London: A new wave of medicines that tap the power of the immune system to fight cancer could become the biggest drug class in history, with potential sales of $35 billion a year.
The sales forecast by analysts at US bank Citigroup highlights the growing excitement surrounding so-called immunotherapy after positive results from clinical trials conducted by companies such as Bristol-Myers Squibb and Roche Holding.
"We believe this market will generate sales of up to $35 billion (a year) over the next 10 years and be used in some way in the management of up to 60 per cent of all cancers," Citi analyst Andrew Baum said on Wednesday.
Citi's forecast is considerably higher than current market consensus, but if it proves correct, then cancer immunotherapy would exceed the peak market value of top blockbuster drug classes such as statins for high cholesterol....
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09:59 AM, May 23, 2013
Mumbai: JM Financial Ltd has said that former Citi Chief Executive Vikram Pandit and his business partner, Hari Aiyer are to buy a 3 per cent equity stake in the financial services company through an issue of warrants. JM Financial also said it would set up a fund jointly with Pandit's firm to buy distressed assets. The fund is targeting an initial capitalisation of $100 million, JM Financial said in...
09:05 PM, May 16, 2013
Citigroup Inc has agreed to pay $730 million to settle a class action lawsuit on behalf of investors who said they were misled by the company's disclosures. ...
05:42 AM, Mar 19, 2013
Nielsen Holdings NV, best known for its TV ratings, increased the size of its contract with India's top software services exporter, Tata Consultancy Services Ltd (TCS.NS), to $2.5 billion from $1 billion. The expanded contract, among TCS's largest, comes at a time when there are expectations that India's $100 billion IT services sector may be turning a corner helped by acceleration in IT spending by existing customers and addition of...
01:10 PM, Feb 12, 2013
Citigroup cut its regional stock ratings for Asia and for Central Eastern Europe, Middle East and Africa (CEEMEA), but raised Latin America to "overweight", adding that emerging market equities are unlikely to match their 2012 performance this year due to less attractive valuations. Citigroup said it remains moderately bullish on emerging market equities, however, expecting a full-year gain of 9 per cent in dollar terms and projecting total returns of...
03:49 PM, Jan 10, 2013
New York: Citigroup said it will pay $15.5 million to Vikram Pandit, its former chief executive who resigned from company last month, as well as to his top deputy. The bank said on Friday the payments to Pandit and former Chief Operating Officer John Havens reflect the progress the bank made in 2012 and work they did in some earlier years. The statement came less than a month after board...
08:27 AM, Nov 10, 2012
New York: The incredible shrinking bank may have to shrink more. In the hours after surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank. Pandit left after a series of embarrassments and missteps that apparently unsettled Citigroup's board, including a "no" vote from shareholders on his pay package and a ruling from the Federal...
11:50 PM, Oct 17, 2012
New York: Citigroup Inc Chief Executive Vikram Pandit resigned abruptly on Tuesday, effective immediately, a shock change at the top of the No 3 US bank just one day after a surprisingly strong quarterly earnings report. Analysts and investors quickly raised red flags about the timing, saying it did not appear to be a natural transition and rather suggested some sort of dispute at the bank. But Citigroup shares rose...
06:03 PM, Oct 16, 2012
Washington: Iranian hackers have repeatedly attacked Bank of America, JPMorgan Chase & Co and Citigroup over the past year as part of a broad cyber campaign targeting the United States, according to people familiar with the situation. The attacks, which began in late 2011 and escalated this year, have primarily been "denial of service" campaigns that disrupted the banks' websites and corporate networks by overwhelming them with incoming Web traffic,...
12:03 PM, Sep 22, 2012
Mumbai: Deutsche Bank and Citigroup raised their targets for the BSE stock index after the government announced reforms last week, including opening up the country's multi-brand retail sector to foreign direct investment (FDI). Deutsche Bank raised its December 2012 target for the BSE Sensex to 20,000. Citigroup raised its BSE target to 19,900 for June 2013 from its previous target of 18,400 for December. The BSE Sensex closed at 18,464.27...
