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China fines GlaxoSmithKline £297 million for bribery

GlaxoSmithKline has been fined £297 million and its former country manager handed a suspended prison sentence in China for bribery.

GSK accepted the decision by the Changsha Intermediate People's Court in Hunan province that it had bribed doctors and hospitals to use its products, adding it has taken steps to change its working practices.

ITV News China Correspondent Lucy Watson reports from Beijing:

Alibaba's stock market debut values firm at $231 billion

Alibaba's unofficial closing price of $93.89 (£57.56) on its first day trading on the New York Stock Exchange values the company at $231 billion (£141.6 billion).

Traders work on the floor as they wait for a final price on the Alibaba Group Holding Ltd. initial public offering. Credit: REUTERS/Lucas Jackson

Alibaba's shares surged 38% in what looks to be a record initial public offering, while Yahoo! which holds a large stake in the firm, sold some $8 billion (£4.9 billion) worth of shares today.

However, Yahoo still has a 16.3% percent stake in the company.


900 Phones 4u jobs saved as Vodafone buys 140 stores

Phones 4u stores did not open on Monday after the company went into administration. Credit: Philip Toscano/PA Wire

The jobs of 900 Phones 4u employees will be saved after Vodafone said it would buy 140 stores run by the retailer, which fell into administration earlier this week.

The network operator said it was approached by the Phones 4u administrator and decided to make an offer for the 140 stores, which was accepted. "Subject to court approval, we will start engaging with these employees and begin the rebranding of the stores to Vodafone as soon as possible," the company said.

However, 628 head office and telesales staff have been made redundant today by the administrators.

Dixons Carphone said on Wednesday it would take on 800 Phones 4u staff who worked in concessions in Currys/PC World stores. That still meant that almost 4,000 of the chain's 5,600 staff were set to lose their jobs.

The retailer collapsed after all three main network operators stopped dealing with the reseller.

Alibaba shares open at $92.70 in stock exchange debut

Shares of Chinese internet giant Alibaba opened at $92.70 (£56.84) on the New York Stock Exchange on its first day of trading.

Alibaba began trading on the New York Stock Exchange today. Credit: ITV News

After initially jumping to $100 (£61.28) a share, they settled at $92.75 (£56.86) around seven minutes later.

British GSK exec 'will not face jail time in China'

Mark Reilly, the former China head of British drugmaker GlaxoSmithKline, will be deported from China and will not face jail time in the country, Reuters has reported citing a source with direct knowledge of the matter.

"Reilly will be deported so he won't be in detention in China," said the source with knowledge of the matter who declined to be named because of the sensitivity of the case.


GSK 'will learn from' China bribery investigation

GlaxoSmithKline said a bribery case in China had been a "deeply disappointing matter" after a number of company executives were jailed and the firm was fined £297 million.

GSK said in a statement on their website that the activities by the firm's China unit were a "clear breach" of GSK's governance and compliance procedures.

GSK Chief Executive Officer Sir Andrew Witty said:

Reaching a conclusion in the investigation of our Chinese business is important, but this has been a deeply disappointing matter for GSK. We have and will continue to learn from this.

GSK has been in China for close to a hundred years and we remain fully committed to the country and its people. We will continue to expand access to innovative medicines and vaccines to improve their health and well-being.

We will also continue to invest directly in the country to support the government's health care reform agenda and long-term plans for economic growth.

– Sir Andrew Witty

British GSK executive 'jailed for up to four years'

GlaxoSmithKline executives have been jailed in China. Credit: PA

Former GlaxoSmithKline China chief Mark Reilly and other GSK executives will be jailed for two to four years for paying out bribes, state news agency Xinhua said.

China has fined British pharmaceuticals giant three billion yuan (£297 million) in what is a record penalty for China, Xinhua said.

'GSK executives jailed' in China bribery case

China has fined British drug firm GlaxoSmithKline $492 million and jailed company executives on bribery charges, the Associated Press has reported.

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