Lanka IOC says diesel tax increase will hit earnings
COLOMBO The Sri Lankan government's decision to increase tax on diesel is likely to hit 2016/17 second-half earnings at fuel retailer Lanka IOC, its managing director said on Monday.
Generic drugmaker Sun Pharmaceutical Industries Ltd's (SUN.NS) response to an import ban on one of its plants lacked "sufficient corrective actions," the U.S. Food and Drug Administration said in a warning letter published on Tuesday.
The FDA banned imports from Sun Pharma's Karkhadi plant in Gujarat in March, but the reason for the ban was not clear at that time.
In the warning letter dated May 7 and posted on the FDA website on Tuesday, the regulator said Sun Pharma failed to ensure laboratory records had complete data and that manufacturing staff had inadequate training and experience.
"Your firm frequently performs 'unofficial testing' of samples, disregards the results, and reports results from additional tests," the FDA said in the letter addressed to Sun Pharma CEO Subramanian Kalyanasundaram. (link.reuters.com/pyx49v)
A Sun Pharma spokesman told Reuters on Tuesday that the warning letter shows that the U.S. FDA does not agree with the company's response.
The Karkhadi plant, which makes the antibiotic cephalosporin, is one of Sun Pharma's 25 manufacturing plants.
Sun Pharma, which is planning to buy its struggling rival Ranbaxy Laboratories Ltd (RANB.NS) for $3.2 billion, had said in March that the import ban would have negligible financial impact.
The FDA has unleashed a wave of restrictions, warnings and bans on Indian generic drug firms over the past one year, citing serious manufacturing and quality control problems.
(Reporting by Esha Dey in Bangalore and Zeba Siddiqui in Mumbai; Editing by Sriraj Kalluvila)
ALGIERS Iran downplayed on Monday the chances of OPEC and non-OPEC oil producers clinching an output-restraint deal in Algeria this week even though several other members of the group said they still hoped for steps to tackle a price-eroding glut of crude.
Wall Street fell on Monday as Deutsche Bank weighed on financials and investors hunkered down for the first debate between U.S. presidential candidates Hillary Clinton and Donald Trump.