Citigroup fined £14m by UK watchdog
Citigroup, the US owner of Citibank, is to be fined £13.9m ($25.31m) by the UK’s Financial Services Authority (FSA) after a controversial bond trade
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Regulator probes IBM stock issue
/0 Comments/in IBM /by ceadminFinancial regulators are investigating how computer giant IBM awarded share options to its staff earlier this year.
IBM revealed on Monday that it was the subject of an informal probe by the Securities and Exchange Commission (SEC) and was co-operating fully.
The inquiry is thought to be linked to IBM’s announcement of disappointing quarterly trading results in April
KPMG admits to past tax misdeeds
/0 Comments/in KPMG /by ceadminUS federal prosecutors have built a criminal case against KPMG and are debating whether to file charges, the Wall Street Journal reported.
KPMG, one of the “big four” global accounting firms, said on Thursday it was in talks with the US Justice Department and co-operating fully.
It said it took “full responsibility for the unlawful conduct by former KPMG partners” and deeply regretted it
Former Disney directors sue firm
/0 Comments/in Walt Disney /by ceadminTwo ex-Walt Disney directors are suing the firm claiming investors were misled over the selection of a new chief executive to succeed Michael Eisner.
Roy Disney, nephew of founder Walt Disney, and Stanley Gold allege that Disney’s board made false statements in relation to Bob Iger’s appointment.
Mr Iger, currently Disney’s president and chief operating officer, is to succeed Mr Eisner in September
Hynix fined over US price fixing
/0 Comments/in Hynix Semiconductor Inc /by ceadminSouth Korean chipmaker Hynix Semiconductor Inc. has agreed to plead guilty to price fixing and is facing a $185m (£142m) fine in the US.
In a plea filed in San Francisco, Hynix admitted conspiring with other companies to fix prices of popular computer memory products
Wal-Mart to pay immigrants fine
/0 Comments/in Wal-Mart /by ceadminWal-Mart, the world’s largest retailer, is to pay $11m (£5.73m) to the US government after an investigation into the use of illegal immigrants.
The workers were employed as janitors and cleaners by subcontractors to work in Wal-Mart stores
Glaxo shares dip on factory probe
/0 Comments/in GlaxoSmithKline /by ceadminGlaxoSmithKline shares have fallen almost 2% amid fears a US inquiry into manufacturing quality could be widened and may possibly lead to a big fine.
On 4 March the US Food and Drug Administration (FDA) seized batches of two drugs from the Puerto Rico plant.
Regulators said its diabetes treatment Avandamet and anti-depressant Paxil CR tablets failed to meet safety standards – but did not pose a health risk
EU warns on Microsoft behaviour
/0 Comments/in Microsoft Corporation /by ceadminMicrosoft has not done enough to comply with sanctions imposed for breaking European anti-trust rules, the European Commission (EC) has said.
The software giant was censured in 2004 for misusing its monopoly position in desktop PCs to extend its reach into other areas.
The firm agreed to a 497m euro ($660m, £345m) fine and to make its software work better with competitors’ products
Former Qwest chief accused by SEC
/0 Comments/in Qwest Communications /by ceadminThe former chief executive and six former officials at US telecoms giant Qwest Communications have been accused of deceiving investors.
Former CEO Joseph Nacchio, who denies any wrongdoing, is among those named in the civil case brought by the Securities and Exchange Commission.
It said Qwest inflated its revenue by $3bn (£1
Halliburton in $108m Iraq probe
/0 Comments/in Halliburton /by ceadminHalliburton, the energy firm once run by US Vice-President Dick Cheney, is facing fresh questions over its work for the US Defense Department in Iraq.
A Defense Contract Audit Agency report, released late on Monday, criticised Halliburton unit KBR for failing to provide clear records of its costs.
The probe is examining more than $108m (£56m) of a contract extension which was worth $875m