PRESS DIGEST - Financial Times - July 23

July 23 Mon Jul 22, 2013 7:39pm EDT

July 23 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

GlaxoSmithKline says Chinese laws might have been violated

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Telefonica close to sealing deal to buy KPN's German unit

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High-frequency trader fined in transatlantic clampdown

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Third Point sells down Yahoo holding

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McDonald's warns on global weakness

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Netflix warns content costs could rise

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Overview

British drugmaker GlaxoSmithKline Plc said on Monday some of its senior China-based executives appeared to have broken the law in a bribery scandal and that the company would reduce drug prices in the country by making changes to its operating model that would lower costs.

Spanish telecoms company Telefonica SA is in talks with KPN to buy its German business E-Plus in a deal worth over $6 billion to create the largest mobile operator in the country.

U.S. Commodity Futures Trading Commission, the UK Financial Conduct Authority and CME Group Inc, the exchanges operator, fined U.S. trading firm Panther Energy Trading LLC and owner Michael Coscia nearly $6 million for manipulating commodities markets, in the latest crackdown on abuses in high-speed automated trading.

Daniel Loeb's Third Point LLC reached an agreement to sell two-thirds of its stake in Yahoo! Inc back to the company for $29.11 per share on Monday. The activist hedge fund's remaining stake in the struggling internet portal is worth slightly more than $500 million at Monday's prices.

Shares in McDonald's Corp fell 3 percent in early trading on Monday after the fast-food chain reported disappointing second-quarter results and warned that sales for the rest of the year would be hampered by economic weakness.

Video subscription service Netflix Inc warned of a further rise in content costs as competitors bid for distribution rights to television and feature film programming, sending its shares tumbling by nearly 6 percent on Monday despite a higher-than-expected profit.

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