in the last few minutes we will have atatement from glaxo smithkline in terms of the allegations, who said they are deeply disappointed by these allegations of fraudulent behavior and that the company has a zero tolerance for behavior of this nature and that they share the desire of the chinese authority to root out corruption. i go on, it says in this statement that these allegations are shameful and that they regret what has occurred. that statement just came out in the last few minutes. the pharmaceutical company is stressing that they will work with the chinese authorities over the serious allegations. >> how much attention is this case getting in china? fairly high profile? >> i think it is in many ways. the most high-profile case since executivesel -- tinto were jailed for taking bribes. authorities in the state media have been saying they need to clean up the drug industry in china. adding price controls on pharmaceuticals. the president has made tackling corruption a symbol of his government since he took up part later this year -- earlier this year. >> think you're a much, ar

palmer glaxo's smithkline. charles schwab went there. it's amazing. i love to see this. now, today 6,716 applicants per year, hopefuls. only 398 good except it. what is -- and i know many @%alities are important, but what is the number one quality every one of the applicants really must have before they will be considered? >> first the numbers are slightly higher. this year we had about 7200. so our acceptance rate is even lower than the one you mentioned i think the main thing that we look for is people who are distinctive and that we think will create change. we don't necessarily be people who will go on to make a lot of money. it's about people who will be change agents. our motto is chase lives, change organizations, change the world. we look for people that we think will have a tremendous impact it whenever they end up doing. so we bring in students who have backgrounds in the military, and the nonprofit who do teach for america as well as people who did their undergrad at princeton and worked at goldman. we try to get as diverse as possible given the limits that we

. >>> glaxo smithkline used travel agencies to bribe officials and doctors to illegally boost sales and raise prices of drugs sold in the country. the six-month investigation revealed 700 middlemen. the drugmakers says it stopped using the travel agencies named in the investigation, and they're now conducting a thorough review of all transactions related to the agencies. >>> this morning, japan's two biggest stock exchanges are merging operations. more than 3,400 companies are now listed after the tokyo stock exchange and the osaka securities joined forces. japanese officials say trading was smooth today with no glitches reported. the merger now creates the third-largest exchange behind the new york stock exchange and euro next. >>> yahoo! has won an important case in a case against domestic surveillance. they may be able to reshe some of the ways it's forced to give up user data. >> that's right. this yahoo! victory is filled with maybes and we'll sees. but the bottom line is a federal court has told the government it should declassify some of the information behind a recent request fo

. >>> new developments in the glaxo smithkline deal. this was allegedly a bid to boost sales in china where police also are accusing the pharma giant of illegally inflating drug charges. several executives have been detained in connection with the probe. as far as the shares are concerned, pretty flat. the company says it will cooperate with tlorts. the still to come, citigroup. will investors be able to bank on the company's figures? we'll get a preview after this. >>> second quarter growth was 7.5% below the pace clocked in q1. that figure was expected although economists are still wondering if beijing will want to hold off on stimulus and for how long they will. june industrial output did disappoint. retail sales managed to ring in above estimates. despite the downward pressure on 0 growth the pboc will do its part to keep flowing to small businesses. up for most of the session, down on the session lows right now. 30% higher for the ftse. german market up over a tenth. the cac up nearly a half. u.s. futures haven't really indicated v

. >>> glaxo smithkline says it is deeply concerned by corruption allegations in china. they have accused the british drugmaker of being the ring leader in a multimillion dollar bribery scandal saying it used agents to bribe doctors and officials for sales. it is cooperating with authorities and stopped using travel agencies identified in the investigation. glaxo shares today off half a percent in london. >>> in japan, the nikkei ended hi higher. let's get more, joining us from tokyo, sushiko. >> fuji heavy industries rose 1.7% today after the nikkei news reported that the firm's expected to report a record quarterly operating profit. it is posted to around $700 million operating profit for the april/june quarter, up 300% on the year. the strong profit is supported by solid sales overseas of new car models. may was a monthly record. as one of the major exporters in japan, the weaker yen lifted the company's privating profit by more than $200 million for the quarter. sales also grew in the domestic market as well. and cost cutting efforts also contributed to the strong ea