Newsreel: State unemployment stable; Gates Foundation CEO named; generic Viagra out soon
NH jobless rate slowly improving
CONCORD — New Hampshire’s unemployment rate did not change from last month but is showing significant improvement from last year.The preliminary seasonally adjusted unemployment rate for November was 5.1 percent, unchanged from the October rate, according to N.H. Employment Security.The seasonally adjusted rate for the same month last year was 5.7 percent.
Seasonally adjusted estimates for November place the number of employed residents at 703,160, an increase of 1,200 from the same month last year.
The number of unemployed residents was 37,620, or 4,550 fewer unemployed than in November 2012.
The state now has 740,780 individuals in the workforce, a decrease of 3,350 from November 2012.
Nationally, the seasonally adjusted unemployment rate for November was 7 percent, down from 7.8 in the same month last year.
Honeywell’s forecast trails estimates
NEW YORK — Honeywell International, the manufacturer whose products range from aviation controls to solvents, forecast a profit for 2014 whose low end trailed analysts’ estimates.Sales next year will rise 4 percent to 5 percent, to as much as $40.7 billion, the Morris Township, N.J.- based company said in a statement. Earnings per share are expected to rise to a range of $5.35 to $5.55. Analysts project an average of $5.55.Honeywell, which has operations in Manchester, N.H., said it’s bracing for continued budget declines at the U.S. Department of Defense, where it gets about 8 percent of revenue, as it expects the economic environment next year “to be similar to 2013.” Still, by keeping costs in check, chief executive officer Dave Cote said he expects “strong margin expansion” and “double-digit earnings growth” next year.
The company also reaffirmed its forecast for 2013, saying sales would be $38.8 billion to $39 billion. Through Monday’s close, Honeywell shares had gained 38 percent this year, compared with a 25 percent gain in the Standard & Poor’s Index.
— Bloomberg NewsNew
CEO named for Gates Foundation
SEATTLE — The Bill & Melinda Gates Foundation said Tuesday its new chief executive would be Susan Desmond-Hellmann, an oncologist and public health expert who is currently the chancellor of the University of California, San Francisco (UCSF).
She will take up the post May 1, after the departure of the previous CEO Jeff Raikes, a former Microsoft Corp. executive who announced his plan to retire in September.
The world’s largest private philanthropy organization, with a $40 billion endowment, aims to tackle disease and poverty in the developing world and improve education in the United States.
Desmond-Hellmann has led UCSF since 2009. Before that, she was president of product development at biotech pioneer Genentech, where she led the development of two of the first gene-based cancer drugs, Avastin and Herceptin.
Bill Gates, the co-founder of Microsoft, and his wife Melinda are co-chairs of the foundation, as is Gates’ father. Billionaire investor Warren Buffett is a major donor and trustee.
Teva will sell generic Viagra under order
WASHINGTON — Generic Viagra will hit the market more than two years earlier than expected under a settlement reached by Teva Pharmaceutical Industries and the maker of the impotence drug, Pfizer.
Teva can enter the market on Dec. 11, 2017, and will pay patent royalties through the expiration of the Viagra patent in April 2020, New York-based Pfizer said in a statement. Other terms weren’t disclosed.
Viagra, whose chemical name is sildenafil citrate, is one of Pfizer’s best-known medicines. Revenues for the drug were $2.05 billion in 2012, its best year ever. Pfizer earlier this year began selling the blue pill through a company-sponsored website to combat counterfeit versions sold online.
The medicine came from a group of compounds considered during research to treat high blood pressure and angina. The assistance with erectile dysfunction was a side effect discovered during testing, and the patent, issued in 2002, is for use of the compound to treat impotence.
Some aspects of the patent were earlier rejected in 2010 because it was similar to a Chinese herb known as Horny Goat Weed. Teva, based in Petach Tikva, Israel, lost its bid to invalidate the rest of the patent at trial and was appealing the case. The U.S. Court of Appeals for the Federal Circuit dismissed the appeals.