McCormick to pay out $60 million in annuities-to-lump-sum conversion plan

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Sanofi starts work on $95 million Algerian plant, biggest in Africa

PARIS | Thu Sep 26, 2013 7:43am EDT

PARIS (Reuters) - French drugmaker Sanofi has started construction of a new 70 million-euro ($95 million) plant in Algeria that will be its largest industrial site in Africa, the company said on Thursday.

Sanofi, the international drug company with the biggest sales in Africa, already has two other manufacturing sites in Algeria and Chief Executive Chris Viehbacher described Africa earlier this year as "an extremely interesting market".

With new opportunities opening up for treating chronic diseases afflicting Africa's middle classes, rather than just fire-fighting infections, the region is attracting growing attention from European drug firms like Sanofi and GlaxoSmithKline.

According to forecasts by pharmaceuticals consultancy IMS Health, medicine spending in Africa is expected to reach $30 billion by 2016, driven by an annual growth rate of more than 10 percent.

(Reporting by Ben Hirschler; Editing by Greg Mahlich)

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Judge Approves $17 Million in Fees for Dewey Advisers

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N.Y. Regulator Inks $250 Million Bank of Tokyo Deal

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Judge Approves $35 Million Flonase Antitrust Settlement

Days after approving a $150 million class action settlement between direct purchasers of nasal spray Flonase and manufacturer GlaxoSmithKline, a federal judge has approved a $35 million settlement between GSK and the indirect purchasers of the drug.

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Contractors Battle over $600 Million CIA Computing Contract

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Adelphia Investors Get $12 Million in Deal with Buchanan Ingersoll

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Ann Lurie lists Gold Coast mansion for $18.75 million (Chicago Tribune)

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10 million units of the Samsung Galaxy S4 will be shipped to 50 countries by the end of this month

By the end of this month, Korean manufacturer Samsung will have shipped its new Android flagship model, the Samsung Galaxy S4, to 50 different countries. Eventually the phone will be shipped to 150 countries representing 327 carriers. Obviously in a world divided by religion, political affiliation and even sports teams, everyone can come together for a smartphone. According to sources from the supply chain, nearly 10 million units will ship the first month.

Demand for the device is pegged at the same 10 million unit figure for the first month, rising to 30 million in the second quarter. Thanks to better features on the newer model, the Samsung Galaxy S4 is expected to do better than its predecessor which sold 6.5 million units in the second quarter last year. But considering  that the Samsung Galaxy S III launched at the end of May last year, it had one less selling month than the Samsung Galaxy S4 will in the second quarter this year, making the Q2 comparisons nearly impossible.

Unlike the HTC One, which has suffered through delays because of component shortages, the Samsung Galaxy S4 uses in-house manufactured processors, panels, image sensors and memory. This should allow Samsung to keep production going even if demand for the phone is as heavy as expected. And if factories in South Korea have to shut down due to heightened tensions with North Korea, Samsung has facilities in China and Vietnam that can be utilized as long as parts made in South Korea can still be exported.

source: DigiTimes

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UPDATE 3-Judge denies $20 million severance to outgoing AMR chief

* CEO Horton's payout set in AMR-US Airways merger

* Judge says payment not authorized under bankruptcy law

* AMR plans to address severance in reorganization plan

By Jonathan Stempel and Tanya Agrawal

April 12 (Reuters) - A judge has rejected a proposed severance package of nearly $20 million for Thomas Horton, the chairman and chief executive officer of American Airlines parent AMR Corp, saying the payout was not allowed under federal bankruptcy law.

U.S. Bankruptcy Judge Sean Lane in Manhattan issued his decision on Thursday, after having approved at a March 27 hearing AMR's planned $11 billion merger with US Airways Group Inc.

Horton's $19.9 million severance had been part of the merger agreement and was to consist of equal amounts of cash and shares of the combined company.

Lane had suggested at the hearing that severance might be better addressed in AMR's reorganization plan, which the company has yet to submit and which requires creditor approval.

U.S. Trustee Tracy Hope Davis, a Department of Justice monitor for the bankruptcy, also opposed Horton's severance.

"It's American Airlines' current intention to address Mr. Horton's compensation arrangement in the plan of reorganization," said Mike Trevino, a spokesman for the carrier.

The combined company would be run by US Airways CEO Doug Parker, with Horton as nonexecutive chairman. Parker would become chairman after the first annual shareholder meeting, probably in the spring of 2014.

The plan of reorganization will address how creditors will get paid back. Shareholders of AMR may end up with a stake of at 3.5 percent in the combined company, which an attorney for AMR's creditor's committee has said could be valued at between $350 million and $400 million.

Horton first joined AMR in 1985, left in 2002 for a four-year stint at AT&T Corp and then returned. He became CEO of AMR when it filed for bankruptcy in November 2011.

AMR at first opposed merging while still in bankruptcy, but reversed itself under pressure from creditors. The merger would create the world's largest airline, and AMR and US Airways hope to save more than $1 billion of annual costs by 2015.

UNCLEAR PURPOSE

Davis had called Horton's proposed payout too large relative to severance for nonmanagement workers, and improper because it was not part of a program for full-time workers in general.

Lane rejected AMR's argument that these restrictions did not apply because the payout would be made - or could be voided - by the combined company after the merger closed.

"It is unclear what purpose would be served by the court's approval of the severance if (the combined company) could later veto the severance through a vote of its board," he wrote.

The judge also said deferring to AMR's "business judgment" in allowing the payout was "exactly what Congress sought to prevent" in capping severance awards by companies in bankruptcy.

AMR has said the payment to Horton recognized his efforts in leading the company through bankruptcy and into the merger.

Its lawyer, Stephen Karotkin, told Lane on March 27 that the desire of AMR directors to maximize value and see the merger through justified payments to Horton and others.

The combined carrier would take the American name and be based in AMR's hometown of Fort Worth, Texas. US Airways is based in Tempe, Arizona.

The case is In re: AMR Corp et al, U.S. Bankruptcy Court, Southern District of New York, No. 11-15463.

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BRIEF-U.S. bankruptcy judge rejects proposed $20 million severance payment to AMR CEO Horton

April 12 | Fri Apr 12, 2013 8:01am EDT

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Report: Ford paying $750 million just to close plant in Belgium

According to a report from Reuters, Ford is shelling out $750 million in a severance deal that will see the automaker close its facility in Genk, Belgium. The automaker reached this deal with the 4,000 hourly workers employed at the plant last week, which means the company will pay out an average of $187,500 per worker.

Ford is still negotiating with the 300 salaried workers at the factory, which currently produces the Mondeo sedan. All told, Ford expects to lose around $2 billion in Europe thanks in no small part to the region's ongoing economic downturn, and two more plants are scheduled to be shut down in Europe this year. The company will log its $750 million payout under "special items" for this quarter.

As you may recall, Ford took a similar path in the US back in 2009 when the domestic market took a spill. Back then, the company shelled out around $50,000 per employee with at least one year of experience, plus either $25,000 toward a new car or an extra cash payment of $20,000. It would seem the cost of closing plants in Belgium is a much harder pill to swallow than in the States...

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Laundering $881 Million Is Now Acceptable (Financetech)

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