| * China in push to join US-led $4tn services trade talks * GlaxoSmithKline China sales face growing pressure * Ivanhoe Mines discusses deal With Chinese gold producer * China reforms face headwinds at home and abroad * Ex-FBI agent jailed over leak of foiled Yemen bomb plot * Renren fails to keep pace in race for China's smartphone users * India suffers fresh currency concern * China seeks to erase Bo Xilai influence * Markets: down China is seeking to join US-led talks aimed at updating the ageing rules on the $4tn annual trade in global services in a move that is raising concerns in Washington over Beijing's motives. US officials are concerned that if China joins the discussions, it may seek to water down the services agreement. (Financial Times) Sales of GlaxoSmithKline's medicines in China are thought to have dropped 30 per cent since officials accused the UK pharmaceutical group of corruption. The figures, produced by Citi, will add to pressure on GSK's top executives as they face the threat of a substantial fine triggered by Chinese allegations of bribery totalling up to $500m. (Financial Times) "China's largest gold company, China National Gold , has talked to Ivanhoe Mines about buying a stake in or assets from the company founded by flamboyant mining magnate Robert Friedland, two people familiar with the matter said. It is unclear where talks stand." (WSJ) China reforms face headwinds at home and abroad writes Michael Pettis. "Of the two big trade deficit entities, neither the U.S. nor peripheral Europe can allow its deficit to rise. Of the three big surplus countries, Germany is reluctant to allow its surplus to decline by much, while Japanese reluctance to solve its debt problems by selling government assets to pay down the debt requires that it resolve them with an increase in the trade surplus. China's surplus can decline only if we see a very improbable decline in its savings rate or a very unwelcome increase in its investment rate. " (Bloomberg) Ex-FBI agent jailed over leak of foiled Yemen bomb plot: A former FBI agent has agreed to plead guilty to leaking details of a foiled Yemen bomb plot to the Associated Press after an investigation in which the US government secretly subpoenaed the phone records of 20 of the wire service's reporters. (Financial Times) Renren fails to keep pace in race for China's smartphone users: Since that 2011 listing, however, Renren's New York-traded shares have lost four-fifths of their value and taught investors a painful lesson about how fast China's internet sector can change. (Financial Times) India suffers fresh currency concern: Behind a sense that the bullet had been dodged there now lies a new anxiety: uncertainty over whether the worst of the currency crisis that has buffeted India and other emerging markets is now over – or whether the true moment of reckoning has just been delayed. (Financial Times) China seeks to erase Bo Xilai influence: There were many unusual elements in the trial of Bo, but his defiance until the end was probably the most striking. His intransigence partly explains why China's most senior leaders felt they needed to impose such a harsh sentence on one of their own. (Financial Times) Emerging Markets
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