the court steps to avoid liquidation or a public expose of his finances. In those deals last month, Tinkler's companies paid A$17 million to property firm Mirvac Group and A$2 million to mining services company Sedgman Ltd .

But he could not save Patinack Farm Administration Pty Ltd and Mulsanne Resources Ltd. Liquidators were appointed to the two companies this week, over debts totaling more than A$28 million.

Tinkler, who had long held a dream to make it big in the "sport of kings," had splashed out more than A$300 million since 2007 to build his Patinack horse racing business, including A$19 million on 59 horses at one sale in 2008.

A former coal mining electrician, Tinkler turned a A$1 million bet on a coal deposit into a billion-dollar fortune, spending millions on racehorses, sports clubs, luxury homes and fast cars.

Coal prices have since slumped and his stake in Whitehaven, a holding that represents the bulk of what remains of his wealth, has shrunk to below A$600 million from A$1.1 billion at its peak.

Sources previously told Reuters the stake is heavily leveraged and lenders have been looking at options including pressing for the sale of shares or converting some of the loans into equity.

In August, Tinkler pulled a $5.5 billion bid to take the company private, with sources saying he failed to raise enough equity to finance the deal.

Last week, Patinack said it will sell hundreds more of its horses and shut down a major stable to cut costs after a rapid expansion in recent years.

On Thursday, Patinack's liquidator Anthony Matthews and Associates said it had reached a deal with the company over the jobs of more than 240 workers.

"I advise that following discussion with the management of the company that employees will not have their employment terminated," Tony Matthews said in a statement. ($1 = 0.9665 Australian dollars)

(Additional reporting by Jane Wardell; Editing by Ryan Woo)

Source: http://news.yahoo.com/coal-baron-tinklers-holding-company-pays-creditors-11th-202459973--sector.html

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China must speed up financial reform to sustain GDP growth: Moody's

BEIJING (Reuters) - China must accelerate the pace of financial reform in coming months to sustain economic growth, ratings agency Moody's Investor Services said, forecasting the world's No. 2 economy will grow 7.5 percent each year from 2012 to 2014.

Expectations of steady expansion means China is unlikely to suffer any economic "hard landing," or abrupt slowdown, Moody's said, but warned that the days of easy growth for the world's fastest-growing major economy are over.

Difficult financial reforms that make space for a more market-driven system must be made to cut inefficiencies, it said. At the same time, China no longer enjoys the wide berth it had before to bolster growth in unforeseen downturns.

"Without more market-based price signals driving the efficient allocation of capital and improving the competitive delivery of services, China's trend growth rate will likely slow more rapidly than otherwise," Moody's said in a report.

Crucial areas of reform include increasing market-based competition, improving regulation to allow greater certainty and transparency on future rules and decisions, and making China's hulking state firms more efficient, Moody's said.

While these changes should uncover new engines of growth, the road will not be smooth sailing.

The 4 trillion yuan stimulus from Beijing four years ago that led to explosive growth in China's local government debt and rapid expansion of its banks means the country can no longer indulge in a credit binge if the economy swoons, Moody's said.

Banks were especially imperiled by China's previous credit extravagance, it said, noting China's total bank assets doubled in the past four years, leaving them exposed to industries now mired in excess production capacity.

Total assets in China's banking system are now worth 240 percent of the country's gross domestic product at 113.3 trillion yuan ($18.2 trillion), substantially higher than any other major emerging economy, Moody's said.

As a result, the agency judged Chinese bank asset quality to be "negative" for the next 12-18 months, even though it assessed the banking system to have a "stable" outlook in the period.

China's stabilizing economic growth has arrested the uptick in its banks' bad loan ratio, Moody's said, and there are no indications that asset quality will worsen materially in coming months.

DOUBTS OVER BAD DEBTS

China's four biggest state-owned banks which control about half of the country's total bank assets all have non-performing loan ratios of below 1.5 percent, drawing criticisms from analysts who say the numbers are too low and not to be trusted.

Christine Kuo, vice president of Moody's Financial Institutions Group, said while the agency too has its concerns about China's bad loan data, it cannot prove that the numbers are false.

"We have our concerns, but we have no evidence," Kuo said.

For state-owned enterprises, the economic slowdown will impact different sectors differently, said Kai Hu, vice president for corporate finance at Moody's.

Strategic sectors such as oil and natural gas production and the power grid will hang onto their monopolies, but consolidation measures recently announced by the government will be a blow to the dominance of state-owned enterprises (SOE) in other sectors.

