Dec 06 - 12, 2004

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GLAXOSMITHKLINE SUPPLIES ADDITIONAL DOSES OF FLU VACCINE

GlaxoSmithKline has agreed to supply up to 4 million doses of Fluarix flu vaccine in the United States, helping alleviate the worldwide vaccine shortage.

Flu vaccine supplies suffered a major setback when British health authorities suspended the manufacturing license of major flu vaccine maker Chiron Corp. in October, citing problems with manufacturing. The Medicines and Healthcare Products Regulatory Agency said the license was suspended for three months, with immediate effect. The suspension means the company, one of the largest influenza vaccine manufacturing companies

 

 

in the world, will not be able to supply any influenza vaccines to any market during the suspension, health officials said. This translates into a worldwide shortage of 48 million doses of the flu vaccine.

GlaxoSmithKline would supply up to 500,000 additional doses to the United States in the next few weeks, drawing from the small inventory currently unallocated to customers in other markets. Additionally, GSK would supply up to 3.5 million more doses by January. In addition to the vaccines, GSK is also increasing production of Relenza, the company's anti-viral medicine indicated for the treatment of flu.

RS.100M GRANT BY INDUS MOTOR FOR VENDOR DEVELOPMENT

Indus Motor Company held its 8th Vendors and Suppliers Convention, where its Chairman, Mr. Ali S. Habib announced that the company would spend Rs.100 million to support its vendors in the areas of Human Resource Development, Quality Improvement and Technology Transfer.

Present at the occasion, the Chief Guest, Mr. Ramzan Bhatti, Member Customs, Central Board of Revenue (CBR), appreciated the initiative of IMC by saying, "It is truly encouraging to see the efforts of IMC and its vendors in transferring technology and developing the auto industry that has seen phenomenal growth in the past 3 years.

Expressing the commitment of the government for the industry, Mr. Ramzan Bhatti said, "The government is keen on working in close partnership with the industry to develop policies and regulations that will help the growth of this sector even further." He appreciated that the auto industry is one of the largest contributors to the national exchequer.

"With the huge growth taking place in this sector, the industry and its vendors need to enhance capacity further and the CBR will do its utmost to remove bottlenecks, encourage further investment, and provide consistent incentives for the industry," he added. Mr. Bhatti also recognized the role of Habib Group and Indus Motor Co. in contributing towards the economic development of Pakistan.

 

 

LG UNVEILS ITS GLOBAL BRAND STRATEGY FOR 2005

Regional and global leaders in digital technology, LE Electronics held their first ever 'Brand Communication Conference' recently. The main objective of this conference was to educate LG subsidiaries across the world about the vision and mission of establishing the company's image as a premium brand.

The conference also aimed to understand subsidiaries' problems related to consumers in their respective regions so that LG can devise strategies which are more consumer-oriented and bridge the gaps between the consumer and LG Electronics. In addition, the company also evaluated the performance of their subsidiaries across the globe.

NBAD AND GIB FINANCE EMIRATES AIRCRAFT

Emirates has signed a GBP 62 million (USD $115 million) financing agreement with the National Bank of Abu Dhabi (NBAD) and Gulf International Bank (GIB) for a new Airbus A340-500 aircraft. This is the first aircraft to be funded by the two well known regional banks, signaling a strong vote of confidence in Emirates.

Emirates' latest A340-500, the world's longest-range aircraft, is scheduled to be delivered before the end of this month and will be the airline's seventh of this type. Powered by Rolls-Royce trent 500 series engines, it will be followed by another three for a total of 10 Airbus A340-500S ordered by Emirates. The financing, structured as a sterling operating lease over A 12-year term, was lead arranged and funded fully by NBAD and GIB. The weighted average cost of funds was 0.9 per cent over six-month sterling libor.

Riyaz Peermohamed, Emirates' senior vice president corporate treasury said: "We are very pleased to see this first time participation in Emirates funding by these two highly regarded Abu Dhabi-based banks. This also supports our policy of opening up new, diversified sources of financing for Emirates."

TELECARD CEO

The Board of Directors of TeleCard Limited announced the appointment of Fazal Hussain as new CEO of the company effective December 1, 2004.

A British national, Mr. Hussain brings with him vast international experience of managing and leading fast growth operations in the telecom and IT industry in senior management position.

AIRCRAFT INDUCTED

Shaheen Air, which was taken over by TAWA International Inc of Canada in June, has inducted another Boeing 737 in its fleet.

A press release said after starting the operation of its first Boeing 737 on Karachi-Lahore sector in early November, the airline inducted second such aircraft, which arrived at the Quaid-e-Azam International Airport on November 30.