The sentence was part of a plea deal struck by Louis Scala, 30, the head of a $1 million drug-trafficking ring run out of his Lickety Split truck, prosecutors said. He pleaded guilty in August to one count of conspiracy and one count of criminal possession of a controlled substance.Scala, 30, obtained the drugs with a prescription pad stolen by an accomplice from a Manhattan doctor’s office. Through a network of more than two dozen runners, he was able to get nearly 43,000 oxycodone pills between July 2009 and June 2010, with a street value of $20 apiece, prosecutors said.Scala drove his Lickety Split truck through neighborhoods in Staten Island, selling ice cream to children while inviting adults into the back to buy pills.Recreational use of oxycodone, often known by the brand name OxyContin, produces an addictive, heroin-like high.The city’s Office of the Special Narcotics Prosecutor says the number of oxycodone prescriptions filled in New York City doubled between 2007 and 2010 to 1 million, evidence of a “dangerous drug epidemic.”Scala, wearing a sweater and casual pants, was kissed by his father and uncle in court and then faced Judge Jill Korviser. He declined the chance to speak before he was sentenced.Scala’s relatives declined to speak after the hearing.”The family now just want to move on,” Patrick Parrotta, Scala’s attorney, told reporters.Charges against Scala’s alleged partner in crime, Joseph Zuffalo, are still pending.
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The sentence was part of a plea deal struck by Louis Scala, 30, the head of a $1 million drug-trafficking ring run out of his Lickety Split truck, prosecutors said. He pleaded guilty in August to one count of conspiracy and one count of criminal possession of a controlled substance.Scala, 30, obtained the drugs with a prescription pad stolen by an accomplice from a Manhattan doctor’s office. Through a network of more than two dozen runners, he was able to get nearly 43,000 oxycodone pills between July 2009 and June 2010, with a street value of $20 apiece, prosecutors said.Scala drove his Lickety Split truck through neighborhoods in Staten Island, selling ice cream to children while inviting adults into the back to buy pills.Recreational use of oxycodone, often known by the brand name OxyContin, produces an addictive, heroin-like high.The city’s Office of the Special Narcotics Prosecutor says the number of oxycodone prescriptions filled in New York City doubled between 2007 and 2010 to 1 million, evidence of a “dangerous drug epidemic.”Scala, wearing a sweater and casual pants, was kissed by his father and uncle in court and then faced Judge Jill Korviser. He declined the chance to speak before he was sentenced.Scala’s relatives declined to speak after the hearing.”The family now just want to move on,” Patrick Parrotta, Scala’s attorney, told reporters.Charges against Scala’s alleged partner in crime, Joseph Zuffalo, are still pending.
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* Banks hit after ratings worriesBy Joanne FrearsonLONDON, Oct 14 (Reuters) - European shares rose on Friday,
boosted by better-than-expected results from Google and
forecast beating earnings news from Syngenta
offsetting weakness in banks after fresh ratings agency actions
weighed on the sector.Technology stocks were given a boost after impressive
results from Google with the STOXX Europe 600
Technology index rising 1 percent.The world’s largest agrochemicals company, Syngenta, rose
4.2 percent to become one of the biggest gainers in Europe after
third-quarter sales jumped 21 percent due to strong demand in
Latin America.”The numbers we had overnight have been okay in the United
States and Syngenta have been quite good,” Andrea Williams, who
manages $2.1 billion in assets for Royal London Asset
Management, said. “We have been adding Syngenta.”“Away from the banks the market wants to rally… we still
have not solved Greece… and the danger is Spain still needs to
inject money into its banking system,” Williams said.Banks were the worst performers after Fitch Ratings cut UBS
long-term issuer default rating and placed seven other
U.S. and European banks on credit watch negative due to
challenges in the economy and financial markets.The European banks Fitch put on review included BNP Paribas
, Credit Suisse Group AG , Deutsche Bank AG , Societe Generale and Barclays Bank
.Societe Generale was hit the most, down 4.2 percent to
become the worst performers in Europe after being put on review,
while Deutsche Bank followed closely behind down 3.3 percent.UBS was another standout loser, down 2.8 percent after the
Swiss bank’s long-term issuer default rating was lowered to A
from A+.By 0832 GMT, the pan-European FTSEurofirst 300
index of top shares was up 0.7 percent at 973.05 points in a
choppy session having fallen to as low 964.01 earlier.The index, however, is still down 13.3 percent for the year
on worries about a slowdown in global growth and concerns about
contagion in the euro zone debt crisis.The next resistance level for the FTSEurofirst 300 was seen
at its 50 percent Fibonacci retracement or 983.88 points from
its sell-off which started in July to it September low, while
support was at its 38.2 percent Fibonacci retracement at 952.61.EURO ZONE WORRIESAdding to the worries for banks about challenges faced by
the region was a Standard and Poor downgrade of Spain’s
long-term credit rating due to rising unemployment, tightening
credit and high private sector debt.There was also nervousness ahead of a G20 meeting in Paris
to address the euro zone debt crisis. With disagreement between
policymakers on how to recapitalise banks and stabilise Greece,
a breakthrough was seen as unlikely.French and German officials are expected to put together an
action plan to help ease the region’s problems before a European
Union summit on Oct. 23, but it is likely difference between
countries are likely to emerge.Germany is leaning towards a second round of losses for
Greek bondholders, while Paris is reticent and traders were not
convinced the market would stay higher as a result of these
differences.”I am a bit worried about the market at these levels. It
feels a little bit high,” Joe Rundle, head of trading at ETX
Capital, said.
