Chinese regulators are investigating allegations of bribery levelled against the divisions of foreign medical device companies including Germany’s Siemens, Netherlands firm Philips and US group General Electric (GE).
The State Administration for Industry & Commerce (SAIC) and other regulators last year launched initial investigations into the companies’ Chinese health-care units on suspicion of bribing hospitals in exchange for sales, according to reports.
The new investigation is the latest reported example of overseas firms being targeted by Chinese authorities, who have launched wide-ranging probes in sectors ranging from cars to baby milk.
In 2014 a Chinese court found UK pharmaceutical group GlaxoSmithKline (GSK) had used bribery to boost sales and took kickbacks from travel agencies to organise conferences that never took place. The group was fined 3bn yuan (CNY) – equivalent to US$480m – last September after a nearly year-long bribery probe.
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
The T+2 Industry Steering Committee (T+2 ISC) has welcomed recent action by the Securities and Exchange Commission (SEC) to propose a rule ... read more
Forecasts for 2016-2020 place Africa as the second fastest growing region in the world (at a compound annual growth rate (CAGR) of 4.3%), just below Emerging Asia.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.