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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.

Thursday, March 23, 2006

The new book Game of Shadows: Barry Bonds, BALCO, and the Steroids Scandal that Rocked Professional Sports, by Mark Fainaru-Wada and Lance Williams of The San Francisco Chronicle, is being released today. The authors not only implicate professional baseball celebrity Barry Bonds in the use of performance-enhancing drugs, but also say Gary Sheffield received human growth hormone and testosterone from Greg Anderson, Bonds’s personal trainer.

The book goes on to claim that Jason Giambi also took performance-enhancing drugs from Anderson. Bonds continues to insist that he did not realize his trainer was giving him steriods. He claimed in his grand jury testimony that he thought he was receiving flaxseed oil and an arthritis salve. Sheffield’s response to the claims was quite simple: when asked if the allegations made against him were true, his response was “Nope.”

Despite the book’s accusations of Sheffield and Giambi, it centers around Bonds and the founder of the Bay Area Laboratory Co-Operative or BALCO, Victor Conte Jr. Conte is currently serving four months in prison for distribution of steriods and money laundering. It appears that the steroid controversy concerning Bonds will only intensify as he continues to march on towards the career home runs record, one of baseball’s most sacred records.

Wednesday, March 30, 2005

A Knoxville, USA woman has sold her name on eBay and received an offer. Terri Iligan, age 33, will legally be named “goldenpalace.com” after the required legal work is complete.

The casino owning the website paid $15,199 over the eBay auction service.

She said that she got the idea when trying to find how much it would cost to send one of her children to a golf school previously attended by Tiger Woods.

In an interview by Knoxville TV station WATE, she said, “To my kids and to my husband, I will always be Terri.” As to the opinion of her husband and children, she said, “He thinks it’s funny. As long as they get to call me mom, they don’t care.”

Sunday, May 27, 2007

The Royal Canadian Mounted Police (RCMP), the United States Border Patrol and local officials from both sides are looking into tightening security at a Quebec library. The library has been deliberately on the border of Canada and the U.S. since it was built in 1904 by American sawmill owner Carlos Haskell and Canadian wife Martha Stewart Haskell for availability to both countries.

At Haskell Free Library and Opera House, in Rock Island, Quebec, a black line diagonally runs across the center of the library to mark the international border. Ironically the line puts the seats in the U.S. and the opera stage in Canada.

Both towns share the same water supply, sewer systems and emergency crews thus they cross the border without going against the law. In total, there are three streets that cross the border and there are cameras on both sides to monitor illegal activity, but that doesn’t tighten border security enough officials say.

“There’s been an increase in illegal activity, both north and south, in the last little while,” said operations officer for the Border Patrol’s Swanton sector, Mark Henry.”There have been some significant cases. This all fits in to the larger picture of the Border Patrol strategy to gain operational control of our borders.”

“I don’t think they’re aiming at people who go pick up groceries and come back. It’s people that want to use this in a bad way,” says Cpl. Luc Bessette, a spokesman for the RCMP.

To enter the U.S. at Haskell Free Library and Opera House, in Rock Island, Quebec, all one needs is directions to go to Stanstead, Quebec, directions to the local library and walk through the doors; they have illegally entered Derby Line, Vermont, U.S. If one walks across from Stanstead St. to Derby Line they will be at the checkout in the U.S., go to the library from Derby Line to Stanstead St. and they have officially entered back into Canada. The international border also is on Canusa St., a residential street in Stanstead, Quebec and Beebe Plain, Vermont.

If someone wants to see their neighbour across the street, they would be re-entering the U.S. Anyone who comes from Stanstead St. to Derby Line, to visit their neighbour, must report to Customs or they could be sent to jail for illegally entering. However, residents do not need to notify Customs if they cross the border inside buildings.

Currently, the front door is in Vermont and if Quebecers couldn’t enter the front they would have to go through the back way. If Americans wanted to park in the parking lot they couldn’t because it is legally in Canada.

