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Aug 11, 2016

DealBook Morning News - August 11, 2016: Abbott Pushes for Sales at Any Cost

The New York Times
By Amie Tsang
Abbott Pushes for Sales at Any Cost A sales job for Abbott in India may be a prized position, but the country is also a valuable market for the pharmaceutical company. And some employees have had to pay for the lengths that managers are willing to go to to win customers in India, where the industry is still fast-growing and highly competitive. It cost one employee his life — Ashish Awasthi jumped in front of a train, leaving a note saying that he committed suicide because he could not meet sales targets.
Employees told The New York Times that they were pressured into skirting laws and medical standards as managers tried to drum up business. One common practice was to hold health camps in which representatives would test patients for various ailments in an effort to raise business for doctors, who would then prescribe Abbott drugs. One sales employee said he was pushed to “conduct business in unethical ways.” Another said he was fired for complaining that his team was submitting fake invoices to increase sales.
Abbott declined to comment on individual employees, but Anand Kadkol, the public affairs director for India, said that the company was aware of a number of the allegations raised and had addressed them.
Australia Blocks Foreign Bids for Electricity Supplier Protectionism is on the rise in Australia, where politicians have been using economic nationalism to win over the electorate. The latest example is a decision by the treasurer, Scott Morrison, to reject competing bids from Hong Kong and China for the Ausgrid electricity network. Mr. Morrison said the proposals were “contrary to the national interest.”
The bids came from Cheung Kong Infrastructure, controlled by the family of the Hong Kong billionaire Li Ka-Shing, and the State Grid Corporation of China, according to Bloomberg, which cited people familiar with the matter. The control of Australian assets drew scrutiny last year when the port of Darwin was leased to a Chinese company with links to the military, and the United States voiced its concern that “port access could facilitate intelligence collection.”
Valeant Said to Be Under Criminal Investigation Federal prosecutors are investigating whether Valeant defrauded insurers by hiding its ties to Philidor Rx Services, a mail-order phamacy, The Wall Street Journal reports, citing people familiar with the matter. Prosecutors are reportedly examining whether Philidor made false statements to insurers about its ties to Valeant.
Valeant had already come under scrutiny from the Securities and Exchange Commission for its relationship with Philidor and from prosecutors and Congress over its pricing practices.
ESPN Streaming Deal Helps Disney Step Into the Future
Disney’s investment in BamTech acknowledges that consumer habits are changing in a move that should strengthen and accelerate its streaming options.
Andrea Tantaros, a former Fox News host, claims that she was retaliated against and eventually pushed out of the cable news giant after complaining of repeated sexual harassment by Roger Ailes, the Fox News chief.
Harassment Crisis Builds at Fox News, Despite Its Swift Response
The ouster of Roger Ailes from Fox News and an internal inquiry have done little to halt a drumbeat of new accusations of misogyny at the network.
Bridgewater Hedge Fund Settles Harassment Claim That Described a ‘Caldron of Fear’
The claim, filed by Christopher Tarui, who recently moved to Kohlberg Kravis Roberts, brought attention to one of the more secretive firms in the $3 trillion hedge fund industry.
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Airbnb and Others Set Terms for Employees to Cash Out
As Silicon Valley start-ups have delayed initial public offerings or sales, they have come under pressure to let their employees sell some of their private stock.
Bill Maris, right, founded GV, formerly known as Google Ventures, in 2009. He will be succeeded by David Krane, left.
Chief of Google’s Venture Finance Arm Steps Down
David Krane, a managing partner at the finance arm, GV, will replace Bill Maris, who founded the division in 2009.
The Worst-Performing Asset for Calpers
Returns from venture capital holdings lagged behind all other private equity assets for the California Public Employees’ Retirement System.
A worker at a warehouse in Swedesboro, N.J. Walmart is buying the company to capture some of its agility in online sales and better compete with Amazon.
Why It’s Not Enough Just to Be Disruptive
Novelty and technology alone will not necessarily get you very far. Leading companies turn their tactical edge into durable advantage.
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Greek Crisis, the Book. Or Actually Several of Them.
As the anniversary of Greece’s bailout deal approaches, memoirs and essays about that nation’s economic crisis abound.
Hillary Clinton boarded a charter plane in Des Moines on Wednesday. More emails have emerged that critics say show lapses in judgment by the candidate.
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In an aspirational life on the edges of power, Mrs. Clinton shouldered her family’s financial burdens but has been accused of going against her principles.
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Hacking of Democrats’ Accounts Was Wider Than Believed, Officials Say
A Russian cyberattack is now thought to have breached the private email accounts of more than 100 party officials and groups.