themovingsale.net

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.

Wednesday, October 2, 2019

For the first time in the sixteen weeks of protests in Hong Kong, police fired and landed a live round on a protester yesterday. The victim, eighteen-years-old and a high school student, was taken to the hospital for emergency surgery and is reported to be in critical condition. The shooting took place in the Tsuen Wan district. Although the police have used force against protesters before, this is the first report of a protester being shot with live ammunition.

Footage from the City University Student Union showed a group of protesters throwing things as they ran away from police. The video showed a single police officer surrounded by protesters; he then drew his pistol, pointed it, and shot at one person. This person fell to the ground as the other protesters ran away.

Police Senior Superintendent Yolanda Yu Hoi-kwan said at a press conference: “The police officers’ lives were seriously threatened. To save his own and his colleagues’ lives, he fired a live shot at the attacker.” Amnesty International has called for an investigation into the shooting.

In other parts of the city, the police used water canons and tear gas against protesters. Some protesters responded by throwing things, including Molotov cocktails, but others only shielded themselves with umbrellas and did not return the attack. Violence continued through the evening and the news network RTHK withdrew its reporters from the field after one of them was injured in the face. Sixty-six people or more were injured yesterday according to health officials, ranging in age from eleven to 75.

Yesterday was the 70th anniversary of the Communist Party’s takeover of China. On the mainland, it was celebrated as a holiday called National Day, but in Hong Kong it was met with protests and mourning.

The protests began in June in response to a proposed new law that would have allowed the Chinese government to extradite people accused of crimes from Hong Kong and try them under the mainland’s legal system. The protests have since transitioned to focus on other issues associated with Chinese encroachment on Hong Konger’s rights, such as the way the Hong Kong legislature is elected, and on the actions of police toward protesters.

Monday, May 3, 2010

Wikinews reporter Peter Coti interviews Brittany Phelps, administrator of the United States Pirate Party, who talks about her job and her goals.

A compilation of brief news reports for Monday, August 11, 2008.

Tuesday, March 11, 2008

On Monday, five people were injured after a Boeing 737-400, operated by Adam Air, overshot the runway today while landing at Hang Nadim Airport on the island of Batam in Indonesia.

The aircraft skidded 75 metres (245 feet) into a grassy field after touching down in rainy conditions. Damage was done to the right wing, hydraulics and main landing gear. The plane came to rest with the nose in the air and leaning towards the right.

Of the 176 passengers (one source says 174) and crew on board, five passengers required treatment for neck and head injuries.

Adam Suherman, president of the airline, said the plane had skidded 10 metres beyond the extreme end of the runway. He also gave the time of the crash as 10:40 and noted that the plane was currently resting on soft ground.

Suherman gave the registration of the aircraft as PK-KKT. This would make the aircraft the one Boeing gave the serial number 24353 and owned by CIT Group Incorporated.

Adam Air spokesman Danke Drajat described the plane as having been in “good condition” at its last major inspection in December. He suggested the weather condition may be to blame for the crash, the third to strike the budjet carrier in just over a year. On New Year’s Day in 2007 Flight 574 crashed into the sea, leaving 102 missing, presumed dead. The following month the fuselage of Flight 172 cracked in half during a hard landing. Both involved Boeing 737 aircraft.

Pantun Banjarnahor, Hang Nadim Airport’s chief of operations, said that visibility was adequate for a safe landing. The airport was closed for over two hours. It is unclear how many flights were affected.

The National Transportation Safety Committee is investigating.

Tuesday, April 14, 2020

In February 2017, the Iranian Chess Federation announced two teenage chess players, Dorsa Derakhshani and her younger brother Borna Derakhshani, were banned from representing the national team. The federation announced their decision although Dorsa Derakhshani had previously decided and informed the chess federation she did not wish to play for Iran.

Dorsa Derakhshani is currently 21 years old and holds the International Master (IM) as well as Woman Grand Master (WGM) titles. Her brother, Borna, plays for the English Federation and holds the FIDE Master title.

