July 23 The following are the top stories in the
Financial Times. Reuters has not verified these stories and does
not vouch for their accuracy.
GlaxoSmithKline says Chinese laws might have been violated
Telefonica close to sealing deal to buy KPN's German unit
High-frequency trader fined in transatlantic clampdown
Third Point sells down Yahoo holding
McDonald's warns on global weakness
Netflix warns content costs could rise
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
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.