A meeting will take place this 19 June at 7 p.m. local time asking whether residents want to prevent people from crossing the border regularly or, in some cases, illegal crossings. During a meeting last Thursday in Stanstead, Quebec, local officials from both countries (towns) said border walls and fences will not be put up due to local residents’ concerns. They say there are other alternatives.

There is also a movement to separate Vermont from the U.S. or to make it the 11^th province of Canada, with three territories. The website “Vermont Canada” says the state should join Canada due to its remaining liberal policies as opposed to the U.S.

Wednesday, April 29, 2009

New cases of the swine flu virus have been reported around the world in recent days, prompting fear of a global influenza pandemic. As a result, the World Health Organization (WHO) raised the pandemic alert level to 5. The United Nations has warned that the disease can not be contained. At least 91 confirmed cases of the flu have been reported worldwide.

In a special report, Wikinews takes a look at the reaction to the outbreak, and how different countries around the world have been affected by it.

The disease, which is believed to have originated in Mexico, has now spread across the globe, with confirmed cases having been reported in Canada, the United Kingdom, Spain, New Zealand, Costa Rica and Israel. The United States has also reported its first death from the disease in a toddler. South Korea and France both had probable cases.

The WHO said on Tuesday that while it was not yet certain that the outbreak would turn into pandemic, countries should prepare for the worst. “Countries should take the opportunity to prepare for a pandemic,” said the acting assistant director-general for the WHO, Keiji Fukuda.

“Based on assessment of all available information, and following several expert consultations, I have decided to raise the current level of influenza pandemic alert from phase 4 to phase 5,” said Margaret Chan, the Director-General of the WHO, in a statement on Wednesday. “…All countries should immediately activate their pandemic preparedness plans. Countries should remain on high alert for unusual outbreaks of influenza-like illness and severe pneumonia.” After the announcement was made, Wikinews learned that the WHO website had crashed for several minutes, presumably due to high traffic volume.

There is no vaccine for swine flu. In 1976 during an outbreak of the virus, at least 500 people became seriously ill, and of them, 25 had died when inoculated with an attempt at a vaccination. The 500 that became ill developed a neurological disorder called Guillain-Barré syndrome (GBS) which caused paralysis “and is characterized by various degrees of weakness, sensory abnormalities and autonomic dysfunction.” Those who developed the disorder did so because of an immunopathological reaction to the drug. Nearly 40 million US residents, including then US president Gerald Ford, were inoculated.

Screening measures at Canadian airports have been raised on Tuesday to screen passengers returning from Mexico for symptoms of swine flu. The measures come amid reports that thirteen people have now been infected in the country, in four different provinces.

The Public Health Agency has recommended Canadians who have booked flights to Mexico to delay them if possible. Those who choose to fly anyway will be asked questions about their health after they return, such as whether they have had symptoms of the flu, like diarrhea, coughing, or a sore throat. If anyone answers in the affirmative, they may be further assessed and perhaps transferred to a quarantine officer, who will suggest that they seek medical help, or isolate themselves at home.

“These measures will help to prevent further spread and protect the health of Canadians and we thank you for your patience and co-operation with this process,” said the chief public health officer, David Butler-Jones.

Several Canadian airlines have also limited or cancelled flights to Mexico. Air Transat and its partner tour companies, Nolitours and Transat Holidays, have cancelled all flights bound to Mexico until June 1. West Jet has also stated that it will suspend all vacation planning and air flights for Cancun, Mazatlan, Cabo San Lucas, and other destinations in Mexico.

Egypt, which has not yet reported any cases of the flu, has recently begun a campaign to slaughter all 300,000 pigs in the country, despite assurances by health officials that the disease is not transmitted from animals to humans. “It has been decided to immediately start slaughtering all the pigs in Egypt using the full capacity of the country’s slaughterhouses,” Egypt’s health minister, Hatem el-Gabaly, told reporters.