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* Sees Q2 rev $340.6 mln vs est $362 mln* Shares fall 2 pct in extended tradeOct 13 (Reuters) - Microchip Technology Inc
forecast disappointing July-September results, saying its
business did not pick up towards the end of the quarter as it
had hoped, as a weak economy squeezes demand in the chipmaking
industry.The company, which makes chip products used for a range of
embedded control applications, expects second-quarter adjusted
earnings of 45-47 cents a share on sales of $340.6 million.On Aug. 4, the company had forecast adjusted earnings of
50-54 cents a share, on sales of $352.0-370.8 million.Analysts, on average, were looking for a profit of 52 cents
a share, on revenue of $362 million, according to Thomson
Reuters I/B/E/S.”We experienced incrementally stronger headwinds and saw no
seasonal Christmas build, which in turn adversely impacted all
of our product lines and sales channels,” Microchip Chief
Executive Steve Sanghi said in a statement.The company, expected to report second quarter results on
Nov. 3, said its two facilities in Thailand, located almost 50
miles east of Bangkok, are running normally and meeting customer
demand for its products.Floods that have covered a third of Thailand and have forced
the closure of scores of factories in the country and have
impacted operations at a number of companies including U.S.
chipmaker ON Semiconductor Corp and Microsemi Corp
.Chandler, Arizona-based Microchip’s shares were down 2
percent at $34.71 in extended trade. They had closed at $35.31
on Thursday on Nasdaq.
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Taiwan Semiconductor Manufacturing Co (TSMC), whose major clients included graphics chip maker Nvidia Corp, and other major chip makers have been hurt as the euro zone crisis and a weak U.S. economy softened demand for technology products.Dutch chip equipment maker ASML on Wednesday said it saw signs of slowing growth in the semiconductor industry, except in the technology needed to produce tablets and smartphones, and avoided making predictions for its own performance next year.TSMC and United Microelectronics Corp last week posted big drops in September revenues after demand weakened as customers adjusted inventories, though for the quarter as a whole the numbers met expectations. [ID:nL3E7L70VJ]Analysts expect the downward trend in the two companies’ revenues to continue, with 10-20 percent drops in the fourth quarter from the third as big clients slash orders for December.Around one hour into trade, TSMC’s ADR rose 1.43 percent in New York trading, roughly in line with the Nasdaq Composite Index.
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Taiwan Semiconductor Manufacturing Co (TSMC), whose major clients included graphics chip maker Nvidia Corp, and other major chip makers have been hurt as the euro zone crisis and a weak U.S. economy softened demand for technology products.Dutch chip equipment maker ASML on Wednesday said it saw signs of slowing growth in the semiconductor industry, except in the technology needed to produce tablets and smartphones, and avoided making predictions for its own performance next year.TSMC and United Microelectronics Corp last week posted big drops in September revenues after demand weakened as customers adjusted inventories, though for the quarter as a whole the numbers met expectations. [ID:nL3E7L70VJ]Analysts expect the downward trend in the two companies’ revenues to continue, with 10-20 percent drops in the fourth quarter from the third as big clients slash orders for December.Around one hour into trade, TSMC’s ADR rose 1.43 percent in New York trading, roughly in line with the Nasdaq Composite Index.
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The new laws, which will force cigarettes to be sold in
plain packaging from 2012, are being closely watched by New
Zealand, Canada, the European Union and Britain, which are
considering similar restrictions.Health Minister Nicola Roxon said the conservatives, who
managed to postpone an upper house Senate vote on the bills
during a rancorous day in parliament for the minority Labor
government, were playing into the hands of big tobacco firms.”Given the delays in passing the bill caused by the
opposition, the government now has no choice but to reconsider
the impact on implementation timeframes,” Roxon said.Australia says the new laws reflect its obligations under
the World Health Organization’s 2005 framework against tobacco,
which urges states to consider plain packaging laws. The WHO
estimates more than 1 billion around the world are regular
smokers, with 80 percent in low and middle income countries.The laws have angered tobacco producers who have threatened
a High Court challenge, while the governments of Nicaragua and
Ukraine said the new measures breached international trade rules
and would be challenged in the World Trade Organization.Prime Minister Julia Gillard’s government is hoping the laws
will come into effect on Jan. 1 next year, although the main
provisions forcing all cigarettes to be sold in plain packaging
only come into operation on July 1, 2012.The delay in the Senate means the laws will not be voted on
before November, forcing the government to reconsider now
whether it can meet its deadlines.Australia’s Cancer Council said the Senate should end the
political delays and get on with passing the legislation, with
authorities estimating smoking now kills 15,000 Australians each
year and costs the health system $32 billion.”We know the tobacco industry is vehemently opposed to plain
packaging, which is just another indication that plain packaging
has great potential to reduce tobacco,” council chief executive
Ian Olver said.Analysts say tobacco companies like Britain’s Imperial
Tobacco and Philip Morris are worried that plain
packaging could spread to emerging markets like Brazil, Russia
and Indonesia, and threaten growth there.Australia’s tobacco market generated total revenues of
around $10 billion in 2009, up from A$8.3 billion in 2008,
although smoking generally has been in decline. Around 22
billion cigarettes are sold in the country each year.British American Tobacco , whose brands include
Winfield, Dunhill and Benson & Hedges, has said the government’s
plans would infringe international trademark and intellectual
property laws, promising a court challenge to the laws.
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