Washington - US conglomerate General Electric (GE) experienced a massive fall in third-quarter earnings as a result of the ongoing financial crisis.

With the weak financial sector, which normally contributes to a large portion of consolidated earnings, GE's net income fell by 22 per cent to 4.31 billion dollars.

Earnings per share fell by 10 per cent to 0.45 dollars, GE said in Fairfield, Connecticut, on Friday.

World’s second major drug maker, GlaxoSmithKline (GSK) has made announcement that the company is proposing to build a new manufacturing production line in Nashik, Maharashtra with the aim to produce 300 million tablets of albendazole per year for curing Lymphatic Filariasis (LF).

Lymphatic Filariasis (Philariasis) is a parasitic and infectious tropical disease that is caused by thread-like parasitic worms, of the type filarial nematode.

Reliance Globalcom, a venture of Anil Dhirubhai Ambani Group (ADAG) has entrusted the responsibility of Business Head to Mandeep Bhatia for its National Long Distance (NLD) division.

Bhatia earlier was working for Bharti Airtel as its COO for the consumer mobile business heading Mumbai, Maharashtra and Goa.

The largest Indian drug major, Ranbaxy has a reason to cheer. The US Department of Justice has withdrawn a motion against Ranbaxy Laboratories. The department had filed a case against the drug major over the quality of some drugs produced at the Indian plants of company. The department also alleged the drug major and its US consultant Parexel Consulting for concealing and forging the crucial data. The FDA had also banned 28 drugs of company before three weeks.