Clothing company Phillips-Van Heusen Corp. said Tuesday it agreed to license the Izod brand to Ram Pacific Pte Ltd. to distribute Izod clothes and accessories in Singapore, Indonesia and Malaysia.

Financial terms were undisclosed. The initial terms of the license agreement runs through December 2015.

The new Izod line includes men's, boys,' women's, and girls' apparel and accessories and will be sold in department stores.

PVH shares rose 79 cents to $64.20 during afternoon trading.

Wisconsin Treasurer Kurt Schuller has drafted a bill that would eliminate his position and the office of the secretary of state.

The resolution would amend the state constitution to cut both offices by 2015, Schuller said Wednesday. Schuller, a Republican, promised during his campaign that he would only serve one term if elected and would work to get rid of the treasurer's office, which has little power.

If either the treasurer or secretary of state's office is eliminated, the elected officer's seat on the Board of Commissioners of Public Lands would be filled by the lieutenant governor. If both offices are cut, the superintendent of public instruction would fill the remaining seat.

Schuller said Republican Rep. Scott Krug of Wisconsin Rapids will introduce the bill in the Assembly. If the Legislature approves the measure in two consecutive sessions, voters could provide final approval through separate statewide referendums. Voters could eliminate one or both offices. Legislators would have to reapportion any duties not designated by the constitution.

Schuller's proposal also would make the attorney general third in the line of gubernatorial succession.

Republican Gov. Scott Walker has proposed all but gutting the two offices in the upcoming 2011-13 budget. Under Walker's budget, the treasurer would only retain control over unclaimed property. The secretary of state's notary public and trademark duties would be transferred to the Department of Financial Institutions.

Procter & Gamble Co., the world's largest consumer products maker, said Thursday it is teaming up with the world's largest generic drug maker to expand the global reach of over-the-counter brands such as Vicks and Pepto-Bismol.

Cincinnati-based P&G and Jerusalem-based Teva Pharmaceutical Industries Ltd. said they plan to combine their over-the-counter drug businesses outside of North America, building leadership in key markets such as Germany, Russia and Brazil while positioning them for faster growth in emerging markets and with more offerings to aging populations in developed markets.

The deal could also eventually help consumers choose from more medicines without a prescription and at lower prices.

P&G's products include Vicks cold medicines, Pepto-Bismol stomach relief, Metamucil fiber supplement and Prilosec OTC heartburn medicine.

The deal will expand the companies' reach geographically and in retail outlets including drugstores and groceries, said Shlomo Yanai, Teva's CEO and president, in a conference call. It also combines Teva's drug research and development experience and global manufacturing with P&G brand-building, marketing and consumer knowledge.

P&G CEO Bob McDonald said on a call that the deal is about building "global scale and sales-leading position."

The joint venture's combined sales are worth about $1 billion a year. The companies estimate that will reach $4 billion within years.

House Budget Committee Chairman Paul Ryan, R-Wis., is testing support for his idea to replace Medicare with a fixed payment to buy a private medical plan from a menu of coverage options.

Party leaders will determine if the so-called voucher plan will be part of the budget Republicans put forward in the spring.

"No decisions have been made on the details of our House GOP budget." Michael Steel, a spokesman for Speaker John Boehner, R-Ohio, said Thursday. "There are a lot of ideas out there, and we're going to listen to our members and the American people."

Medicare was one of the most highly charged issues during last year's congressional elections, which put the House back in GOP control. Republicans slammed Democrats for cutting Medicare by about 6 percent over 10 years to finance President Barack Obama's health overhaul.

A new foundation, Investor Claims against Fortis, has started legal proceedings in the Netherlands against the former bancassurer Fortis for "misleading investors", which it claims led to combined losses of €2bn.

The organisation argues that Fortis persisted in persuading investors to invest between May 2007 and October 2008 when the company was already on the ropes.

One of the foundation's claims is that Fortis failed to supply timely, accurate information about its exposure to sub-prime mortgages in the US.

The legal case – brought for the Utrecht court in the Netherlands – comes after the US high court decided that a class action by "foreign investors who have bought a stake in foreign companies on foreign stock markets" was inadmissible in a US court.

Within the EU, the legal climate in the Netherlands is ideal for shareholders wishing to reclaim damages from listed companies, according to Jay Eisenhofer, partner at law firm Grant & Eisenhofer.

Stuart Berman of law firm Barroway Topaz added: "This case offers a valuable framework for compensating duped investors outside the US."

Both law firms, as well as Alexander Reus, the foundation's director, have represented international shareholders against Shell for providing incorrect information about its oil reserves.

After Fortis became one of the three players that took over Dutch bank ABN Amro, it had to be rescued by the national governments of the Netherlands, Belgium and Luxembourg.