$28 bn tobacco award slashed to $28 mn
California: A California judge on Wednesday slashed a record $28 billion jury award against cigarette maker Philip Morris to a comparatively paltry $28 million, calling the punitive damages "legally excessive."
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Oracle results beat company forecast
California: Database giant Oracle on Wednesday posted quarterly earnings and revenues that beat its own cautious forecasts, saying it believes the worst is over and that it would return to growth.
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Pfizer signs $100 million pact with Eyetech
New Tork: Pfizer and Eyetech Pharmaceuticals have signed an agreement to develop and sell the privately held company's Macugen, a potential treatment for age-related macular degeneration and diabetic macular edema, which both cause blindness.
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Tyco ex-director pleads guilty, to pay $22.5 mn in fine
Paris: A former outside director at Tyco International pleaded guilty and agreed to pay $22.5 million in restitution and fines on charges of committing securities fraud by arranging a Tyco acquisition and not discolsing to fellow board members about his earnings of $20 million from the deal.
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Nokia launches online store for phones
New York: Nokia, the world's largest mobile phone maker, is hoping US consumers will go to its Website to purchase a phone and wireless service instead of going to a service provider.
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Allianz chairman decides to quit
Frankfurt: German insurance giant Allianz said in a shock announcement on Wednesday that its chairman Henning Schulte-Noelle was quitting with effect from next April.
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