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Sunday, January 16, 2022

United Kingdom-based pharmaceutical giant GlaxoSmithKline (GSK) confirmed January 15 it had rejected three “unsolicited, conditional and non-binding proposals” by Unilever to acquire its Consumer Healthcare division, including one bid of GBP50 billion in value made on December 20, believing Unilever “fundamentally undervalued” the business and its potential.

News that Unilever attempted to buy GSK Consumer Healthcare for 50 billion pounds, split between GBP41.7 billion in cash and 8.3 billion in Unilever shares, was first reported by The Sunday Times, and subsequently confirmed by both companies. Had the latest acquisition offer gone through, it would have been the largest deal since the beginning of the Covid-19 pandemic, and one of the biggest ever among companies listed on the London Stock Exchange.

A deal would likely mean integrating the GSK division into Unilever’s own beauty and personal care business, which has seen profit margins struggle under Covid-19 lockdowns and higher costs for plastics and petrochemicals.

A brief response on the Unilever website confirmed it “had approached GSK and Pfizer about a potential acquisition”, and adds GSK Consumer Healthcare “would be a strong strategic fit” as the company looks to rework its portfolio. GSK indicated the proposals were “carefully evaluated” by its board of directors, but unanimously rejected under the conclusion they “were not in the best interests of GSK shareholders” and “failed to reflect the intrinsic value of the business and its potential”.

The Sunday Times have indicated the latest deal did not include an acquisition premium or recognition of corporate synergies; the joint venture between GSK and healthcare firm Pfizer, which holds a minority stake in the company, was initially projected to generate GBP500 million in cost savings by this year and realise “substantial cost synergies”. The BBC’s business editor Simon Jack wrote that a standard takeover premium would be about 30%, but could be reduced over the GBP10 billion in debt GSK was predicted to “leave on the books”, of the GBP22 billion net debt GSK reported for Q3 2021.

The deals were assessed by the Board respective of a proposed demerger of GSK Consumer Health into a separate PLC in the middle of this year. Jack wrote GSK “always” had “an open mind to a trade sale to another party if the price was right.” Unilever did not take into account the standard takeover premium, the value of cost savings and Board confidence Consumer Health could deliver “superior organic sales growth” of between four and six per cent in the medium term. This was despite valuations of about GBP50 billion by Goldman Sachs and Barclays analysts, and a lower GBP45 billion valuation by Jeffries Group.

There are no current talks between Unilever and either Pfizer or GSK, and the Unilever statement reads: “There can be no certainty that any agreement will be reached.” Under CEO Alan Jope, Unilever has focused its investments and marketing on brands which “communicate a strong environmental or social purpose” by streamlining its holdings in items like beauty products and tea. Jope previously said Unilever would concentrate on smaller takeovers in industries like luxury beauty and wellness.

However, Russ Mould, investment director at AJ Bell, told the BBC this would be a “high risk deal” at a time investors are cautious about GSK’s performance, but also a time of rising inflation he says encourages “consumer goods with loyal customers”. Mould added despite strong cashflow, Unilever had recently missed targets on sales and profit margins, putting pressure on the CEO.

Pressure by activist shareholders Elliott Management Corporation and Bluebell Capital Partners have also mounted against GSK CEO Emma Walmsley over the unit’s failure to develop a Covid-19 vaccine and Walmsley’s own lack of scientific experience. GSK has been involved in the ongoing development of a Covid-19 vaccine with French biopharmaceutical company Sanofi, and announced preliminary results from Phase 3 trials last month.

In 2018, Unilever bought several consumer nutritional products from GSK, including its flagship product Horlicks, and merged its Indian subsidiary, Hindustan Unilever, with GSK Consumer Healthcare India.

Sunday, October 5, 2008

Despite the passage of a 700 billion USD bill by the United States House of Representatives on Friday and the Senate on Wednesday, two U.S. states may need loans totaling over 14 billion dollars.

California and Massachusetts are seeking at least 7 billion dollars each from the federal government as loans. Officials and lawmakers in both states say that the loans would be temporary.

