Friday, June 13, 2003
Climate Change / Automobiles: Californians May Give Up Their True Love, S.U.V.'s
"Philip Angelides, the state treasurer, and John Burton, the Senate president pro tem, announced today that they would seek legislation to ban state agencies from buying new S.U.V.'s...."Some would say it is symbolic. It is symbolic. It is a symbol to both Michigan and the auto manufacturers in this country and the other state legislatures, but also it can save lives, it can save money and do something about air pollution.'"
"Philip Angelides, the state treasurer, and John Burton, the Senate president pro tem, announced today that they would seek legislation to ban state agencies from buying new S.U.V.'s...."Some would say it is symbolic. It is symbolic. It is a symbol to both Michigan and the auto manufacturers in this country and the other state legislatures, but also it can save lives, it can save money and do something about air pollution.'"
Accounting / Fraud: Guilty Plea in Network Associates Inquiry
"A former executive at Network Associates, a maker of security software, pleaded guilty to fraud charges for taking part in a scheme to inflate revenue, federal authorities said today."
"A former executive at Network Associates, a maker of security software, pleaded guilty to fraud charges for taking part in a scheme to inflate revenue, federal authorities said today."
Corruption and Bribery: Former Mobil Oil Executive Pleads Guilty to Tax Evasion
"J. Bryan Williams, 63, was charged in April with failing to report the $2 million kickback he received for negotiating Mobil's purchase in 1996 of a 25 percent stake in the Tengiz oil field in Kazakhstan for $1.05 billion. The field, which has estimated reserves of 9 billion barrels, now produces 261,000 barrels a day."
"J. Bryan Williams, 63, was charged in April with failing to report the $2 million kickback he received for negotiating Mobil's purchase in 1996 of a 25 percent stake in the Tengiz oil field in Kazakhstan for $1.05 billion. The field, which has estimated reserves of 9 billion barrels, now produces 261,000 barrels a day."
Thursday, June 12, 2003
Product Safety: Guidant Pleads Guilty to Hiding Defects in Heart Valves (more)
"Endovascular Technologies of Menlo Park, a subsidiary of Indianapolis-based Guidant Corp., agreed to pay $92.4 million in civil and criminal penalties to settle the federal case. The company also pleaded guilty to 10 felonies, including shipping misbranded products and making false statements to government regulators."
Update: Medical Concern Will Halt Sales of Artery Device Linked to Deaths
"Endovascular Technologies of Menlo Park, a subsidiary of Indianapolis-based Guidant Corp., agreed to pay $92.4 million in civil and criminal penalties to settle the federal case. The company also pleaded guilty to 10 felonies, including shipping misbranded products and making false statements to government regulators."
Update: Medical Concern Will Halt Sales of Artery Device Linked to Deaths
Liability: House Expected to Pass Bill to Rewrite the Rules on Class-Action Lawsuits (update)
"A broad array of industry groups that have been socked by big class-action lawsuits, including health insurance companies and life insurers, argue that the system is being abused by lawyers who increasingly file major cases in a few out-of-the-way jurisdictions that have sympathetic judges and juries."
"A broad array of industry groups that have been socked by big class-action lawsuits, including health insurance companies and life insurers, argue that the system is being abused by lawyers who increasingly file major cases in a few out-of-the-way jurisdictions that have sympathetic judges and juries."
Development: Looking Beyond Free Trade
"In the last decade, economists have discovered how much more difficult development is than just promoting trade and free markets....There seem to be two broad lessons to be drawn from recent experience. Perhaps most important, as Mr. Rodrik emphasizes, there is no single set of policies for all countries. Any one-size-fits-all strategy, including the formulaic demands of the World Bank, the International Monetary Fund and the Treasury Department, can hurt more than help...The second lesson, closely related to the first, is to tap local strengths while constructing policies."
"In the last decade, economists have discovered how much more difficult development is than just promoting trade and free markets....There seem to be two broad lessons to be drawn from recent experience. Perhaps most important, as Mr. Rodrik emphasizes, there is no single set of policies for all countries. Any one-size-fits-all strategy, including the formulaic demands of the World Bank, the International Monetary Fund and the Treasury Department, can hurt more than help...The second lesson, closely related to the first, is to tap local strengths while constructing policies."
Int'l Trade / Human Rights: Burmese Imports Banned (more)
"The United States Senate voted 97-1 today to approve a bill that would ban all imports from Myanmar in response to the recent detention of the pro-democracy leader Daw Aung San Suu Kyi."
"The United States Senate voted 97-1 today to approve a bill that would ban all imports from Myanmar in response to the recent detention of the pro-democracy leader Daw Aung San Suu Kyi."
Accounting / Fraud: U.S. Indicts Three Former Dynegy Executives
"Three former Dynegy Inc. executives were charged in a federal indictment unsealed Thursday with conspiracy and fraud for their roles in accounting transactions that regulators say improperly boosted the energy company's cash flow and lowered its taxes."
