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Overturning the Browning-Ferris standard has been a top priority of business groups including the U.S. Chamber of Commerce, the nation’s largest business lobby, which say the Obama-era ruling could upend supply chains and the franchise model. Unions, worker advocates and many Democrats have said the standard the board created in 2015 was necessary because of a steady increase in the outsourcing of labor in many industries over the last few decades. Thursday’s announcement was hailed by business groups and some Republicans in Congress. Robert Cresanti, president of the International Franchise Association, said the Obama-era decision had created confusion and uncertainty for franchise operators and the proposed rule would create “clear lines” for companies to follow.
(Reuters) - Goldman Sachs Group Inc on Thursday announced its biggest management shakeup university of iowa hawkeyes 3-piece cushion gift set cufflinks since naming David Solomon as Chief Executive Officer Lloyd Blankfein’s successor, Long-term insider John Waldron will take over as president and chief operating officer, Waldron, who currently runs investing banking, will become Solomon’s No.2 when he takes the CEO role in October, Stephen Scherr will replace Martin Chavez as chief financial officer, Scherr, who has been with the bank for more than two decades, will take over on Nov, 5, (bit.ly/2MrpEda)..
Chavez will become vice chairman and co-head of the securities division, the company said. Analyst Stephen Biggar of Argus Research was surprised by the announcement, but said Solomon was trying to put together his team. “It is unexpected. But the timing kind of says the story.”. The bank, once considered the most savvy Wall Street trading house, has suffered because of tougher regulation since the 2007-2009 financial crisis and low market volatility crimping revenues. In its latest reported results, the bank lagged rivals such as JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp in equity trading.
LONDON/ZURICH (Reuters) - Roche (ROG.S), the world’s biggest producer of cancer drugs, is stepping up cost cuts in an efficiency drive made unavoidable by competition from cut-price copies of three mega-brands from its famed U.S, Genentech biotech stable, Even though the Swiss company has some of the pharmaceutical industry’s most admired research and development labs, it is now battling to increase medicine sales as its biotech portfolio ages and rivalry intensifies, Chief Executive Severin Schwan told Reuters he was confident he could fill the sales gap but expects only “moderate growth” into 2019 - helped by newer drugs such university of iowa hawkeyes 3-piece cushion gift set cufflinks as Ocrevus for multiple sclerosis (MS) - before a “re-acceleration” around 2021-22, “If you have such a sharp portfolio shift as we have now, then of course you have to reallocate resources in a more dramatic way,” Schwan said, “That’s what we are doing.”..
The company will have to run fast to stand still. Roche estimates it could have a $10 billion sales gap to fill by 2022 from rival incursions into cancer treatment, territory the Swiss drugmaker has long dominated. Roche’s three best-selling drugs – all for cancer – had combined sales of $21 billion last year, accounting for 40 percent of overall sales. But the drugs - Rituxan, Herceptin and Avastin - now face a steep decline here due to cheap near-copies, known as biosimilars, made by rivals including Switzerland's Novartis (NOVN.S) and South Korea's Celltrion (068270.KS).
Adding to the university of iowa hawkeyes 3-piece cushion gift set cufflinks pain, a key technology patent will expire next year, lopping another $600 million or so from cash flow, In Europe, where biosimilars are already making deep inroads, Roche’s cost-cutting is more advanced, with some commercial operations being trimmed back, Now, the United States is on the block with Roche cutting 223 positions at Genentech’s South San Francisco campus, The company is also streamlining global business units as part of a separate, wide-reaching move that could impact scores of jobs..
It is a prescription that investors are likely to appreciate. “There is room to improve efficiency in the business,” said Berenberg analyst Alistair Campbell. BOLT-ON ACQUISITIONS. Still, Roche intends to ring-fence research and development (R&D) and is sticking by a long-standing strategy of using only small to mid-sized bolt-on acquisitions to shore up its drugs pipeline, rather than buying in a big new medicine business. To some extent that is pragmatic. “Typically, we cannot make the economics work,” Schwan said.
The shifting sands mean Roche may look rather different when it finally emerges from the shadow of biosimilars, with non-cancer drugs playing an increasingly important role - a trend already being set by Ocrevus in MS and Hemlibra for haemophilia, In particular, while other companies including Pfizer Inc (PFE.N) have pulled back in neuroscience, Roche hopes to restock its medicine cabinet with drugs against autism, Alzheimer’s and Huntington’s disease, These are high-risk, high-reward diseases but Roche believes its understanding of the latest science means it could become as well known for treatments university of iowa hawkeyes 3-piece cushion gift set cufflinks of brain and nervous system disorders as for cancer..
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