Farmers have been protesting the measure. At one pig farming area in the country, crowds of farmers blockaded the roads to prevent health officials from entering to slaughter their pigs. Some of the farmers hurled stones at officials’ vehicles, and the latter was forced to retreat without killing any of the animals.

In Mexico, the epicentre of the outbreak, officials have announced up to 159 suspected deaths from the virus, out of a total of 2,498 suspected cases. The Mexican cabinet has announced that all flights departing from Mexico City will be suspended, while Argentina and Cuba have both cancelled all flights to the country. The European Union and the US have both issued warnings against traveling to Mexico.

The Royal Caribbean cruise line has suspended all stops in Mexico indefinitely, while Norwegian Cruise Line announced that its vessels will not make stops at Mexican ports until September of this year.

The government has ordered all restaurants in the country’s capital to serve only carry-out food, and closed archaeological sites with the intent of limiting large groupings of people. Churches, gyms, pool halls, and other institutions in Mexico City have been asked to close. School classes across the country have been suspended until May 6.

The Mexican government has estimated that the epidemic is costing companies in the capital at least US$57 million per day, and that tourism revenue has dropped by 36%. The finance ministry has set up a special fund of $450 million to fight the disease.

Thirteen confirmed cases have been known in New Zealand. All of them have been prescribed the antiviral drug Tamiflu.

New Zealand airports have now started to screen at least ten thousand people who arrive in the country from flights from Northern America. Those who display symptoms of the flu are taken aside by health authorities and placed into a quarantine.

“The number of suspected cases is likely in increase,” said Fran McGrath, the Deputy Director of Public Health. “While the numbers in any category will fluctuate, this is a pattern to be expected from an influenza outbreak. It is important to note that the 13 people we are treating as confirmed cases have all had mild flu symptoms, have received treatment and are all on the mend of have recovered.”

Spain’s health minister Trinidad Jinenez announced on Wednesday that a total of 53 persons in the country are under observation for the influenza. The number of confirmed cases in the country has been risen from four to ten, including one person who did not obtain the illness by traveling to Mexico.

Until now, Jimenez said that all of Spain’s confirmed cases involved persons who had recently visited Mexico, where the outbreak is believed to have began.

British Prime Minister Gordon Brown announced that five people who recently visited Mexico are now ill with the swine flu in the United Kingdom. “All of them have traveled recently from Mexico,” he said. “All of them have mild symptoms. All of them are receiving and responding well to treatment.”

The school of one the infected people, a twelve-year-old girl from Torbay, has been shut down and its 230 pupils given the drug Tamiflu, Brown said.

The Prime Minister said that the country is preparing for a possible pandemic. It has increased its stocks of antiviral drugs, enough for fifty million people, and ordered additional face masks for health workers. The government has encouraged all British residents to avoid travel to Mexico.

A 23-month-old boy from Mexico died at a Houston, Texas hospital on Wednesday, the first casualty from swine flu in the United States. The child had arrived in Brownsville, Texas, near the border with Mexico, with unspecified “underlying health issues” on April 4. Several days later, he presented symptoms of swine flu, and was hospitalized on April 13. The next day, the boy was transferred to a Houston hospital, where he remained until dying on Monday night of pneumonia brought on by the virus.

In response to the epidemic, Texas governor Rick Perry has given a disaster declaration. Schools have closed down statewide. Californian governor Arnold Schwarzenegger has also declared a state of emergency in his state.

The Centers for Disease Control and Prevention (CDC) updated the number of incidents of swine flu in the country to 64 on Tuesday.

President Barack Obama has asked Congress for a fund of $1.5 billion to fight the outbreak, saying that it is needed for “maximum flexibility to allow us to address this emerging situation.”

US health authorities have warned that more cases and fatalities from the flu are probable. “We expect to see more cases, more hospitalizations, and, unfortunately, we are likely to see more deaths from the outbreak,” said Kathleen Sebelius, the Health and Human Services secretary.

