Swiss drugmaker Novartis to cut 2,500 jobs
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Swiss drugmaker Novartis said Thursday it plans to cut 2,500 jobs in a restructuring programme aimed at generating yearly cost savings of 1.6 billion dollars (1.1 billion euros).
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The worldÂs largest drug company said that it would lay off almost 2,400 employees in what may indicate a wider retrenchment of the drug industry.
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Colgate-Palmolive is to cut about 4,440 jobs -12 per cent of the workforce - and close roughly one-third of its factories amid fierce competition from Procter &amp; Gamble.
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BASEL, Switzerland  - Swiss drugmaker Novartis AG missed forecasts with a 42 percent drop in fourth-quarter net profit, hit by generic competition and a one-off restructuring charge, sending its shares lower.
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Boston Scientific Corp  said on Wednesday it would cut about 2,300 jobs, or about 9 percent of its workforce, and restructure or sell several business units as part of its efforts to reduce operating expenses.
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French insurance firm AGF, part of  Germany's Allianz , is planning to cut between 1,500  and 2,000 jobs, a newspaper reported on Saturday, and the  company said it was consulting with staff on boosting  competitiveness.
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Novartis AG  cut its full-year results outlook as generic competition pressured sales of a key blood-pressure drug, and said U.S. regulators had delayed the approval process for an important cancer treatment.
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Drug maker Schering-Plough Corp.   on Thursday said it would cut 1,100 jobs at its plants  in Puerto Rico and New Jersey -- about 3.3 percent of its  global work force -- as it reduces operations with excess  manufacturing capacity.
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Nokia Siemens Networks, the Finnish-German telecom networks manufacturer, said Friday it would cut 2,290 jobs in Germany as part of a restructuring plan.
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Swiss pharmaceuticals giant Novartis AG on Thursday reported a 21 percent rise in third-quarter net profit to $1.55 billion.
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Goldman Sachs Group  and Credit Suisse Group  on Friday said they will cut about 2,000 job worldwide as a credit crisis puts a damper on fixed-income trading and corporate dealmaking.
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Swiss pharmaceutical giant Novartis on Thursday announced record earnings over the first nine months of the year, but third quarter profits fell 12 percent on sharper competition from generic drugs.
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Novartis AG lowered its full-year results outlook as generic competition pressured sales of a key blood-pressure drug, and said U.S. regulators had delayed the approval process for an important cancer treatment.
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SINGAPORE  - Swiss pharmaceutical giant Novartis AG said Tuesday it will invest &#36;180 million US in a new production facility in Singapore, a few weeks after its chief rivals made similar announcements.
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Pharmaceutical giant Merck &amp; Co., under siege over revenues lost since it recalled arthritis drug Vioxx, will have cut about 5,100 jobs by year&#39;s end, 700 more than first planned, and will slash costs by $2.4 billion over four years, chairman and CEO
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British pharmaceuticals giant GlaxoSmithKline said Wednesday it would cut jobs and costs, after third-quarter profits slid on poor sales of diabetes pill Avandia and fierce competition from generic drugs.
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The Swiss pharmaceuticals regulator said Thursday it ordered the withdrawal of Novartis AG's Zelmac for irritable bowel syndrome, saying the risks of the treatment are greater than the benefit.