Briefs | Sex and Drugs at Glaxo

By Kyle Stock

• 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. • Bank of America posted a better-than-expected $4 billion quarterly profit — a 63 percent jump — extending a streak of bullish earnings reports from U.S. lenders. Net income at Goldman Sachs almost doubled, while Citigroup logged a 42 percent profit jump. Banks have been buoyed by greater demand for stocks, rising home prices, and big reductions in the amounts they must set aside to cover bad loans. • Michael Kors Holdings is suing Costco Wholesale for a “bait-and-switch” promotion of products that the warehouse retailer allegedly wasn’t authorized to sell. Costco is already in a battle with Tiffany over whether the engagement rings it sells can bear the jeweler’s name. • Coca-Cola blamed a shaky economy in Europe and unseasonably cold, rainy weather for a 4 percent drop in second-quarter profit. Coke saw only a 1 percent increase in volume sales, far less than expected. In the U.S., consumers continued to cool on sugary soft drinks, though they increasingly thirst for Coke’s juices and teas. • JPMorgan Chase and U.S. regulators reportedly are near a record settlement to resolve allegations that the bank rigged energy markets in California and the Midwest. Barclays faces a $435 million fine for similar charges.

38%

The number of junior Wall Street employees who told pollsters that they would engage in insider trading to make $10 million, if they were certain they wouldn’t get arrested.

Twinkie triumph Not even a corporate liquidation could keep the little spongy cakes off shelves. They’re back this July after a seven-month hiatus.

CEO Wisdom

“I would have been fired a hundred times at a company run by MBAs. But I never went into business to make money. I went ... so that I could do interesting things that hadn’t been done before.”

— Bose founder Amar Bose, 83, died July 12

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