Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksGlaxosmithkline Share News (GSK)

Share Price Information for Glaxosmithkline (GSK)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1,712.00
Bid: 1,711.50
Ask: 1,712.00
Change: 39.00 (2.33%)
Spread: 0.50 (0.029%)
Open: 1,685.50
High: 1,714.50
Low: 1,673.00
Prev. Close: 1,673.00
GSK Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-GSK sends three executives to China to handle crisis

Fri, 19th Jul 2013 14:33

* Emerging markets head dispatched to country -source

* Joined by head of internal audit and senior legal official

* Bribery scandal threatens GSK reputation, Chinese business

By Ben Hirschler

LONDON, July 19 (Reuters) - GlaxoSmithKline has sentits head of emerging markets and two other top executives toChina to lead the drugmaker's response to an unfolding crisisover alleged bribery and corruption.

Abbas Hussain, GSK President Emerging Markets, wasdispatched by Chief Executive Andrew Witty, along with thegroup's global head of internal audit and a senior legalofficial, a person familiar with the matter said on Friday.

All three have now arrived in the country to cooperate withChinese authorities and try to get to the bottom of a scandalthat has shaken confidence in GSK's internal procedures.

On Monday, Chinese police accused GSK of bribing officialsand doctors to boost sales and raise the price of its medicinesin China. They said GSK transferred up to 3 billion yuan ($489million) to 700 travel agencies and consultancies over six yearsto facilitate the bribes.

The decision to send the executives shows the seriousnesswith which Britain's biggest drugmaker views a situation thatthreatens its reputation and risks undermining business in abig, fast-growing market.

GSK said it was deeply concerned by the allegations, whichit called "shameful".

The drugmaker has also hired auditors Ernst & Young to carryout an independent review of its systems in China, anothersource said on Wednesday.

China has detained four senior Chinese executives and bannedGSK's finance chief in China, Steve Nechelput, from leaving thecountry.

The episode has left GSK's senior management team in Chinain disarray, with the general manager for China, Mark Reilly,leaving the country on July 5 for what sources said were routinemeetings in London. Reilly has not returned.

Hussain is a key lieutenant of GSK's chief executive,reflecting the importance that Witty places on emerging marketsas future driver of sales for GSK. He joined in June 2008 and isa member of the corporate executive team.

GSK's move to send senior-level reinforcements to Chinacomes as Chinese authorities widen a probe into malpractice bydrug companies.

BELGIUM'S UCB VISITED BY OFFICIALS

Belgian drugmaker UCB - a medium-sized company witha particular strength in epilepsy treatment - said on Thursdayits office in Shanghai had been visited by officials from theState Administration for Industry and Commerce (SAIC) seekinginformation on compliance.

The SAIC is one of China's main three anti-trust regulatorsin charge of market supervision.

The tough Chinese action against GSK, including thedetention of four senior Chinese executives and a ban on a topBritish executive leaving the country, has sent a chill throughthe wider pharmaceutical sector.

There has been widespread speculation that othermultinational companies will be drawn into the corruptioninvestigations.

"This is not just GSK. The entire industry is on a journeyhere," one European drug industry executive said.

The GSK investigation is the highest-profile corporate probein China since four executives from mining giant Rio Tinto were jailed in March 2010 for taking bribes andstealing commercial secrets. Three of those executives wereChinese while the fourth was a Chinese-born Australian.

Beijing has targeted corporations on multiple fronts in thepast few months, including over alleged price-fixing, qualitycontrols and consumer rights.

European food groups Nestle and Danone said they would cut infant milk formula prices in China afterBeijing launched an inquiry into the industry.

And on Friday the official People's Daily newspaper reportedthe Chow Tai Fook Jewellery Group, the world's biggestjewellery retailer by market value, was among a number of goldshops being probed for price fixing.

More News
13 Feb 2024 16:53

LONDON MARKET CLOSE: Stocks in red amid sticky US inflation data

(Alliance News) - Stock prices in London closed in the red on Tuesday, after a key US inflation reading came in hotter-than-expected.

Read more
13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

Read more
13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

Read more
13 Feb 2024 12:06

LONDON MARKET MIDDAY: Stocks fall but pound up before US data

(Alliance News) - Stock prices in London were on the decline on Tuesday afternoon, with sentiment tetchy ahead of a US inflation report later.

Read more
13 Feb 2024 09:45

Citi ups recommendation on GSK to 'buy'

(Sharecast News) - Citi has upgraded its rating on vaccines and drugs blue chip GSK to 'buy' while also boosting its earnings estimates.

Read more
13 Feb 2024 09:32

LONDON BROKER RATINGS: Citi lifts GSK; Shore likes XPS Pensions

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
13 Feb 2024 07:45

LONDON BRIEFING: "Record" Tui quarter; Ultimate Products eyes payouts

(Alliance News) - London's FTSE 100 is to open ever-so-slightly lower on Tuesday, with trade set to be nervy ahead of the afternoon's US inflation data.

Read more
12 Feb 2024 17:11

London close: Stocks finish higher after very quiet Monday

(Sharecast News) - London markets managed modest gains by the close of a subdued trading session on Monday, with no significant corporate or economic catalysts driving movements.

Read more
12 Feb 2024 12:04

LONDON MARKET MIDDAY: FTSE 100 underperforms as European peers rise

(Alliance News) - London's FTSE 100 underwhelmed on Monday, with some of its largest constituents pulling it lower, while indices in Europe were on the up on favourable comments on interest rate cuts by a European Central Bank official.

Read more
12 Feb 2024 08:35

TOP NEWS: GSK's bepirovirsen receives US FDA fast track designation

(Alliance News) - GSK PLC on Monday said that the US health watchdog granted fast track designation for its bepirovirsen treatment for chronic hepatitis B.

Read more
12 Feb 2024 07:50

LONDON BRIEFING: Tritax Big Box, UK Commercial Property agree merger

(Alliance News) - Equities in London are called to open higher on Monday, with inflation readings from the US and UK on the horizon, which could drive equity market sentiment during the remainder of the week.

Read more
12 Feb 2024 07:21

GSK gets FDA fast track for chronic hepatitis B treatment

(Sharecast News) - GSK announced on Monday that bepirovirsen, an investigational antisense oligonucleotide (ASO) aimed at treating chronic hepatitis B (CHB), had been granted fast track designation by the US Food and Drug Administration (FDA).

Read more
9 Feb 2024 09:15

LONDON BROKER RATINGS: Deutsche Bank cuts AstraZeneca to 'sell'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
6 Feb 2024 08:51

TOP NEWS: GSK reports positive news on trio of high profile products

(Alliance News) - GSK PLC on Tuesday delivered a triple dose of positive updates on some of its leading products, Arexvy, Shingrix and Blencep.

Read more
6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.