Newsmaker: Egypt’s new finance minister faces daunting task
Sent! A link has been sent to your friend’s email address. Join the Nation’s Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Finance set to surpass tech as most-profitable U.S. industry John Shinal, Special for USA TODAY 8:29 a.m. EDT July 14, 2013 Despite all the gloom, Wall Street analysts still remain optimistic regarding tech industry prospects this year.
AstraZeneca finance chief Lowth to quit for BG Group
Investigators have not made clear how much of that money was paid as bribes. The official Xinhua News Agency said the scheme appeared to be aimed at evading GSK’s internal controls meant to prevent bribery. GSK has said it opposes bribery and was cooperating with the investigation. On Wednesday, the Chinese drug regulator launched a crackdown on misconduct in its pharmaceutical market, though it gave no indication it was linked to the GlaxoSmithKline probe.
China bars GlaxoSmithKline finance director Steve Nechelput from leaving country amid bribery investigations
AstraZeneca also faces difficulties. Chief executive Pascal Soriot told Reuters in June that turning around the drugmaker would be a long haul as it battles falling sales due to patents expiring. Lowth cut his managerial teeth at the privatized utility Scottish Power between 2003 and 2007, where he rose through the ranks to become finance director, before he moved to AstraZeneca as chief financial officer. He was named interim chief executive in June last year after repeated drug development setbacks and investor discontent over performance cost David Brennan his job at the company. Speculation he might leave has been circulating since Soriot was poached from rival pharmaceuticals group Roche Holding and took on the permanent CEO role in October last year, meaning Lowth returned to his role as finance chief.
Ahmed Galal, managing director of the Cairo-based Economic Research Forum since 2007 and for 18 years a researcher at the World Bank, said he had accepted the post of finance minister in the army-backed government of Prime Minister Hazem el-Beblawi. The budget deficit has widened dangerously over the last few months, pushing Egypt close to bankruptcy as it runs out of sources of finance. Economists say $12 billion in aid offered to Cairo by Gulf states last week will last only a few months unless new revenue is found or spending is slashed. Economists expect the budget deficit to have swollen to about 15 percent of gross domestic product in the financial year that ended on June 30.