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Latest Business News: Glaxo Says Executives May Have Broken Chinese Law

Wochit 1:26 mins

The British pharmaceutical giant GlaxoSmithKline said that some of its executives might have broken the law in China, the company?s strongest statement yet on a bribery and corruption scandal that has engulfed its China operations. Stock index futures pared gains to trade flat, pressured by a decline in McDonald's shares after its results and as investors booked profits after the S&P 500 index hit yet another closing high on Friday. McDonald's Corp earnings came in a busy week of reports, with about one-third of S&P 500 companies due to report, including Apple and entertainment provider Netflix Inc . McDonald's Corp reported a 4 percent rise in quarterly profit, while global sales at established restaurants were in line with analysts' expectations. Shares fell 2 percent to $97. While the world's rich are getting wealthier and putting more money into private banks, a growing proportion of the cash is from geo-political troublespots in the Middle East and Asia. That is leading the banks, mostly based in Europe and the United States, to spend hundreds of hours on costly checks aimed at meeting regulators' demands to root out bad clients, eating into their profit margins.

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