Company News: GlaxoSmithKline, Banks, Michael Kors, Costco, Coca-Cola, JPMorgan Chase
GlaxoSmithKline stumbles in China; U.S. lenders report bullish earnings; and more
This article is for subscribers only.
• Chinese investigators say GlaxoSmithKline and other unnamed drugmakers used bribes and sexual favors to win a bigger slice of the world’s fastest-growing pharmaceutical market. In a statement, Glaxo said it is “deeply concerned” by allegations that it worked with Chinese travel agencies to launder nearly half a billion dollars in illegal payments. Its revenue in China climbed 17 percent last year to $1.1 billion.