Bank Promotes Ethical Trade
More than £6.5m worth of business considered to be “unethical” was turned away by the Co-operative bank in 2003.
The UK based group said the value of business it had refused was 58% higher than in 2002
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Nortel chief fired over finances
/0 Comments/in Nortel Networks /by ceadminTelecoms equipment firm Nortel Networks has fired its head Frank Dunn and two executives after conducting an internal review of its accounts.
Nortel also said it was reviewing its earnings figures for the past three years, and profits for 2003 would be revised lower by about 50%.
The company’s accounts are already under investigation by the US Securities and Exchange Commission
China Life confirms SEC enquiry
/0 Comments/in China Life /by ceadminChina Life Insurance has confirmed it has received an informal inquiry from the main US securities regulator.
China Life did not say what the US
regulator was looking into, but there has been market concern over levels of disclosure at the firm.
Earlier this month China Life revealed that its state-owned predecessor had breached insurance laws in China when it hid results of a state audit
Ernst & Young hit by ban and fine
/0 Comments/in Ernst & Young /by ceadminErnst & Young has been banned from taking on new clients in the US after regulators questioned its relationship with software company PeopleSoft.
Judge Brenda Murray said that E&Y should not accept new auditing work for six months from Securities and Exchange Commission-listed companies.
E&Y is not expected to appeal the ruling, which includes a $1
Welteke resigns over hotel stay
/0 Comments/in Bundesbank /by ceadminErnst Welteke, the president of Germany’s central bank, has resigned following investigations into a hotel stay paid for by Dresdner Bank.
The row started after a news magazine reported that Mr Welteke and his family accepted a 7,600-euro ($9,200; £5,000) free stay in Berlin’s top Adlon Hotel.
Mr Welteke was at a celebration of the euro’s first year as a cash currency
Microsoft settles patents case
/0 Comments/in Microsoft Corporation /by ceadminSoftware giant Microsoft has agreed to pay $440m to settle a legal row over its use of anti-piracy patents.
It struck the deal with California based InterTrust Technologies, a maker of software to protect online delivery and payment for films and music.
The agreement comes one week after Microsoft paid $1
Japan trade watchdog raids Intel
/0 Comments/in Intel /by ceadminIntel, the world’s biggest maker of computer chips, has confirmed that Japan’s Fair Trade Commission raided its offices there on Thursday.
“We’re aware of the fact that the authorities paid us a visit,” said Intel spokesman Tom Beerman.
“We’re co-operating fully with their investigation,” he added
Microsoft hit by record EU fine
/0 Comments/in Microsoft Corporation /by ceadminSoftware giant Microsoft must pay a fine of 497m euros ($613m; £331m) for abusing its dominant market position, the European Commission has ordered.
Competition Commissioner Mario Monti also insisted Microsoft must reveal secrets of its Windows software, which sits on 90% of the world’s PCs.
The European Commission approved Microsoft’s punishment on Wednesday
Coca Cola recalls Dasani amid cancer fears
/0 Comments/in Coca Cola /by ceadminCoca-Cola is to recall all bottles of its Dasani water in the UK, after levels of bromate were found to exceed legal levels.
The recall is an embarrassment for the drinks giant, which has faced criticism for selling what is treated and purified tap water.
Coca-Cola said it had consulted the Food Standards Agency, which agreed there were no immediate safety fears
US to withhold Halliburton bills
/0 Comments/in Halliburton /by ceadminThe Pentagon is to withhold 15% of the payments it owes controversial firm Halliburton for the company’s supply of meals to US troops in Iraq.
A Pentagon spokeswoman said the 15% – some $300m (£165m) – will not be paid until auditors have established the actual final cost of the food.
It comes as US criminal investigations continue into whether Halliburton has overcharged the Pentagon for the meals