Latest Business News: UPS Profit Falls on Shift to Lower Cost Services

UPS said that second-quarter profit fell 4 percent as customers shifted from premium toward lower-priced shipping services. Caterpillar Inc released unaudited dealer data showing a slowdown in sales of its heavy equipment everywhere except North America, a possible warning sign ahead of the company's second-quarter earnings due. GlaxoSmithKline said it had faced problems with drug research in China in the past but these shortcomings had now been fixed, following internal changes and the sacking of its China R&D head in June. Britain's biggest drugmaker, which is facing charges of corrupt sales practices in China, said a 2011 internal audit into its Shanghai R&D center had highlighted a number of deficiencies.
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