U.S. FDA warns Glaxo on manufacturing in UK plant
“Until all corrections have been completed, … FDA may withhold approval of any new applications or supplements listing your firm as a drug product manufacturer,” the FDA said in its warning letter, dated Oct. 7 and posted on the FDA website on Tuesday.Shares of Glaxo fell 0.8 percent on the New York Stock Exchange to $42.89, underperforming the broader Arca pharmaceuticals index.
EURO GOVT-French yield spread widens after ratings warning
The French/German 10-year government bond yield spread widened to a euro era record of 101 basis points versus around 96 bps at Monday’s settlement close. French debt also underperformed its triple-A rated peer the Netherlands.
New Issue-Carrefour prices 500 mln euro 2018 bond
Borrower Carrefour SAIssue Amount 500 million euroMaturity Date October 24, 2018Coupon 5.25 pctReoffer price 99.748Yield 5.294 pctSpread 360.3 basis pointsUnderlying govt bond Over the 4.25 pct July 2018 DBRPayment Date October 24, 2011Lead Manager(s) Banca IMI, Barclays Capital, Credit Agricole CIB,ING, Natixis & Royal Bank of ScotlandRatings Baa1 (Moody’sListing LuxFull fees UndisclosedDenoms (K) 100-1Notes Launched under issuer’s EMTN programmeISIN XS0694766279Security details and RIC, when available, will beonCustomers can right-click on the code forperformance analysis of this new issueFor ratings information, double click onFor all bonds data, double click onFor Top international bonds newsFor news about this issuer, double click on the issuer RIC,where assigned, and hit the newskey (F9 on Reuters terminals)Data supplied by International Insider.
UPDATE 1-White Mountains Insurance to buy back more shares
Oct 14 - White Mountains Insurance Group said it will buy back up to 300,000 of its common shares in a “modified Dutch auction,” a process which allows shareholders to indicate how many shares they wish to sell and at what price within the range specified by the company.The Bermuda-based insurer said it would buy back shares at $385-$425 each in cash, and expects the offer to start on Oct 17.Last month, White Mountains said it bought back about 350,000 shares at or below $415 a share.Warren Buffett’s Berkshire Hathaway has also adopted a share buyback program, an unprecedented move after months of investor complaints that the stock is undervalued.Shares of White Mountains Insurance closed at $411.12 on Thursday on the New York Stock Exchange.
UPDATE 1-RIM says BlackBerry services have improved significantly
Oct 13 (Reuters) - Research In Motion’s BlackBerry services have improved significantly across Europe, the Middle East, Africa and India, the company said on Thursday, after a three-day global service outage hit millions of its customers.”Service levels are also progressing well in the U.S., Canada and Latin America and we are seeing increased traffic throughput on most services, although there are still some delays and services levels may still vary amongst customers,” RIM said in an update on its website.The company, however, said it cannot give an estimated time for the full recovery of services around the world.On Wednesday, the company said it would eventually deliver all delayed email and instant messages to customers in five continents affected by the outage, but later told some of its corporate clients that it may not clear the huge backlog of messages until Thursday morning on the U.S. East Coast.It apologized to customers in a statement on its Website and on its Facebook page.The outage, the worst in about two years, adds to RIM’s mounting problems, which include rising dissatisfaction with its co-chief executives and the company’s inability to catch up with nimbler rivals like Apple .