July 27, 2011 |
GlaxoSmithKline chief executive officer Andrew Witty said Tuesday that the pharmaceutical industry would contract in coming years and that the survivors would be the companies that solved the "equation" of how to squeeze the most profit from every pound or dollar spent on research and development. Financial markets are the driver of the change. "The market is signaling that it wants less - in total - spent on R&D, so the total amount of R&D will come down," Witty said from the London Stock Exchange during a conference call with reporters after the release of second-quarter earnings.
November 19, 1988 |
Pennwalt Corp. yesterday laid off 61 Philadelphia-area employees as part of its efforts to become a smaller and less complex company, a spokeswoman said. The layoffs included 40 workers at corporate headquarters in Philadelphia and 16 others at the company's research center in King of Prussia, said Pennwalt spokeswoman Sue Kinard. She said five employees who staffed the company's two airplanes also lost their jobs. Before the layoffs, Kinard said, 500 people worked at the company's headquarters at Three Parkway in Philadelphia and 305 people were employed at the research and development center.
September 1, 1989 |
Atlantic Financial Corp., already struggling to come up with a way to increase its capital to meet tougher regulatory requirements, took a fresh blow yesterday when it nearly doubled its reserves for bad loans after an annual examination by the Federal Home Loan Bank Board. Atlantic Financial, a savings and loan association based in Bala Cynwyd, said it was boosting its reserves by $41 million - they had totaled $42.7 million as of June 30 - though the company said it was disputing the need for $19 million of the amount.
December 25, 2000 |
A dominant feature of Prague is the Gothic tower of the Cathedral of St. Vitus, St. Wenceslas and St. Adalbert. That tower is now wrapped in scaffolding because it is being renovated. Temporarily, the scaffold conceals the tower's beauty. That concealment, however, is designed to preserve this beauty forever. Perhaps this scaffolding serves as an analogy for our world, and particularly that of the post-Communist countries. If some of our best features are not quite visible for the time being, it is because the societies are undergoing change, striving anew - this time in complete freedom - to rediscover and restore our true identities.
December 7, 1987 |
Three years ago, PSFS, by all accounts, had great potential but plenty of problems. Frederick S. Hammer got $782,133 his first year to come in as president and change things. Today, Hammer is chairman, and PSFS has a corporate parent with big plans and a fancy name, Meritor Financial Group, but its potential and problems remain largely unchanged. From the start, Hammer said that to improve profitability Meritor simply needed time to expand and rid itself of its "historic baggage.
August 18, 1988 |
Eastern Airlines said yesterday that a widely publicized investigation into its safety would continue to have an effect on its earnings, which have already been hit by safety worries and passenger complaints. Eastern, part of Texas Air Corp. of Houston, lost $90 million in the second quarter, compared with a profit of $27 million in the same period last year. The Miami-based airline has said it would lay off up to 4,000 workers to save money. The statement came in a filing to the Securities and Exchange Commission.
November 17, 1996 |
Limbo limbo like Al Dunlap. How lo-o-o-o-o-w can he go? At Scott Paper Co., he cut one-third of the workforce. Now, at Sunbeam Corp., he is cutting half. "Next time it will be 70 percent. Then he'll get a company and just close it down to please the shareholders," said Michael Useem, a professor of management at the Wharton School. "It would be funny," he said, "if it didn't hurt so much. " Dunlap's latest corporate downsizing once again raises the question of shareholder rights versus the rights of workers and other corporate stakeholders.
June 10, 2013
Tycoons hoping to better society from beyond the grave might consider living (and dying) somewhere other than Pennsylvania. This is, after all, the state where Albert Barnes' idiosyncratic suburban art school was repurposed as a downtown museum, and where the school underwritten by Milton Hershey's fortune has become mired in inexplicable investments and state investigations. Yet another dead capitalist's construct is unraveling at Philadelphia's Girard College. The boarding school for needy children, built in the mid-19th century with the massive fortune of financier Stephen Girard, is undergoing a radical restructuring.
June 23, 2000 |
Genesis Health Ventures Inc., of Kennett Square, filed for Chapter 11 protection yesterday in U.S. Bankruptcy Court in Delaware, citing $1.5 billion in debts. Genesis is the fifth major nursing home company to file for bankruptcy in the last year as the industry has been battered by reimbursement reductions by Medicare. Genesis officials said that the company's 311 facilities in 15 states would continue to operate through Chapter 11 restructuring. "Chapter 11 protection ensures that employees can focus their attention on serving our customers while we restructure," Genesis's chairman and chief executive officer, Michael R. Walker, said.
June 4, 2013 |
THE ARCHDIOCESE of Philadelphia yesterday announced plans to merge 27 parishes, the largest in a series of moves to deal with declining attendance and population shifts. The parishes affected are in Philadelphia and Delaware County. The mergers, which will take effect July 1, were announced at the individual parishes during weekend Mass and communicated in a letter to congregants, the Archdiocese said. The Archdiocese said the mergers were based on several factors stemming from reviews of each facility.