us bans more products from india’s ranbaxy

ranbaxy office Some of Ranbaxy's manufacturing facilities have faced US scrutiny in recent years Continue reading the main story

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The US has banned India's largest drugmaker Ranbaxy from producing and distributing drugs for the US market from its Toansa facility in Punjab.

The US drug regulator said there had been “significant” manufacturing violations at the facility.

It alleged that staff had retested materials after those items had failed initial tests “in order to produce acceptable findings”.

Other Ranbaxy units have also come under scrutiny by the US in the past.

The US Food and Drug Administration (FDA) has previously banned products from the company's facilities in Paonta Sahib, Dewas and Mohali.

“We are taking swift action to prevent substandard-quality products from reaching US consumers,” Carol Bennett, acting director of the FDA's Office of Compliance, said in a statement.

Ranbaxy said in a statement that it had “voluntarily and proactively suspended shipments” from the facility to the US after it received the inspection findings earlier this month.

“This development is clearly unacceptable and an appropriate management action will be taken upon completion of the internal investigation,” said Arun Sawhney, chief executive of Ranbaxy.

The firm's shares fell as much as 20% on the FDA ruling.

man utd pushed out of football rich list top three

By Bill Wilson Business reporter, BBC News manchester united's serbian defender nemanja vidic (l) clashes with chelsea's fernando torres Recent commercial deals should boost United's coffers this season Continue reading the main story

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Manchester United has dropped out of the top three in Deloitte's football rich list for the first time.

Real Madrid, Barcelona and Bayern Munich were in the first three places in Deloitte's list, which is based on revenues in the 2012-13 season.

Real Madrid, with revenues of 518.9m euros (?444.7m), topped the list for the ninth year in a row, breaking a record previously held by Man Utd.

French champions Paris Saint Germain took fifth spot in the table.

Despite falling down the pecking order, United's revenues increased from 395.9m euros to 423.8m euros.

The total combined revenue for the top 20 richest clubs rose 8% to 5.4bn euros, the report found. The list only looks at revenues accrued and does not take into account club debts.

manchester united manager david moyes

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Dan Jones, partner in Deloitte's sports business group told the BBC that the increase in revenues was due largely to commercial sources, such as “sponsorships, shirts – everything that isn't tickets and TV.”

Other findings included:

  • Treble-winning Bayern Munich saw revenues rise by 62.8m euros (17%) to 431.2m euros
  • Turkish clubs Galatasaray and Fenerbahce claimed places in the top 20
  • All clubs in the top 30 now generate over 100m euros in revenue each, whereas in the first list, compiled in 1996-97, only Manchester United topped this figure
  • Although Liverpool's revenues grew by 9%, the club fell out of the top 10 for the first time since 1999-2000

“Whilst Manchester United drop one place in the Money League, a number of the club's recent commercial deals will boost revenue in 2013-14, so this fall to fourth place may only be temporary,” said Deloitte's Austin Houlihan.

“These deals, combined with the impact of the improved three-year Premier League broadcast deals from 2013-14, mean they are likely to get close to the 500m-euro revenue mark in next year's Money League.

“Beyond 2013-14, consistent qualification for the Champions League is key in United challenging to regain top spot in the Money League, a position it last held in 2003-04.”

The Old Trafford club currently sits seventh in the Premier League, outside the Champions League qualification spots.

Continue reading the main story

Deloitte Football Money League
  • 1. Real Madrid: 518.9m euros
  • 2. Barcelona: 482.6m euros
  • 3. Bayern Munich: 431.2m euros
  • 4. Man Utd: 423.8m euros
  • 5. Paris Saint Germain; 398.8m euros
  • 6. Manchester City: 316.2m euros
  • 7. Chelsea: 303.4m euros
  • 8. Arsenal: 284.3m euros
  • 9. Juventus: 272.4m euros
  • 10. AC Milan: 263.5m euros

Source: Deloitte, Revenues in 2012-13 season

Other English clubs in the top 20 places were Manchester City (6th), Chelsea (7th), Arsenal (8th), Liverpool (12th) and Tottenham Hotspur (14th).

Paris Saint Germain has seen its revenues almost quadruple to 398.8m euros since 2010-11, and that figure includes commercial revenues of 254.7m euros.

Dan Jones from Deloitte said the strong rate of revenue growth for top European clubs showed “the enduring appetite for the world's most popular sport on the global stage”.

