“Chevron trimming refining business, jobs - Desert Sun” plus 4 more |
- Chevron trimming refining business, jobs - Desert Sun
- Business forecast group sees strong growth this year, stronger next ... - Minneapolis Star Tribune
- IBM raises outlook, investors wary - ONE News
- Molina to Buy Unisys' Medicaid Business - Information Management
- Antares Pharma Expands Executive Team and Appoints Pavan Handa as Senior Vice President of Business Development - Businesswire.com
| Chevron trimming refining business, jobs - Desert Sun Posted: 20 Jan 2010 07:26 AM PST NEW YORK — Chevron Corp. said Tuesday it plans to shrink its refining business in a move that will cut jobs throughout the company. Chevron hasn't yet decided how many of its employees will be affected and whether the cuts will be concentrated in the U.S. A spokesman said the company is reviewing its entire downstream operation and will announce more details about how it plans to reorganize in March. Chevron's refining business will be "a less complex and smaller organization that will require fewer positions," spokesman Lloyd Avram said. Petroleum refineries have struggled to make money as oil prices doubled from early 2009 while demand for gasoline and jet fuel dropped. Independent refiners shuttered some of their operations last year, and others are running at the lowest levels since 1991. Chevron, the second-largest U.S. oil company, has warned investors that profits will shrink in the fourth quarter, primarily because of its refining business. According to an interim report released earlier this month, Chevron said fourth-quarter profit margins were about 39 percent lower than last year for its Gulf Coast refineries. They were 59 percent lower in Singapore and 45 percent lower in Europe. Avram said the company hasn't decided when to announce job cuts. Changes to the company's refining business, however, are expected to be in place by the third quarter, he said. Chevron shares gave up 6 cents at $79.17 in Tuesday trading. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Business forecast group sees strong growth this year, stronger next ... - Minneapolis Star Tribune Posted: 19 Jan 2010 11:52 AM PST LINCOLN, Neb. - The Nebraska Business Forecast Council is optimistic about the state's economy over the next two years. The council's report, released Tuesday through the University of Nebraska-Lincoln's Bureau of Business Research, cites solid job and income growth this year and stronger growth next year. The council says Nebraska employment will rebound and erase most of the job losses that occurred last year. Nebraska's unemployment rate was an estimated 4.5 percent in November, the latest month available. The council expects increases of 3.9 and 5 percent in non-farm personal incomes in 2010 and 2011, respectively, and 8.2 percent and 3.4 percent in farm income over the same two years. The council includes economists from utilities and colleges. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| IBM raises outlook, investors wary - ONE News Posted: 19 Jan 2010 11:27 PM PST  Source: ReutersIBM employers at a trade fair IBM raised its 2010 profit target and reported a stronger-than-expected, 9% increase in fourth-quarter earnings, as cost cuts and a shift to more profitable contracts helped it weather a slump in corporate spending. IBM's share price fell 2% after the results, however, as the results failed to encourage more buying in the shares which already rallied nearly 60% in the past year. Some analysts said International Business Machines Corp had set a high bar for itself, noting that the world's leading technology services company has not missed earnings estimates since 2005. "I think there were some pretty big expectations built in, and you really needed to wow it," Stephen Massocca, managing director at Wedbush Morgan, said after the results were issued on Tuesday. Ted Parrish, co-portfolio manager at Henssler Equity Fund, added: "While I think the long-term prospects for the company are good, I think the shares are a bit frothy, not overvalued but I would say the stock isn't going to do as well as it did in 2009." While IBM's results failed to excite Wall Street, they added to evidence that corporate technology spending is recovering, coming just days after another technology powerhouse, Intel Corp, posted results that topped expectations. The strong numbers also show IBM's efforts to cut costs and shift from commoditized hardware to services and software businesses are paying dividends, analysts said. Today, it is the world's largest IT services company, providing technology outsourcing, automation and support. Such contracts have not only helped boost IBM's profitability, but they have also helped shelter the company from the worst of the global economic crisis. IBM said it now expects profit of at least $US11 a share in 2010 compared with its previous target of $US10 to $US11 per share. IBM's fourth-quarter profit rose 9% to $US4.8 billion, or $US3.59 a share, from $US4.4 billion, or $US3.27 a share, a year earlier. Analysts on average had expected a profit of $US3.47 per share, according to Thomson Reuters I/B/E/S. Quarterly revenue rose 1% to $US27.2 billion, surpassing estimates, and IBM forecast more revenue growth in the first quarter. Analysts said they were particularly impressed, if not surprised, by the quarterly gross profit margin of 48.3%, up 0.4 points, in the quarter. "IBM is just a machine. Throughout the downturn, they have provided consistent results and this is no different," said Andy Miedler, an analyst with Edward Jones. Shares of IBM fell 2% after ending regular trading at $US134.14, up $US2.36, on the New York Stock Exchange. Some analysts said the long-term outlook for the company was still solid and that the shares could resume their gains if the global economic recovery turns out stronger than expected. "There is far more for the global economy to go and there is a significant amount of acceleration that is going on in the global economy, and IBM will be a beneficiary of that," said Peter Misek, an analyst with Canaccord Adams. Many said strength in services contracts was a good indication of a sustainable recovery. Such contracts totaled $US18.8 billion in the fourth quarter, an increase of 9%. IBM said that included 22 contracts worth more than $US100 million. "The breadth and the depth of IBM's improvements suggests that Big Blue is leading the industry out of the recession," said Annex Research analyst Bob Djurdjevic. "Big Blue is doing it by restoring trust and confidence of investors that a company can deliver on its promises quarter after quarter, year after year." Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Molina to Buy Unisys' Medicaid Business - Information Management Posted: 20 Jan 2010 07:12 AM PST Information Management Online, January 20, 2010 Molina Healthcare Inc., a managed care organization serving government-sponsored health plans, will acquire the Medicaid health information management business of Unisys Corp. for approximately $135 million. Blue Bell, Pa.-based Unisys operates Medicaid Management Information Systems in Idaho, Louisiana, Maine, New Jersey and West Virginia. It also provides drug rebate administration services for the Florida Medicaid program. The company's Medicaid business generates about $110 million in annual revenue. Approximately 900 employees at Unisys will become Molina Healthcare employees when the acquisition closes during the first half of this year. Advertisement  Long Beach, Calif.-based Molina Healthcare contracts with state governments to offer Medicaid managed care plans in nine states. They are California, Florida, Michigan, Missouri, New Mexico, Ohio, Texas, Utah and Washington. The company also offers plans for the State Children's Health Insurance Program and Medicare in multiple regions of the nation. Acquiring Unisys' Medicaid health information management business will complement Molina's Medicaid health plan business and expand product offerings beyond managed care, says J. Mario Molina, M.D., president and CEO. More information is available at molinahealthcare.com. This article can also be found at HealthDataManagement.com. Joseph Goedert is news editor at Health Data Management. For more information on related topics, visit the following channels: Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Posted: 19 Jan 2010 03:20 PM PST EWING, N.J.--(BUSINESS WIRE)--Antares Pharma, Inc. (NYSE Amex:AIS) announced that Mr. Pavan Handa has joined Antares Pharma as Senior Vice President of Business Development. Mr. Handa has over 20 years of business development and venture management experience in the global biopharmaceutical industry with both drug delivery and specialty pharma companies. Throughout his career, he has been associated with significant value creation through strategic alliances, licensing, acquisitions, new business creation, and divestitures. Previously, Mr. Handa served as Vice President and Head of Business Development and Alliance Management for Noven Pharmaceuticals, Inc., a leading specialty pharma and drug delivery company. Over a seven year period at Noven, his business development efforts resulted in significant contributions including, the out-licensing of Daytrana (methylphenidate patch for ADHD treatment) to Shire Pharmaceuticals for $150 million, creation of a transdermal drug strategic alliance with P&G Pharmaceuticals (now acquired by Warner Chilcott), acquisition of a specialty pharma company for $135 million, and the sale of Noven to Japan-based Hisamitsu Pharmaceutical for $428 million. Prior to joining Noven, he served as Senior Vice President of Business Development and Portfolio Management at Pharmacologics LLC, a drug development venture capital affiliate of MDS Inc., and held senior business development positions at Enzon Pharmaceuticals and Union Carbide Corporation. He received his MBA in finance and marketing from the University of Cincinnati. "We are very pleased to have Mr. Handa, a seasoned business development executive, join Antares; he brings a wealth of business development and strategic alliance experience to our executive management team to continue to build a business that is focused on growing and profitable opportunities, particularly in the injectables drug business," commented Dr. Paul Wotton, President and Chief Executive Officer of Antares. "I am excited at the prospect of joining the Antares management team at this important juncture in the company's growth as it transitions from a provider of drug delivery systems to a developer and commercializer of innovative pharmaceutical products. We expect to accomplish this through strategic partnerships, acquisitions, and internal programs. I look forward to contributing to its continued growth and future success," said Mr. Handa. About Antares Pharma Antares Pharma focuses on self-injection delivery products and technologies and topical gel-based pharmaceutical products. The Company's subcutaneous injection technology platforms include VibexTM disposable pressure-assisted auto injectors, ValeoTM/Vision® reusable needle-free injectors, and disposable multi-use pen injectors. In the injector area, Antares Pharma has a multi-product deal with Teva Pharmaceuticals Industries, Ltd that includes Tev-Tropin® human growth hormone and a partnership with Ferring Pharmaceuticals. In the gel-based area, the Company's lead product candidate, Anturol®, an oxybutynin ATD™ gel for the treatment of OAB (overactive bladder), is currently under evaluation in a pivotal Phase 3 trial. Antares also has a partnership with BioSante that includes LibiGel® (transdermal testosterone gel) in Phase 3 clinical development for the treatment of female sexual dysfunction (FSD), and Elestrin (estradiol gel) for the treatment of moderate-to-severe vasomotor symptoms associated with menopause, and currently marketed in the U.S. Antares Pharma has corporate headquarters in Ewing, New Jersey, with subsidiaries performing research, development and product commercialization activities in Minneapolis, Minnesota and Muttenz, Switzerland. Safe Harbor Statement This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements related to the Company's future financial performance, and other statements which are other than statements of historical facts. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "intends," "plans," anticipates," "believes," "estimates," "predicts," "projects," "potential," "continue," and other similar terminology or the negative of these terms, but their absence does not mean that a particular statement is not forward-looking. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, among others, difficulties or delays in the initiation, progress, or completion of its clinical trials, including the phase 3 trial of Anturol®, whether caused by competition, adverse events, investigative site initiation rates, patient enrolment rates, regulatory issues, or other factors; that clinical trials may not demonstrate that Anturol® is both safe and effective for the treatment of patients with overactive bladder syndrome; that the safety and/or efficacy results of the phase 3 trial of Anturol® may not support an application for marketing approval in the United States or any other country; that an application for marketing approval may not be accepted for review or at all by the FDA or any other regulatory authority; and that the Company may lack the financial resources and access to capital to fund clinical trials. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2008, and in the Company's other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.
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