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.


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


Magazines Review offers you a broad range of popular American magazines online. Browse an extensive directory of magazines, covering most important aspects of your life. Find the most recent issues of your favourite magazine, or check out the oldest ones.

About content

All the articles are taken from the official magazine websites and other open web resources.

Please send your complains and suggestions through our feedback form. Thank you.