"Three former Dynegy Inc. executives were charged in a federal indictment unsealed Thursday with conspiracy and fraud for their roles in accounting transactions that regulators say improperly boosted the energy company's cash flow and lowered its taxes."
Tuesday, June 10, 2003
Insider Trading: Waksal Gets 7 Years, $4-Million in Fines
"A federal judge in New York today sentenced biotechnology executive Samuel Waksal to more than seven years in prison and ordered him to pay $4.3 million in fines and restitution in connection with an insider trading scandal."
"A federal judge in New York today sentenced biotechnology executive Samuel Waksal to more than seven years in prison and ordered him to pay $4.3 million in fines and restitution in connection with an insider trading scandal."
Business Ethics: Northrop to Pay U.S. $111 Million in TRW Suit
"In one of the nation's largest whistle-blower settlements, Northrop Grumman Corp. said Monday that it would pay the federal government $111.2 million to resolve claims that TRW Inc., which it recently acquired, padded bills for defense work done in the early 1990s."
"In one of the nation's largest whistle-blower settlements, Northrop Grumman Corp. said Monday that it would pay the federal government $111.2 million to resolve claims that TRW Inc., which it recently acquired, padded bills for defense work done in the early 1990s."
Sarbanes-Oxley: Audit Reform Being Undercut, Groups Allege
"Ernst & Young is advising firms that corporate boards may provide a blanket preapproval of non-audit services, undercutting the Sarbanes-Oxley reforms, consumer groups said Monday."
"Ernst & Young is advising firms that corporate boards may provide a blanket preapproval of non-audit services, undercutting the Sarbanes-Oxley reforms, consumer groups said Monday."
Waste Reduction / Automobiles: Toyota to make vehicles more recyclable
"Toyota is trying to match efforts to improve recyclability by European rivals like Volkswagen AG and DaimlerChrysler AG. It hopes to expand its market share in Europe. Making its products more recyclable also enables the company to cut costs by reusing parts from old vehicles."
"Toyota is trying to match efforts to improve recyclability by European rivals like Volkswagen AG and DaimlerChrysler AG. It hopes to expand its market share in Europe. Making its products more recyclable also enables the company to cut costs by reusing parts from old vehicles."
Digital Divide: In search of profitable connections
"Dr Richard Heeks, a lecturer on Information Systems and Development at the University of Manchester, is amongst those who believe that the problem of the digital divide is over-estimated. But he is equally adamant that, where the internet has arrived, it is being used for social rather than productive reasons, and doing absolutely nothing to alleviate poverty"
"Dr Richard Heeks, a lecturer on Information Systems and Development at the University of Manchester, is amongst those who believe that the problem of the digital divide is over-estimated. But he is equally adamant that, where the internet has arrived, it is being used for social rather than productive reasons, and doing absolutely nothing to alleviate poverty"
Monopolies: Rival Says Oracle-PeopleSoft Deal Raises Antitrust Concerns
"According to Mr. Dutkowsky [the chief executive of J. D. Edwards], a takeover of PeopleSoft by Oracle would drive out competition from a crucial area of business software and 'eliminates at least one of its major competitors to the detriment of customers.'"
"According to Mr. Dutkowsky [the chief executive of J. D. Edwards], a takeover of PeopleSoft by Oracle would drive out competition from a crucial area of business software and 'eliminates at least one of its major competitors to the detriment of customers.'"
Black Market: Contraband Is Big Business in Paraguay
"About one-fifth of the Paraguayan economy has been driven for years by illicit cross-border trafficking in everything from cigarettes and pirated Nintendo games to submachine guns and stolen BMW's."
"About one-fifth of the Paraguayan economy has been driven for years by illicit cross-border trafficking in everything from cigarettes and pirated Nintendo games to submachine guns and stolen BMW's."
Workplace / Discrimination: Justices Provide a Victory to One Category of Job-Bias Plaintiffs
"A unanimous Supreme Court made it significantly easier today for workers to win discrimination suits against their employers in cases where race, sex, religion or national origin is one factor among others in a dismissal or other adverse job action."
"A unanimous Supreme Court made it significantly easier today for workers to win discrimination suits against their employers in cases where race, sex, religion or national origin is one factor among others in a dismissal or other adverse job action."
Accounting / Scandals: WorldCom Enabled Huge Fraud, Investigations Find
"The reports, filed with bankruptcy and federal district courts in New York, provided extensive new details of how Mr. Ebbers and others in top management led WorldCom into a financial and accounting morass that produced the largest bankruptcy in American business history."
"The reports, filed with bankruptcy and federal district courts in New York, provided extensive new details of how Mr. Ebbers and others in top management led WorldCom into a financial and accounting morass that produced the largest bankruptcy in American business history."
Monday, June 09, 2003
Stakeholder Engagement / Pollution: Valero, greens cut deal on California plant expansion
"Valero Energy Corp. said on Thursday it had reached an agreement with environmental organizations that led them to drop their opposition to a planned expansion of the company's San Francisco Bay area refinery."
