The chief executive of General Motors (GM) is to take a 50% pay cut to help the struggling carmaker save money.
Rick Wagoner and other executives have agreed to reduce their pay and forgo bonuses as part of radical measures aimed at improving GM’s finances.
GM is also halving its annual investor dividend – the first cut in 13 years – which will save it $565m (£323m)
South Korea’s largest firm, Samsung, is to donate more than $825m (£473m) to charity after scandals hit the company.
The company chairman, Lee Kun-Hee, who recently returned to South Korea after a five-month overseas trip, apologised for “wrongful” previous practices.
He left the country in September after allegations of illegal donations to politicians, of which he was cleared
A Chinese editor has died as a result of a police beating he received for his paper’s reporting on corruption, journalists and rights groups say.
Wu Xianghu had been in hospital since the attack in October, suffering from an existing liver problem made worse by the beating, earlier reports said.
Wu was reportedly attacked by some 50 policemen after his paper accused them of charging illegal bicycle fees
US congressmen have condemned major IT firms including Microsoft and Google for helping China censor the internet.Members of the Congressional Human Rights Caucus said four US firms were putting profits before American principles of free speech. The hearing follows Google’s decision to block politically sensitive terms from its new Chinese search site. Microsoft, Yahoo, Cisco […]
Corporate America must face up to green and ethical challenges if they are to avoid disaster, former US Vice President Al Gore has told the BBC.Firms are so focused on delivering quarterly financial figures, he said, they lose sight of long-term trends. “The quarterly reports might look good for a little while and then they […]
More than 1,500 of the world’s largest companies have been asked to provide information about their greenhouse gas emissions and environmental strategies.Some of the world’s leading investors are backing the initiative, designed to encourage debate about the risks to business from climate change. Firms such as Exxon Mobil, BP, Ford and Google have been asked […]
Two former Bank of China managers have been charged in the US with stealing $485m (£272m) and attempting to launder the money through Las Vegas casinos.
Xu Chaofan, Xu Guojun and their wives were charged with 15 counts of racketeering, money laundering and fraud, the US Justice Department said.
The two men tried to launder the Bank of China’s money through Hong Kong, Canada and the US, the department said
Catering group Compass says an internal probe has found serious irregularities regarding work awarded to its Eurest Support Services unit by the UN.
It found “issues in relation to the behaviour of a few individuals” at the service, but did not believe they extended beyond the individuals.
Compass, which has fired some Eurest employees, is under investigation by US authorities over the contracts
Environmental organisations have warned that major banks may be contravening their environmental and social policies by helping to finance controversial projects indirectly.A growing number of financial institutions have developed guidelines that prevent them providing loans to projects that cause environmental damage or have a harmful impact on local people. However, campaigners are now arguing that […]
Is it possible to invest with a clear conscience and still make money? One of the main reasons that people choose to invest ethically is to be sure that their money is not funding something they would consider wrong such as gambling, pornography or arms. But many funds invest in unethical firms without investors being […]