Uk Breaks Ground On $65 Million Expansion Of Business College (video)
UK court to hear evidence ahead of landmark Libor ruling
It is expected to hand down a landmark ruling later in the year, according to sources familiar with the cases. If the decision goes against the banks, it could open the door to many more cases being brought against the industry by companies citing Libor manipulation, opening banks up to compensation claims worth billions of pounds. The London interbank offered rate (Libor) is used to price over $300 trillion of financial contracts around the world. “To unwind all Libor-linked derivative contracts would be financial Armageddon,” said Abhishek Sachdev, managing director of Vedanta Hedging, which advises companies on interest rate hedging products. In previous legal rulings judges have stopped short of saying Libor is relevant to all claims against banks but said it could be used in cases where contracts have been linked specifically to the benchmark. Barclays is being sued for up to 70 million pounds ($112 million) by Guardian Care Homes, a UK residential care home operator, which alleges the bank mis-sold it interest rate hedging products that were based upon Libor. The case has been delayed until April 2014 so the appeal decision can be heard. It started out as a complaint about the alleged mis-selling of interest rate swaps but a judge ruled last October that it could be amended to include claims of fraudulent misrepresentation connected to Libor manipulation. Barclays said the case has no merit because Guardian Care Homes had sufficient understanding of the products to make its own judgment over whether to enter into the agreements. “The addition of a claim based on what happened with Libor does not change the bank’s view. This business had a suite of advisors and a lot of financial experience and skill in-house,” it said on Friday. Barclays last year paid a $450 million to settle allegations it manipulated Libor, and UBS and Royal Bank of Scotland have been fined for manipulating Libor. Deutsche is among several other banks under investigation. Deutsche Bank last year sued Indian property firm Unitech for the repayment of a $150 million loan made in 2007 by a consortium of lenders and for the repayment of $11 million owed for a related interest-rate swap.
UK drug regulator withdraws quality certificate to Wockhardt’s Aurangabad plant
The project is part of UKs overall capital improvement plan , which was approved earlier this year by the Kentucky General Assembly and signed by Kentucky Gov. Steve Beshear. No state tax dollars will be used in any of the UK construction projects, which also include a new science building and improvements to UKs football facilities and Commonwealth Stadium. The Gatton College expansion and renovation calls for an increase in space for educational programs, as well as technology enhancements to classrooms and laboratories. Beshear joined UK president Eli Capilouto and Gatton College Dean David Blackwell at todays groundbreaking, according to a news release. The project is slated for completion by spring 2016. Highlights include: Expanding the footprint of the college by 40 percent to 210,000 square feet; Adding a 500-seat auditorium designed for special events and large lectures; Creating 20 new classrooms and 40 collaborative study or breakout rooms; Building a special events hall with audio-visual components to accommodate dinners and lectures seating between 75 and 200 people. John R. Karman III covers these beats: Economic development and government, commercial real estate, transportation, utilities, sports business, lottery, tourism/conventions, higher education, nonprofits, Jeffersontown, Downtown, Central Area. Industries:
“We were moved to a ward, but Niranjana wasn’t examined until three hours later,” said Karthikeyan, who along with Niranjana moved to the UK from Chennai six years ago. The midwife who came to examine Niranjana couldn’t detect the baby’s heart beat with the hospital’s mobile scan and the couple were asked to return the next morning. “We were so hassled and upset by then. They so casually asked us to return the next day even after realising the baby’s heart beat was missing. They tried downplaying our fear stating that the scan had probably stopped working which is why it failed to pick up the heart beat,” said Niranjana, who has a 6-year-old daughter. On September 19, by which time Niranjana was overdue by four days, she was moved to the delivery room. “I was in a lot of pain by then. But even then, the staff kept saying I wasn’t ready as yet. When I went to the washroom the next day to relieve myself, I saw the baby’s head. I quickly alerted my husband, who in turn rushed in the staff,” said Niranjana. The stillborn baby was delivered. According to Karthikeyan, the baby’s head was squashed and broken. “When I asked the staff, I was told that the head usually becomes like that when babies die in the womb,” he said. Struggling to come to terms with her baby’s death, Niranjana realised her ordeal was far from over. “After my delivery when my husband was in the room I wanted to go to the toilet and called for help.
Indian woman in UK forced to carry dead fetus in womb for two days
Also Read FDA letter may derail turnaround Mumbai: Drug maker Wockhardt Ltd on Saturday said the UK drug regulator has withdrawn its quality certification to the pharma companys Chikalthana factory in Aurangabad. Wockhardt can, however, continue exporting some critical drugs to the UK as the Medicines and Healthcare Products Regulatory Agency (MHRA) will issue a restricted good manufacturing practice (GMP) certificate to the plant to avoid a shortage of medically essential products supplied by Wockhardt. The restricted GMP certificate will be conditioned to permit continued manufacturing and quality-control testing of critical products in situations where it has been agreed by the national competent authority or EMA (as appropriate) that there is no feasible alternative in the market concerned. The scope of the statement of non-compliance is, therefore, limited to medicinal products considered non-critical to public health, Wockhardt said in a statement to the stock exchanges. Accordingly, Wockhardts Chikalthana factory will be able to manufacture and supply medicinal products critical to public health, the company said, adding that the impact on the existing business will be known once the company receives further communication from the MHRA. Wockhardt, which is facing a US import ban on its Waluj injectables plant in Aurangabad, also received negative observations from the Food and Drug Administration (FDA) on the Chikhalthana factory in August. Mint had reported in a 14 August report that FDA, after visiting the Chikalthana facility in July, listed observations including concerns about quality control. The FDA carried out the inspection on 22-31 July jointly with the UK drug regulator. The Chikalthana plant, which makes some of Wockhardts high-value brands for the US market, had total sales of $283 million (around Rs.1,700 crore) in fiscal 2013. The plant contributes around 12 million from the UK and European Union markets to Wockhardts consolidated annual revenue. The MHRA had also raised observations after inspecting the Waluj facility, and on 10 July initiated a precautionary recall of 16 products for the UK market. The FDA curbed the Waluj plants rights to export to the US, saying Wockhardts response to its earlier observations lacked sufficient corrective action. All these observations are being responded to by various measures that we are taking proactively to ensure that we adequately respond to these observations and along with appointment of various consultants who are supporting and helping us to respond to these various areas to improve the compliance level. said Murtaza Khorakiwala, managing director of Wockhardt, in an analyst call transcript. The company has appointed Lachman Consultants, a US-based GMP consultant, to improve the operations in various areas and to help it meet FDA requirements.