"Valero Energy Corp. said on Thursday it had reached an agreement with environmental organizations that led them to drop their opposition to a planned expansion of the company's San Francisco Bay area refinery."
Shipping: Shipowners say EU tanker ban will hit consumers
"Under the new laws single-hulled tankers carrying heavy crude oil or fuel oil, will be banned from European waters altogether, while any single-hulled tanker will only be able to operate up to 23 years of age and no later than 2005."
"Under the new laws single-hulled tankers carrying heavy crude oil or fuel oil, will be banned from European waters altogether, while any single-hulled tanker will only be able to operate up to 23 years of age and no later than 2005."
GMOs: Activists target biotech wheat in Manitoba protest
"Five protesters were arrested during the four-hour incident Thursday at the Morden, Manitoba facility in which Greenpeace activists padlocked gates to the government research facility and unfurled signs from the roof. The farm is growing one small plot of Monsanto's Roundup Ready wheat, said Jim Bole, director of Agriculture Canada's cereal crop research in Manitoba."
"Five protesters were arrested during the four-hour incident Thursday at the Morden, Manitoba facility in which Greenpeace activists padlocked gates to the government research facility and unfurled signs from the roof. The farm is growing one small plot of Monsanto's Roundup Ready wheat, said Jim Bole, director of Agriculture Canada's cereal crop research in Manitoba."
Three Gorges Dam: As a Dam Closes, Chinese Tally Gain and Loss
"After decades of bitter debate, years of heavy construction and the uprooting so far of 700,000 people, the Three Gorges Dam has closed its gates."
"After decades of bitter debate, years of heavy construction and the uprooting so far of 700,000 people, the Three Gorges Dam has closed its gates."
Governance: Conscience of Canada Inc.
"Mr. Beatty started work last month as the first managing director of the Canadian Coalition for Good Governance. The coalition, which is registered as a corporation, says it is the only body in North America that brings together pension funds, mutual funds and other big institutions to coordinate pressure on public companies to improve their governance."
"Mr. Beatty started work last month as the first managing director of the Canadian Coalition for Good Governance. The coalition, which is registered as a corporation, says it is the only body in North America that brings together pension funds, mutual funds and other big institutions to coordinate pressure on public companies to improve their governance."
Accounting: Shareholders Will Pick Up the Bill This Time, Too
"Shareholders who had been both bloodied and bowed by revelations of improper accounting at Xerox during the late 1990's took another hit on Thursday. That's when the company said its shareholders would pay most of the $22 million in penalties levied by the Securities and Exchange Commission against six former executives in settling the case."
"Shareholders who had been both bloodied and bowed by revelations of improper accounting at Xerox during the late 1990's took another hit on Thursday. That's when the company said its shareholders would pay most of the $22 million in penalties levied by the Securities and Exchange Commission against six former executives in settling the case."
Media Consolidation: Radio Left Out of Relaxed Rules
"Despite the sweeping deregulation the F.C.C. enacted by a 3-to-2 vote along partisan lines, however, one medium was left out of the celebration: radio. Not only were radio ownership caps left in place, some of the restrictions were effectively tightened...Clear Channel, despite controlling only about 10 percent of the commercial radio market, stands so far above the second- and third-largest companies — Cumulus Media, with 250 stations and Infinity Broadcasting, with 180 — that it acts as a lightning rod for fears about big media."
"Despite the sweeping deregulation the F.C.C. enacted by a 3-to-2 vote along partisan lines, however, one medium was left out of the celebration: radio. Not only were radio ownership caps left in place, some of the restrictions were effectively tightened...Clear Channel, despite controlling only about 10 percent of the commercial radio market, stands so far above the second- and third-largest companies — Cumulus Media, with 250 stations and Infinity Broadcasting, with 180 — that it acts as a lightning rod for fears about big media."
Advertising / Spam: E-Mail Message Blitz Creates What May Be Fastest Fad Ever
"Just as the Iraqi war showed off the power and speed of America's high-tech weapons, the marketing of the Iraqi cards showed the ability of the Internet and e-mail to promote a product with overwhelming force."
"Just as the Iraqi war showed off the power and speed of America's high-tech weapons, the marketing of the Iraqi cards showed the ability of the Internet and e-mail to promote a product with overwhelming force."
Latest: Feds Open Criminal Investigation of Freddie Mac
Auditing: Freddie Mac Fires President for Not Cooperating With Auditors
"Freddie Mac replaced its top management team on Monday over an accounting probe, triggering fears about how the No. 2 U.S. mortgage finance company manages its $1.29 trillion portfolio of home loans."
Also: A $24 Million Parachute for Freddie Mac's Chief
Auditing: Freddie Mac Fires President for Not Cooperating With Auditors
"Freddie Mac replaced its top management team on Monday over an accounting probe, triggering fears about how the No. 2 U.S. mortgage finance company manages its $1.29 trillion portfolio of home loans."
Also: A $24 Million Parachute for Freddie Mac's Chief
