China bars Glaxo finance chief from leaving

German finance minister says multinationals must pay fair taxes

GSK has said it opposes bribery and was cooperating with the investigation. On Wednesday, the Chinese drug regulator launched a crackdown on misconduct in its pharmaceutical market, though it gave no indication it was linked to the GlaxoSmithKline probe. The State Food and Drug Administration said the campaign is aimed at stamping out unauthorized drug production, improper online drug retailing and sales of fake traditional Chinese medicines. The new Chinese leadership that took power in November has promised to improve China’s health system and rein in surging costs of medicine and medical care that are fueling public frustration. China has suffered repeated scandals over fake or shoddy medications, some of which caused deaths and injuries.

Emerging nations have seen dramatic investment outflows since the Fed announced its exit plan, forcing policy responses around the globe. Fed Chairman Ben Bernanke, who will not be present in Moscow, has stressed he will only stop the money-printing press if he sees strong evidence of a U.S. recovery, and on Wednesday left open the option of changing the plan if the economy shifted. Schaeuble said a European Union paper setting out medium-term fiscal plans were an “appropriate and important” target on the way to proving the world’s 20 biggest developing and developed nations were committed to consolidating budgets. In a document, EU finance ministers say that the lack of an agreement on a credible medium-term fiscal consolidation plan in the United States was a risk to the global economy.

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