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“We’re starting to see some wage inflation. We saw rising pay rates for our temporary staff.”

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Article, 1D

Pfizer chief says jobs a cost of merger

LONDON — Pfizer Inc.’s chief executive acknowledged Tuesday that a potential merger with AstraZeneca would lead to job losses, but he promised to keep key research jobs in Britain as part of its $106 billion takeover bid.

Chief Executive Officer Ian Read refused to give specifics on where the cuts might take place as he testified before Parliament’s Business Innovation and Skills Committee but described them as an inevitable outcome of the merger. However, he told lawmakers the company would honor its promises to keep 20 percent of its global research and development workforce in the U.K.

“There will be some job cuts somewhere; that’s part of being more efficient,” he said. “Whereabouts in the world I cannot say.”

The U.S. drugmaker has sought in writing to ease worries that British jobs will be lost and research undermined by the transaction. Critics on the committee, however, repeatedly attacked what they described as Pfizer’s ruthless track record, accusing the company of buying foreign firms and then downsizing.

U.S. said to seek $3.5 billion from lender

U.S. prosecutors are seeking more than $3.5 billion from BNP Paribas SA to resolve federal and state investigations into the lender’s dealings with sanctioned countries, including Sudan and Iran, according to people familiar with the matter.

The agreement, which could come in the next month, is still being negotiated and the amount of the settlement could be higher than $3.5 billion, said four people who asked not to be named because the discussions are private. U.S. prosecutors are also seeking a guilty plea from BNP, the people said.

BNP said last month it may need more than the $1.1 billion it has set aside to settle the case.

India alleges solar-product dumping

India has found that U.S., Chinese, Taiwanese and Malaysian makers of solar equipment dumped products in its market, according to a document sent to parties involved and obtained by Bloomberg News.

The dumping caused “material injury” to domestic manufacturers Indosolar Ltd., Websol Energy System Ltd. and Jupiter Solar Power Ltd., according to a document dated Tuesday and signed by D.P. Mohapatra, a director in India’s Ministry of Commerce and Industry. Mohapatra didn’t respond to two emails and four phone calls seeking comment.

The ministry estimated that more than 20 companies sold equipment in India at as little as less than half the regular price in their home markets, according to the document. Parties involved have until Friday to respond to the ministry’s findings, according to the document.

Four people involved in the investigation, including manufacturers alleging dumping and developers opposed to duties, confirmed the document’s authenticity.

— Bloomberg News

Business on 05/14/2014

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