Thursday, January 26, 2012

Germany’s Chancellor Angela Merkel gave yesterday’s opening address to the 42nd meeting of the World Economic Forum (WEF), which is facing a distinctly different geo-political landscape from twelve months ago. Outside the WEF security cordon, in the sub-zero temperatures of Davos’ train station car park, the local incarnation of the Occupy movement are setting up ‘Camp Igloo’; but, with little hope of the archetypes of the 1%, ‘Davos Man’, arriving by public transport and seeing their sub-zero protest.

David Roth, heading the Swiss centre-left’s youth wing — and an organiser of ‘Camp Igloo’, echoes much of the sentiment from ‘Occupy’ protests around the world; “[a]t meetings the rest of society is excluded from, this powerful ‘1 percent’ negotiates and decides about the fate of the other 99 percent of this world, […] economic and financial concentration of power in a small, privileged minority leads to a dictatorship over the rest of us. The motto ‘one person, one vote’ is no longer valid, but ‘one dollar, one vote’.”

Roth’s characterisation of ‘Davos Man’, a term coined by the Professor Samuel Huntington of Harvard University, is more emotive than that of the late professor who saw ‘Davos man’ as “[having…] little need for national loyalty, view[ing] national boundaries as obstacles that thankfully are vanishing, and see[ing] national governments as residues from the past whose only useful function is to facilitate the elite’s global operations”.

As Reuters highlights, many attendees will opt to make their way from Zurich to Davos by private jet, or helicopter, and the WEF itself provides handouts indicating the cost of such is 5,100 Swiss francs (approx. 5,500 USD, 3,500 GBP, 4,200 EUR). In contrast: travelling by rail, even when opting for first class — without an advance booking, is 145 Swiss francs (approx. 155 USD, 100 GBP).

Shifting fortunes see several past attendees missing this year’s exclusive get-together in the alpine resort; for a second year running — and now caught up in the UK phone hacking scandal being scrutinised by Lord Leveson’s inquiry — media mogul Rupert Murdoch will not be attending. Nor will the former head of financial services company UBS Oswald Gruebel, who resigned in the wake of US$2.3 billion losses incurred through unauthorised trading; likewise, Philipp Hildebrand, the ex-head of the Swiss National Bank, is absent following scandal associated with his wife’s currency trading activities; and, although the sexual assault charges against Dominique Strauss-Kahn were dropped, having stepped down as managing director of the International Monetary Fund Strauss-Kahn will also be absent.

As the #OccupyWEF protesters were building igloos last weekend, an anti-WEF protest in the Swiss capital Berne was broken up by police, who stated their intent to prosecute participants in the illegal protest. Allegations of calls for violent protest action led to a high number of officers being involved. In the aftermath, charges of breach of the peace are to be brought against 153 people, with some targeted for more serious offences. At least one group involved in the protest described the police response as “disproportionate”.

At ‘Camp Igloo’ Roth says he is seeking discussions with the WEF’s expected 2,000 attendees; but his voice, and that of others in the worldwide ‘Occupy’ movement, is unlikely to be given a platform in the opening debate, “Is 20th-century capitalism failing 21st-century society?” He, and others taking part in this Swiss incarnation of the ‘Occupy’ movement, are still considering an invite to a side-session issued by the World Economic Forum’s founder, Klaus Schwab; commenting on the invite Roth told the Associated Press they would prefer a debate at a more neutral venue.

As has been the case for several years now, the annual Forum meeting in Davos was preceded with the release of a special report by the World Economic Forum into risks seen as likely to have an impact the in the coming decade. The 2012 Global Risks Report is a hefty document; the 64-page report is backed with a variety of visualisation tools designed to allow the interrelations between risks to be viewed, how risks interact modelled, and their potential impacts considered — as assessed by the WEF’s panel of nearly 500 experts.