Dorsa Derakhshani was banned since she did not wear a hijab, an Islamic headscarf, while competing at the Tradewise Gibraltar Chess Festival in January 2017. Under the laws of Islamic Republic of Iran, hijab is a mandatory dress code. Her brother Borna Deraskhsani was banned for playing against Israeli Grand Master (GM) Alexander Huzman at the same tournament. Iran does not recognise the existence of Israel, and previously, Irani athletes have avoided playing against Israeli athletes.

Mehrdad Pahlavanzadeh, the president of the country’s chess federation, explained the decision to ban the players saying, “As a first step, these two will be denied entry to all tournaments taking place in Iran and in the name of Iran, they will no longer be allowed the opportunity to be present on the national team.” ^{((fa))Farsi language: ?????? ????? ?? ??? ??? ?? ??? ????? ?? ?? ???? ???????? ?? ?? ????? ? ?? ??? ????? ?????? ??????? ????? ??????? ? ???? ???? ???? ?? ??? ??? ?? ??????? ????.} He further stated, “Unfortunately, something that should not have happened has happened and our national interest is paramount and we have reported this position to the Ministry of Sports.” ^{((fa))Farsi language: ????????? ?????? ?? ????? ????????? ?????? ??? ? ????? ??? ?? ?? ?? ???? ?????? ???? ? ?? ??? ???? ?? ?? ????? ???? ?? ????? ?????.}

IM Dorsa Derakhshani, who currently studies at Saint Louis University in the United States and plays for the United States Chess Federation, discussed her chess career, time in Iran and the 2017 controversy, and her life in Saint Louis with a Wikinews correspondent.

Tuesday, December 4, 2007

On the third day of the 2007 Taipei IT Month in Taiwan yesterday, notebook computers and desktop computers built with AMD’s Phenom processor and Intel Penryn processor openly battled for the consumer-market after each company launched their quad core processors.

Intel with partners like Acer, Genuine, ASUS, and Lenovo promoted their desktops with Core 2 Quad and notebooks with Centrino Duo, even though Intel didn’t plan to exhibit in IT Month. Intel’s Taiwan division is holding two road shows for DIY experts. One was on December 1 while the second will be on December 8.

AMD, on the other hand, put on a showcase for IT Month with a “Bee Movie“ booth-style exhibit at halls 1 and 3 of the Taipei World Trade Center. AMD’s subsidiary company ATI showcased HDMI and Full HD with a demonstration of a new graphic card named “Radeon HD2000”.

As the two rivals postured over factors like performance and high-definition, Wikinews reporter Rico Shen interviewed some of their partners. BenQ and Micro-Star International both said: “No matter whether the consumer chooses a computer with AMD or Intel, the consumer should consider it based on functionality and practically before purchasing. For example, some low-price notebook computers (EeePC, OLPC) were launched before the show because notebook computer manufacturers had considered and evaluated what a consumer really want. Sincerely, I recommend a consumer not be fooled by a its price but to consider its functionality first!”

Thursday, July 12, 2007

Two 16-year-old British girls were arrested in Accra, Ghana earlier this month for apparently attempting to smuggle £300,000 worth of cocaine in laptop bags.

Yasemin Vatansever, of Cypriot descent and Yatunde Diya of Nigerian descent were arrested as they attempted to board a British Airways flight from the Kotoka International Airport on July 2, 2007. The arrest was by the Ghanaian Narcotic Control Board. They were alleged to be carrying 6.5 kg of drugs. They are currently in Ghana police custody and have been visited by British High Commission staff.

The girls who are both students from Islington, north London, had left home after informing their families they were making a school trip to France. They are expected to be charged with “possessing narcotic drugs and attempting to export drugs”, for which they could be jailed for up to ten years if found guilty.

The arrest is part of the Operation Westbridge project set up in November 2006 as a collaboration between the Ghanaian Narcotic Control Board and HM Revenue and Customs of the UK. It is to curb the influx of drugs into Europe and the UK through West Africa which is now being used as a transit point from South America. The project involves the provision of technical and operational expertise to the Ghanaian teams and training in the use of specialist scanning equipment. Ghana is the first country in Africa to introduce such equipment.