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India vows to act if cough syrup is found to be behind Gambia deaths By Reuters

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By Krishna In Das

NEW DELHI (Reuters) – India is testing samples of Maiden Pharmaceuticals’ cough syrup after the World Health Organization said its products were linked to the deaths of dozens of children in Gambia, a government official said on Thursday.

The killing of 66 children in the West African country is a blow to India’s image as a “pharmacy of the world” that supplies medicines to all continents, especially Africa. The World Health Organization said the cough medicine was made by New Delhi-based Maiden Pharmaceuticals.

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“Samples have been sent to a central pharmaceutical laboratory for testing,” Anil Vig, the health minister for Haryana state, where Maiden’s factories are located, told reporters. “Strict action will be taken if any error is found.”

Two officials said the federal health ministry would take all “required steps” on the matter, adding that India was awaiting a report on a “causal relationship of death to the medicinal products in question” from the World Health Organization.

Naresh Kumar Goyal, Maiden’s director, told Reuters that the company only heard of the deaths Thursday morning and that it was trying to find out the details.

“We are trying to find out the situation because it is only noon today,” he said by phone. “We are trying to find out with the buyer and everything that happened exactly. We do not sell anything in India.”

Refrain from talking more.

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WHO Director-General Tedros Adhanom Ghebreyesus told reporters on Wednesday that the UN agency is investigating deaths from acute kidney injury with the Indian drug regulator and the drug maker.

The two sources at the Indian Ministry of Health said that the agency informed the Comptroller General of Narcotics in India of the deaths late last month, after which the regulator launched an investigation with state authorities, in coordination with the World Health Organization.

The ministry did not issue a statement.

The World Health Organization said laboratory tests of the cough syrup confirmed the presence of “unacceptable” amounts of ethylene glycol and ethylene glycol, which can be toxic and lead to acute kidney injury.

Indian ministry sources said Maiden, which began operations in November 1990, manufactures and exports the drink only to The Gambia. Maiden says on its website that it has two factories in Kundli and Panipat, both near New Delhi in Haryana, and recently set up another one.

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Its annual production capacity is 2.2 million syrup bottles, 600 million capsules, 18 million syringes, 300,000 ointment tubes and 1.2 billion tablets.

Maiden says on its website that it sells its products at home and exports to countries in Asia, Africa and Latin America, although Goyal said they do not currently sell in India.

The two sources at the Ministry of Health said that importing countries usually test such products before allowing their use.

The World Health Organization said Maiden’s products – promethazine oral solution, cofexmalin children’s cough syrup, makoff children’s cough syrup and Magrib-N cold syrup – may have been distributed elsewhere through informal markets but were only identified in the Gambia.

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.