10:47 AM, Sep 17, 2012
New York: Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. The agreement resolves claims that shareholders ended up with massive losses after the bank failed to take timely writedowns on collateralized debt obligations, many backed by subprime mortgages, and engaged in self-dealing...
09:30 AM, Aug 30, 2012
Mumbai: Global banking major Citigroup has struck the biggest property deal in recent years in the country by paying a hefty Rs 985 crore for six floors in the upcoming First International Financial Centre (FIFC) Tower at the coveted Bandra-Kurla Complex to house its headquarters. Two Citigroup entities - Citibank NA and Citigroup Global Markets - signed the deal to acquire 2,97,000 sq ft space which is six floors of...
07:37 AM, Apr 26, 2012
Washington: Citigroup's Indian American CEO Vikram Pandit and its directors have been sued by a bank shareholder over a compensation package that was contested by investors in a rare failed "say-on-pay" vote. A lawsuit filed in Manhattan on Friday by shareholder Stanley Moskal says Pandit and directors breached their fiduciary duties by awarding more than $54 million of compensation in 2011 to the executives. That pay included $15 million to...
10:20 AM, Apr 21, 2012
Washington: All but four of 19 major US banks got a green light on Tuesday from the Federal Reserve to boost their dividends and take other steps that will make their stocks more attractive to investors. The Fed declared them strong enough to survive a downturn worse than the Great Recession. The Fed's findings signaled its confidence that the financial system, which nearly collapsed 3 years ago, is healthy again....
08:26 AM, Mar 14, 2012
New York: Citigroup Chief Executive Vikram Pandit finally got his payday. The third biggest US bank company paid Pandit $14.86 million in 2011, compared with a salary of $1 and no bonus in 2010, according to a filing with the Securities and Exchange Committee. The 2011 payout included salary of $1.7 million and cash supplemented by a cash bonus of $5.3 million and options valued at $7.8 million. In 2009,...
09:16 AM, Mar 09, 2012
Mumbai: Global banking major Citigroup is learned to have decided to offload its entire 9.8 per cent stake in Indian mortgage major HDFC, valued at over $2 billion at current market prices. A senior official at Citigroup said the US' banking giant has decided to sell its stake in one of the best performing housing loan companies in the country as part of its ongoing capital planning efforts across geographies....
08:27 PM, Feb 23, 2012
Mumbai: International banking major Citigroup on Tuesday said it will lay off 100 employees in India as part of its global restructuring exercise. None of the company's operations or verticals will be affected because of the lay-offs which will be carried out in the next few days, a spokesperson of Citigroup said. "Citigroup continuously reviews its internal processes and organisational structure to right size the organisation for efficient growth. As...
10:16 PM, Jan 24, 2012
Taipei: HTC Corp, the world's No.4 smartphone maker, has filed a criminal complaint against Citigroup Inc's Taiwan unit, alleging the bank published false information that led to a fall in HTC's share price, a Taiwan prosecutor said on Tuesday. HTC, whose rapid rise in the cut-throat handset industry had made it an investor darling until early this year, has lost much of its luster in recent weeks as its models...
10:55 AM, Dec 13, 2011
New York: Citigroup Chief Executive Vikram Pandit has announced 4,500 jobs cuts worldwide in the coming months as the US financial major seeks to trim costs in a bleak global economic environment. The job cuts will begin this quarter and be completed "over the next few quarters" across a range of businesses, Pandit said at a Goldman Sachs Financial Services conference. The layoffs equal about 2 per cent of Citi's...
12:35 PM, Dec 07, 2011
Mumbai: Reliance Industries (RELI.NS) plans to issue a $1 billion 10-year overseas bond, probably early next year, to fund capital spending and possible acquisitions, three sources with direct knowledge said on Wednesday. Reliance, the largest listed Indian conglomerate, has hired Citigroup (C.N), Bank of America-Merrill Lynch (BAC.N) and UBS AG (UBSN.VX) for the issue, according to the sources who declined to be named as the information is not public yet....
05:12 AM, Dec 01, 2011