Overcapacity remains a key obstacle, particularly in cyclical industries, Moody's said in its report, pointing out that capacity utilization in China had fallen to 60 percent in 2011 from 90 percent in 2000.

"We think the economic slowdown will be a challenge for SOE adaptability," Hu said.

Growing per capita income will increase cost pressure on companies, he added. Recent market reforms in energy prices will be a boon to suppliers of energy but add cost pressure to consumers.

($1 = 6.2302 Chinese yuan)

(Reporting by Koh Gui Qing; Editing by Jacqueline Wong)

Source: http://news.yahoo.com/china-must-speed-financial-reform-sustain-gdp-growth-083243910--sector.html

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Black voters look to leverage their loyalty

President Barack Obama gestures as he answers a question during a news conference in the East Room of the White House in Washington Wednesday, Nov. 14, 2012. (AP Photo/Carolyn Kaster)

President Barack Obama gestures as he answers a question during a news conference in the East Room of the White House in Washington Wednesday, Nov. 14, 2012. (AP Photo/Carolyn Kaster)

WASHINGTON (AP) ? When black voters gave President Barack Obama 93 percent support on Election Day in defiance of predictions that they might sit it out this year, black leaders breathed a collective sigh of relief.

That encouraged those leaders to try to leverage more attention from both Obama and Congress. Although they waver over how much to demand from the president ? particularly in light of defeated GOP challenger Mitt Romney's assertion that Obama gave "gifts" to minorities in exchange for their votes ? they are delivering postelection wish lists to the president anyway.

"I think the president heard us loud and clear. The collective message was, 'Let's build on where we already are,'" the Rev. Al Sharpton told reporters after a White House meeting last week with a collection of advocates representing largely Democratic constituencies.

Specifically, Sharpton said, that means keeping the brunt of the looming "fiscal cliff" of tax increases and spending cuts off the backs of the middle and working class.

NAACP President Benjamin Jealous aimed that same message at Congress, especially on where tax relief is extended.

"We need Republicans to think hard and to pull back from the cliff 98 percent of our families, who make up the bulk of this nation, from seeing our taxes being raised," Jealous said.

Blacks made up 13 percent of the electorate this year, about the same as 2008, while participation among whites shrank slightly to 72 percent and Hispanics increased to 10 percent, national exit polls showed. Black leaders point to that minority participation as they sharpen their calls for initiatives to address black unemployment, which was 12.7 percent when Obama took office, peaked at 16.5 percent roughly a year later, and stood at 14.3 percent in October. The overall unemployment rate is 7.9 percent.

National Urban League President Marc Morial acknowledged in an interview that "we sweated turnout all the way to the end," because the country's underlying economic conditions made it tougher to mobilize black voters. Within days of the election, Morial sent to Obama, House Speaker John Boehner, R-Ohio, and House Minority Leader Nancy Pelosi, D-Calif., an "urgent petition" asking that Obama's second term focus on economic opportunity and income inequality.

A jobs program should emphasize infrastructure and public works, broadband technology and energy "with a special focus on those communities where unemployment is and remains stubbornly and persistently high," Morial's letter said.

"We who represent the nation's urban communities will demand a seat at the table in these discussions," he wrote.

African-American voter samples in national exit polls are not useful for providing turnout measurements. Census surveys and other analyses eventually will provide turnout numbers for specific racial groups. But exit polls can be used to examine different groups as shares of the overall vote. And there, experts say, is where the evidence can be found of how much black voters delivered for Obama.

Nationally, Obama's share of the black vote was down slightly from four years ago. But in some key states, turnout was higher and had an impact, said David Bositis, an expert on black politics and voting at the Joint Center for Political and Economic Studies.

Blacks made up 15 percent of the electorate in Ohio, up from 11 percent in 2008. And 97 percent of those votes went for Obama, leading Bositis to say Obama's margin of victory in the state came from black voters.

In Michigan, the black share of the vote grew from 12 percent in 2008 to 16 percent in 2012, according to exit polls.

"Michigan was one of the states the two parties jostled around, and eventually Republicans decided they were not going to win, and one of the reasons was the big increase in the black vote," Bositis said.

In Missouri, a state Obama lost in both elections, the black vote went from 13 percent to 16 percent of all voters.

