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A little less than a month after Pfizer’s Upjohn unit and Mylan successfully merged to create generics business Viatris, the company is already looking at ways to slash costs.
Newly mintedViatris Friday laid out detailed plans for a global manufacturinginitiative that could put thousands of jobs on the line. By 2024 at the latest, the company aims to wring at least $1 billion from its cost base, and it’s planning to close, downsize or divest up to 15 facilities to meet that goal.
Up to 20% of the generics business’s 45,000-strong workforcesome 9,000 stafferscould be impacted by the time therestructuring effort wraps, the company said in a release.
Mr Pitt said the final cost of decommissioning the vessel permanently moored in Commonwealth waters in the Timor Sea – between the Laminaria and Corallina oil fields – was still to be determined.
But he insisted the government was pushing ahead with the process “to remove potential risks to the environment” and announced a new policy that would tighten oversight to ensure oil and gas companies can’t sell off ageing assets and absolve themselves of the clean up liabilities – as Woodside has sought to do – if something goes wrong.
We have been ensuring the safety of the facility and conducting critical maintenance work since taking responsibility for the facility and will now start the process of decommissioning and remediating the field…
“As long as interest rates are lower than trend growth, the cost of servicing the debt will fall as a proportion of GDP, and the debt burden will fall as growth picks up.”
Bendigo and Adelaide Bank CEO Marnie Baker said the federal budget deficit and sharp rise in government debt were “both affordable and necessary, and helped by Australias AAA credit rating and record low interest rates”.
Ms Baker said the flip side of low borrowing costs was low deposit rates, “which is a huge challenge for savers including self-funded retirees”.
Many investors fret that a corporate zombiepocalypse may be one of the thorniest problems the global economy faces in the coming years. But a bombshell paper by the New York Federal Reserve argues that this fear may be overdone.
Even before the eruption of coronavirus, concerns that a growing horde of walking-dead companies usually defined as those unable to cover debt-servicing costs from long-run profits were pervasive.
Two years ago, the Bank for International Settlements calculated that the share of zombie companies across the 14 big economies it studied had climbed from 2 per cent in the late 1980s to 12 per cent by 2016. The driver was that they stayed undead for longer than in the past, neither recovering nor dying out. The mos…
For four years I lived with my girlfriend and we had a daughter together who is the best thing that’s ever happened to me.
However, the relationship with my girlfriend has fallen apart because we argued all the time.
She also saw her ex-husband behind my back.
One day I came home, and she’d gone taking our daughter with her.
She left me deep in debt with arrears in rent, water and credit cards, which she talked me into taking out in my name.
She then set her solicitor on me to try and claim money for maintenance which I’m more than happy to do but she didn’t even try to come to some sort of agreement beforehand.
I’ve been struggling for two years to meet minimum payments on all the debts she …
Turkish couple Gler and Ibrahim Kocatrk who were found by the ERA to be owed more than $80,000 by their former employers have been granted leave to continue court proceedings, despite the business being in liquidation. (File photo)
A couple owed more than $80,000 by their former employers have succeeded in a bid to try to recoup the money in the Employment Court despite the company being in liquidation.
Turkish couple Gler and Ibrahim Kocatrk were employed by Zaras Turkish Ltd at its takeaway restaurants in Richmond, then Upper Hutt, between 2009 and 2014.
The Employment Relations Authority determined in 2017 that Gler Kocatrk had been unjustifiably dismissed in October 2014, after one of the business’ directors learned s…
A training company whose state funding was cut after a Sunday Mail investigation into job agencies luring the unemployed into subsidised courses has collapsed into liquidation.
It comes as nine companies remain under investigation by the State Government, which will consider hiking penalties for companies caught breaching contract rules under the training scheme.
A special investigation by The Sunday Mail in August exposed a scheme in which job agencies would advertise entry level jobs, such as factory and warehouse work, only to tell applicants they would need to sit through a “free” Certificate 3 course with a particular trainer to be eligible for work.
The applicants are then referred to a registered training organisation, which coul…
The founder of office provider IWG, Mark Dixon, faces a legal challenge as landlords battle his decision to put the Jersey-based subsidiary which guaranteed their rents into bankruptcy.
IWG angered landlords with the move in October, which came after it drew a 644m dividend from the Regus plc subsidiary last year.
The decision effectively left over 600 landlords with leases guaranteed by Regus plc with no recourse, as parent IWG pushes for rent cuts in the wake of the Covid-19 crisis.
Carey Olsen, a Jersey law firm, is leading the action and expects to act on behalf of around 15 landlords from the UK, US, Japan and the Netherlands to challenge the Royal Court of Jerseys decision to pass the handling of the bankruptcy to Luxembourg, due …
UK-based firms are facing losses of around 1.86 billion (appr. $2.46 billion) which could result from unpaid invoices, even though the nations businesses have received financial support from the governments COVID-19 relief packages.
Red Flag Alert, an insolvency company that assists businesses with safeguarding their operations from financial risks, has revealed that UK firms may write off 20 million or more in bad debt in 2020 compared with last year.
Red Flags Write Off Report data from November 13, 2020, confirms that the total levels of written off business-related debt in the United Kingdom have increased by 1% so far in 2020 (ip from 1.84 billion to 1.86 billion).
While there was a decline in the total number of company insolvenc…
New data from Coresight Research reveals American retailers have announced 8,400 closures this year. Ascena Retail closed the most locations, at nearly 1,200. Coresight anticipates closures will snowball and set a new record this year, breaking the 2019 record of 9,302 closures tracked by the firm.
Business is equally bleak for the US restaurant industry. About 17% of the country’s restaurants roughly 110,000 have permanently closed this year, with thousands more on the brink according to a recentNational Restaurant Associationreport.
With lockdowns devastating retail and restaurants — many of which that were already in deep trouble, dozens declared bankruptcy this year.
Papyrus: The mall staple best known for selling stationery and …
In the past week, suicides of a bank employee, a small business owner and a lathe operator in Tamil Nadu had one thing in common mounting debt caused by an addiction to online gambling. In July, it was a 20-year-old part-time tattoo parlour staffer who hanged himself after losing 20,000 on a gaming app. Although exact data is not available on the number of deaths resulting from gambling debt the Madras high court observed that it was 30. The increasing trend has prompted the TN government to promulgate an ordinance on November 20 to ban online gaming sites where bets are wagered. This week, The Online Rummy Federation (TORF) mandated all its members block players from within the state. But cyber crime experts feel the move from the gov…
Here are their key arguments: First, a lot of student debt is held by relatively well-off people and those with advanced degrees, and so student debt relief is bad distributively. Second, the macroeconomic stimulus would be weak compared to other possible uses of the money.
But its easy to target the relief away from the affluent and toward people who really need itby capping the amount of the relief.
Even the Committee for a Responsible Federal Budgetthe ultimate deficit hawksadmits that about half o…