According to Massachusetts’ state treasurer, Timothy P. Cahill, the state was unable to borrow money last week on a short term loan. He also states that the state can afford to pay its bills and debts for the next few weeks, but not beyond that without a short-term loan from the government. Cahill has asked the federal government for a loan similar to the recent one passed by Congress and the Senate.

“That’s all we would ask them to do: Treat us like the investment banks,” said Cahill to the Associated Press.

Officials in California say they need an emergency loan, or they will run out of money by the end of October. California’s governor, Arnold Schwarzenegger said the state is “not out of the woods” and needs a short term loan from the government.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the Treasury Department, which is taking the letter under consideration.

On Friday, the U.S. House of Representative voted to pass a revised bailout bill which included raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House. Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives, among others.

Tuesday, September 9, 2008

The Kosi River changed course one week ago to a path which it has not taken for over 100 years. While 900,000 people were evacuated by rescue workers, new data has revealed that 50,000 people, from the town of Saharsa, have refused to leave their homes.

Advertisements in local newspapers have been used to encourage the people who are still remaining in the area to leave soon. People are encouraged to go to one of many camps, which are funded by the government, to seek refuge from the continued flooding.

People have also started to return to their homes, due to the fact that they have seen the water level drop by over half of a metre in some areas. This is despite statements by officials emphasizing that people may need to stay in the camps for up to six months.

Approximately 1.2 million people are estimated to have had their homes flooded by the disaster. 42 people have been confirmed dead, although The Australian has reported that the actual death toll is likely to be much higher.

The incident started when gushing waters quickly overflowed the channel boundaries on both sides at a rate of about 200 meters per day, flooding vast tracts in Supaul, Araria, Saharsa, Madhepura, Purnia, Katihar, parts of Khagaria and northern parts of Bhagalpur, as well as adjoining regions of Nepal. About 2.7 million people are affected by this flood disaster of massive dimensions, with about 900,000 people in the affected areas having moved to 285 relief camps and 249 health centers. An estimated 100,000 are still trapped in various villages without food or drinking water since several days ago when the crisis began.

During the last 250 years, the Kosi has moved its path up to 150km westward on multiple occasions, leaving behind a series of paleochannels. The river is a tributary of the Ganges, with catchment areas in the Nepal Himalayas, one of the fastest rising mountain chains, flowing through a 150-kilometer wide and 180-kilometer long alluvial fan. Fast silting of the channels by the tons of annuvium brought down by the river makes it drift off so often that it is often cited as one of the text book examples of a dynamic river system to geologists.

Wednesday, June 20, 2007

The Canada Border Services Agency (CBSA) and the Royal Canadian Mounted Police (RCMP) announced Tuesday that they had seized approximately 160 kilograms of cocaine discovered in buckets of frozen mango puree imported from Mexico.

Investigations led the police to a shipping container destined for the Port of Montréal, in the Canadian province of Québec. A CBSA officer at the Container Examination Centre in Montréal identified the suspect container. The drug was found in brick-shaped plastic wrapping of about 4 kilograms in weight each. There were 1,200 buckets of frozen mango puree in the shipment, not all with cocaine inside.

RCMP Sgt. André Potvin told reporters that the value of the shipment was significant and was the largest maritime port drug haul in the force’s history. At CA$20 per half-gram, “that’s in the vicinity of $38 million,” said Potvin.

The investigation by the RCMP Drug Section, CBSA Intelligence officers, the Marine Security Enforcement Team and the Port of Montréal Security Group, determined that an import company, named Quality Mexport, was allegedly a front for the drug-smuggling operation.

Five Mexicans, holding visitor status in Canada, were arrested in the matter. They are:

• Juan Manuel Huerta Canela, 31;
• Jose Gerardo Bernal Vasquez, 52;
• Jose Luis Navarro Ochoa, 33;
• Jesus Manuel Villa Quiroz, 32; and
• Alfonso Strag Estrada, age 50.

The suspects have been charged with importing and possession of drugs for the purpose of trafficking. The charges are allegations at this point in time.

Sunday, June 4, 2006

The two brothers who were arrested on Friday regarding intelligence of a chemical bomb plot in East London have denied all the accusations, according to their lawyers.