As one would expect, economic risks top both the 2012 impact and likelihood charts. Climate change is pushed somewhat further down the list of concerns likely to drive discussions in Davos. “Major systemic financial failure” — the collapse of a globally important financial institution, or world currency, is selected as the risk which carries the most potential impact.

However, “Chronic fiscal imbalances” — failing to address excessive government debt, and “Severe income disparity” — a widening of the the gulf between rich and poor, top the list of most likely risks.

At the other end of the tables, disagreeing respectively with the weight last year’s Wikinews report gave to orbital debris, and the Motion Picture Association of America’s (MPAA) fight with the Internet over copyright legislation, the 2012 Global Risks Report places “Proliferation of Orbital Debris” and “Failure of intellectual property regime” bottom of the league in terms of potential impact.

In 2011, with the current global economic crisis well under-way, “Fiscal crises” topped the WEF risks with the largest potential impact in the next ten years. However, perceived as most likely a year ago, “Storms and cyclones”, “Flooding”, and “Biodiversity loss” — all climate-change related points — were placed ahead of “Economic disparity” and “Fiscal crises”.

More mundane risks overtake the spectre of terrorism when contrasting this year’s report with the 2011 one; volatility in the prices of commodities, consumer goods, and energy, and the security of water supplies are all now ranked as more likely risks than terrorism — though the 2011 report did rank some of these concerns as having a higher potential impact. A significant shift in perception sees the 2012 report highlight food shortages almost as likely a risk the world will face over the next decade; and, one with a far more significant impact.

Attending the World Economic Forum at Davos is more than just an opportunity to discuss the current state of the global economy, and review the risks which face countries around the world. With such a high number of political and business leaders in attendance, it is an ideal opportunity to pursue new trade deals.

Canadian Prime Minister Stephen Harper is, in addition to being a keynote speaker, expected to pursue improved relations with European and Asian trade partners at private meetings on the Forum sidelines. The Toronto Star reports Harper is likely to push forward an under-negotiation Canadian-European free-trade agreement, and hold closed-door discussions prior to next month’s planned trip to China.

Similarly, Canadian trade minister Ed Fast is expected to meet South Korean counterparts to discuss an equivalent deal to the preferential ones between the Asian nation and the US and Europe. Fast’s deal does, however, face opposition at home; the Canadian Auto Workers union asserts that such a deal would put 33,0000 jobs at-risk.

British Prime Minister David Cameron and chancellor George Osborne are expected to discuss a possible increase of UK funding to the International Monetary Fund (IMF); however, with the UK responsible for 4.5% of the US$400 billion in the IMF’s lending fund, backbench MPs have warned that committing any additional funds could provoke a Conservative revolt in parliament. Tuesday’s IMF cut of predicted global growth from 4% to 3.3%, warnings of a likely Eurozone recession in 2012, and ongoing problems with Greek financial restructuring, are likely discussion topics at Davos — as well as amongst UK backbench MPs who see adding to the IMF war-chest as bailing out failed European economies.

South Africa, less centre-stage during the 2011 Forum, will be looking to improve relationships and take advantage of their higher profile. President Jacob Zuma and several cabinet members are attending sessions and discussions; whilst former UK Prime Minister Gordon Brown is to moderate a session, “Africa — From Transition to Transformation“, with Nigeria, Guinea, and South Sudan’s presidents on the panel. Wal-mart’s CEO Doug McMillon is to lead a dinner session, “Shared Opportunities for Africa’s Future” — highlighting larger multinationals looking towards the continent for new opportunities.

Davos may also serve as a place to progress disputes out of the public eye; a high-profile dispute between Chile’s state-owned copper mining business, Codelco, and Anglo American plc over the 5.39 billion USD sale of a near-quarter stake in their Chilean operations to Japan’s Mitsubishi, prompted the Financial Times to speculate that, as the respective company chiefs — Diego Hernández and Cynthia Carroll — are expected to attend, they could privately discuss the spat during the Forum.