Wockhardt hit by new export ban from UK regulator, shares slide
Wockhardt’s shares slid by their daily limit of 5 percent and have fallen nearly 70 percent for the year to date. The U.S. Food and Drug Administration has also warned that the Chikalthana plant, which makes a generic version of the high blood pressure drug Toprol, may be in violation of its standards. Wockhardt this year appointed a new quality chief and hired outside consultants in a bid to improve compliance. Macquarie analysts Abhishek Singhal and Kumar Saurabh said in a note to clients that the speed with which Wockhardt can resolve regulatory issues would be critical, adding that it may not be able to do this before fiscal 2016. “Any potential adverse regulatory action on this facility from the U.S. FDA could have a significant impact on our earnings projection over the medium term as fixed costs would remain,” they added. Wockhardt has seven plants in India. But almost 70 percent of its estimated fiscal 2015 EBITDA (earnings before interest, taxes, depreciation, and amortisation) was dependent on the Chikalthana facility, the Macquarie analysts said. Wockhardt said it earns about 12 million pounds in UK and European Union sales from the Chikalthana, Aurangabad, facility, in western India. That represents about 2 percent of its total annual sales in the last fiscal year.
UK Government Takes Option 3 Following E-Waste Recycling Consultation
This was followed by local government with 49 responses, 29 trade bodies, 22 Producer Compliance Schemes (PCS), 17 distributors of EEE, 16 WEEE treatment facilities, 16 charities or social enterprises, 14 electrical reuse organisations and 11 waste management companies. The remainder of the responses came from individuals, central government and staff associations. The key features of the new system are as follows: All producers must join a Producer Compliance Scheme, (unless they fall below the de minimus threshold for EEE placed on the market when they will be required to register directly with a relevant environment agency.) Each PCS will be given a tonnage target by category of EEE placed on the market in proportion to the Member State target and the total market share of their members during the previous compliance year Proportion of the member state target to be met by PCSs to be set annually by the Government. Relevant environment agencies will then use this when calculating the individual PCS obligations which will be notified to each PCS by 31 March of the relevant compliance year Late registering producers and in year changes to previously submitted producer EEE data will trigger a recalculation of the PCS obligation whose membership and/or data has changed WEEE delivered into an AATF/AE by a PCS generates evidence for that PCS. Any WEEE sent to/received by an AATF/AE by other persons generates data to be reported and count towards the MS collection target Additional WEEE data generated from protocol sampling of WEEE treated outside the system will potentially be counted towards Member State collection target using substantiated estimates Evidence should not be transferred between schemes, but PCSs may choose to contract with each other in advance of collections PCSs are free to make any collection arrangements for household WEEE. A PCS may collect more or less than the obligation it has been given If a PCS collects too much, it must finance the excess or retain the income If a PCS collects too little, it must pay a Compliance Fee per tonne (collection steam specific) into a fund intended to support WEEE related projects or face appropriate sanctions for non-compliance Government to approve proposal for methodology and application of compliance fee each year. Only one methodology will be approved for each compliance period. Deadline for submitting proposals will be 30th September each year. Local authority DCFs can choose, annually and by WEEE stream to manage collection and treatment directly, absorbing any revenues/costs for any specific WEEE stream. Those choosing self management of WEEE streams will have to notify BIS A PCS must collect and finance the treatment and recovery of WEEE from a local authority DCF if requested to do so by that DCF and that DCF has not previously notified BIS of their intention to self manage for that WEEE stream for that compliance period. The PCS must honour this request irrespective of whether it has met or expects to meet its obligation. Reaction The Governments decision has been welcomed by the Joint Trade Associations (JTA), which represents the eight major trade associations in the electrical sector and four producer-owned and led WEEE compliance schemes. Chairman of the JTA and technical manager at the Association of Manufacturers of Domestic Electrical Equipment, Richard Hughes said: We are pleased that the Government has seized the opportunity presented by the recast of the WEEE directive to apply fundamental, root and branch reforms to the UK WEEE system. He added: Whilst not our most favoured option, in choosing option 3, the Government has clearly listened carefully to the comments of the wide range of stakeholders which responded to the WEEE consultation. As the consensus option, we understand the decision and support it, he added. According to Hughes, the decision heralds the long overdue demise of the must buy market for WEEE, provided that the compliance fee is properly set and applied each year. On that basis, no longer will WEEE schemes need to engage in senseless bidding for costly WEEE evidence. Costs to Producers should then reflect the actual costs incurred and not the inflated evidence costs that have been prevalent in recent years, he continued. Hughes also noted that resources can now be focused on ensuring that quality treatment standards are applied consistently, that WEEE traceability is in place, and that collection rates are maximised.
Top Stories Pakistan violates ceasefire again in Samba sector, BSF jawan injured A UK visa applicant here has been arrested for allegedly producing fake documents and faces a 10-year ban on travel to the Britain, the British Deputy High Commission (South) said today. “The Visa applicant had applied for a UK Visa and presented false documents to prove his financial circumstances. Preliminary investigations revealed that the applicant had paid Rs 2 lakh to an agent in order to obtain these false documents,” an official release from commission here said. “The applicant was referred by UK Visas and Immigration to the police. The applicant will have a 10 year ban on travel to the United Kingdom,” it said but did not disclose the identity of the applicant. “We welcome genuine visitors, students and workers to the UK. We will,however, not tolerate abuse of the UK Visa system and we have a zero tolerance of fraud…,” UK Visas and Immigration, Regional Director, Central Asia, South Asia and Turkey, Thomas Greig said. Stating that the High Commission has a “very effective processes” for detecting fraud, he said, “when we uncover fraud, including false bank statements, education and language certificates, we will refuse the visa and the applicant will face a 10 year ban travel to UK”. “I strongly advise anyone who wants a visa for the UK not to listen to agents who offer to sell forged documents or say that they can guarantee a visa”, he added. Tags: