GE freezes pensions for 20K workers in bid to trim debt pile

GE freezes pensions for 20K workers in bid to trim debt pile
NEW YORK — General Electric is freezing the pension plans of about 20,000 of its workers and offering pension buyouts to 100,000 former employees as it attempts to reduce its mountain of debt. The industrial conglomerate has been selling off assets and streamlining its operations amid sagging profits and other setbacks in recent years. It has about $105.8 billion in... Read More

Thomson Reuters buys business conference organizer FC Business Intelligence

Thomson Reuters buys business conference organizer FC Business Intelligence
TORONTO — Thomson Reuters Corp. says it has acquired FC Business Intelligence, an organizer of business conferences. Financial terms of the deal were not disclosed. The company says the business will be rebranded Reuters Events. It will be operated as part of the Reuters News division of Thomson Reuters. FCBI organizes conferences and exhibitions for a range of sectors including... Read More

Banks battle it out in health-care sector as Ontario doctors launch own solution

Banks battle it out in health-care sector as Ontario doctors launch own solution
TORONTO — The doctor’s office has become a fierce battleground for Canada’s biggest banks. But as financial institutions expand their physician-focused offerings in a bid to snag the wealthy clientele, some health care professionals are taking their investments into their own hands. The Ontario Medical Association has been developing its own pension-like solution tailored for physicians, which should be up and running by the... Read More

‘Blood money’? Purdue settlement would rely on opioid sales

‘Blood money’? Purdue settlement would rely on opioid sales
The tentative multibillion-dollar settlement with OxyContin maker Purdue Pharma would raise money to help clean up the opioid mess by … selling more OxyContin. That would amount to blood money, in the opinion of some critics. And it’s one reason two dozen states have rejected the deal. “The settlement agreement basically requires the settlement payments to be made based on... Read More

NY finds $1B in hidden transfers by family behind OxyContin

NY finds $1B in hidden transfers by family behind OxyContin
NEW YORK — The family that owns OxyContin maker Purdue Pharma used Swiss and other hidden accounts to transfer $1 billion to themselves, New York’s attorney general contends in court papers filed Friday. New York — asking a judge to enforce subpoenas of companies, banks and advisers to Purdue and its owners, the Sackler family — said it has uncovered... Read More

Pharma industry launches court challenge of federal regulatory changes

Pharma industry launches court challenge of federal regulatory changes
OTTAWA — A Canadian pharmaceutical lobby group and 16 of its members have filed a lawsuit against Ottawa’s overhaul to how it regulates the costs of patented medicines. Health Canada announced long-awaited amendments last month to patented medicine regulations, which include allowing the arm’s-length Patented Medicine Prices Review Board to consider whether the price of a drug reflects the value it has for patients.... Read More

OxyContin maker negotiating settlement worth a reported $12B

OxyContin maker negotiating settlement worth a reported $12B
COLUMBUS, Ohio — Purdue Pharma and the thousands of state and local governments suing the maker of OxyContin over the nation’s deadly opioid crisis are negotiating a $10 billion to $12 billion settlement under which the Sackler family would give up ownership of the company, according to published reports. Under the proposal now on the table, the Sacklers would contribute... Read More

Pfizer to absorb Mylan, creating generic giant

Pfizer to absorb Mylan, creating generic giant
Pfizer, the country’s largest drugmaker, will absorb the generic pharmaceutical company Mylan, potentially creating a global generic powerhouse. The two companies said Monday that they’ll combine Mylan, a $10 billion company, with Pfizer’s Upjohn, which sells household names from Viagra to cholesterol fighter Lipitor that have lost patent protection. The deal, expected to close in the middle of next year,... Read More

George Weston Q2 profit up from last year but short of estimates

George Weston Q2 profit up from last year but short of estimates
TORONTO — George Weston Ltd.’s second-quarter profit available to common shareholders jumped to $184 million, up from $28 million last year, but came in below analyst estimates. The Toronto-based retail, bakery and real estate business reported $11.6 billion of sales for the quarter that ended June 15, mostly from its Loblaw grocery and pharmacy division, up 3.2 per cent from... Read More

Loblaw Q2 profit, revenue meet estimates, Shoppers Drug Mart leads revenue growth

Loblaw Q2 profit, revenue meet estimates, Shoppers Drug Mart leads revenue growth
BRAMPTON, Ont. — The Loblaw grocery and pharmacy business says it had $286 million of net earnings from continuing operations during its second quarter, as revenue increased 2.9 per cent from a year earlier. Loblaw Companies Ltd.’s profit of 77 cents per share from continuing operations was down $7 million from $293 million in last year’s second quarter. However, last year’s overall... Read More