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: 1,673.00
Bid: 1,674.00
Ask: 1,675.00
Change: 3.00 (0.18%)
Spread: 1.00 (0.06%)
Open: 1,661.50
High: 1,679.50
Low: 1,658.50
Prev. Close: 1,670.00
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
8 Jan 2024 19:02

Moderna says it hit its 2023 COVID vaccine sales goal

Jan 8 (Reuters) - Moderna on Monday said its 2023 COVID vaccine sales would be around $6.7 billion, coming in above the lower end of its full-year forecast, and reiterated its goal of returning to sales growth in 2025.

Read more
4 Jan 2024 14:01

UK dividends calendar - next 7 days

Friday 5 January 
British Land Co PLCdividend payment date
Hill & Smith PLCdividend payment date
JD Sports Fashion PLCdividend payment date
JPMorgan Global Growth & Income PLCdividend payment date
Liontrust Asset Management PLCdividend payment date
Lok'n Store Group PLCdividend payment date
Real Estate Credit Investments Ltddividend payment date
RS Group PLCdividend payment date
Tate & Lyle PLCdividend payment date
Monday 8 January 
abrdn Equity Income Trust PLCdividend payment date
Intermediate Capital Group PLCdividend payment date
Tuesday 9 January 
no events scheduled 
Wednesday 10 January 
Assura PLCdividend payment date
Bellway PLCdividend payment date
Fidelity Special Values PLCdividend payment date
LXi REIT PLCdividend payment date
Severn Trent PLCdividend payment date
Volex PLCdividend payment date
Vp PLCdividend payment date
Thursday 11 January 
AJ Bell PLCex-dividend payment date
Ashtead Group PLCex-dividend payment date
BlackRock Latin American Investment Trust PLCex-dividend payment date
CMC Markets PLCdividend payment date
dotdigital Group PLCex-dividend payment date
Ecora Resources PLCex-dividend payment date
European Assets Trust PLCex-dividend payment date
Foresight Group Holdings Ltdex-dividend payment date
GSK PLCdividend payment date
ICG-Longbow Senior Secured UK Property Debt Investments Ltdex-dividend payment date
JPMorgan Asia Growth & Income PLCex-dividend payment date
Keystone Positive Change Investment Trust PLCex-dividend payment date
LondonMetric Property PLCdividend payment date
Murray International Trust PLCex-dividend payment date
National Grid PLCdividend payment date
Primary Health Properties PLCex-dividend payment date
Sage Group PLCex-dividend payment date
Smiths News PLCex-dividend payment date
SSE PLCex-dividend payment date
Supermarket Income REIT PLCex-dividend payment date
TR Property Investment Trust PLCdividend payment date
Walker Crips Group PLCex-dividend payment date
WH Smith PLCex-dividend payment date
Worldwide Healthcare Trust PLCdividend payment date
XPS Pensions Group PLCex-dividend payment date
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
3 Jan 2024 17:48

London close: Stocks fall amid rising geopolitical concerns

(Sharecast News) - London stocks closed lower on Wednesday - the 40th anniversary of the FTSE 100's launch - as sentiment remained cautious due to increasing tensions in the Middle East.

Read more
3 Jan 2024 17:10

Miners, personal goods stocks drag FTSE 100 to two-week low

Burberry slips on rating downgrade

*

Read more
3 Jan 2024 16:52

LONDON MARKET CLOSE: Stocks down ahead of US Fed minutes

(Alliance News) - Stock prices in London closed lower on Wednesday, as investors nervously look ahead to the latest US Federal Reserve meeting minutes.

Read more
3 Jan 2024 12:10

LONDON MARKET MIDDAY: Stocks down before Fed minutes and US PMI data

(Alliance News) - Stock prices in London were down at midday on Wednesday, in cautious trade ahead of key US data and central bank minutes in the afternoon.

Read more
3 Jan 2024 11:07

Jefferies upgrades GSK to 'buy', cuts AstraZeneca to 'hold'

(Sharecast News) - Jefferies has upgraded its rating on GlaxoSmithKline to 'buy' and cut AstraZeneca to 'hold' as part of its review of the European pharma sector.

Read more
3 Jan 2024 09:23

LONDON BROKER RATINGS: GSK raised to 'buy'; AstraZeneca cut to 'hold'

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

Read more
3 Jan 2024 08:58

LONDON MARKET OPEN: Stocks mixed pre-Fed minutes, amid Asia losses

(Alliance News) - Stock prices in London opened mixed on Wednesday, ahead of US Federal Reserve meeting minutes and manufacturing PMI data for the US in the evening and afternoon respectively.

Read more
3 Jan 2024 07:54

LONDON BRIEFING: Stocks to open flat pre-Fed minutes, jobs data

(Alliance News) - The FTSE 100 is expected to open flat on Wednesday, as London's flagship index celebrates its 40th anniversary, after mostly downbeat trading in Asia and a tech sell-off in New York.

Read more
29 Dec 2023 13:01

LONDON MARKET CLOSE: UK equities outclassed by other markets in 2023

(Alliance News) - Stock prices in London closed mixed on Friday, the final trading day of 2023, as the annual returns from UK equities were outshone by international markets.

Read more
20 Dec 2023 13:29

GSK buys rights to Hansoh Pharma antibody-drug conjugate

(Sharecast News) - GSK has agreed to buy the rights to an antibody-drug conjugate (ADC) - HS-20093 - from Chinese biopharmaceutical group Hansoh Pharma.

Read more
19 Dec 2023 15:36

German court quashes CureVac patent after challenge by BioNTech

CureVac shares drop 40%Dispute over intellectual property with BioNTech to continue

*

Read more
18 Dec 2023 17:21

Energy stocks lift UK's FTSE 100, Vodafone shines

Vodafone jumps as Iliad offers to merge Italian units

*

Read more
18 Dec 2023 10:07

GSK's dostarlimab trial in endometrial cancer meets primary endpoint

(Alliance News) - GSK PLC on Monday said a trial of dostarlimab in combination with niraparib for treating endometrial cancer has met its primary endpoint.

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.