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Greenspan says US economy on firm track
Washington DC, USA: Federal Reserve Chief, Alan Greenspan informed the US Senate that, the country's economy was not going through a slowdown, and also endorsed the decision to increase interest rates further.

While addressing a meeting at the US Senate in Capitol Hill, Greenspan testified that, the US economy was on a firm track and more importantly, the Central Bank should be able to continue to raise interest rates at a measured pace.

Commenting upon the pronounced decline in the long term yields on the US treasury securities, which came despite a 2 per cent point increase in the federal funds rate. Greenspan said that, this unusual movement could partly be due to falling costs, and partly due to rapid globalisation.

The Fed chief said that the pace at which countries like India and China had been supplying low cost jobs had brought down the cost structure globally.
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Eli Lilly & Co. to settle Zyprexa claims for $690mn Indianapolis, USA: Eli Lilly & Co. has agreed to pay up to $690 million to settle claims from an estimated 8,000 people who claim the company did not properly list risks associated with its anti-psychosis drug Zyprexa.

The company announced Thursday that it entered into an agreement in principle with plaintiffs' attorneys involved in the Zyprexa claims.

Most of the lawsuits claimed that before September 2003, the information on Zyprexa labels regarding the risk of hyperglycemia and diabetes was not adequately displayed.

In September 2003, the FDA required label changes for all atypical anti-psychotic drugs to warn against the risk.
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