Roundup: Glaxo fires worker over misrepresented study data; Comcast's new X2 platform saves TV shows online; more
Glaxo fires worker over misrepresented study data
British drugmaker GlaxoSmithKline PLC said it dismissed one employee and a second has resigned as a result of a scandal over misrepresented data in a research paper published in 2010. The company, which has consumer health-care offices in Pittsburgh, said its investigation of recent allegations of questionable data has established that some information in the paper had been misrepresented. The paper, written by scientists at GlaxoSmithKline's research center in China, was published in the prestigious journal Nature Medicine. It covered early, laboratory-stage research involving multiple sclerosis. GlaxoSmithKline said besides the two employees, three others are on administrative leave, pending a final review. The world's sixth-biggest drugmaker told the journal that the paper should be retracted and that it's getting all of the authors to sign a statement to that effect.
Comcast platform saves TV shows online
Worried about filling up your DVR? The nation's largest cable TV provider, Comcast Corp., is introducing a compact set-top box that does away with the hard drive and saves your TV shows online. The as-yet-unnamed box, running on a platform it calls X2, debuted on Tuesday at the annual gathering of cable TV companies, The Cable Show, and will be available to customers later this year. Three times smaller than traditional set-top boxes, the device is one of many offerings from cable TV companies seeking to improve the living room experience. The X2's channel guide acts more like a website than traditional channel guides. Customers can customize the view to include weather and road traffic apps. Program listings include movie ratings from Rotten Tomatoes, as well as a “buzz” meter showing how many posts from Twitter a particular show is getting each hour. The guide also displays video from the Web for the first time.
CBOE to pay $6M to settle SEC charges
The largest options exchange has agreed to pay a $6 million penalty to settle federal charges that it failed in its duty to enforce trading rules. The Securities and Exchange Commission said on Tuesday that the penalty being paid by the Chicago Board Options Exchange was the first imposed against an exchange for failures of regulatory oversight. The CBOE is a self-regulating organization, like Nasdaq and the New York Stock Exchange. They are charged with enforcing trading rules for their members. The SEC has broad oversight over the trading, but it leaves the day-to-day monitoring to the exchanges and the Financial Industry Regulatory Authority. The SEC said the CBOE failed, among other things, to prevent abusive short-selling by a member firm. Short-selling is when a trader bets a stock will lose value. Regulators say excessive short-selling targeted at weak companies can push them into collapse and fan market volatility. The alleged failures occurred from 2008 to 2012. The exchange agreed to take corrective action but did not admit nor deny wrongdoing. The SEC also censured the exchange. Censure brings the possibility of a stiffer sanction if the alleged violation is repeated.
Other business news
• Florida-based Chatham Lodging Trust has agreed to buy 178-room Hyatt Place hotel on Pittsburgh's North Shore for $40 million, marking its second hotel acquisition in the Pittsburgh region. Chatham Lodging, which also owns Springhill Suites in Washington, said it hopes to close the sale on Monday. Hyatt Place opened in 2010 and is managed by LodgeWorks LP of Wichita, Kan. Chatham Lodging owns interests in 72 hotels.
• Westinghouse Electric Co. named Pavel Janík managing director of Czech Republic operations, the Cranberry-based nuclear energy company said Tuesday. Janík has served as chairman of the board for CEZ Bohunice, a Czech energy producer. Janík will be based in Prague.
• Children's Hospital of Pittsburgh was named to the U.S. News & World Report's 2013-14 Honor Roll of Best Children's Hospitals and was ranked 10th overall in the nation, said UPMC, which owns Children's. The ranking was released online Tuesday by the magazine and will be published in a guidebook in August.
• Duquesne Light Co. will build an electric utility service center in the RIDC Industrial Center of McKeesport. Duquesne Light paid RIDC $273,195 for the 4.67-acre site on Center Street. The property was once home to U.S. Steel McKeesport National Works, which operated a metal tube and pipe mill there until 1986.
— Staff and wire reports