LOS ANGELES – T-Mobile quietly increased its price of the iPhone 5 by $50, raising the down payment to $150.
The Seattle-based carrier began selling the phone last month at $99.99 plus 24 payments of $20, for a total cost of $580, but now, T-Mobile is saying the initial $99.99 down payment was a promotional price that ended Sunday.
“We all know promotions are temporary,” T-Mobile said in a statement.
AT&T, Verizon and Sprint charge $199 for the iPhone 5 with a two-year service contract.
Drugmaker earns record fine
WASHINGTON – An Indian drug company’s subsidiary has agreed to pay $500 million in fines and civil penalties for selling adulterated drugs and lying about tests to federal regulators, the Justice Department said Monday.
The guilty plea by Ranbaxy USA Inc. represents the largest financial penalty by a generic drug company for violating the Federal Food, Drug and Cosmetic Act, which prohibits the sale of impure drugs, prosecutors said.
Ranbaxy admitted it made and sold impure drugs at two manufacturing sites in India. The batches of adulterated drugs included generic versions of an antibiotic and medications used to treat severe acne, epilepsy and nerve pain.
Detroit broke, with huge deficit
DETROIT – A new report out by Detroit’s emergency manager says the city is broke and faces a bleak future given the financial path it’s on.
The report released late Sunday by Emergency Manager Kevyn Orr says Detroit’s net cash position was negative $162 million as of April 26 and that the projected budget deficit is expected to reach $386 million within two months.
The summation is the latest blow to the city, which came under state oversight in March when Gov. Rick Snyder selected Orr to handle Detroit’s finances. Then, the city estimated its budget deficit to be about $327 million.
McDonald’s adding burgers
NEW YORK – McDonald’s will add three new Quarter Pounders to its core menu as the chain looks to offer cheaper premium burgers and capitalize on one of its most popular brands.
The company, based in Oak Brook, Ill., says the new burgers will replace its meatier Angus Third Pounders, among the most expensive items on its menu at around $4 to $5. McDonald’s Corp. says the new Quarter Pounders will roll out nationally in mid-June.
All Quarter Pounders, including the original, will use a new bun that has eight grams of whole grains.
Dell wants details from Icahn
Dell board members say they need more details from investor Carl Icahn if he wants them to seriously consider his challenge to Michael Dell’s $24.4 billion plan to take the computer maker private.
Icahn and prominent Dell shareholder Southeastern Asset Management said last week they want to keep Dell Inc. publicly traded and give shareholders $12 in cash or more shares.
An investment group led by company founder Michael Dell offered earlier this year to pay $13.65 per share to take the Round Rock, Texas, company private. Icahn and other shareholders say that price is too low.
Elan purchases drug royalties
Irish drugmaker Elan plans to pay $1 billion for the right to future royalties from four respiratory treatments being developed by Theravance and GlaxoSmithKline.
The deal will give Elan 21 percent of the future royalties that Theravance Inc. receives from Glaxo. Theravance shares jumped 7 percent in premarket trading. Elan shares slipped.
Drugs named in the deal include Breo Ellipta, a once-a-day inhaled treatment that just received approval from the U.S. Food and Drug Administration.
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sponsored Jargon is confusing, by definition. And the financial world has its own set of cryptic words.