March 30, 2011 in Business

Briefcase

 

More bottles of Tylenol recalled over bad odor

WASHINGTON – Health care products maker Johnson & Johnson recalled another lot of Tylenol on Tuesday due to a musty odor which has already triggered five other recalls of the company’s over-the-counter medicines.

The latest recall involves more than 34,000 bottles of Tylenol 8 Hour Extended Release, which were distributed throughout the U.S. All of the products come from lot number ADM074, which appears on the bottom of the bottles.

It’s the sixth time that the New Brunswick, N.J.-based company has recalled nonprescription medicines because of complaints about an unpleasant odor.

The odor is thought to be caused by trace amounts of a chemical used to treat wooden pallets on which bottles are stored and shipped. The company previously said it has stopped using wooden pallets.

The Tylenol 8 Hour Extended Release tablets were manufactured at the company’s Fort Washington, Pa., plant, which has been at the center of its recall woes.

Associated Press

Toys R Us settles FTC civil charges

NEW YORK – The Federal Trade Commission said Tuesday that Toys R Us, the largest U.S. toy retailer, agreed to pay $1.3 million to settle civil charges that it violated an agency order barring it from discussing its discount-chain competitors with its suppliers.

The FTC said between 1999 and 2010, Toys R Us violated the order by complaining via its Babies R Us subsidiary to several suppliers about the discounts other retailers were giving on baby products and requesting information about how companies supplied products to discounters.

The FTC said Toys R Us also deleted some emails of employees who left the company that it was required to keep.

The 1998 order came about after the FTC found Toys R Us used its position as the top U.S. toy retailer to stop toy makers from selling some toys to warehouse clubs.

That has not happened since, but the FTC said that Toys R Us did not comply with other parts of the 1998 order.

Associated Press

BATS to launch stock listing service

NEW YORK – One of the most profitable parts of the stock exchange business is about to become more competitive.

BATS Global Markets said Tuesday it plans to launch a new listings service for U.S. stocks, opening the door for companies to go public in a venue other than the New York Stock Exchange or Nasdaq OMX Group.

The Kansas City, Mo.-based electronic exchange operator has submitted paperwork to the Securities and Exchange Commission and hopes to start listing stocks by the end of the year.

BATS already competes with established exchanges in its stock-trading business. Since it was founded six years ago, the privately-owned company has captured about 10 percent of all U.S. stock trading by offering lower fees and faster electronic trading than its competitors.

The new listing service could siphon away lucrative listing fees from the NYSE and Nasdaq as well. NYSE made approximately $300 million in U.S. stock listings in 2010, while Nasdaq made approximately $170 million, according to Morningstar.

The company will target both companies planning initial public offerings of stock and those that are currently listed on rival U.S. exchanges. Like at the NYSE and Nasdaq, companies that will be listed on BATS will have to meet basic tests of profitability, corporate governance and submit audited financial information regularly.

Associated Press


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