Business

Mumbai: Securities and Exchange Board of India (Sebi) said on Tuesday all market infrastructure institutions (MIIs), the stock exchanges, clearing corporations and depositories should have in place a business continuity plan (BCP) and disaster recovery sites (DRS) so as to maintain data and transaction integrity. Apart from DRS, stock exchanges and clearing corporations should also have a near site (NS) to ensure zero data loss whereas, the depositories should also ensure zero data loss by adopting a suitable mechanism, the regulator said in a circular. The DRS should preferably be set up in different seismic zone and in case due to certain reasons such as operational constraints, change of seismic zones, etc, minimum distance of 500 kilometers will be ensured between the primary data centre (PDC) and DRS. The regulator said the manpower deployed at DRS/NS, should be sufficient in number and should have same expertise as available at PDC in terms of knowledge and awareness of … [Read more...] about Market infra institutions to have disaster recovery sites, business continuity plan: Sebi

Hailing the Railway Budget as "futuristic and growth-oriented", Prime Minister Narendra Modi on Tuesday said it is for the common people as it aspires for better service, speed and safety with focus on development of the country.He said the Rail Budget presented in Parliament by Railway Minister Sadananda Gowda shows where his government wants to take India through the railways as it focusses on strengthening institutional mechanism, transparency and integrity. "Congratulations to the Railway Minister for presenting a futuristic & growth oriented budget. It is a budget for the common people," Modi tweeted. He said the Rail Budget "aspires for better service, speed and safety. It is an effort to create a modern Railways contributing towards a developed India." In a series of tweets, Modi said, "Rail Budget shows the important role of Railways in India's development journey." He said the Budget keeps in mind the development of India. "This Budget shows where we want to take the … [Read more...] about Modi hails ‘pro poor’ Budget, Opposition calls it ‘pro rich’

JEREMY Corbyn was confronted by a business boss over Labour’s anti-semitism scandal who accused the party of being “for the many, not the Jew”. Mr Corbyn suffered the scathing put down as he told the CBI “I’ve spent my life opposing racism in any form whatsoever.” 'FOR THE MANY, NOT THE JEW' The Labour leader was asked by an audience member: "What are you going to do to disprove claims that Labour is 'for the many, not the Jew', and to show that you care about antisemitism and racism?" He replied that racism in form was a "poison and a scourge". Mr Corbyn's leadership has been dogged by allegations of anti-Semitism in the party – with MPs quitting in protest and a criminal investigation into hate-crime launched. His speech today game after Chancellor Sajid Javid said Labour “loathe” business.But he told the CBI in Greenwich, that claims he was “anti-business” were “nonsense” and said a Labour government would … [Read more...] about Jeremy Corbyn confronted by business boss over anti-semitism saying Labour is ‘for the many not the Jew’

GlaxoSmithKline is putting Horlicks up for sale to help fund a buyout of the remaining $13bn stake in its consumer healthcare joint venture with Novartis. GSK said it was launching a “strategic review” of the 145-year-old malted drink and its other consumer healthcare nutrition products, as it announced plans to buy Novartis’s 36.5% in the joint venture, formed in 2015. The deal with Novartis will give GSK full control of a portfolio of products that includes Sensodyne toothpaste, Panadol headache tablets, muscle gel Voltaren, and Nicotinell patches. The company said: “GSK is initiating a strategic review of Horlicks and its other consumer healthcare nutrition products to support funding of the transaction, and to drive increased focus on over-the-counter and oral health categories. Combined sales of these products were approximately £550m in 2017.” Horlicks was invented in 1873 by the British-born brothers William and James Horlick, who had emigrated … [Read more...] about Horlicks up for sale as GSK looks to fund $13bn Novartis deal

GlaxoSmithKline, one of the world’s biggest drugs groups, is to be broken up after the company agreed to spin off its consumer healthcare business in a £10bn joint venture with its US rival, Pfizer. GSK, whose consumer brands include Sensodyne and Panadol, will have a controlling stake in the partnership of 68%, with Pfizer owning the remainder. The FTSE 100 drugs maker said that within three years of closing the deal, which is expected in the second half of 2019, it will demerge and float the consumer health business, splitting GSK into two distinct businesses: one focused on consumer, the other on pharmaceuticals and vaccines. Investors welcomed the news, with shares in GSK closing up nearly 4% at £15.03, making it the top riser on the FTSE 100 on Wednesday. Emma Walmsley, the chief executive of GSK, said it was a “landmark day” for the firm. “Ultimately, our goal is to create two exceptional, UK-based global companies, with appropriate capital … [Read more...] about GSK plans break-up after £10bn Pfizer deal

GlaxoSmithKline’s chief executive, Emma Walmsley, was handed a £1m pay rise last year, taking her total pay and bonus package to nearly £6m. Walmsley is thought to be the highest-paid female chief executive of a FTSE 100 company at present. Her total remuneration package rose to £5.89m in 2018, from £4.88m the previous year, Britain’s biggest drugmaker revealed in its annual report. Her fixed pay – salary, benefits and pension – rose slightly to £1.47m, while Walmsley’s performance-related pay – annual bonus and shares awarded under the company’s long-term incentive scheme – increased to £4.42m from £3.45m. Late last year, GSK announced plans for a breakup with the spin-off of its consumer healthcare business, in a £10bn joint venture with US rival Pfizer. It was one of several deals overseen by Walmsley in 2018, when the company’s profits before tax rose 36% to £4.8bn. It was her first … [Read more...] about GSK’s Emma Walmsley becomes highest-paid female FTSE 100 chief