Abbott Laboratories said Wednesday the Food and Drug Administration cleared the company’s new hepatitis B test. The FDA approved the Abbott RealTime HBV test, which measures the amount of hepatitis B virus in a patient’s blood.
Inside these posts: Regulators
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Aug. 27, 2010 at 6:05 p.m.
Filed under: Airlines, Airplanes, Airports, Labor, Litigation, M&A, Transportation, Travel, Unions, Updated Justice Department OKs United-Continental merger
Passengers at the United and Continental kiosks at O'Hare International Airport, May 3, 2010. (AP Photo/Charles Rex Arbogast)
The Justice Department approved the proposed merger of United and Continental airlines Friday, closing an unexpectedly speedy four-month investigation that paves the way for the mega-deal to close by Oct. 1.
To win the blessing of federal antitrust regulators, United and Continental agreed to lease slots for 18 round-trip flights to Southwest Airlines at Newark Liberty International Airport, beginning in March 2011.
Justice officials said the slot transfer was struck in “response to the department’s principal concerns” regarding the merger, which critics have warned will speed consolidation and eventually leave the three largest U.S. carriers with a lion’s share of the market. Get the full story »
Aug. 27, 2010 at 11:07 a.m.
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Filed under: Bank failures, Banking, Investing, Real estate New Atlanta-based company rises from Corus Bank
From the Atlanta Business Chronicle | A new Atlanta-based real estate company will market the assets and loans from Chicago’s failed Corus Bank.
Hospira drug receives additional approval in Japan
Drug and medical device maker Hospira Inc. said Japanese regulators have approved the use of its sedative Precedex in patients for more than 24 hours. The drug was originally approved there in 2004 to sedate intubated and mechanically ventilated patients in intensive care for up to 24 hours.
A Hospira spokesman said the Lake Forest, Ill., company has done trials of the sedative in the United States, where it also is seeking approval for the longer-term use.
ShoreBank shut down by FDIC
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
ShoreBank, which billed itself as the nation’s first and leading community development and environmental lender, failed Friday and was acquired by a consortium of big banks, insurers, philanthropic groups and civic-minded individuals.
ShoreBank is the 15th Illinois lender to fail this year, and the 114th to be seized by regulators nationally.
Its failure is expected to cost the Federal Deposit Insurance Corp. $367.7 million. The FDIC is funded by the banking industry. Get the full story »
BHP Potash bid likely to pass regulatory muster
Marius Kloppers, chief executive of BHP Billiton, says his company brings four decades of know-how to the table in asking Canadian regulators to approve its proposed takeover of Potash Corp of Saskatchewan. Lawyers say BHP, the world’s largest miner, may need its experience to ease concerns about another foreign takeover of a marquee Canadian resource company. Get the full story »
SEC to meet next week on proxy access rules
Securities regulators will meet on August 25 to consider giving shareholders more power to nominate company directors.
The Securities and Exchange Commission on Wednesday posted on its website an agenda for the meeting next week, in which it will consider whether to adopt the reforms, a contentious issue known as “proxy access.” Get the full story »
FDIC seeks to block Corus parent from tax refunds
The Federal Deposit Insurance Corp. is seeking to block the parent of failed Corus Bank from recouping more than $257 million in tax refunds stemming from the bank’s collapse.
In papers filed Monday with the U.S. Bankruptcy in Chicago, the FDIC, the receiver of the closed Illinois bank, said Corus Bankshares Inc.’s lawsuit against the regulator that seeks to take back those refunds should be tossed out because it intentionally sidesteps federal banking laws.
“Because federal law expressly precludes” the lawsuit Bankshares filed in bankruptcy court, “this action should be dismissed,” the FDIC said in court papers. Get the full story »
U.S. FDIC says Palos Bank and Trust Co. closed
U.S. regulators on Friday closed Palos Bank and Trust Company in Illinois, the Federal Deposit Insurance Corp said, marking the 110th U.S. bank failure so far this year and the 14th in Illinois.
The FDIC said Palos Bank and Trust Company had $493.4 million in assets. First Midwest Bank of Itasca, Illinois, will assume the deposits of the failed institution. Get the full story »
CFTC approves CME’s Green Exchange
CME Group Inc.’s Green Exchange LLC won regulatory approval as a designated contract market on Friday, adding a fourth regulated exchange to CME’s stable. Get the full story »
United had four extreme tarmac delays in May
Chicago-based United Airlines will put to the test new rules that threaten airlines with fines of up to $27,500 per passenger for planes that idle on an airport’s tarmac for more than three hours.
United operated four of the five flights in the U.S. during May that were delayed on the tarmac beyond the new limit mandated by the U.S. Department of Transportation, including one flight that was delayed for nearly five hours. Get the full story »
Boston Scientific completes refinance of 2011 debt
Boston Scientific Corp. said on Wednesday it completed the refinancing of its debt due to mature in 2011 with new $3-billion bank facilities. It also arranged a $1-billion three-year term loan which will be used to prepay its $900 million term loan due to Abbott Laboratories Inc. in April 2011.
FAA finds cracks on at least 2 AMR 767s
The U.S. Federal Aviation Authority Tuesday said it found structural cracks on at least two of AMR Corp’s American Airlines’ fleet of Boeing 767 wide-body planes during recent safety checks.
The FAA said cracks could have caused engines to fall from aircraft.
The cracks were discovered on engine pylons on three of American’s 73 767s. An AMR spokesman, however, said the cracks appeared on only two planes.
Get the full story »
