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Azilect for Parkinsons Disease

Azilect for Parkinsons Disease Azilect for Parkinsons Disease

Wednesday, at the 65th American Academy of Neurology Annual Meeting in San Diego, Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) and H. Lundbeck A/S (HLUYY, LUN.KO) will present data from Azilect treatment. Azilect or rasagiline is indicated for the treatment of the signs and symptoms of Parkinson's disease both as initial standalone therapy and in combination with levodopa later in the disease. In an 18-week study, Azilect treatment for Parkinson's disease in combination with dopamine agonist therapy met its primary endpoint. Dr. Michael Hayden, president of global research and development and chief scientific officer at Teva said that the study data "continue to clarify the clinical profile of Azilect and the role it plays in helping to meet the needs of those living with [Parkinson's disease], at multiple points in the progression of their disease."

FedEx (FDX) on Wednesday reported a 31% drop in its fiscal profit for Q3 ending February 28 as the parcel delivery firm slashed its outlook for the year, citing a customer shift to cheaper overseas deliveries. Revenue rose 4% to $11 billion while net income dropped to $361 million or $1.13 a share, from $521 million, or $1.65 a share. Excluding the cost of a voluntary buyout program for U.S. officers and managing directors as well as other charges, FedEx earned $1.23 a share. The company cut its fiscal Q4 adjusted earnings outlook, to a range of $1.90 to $2.10 a share. Alan B. Graf Jr., FedEx Corp. executive vice president and chief financial officer, said in a statement, “Our lower-than-expected results for the quarter and reduced full-year earnings outlook were driven by third quarter international revenues declining approximately $100 million versus our guidance primarily due to accelerating customer preference for lower-yielding international services, lower rate per pound and weight per shipment. We expect these international revenue trends to continue. We have other actions under way beyond those already included in our profit improvement program. Some of these additional actions may involve temporarily or permanently grounding aircraft, which could result in asset impairment or other charges in future periods.”

For losses related to alleged manipulation of the London interbank offered rate known as Libor, U.S. mortgage firm Freddie Mac (FMCC) has sued 15 banks including the following banks: Bank of America Corp. (BAC), Citigroup Inc. (C), Credit Suisse Group AG, (CS), JPMorgan Chase & Co. (JPM) and UBS AG (UBS). Richard Leveridge, a lawyer for Freddie Mac, said the "defendants' fraudulent and collusive conduct caused [U.S. dollar Libor] to be published at rates that were false, dishonest and artificially low." Libor rate-rigging scandal broke out in the summer of 2012 and has so far resulted in the resignation of former chief executive Bob Diamond of Barclays PLC's (BCS) as a result of several probes of major global banks and large penalties.

U.K. Chancellor of the Exchequer George Osborne delivered his 2013 budget on Wednesday, highlighting that the country's deficit has been cut by a third, but that the economic growth is slower than expected. Chancellor gave way for expectations that the Bank of England could be handed more power to further ease monetary conditions.

The following is the text of the Federal Open Market Committee’s statement released Wednesday:
Information received since the Federal Open Market Committee met in January suggests a return to moderate economic growth following a pause late last year. Labor market conditions have shown signs of improvement in recent months but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy has become somewhat more restrictive. Inflation has been running somewhat below the Committee’s longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices. Longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic growth will proceed at a moderate pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee continues to see downside risks to the economic outlook. The Committee also anticipates that inflation over the medium term likely will run at or below its 2 percent objective.

To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.

The Committee will closely monitor incoming information on economic and financial developments in coming months. The Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. In determining the size, pace, and composition of its asset purchases, the Committee will continue to take appropriate account of the likely efficacy and costs of such purchases as well as the extent of progress toward its economic objectives.

To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens. In particular, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee’s 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored. In determining how long to maintain a highly accommodative stance of monetary policy, the Committee will also consider other information, including additional measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Charles L. Evans; Jerome H. Powell; Sarah Bloom Raskin; Eric S. Rosengren; Jeremy C. Stein; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was Esther L. George, who was concerned that the continued high level of monetary accommodation increased the risks of future economic and financial imbalances and, over time, could cause an increase in long-term inflation expectations.
 

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Mar 20, 2013


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