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Savoring win, Obama celebrates `major milestone'

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WASHINGTON (AP) -- Savoring his first big victory in Congress, President Barack Obama on Saturday celebrated the newly passed $787 billion economic stimulus bill as a "major milestone on our road to recovery."

Speaking in his weekly radio and Internet address, Obama said, "I will sign this legislation into law shortly, and we'll begin making the immediate investments necessary to put people back to work doing the work America needs done."

At the same time, he cautioned, "This historic step won't be the end of what we do to turn our economy around, but rather the beginning. The problems that led us into this crisis are deep and widespread, and our response must be equal to the task."

The bill passed Congress on Friday on party-line votes, allowing Democratic leaders to deliver on their promise of clearing the legislation by mid-February. Obama could sign the measure as early as Monday.

"It will take time, and it will take effort, but working together, we will turn this crisis into opportunity and emerge from our painful present into a brighter future," the president said.

Obama "now has a bill to sign that will create millions of good-paying jobs and help families and businesses stay afloat financially," said Sen. Max Baucus, a Montana Democrat who was a leading architect of the

Donald Trump quits casino company's board

Market News
ATLANTIC CITY, N.J. (AP) -- Donald Trump fired himself Friday from the casino company that bears his name.
Spurned by bond holders who rejected his effort to buy Trump Entertainment Resorts, the real estate mogul and his daughter Ivanka are resigning from its board of directors.

He called the troubled casino company he once controlled "worthless to me now." He is the largest shareholder, owning more than a quarter of its stock, yet stressed that it comprises "substantially less than 1 percent of my net worth."

The company won a fourth extension Wednesday on restructuring $1.25 billion in debt, and some analysts have predicted it will file for bankruptcy protection for a third time if it doesn't work out a deal with its bond holders.

"If I'm not going to run it, I don't want to be involved in it," Trump told The Associated Press Friday night. "I'm one of the largest developers in the world. I have a lot of cash and plenty of places I can go."

Trump said he recently offered to buy the company, which he used to control before relinquishing his grip as part of a bankruptcy restructuring.

For now, his name will remain on the company's three Atlantic City casinos, although Trump said he may

Report: Glaxo to cut prices for poor countries

Market News
NEW YORK (AP) -- Drug maker GlaxoSmithKline PLC says it will cut drug prices to the 50 poorest countries in the world and use 20 percent of its profits from those countries to build health clinics and other infrastructure, according to published reports.

The company's chief executive, Andrew Witty, also is proposing that drug companies, nonprofit groups and others donate their patents related to neglected tropical diseases to a common pool that could be used to speed development of new drugs, the Wall Street Journal said.

Witty said prices will be cut for the poorest countries so that they are no higher than 25 percent of the price in developed countries, according to the report.

Glaxo, the second biggest drug maker by sales, generates about $43 million annually in revenue from those countries. About $1.5 million to $2.5 million would be generated for the clinics, Witty told the Journal.

HIV drugs are already sold at not-for-profit prices in those countries, but the prices will be cut if the drugs aren't already sold at prices below the threshold of 25 percent, reports said.

Treatments for hepatitis B, genital herpes, malaria and asthma are expected to be among those affected by the plan.

Witty told the Journal that Glaxo will not contribute its HIV patents to the pool. The company believes

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