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World News. Now for the latest financial news | :00:00. | :00:00. | |
and World Business Report. Accused of bribery, Chinese police | :00:00. | :00:20. | |
accuse a British executive at the drug maker GlaxoSmithKline of | :00:21. | :00:27. | |
ordering staff to bribe doctors. Back to work, South Africa's longest | :00:28. | :00:30. | |
and most costly strike could finally end today as platinum workers look | :00:31. | :00:42. | |
set to return to the mines. Welcome to World Business Report. In | :00:43. | :00:49. | |
a minute we'll be heading live to Johannesburg to hear the latest on | :00:50. | :00:59. | |
the miners strike. Accusations of bribery. Chinese | :01:00. | :01:01. | |
police have accused a British executive at the drug maker | :01:02. | :01:04. | |
GlaxoSmithKline of ordering his staff to bribe doctors in China. At | :01:05. | :01:07. | |
a police briefing in Beijing, Chinese officials claim GSK's former | :01:08. | :01:10. | |
head of Chinese operations, Mark Reilly, and two other executives, | :01:11. | :01:12. | |
had ordered staff to commit bribery that bought in 'illegal revenue | :01:13. | :01:21. | |
worth billions' of yuan. In July GSK was accused of allegedly funnelling | :01:22. | :01:24. | |
up to three billion yuan, that's $500 million, through travel | :01:25. | :01:26. | |
agencies to facilitate bribes to doctors and officials. GSK has tried | :01:27. | :01:34. | |
to distance itself from the accusations in China, saying | :01:35. | :01:36. | |
previously that it has zero tolerance for bribery. They claim to | :01:37. | :01:53. | |
have zero tolerance for bribery and yet the second bribery charge being | :01:54. | :01:57. | |
brought against an art of China. That is right. I just attended a | :01:58. | :02:01. | |
briefing with investigators from China's economic crimes unit. They | :02:02. | :02:09. | |
laid out their investigation, the findings of a ten month | :02:10. | :02:14. | |
investigation very clearly, blaming GlaxoSmithKline from it impossible | :02:15. | :02:18. | |
sales targets set by its London headquarters, through to its former | :02:19. | :02:23. | |
China general manager, who ordered sales representatives to bribe | :02:24. | :02:27. | |
hospitals, doctors and medical associations. Investigators have | :02:28. | :02:34. | |
been pointing to a widespread systematic bribery used through the | :02:35. | :02:38. | |
company. How is GlaxoSmithKline reacting to this latest accusation? | :02:39. | :02:47. | |
They have not issued a response yet. It all along, they have been | :02:48. | :02:51. | |
defending itself, saying that any problems with bribery were down to | :02:52. | :02:59. | |
rogue employees. They took matters into their own hands to achieve | :03:00. | :03:05. | |
sales targets. They have been distancing itself from these | :03:06. | :03:08. | |
allegations through this 10`month investigation. It will be | :03:09. | :03:13. | |
interesting to see how they respond to these quite, high`handed, very | :03:14. | :03:17. | |
intense allegations that have come out from the Chinese police bureau | :03:18. | :03:26. | |
today. Today South Africa's longest and | :03:27. | :03:29. | |
most costly strike could finally come to an end. Platinum miners in | :03:30. | :03:32. | |
South Africa have been striking since January demanding that their | :03:33. | :03:35. | |
basic salary be more than doubled. The four`month strike has halted 40% | :03:36. | :03:38. | |
of normal global platinum production. The producers say the | :03:39. | :03:46. | |
strike has to date cost them $1.6 billion in lost revenues and | :03:47. | :03:49. | |
employees have lost nearly $800 million of earnings. However, now | :03:50. | :03:54. | |
the three main producers have made an offer directly to employees, | :03:55. | :03:57. | |
side`stepping the AMCU union, which they say will see workers return to | :03:58. | :04:03. | |
the mines on Wednesday. Lonmin, Implats and Anglo American say that | :04:04. | :04:07. | |
many of the miners that live in the Eastern Cape have returned to the | :04:08. | :04:10. | |
area, adding that most miners want to return to work. The South African | :04:11. | :04:16. | |
police has deployed additional officers to the platinum belt as | :04:17. | :04:20. | |
well anticipating a flood of workers today. So will we see a majority of | :04:21. | :04:24. | |
the 70,000 strikers return to work today? That's a question for Lerato | :04:25. | :04:30. | |
Mbele, she's live in Johannesburg for us now. | :04:31. | :04:43. | |
If those workers return to work today, where does that leave the | :04:44. | :04:47. | |
unions in South Africa? The big question is whether they will return | :04:48. | :04:51. | |
to work. The mining companies have indicated that loopholes they have | :04:52. | :04:54. | |
conducted, text messages they have received, and as you say, workers | :04:55. | :05:00. | |
coming in their numbers back to the platinum mining area, the indication | :05:01. | :05:04. | |
is that there is a willingness and they will buy workers to return to | :05:05. | :05:07. | |
work, but last night it was characterised by writing and protest | :05:08. | :05:11. | |
a lot of the supposedly reluctant workers who are locking their | :05:12. | :05:16. | |
colleagues from coming back to work. That situation of violence and | :05:17. | :05:21. | |
intimidation generally sets the tone for what is going on in the platinum | :05:22. | :05:24. | |
