Genentech’s takeover by the Swiss pharmaceutical giant Roche resulted in a couple of changes at the top. Arthur Levinson, former Genentech CEO, will be appointed as the chairman of a new board of directors overseeing the integration of the two giants. He will also be an Adviser to Genentech’s Research and Early Development Center.
The European Union directive against unlawful interception of internet traffic requires EU member states to ensure confidentiality and privacy of Internet users. As per EU telecoms Commissioner, UK has gone against this directive in the Phorm case. Uk signed the directive in 2002 and hence is bound to adhere to it. The Information Commissioner’s Office (ICO) in UK, had discussions with BT and Phorm and accepted BT’s argument about the case. The Commission has also stated that UK does not have regulatory authority to deal with such cases. In addition, the Commission has issued a two month notice BERR regarding the Phorm issue. If UK law is not modified to comply with European regulations, it may be taken up in the European Court of Justice.
An US Justice Department official has said that a client of the Swiss banking major, UBS, will be tried for tax evasion in Florida. This is the first time that such a case has come up involving a UBS client.UBS acknowledged that it helped US clients to evade tax by concealing their assets.UBS has agreed to pay $780 million as fine and has also agreed to identify the US clients.
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