The top 10 spots were completed by Italian giants Juventus and AC Milan.

Once again, the list was dominated by clubs from the so-called “Big Five” leagues; England's Premier League, Germany's Bundesliga, Italy's Serie A, Spain's La Liga, and France's Ligue 1.

However, as well as the two Turkish teams, Brazilian club Corinthians also made it into the top 30.

hsbc imposes restrictions on large cash withdrawals

By Bob Howard Reporter, Money Box hsbc bank sign HSBC customers requiring large cash withdrawals may be asked what they want the money for Continue reading the main story

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Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.

Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from?5,000 to?10,000.

HSBC admitted it has not informed customers of the change in policy, which was implemented in November.

The bank says it has now changed its guidance to staff.

New rules

Stephen Cotton went to his local HSBC branch this month to withdraw?7,000 from his instant access savings account to pay back a loan from his mother.

A year before, he had withdrawn a larger sum in cash from HSBC without a problem.

But this time it was different, as he told Money Box: “When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved.”

Mr Cotton says the staff refused to tell him how much he could have: “So I wrote out a few slips. I said, 'Can I have?5,000?' They said no. I said, 'Can I have?4,000?' They said no. And then I wrote one out for?3,000 and they said, 'OK, we'll give you that.' “

He asked if he could return later that day to withdraw another?3,000, but he was told he could not do the same thing twice in one day.

Continue reading the main story

“Start Quote

As this was not a change to the Terms and Conditions of your bank account we had no need to pre-notify customers of the change”

End Quote HSBC customer letter

He wrote to complain to HSBC about the new rules and also that he had not been informed of any change.

The bank said it did not have to tell him. “As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change,” HSBC wrote.

Frustrated customers

Mr Cotton cannot understand HSBC's attitude: “I've been banking in that bank for 28 years. They all know me in there. You shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours.”

Peter from Wiltshire, who wanted his surname withheld, had a similar experience.

He wanted to take out?10 000 cash from HSBC, some to pay to his sons and some to fund his long-haul travel plans.

Peter phoned up the day before to give HSBC notice and everything seemed to be fine.

The next day he got a call from his local branch asking him to pay his sons via a bank payment and to provide booking receipts for his holidays. Peter did not have any booking receipts to show.

The following day he spoke to HSBC again and this time, having examined his account, it said he could withdraw the?10,000.

Belinda Bell is another customer who was initially denied her cash, in her case to pay her builder. She told Money Box she had to provide the builder's quote.

Customer protection

HSBC has said that following customer feedback, it was changing its policy: “We ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for.”

“The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We are writing to apologise to any customer who has been given incorrect information and inconvenienced.”

Continue reading the main story

“Start Quote

In a sense your money becomes pocket money and the bank becomes your parent”

End Quote Douglas Carswell MP for Clacton

Money Box asked other banks what their policy is on large cash withdrawals.

They all said they reserved the right to ask questions about large cash withdrawals.

But none of them said they would require evidence of what the money was being used for before paying out.

Douglas Carswell, the Conservative MP for Clacton, is alarmed by the new HSBC policy: “All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilises the customer. In a sense your money becomes pocket money and the bank becomes your parent.”

But Eric Leenders, head of retail at the British Bankers Association, said banks were sensible to ask questions of their customers: “I can understand it's frustrating for customers. But if you are making the occasional large cash withdrawal, the bank wants to make sure it's the right way to make the payment.”

Money Box is broadcast on Saturdays at 12:00 BST on BBC Radio 4 and repeated on Sundays at 21:00 BST. You can listen again via the BBC iPlayer or by downloading Money Box Podcast.

What has your experience been of trying to withdraw a large sum of cash from your bank? Let us know your views.

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zambian open window gave restaurant lift-off

farmers in zambia drying and preparing vegetables

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Sylvia Banda has trained farmers in rural areas, who now supply her business

Continue reading the main story

African Dream
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Sylvia Banda is one of Zambia's most enthusiastic champions of local food and has been using her business, Sylva Professional Catering, to promote her cause.

By purchasing her ingredients from regional, small-scale farmers, she showcases the country's bounty to the upscale clientele who employ her catering services.

Based out of the University of Zambia's Great East Road campus in Lusaka, the capital, Mrs Banda is promoting healthy eating, and all the while training a new generation of food service professionals who she teaches the merits of quality, ethical behaviour, professionalism, innovation, service orientation, and personal drive.