Bositis said the black share of the vote remained roughly the same at 23 percent in North Carolina, which Obama narrowly won in 2008 but lost in 2012, and 13 percent in Florida, which Obama won both times. In Virginia, which Obama won in both elections, black voters were 20 percent of all voters, he said.

Women and people from ages 18 to 29 had the strongest participation levels in the black community.

In 2008, black women had the highest turnout rate, 69 percent, of all groups. Their 2008 record created a sense of obligation among some black female leaders to take an active role against new state voting laws they said threatened to curb black voter participation. Black women made up 60 percent of the black vote this year and voted 95 percent for Obama.

The enthusiasm of black women was demonstrated in Florida when more than 250 churches marched their congregations to the polls as part of the "Souls To the Polls" early voting campaign, said Melanie Campbell, president and CEO of the National Coalition on Black Civic Participation. A large percentage of the marchers were women, Campbell said.

"Countless women stood in line for hours to vote early so they could volunteer to work at the polls to help in the fight against voter suppression," Campbell said.

Black voters ages 18-29 made up 26 percent of the black vote nationally, a turnout close to what it was in 2008, according to the national exit poll. They voted 91 percent for Obama.

Republicans had reached out to black voters in 2004 and saw their share of the black vote increase in that election, Bositis said. But he said that in 2012, the outreach was nonexistent.

Michael Steele, former Republican National Committee chairman, said the GOP had an opportunity this election to connect with black voters on unemployment, health disparities, incarceration and other issues.

"How the heck do you win if you don't engage in the conversation?" Steele said.

___

Follow Suzanne Gamboa at http://www.twitter.com/APsgamboa

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-11-23-Election-Black%20Voters/id-340e8a234b9a41ac963088591fe8bd77

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Ways To Get The Best Window Alternative Company | Hugo Hosting

Generally, windows put life to a home, rendering it look good and useful. They help ventilation and external view. Furthermore, modern windows can handle insulating the home, thus cutting down your heating and cooling power. As a result, window replacement is really a service that you need to seek to get correct and perfect the first time. Some do-it-yourselfers can manage replacement windows themselves, finding a professional to do the job can guarantee that you wind up with a safe and properly mounted windows.In the past few decades, window replacement has gained acceptance included in house remodeling because of the birth of modern window glass that?s well suited for insulating homes and lowering your home?s heating and cooling expense. In addition, replacing old and broken windows won?t only decrease your home?s energy use but also increase the importance of your house. But, you need to begin by having the right specialist that?ll manage the task. Attributes such as experience, quality gear, experience and other home improvement factors play an important role when finding the right builder for your window replacement works. Listed here are three critical elements that you?ll require to think about when choosing a window replacement contractor.1. The ability of the contractorWindow replacement is serious business. As such, you?ll need to find a specialist who has experience and the right skills in handling this project. With the value and safety of your house on the point, you must be sure that you?re getting a contractor who has adequate experience in window replacement.2. The sort of windows you need installedIt is very important that you get yourself a window replacement specialist who has premium choice of quality components. Incorporating today?s technology in to the building of one?s windows will surely help your house be energy efficient and more beneficial. Consequently, be sure to require precisely the contractor?s line of windows and if they can custom the windows to accommodate your personal taste and preference.3. Quality of workIt is very important you will get a company who are able to give guarantee due to their work. The simplest way to double check the grade of a contractor?s work would be to make requests with the Better Business Bureau for almost any claims from past customers. Furthermore, you are able to manage internet search on individual providers to discover what different customers have experienced from the contractor. Where feasible, be sure to ask for referrals to happy customers, simply to be sure that the builder has done acceptable work for different home owners.Getting the best deal from deal when exchanging your windowsAlways supply your self with facts; investigating window forms in addition to various services. This may let you set a budget for work. Additionally, you?ll need to find out the expense of resources and labor from different services. Eventually, defend your self from criminals by verifying the contractor?s license with the contractor?s table in your state. As a thumb tip, never hire a builder who?s no licensed to apply locally. Finally, look at the price of the service. The high cost of replacement might not really imply that you?re getting the best support. Nevertheless, don?t just accept a company since his costs are low. Make sure never to compromise the grade of work by allowing yourself to be carried away by a cheap service.Window replacement contractors are very important for any productive window replacement project. However, you?ve to be sure that you?re getting the right contractor for your project. With a little homework and planning, you?ll avoid difficulties and disappointments when employing the best window replacement company in your area.

See our website for more info about replacement windows

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Source: http://www.hugohosting.com/ways-to-get-the-best-window-alternative-company.html

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