belt, and whether or not workers can physically go back to work today is | :05:25. | :05:28. | |
something that remains to be seen. It is quite tense, the situation in | :05:29. | :05:35. | |
the area at the moment. As I was asking before, where does | :05:36. | :05:40. | |
it leave the very powerful unions, such as AMCU, the producers have now | :05:41. | :05:44. | |
approached the workers directly, trying to get them back to work. | :05:45. | :05:52. | |
AMCU has dug its heels in, insisting that they want 1200 US dollars as a | :05:53. | :05:58. | |
basic wage before they even discuss benefits and allowances. What the | :05:59. | :06:00. | |
mining companies have done, negotiate directly with the workers | :06:01. | :06:05. | |
and offered them a revised offer of 10% plus benefits. If workers to | :06:06. | :06:10. | |
return to work, it obviously does incapacitate, in many ways, AMCU. It | :06:11. | :06:16. | |
weakens them significantly, because it means they have not negotiated | :06:17. | :06:22. | |
adequately for the workers, and they have not negotiated in a way that | :06:23. | :06:26. | |
empowers Labour over management. Everything depends on whether or not | :06:27. | :06:30. | |
we see mine workers returning to the shaft today, and then we will know | :06:31. | :06:33. | |
whether AMCU has lost the moral ground, as well as the fighting | :06:34. | :06:42. | |
power, to negotiate further. It's no secret the electronics | :06:43. | :06:45. | |
business is a tough one and perhaps no company has been feeling the pain | :06:46. | :06:49. | |
more than the Japanese giant Sony. Just how much red ink is being spilt | :06:50. | :06:53. | |
at Sony will become clear in a couple of hours time when the | :06:54. | :06:55. | |
company announces its latest earnings, but analysts are expecting | :06:56. | :06:58. | |
a full year loss of more than $1 billion. Sony's chief executive | :06:59. | :07:04. | |
Kazuo Hirai has reportedly offered to forego his bonus for the second | :07:05. | :07:11. | |
straight year. Ashleigh Nghiem explains why Sony, once an | :07:12. | :07:14. | |
indisputable market leader, is now struggling. | :07:15. | :07:27. | |
Sony was once the king of consumer and electronics, but it has fast | :07:28. | :07:32. | |
been overtaken by competitors such as Apple and Samsung. It is expected | :07:33. | :07:36. | |
to book annual losses of close to $1.3 billion, despite ongoing | :07:37. | :07:38. | |
restructuring of the firm, plans to cut 5000 jobs, and the $1 billion | :07:39. | :07:42. | |
sell`off of its headquarters in Manhattan. The big drag on its | :07:43. | :07:49. | |
bottom line has come from its TV and personal computer divisions. | :07:50. | :07:53. | |
Prompting Moody 's to cut their credit rating to junk status this | :07:54. | :07:57. | |
year. Part of the losses have been put down to one of costs linked to | :07:58. | :08:02. | |
its decision to exit the PC business, and sell off its brand of | :08:03. | :08:07. | |
computers. It has threatened to ditch its television division as | :08:08. | :08:11. | |
well, a fiercely competitive set with slim margins. But so far the | :08:12. | :08:16. | |
firm is resisting the move, and has split the unit into a wholly owned | :08:17. | :08:19. | |
subsidiary. It could prove to be a executives, who could be forced to | :08:20. | :08:25. | |
forego their bonuses for yet another year. Some may now be asking, why | :08:26. | :08:33. | |
Sony is so different to other gadget makers, such as Panasonic and sharp, | :08:34. | :08:37. | |
both of them have turned their fortunes around, and are back in the | :08:38. | :08:44. | |
black after huge losses last year. A quick look at some of the news. | :08:45. | :08:50. | |
The US authorities are seeking more than $3.5 billion from BNP Paribas | :08:51. | :08:56. | |
to resolve state and federal investigations. The French bank is | :08:57. | :09:00. | |
under investigation is for its dealings with sanctioned countries, | :09:01. | :09:04. | |
including sedan and Iran. It could be the largest penalty for a | :09:05. | :09:07. | |
sanctions violation ever and it is still being negotiated. | :09:08. | :09:13. | |
Danone is in talks with Nestle and other potential buyers over the | :09:14. | :09:18. | |
disposal of those of its medical nutrition division. Its eyes and | :09:19. | :09:22. | |
expansion of its baby food business. It stands to raise up to 5 | :09:23. | :09:28. | |
billion euros from a sale. Britain's top share index hit its | :09:29. | :09:32. | |
highest closing level since December 1999. The new higher was helped by a | :09:33. | :09:37. | |
surge led by housebuilding stocks which have risen sharply this year | :09:38. | :09:41. | |
on the back of a booming property market in the UK. | :09:42. | :09:46. | |
Valeant Pharmaceuticals says that it will improve its $47 billion offer | :09:47. | :09:54. | |
to buy US drugmaker Allergan. The maker of the Botox antiwrinkle | :09:55. | :10:00. | |
treatment. They rejected the offer, but Valeant Pharmaceuticals says | :10:01. | :10:06. | |
that it will announce a new offer on the 28th of May. It will hold a web | :10:07. | :10:10. | |
cast for Allergan shareholders, therefore bypassing the board. | :10:11. | :10:14. | |
That is all for this hour. We would get to the newspapers in a | :10:15. | :10:35. | |
short while. First, a 59`year`old man has been arrested on suspicion | :10:36. | :10:37. | |
of | :10:38. | :10:38. |