She started her business from scratch 27 years ago. At the time, she was employed by the government as a teacher.

Continue reading the main story

“Start Quote

I opened the windows and I opened the door, and I could see the smoke fighting, going out, the steam… a few minutes later, people started coming”

End Quote

She asked for 10 days' leave without telling her boss what she was going to do.

“I did not want to tell my husband, Hector, that I was going to start a business because I did not want him to discourage me,” she told the BBC's series African Dream.

“When we talked about it a bit before, he was suggesting that I look for someone to employ, and then me, I can just be going there to supervise and see how that person is working, and I didn't want that,” she explained.

So, after her husband left for work next morning, she packed some food that she had at home, took her cooking utensils and cutlery, and called a taxi to go to the place where she had decided to open her first restaurant.

“After sweeping and cleaning the place, I switched on the two-plate cooker and I got my new pan, I put the cooking oil, then I chopped the garlic, the onions, the green beans… then I started frying them, bit by bit.”

Instead of going around the neighbourhood to advertise her new business, she left that to the food's aroma.

“I opened the windows and I opened the door, and I could see the smoke fighting, going out, the steam… a few minutes later, people started coming.”

‘A standing buffet’

Since she did not have any money to buy tables and chairs, she told all the people who went for lunch that first day that they would be offered “a standing buffet”, something that – she assured them – was trendy in the catering business.

Continue reading the main story

Sylvia Banda

sylvia banda

  • Age: 51
  • Comes from Muchinga Province in northern Zambia
  • Used to work as a teacher
  • Started Sylva Professional Catering Ltd In 1986
  • Incorporated her business in 1991
  • Opened the Sylva Professional Catering Training College in 2001
  • Established Sylva Food Solutions in 2003
  • Awards: More than 25
  • Annual turnover: $1m
  • Hobbies: Cooking, writing and reading
  • Has written three books

“I sold all the food that I cooked that particular day… when I counted the money, I found that I made more than what the government was paying me for a month,” she told BBC Africa's Mutuna Chanda.

According to Mrs Banda, this was enough motivation for her to stop being a civil servant and go into business for good.

“After exhausting my 10 days, I went back to my working place and requested for two years unpaid leave because I knew that within two years I'd be able to make a decision.”

Two years later her business was doing well and she formally resigned her previous job.

These days the Sylva Group of Companies employs 35 staff full time and more than 100 part time, and has an annual turnover of more than $1m (?660,000).

The group also includes side businesses which process and package traditional Zambian foodstuffs.

These products – including honey, millet, dried seeds, herbs, and local varieties of vegetables – are sold in markets throughout the region and exported to other African countries.

Harvesting ideas

The seasoned entrepreneur also encourages farmers to join marketing associations, and – through her Sylva Professional Catering Training College which opened in 2001 – offers training on alternative harvesting methods as well as on the medicinal properties of indigenous plants and foods.

Through her workshops she preaches techniques for environmental management and promotes the idea that hunger can be reduced by growing local food.

Continue reading the main story

“Start Quote

You need to know what you want to do, first of all, in life. Secondly, you have to be determined. Of course, it’s not easy to run a business but you have to be determined and focused”

End Quote

“We train students from certificate to diploma level. Those are professional courses and we have now gone into the construction of a university so that these students can now attain the degree certification,” Mrs Banda said.

Most recently, she has designed the Sylva Solar Food Dryer to sell to small-scale farmers who can use it to add value to their produce.

“We train the farmers to dry vegetables, fruits and legumes using the solar driers which we invented so that they feed into the export market. So far we have trained these farmers, more than 10,000 of them,” the entrepreneur said.

Having started, as she puts it, “with no budget, just the skill… and the desire”, what advice does she have for people who want to open their own businesses?

“You need to know what you want to do, first of all, in life. Secondly, you have to be determined. Of course, it's not easy to run a business but you have to be determined and focused.

“And, also, try to learn things and then expand upon them… Those innovations are the ones that can help you to grow your business. Of course, competition is there but don't worry about it, just perfect your business”, she said.

If you have any questions for Sylvia Banda, please join her in a live Q&A on the BBC Africa Facebook page from 1600 – 1700GMT on Friday 1 March.

African Dream is broadcast on the BBC Focus on Africa radio programme every Thursday afternoon, and on BBC World News throughout the day on Fridays

Every week, one successful business man or woman will explain how they started off and what others could learn from them.

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