GlaxoSmithKline to slash jobs in bid to cure falling profits
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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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KarstadtQuelle, the crisis-ridden German department store operator, plans to cut 5,500 jobs and freeze the wages of its remaining employees over the next three years as part of a 760-million-euro (935-million-dollar) cost-cutting package, unions said.
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GlaxoSmithKline warns it will cut jobs and close some factories as part of a cost-cutting plan.
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Merck &amp; Co. Inc. (MRK.N: Quote, Profile, Research) , whose earnings are being hurt by the withdrawal of its arthritis drug Vioxx, said on Tuesday it has increased the number of jobs to be cut by year-end to 5,100 from 4,400.
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Hillenbrand Industries Inc. said Thursday it is cutting 230 jobs to lower costs. The company also cut its earnings forecast for the year ending this month.
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GlaxoSmithKline Plc cut the prices on its range of HIV drugs offered to developing countries, marking the fifth such discount since 1997.
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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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LONDON -- GlaxoSmithKline PLC, the world's second-largest pharmaceutical company, said Monday that it expects to introduce five new cancer treatments through 2010.
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GlaxoSmithKline PLC, the world's second-largest drug maker, began a campaign to challenge a report that linked its diabetes drug Avandia to heart risks and caused its stock to decline 11 percent in the eight days through Tuesday. The shares rose yesterday.
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SBC Communications Inc. plans to cut at least 10,000 jobs, or 6 percent of its work force, by the end of next year to compensate for a drop in the number of local-telephone customers.
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Merck &amp; Co. Inc. said Wednesday it expects the withdrawal of its Vioxx painkiller from the market to reduce full-year earnings by 50 cents to 55 cents a share.
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Glaxo expects that the impact of lower sales of its diabetes drug, Avandia, will help cause a drop of about 5 percent in earnings a share in 2008.
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Cadbury Schweppes Plc , the  world&#39;s largest confectionery group, said it planned to cut 15  percent of its jobs and factories and was more likely to sell  than spin off its American drinks unit.
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Bayer, the German chemicals and pharmaceuticals specialist, plans to axe 1,000 jobs at its Berlin-based drug maker Schering, the daily Der Tagesspiegel reported in an advance copy of its Monday issue.
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The drugmaker said it is weighing cost cuts that could eliminate 10 percent of its work force over a three-year period.
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Pressured by global competition, Colgate-Palmolive announced today that it would cut jobs and close plants to increase profit margins.
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Timken Co. TKR.N on Friday said it   would cut about 700 jobs, or 5 percent, of its automotive group   employment, and significantly lowered its earnings outlook. It   cited a fall in North American auto industry production,   sending shares down more than 10 percent.