In relation to the accusations of manufacturing a chemical device, Kate Roxburgh, Mohammed Abdul Kahar’s lawyer, said “(Kahar) says there’s absolutely not a word of truth in any of it. He says the police are not going to find anything because there is nothing to find.”

Koyair’s lawyer has denied his client has been involved in a terrorist plot.

The announcement comes after the dramatic events of Friday morning, where over 250 police officers were involved in a raid on a house in the Forest Gate area of the city. The raid took place after British security services received intelligence of a “viable” chemical device within the property.

Mohammed Abdul Kahar, aged 23, and his 20 year-old brother Abul Koyair were arrested in a dawn raid on Friday under the Terrorism Act after several weeks of surveillance by MI5. During the operation, Kahar was shot in the shoulder.

Early reports suggested that police were responsible for the injury, from which Kahar is now recovering. However, one source claims that it was actually Abul Koyair who pulled the trigger, accidentally wounding his brother in the panic – an allegation that Koyair has denied.

The brothers, who are both Muslim and of Bangladeshi origin, are being questioned today at London’s high-security Paddington Green Police Station. Meanwhile, police officers are still searching the house for a device, which they believe to be a conventional explosive with added chemical components.

Due to the ongoing investigations, there is still a large police presence at the residence, as well as a layer of sheeting surrounding the building. Despite the small yet ever-present chance of a chemical incident, other residents of the street have not been evacuated.

In response to safety fears, police said that “nothing suspicious was found in an initial search of the house and that neighbours are not in danger.”

BBC News reported that Health Secretary Patricia Hewitt was “keeping ministers informed” about the unfolding situation but would not comment about specific points of the investigation.

Friday, April 3, 2009

A gunman attacked a downtown Binghamton, New York-based immigration services center today, killing up to 13 people before killing himself.

New York Governor David Paterson at a news conference indicated that 12 or 13 people were killed at the American Civic Association. It is unclear whether or not the attacker was included in the number of the deceased.

An anonymous law enforcement official indicated the presumed gunman’s body was found in an office of the immigration services center building. The attacker blocked the rear building door with his car and entered through the front door. He then opened fire.

The gunman held over 40 hostages, some in a closet and the rest in the boiler room. Police and EMS started arriving at 10:30 A.M (EDT). SWAT sharpshooters and the Endicott police bomb squad were called to the scene. Nearby residencies and businesses were evacuated, while a nursing home and the high school were placed on lockdown. FBI hostage negotiators and evidence response team were being sent to the scene. The Bureau of Alcohol, Tobacco, Firearms and Explosives agents were headed to Binghamton. About noon, the shooter released ten hostages, then another ten out the back 40 minutes later. At 2:40 p.m., the local police said the standoff had ended and a SWAT team was checking the building for anyone remaining.

In Johnson City, Wilson Medical Center staff are treating three to five gunshot wounds, while Our Lady of Lourdes Hospital in Binghamton is treating a single such case. Both hospitals called in additional staff and cancelled all elective surgeries.

A national law enforcement source identified the shooter as 42-year-old Jiverly Voong. The police asked Broome Community College Assistant Professor Tuong Hung Nguyen, a fluent Vietnamese speaker, to translate for discussions between police and Voong.

Saturday, July 17, 2021

According to multiple reports published today, floodings in Europe has killed somewhere between a hundred to over 160 people, with hundreds more yet to be accounted for.

In Germany and Belgium, entire villages were left underwater, CNN reported. The North Rhine-Westphalia regional government reported a dam broke along the river Rur in the German province last night. CNN meterologist Brandon Miller said about 100 to 150 mm of rain fell in a single day in many parts of West Germany, greater than the amount usually received in a month.

Thousands of Germans were left homeless due to flooding, buildings collapsing or being deemed at high risk of collapsing because of the floods. As of today, a dam near Cologne was classified as a high-risk of collapsing. Footage near Frankfurt showed an entire house being carried away by flooding on the River Ahr.

Though the majority of deaths occurred in Germany, The Independent claims at least 24 have died in Belgium. On Thursday, the residents of the Belgian city of Liège were ordered to evacuate by the city police.

France, Luxembourg, Netherlands and Switzerland have also been affected, and there were previously serious floods in the United Kingdom from the same weather system on Monday, including in London.