Pfizer to cut 7,800 more jobs
New York: Pfizer Inc. is planning to cut 7,800 more jobs, which includes over 20 percent of its European sales force, to save up to an additional $1 billion by the end of 2008 and ensure profit growth.

Pfizer's sales growth has remained stagnant due to generic competition and failure to introduce significant new drugs, had been aiming for annual cost savings of $4 billion by 2008. It had already announced plans to cut its U.S. sales force by 20 percent, or 2,200 jobs. During a meeting with analysts, Pfizer projected flat revenue in 2007, with earnings of $2.18 to $2.25 per share. The forecast, which excludes special items, translates into earnings growth of 5.8 percent to 9.2 percent.

For 2008, the company has projected flat revenue and profit growth of 6 percent to 9 percent, to $2.31 to $2.45 per share.
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Citigroup shuffles management ranks
Citigroup has gone in for a reshuffle of its top management for the second time in a little more than a month.

Todd S. Thomson, 45, has been removed as head of global wealth management, and Sallie L. Krawcheck, 42, the chief financial officer, will take over the job.

Citigroup is now left with having to fill two significant executive posts.

Krawcheck will remain chief financial officer until a successor is found, a search that could take several weeks to several months.

The reshuffle is taking place amid years of lackluster operating results and a languishing stock price under the company's chairman and chief executive, Charles O. Prince III.

Citigroup is still in negotiations over Thomson's severance package.

Prince last month promoted Robert A. Druskin, head of the corporate and investment bank, to become chief operating officer.
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Malaysia cracks down on companies using toxic chemicals
Kuala Lumpur: The Malaysian authorities will conduct checks across the country on companies using toxic chemicals and impose still penalties on offenders.

The authorities will hold road shows and seminars to publicise the provisions of the Chemical Weapons Convention Act while inspecting companies. Products like textiles, insecticides, pesticides, lubricants and even juices are made with chemicals that can be turned into weapons of mass destruction media reports said adding than 13 years after signing the Chemical Weapons Convention (CWC), Malaysia was now serious in the global fight against chemical weapons.

Offenders will be given penalties if they breach the CWC Act 2005 with penalties including a fine of up to RM150, 000 (more than Rs 20 lakh) or seven years' jail or both.
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