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WTO amendment on generic drugs
Geneva: The WTO approved Wednesday the modification of TRIPS (WTO Agreement on Trade-Related Aspects of Intellectual Property Rights), helping poor countries get access to generic drugs.

The waiver makes it easier for poorer countries to obtain cheaper generic versions of patented medicines by setting aside a provision of the TRIPS Agreement that could hinder exports of pharmaceuticals manufactured under compulsory licences to countries that are unable to produce them.

The TRIPS Agreement will be modified, however, only when two thirds of the WTO's members have ratified the change. The time limit set to arrive at an agreement is until 1 December 2007, and the waiver will remain in force until then.

The latest decision comes a week after WTO members agreed to extend the transition period for least-developed countries, allowing them until 1 July 2013 to provide protection for trademarks, copyright, patents and other intellectual property under the WTO's agreement. Least-developed countries had already been given until 2016 to protect pharmaceutical patents.
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Virgin board rejects NTL's £817mn offer
London: The board of Virgin Mobile has rejected NTL's £817mn takeover offer, claiming the approach "materially undervalued" the telecoms group. The Virgin board led by Charles Gurassa, said it was unanimous in its decision to turn down NTL's proposal.

Sir Richard Branson, the chief architect of the deal along with NTL's chief executive Simon Duffy, and owner of 72 per cent of the mobile phone group was last night unaware of Virgin Mobile's board decision, as he was on a fight to Australia.

In a statement issued last night, the Virgin Mobile board, advised by Morgan Stanley, said: "Mindful of its duty to maximise value for all shareholders, in reaching this decision the board has carefully considered the potential offer and consulted with Virgin Mobile's major independent shareholders. The board has concluded that the potential offer materially undervalues Virgin Mobile."

The independent shareholders in Virgin Mobile, mostly City institutions, are not against the deal in principle but may be holding out for a higher price that may value the company at £903mn, instead of the £817mn offered by NTL.
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Dresdner to handle Gazprombank's share issue
London: Dresdner Bank is to handle the US$800mn share placement for Gazprombank. The share placement will be the first step for the Russian bank's initial public offering in 2007. The banking arm of the Russian oil major Gazprom, it manages 90 per cent of the energy company's revenues.

The bank will issue 50 per cent more shares and sell them to strategic investors through Dresdner Kleinwort Wasserstein (DrKW), Dresdner's investment banking arm. This will dilute Gazprom's share from 100 per cent to about 66 per cent. The share placement is part of Gazprombank's planned capital increase as it prepares to float up to 25 per cent of the total stock on a foreign exchange - most likely in London.

The German bank has recently been involved in a number of significant deals that have helped the Kremlin tighten its grip over the energy sector. Dresdner was a leading adviser on Gazprom's purchase of Sibneft, an oil company controlled by the Russian tycoon Roman Abramovich, which was sold for US$13bn. Dresdner also helped Russia to value the main production unit of Yukos, an oil company eventually sold to Rosneft, the state oil company.
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Microsoft fined US$31mn by Korean anti-trust regulator
Seoul: Seoul's anti-trust watchdog on Wednesday fined Microsoft US$31mn for abusing its dominant position in the South Korean market and has ordered the US software maker to separate its Media Player and instant messaging programmes from its operating system.

The Korean regulator follows in the footstep of the European Commission's long antitrust campaign against Microsoft. The commission had ruled in 2004 that the software group had broken competition law and fined it €497mn.

Microsoft said it would appeal against the ruling by the Fair Trade Commission, aimed at giving Korean software groups a chance to grow. The FTC gave Microsoft 180 days to offer two new versions of Windows in Korea, one of which must be stripped of Windows Media Player and instant messenger software. The other must have links to internet pages that allow users to download competing software products.

Microsoft last month agreed to a US$30mn settlement with Korea's leading portal, Daum Communications, which brought the complaint. It also reached a US$761mn settlement with RealNetworks, the US-based multimedia software company, over the issue. Both groups scrapped their complaints but the FTC continued its four-year investigation.
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Coca-Cola to debut new soda
Atlanta, USA: Coca-Cola Co., the world's largest soft-drink company, has made ``good progress'' this year Chief Executive Officer E. Neville Isdell said.

He also said that the company's long-term target of increasing earnings by as much as 8 percent will ``certainly'' be met, and also that it will introduce Coca-Cola Blak, a coffee-flavored drink that will be marketed as an energy beverage and soda. Coca-Cola will also debut an advertising slogan, ``Welcome to the Coke side of life,'' in 2006.

Even as Coca-Cola's U.S. soda sales had fallen this year through September, Isdell said that the company will be spending an additional US$400mn on marketing as part of a two-year turnaround plan. He also introduced a lower-calorie Powerade sports drink and flavored Dasani water to catch up with PepsiCo Inc., the leader in noncarbonated drinks.

The company will make more acquisitions in 2006, Isdell said. They will likely be regional rather than global, he said.
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