GlaxoSmithKline in $105m settlement

Updated 05 June 2014
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GlaxoSmithKline in $105m settlement

SAN FRANCISCO: GlaxoSmithKline, Britain’s largest drug maker, will pay $105 million to settle claims from California, New York and more than 40 other states that it illegally promoted asthma and antidepressant drugs.
Glaxo will be prohibited under the accord from providing incentive payments to salespeople that encourage off-label drug uses, and from using paid doctors to promote its products.
The agreement, announced by California Attorney General Kamala Harris, covers the asthma drug Advair and two antidepressant drugs, Paxil and Wellbutrin. California’s portion of the settlement, the largest of any state, is $7.1 million, Harris said in a statement.
Announcement of the accord comes about a week after Glaxo said it faces a criminal probe in Britain after allegations in China that its employees bribed doctors, hospitals and medical associations to boost sales. Allegations also have surfaced of wrongdoing by company employees in Iraq, Poland, Jordan and Lebanon.
The Justice Department began looking in 2010 into whether Glaxo and other drugmakers violated a US law against bribing officials in foreign countries.
Legal documents describing the attorneys general settlement will be filed in state court in San Diego, according to Harris’s statement. London-based Glaxo violated Califor-nia consumer protection laws by misrepresenting the uses and qualities of certain drugs, according to Harris.
The settlement requires GlaxoSmithKline to “pay a significant penalty and imposes strong new rules designed to prevent future misrepresentations,” Harris said.
States participating in the settlement include Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.
The District of Columbia is also part of the agreement.


US-China trade deal hopes grow as oil prices decline

Updated 19 June 2019
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US-China trade deal hopes grow as oil prices decline

  • Data suggested a smaller-than-expected fall in American crude inventories
  • Preparations underway for Donald Trump to meet Xi Jinping next week at the G20 summit in Osaka

LONDON: Oil prices declined on Wednesday as data suggested a smaller-than-expected fall in American crude inventories, as hopes for a US-China trade deal continue to grow.
Brent crude futures were down 51 cents at $61.72 a barrel.
US West Texas Intermediate crude fell 25 cents to $53.65 a barrel. On Tuesday, it had recorded its biggest daily rise since early January.
After weeks of swelling, US crude stocks fell by 812,000 barrels last week to 482 million, the American Petroleum Institute said on Tuesday, a smaller fall than the 1.1-million-barrel drop analysts had expected.
Official estimates on US crude stockpiles from the US government’s Energy Information Administration are due during afternoon trading.
US President Donald Trump offered some support, saying preparations were underway for him to meet Chinese President Xi Jinping next week at the G20 summit in Osaka, Japan, amid hopes a trade deal could be thrashed out between the two powers. Trump has repeatedly threatened China with tariffs since winning office in 2016.
European Central Bank President Mario Draghi also offered a boost, saying on Tuesday that he would ease policy again if inflation failed to accelerate.
Tensions remain high in the Middle East after last week’s tanker attacks. Fears of a confrontation between Iran and the US have mounted, with Washington blaming Tehran, which has denied any role.
Trump said he was prepared to take military action to stop Iran having a nuclear bomb but left open whether he would approve the use of force to protect Gulf oil supplies.
On Wednesday, oil markets shrugged off a rocket attack on a site in southern Iraq used by foreign oil companies.
“It is interesting to note that the crude oil futures market could not rally on hawks planting bombs in the Strait of Hormuz but could rally on doves planting quantitative easing,” Petromatrix’s Olivier Jakob said in a note.
“This is an oil market that doesn’t know how to react when an oil tanker blows up but knows how to react when the head of a central bank makes some noise.”
Members of the Organization of the Petroleum Exporting Countries have agreed to meet on July 1, followed by a meeting with non-OPEC allies on July 2, after weeks of wrangling over dates.
OPEC and its allies will discuss whether to extend a deal on cutting 1.2 million barrels per day of production that runs out this month.