Tuesday 23 January 2018

Pfizer's earnings up despite sales fall

US drugmaker Pfizer said yesterday that its first quarter earnings jumped 10pc despite a 13pc fall in sales of its best-selling anti-cholesterol drug Lipitor.

Net earnings at the world's biggest pharmaceuticals company grew to $2.22bn (€1.5bn) for the January-March period, from $2.01bn the same time last year. Revenues were $16.5bn, down from $16.58bn.

Deutsche Bank sued for 'defrauding'

THE US government sued Deutsche Bank for more than $1bn (€670m), accusing the German bank of defrauding it by repeatedly lying to obtain federal insurance guarantees on mortgage debt.

According to the complaint, Deutsche Bank and its MortgageIT unit misled the government into believing their mortgages qualified for federal insurance, knowing they could make "substantial profits" when the loans were later sold.

The government said the loan quality was so poor that nearly one-in-three mortgages defaulted.

Petroceltic closer to Algeria licence sale

OIL and gas explorer Petroceltic's plan to sell part of its interest in a licence in Algeria moved a step closer yesterday after the official production-sharing contract was signed off on by all the interested parties.

Terms of the deal, which could net Petroceltic more than $180m (€121.3m), were announced last week.

Cardin to put €1bn label on the market

LEGENDARY fashion designer Pierre Cardin has said that it is time to put his business up for sale. He estimatedhis empire was worth €1bn, but some analysts say it's worth €500m.

CRH investors face protests over Israel

Shareholders arriving at CRH's AGM in Dun Laoghaire this morning will for the second year running witness a vocal protest by the Ireland-Palestine Solidarity Campaign.

The group said yesterday that it is filing a complaint with the OECD, accusing the building materials giant of complicity with what it said were violations of international human rights and humanitarian law in Israel.

Irish Independent

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