Mon, Jul 22, 2013 4:23 AM EDT 0:56
The British Drugmaker GlaxoSmithKline said that some of its executives in China appeared to have broken the law as part of a major bribery scandal. The company also said that proposed changes to its operations would result in lower prices of its medicines in China. GlaxoSmithKline Chief Executive Andrew Witty will detail what action the drugmaker is taking in response to allegations of bribery against it in China when he presents quarterly results China's central bank announced interest rate reforms, removing minimum rates banks may charge clients for loans in a step toward more market-driven credit pricing. That move could allow banks to lower rates and more fiercely compete for customers.